enfield app

8/6/2019 Enfield App

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

oject Description

oject Name: Enfield School Apartments

ddress: 700 Branch Street

ty: Enfield County: Halifax Zip:

nsus Tract: 9905 Block Group: C106

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

litical Jurisdiction: Town of Enfield

risdiction CEO Name: First:Bobby Last:Davis Title: Town Administrator

risdiction Address: P.O. Box 699

risdiction City: Enfield Zip:

risdiction Phone:

e Latitude:

e Longitude:

oject Type: Adaptive Reuse

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(gdqhm255u...25F4754051&SNID=54784BB234A74276A4B390948CE8C3E3 (1 of 29)9/16/2008 1:36:03 PM

27896

27823

(252)445-3146

36.11527

-77.403160


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If yes, please describe:

get Population:Elderly (55)

ll the project be receiving project based federal rental assistance? Yes

If yes, provide the subsidy source: HUD 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: Six of the 36 Enfield School apartments will be fully handicap accessible with roll in showers. The other 30units will be fully handicap accessible with the exception of the kitchen wall cabinets, which will haveadjustable shelves two inches lower than standard height in order to better accommodate seniors who wantthe under the counter space for appliances but still need lower cabinets for better access to goods stored inwall cabinets. All the other featues of the apartment will comply with Type A handicap requirements in thatthe apartments will have features that include lower base cabinets, kitchen work space, accessibleappliances, bathrooms that accommodate wheel chairs. CADA is making every effort to make sure thatEnfield School Apartments include many universal design features that will help residents age in place.Four units will be set aside for disabled or homeless seniors.


36

6

4


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te Description

al Site Acreage: Total Buildable Acreage:

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

ntify utilities and services currently available (and with adequate capacity) for this site:

Storm Sewer Water Sanitary Sewer Electric

he demolition of any buildings required or planned? No

If yes, please describe:

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? No

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


8 8


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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/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:


11/14/2008

10


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oning

sent zoning classification of the site:R-10

multifamily use permitted?Yes

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 obtainingthem:

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

If yes, describe below:The School was built in 1951 and CADA will be applying to the State Historic Preservation Office and USDept of Interior to have the School placed on the National Register of Historic places. The school ispresently on SHPO study list.

there any existing conditions of environmental significance located on the project site?Yes

If yes, describe below:F&R Environmental has completed a Phase 1, Asbestos and Lead Survey and provided an estimate for the

abatement of the asbseatos and lead. Thier report is included in Exhibit L of the application. If the projectreceives and allocation of credits F&R will prepare an abatement plan and obtain bids from qualifiedabatment contractors to remove the asbestos and lead. F&R will monitor the abatement and certify that thebuilding is asbestos free.



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wnership Entity

wner Name: Enfield School Apartments LLCdress: 700 Branch Street

y: Enfield State:NC Zip:

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

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

Org: Choanoke Area Development Agency

st Name: Sallie Last Name: Surface Function: Principalddress: P.O. Box 530

ty: Richs Square State: NC Zip: 27896

one: Fax:

Mail: Nonprofit: Yes


27896

(252)539-4155 (252)539-2049

[email protected]


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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.


41,371

41,371
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.


6 40

20 50

3 40

7 50

36


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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:Town of Enfield/DCA

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))

field School is located in a Qualified Census Tract and is entitled to


800,000 2.00 20 20

0 30 30 0

3,434,948

1,442,368

1

5,677,317

78


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0% of Eligible Basis. The Town of Enfield is applying to the NCDCA for a grant to remove theestos and lead from the building. The Town will make these funds available to CADA as aferred Loan that acrues at 2% interest

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

P Loan

ar:mt:

1 2 3 4 5 6 7 8 9 10

ar:mt:

11 12 13 14 15 16 17 18 19 20


35311 35113 34859 34544 34166 33720 33202 32607 31931 31168

30313 29361 28307 27143 25863 24462 22931 21264 19453 17489


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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


206,000 206,000

304,650 304,650

3,415,414 3,405,514

222,310 222,310

78,549 78,549

235,648 235,648

254,500 254,500

100,000 100,000

29,052 29,052

30,000 30,000

4,876,123

35,000 35,000

15,000 15,000

52,067 52,067

20,000 20,000

8,750 8,750

4,500 4,500

6,540 6,540

5,200 5,200

3,750


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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


150,807

15,000 15,000

15,000 15,000

2,200

34,522

10,000 10,000

2,500

1,000

25,200

105,422

50,000 50,000

378,000 353,000

Historic Consultant

Other Basis Expense S

12,000

Other Non-basis Expen

Other Non-basis Expen

440,000

15,000

89,955

Other Reserve (specify)

Other Reserve (specify)

5,677,307 0 5,456,280

610,954

1,030,366 1,030,366

4,425,914 0 4,425,914

100.00% 100% 100%

4,425,914 0 4,425,914

0.00% 130.00%

5,753,688 0 5,753,688


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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:Credit award = $466,330

Total Replacement Cost per unit: 131,030


3.40 8.50

489,063 0 489,063

517,832 0 517,832

0

10

5,677,317

466,330


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arket Study Information

ase provide a detailed description of the proposed project:daptive reuse of historic school for 36 units. The 8 acre site contains a two-story historic school and aedia building. The main two story historic school will have 31 units in it. The seperate Media Building willve 5 units located in it.

