cherry gardens app

8/6/2019 Cherry Gardens App

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

roject Description

oject Name: Cherry Gardens

dress: 1727 Baxter Street

ty: Charlotte County: Mecklenburg Zip:

ensus Tract: 26 Block Group: 1

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

olitical Jurisdiction: City of Charlotte

risdiction CEO Name:First:Pat Last:McCrory

Title: Mayor

risdiction Address: 600 East Fourth Street

risdiction City: Charlotte Zip:

risdiction Phone:

e Latitude:

e Longitude:

oject Type: New Construction

this project a previously awarded tax credit development? Yes

If yes, what is the project number: 2230 Is this a request for supplemental credits?No

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? Yes

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? Yes

ttps://www.nchfa.org/Rental/RTCApp/(S(z2v4cq55...BB0B60464&SNID=DCBB5A70387843AD9BC40F0DCF02C501 (1 of 29)9/16/2008 2:10:30 PM

28204

28202

(703)362-2241

35.2079

-80.8315


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yes, please describe: Community space will include meeting spaces and facilities to be used by the Department of Social Services fomeal program and other services that will be available to qualified residents of Cherry Gardens and the surrounneighborhood.

rget 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:


3

6


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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: The Affordable Housing Group of North Carolina, Inc.

dress: 1300 Baxter Street, Suite 215

ty: Charlotte State: NC Zip:

ontact: First: Kathy Last:Stilwell Title:Director of Real Estate Development

lephone:

Phone:

x:

mail Address:

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


28204

(704)968-7202

(704)376-8709

[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? Yes

If yes, please describe:

Two single family houses have been demolished.

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? 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:


1.046 1.046


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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)?Yes

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?

(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?If yes, specify the relationship:

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

(D) Enter Purchase Price:


01/10/2007 0


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oning

esent zoning classification of the site:UR2

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 res

If yes, describe below:Because the neighborhood is a historic district it is subject to Section 106 of National Historic PreservationAct. It is not on the National List of Historic Places. SHPO has reviewed the site and plans as required forHUD Environmental review and responded with no comment as the project was deemed to be appropriatefor the site.

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: Cherry Gardens LLC

dress: 1300 Baxter Street, Suite 215

y: Charlotte 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: Already Formed

the applicant requesting that the Agency treat the application as Non-Profit sponsored? Yes

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: Cherry Gardens Housing of Charlotte Inc.

st Name: Kathy Last Name: Stilwell Function: Managing Memberddress: 1300 Baxter Street, Suite 215

ty: Charlotte State: NC Zip: 28204

one: Fax:

Mail: Nonprofit: No

Org: StoneHunt LLC

st Name: Stoney Last Name: Sellars Function: Member

ddress: 1313 N. Tryon Street


one: Fax:

Mail: Nonprofit: No

Org: The Affordable Housing Group of North Carolina, Inc.

st Name: Kathy Last Name: Stilwell Function: Managing Member

ddress: 1300 Baxter Street, Suite 215


one: Fax:

Mail: Nonprofit: Yes


28204

20-8564211

(704)968-7202 (704)376-8709

[email protected]

(704)333-8878 (704)333-5145

[email protected]

(704)968-7202 (704)376-8709

[email protected]


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nit Mix

e Median Income for Mecklenburg county is $64,400.

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 1

Gdn Apt 1

Utilities included in rents: Water/Sewer Electric Gas Other trash

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.

ti li ties 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):


677 6 2 277 85 0 362

677 15 4 465 85 0 550

677 16 4 582 85 0 667

677 5 2 205 85 0 290

42 12 18974

42 12 18974

1 3

4,457


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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.


1

42,999

42,999
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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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/occupied by




tal Low Income Units:

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


6 30

15 50

16 60

5 24

42


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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:City of Charlotte Housing Trust Fund

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))

epayment to the City of Charlotte is cashflow dependent. The repayment schedule below


1,050,000 0.00 20 30

718,925 0 30 30 0

4,127,467

772

5,897,164

80


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presents assumptions approved by City Council at time of award.

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

ocal Gov. Loan - City of Charlotte Housing Trust Fund

ear:mt:

1 2 3 4 5 6 7 8 9 10

ear:mt:

11 12 13 14 15 16 17 18 19 20


32784 32219 31568 30825 29984 29040 27987 26817 25524 24101

22541 20834 18974 16950 14755 12378 9809 7039 4054 846


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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:108,532


