Vance Commons App

8/6/2019 Vance Commons App

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

oject Description

oject Name: Vance Commons

ddress: 1100 W. Young Avenue

ty: Henderson County: Vance Zip:

nsus Tract: 9605 Block Group: 4

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

litical Jurisdiction: City of Henderson

risdiction CEO Name: First:James Last:O'Geary Title: Mayor

risdiction Address: 180 South Beckford Drive

risdiction City: Henderson 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):

hab:

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(y340pl45...38A3FD182&SNID=FCB06F01B0E3446CB8A36F10D020E47E (1 of 29)9/17/2008 9:06:13 AM

27536

27536

(252)431-6000

36.19912

-78.2445


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If yes, please describe:

get Population:Elderly (55)

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:


2

4


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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. UnderP Section III(C)(5) only this individual or entity will be able to make decisions with regard to this application. If awarded the applicant mustome part of the ownership entity. The applicant will execute the signature page for this application.

pplicant Name: TCG Development Services LLC

ddress: 8484 Georgia Avenus

ty: Silver Spring State: MD Zip:ntact: First: Peter Last:Behringer Title:Executive VP

lephone:

t Phone:

x:

mail Address:

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


20910

(301)563-5562

(301)807-5244

(301)563-5564

[email protected]


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te Description

al Site Acreage: Total Buildable Acreage:

If buildable acreage is less than total acreage, please explain:Approximately 8.58 acres will be developed as part of Phase I of this development. It is planned that afterstabilization a possible Phase II will be developed.

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:

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? Yes

If no, please explain:

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

If yes:(a) Describe placement of project buildings in relation to this area:The property line will be designed and subsequently subdivided so no part of Phase I is situated in the flood


20.959 8.58


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plain. Per report from enginner the flood zone is not within the proposed development area.

(b) Describe flood mitigation if the project will have improvements within the 100 year floodplain:None required at this point



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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 forpurchase 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:


8/31/2008

199,900


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oning

sent zoning classification of the site:R-8

multifamily use permitted?Yes

variances, special or conditional use permits or any other item requiring a public hearing needed to develop this proposal?Yes

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

If yes, specify permit or variance required and date obtained. If no, describe permits/variances required and schedule for obtainingthem:Special use permit is requiredApproval received February 5, 2008

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

If yes, describe below:

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: Vance Commons LPdress: 8484 Georgia Avenue, Suite 620

y: Silver Spring State:MD Zip:

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

te: Do not submit social security numbers for individuals.tity Type: Limited Partnershiptity Status: Already Formedhe applicant requesting that the Agency treat the application as Non-Profit sponsored? Nohe applicant requesting that the Agency treat the application as CHDO sponsored? Not all general partners, members,and principals. Specify nonprofit corporate general partners or members.ck [Add] to add additional partners, members, and principals.

Org: TCG Development Services LLC

st Name: Peter Last Name: Behringer Function: Principalddress: 8484 Georgia Avenue

ty: Silver Spring State: MD Zip: 20910

one: Fax:

Mail: Nonprofit: No

Org: Blue 22 Development LLC

st Name: Andy Last Name: Rosen Function: Principal

ddress: 812 Berkeley Street

ty: Durham State: NC Zip: 27705

one: Fax:

Mail: Nonprofit: No


20910

45-0594227

(301)563-5562 (301)563-5560

[email protected]

(919)622-2293 (919)286-6070

[email protected]


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nit Mix

e Median Income for Vance county is $48,100.

w Income Units

Type # BRs Net Sq.Ft.Total

# Units#Units

MonthlyRent

UtilityAllowance

MandatoryServ. Fees

**TotalHousing Exp.

Gdn Apt 1

Gdn Apt 1

Gdn Apt 2

Gdn Apt 2

Utilities included in rents: Water/Sewer Electric Gas Other

ployee Units (will add to Low Income Unit total)

ype # BRs Net Sq.Ft.Total

# Units#Units

MonthlyRent

UtilityAllowance

MandatoryServ. Fees

**TotalHousing Exp.

tilities included in rents: Water/Sewer Electric Gas Other

rket Rate Units

ype # BRs Net Sq.Ft.Total

# Units#Units

MonthlyRent

UtilityAllowance

MandatoryServ. Fees

**TotalHousing Exp.

ti li ties included in rents: Water/Sewer Electric Gas Other

istics

AllUnits

UnitsGross MonthlyRental Income

Low Income.......

Market Rate.......

