Eastside Green Apartments Phase III

8/6/2019 Eastside Green Apartments Phase III

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

roject Description

oject Name: Eastside Green Apartments Phase III

ddress: Duggins Way

ty: Fayetteville County: Cumberland Zip:

ensus Tract: 14 Block Group: 2-2029

project in Qualified Census Tract or Difficult to Develop Area? No

e you requesting the basis boost under section II(E)(4) of the QAP? No

olitical Jurisdiction: City of Fayetteville

risdiction CEO Name:First:Dale Last:Inman

Title: City Manager

risdiction Address: 433 Hay Street

risdiction City: Fayetteville Zip:

risdiction Phone:

te Latitude:

te Longitude:

oject Type: New Construction

Is this project a previously awarded tax creditdevelopment?

w Construction/Adaptive Reuse:his project a follow-on (Phase II, etc) to a previously-awarded tax credit development project? Yes

If yes, list names of previous phase(s): Eastside Green I & Eastside Green II

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? Yes

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

ttps://www.nchfa.org/Rental/RTCApp/(S(2jwhof2hdc...813E4775866&SNID=012E54E78E6D4C0EA478A648F9F5FD00 (1 of 23)4/8/2009 3:49:34 PM

28312

28301

(910)433-1990

35.0364

-78.8464


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

If yes, please describe:

rget Population:Family

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

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



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pplicant Information

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

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

pplicant Name: United Developers, Inc.

ddress: 2939 Breezewood Avenue Suite 201

ty: Fayetteville State: NC Zip:

ontact: First: Murray Last:Duggins Title:Chairman

elephone:

t Phone:

ax:

mail Address:

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


28303

(910)485-6600

(910)485-6600

(910)483-4274

[email protected]


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te Description

tal Site Acreage: Total Buildable Acreage:

If buildable acreage is less than total acreage, please explain:

A very small area of wetlands is located on the site.

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:

Duggins Way (a private drive) will be extended to serve Phase III.

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:


3.85 3.62


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Buildings will be placed outside of the floodplain area.

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



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te Control

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

If yes provide:

Purchase Date: Purchase Price:

If no:

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

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

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

(D) Enter Purchase Price:


10/31/2009

120,000


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oning

esent zoning classification of the site:R6

multifamily use permitted?Yes

e variances, special or conditional use permits or any other item requiring a public hearing needed to develop this proposal?No

If yes, have the hearings been completed and permits been obtained?

If yes, specify permit or variance required and date obtained. If no, describe permits/variances required and schedule forobtaining them:

e there any existing conditions of historical significance located on the project site that will require State Historic Preservation officeiew?No

If yes, describe below:

e there any existing conditions of environmental significance located on the project site?No

If yes, describe below:



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wnership Entity

wner Name: Eastside Green III Associates Limited Partnership

dress: 2939 Breezewood Avenue Suite 201

y: Fayetteville State:NC Zip:

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

ote: Do not submit social security numbers for individuals.

ntity Type: Limited Partnership

ntity Status: To Be Formed

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

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

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

Org: Eastside Green III/Duggins LLC

rst Name: Murray Last Name: Duggins Function: Principal


ty: Fayetteville State: NC Zip: 28303

hone: Fax:

Mail: Nonprofit: No


rst Name: James Last Name: Smith Function: Principal

ddress: 2939 Breezewood Avenue Suite 201ty: Fayetteville State: NC Zip: 28303

hone: Fax:

Mail: Nonprofit: No


rst Name: Wade Last Name: Duggins Function: Principal



hone: Fax:

Mail: Nonprofit: No

Org: Duggins Family Limited Partnership

rst Name: Murray Last Name: Duggins Function: General Partner




28303

(910)485-6600 (910)483-4274

[email protected]

(910)485-6600 (910)483-4274

[email protected]

(910)485-6600 (910)483-4274

[email protected]


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hone: Fax:

Mail: Nonprofit: No


(910)485-6600 (910)483-4274

[email protected]


10/23


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

Elevators - Number of Elevators:

quare Footage Information

oss Floor Square Footage:

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

icate below any additional targeting for special populations proposed for this project:

Mobility impaired handicapped: 5% of units comply with QAP Section IV(F)(3) (in addition to the units required by other federal state codes.)

Number of Units:

Number of Units Required:

Persons with disabilities or homeless populations.

Number of Units:

tes

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

income units are within established thresholds.

ttps://www.nchfa.org/Rental/RTCApp/(S(2jwhof2hd...13E4775866&SNID=012E54E78E6D4C0EA478A648F9F5FD00 (11 of 23)4/8/2009 3:49:34 PM

45,556

42,568

4

4

4
http://www.nchfa.com/Rental/Mincomelimits.aspxhttp://www.nchfa.com/Rental/Mincomelimits.aspx


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argeting

ecify Low Income Unit Targeting in table below. List each applicable targeting combination in a separate row below. Click [Add] ate another row. Click "X" (at the left of each row) to delete a row. Add as many rows as needed.

