jackson's ridge

8/6/2019 Jackson's Ridge

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

roject Description

oject Name: Jackson's Ridge

ddress: 109 Frissell Drive

ty: Whitsett County: Guilford Zip:

ensus Tract: 0152.00 Block Group: 3002

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? Yes

olitical Jurisdiction: Town of Gibsonville

risdiction CEO Name:First:Leonard Last:Williams

Title: Mayor

risdiction Address: 129 West Main Street

risdiction City: Gibsonville Zip:

risdiction Phone:

te Latitude:

te Longitude:

oject Type: New Construction

Is this project a previously awarded tax creditdevelopment?

w Construction/Adaptive Reuse: his project a follow-on (Phase II, etc) to a previously-awarded tax credit development project? 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? No

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

ttps://www.nchfa.org/Rental/RTCApp/(S(0ma4ndbyl...A2ACBF298E&SNID=074551D00E3A456C9886D23E34C21F3A (1 of 22)4/8/2009 2:52:12 PM

27377

27249

(336)449-4144

36.0754

-79.5546



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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:Elderly (55)

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

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




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pplicant Information

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

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

pplicant Name: Southland Partners LLC

ddress: 131 Matthews Station St., Suite 2-F

ty: Matthews State: NC Zip:

ontact: First: Tom Last:Honeycutt Title:Member Manager

elephone:

t Phone:

ax:

mail Address:

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


28105

(704)321-1526

(704)321-1562

[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? No

If yes:(a) Briefly describe the situation:

(b) Will tenant displacement be temporary?(c) Will tenant displacement be permanent?

he site directly accessed by an existing, paved, publicly maintained road? No

If no, please explain:

The site is accessed by a public asphalt drive which will have to be improved to Gibsonville standards to thedevelopers property line by the developer. The improvements will include an estimated 900 linear ft. ofsanitary and storm sewer, and widened street with curb and gutter in the same length. A shorter run isallowed for to run the water line from a nearby culdesac per the instruction of the town manager.

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:


10.36 10.36



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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?NoIf yes, specify the relationship:

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

(D) Enter Purchase Price:


10/31/2009

595,000



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oning

esent zoning classification of the site:Agricultural

multifamily use permitted?No

e 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?No

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

The site will be rezoned to that classification designated by the town to allow the proposed development.Talks have taken place with the mayor and town manager and the rezoning process will begin mid January,and with the current schedule should take no more than 90 to to 120 days days for completion which iswithin the timeline for a full application at this point.

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: Jackson's Ridge Housing LLC

dress: 131 Matthews Station St., Suite 2-F

y: Matthews 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: Southland Partners LLC

rst Name: Tom Last Name: Honeycutt Function: Managing Member

ddress: 131 Matthews Station St., Suite 2-F

ty: Matthews State: NC Zip: 28105

hone: Fax:

Mail: Nonprofit: No

Org: Thomas W. Honeycutt

rst Name: Tom Last Name: Honeycutt Function: Principal

ddress: 131 Matthews Station St., Suite 2-Fty: Matthews State: NC Zip: 28105

hone: Fax:

Mail: Nonprofit: No

Org: Gary D. Ellis

rst Name: Danny Last Name: Ellis Function: Principal

ddress: 2021 Cross Beam Drive

ty: Charlotte State: NC Zip: 28217

hone: Fax:

Mail: Nonprofit: No

Org: Melvin B. Melton

rst Name: Mel Last Name: Melton Function: Principal


ty: Charlotte State: NC Zip: 28217


28105

(704)321-1526 (704)321-1562

[email protected]

(704)321-1526 (704)321-1562

[email protected]

(704)357-6000 (704)357-1881

[email protected]



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hone: Fax:

Mail: Nonprofit: No

Org: Timothy L. Gunderman

rst Name: Tim Last Name: Gunderman Function: Principal


ty: Charlotte State: NC Zip: 28217hone: Fax:

Mail: Nonprofit: No


(704)321-1526 (704)321-1562

[email protected]

(704)321-1526 (704)321-1562

[email protected]



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nit Mix

e Median Income for Guilford county is $58,500.

