brentwood village

8/6/2019 Brentwood Village

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

roject Description

oject Name: Brentwood Village

ddress: 208 Bretnwood Drive

ty: Beaufort County: Carteret Zip:

ensus Tract: 9703.00 Block Group: 4011

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: Town of Beaufort

risdiction CEO Name:First:RIchard Last:Stanley

Title: Mayor

risdiction Address: PO Box 390

risdiction City: Beaufort Zip:

risdiction Phone:

te Latitude:

te Longitude:

oject Type: Rehab

Is this project a previously awarded tax credit development?No

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

If yes, list names of previous phase(s):

ehab:

umber of residents holding Section 8 vouchers: 0

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? Yes

ttps://www.nchfa.org/Rental/RTCApp/(S(x5bjcljw2...F9C0F68660&SNID=096D960B66ED4300B0F901E8A02C2FF0 (1 of 21)4/14/2009 12:58:15 PM

28516

28516

(252)728-2141

34.7267

-76.6488


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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? Yes

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


46


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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: Wynnefield Properties, Inc.

ddress: PO Box 395

ty: Jamestown State: NC Zip:

ontact: First: Patty Last:Reeder Title:Asst. VP

elephone:

t Phone:

ax:

mail Address:

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


27282

(336)454-6134

(336)906-1856

(336)454-6190

[email protected]


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te Description

tal 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? Yes

If yes:(a) Briefly describe the situation:

Brentwood is an existing USDA project that we are proposing to rehab. The rehab would address items

indicated as needs in CNA conducted by USDA. Additionally, we proposed adding new architecturalfeatures to the buildings and constructing a new office facility.

(b) Will tenant displacement be temporary? Yes(c) Will tenant displacement be permanent? No

he site directly accessed by an existing, paved, publicly maintained road? Yes

If no, please explain:

any portion of the site located inside the 100 year floodplain? No

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


5.83 5.83


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(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?YesIf yes, specify the relationship:

General Partner/ Managing Member

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

(D) Enter Purchase Price:


8/31/2009

2,290,000


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oning

esent zoning classification of the site:R-8

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: Brentwood Village LLC

dress: PO Box 395

y: Jamestown State:NC Zip:

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

ote: Do not submit social security numbers for individuals.

ntity Type: Limited Liability Company

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: Brentwood Village Manager, LLC

rst Name: Norwood Last Name: Stone Function: Managing Member

ddress: PO Box 395

ty: Jamestown State: NC Zip: 27282

hone: Fax:

Mail: Nonprofit: No

Org: Brentwood Village Manager LLC

rst Name: Craig Last Name: Stone Function: Member

ddress: PO Box 395ty: Jamestown State: NC Zip: 27282

hone: Fax:

Mail: Nonprofit: No


27282

(336)454-6134 (336)454-6190

[email protected]

(336)454-6134 (336)454-6190

[email protected]


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nit Mix

e Median Income for Carteret county is $57,000.

w Income Units

Type # BRs Net Sq.Ft.Total

# Units#Units

MonthlyRent

UtilityAllowance

MandatoryServ. Fees

**TotalHousing Exp.

Gdn Apt 1

Gdn Apt 2

Utilities included in rents: Water/Sewer Electric Gas Other

mployee 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.

tilities included in rents: Water/Sewer Electric Gas Other

atistics

AllUnits

Units

Gross 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):

Elevators - Number of Elevators:

quare Footage Information


675 12 1 462 100 0 562

850 34 1 622 108 0 730

46 2 26692

46 2 26692

9 1

1,272


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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.


39,397

38,250

6

6

0
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

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.


12 60

34 60

46


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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:USDA Assumable Loan

Other Loan 2 - Specify:

Other Loan 3 - Specify:

Tax Exempt Bonds

State Tax Credit(Loan)

State Tax Credit(Direct Refund)

Equity: Federal LIHTC

Non-Repayable Grant

Equity: Historic Tax Credits

Deferred Developer Fees

Owner Investment

Other - Specify:

Total Sources**

"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))


580,447 2.00 20 20

1,425,000 1.00 40 40

921,588 0 30 30 0

2,098,144

5,025,179

70


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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

her Loan 1 - USDA Assumable 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


14725 15287 15806 16279 16702 17074 17392 17651 17849 17982

18047 18040 17957 17795 17548 17213 16785 16259 15631 282

46547 46547 46547 46547 46547 46547 46547 46547 46547 46547

46547 46547 46547 46547 46547 46547 46547 46547 46547 46547


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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


2,090,000 2,090,000

61,000 61,000

1,340,000 1,340,000

84,060 84,060

29,701 29,701

90,886 90,886

96,339 96,339

30,000 30,000

3,960 3,960

3,825,946

12,000 12,000

17,889 17,889

147,587 140,207

7,500 7,500

8,000 8,000

8,100 8,100

4,300 4,300


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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)


2,000

207,376

20,000 20,000

22,500 22,500

2,300

18,585

8,500 8,500

2,000

2,000

32,200

108,085

20,000 20,000

483,000 483,000

30,000 30,000

Other Basis Expense (s

Other Basis Expense (s

10,000

Other Non-basis Expen

Other Non-basis Expen

543,000

13,800

126,972

Other Reserve (specify)

Other Reserve (specify)

4,825,179 2,090,000 2,517,942

0

4,607,942 2,090,000 2,517,942

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:

Total Replacement Cost per unit109,243


4,607,942 2,090,000 2,517,942

100.00% 100.00%

4,607,942 2,090,000 2,517,942

3.50 9.00

304,990 73,150 226,615

299,765 73,150 226,615

200,000

5,025,179

304,990


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arket Study Information

ease provide a detailed description of the proposed project:

entwood is an existing USDA project that we are proposing to rehab. The rehab would address itemsdicated as needs in CNA conducted by USDA. Additionally, we proposed adding new architecturalatures to the buildings and constructing a new office facility.

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?No

If yes, please provide name and address:

e Amenities:

new Community Building will be built iwth a playground, covered picnic

site Activities:

dditional community activities, such as holiday parties, National Night Out annual cookout anducational /informative meetings will be scheduled in the community room. All community space activitiesl be coordinated through our community building.



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ndscaping Plans:

e existing mature landscaping is well maintained and attractive. During the rehab, we will selectivelyune shrubs and trees and make selective additions to the landscaping.

erior Apartment Amenities:

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.

rentwood Village is located near residentail and commercial land uses which are all trending in a positive

anner. Surrounding uses are well maintained. Directly adjacent to the site is the wall maintained elderlyciliity . Highway 70 and the surrouding are have healthy economic outlook with moderate managed

rowth.

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 surrounding land use is suitable to the subject property with ax of commercial and residential use which further compliments the site. The surrounding land use patternin balance and looks to continue to grow positively.

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. The site is currently being used with adequate traffic safety controls in place.

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).

here are no negative features and phpysical barriers that will delay project construction or adversly affecte tenants.

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

urrounding projects are a mix of uses which compliment our existing community.

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

Grocery Store Community/Senior Center


6 16


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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:


. 6

68.16

6

23

6 .68

6 1.08


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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)

brentwood village

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