BRs Units %

targeted at percent of median income affordable to/occupied by






tal Low Income Units:

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


6 40

11 50

11 60

4 40

4 50

4 60

40


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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 debtservice below.

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

stimated 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))


783,175 2.00 20 20

729,620 0 30 30 0

2,427,205

3,940,000

74


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

PP Loan

ear:mt:

1 2 3 4 5 6 7 8 9 10

ear:mt:

11 12 13 14 15 16 17 18 19 20


15665 15665 15665 15665 15665 15665 15665 15665 15665 15665

15665 15665 15665 15665 15665 15665 15665 15665 15665 15665


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evelopment Costs

Item Cost Element TOTAL COSTEligible Basis

30% PV 70% PV

1 Purchase of Building(s) (Rehab / Adaptive Reuse only)

2 Demolition (Rehab / Adaptive Reuse only)

3 On-site Improvements

4 Rehabilitation

5 Construction of New Building(s)

6 Accessory Building(s)

7 General Requirements (max 6% lines 2-6)

8 Contractor Overhead (max 2% lines 2-7)

9 Contractor Profit (max 8% lines 2-7; 6% if Identity of Interest)

10 Construction Contingency (max 5% lines 2-9, Rehabs 10%)

11 Architect's Fee - Design (11 + 12 = max 3% lines 2-10)

12 Architect's Fee - Inspection

13 Engineering Costs

SUBTOTAL (lines 1 through 13)

14 Construction Insurance (prorate)

15 Construction Loan Orig. Fee (prorate)

16 Construction Loan Interest (prorate)

17 Construction Loan Credit Enhancement (prorate)

18 Construction Period Taxes (prorate)

19 Water, Sewer and Impact Fees

20 Survey

21 Property Appraisal

22 Environmental Report

23 Market Study

24 Bond Costs

25 Bond Issuance Costs

26 Placement Fee

27 Permanent Loan Origination Fee

28 Permanent Loan Credit Enhancement


385,000 385,000

2,148,500 2,148,500

152,010 152,010

53,710 53,710

161,130 161,130

87,011 87,011

74,000 74,000

3,061,361

16,086 16,086

0

57,000 57,000

16,000 16,000

6,000 6,000

4,500 4,500

2,500 2,500

4,300 4,300

2,900


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29 Title and Recording


30 Real Estate Attorney

31 Other Attorney's Fees

32 Tax Credit Application Fees (Preliminary and Full)

33 Tax Credit Allocation Fee (0.62% of line 60, minimum $7,500)

34 Cost Certification / Accounting Fees

35 Tax Opinion

36 Organizational (Partnership)

37 Tax Credit Monitoring Fee


38 Furnishings and Equipment

39 Relocation Expense

40 Developer's Fee

41 Additional Contigency (greater of $500/unit or $30,000)

42

43

44 Rent-up Expense

45

46


47 Rent up Reserve

48 Operating Reserve

49

50

51 DEVELOPMENT COST (lines 1-49)

52 Less Federally Funded Grant

53 Less Disproportionate Standard

54 Less Nonqualified Nonrecourse Financing

55 Less Historic Tax Credit

56 TOTAL ELIGIBLE BASIS

57 Applicable Fraction (percentage of LI Units)


1,000

110,286

45,000 45,000

2,300

22,628

10,500 10,500

28,000

108,428

6,400 6,400

420,000 420,000

Other Basis Expense (s

Other Basis Expense (s

Other Non-basis Expen

Other Non-basis Expen

426,400

12,000

101,525

Other Reserve -ACC Af 0

Other Reserve (specify)

3,820,000 0 3,649,647

0

3,649,647 0 3,649,647

100.00% 100% 100%


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58 Basis Before Boost

59 Basis Boost of up to 130%

60 TOTAL QUALIFIED BASIS

61 Tax Credit Rate

62 Federal Tax Credits (maximum $1,300,000)

63 Federal Tax Credits Requested (if less than line 62)

64 Land Cost

65 TOTAL REPLACEMENT COST

FEDERAL TAX CREDITS IF AWARDED

Comments:

Project Development Cost per unit53,712


3,649,647 0 3,649,647

100.00% 100.00%

3,649,647 0 3,649,647

3.50 9.00

328,468 0 328,468

0

120,000

3,940,000

328,468


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arket Study Information

ease provide a detailed description of the proposed project:

astside Green III Apartments will be located on 3.85 acres in eastern Cumberland County adjacent toastside Green Phase II. The site which is off Cedar Creek Road is part of a comprehensive developmentan initiated by the City of Fayetteville in October 2002. That plan is still in effect. A copy of the plan isclosed.

hase I of Eastside Green averages 100% occupancy. Phase II was completed in December 2008 and is innt-up. Fourteen move-ins are scheduled and an additional seventeen applications are being processed.

astside Green III Apartments will be a family project. The rent structure has been made very affordableth units targeting those at 40%, 50% and 60% of the median income.e surrounding area is a mix of residential and commerical property. Shopping, medical services, and ablic transportation stop are located just a few feet from the site. As with any revitalization area, therrounding area is a mix of well maintained homes and businesses and those in a state of disrepair.