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

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):

ttps://www.nchfa.org/Rental/RTCApp/(S(0ma4ndby...2ACBF298E&SNID=074551D00E3A456C9886D23E34C21F3A (10 of 22)4/8/2009 2:52:12 PM

610 17 2 243 74 0 317

610 43 1 560 74 0 634

950 5 1 293 88 0 381

950 23 1 674 88 0 762

88 5 45178

88 5 45178

1 2

2,400



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Elevators - Number of Elevators:

quare Footage Information

oss Floor Square Footage:

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

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

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

Number of Units:

Number of Units Required:

Persons with disabilities or homeless populations.

Number of Units:

tes

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

income units are within established thresholds.


1

82,740

78,800

10

10

0

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

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



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argeting

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

BRs Units %

targeted at percent of median income affordable to/occupied by




tal Low Income Units:

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


17 30

43 60

5 30

23 60

88



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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:221d4 anticipated at this time

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))


0

700,000 2.00 20 20 42,494

0

0

0

0

1,000,000 7.75 40 40 81,194

0

0

0

1,219,210 0 30 30 0

0

7,680,257

0

0

113,018

0

0

10,712,485

70



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e anticipate at this time selling these credits through CAHEC to BB&T. The d4 loan would benderwritten and processed by the staff at Capmark in Raleigh.




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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:

Offsite utilities, not basis eligible, justify the boost. See an estimate of these costs in the attachments.

Project Development Cost per unit 58,500


9,378,541 0 9,378,541

100.00% 130.00%

12,192,103 0 12,192,103

3.50 9.00

1,097,289 0 1,097,289

1,097,289 1,097,289

595,000

10,712,485

1,097,289



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arket Study Information

ease provide a detailed description of the proposed project:

is development will consist of 88 units of housing for the elderly, 55 and older, with a Whitsett address,t located in the Gibsonville ETJ and using Gibsonville zoning and utilities, etc. The site is located on age overlooking the adjoining single family houses, a public park and nearby pasture land.

nstruction (check all that apply):

Brick Vinyl Wood HardiPlank Balconies/Patios Sunrooms Front Porches

Front Gables or Dormers Wide Banding or Vertical/Horizontal Siding

Other:

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

If yes, please provide name and address:

Willow Ridge, Morganton, NC

e Amenities:

ommunity space which is multipurpose including TV viewing, reading area and computer center. Centralundry facilities are available for those without W/D for their units. Also, onsite leasing office, maintenanced walking trail.

site Activities:

ervices will be arranged by Management based on resident needs. Other social activities will beheduled as dictated by the residents needs and useage.




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ndscaping Plans:

ndscaping will be heavy with at least $400 per unit budget for plantings.

erior Apartment Amenities:

ange, hood, dishwasher, frost free refrigerator with ice makers, storage, mini blinds, carpet and vinyl floorverings, heat pumps.

you plan to submit additional market data (market study, etc.) that you want considered? Yes

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.

his is a stable and growing area of Guilford County historically used as a farm. Other buidlings in the area

re in new to like new condition with some of the remaining farms having buildings and dwellings in fairondition. Little affordable housing is available in the area. The closest is at least 2 miles away inibsonville.

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. Single and multifamily uses, a park, farms surround the site. The

cation is just off a major roadway connecting Guilford and Alamance counties and the towns and citiestween. No incompatible uses exist.

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. Once the offsite street is improved all needed controls will be in place. Thee will present an elevation which will be viewable from all sides with the site sign at the site entry and a

maller identification sign located on the new improved road which intersects HW 70.

egree of on-site negative features and physical barriers that will impede project construction or adversely

ect 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).

o negative features of barriers. The offsite cost could be considered negative but does justify the boost inredits if approved by the agency. These costs would have prohibited the use of such a fine site in the past.

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

roposed structure will be similar in scale and architecture for the surroundings.

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




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Grocery Store Community/Senior Center

Mall/Strip Center Hospital

Outdoor Athletic

eldsPharmacy

Day Care/After

choolBasic Health Care

SchoolsPublic Transportation

Stop

Convenience Store Public Parks

Gas Station Library

her facilities or services:

ultiple shopping, parks, libraries and others services are located nearby and within a 5 mile radius of thecation.


5

3

52

3

5 .65

5 2.6



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

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

B - Map/Driving Instructions A 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 Control Provide valid option/contract or warranty deed and plot plan.

E - Site Plans/Scope of Work Preliminary 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 Analysts This 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 Boost Applicant should provide an appraisal and/or standard geological survey to support a request for the basis boost (if applicable)

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