soco creek app

8/6/2019 Soco Creek App

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

roject Description

oject Name: Soco Creek Village, LLC

dress: US Higway 19

ty: Cherokee County: Jackson Zip:

ensus Tract: 9501 Block Group: 4106

project in Qualified Census Tract or Difficult to Develop Area? No

olitical Jurisdiction: Cherokee Reservation (Eastern Band of Cherokee Indians)

risdiction CEO Name: First:Larry Last:Blythe Title: Principal Vice Chief

risdiction Address: PO Box 455

risdiction City: Cherokee Zip:

risdiction Phone:

e Latitude:

e Longitude:

oject Type: New Construction

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):

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

ll the project include a Community Service Facility under IRS Revenue Ruling 2003-77?o

ttps://www.nchfa.org/Rental/RTCApp/(S(iwpyby45q...FCA73E0E38&SNID=165E355C0F32436DB8E40DC6AA708867 (1 of 29)9/16/2008 2:05:12 PM

28719

28719

(828)736-5500

35.469

-83.259


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If yes, please describe:

rget Population:Family

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

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

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

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

Number of Units:

Persons with disabilities or homeless populations: 10% of the total units.

Number of Units:

Remarks: 4 units will be fully accessible, mobility impaired handicapped units.


4

6


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pplicant Information

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

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

pplicant Name: Fred G. Mills

dress: PO Box 6171

ty: Raleigh State: NC Zip:

ontact: First: Julie Last:Graw Title:developer

lephone:

Phone:

x:

mail Address:

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


27628

(919)755-9155

(919)621-9356

(919)755-2245

[email protected]


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te Description

al Site Acreage: Total Buildable Acreage:

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

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

Storm Sewer Water Sanitary Sewer Electric

he demolition of any buildings required or planned? 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:


6.36 6.36


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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/contract fopurchase 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:


10/31/2008

300,000


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oning

esent zoning classification of the site:multi-family

multifamily use permitted?Yes

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

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

If yes, specify permit or variance required and date obtained. If no, describe permits/variances required and schedule for obta

them:

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

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: Soco Creek Village, LLC

dress: PO Box 6171

y: Raleigh State:NC Zip:

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

ote: Do not submit social security numbers for individuals.

tity Type: Limited Liability Company

tity Status: 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.ck [Add] to add additional partners, members, and principals.

Org: Soco Creek Village, LLC

st Name: Fred Last Name: Mills Function: Managing Memberdress: PO Box 6171

ty: Raleigh State: NC Zip: 27628

one: Fax:

Mail: Nonprofit: No


27628

(919)755-9155 (919)755-2245

[email protected]


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

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

Elevators - Number of Elevators:

uare Footage Information

oss Floor Square Footage:

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

tes

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

units are within established thresholds.

ttps://www.nchfa.org/Rental/RTCApp/(S(iwpyby45...CA73E0E38&SNID=165E355C0F32436DB8E40DC6AA708867 (10 of 29)9/16/2008 2:05:12 PM

1,732

70,345

65,368
http://www.nchfa.com/lib/html/rental/Median%20Income%20Charts/income_limits.htmhttp://www.nchfa.com/lib/html/rental/Median%20Income%20Charts/income_limits.htm


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argeting

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

BRs Units %

targeted at percent of median income affordable to/occupied by




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.


10 40

6 40

10 50

6 50

2 50

20 60

6 60

60


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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:

Total Sources**

"Non-amortizing" indicates that the loan does not have a fixed annual debt service. For these items, you must fill in 20-year debt serbelow.

Total Sources must equal total replacement cost in Project Development Cost (PDC) section.

timated pricing on sale of Federal Tax Credits: $0.

emarks concerning project funding sources:ease be sure to include the name of the funding source(s))

t Mortgage - CICAR


1,060,647 6.00 30 30 76,309

1,501,269 0 30 30 0

4,044,308

6,606,224

80


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d Mortgage - NCHFA State Tax Credit Loanquity - ESIC



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60 Tax Credit Rate

61 Federal Tax Credits at Estimated Rate

62 Federal Tax Credits at 9.00% or 3.75% (maximum $1,000,000)

63 Federal Tax Credits Requested

64 Land Cost

65 TOTAL REPLACEMENT COST

FEDERAL TAX CREDITS IF AWARDED

Comments:

Total Replacement Cost per unit:81,852


3.40 8.50

505,589 0 505,589

535,330 0 535,330

0

300,000

6,606,224

535,330


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arket Study Information

ase provide a detailed description of the proposed project:

e project is located in low-income Swain Co. on the Cherokee Reservation. 60 units are proposed:;2 bedrms. and 9;3 bedrms. at 40% ami;2 bedrms. and 9;3 bedrms. at 60% ami

4 bedrms. at 60%ami (these units were added to address a concern the Tribal Counsel raised.

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:

stone with vinyl shake siding.

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

If yes, please provide name and address:

(currently under construction)

Fairview PointeWest Old Rd.