Totals...............

oposed number of residential buildings: Maximum number of stories in buildings:

oject Includes:Separate community building - Sq. Ft. (Floor Area):

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


736 8 1 340 80 0 420

736 12 1 415 80 0 495

991 8 1 400 100 0 500

991 12 1 465 100 0 565

40 4 16480

40 4 16480

5 1

1,140


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Elevators - Number of Elevators:

uare Footage Information

oss Floor Square Footage:

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

es

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.


42,360

39,880
http://www.nchfa.com/lib/html/rental/Median%20Income%20Charts/income_limits.htmhttp://www.nchfa.com/lib/html/rental/Median%20Income%20Charts/income_limits.htm


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rgeting

cify Low Income Unit Targeting in table below. List each applicable targeting combination in a separate row below. Click [Add] to createther 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




al Low Income Units:

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


8 50

12 60

8 50

12 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 debt servicebelow.

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

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

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

ue to its location in a Qualified Census Tract, Vance Commons can be financed with state and


704,410 0 30 30 0

3,675,647

4,380,057

81


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deral tax credits. There will be no permanent debt. SunAmerica Affordable Housing Partners willthe equity investor.



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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 Improvements4 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


575,000 575,000

1,920,000 1,920,000

210,000 210,000

162,300 162,300

57,346 57,346

229,384 229,384

94,621 94,621

85,000 85,000

12,460 12,460

35,000 35,000

3,381,111

50,000 50,000

32,000 32,000

137,942 137,942

4,905

8,000

6,000 6,000

6,000 6,000

5,500 5,500

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


260,347

50,000 50,000

2,200

32,035

10,000 10,000

5,000

28,000

127,235

8,500 8,500

420,000 420,000

Other Basis Expense (s

Other Basis Expense (s

14,000

Other Non-basis Expen

Other Non-basis Expen

442,500

12,000

75,031

Other Reserve (specify)

Other Reserve (specify)

4,298,224 0 4,107,053

0

4,107,053 0 4,107,053

100.00% 100% 100%

4,107,053 0 4,107,053

100.00% 130.00%

5,339,169 0 5,339,169


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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:

Total Replacement Cost per unit: 81,216


3.40 8.50

453,829 0 453,829

480,525 0 480,525

0

81,833

4,380,057

480,525


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arket Study Information

ase provide a detailed description of the proposed project:nce Commons is a 40-unit development targeting seniors at 50% and 60% area median income innderson. The project will have a unique design consisting of five separate buildings with eight unitsiece surrounding a common village green. There will be two different exterior types which will be unique.ere will be a community building which will also provide amenities for the residents. This will be the firstase of a planned two phase development.

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:

The buildings will have two different types of roof lines with slightly contrasting colors on the exterior. Therear patios will be nicely decorated and there will be a cupola on top of the community building.

ve you built other tax credit developments that use the same building design as this project?No

If yes, please provide name and address:

e Amenities:e buildings and site will be utilized in such a manner as to allow a central village green area withtensive landscaping. There will also be a centrally located gazebo which will also act as a gatheringtdoor amenity.

site Activities:community building will house a multi-purpose room for resident activities. There will also be an office,

undry facilities and computer lab.

ndscaping Plans:



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e unique senior design plan with individual clusters of buildings puts a focus on a central village greenncept.

erior Apartment Amenities:all to wall carpeting, walk-in closets, new Energy-Star appliances, ceiling fans, washer/dryer hookups,crowave ovens

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.hysical condition of buildings in the area are small, older single-family residences within neighborhoodttings situated on small lots. The neighborhood is well-maintained with some small vacant wooded areas

earby. There is a rehab, family tax-credit development nearby which is almost fully occupied and serves afferent tenant base. There has not been a tax credit development targeted toward seniors in Vanceounty in numerous years.

URROUNDING LAND USES AND AMENITIES

nd use pattern is residential in character (single and multifamily housing). Extent that the location islated. Effect of industrial, large-scale institutional or other incompatible uses, including but not limited to:stewater 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 land uses are single-family owner-occupied with some vacantnd. The site is not isolated and is well incorporated into the community. There are no negative norcompatible uses which would impact the desireability of the site.

