meadow creek commons

8/6/2019 Meadow Creek Commons

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

roject Description

oject Name: Meadowcreek Commons

ddress: 1600 Royal Pines Drive

ty: Raleigh County: Wake Zip:

ensus Tract: 506.1 Block Group: 1

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: Raleigh

risdiction CEO Name:First:Charles Last:Meeker

Title: Mayor

risdiction Address: PO Box 590

risdiction City: Raleigh 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(w5rtiiv0z...F7022E4F98&SNID=B704B5EB03EC4AA49A0AC10698C768A0 (1 of 21)4/14/2009 1:10:54 PM

27610

27602

(919)890-4168

35.787891

-78.613514


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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: DHIC, Inc.

ddress: 113 S. Wilimington Street

ty: Raleigh State: NC Zip:

ontact: First: Natalie Last:Connell Title:Vice President

elephone:

t Phone:

ax:

mail Address:

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


27601

(919)832-4345

(919)832-2206

[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? 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:


4.8 4.8


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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)?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/contractpurchase 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:


3/17/2005 528,000


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oning

esent zoning classification of the site:R-10

multifamily use permitted?Yes

e variances, special or conditional use permits or any other item requiring a public hearing needed to develop this proposal?No

If yes, have the hearings been completed and permits been obtained?

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

e there any existing conditions of historical significance located on the project site that will require State Historic Preservation officeiew?No

If yes, describe below:

e there any existing conditions of environmental significance located on the project site?No

If yes, describe below:



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wnership Entity

wner Name: Meadowcreek Commons, LLC

dress: 113 S. Wilmington Street

y: Raleigh 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? Yes

the applicant requesting that the Agency treat the application as CHDO sponsored? Yes

st all general partners, members,and principals. Specify nonprofit corporate general partners or members.ick [Add] to add additional partners, members, and principals.

Org: Meadowcreek Seniors, Inc.

rst Name: Gregory Last Name: Warren Function: Managing Member

ddress: 113 S. WIlmington Street

ty: Raleigh State: NC Zip: 27601

hone: Fax:

Mail: Nonprofit: No

Org: DHIC, Inc.

rst Name: Gregory Last Name: Warren Function: Member

ddress: 113 S. Wilmington Streetty: Raleigh State: NC Zip: 27601

hone: Fax:

Mail: Nonprofit: Yes


27601

(919)832-4345 (919)832-2206

[email protected]

(919)832-4345 (919)832-2206

[email protected]


9/21


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oposed number of residential buildings: Maximum number of stories in buildings:

oject Includes:Separate community building - Sq. Ft. (Floor Area):

Community space within residential bulding(s) - Sq. Ft. (Floor Area):

Elevators - Number of Elevators:

quare Footage Information

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:

tesPlease 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.

ttps://www.nchfa.org/Rental/RTCApp/(S(w5rtiiv0...7022E4F98&SNID=B704B5EB03EC4AA49A0AC10698C768A0 (10 of 21)4/14/2009 1:10:54 PM

1 2

3,752

1

54,024

52,159

3

6

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/occupied by








tal Low Income Units:

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


3 30

6 30

6 40

21 60

2 30

1 30

2 40

7 60

48


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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 Raleigh

RD 515 Loan

RD 538 Loan - Specify:

AHP Loan

Other Loan 1 - Specify:Wake County

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))


352,526 7.25 30 30 28,858

720,000 1.00 30 30

480,000 1.00 30 30

720,689 0 30 30 0

4,118,328

6,391,543

635


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he City of Raleigh and Wake County loans are proposed to be repaid on a pro-rata split of availablecome while maintaining a 1.15 debt coverage ratio.