Lillington, NC 27546

e Amenities:

utdoor sitting areas w benches, walking trail, sidewalks, play area, tot lot, gazebo, split rail fence, twocnic areas w grills and tables, community building w meeting room, kitchen, computer ctr., laundry rm.,ice, accessible bathrooms, storage and mailboxes.

site Activities:

esidents can enjoy the tot lot and play area close to the community building. The meeting room can belized for a number of activities. The computer room w internet is conveniently located. Residents cancnic and socialize at the covered picnic areas.

ndscaping Plans:



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split rail fence will span the length of the property line paralelling US Hwy 19. A 25'wooded stream bufferl be retained w the walking trail meandering into the wooded buffer along the northern property line.

effort will be made to preserve larger, specimen trees outside the buildings footprints and paved areas.ees and plantings will be drought-resistant and native to the NC Mountains. A variety of plantings will beustered together together at building entrances for maximum appeal and will be used to screen HVACits, soften building lines and naturalize parking areas.

erior Apartment Amenities:

ach resident's apartment will have a range, dishwasher, frost-free refigerator,raised bar, large closets,

orage at entry, washer/dryer connections, carpet, vinyl, central air and heat pump.

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.

gnificant investment in public facilities has been made in the immediate vicinity of the site. Wolftown

ecreation Center hosts a variety of activities, indoor and outdoor recreational facilities serving areadividuals and families including afterschool programs and day care. Additionally, Wolftown Community/enior Center is .3 miles from the site.

he trend and direction of real estate development is single family w new family-supportive facilities infill.here are no affordable multifamily developments or public housing in the vicinity of the site. There areewly constructed, for sale multifamily development 5 miles to the east of the site on Hwy 19.

URROUNDING LAND USES AND AMENITIES

nd use pattern is residential in character (single and multifamily housing). Extent that the location isolated. Effect of industrial, large-scale institutional or other incompatible uses, including but not limited to:astewater treatment facilities, high traffic corridors, junkyards, prisons, landfills, large swamps, distributioncilities, frequently used railroad tracks, power transmission lines and towers, factories or similar operations,

urces of excessive noise, and sites with environmental concerns (such as odors or pollution). Amount andaracter of vacant, undeveloped land. The land use patern is predominantly residential and rural inaracter. Undeveloped land is pastoral and wooded, varying from gently sloping to rolling hills. There are nocompatible uses in the immediate vicinity of the site. Hwy. 19 is two lane road through this section of

herokee.

TE SUITABILITY

equate traffic safety controls (i.e. stop lights, speed limits, turn lanes). Burden on public facilitiesarticularly roads). Access to mass transit (if applicable). Visibility of buildings and/or location of project signin relation to traffic corridors. Site distances are excellent along the property's frontage. Ingress and

ress will be enhanced w 2 driveways at the eastern and western ends of the tract's frontage. The westernveway will align w the Wolftown Recreation Center's entrance. Cherokee Transit will create a bus stop on

WY. 19 in close proximity to the site.

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 negative features or physical barriers that will impede construction or adversely affect tenants.

milarity of scale and aesthetics/architecture between project and surroundings.milar in scale to the project is the sizeable Wolftown Recreation Cente across the street and the Wolftownommunity/Senior Center just .3 miles away.

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



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Grocery StoreCommunity/Senior

Center

Mall/Strip Center Hospital

Outdoor Athletic Fields Pharmacy

Day Care/After School Basic Health Care

Schools

Public Transportation

op

Convenience Store

Public Parks

Gas Station

Library

her facilities or services:herokee Transit will create a stop at Soco Creek Village.


5.3

5 5

05 2.5

05 2.5

3

5

5

3

3


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evelopment Team

ovide contact information for development team members below:

nagement Agent

ompany: United Property Management, LLC

dress: PO Box 6171


one Email:

ontact Name: First: Casey Last: Patton

chitect

ompany: Jones Architecture, PLLC

dress: 5306 Six Forks Rd. Suite 221


one Email:

ontact Name: First: Wayne Last: Jones

orney

ompany: The Pryzwansky Law Firm

dress: 5 West Hargett street, Suite 910


one Email:

ontact Name: First: David Last: Pryzwansky

estor

ompany: Enterprise Community Investment, Inc.

dress: 10227 Wincopin Circle, Suite 810

ty: Columbia State: MD Zip:

one Email:

ontact Name: First: Steve Last: Smith

nsultant/Application Preparer (if different from developer)

ompany:

dress:

ty: State: Zip:

one Email:

ontact Name: First: Last:


27628

(919)755-9155 [email protected]

27609


27601


21044



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neral Contractor Identity of Interest?

ompany: Mills Construction Co. of SC, Inc.

dress: Post Office Box 6171


one Email:

ontact Name: First: Fred Last: Mills, Jr.