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 signin relation to traffic corridors. All of the streets are low-density residential connectors with speed limits in

e 25-35 mph range. There are stop signs and adequate traffic safety controls in place. The site offers goodcessibility and linkages to area services. It's relation to traffic corridors is agreeable to signage.

gree 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, large

ulders, ravines, year-round streams, wetlands, and other similar features (for adaptive re-use projects-tability for residential use and difficulties posed by the building(s), such as limited parking, environmental

oblems or the need for excessive demolition).here are no on-site negative features which would impede project construction or adversely affect futurenants. The site is gently sloped and is well-suited for residential use.

milarity of scale and aesthetics/architecture between project and surroundings.he surrounding site is predominantly one-story single family residential. Our one-story design will blendamlessly with the existing architecture and scale of the neighborhood.

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



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Grocery Store Community/SeniorCenter

Mall/Strip Center Hospital

Outdoor Athletic Fields Pharmacy

Day Care/After School Basic Health Care

Schools

Public Transportationop

Convenience Store

Public Parks

Gas Station

Library

her facilities or services:e site is approximately one mile from downtown and less than a mile from the post office.


5 1.3

5 2.7

0.5

0.5

5

3

7

4

1


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evelopment Team

vide contact information for development team members below:

nagement Agent mpany: Excel Property Management

ddress: 1004 Bullard Court, Suite 106

ty: Raleigh State: NC Zip:

one Email:

ntact Name: First: Rita Last: Blackmon

hitect mpany: Ross Deckard Architects

ddress: 3200 Atlantic Avenue, Suite 110

ty: Raleigh State: NC Zip:

one Email:

ntact Name: First: James Last: Ross

orney mpany: Klein Hornig LLC

ddress: 1401 K Street, NW

ty: Washington State: DC Zip:

one Email:

ntact Name: First: Christopher Last: Hornig

estor ompany: SunAmerica Affordable Housing Partners

ddress: 6903 Rockledge Dr

ty: Bethesda State: MD Zip:

one Email:

ntact Name: First: Michael Last: Best

nsultant/Application Preparer (if different from developer) mpany:

ddress:

ty: State: Zip:

one Email:

ntact Name: First: Last:


27615

(919)878-0522 rblackmon@excelpropertymanag

27624

(919)875-0001 [email protected]

20005


20817



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neral Contractor Identity of Interest?mpany: Mutual Builders, Inc.

ddress: 312 South Third Street

ty: Smithfield State: NC Zip:

one Email:

ntact Name: First: Robbie Last: Parker


27577

(919)934-0882 robbie.parker@mutualbuildersinc.


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ojected Operating Costs

Project Operations (Year One) Administrative Expenses

Advertising

Office Salaries

Office SuppliesOffice 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 ServicesTelephone 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


4,000

10,000

3,600

17,356

16,000

1,000

4,500

1,5001,800

59,756

10,000

10,305

4,855

25,160

4,500

910

1,275

2,400

2,700


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Grounds Supplies

Grounds Contract

Repairs Payroll

Repairs Material

Repairs Contract

Elevator Maintenance/Contract

Heating/Cooling Repairs and Maintenance

Swimming Pool Maintenance/Contract

Snow Removal

Decorating Payroll/Contract

Decorating Supplies

Other (specify):

Miscellaneous Operating & Maintenance Expenses

SUBTOTAL

Taxes and Insurance

Real Estate Taxes

Payroll Taxes (FICA)

Miscellaneous Taxes, Licenses and Permits

Property and Liability Insurance (Hazard)

Fidelity Bond Insurance

Workmen's Compensation

Health Insurance and Other Employee Benefits

Other Insurance:

SUBTOTAL

Supportive Service Expenses

Service Coordinator

Service Supplies

Tenant Association Funds

Other Expenses (specify):

SUBTOTAL

Reserves

Replacement Reserves

SUBTOTAL


2,100

3,000

1,800

2,275

1,400

22,360

9,000

4,535

100

14,425

125

600

28,785

4,000

4,000

10,000

10,000


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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


150,061

127,061

40

3,177


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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: No TaxCredit Eligible Units in the the project can exceed 50% of median income)

40% of the units are rent restricted and occupied by households with incomes at or below 60% of the median income (Note: No TaxCredit 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 countymedian income.At least forty percent (40%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent(50%) of county median income.

Tax Exempt 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 percent(50%) of county median income.At least five percent (5%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent(40%) of county median income.

Eligible for targeting points (select one):At least twenty percent (20%) of qualified units will be affordable to and occupied by households with incomes at or below fiftypercent (50%) of county median income.At least ten percent(10%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent(40%) of county median income.



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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, 24 x 36inches)

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 dwellings 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 lenders withreserve 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

Vance Commons App