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 Raleigh

ear:mt:

1 2 3 4 5 6 7 8 9 10

ear:mt:

11 12 13 14 15 16 17 18 19 20

her Loan 1 - Wake County

ear:mt:

1 2 3 4 5 6 7 8 9 10

ear:mt:

11 12 13 14 15 16 17 18 19 20


18794 18505 18181 17818 17417 16974 16488 15957 15380 14753

14076 13346 12560 11716 10813 9847 8815 7716 6546 5303

12529 12337 12121 11879 11611 11316 10992 10638 10253 9836

9384 8897 8373 7811 7209 6564 5877 5144 4364 3535


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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


688,890 688,890

2,830,000 2,830,000

211,133 211,133

74,600 74,600

298,402 298,402

205,151 205,151

107,704 107,704

21,541 21,541

56,755 56,755

4,494,176

14,400 14,400

46,600 46,600

125,000 125,000

7,260 7,260

103,044 103,044

12,000 12,000

5,600 5,600

25,000 25,000

5,550 5,550

14,251


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29 Title and Recording


30 Real Estate Attorney

31 Other Attorney's Fees

32 Tax Credit Application Fees (Preliminary and Full)

33 Tax Credit Allocation Fee (0.62% of line 60, minimum $7,500)

34 Cost Certification / Accounting Fees

35 Tax Opinion

36 Organizational (Partnership)

37 Tax Credit Monitoring Fee


38 Furnishings and Equipment

39 Relocation Expense

40 Developer's Fee

41 Additional Contigency (greater of $500/unit or $30,000)

42

43

44 Rent-up Expense

45

46


47 Rent up Reserve

48 Operating Reserve

49

50

51 DEVELOPMENT COST (lines 1-49)

52 Less Federally Funded Grant

53 Less Disproportionate Standard

54 Less Nonqualified Nonrecourse Financing

55 Less Historic Tax Credit

56 TOTAL ELIGIBLE BASIS

57 Applicable Fraction (percentage of LI Units)


12,000

370,705

39,000 39,000

15,000 15,000

2,300

44,683

12,000 12,000

12,000

33,600

158,583

60,000 60,000

504,000 504,000

30,000 30,000

Other Basis Expense (p 45,133 45,133

Other Basis Expense (s

24,000

Other Non-basis Expen

Other Non-basis Expen

663,133

50,000

126,946

Other Reserve (specify)

Other Reserve (specify)

5,863,543 0 5,543,763

0

5,543,763 0 5,543,763

100.00% 100% 100%


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58 Basis Before Boost

59 Basis Boost of up to 130%

60 TOTAL QUALIFIED BASIS

61 Tax Credit Rate

62 Federal Tax Credits (maximum $1,300,000)

63 Federal Tax Credits Requested (if less than line 62)

64 Land Cost

65 TOTAL REPLACEMENT COST

FEDERAL TAX CREDITS IF AWARDED

Comments:

Project Development Cost per unit58,958


5,543,763 0 5,543,763

100.00% 130.00%

7,206,892 0 7,206,892

3.50 9.00

648,620 0 648,620

0

528,000

6,391,543

648,620


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arket Study Information

ease provide a detailed description of the proposed project:

eadowcreek Commons will include 36 one-bedroom units and 12 two-bedroom units for a total of 48 units.ere will be a generous amount of common areas in the two-story building for use by residents including a

ness center, laundry room on each floor, computer room with high speed internet access, game room,mall sitting areas, outdoor patio, and spacious main gathering area with kitchen. The building will feature ade stairwell to the second floor off the lobby (in addition to an elevator) and covered drop-off. Access to

e building will be via a card reader system to ensure security.

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:

There will be articulation of building facades and a variety of treatments of exterior siding. Interior publicspaces will be enhanced with coffered ceilings, wall sconces and a variety of millwork and cabinetry.Corridors will include a mix of lighting fixtures, a rail for safe pedestrian traffic and a variety of carpetpatterns.

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

If yes, please provide name and address:

Not directly, but unit plans are based on recent DHIC seniors projects.

e Amenities:

ere is an outdoor covered patio as well as outdoor seating areas for residents to enjoy. Residents canck up a sidewalk from the entrance providing a short cut to Shoppes at Pine Hill located "next door" whereey have access to a grocery/pharmacy, bank, beauty salon, and other services.

site Activities:

HIC will contract with Resources for Seniors (RFS) to provide on-site service coordination for residents.ere will also be social and educational events organized by RFS and property management staff. RFS

ganizes regular health screenings and other programs to advise residents of resources available to thesidents to maintain independent living. Regular social activities will be organized the DHIC propertyanagement company.