3.40 8.50

618,269 0 618,269

654,638 0 654,638

624,606 624,606

0

5,897,164

546,337


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arket Study Information

ase provide a detailed description of the proposed project:

herry Gardens is the first phase of a neighborhood revitalization effort being initiated by StoneHunt LLCd neighborhood organizations within the Cherry community. Stonehunt has obtained site control of age portion of the community from the nieghborhood organization and desires to complete the Cherry

ardens senior component in order to provide a relocation resource for longtime senior residents of themmunity that would otherwise be displaced by the surrounding revitalization efforts. Cherry Gardens willa single building with forty two (42) one bedroom apartments on three floors. Each apartment will be

omy with approximately 660 square feet with special attention to details such as extensive kitchen andthroom counters, large walk in closets, dining area and features for seniors such as grab bars and

mergency call bells. Each floor of the building will have an area for common area resident use. The firstor shall include a management office and additional space for service providers to use as necessary. Thecond floor will provide extra storage closets for each unit to accommodate large bulky items such asliday decorations and laundry facilities. The third floor shall have a large community meeting space withcess to an outdoor balcony. Site amenities will include outdoor sitting areas, garden areas, extensive

dewalks with easy access to on site bus stop, adjacent church and nearby community park. The propertyares its only non-road frontage with Pleasant Hill Baptist Church which provides a number of services toe residents of the neighborhood.

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:

Multiple colors, materials, design features will be utilized to break up the facade and roof lines of thebuilding.

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 site is a highly dense urban setting. The facilty will have on-site parking, bus stop on site, patios withrden areas and gazebo, and sidewalk that circles the entire site for walking and connectivity with therrounding neighborhood planned for revitalization.

site Activities:

evelopers are working closely with the Department of Social Services to assure the building will meet thequirments to serve as a service location for DSS programs to include meals, health screenings, excercise



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ograms, nutrition counseling and wellness education classes. Management will also work to develop othercial programs to engage the residents such as monthy birthday parties, movie night, etc.

ndscaping Plans:

e site and facility are in an urban setting with street trees, foundation plantings and lawns designed toften the facade and maximize the amount of greenspace for resident enjoyment. Efforts will be made tove mature trees along the perimeter of the site.

erior Apartment Amenities:

apartments will include large closets, a pantry, dining area, grab bars in the bathrooms, and callmergency alarms in the bathroom and bedroom. Large open living areas and bedroom with adequate wallace for furniture placement.

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.

ee original application. The area is booming with the recent completion of a Target store and Home Depot

esign Center. Additional mixed use, office, and residential development is nearing completion.

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. The neighborhood surrounding Cherry Gardens is undergoingrying states of rejuvenation. Stonehunt LLC owns much of the land surrounding Cherry Gardens and is ine process of demolishing abandoned and uninhabitable homes that are in poor condition with the intentiondeveloping Cherry Gardens, followed in phases by townhomes and condominiums that shall includeordable housing. West of land owned and to be revamped by Stonehunt LLC is a mixed use projectrrently under development by Pappas Properties called Metropolitan that will include upper endndominium and loft residences, office space, and retail shops inclusive of a Target and Home Depot. Indition, and within walking distance of Cherry Gardens, the City of Charlotte is undertaking its most

mbitious park project in the Citys history that will include 15 miles of walking, running and biking paths withwing water of a creek and sitting areas to be known as The Little Sugar Creek Greenway. The park will rune span from midtown Charlotte to the South Carolina state line.

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. Cherry Gardens is located on a site bordered on three sides by roads

eating excellent visibility of the property. Driveway entrance is proposed off a less traveled side street, withit on Baxter Street which provides direct access to Queens Road and Kings Drive. All roads are adequatethe planned development. A bus stop is planned for the property.

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).

one



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

ee original application

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

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:


2

3 .5

.5

.5

4

5

8


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evelopment Team

ovide contact information for development team members below:

nagement Agent

ompany: Excel Property Management

dress: 1004 Bullard Court, Suite 106

ty: Raleigh State: NC Zip:

one Email:

ontact Name: First: Rita Last: Blackmon

chitect

ompany: Millenium 3 Design Group

dress: 1313 North Tryon Street


one Email:

ontact Name: First: Anthony Last: Hunt

orney

ompany: Jordan Price Wall Gray Jones & Carlton

dress: 1951 Clark Avenue

ty: Raleigh State: NC Zip:

one Email:

ontact Name: First: Susan Last: Ellnger

estor

ompany: Apollo Housing Capital, LLc

dress: 2101 Rexford Road, Suite 375W


one Email:

ontact Name: First: Brian Last: Flanagan

nsultant/Application Preparer (if different from developer)

ompany:

dress:

ty: State: Zip:

one Email:

ontact Name: First: Last:


27615

(919)878-0522 [email protected]

28206


27605


28211



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neral Contractor Identity of Interest?

ompany: Crosland (or as determined by bid)

dress: 227 W. Trade Street, Suite 800


one Email:

ontact Name: First: Susan Last: Lloyd


28202



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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

2,000

18,144

24,000

1,890

4,900

1,764

3,600

training/mileage1,000

58,298

14,000

1,200

1,200

16,400

550

750

1,500

700

3,000


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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


174,585

133,112

42

3,169


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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:High Income county:

At least twenty-five percent (25%) of qualified units will be affordable to households with incomes at or below thirty percent (30county median income.At least twenty-five percent (25%) of qualified units will be affordable to and occupied by households with incomes at or below percent (30%) of county median income.

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

cherry gardens app

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