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 project is an adaptive reuse with historic preservation tax credits. The facade will be preserved inaccordance with an approved restoration plan.

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

If yes, please provide name and address:Woodland-Olney ApartmentsWoodland, NCAhoskie High School ApartmentsAhoskie, NC

e Amenities:e school resides in a well maintained and established residential neighborhood and residents of Enfield

partments will feel well connected to this neighborhood/community via a sidewalk from the school thatnnects them with single family neighborhood surrounding the campus. The residents will be able to enjoylks around the school site via a concrete walking trail that goes around the school property. A picnic

elter will be located on the site, as well as groupings of landscaped sitting areas located around the site.ere will be a garden area for residents that want to develop their green thumb.

site Activities:sidents will be offered a full range of social and recreational activities. A Residents Council will identifyecific activities. Property management will assist with contacting providers and scheduling residentosen activities.e building will include a multipurpose room with kitchen,libray/computer room, craft room, history room/ rlor and exercise room. The building will have controled security entrances.

ndscaping Plans:



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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 Enfield School Apartments site is located in a well maintained neighborhood in the town of Enfield. Theomes in the area are single and two story single family homes that are located along Sherrod Heightsoad which runs along the front of the school. Behind the school there are well maintained single familyomes along Watson Street. The areas Boys and Girls Club, a park and a cemetery are located on Watsonreet about .3 miles from the site. Within a half-mile of the site there is a dentists office, a convenienceore which has just been rehabilitated and a small thrift store. Within a mile, lies downtown Enfield withhurches, pharmacies, banks, grocery stores and the library as well as other businesses and stores.

he neighborhoods around Enfield are established with some, new homes that have been constructed asell as some homes that have been rehabilitated in the area over the past four years. The School itself is inood condition. There are no major structural defects that we were able to determine as of this time. Thehool was in operation until December of this year, at which time students were moved to the new middlehool. Based on the condition of the surrounding neighborhood it appears property values will bestained or increase in the future.

bout .8 miles from the Enfield School Apartments, outside of the city limits, is Deer Field Apartments, auplex/quad apartment complex for lower income families/elderly. It leased up in under forty days. Thiscility is in great condition and is well maintained.

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 use surrounding the site is residential, single family homes.ere are no incompatible land uses as described above that would impact the sites use as elderly housinglong term value. To the west of the site would be vacant land that has been used as the schools athletic

lds as well as the old gymnasium that was not included in the option. The city plans to renovate the gymd to make a park out of these fields and open up the old tennis courts to the public. The land directly nextthe site would be the location of the park.

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. The site is ideally located for a senior development. The future tenants will

el safe, and secure in a development located in the well established, residential neighborhood. It is a veryort distance to any of the local amenities. The exit from Branch Street on to Sherrod Heights Rd has a stopn which is more then adequate for the local traffic load. From Sherrod Heights, a traffic signal controls theffic flow on to Business 481, The town has said they would consider a stop light at this intersection to helpth traffic flow. There are also several cross walks located near the school and the intersections around it.

e stated city wide speed limit is 25 miles per hour, unless otherwise noted. Business 481 as well as 301e 35 mph and 45 mph respectively. There is a local bus service/ pick up service for seniors to call andange for pick up and drop off as well as return trips to locations around town.



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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: TiseKiester Architects

ddress: 119 E. Franklin Street Suite 300

ty: Chapel Hill State: NC Zip:

one Email:

ntact Name: First: Donald Last: Tise

orney ompany: Blanco, Tackaberry, & Matamoros, P.A.

ddress: 110 South Stratford Road, Suite 500

ty: Winston-Salem State: NC Zip:

one Email:

ntact Name: First: Deborah Last: McKenney

estor mpany: Community Affordable Housing Equity Corp. (CAHEC)

ddress: 7700 Falls of Neuse Road, suite 200

ty: Raleigh State: NC Zip:

one Email:

ntact Name: First: Last:

nsultant/Application Preparer (if different from developer) mpany: Scott A. Redinger, Inc.

ddress: 4553 Technology Drive

ty: Wilmington State: NC Zip:

one Email:

ntact Name: First: Scott Last: Redinger


27615

(919)878-0522

27514

(919)967-0158 [email protected]

27104-4299


27615

(929)420-0063

28405



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neral Contractor Identity of Interest?mpany: Weaver Cooke Construction

ddress: 7900 McCloud Road

ty: Greensboro State: NC Zip:

one Email:

ntact Name: First: Doug Last: George


27420



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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


1,000

1,200

15,600

15,000

240

5,500

1,6202,400

1,200

43,760

12,000

6,000

18,000

750

864

2,400


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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


500

6,500

12,000

1,200

1,200

2,500

432

28,346

24,000

3,600

13,234

100

960

41,894

0

12,600

12,600


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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


144,600

108,000

36

3,000


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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)

enfield app

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