james a walker

8/6/2019 James a Walker

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

roject Description

oject Name: James A. Walker Apartments

ddress: 1020 Rankin Street

ty: Wilmington County: New Hanover Zip:

ensus Tract: 0101.00 Block Group: 2

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

e you requesting the basis boost under section II(E)(4) of the QAP?

olitical Jurisdiction: City of Wilmington

risdiction CEO Name:First:Bill Last:Saffo

Title: Mayor

risdiction Address: P.O. Box 1810

risdiction City: Wilmington Zip:

risdiction Phone:

te Latitude:

te Longitude:

oject Type: Rehab

Is this project a previously awarded tax credit development?Yes

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: 29

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? Yes

ttps://www.nchfa.org/Rental/RTCApp/(S(fgr4l145d...D8136A182B&SNID=60720322F8BE4E6D904F833529BA90A9 (1 of 22)4/14/2009 1:06:55 PM

28401

28402-1810

(910)341-7800

34.241449

-77.936985


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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? Yes

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


37


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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: Landmark Asset Services, Inc.

ddress: 406 East Fourth Street

ty: Winston Salem State: NC Zip:

ontact: First: Bill Last:Scantland Title:Vice President

elephone:

t Phone:

ax:

mail Address:

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


27101

(336)714-8920

(336)722-9871

(336)722-3603

[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? Yes

If yes, please describe:

Although no wholesale demolition of a building will take place, modifications to the exterior will benecessary when the addition is constructed. The property is currently in deteriorating condition and in needof immediate repair. The proposed rehabilitation would address the physical needs of the property to bring itup to today's standards and address the obsolesence of the units by enlarging the units and providing newfinishes throughout the units to meet todays design standards and aesthetics.

e existing buildings on the site currently occupied? Yes

If yes:(a) Briefly describe the situation:

The property consists of 37 units with 100% PBRA. As negotiations progress with existing partners to rehab

this property, it may be necessary to reduce the number of PBRA units but in no event will it be less than30% of the total units. 29 of them are currently occupied. We will make every effort to minimize anyinconvenience to the residents during the construction and rehabilitation phase. Our plan would be tocomplete the new construction portion of the building first which will create 9 new units. Tenants will berelocated within the building as the project progresses and moved to the new units or within the existingbuilding on floors where work is not being conducted. In the event that relocation off-site should be required,the necessary funds have been budgeted and the relocation process will be done in accordance with theUniform Relocation Assistance and Real Property Acquisition Policies Act of 1970, as revised in 49 C.F.R.Part 24.

(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? YesIf no, please explain:

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


2.02 2.02


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

(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:

Applicant has general partner interest in existing Limited Partnership and is related to the other generalpartners. Land is under ground lease with no identity of interest.

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

(D) Enter Purchase Price:


12/31/2009

724,800


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oning

esent zoning classification of the site:Office & Institution

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?Yes

If yes, describe below:The property was listed on the National Register of Historic Places as of 7/20/89. The rehabilitiation will takeplace in accordance with the Secretary of the Interior's Standards for Rehabilitation. We will submit to theNorth Carolina State Historic Preservation Office their Form A - Description of Rehabilitation along with therequired NPS Part 2 - Description of Rehabilitation Work and accompanying documentation for their reviewand approval of all work to be completed.

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: James A. Walker Apartments, LLC

dress: 406 East Fourth Street

y: Winston Salem 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: Landmark Asset Services, Inc.

rst Name: Bill Last Name: Scantland Function: Managing Member


ty: Winston Salem State: NC Zip: 27101

hone: Fax:

Mail: Nonprofit: No

Org: Sari and Company

rst Name: Jim Last Name: Sari Function: Member

ddress: 406 East Fourth Streetty: Winston Salem State: NC Zip: 27101

hone: Fax:

Mail: Nonprofit: No

Org: Scantland, Inc.

rst Name: Bill Last Name: Scantland Function: Member



hone: Fax:

Mail: Nonprofit: No

Org: KRP Investments, LLC

rst Name: Karen Last Name: Perry Function: Member




27101

(336)714-8920 (336)722-3603

[email protected]

(336)714-8911 (336)722-3603

[email protected]

(336)714-8920 (336)722-3603

[email protected]


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hone: Fax:

Mail: Nonprofit: No


(336)714-8913 (336)722-3603

[email protected]


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nit Mix

e Median Income for New Hanover county is $57,600.

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 2

Utilities included in rents: Water/Sewer Electric Gas Other Trash Collection

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):


683 19 1 355 68 0 423

683 9 1 440 68 0 508

765 6 1 440 68 0 508

900 3 1 550 78 0 628

37 4 14995

37 4 14995

1 5

3,050


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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

38,999

38,999

4

4

5
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



tal Low Income Units:

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


19 40

15 50

3 50

37


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unding Sources

Source AmountNon-

Amortizing*Rate(%)

Term(Years)

Amort.Period(Years)

AnnualDebt

Service

Bank Loan

RPP Loan

Local Gov. Loan - Specify:

RD 515 Loan

RD 538 Loan - Specify:

AHP Loan

Other Loan 1 - Specify:



Tax Exempt Bonds

State Tax Credit(Loan)