e addition of Eastside Green III Apartments will be an asset to the neighborhood and a catalyst forproving the appearance of the existing residential properties.

nstruction (check all that apply):

Brick Vinyl Wood HardiPlank Balconies/Patios Sunrooms Front Porches

Front Gables or Dormers Wide Banding or Vertical/Horizontal Siding

Other:

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

If yes, please provide name and address:

Eastside Green Apartments I & II708 Duggins WayFayetteville, North Carolina 28312

Blanton Green Apartments I, II, III1024 Lauren McNeill LoopFayetteville, North Carolina 28303

Bunce Green Apartments

1430 Distinct CircleFayetteville, North Carolina 28314

Cleveland Green ApartmentsGarner, North Carolina(under construction)

Crosswinds Apartments I, II3514 Town StreetHope Mills, North Carolina 28348

Golfview Apartments4131 Fescue Court



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Hope Mills, North Carolina 28348

Legion Crossing Apartments3600 Ireland DriveHope Mills, North Carolina 28348

Longview Apartments117 Longview DriveFayetteville, North Carolina 28311

Newberry Green Apartments

411 Monroe StreetNewberry, South Carolina 29108(under construction)

Palmer Green Apartments I, II380 W Palmer AvenueRaeford, North Carolina 28376

Raeford Green Apartments300 W Palmer AvenueRaeford, North Carolina 28376

Riverview Green Apartments507 Riverview Court

Roanoke Rapids, North Carolina 27870

Rosehill West Apartments1945 James Hamner WayFayetteville, North Carolina 28301

Southview Green Apartments3143 Round Grove PlaceHope Mills, North Carolina 28348

Southview Villas Apartments3315 Gibbon DriveHope Mills, North Carolina 28348

Tokay Green Apartments1928 United DriveFayetteville, North Carolina 28301

Wallstreet Green Apartments970 Wolfpack CourtSumter, South Carolina 29150

Woodgreen Apartments I, II200 Bradford DriveAberdeen, North Carolina 28315

e Amenities:

e site will include a playground area, covered picnic area, sitting areas, tot-lot, gazebo and covered patioth seating.

hase I and Phase II currently share a community building. Approximately 325 square feet will be added toe existing building to increase the meeting room and laundry room.

te layout designed to promote slow and controlled traffic flow.



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site Activities:

upport Service Coordinator on-site.

ndscaping Plans:

ndscaping will be above average and will include an irrigation system. New tree and shrub plantings will added to create shaded spaces.

erior Apartment Amenities:

partments will be furnished with a range with hood, disposal, refrigerator (frost free), dishwasher,orgage, W/D hookups, mini-blinds, pantry, ceiling fans, carpet, vinyl, VCT, and central heat and air. Alldrooms and living rooms will be equipped with telephone jack and a cable connection. All appliances will

eet Energy Star requirements. All units will be equipped with sprinklers.

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.

he surrounding area is a mix of residential and commercial property. Shopping, medical services, and a

ublic transportation stop are located just a few feet from the site. As with any revitilization area, theurrounding area is a mix of well maintained homes and businesses and those in a state of disrepair.astside Green Phase I & II are the only affordable housing complexes in the area.

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, distribution

cilities, frequently used railroad tracks, power transmission lines and towers, factories or similar operations,urces of excessive noise, and sites with environmental concerns (such as odors or pollution). Amount andaracter of vacant, undeveloped land. The homes surrounding the site are primarily single familysidences. Eastside Green Phase III will be located adjacent to the Eastside Green Phase II site. Themmercial properties are limited to retail and professional offices. The vacant land is wooded anddeveloped.

TE SUITABILITY

dequate traffic safety controls (i.e. stop lights, speed limits, turn lanes). Burden on public facilitiesarticularly roads). Access to mass transit (if applicable). Visibility of buildings and/or location of project sign in relation to traffic corridors. Cedar Creek Road is a wide four lane road with adequate traffic controls.e Fayetteville Area System of Transit has a bus stop located in the parking lot of the shopping centerectly in front of the Dollar General Store.

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 wooded and is zoned for residential developement. A very small wetlands area exists on the siteut does not present any problems with the layout of the buildings. There are no environmental concerns atis site.

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

he design, layout, and construction of Phase III will be similar to Phase I & II. .

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



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Grocery Store Community/Senior Center

Mall/Strip Center Hospital

Outdoor Athletic

eldsPharmacy

Day Care/After

choolBasic Health Care

SchoolsPublic Transportation

Stop

Convenience Store Public Parks

Gas Station Library

her facilities or services:


.9

3.5

.1.1

5.1

.1.1

2 2.3

2 2.2


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reliminary App Checklist

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

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

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

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

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

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

C - Community Revitalization Plan

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

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

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

G - Rent Roll (Rehabs only)

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

Documents

Eastside Green Apartments Phase III