27628-6171



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rojected Operating Costs

Project Operations (Year One)

Administrative Expenses

Advertising

Office Salaries

Office Supplies

Office or Model Apartment Rent

Management Fee

Manager or Superintendent Salaries

Manager or Superintendent Rent Free Unit

Legal Expenses (Project)

Auditing Expenses (Project)

Bookkeeping Fees/Accounting Services

Telephone and Answering Service

Bad Debts

Other Administrative Expenses (specify):

SUBTOTAL

Utilities Expense

Fuel Oil

Electricity (Light and Misc. Power)

Water

Gas

Sewer

SUBTOTAL

Operating and Maintenance Expenses

Janitor and Cleaning Payroll

Janitor and Cleaning Supplies

Janitor and Cleaning Contract

Exterminating Payroll/Contract

Exterminating Supplies

Garbage and Trash Removal

Security Payroll/Contract

Grounds Payroll


4,000

0

4,000

0

27,000

20,000

0

1,000

4,000

4,000

2,000

0

0

66,000

0

16,500

10,000

0

8,500

35,000

3,000

2,500

3,000

1,800

0

4,500

0

0


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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


2,500

0

8,000

6,000

6,000

0

0

0

1,400

0

0

0

0

38,700

0

7,000

0

16,000

0

1,600

6,000

1,000

31,600

0

0

0

0

0

15,000

15,000


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TOTAL OPERATING EXPENSES

ADJUSTED TOTAL OPERATING EXPENSES(Does not include taxes, reserves and resident support services) *

TOTAL UNITS

(from total units in the Unit Mix section)

PER UNIT PER YEAR


186,300

171,300

60

2,855


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2. "Total Operating Expenses" comes from 1st-year cash flow, then it is escalated by 4% per year.3. "Debt Service" is the sum of "regular/amortized loan debt service + non-amortizing annual service" as entered by user from

Funding Sources section.4. "Net Cash Flow" is "Net Rental/Other Income" minus "Total Operating Expenses" minus "Debt Service".5. "Debt Coverage Ratio" is ("Net Rental/Other Income" minus "Total Operating Expenses") divided by "Debt Service".



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inimum Set-Asides

NIMUM REQUIRED SET ASIDES (No Points Awarded):

Select one of the following two options:

20% of the units are rent restricted and occupied by households with incomes at or below 50% of the median income (Note: NCredit Eligible Units in the the project can exceed 50% of median income)

40% of the units are rent restricted and occupied by households with incomes at or below 60% of the median income (Note: NCredit Eligible Units in the the project can exceed 60% of median income)

If requesting RPP funds:40% of the units are occupied by households with incomes at or below 50% of median income.

State Tax Credit and QAP Targeting Points: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 comedian income.At least forty percent (40%) of qualified units will be affordable to and occupied by households with incomes at or below fifty pe(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 per(50%) of county median income.At least five percent (5%) of qualified units will be affordable to and occupied by households with incomes at or below forty per(40%) of county median income.

Eligible for targeting points (select one):

At least twenty percent (20%) of qualified units will be affordable to and occupied by households with incomes at or below fiftypercent (50%) of county median income.At least ten percent(10%) of qualified units will be affordable to and occupied by households with incomes at or below forty per(40%) of county median income.



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ull Application Checklist

PLEASE indicate which of the following exhibits are attached to your application. Others may be required as noted.

A Nonprofit Organization Documentation or For-profit Corporation Documentation

B Current Financial Statements/Principals and Owners (signed copies)

C Ownership Entity Agreement, Development Agreement or any other agreements governing development services

D Management Agent Agreement

E Owner and Management Experience & Management Questionnaire (Appendix C)

F Local Government Letter or Letter from Certified Engineer or Land Surveyor Confirming Floodplain Designation with Mapshowing all flood zones (original on letterhead, no fax or photocopies)

G Local Government Letter Confirming Zoning including any pending notices or hearings (original on letterhead, no fax orphotocopies)

H Letters from Local Utility Providers regarding availability and capacity (original on letterhead, no fax or photocopies)

I Documentation from utility company or local PHA to support estimated utility costs

J Appraisal (required for land costs greater than $15,000 and for all Adaptive Re-use and Rehab projects)

K Site plan, floor plans and elevations for all projects. Scope of work for Adaptive Re-use and Rehab projects. (Full Size, 24inches)

L Hazard and structural inspection and termite reports (Adaptive Re-use and Rehab projects only)

M Copy of certificate of occupancy or proof of placed-in-service date (Rehabs Only)

N Proposed Relocation Plan including relocation budget and copies of notices. Required for all Rehabs and any projectsinvolving existing occupants of any dwell ings to be rehabbed or demolished.

O Evidence of Permanent Loan Commitment and other sources of funds ( i.e. Equity letter, AHP, RD and local governmentfunds). For Rehabs with existing loans provide 1) copies of loan documents, 2) current loan balances from existing lenderreserve balances, 3) letter from lender that outlines assumption requirements.

P Local Housing Authority Agreement and Project Based Rental Assistance Letter, if applicable (Sample letters provided inAppendix I). For projects with existing PBRA contracts, provide a copy of the current contract and bank statement or otherdocumentation verifying reserve balances and annual reserve contribution requirements.

Q Statement regarding terms of Deferred Developer Fee. If a nonprofit is involved, a resolution from their board approvingdeferral of fee is required.

R Inducement Resolution (Tax-Exempt Bond Financed Projects only)

soco creek app

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