State Tax Credit(Direct Refund)

Equity: Federal LIHTC

Non-Repayable Grant

Equity: Historic Tax Credits

Deferred Developer Fees

Owner Investment

Other - Specify:State Historic Tax Credits

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))


621,058 0 30 30 0

4,166,782

1,072,493

70,302

5,930,635

80


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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


724,800 724,800

131,027 131,027

43,675 43,675

2,192,429 2,192,429

687,798 687,798

183,200 183,200

64,700 64,700

194,200 194,200

354,200 354,200

80,000 80,000

18,000 18,000

25,000 25,000

4,699,029

20,000 20,000

59,306 59,306

155,679 124,543

30,000 30,000

18,000 18,000

0

18,000 18,000

6,000 6,000

2,000 2,000

4,300 4,300


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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:

30% PV Column, Line 61 has been modified to 3.75 as per QAP VII.A.1 but continues to show as 3.50. Line62 should be $27,180. It is adding correctly in the totals.

Total Replacement Cost per unit160,287


4,944,627 724,800 4,219,827

100.00% 130.00%

6,210,575 724,800 5,485,775

3.50 9.00

520,900 25,368 493,720

0

5,930,635

520,900


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arket Study Information

ease provide a detailed description of the proposed project:

e property consists of a 5 story masonry building located at the corner of Rankin and 11th Street. In the80's, as an adaptive re-use project, it was converted into 37 affordable apartments. By today's standards

e units are small and the building features, unit amenities, and major system are reaching obsolesence.e propose to maintain the 37 units and bring them to current standards by reducing the number of units ine existing building through rehabilitation into 28 more spacious units and incorporating a newly

nstructed three-story addition with 9 units. All 37 units would include new interior finishes throughoutcluding flooring, cabinetry, Energy Star appliances, doors and hardware. Plumbing upgrades will includenew fixtures, showers, commodes and vanities. New HVAC's will be installed, updated electrical aseded in the existing portion of the building. New electric water heaters will be installed. A new roof on theisting building will be installed. New landscaping will be installed as well as site amenities including newhting, a covered picnic area with grilling area, new perimeter fencing and a covered drop-off area andw entrance to the building.

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:James A. Walker Apartments, Wilmington, NCCashie Apartments - Windsor, NCNewberry Senior Housing - Newberry, SCCentral Lofts - Central, SCDouglas School Apartments - Bristol, VASee www.landmarkdevelopment.biz

e Amenities:

ew site amenities will include new perimeter fencing, a new entrance and covered drop-off area to accesse property, new covered picnic area with grill, new exterior lighting and new walkways and revised parking

eas to meet necessary requirements of NCHFA and the City of Wilmington. Improved amenities willclude an upfitted community room, a technology learning center and an improved and consolidatedundry area.

site Activities:

n-site activities currently include: weekly food distribution from a local organization, monthly churchrvices, and monthly newsletter. The improvements to the project will include the addition of a communityace and a technology learning center. This will allow us to increase on-site activities to include: computer

asses, a resident's association, adult education programs, monthly social events such as game nights,liday events and cookouts.



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ndscaping Plans:

landscaping will be replaced with new native landscape plantings and the addition of new walkways andanting beds. All landscaping will meet NCHFA standards and those of the City of Wilmington.

erior Apartment Amenities:

pfitted apartment interiors will feature new cabinetry, appliances and including Energy Star ratedfrigerators and dishwashers, plumbing fixtures (kitchen and bathrooms), disposal units, and ranges withhaust hoods. In living rooms and bedrooms, ceiling fans with light each on seperate switches. Units will wired for phone, cable and internet.

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.

he property is located in an aging, urban section of the City of Wilmington. Designated as the Northside

rea, there is Community Revitalization Plan in place to promote the overall improvement of the areacusing on Crime Prevention, Economic Development, Attractive Community, Housing, Communityacilities and Programs, and Transportation. The 5 Year Consolidated Plan for the City of Wilmingtonupports and promotes the creation and preservation of affordable housing in the area as well as thereservation of the historic properties located within the city. In the general area of the project there areeveral pieces of property owned and operated by the Wilmington Housing Authority as affordable, project-ased housing.

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 property is in a mature area of the city that has been developeda residential area over the course of time. The area is not isolated and there are no adverse effects fromy of the above listed concerns. The majority of surrounding land is developed with a limited number ofcant parcels. To the North, West and South there are predominantly single family homes. Directlyrrounding the property on the western and southern property lines there is a city owned park. To the Eastd Northeast there are several parcels of land developed, owned and operated by the Wilmington Housing

uthority.

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. There are adequate safety controls in place as noted above. The project willt add any additional burden to public facilities. There is direct access to mass transit with a bus stopcated at the property. The building and signage are highly visible in relation to traffic corridors.

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 on-site negative features and physical barriers that will impede project construction ordversely affect the future residents.

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

he scale and aesthetics/architecture between the project and its surroundings are compatible.



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

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:

ublic Transportation Stop and Public Park located directly adjacent to property. Schools and Day Care are

t applicable since this is an elderly project.


2.4

.5 2.5

4.6

.6

0

8 0

5 .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 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)

james a walker

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