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ndscaping Plans:

ndscaping will meet or exceed Raleigh and NCHFA requirements. Colorful, native plant species will beed as much as possible. There will be sod installed in high visibility open areas. All air handlers will bereened.

erior Apartment Amenities:

e apartments will include emergency pull cords in bathrooms and master bedrooms, frost-free refrigeratorth ice maker, self-cleaning ovens and other eneregy efficient appliances, emergency fire sprinkler system,ni-blinds, spacious closets and cabinet space.

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.

he trend in the area is very positive. The Shoppes at Pine Hill Shopping Center located directly north of

e site was completed in 2004 providing a modern neighborhood shopping center with grocery store andank for the area. Meadowcreek Subdivision (developed by DHIC) with its 68 single-familiy homes wasompleted in 2005. This $8.5 million mixed income development was a significant investment in the area.t.Peace Baptist Church located .2 miles away is undergoing a major expansion and has purchased

dditional land adjacent to the site. The close proximity to downtown Raleigh and easy access to I-40 hasad a positive influence on the neighborhood. For example, Meadowcreek Subdivision was developed as aixed-income subdivision where some home buyers earned up to $100,000.

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 site is an infill location in Southeast Raleigh and is close toalth care, churches, shopping, and services. In addition to the new development described above, there is

substantial amount of older, well-maintained single familiy homes nearby. Directly west of the site sits Pinels Apartments for seniors. Rock Quarry Road Family Medicine, part of Wake Health Services, is locatedly .3 miles away. This is a community health center providing primary care services to people regardless ofility to pay or insurance status. The YMCA located 1.3 miles away offers programs for seniors calledolden Oaks". The minimum security Wake County Correctional Center is located .2 miles away but is not

sible from the site. 80% of the inmates leave the facility each day for incentive wage work assignments.

TE SUITABILITY

dequate traffic safety controls (i.e. stop lights, speed limits, turn lanes). Burden on public facilities

articularly roads). Access to mass transit (if applicable). Visibility of buildings and/or location of project sign in relation to traffic corridors. The neighborhood surrounding Meadowcreek Commons contains adequateaffic controls and public roads to accomodate the site and community, and provides easy access to majoraffic corridors including Martin Luther King Jr. Blvd., Raleigh Blvd., and I-440. The site also offers easycess to downtown Raleigh. In addition, there is a CAT bus stop on Raleigh Blvd. near the northern borderthe Meadowcreek site providing residents with easy public access to various locations throughout theangle. Within the neighborhood, signage is clear and buildings are visible and easily identifiable from theeet and major traffic corridors. DHIC will build a road and sidewalk to connect the Shoppes at Pine Hill with

eadowcreek Commons.

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, environmental

oblems or the need for excessive demolition).here are no major negative on-site features or physical barriers that will impede the construction ofeadowcreek Commons. The site is flat and DHIC has completed considerable due diligence on the site.



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

eadowcreek Commons provides an effective transition between the large Kroger building in Shoppes atine Hill and the 68 homes in Meadowcreek Subdivision. Meadowcreek Commons is designed as a two-ory building to be in proper relation to the subdivision and Pine Hills Apartments and enjoys the support ofe Meadowcreek Homeowners Association.

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

Schools Public Transportation

Stop

Convenience Store Public Parks

Gas Station Library

her facilities or services:

ock Quarry Rd. Family Medicine (.3 miles away) is a tremendous asset to the community providing basicalth care regardless of ability to pay or insurance status. Shoppes at Pine Hill is directly adjacent to

eadowcreek Commons. Stores include the following: Kroger with drive through pharmacy, SunTrust Bank,eaners, beauty salon, gas station, and chiropractor. There is also a greenway that can be accessed

rough Meadowcreek Subdivision leading to Apollo Heights Park and Ralph Campbell Community Center.


.9

2.3

.1.1

2.3

9 .1

7 1.1

1.0


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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)

meadow creek commons

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