the haven at mountain oaks

8/6/2019 The Haven at Mountain Oaks

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Is project in Qualified Census Tract & Difficult to Develop area?

Does a community revitalization plan exist?

Print Preview - Final Application

Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans

Project Name and Location

Project Name: The Haven at Mountain Oaks

Address: 500 Nanny's Lane

City: Sylva County: Jackson Zip: 28779

Census Tract: 9503 Block Group:

Yes

No

Political Jurisdiction: Jackson County

Jurisdiction CEO Name: First: Last:Kenneth Westmoreland Title: County Manager

Jurisdiction Address: 401 Grindstaff Road

Jurisdiction City: Sylva Zip: 28779

Jurisdiction Phone: (828)586-7580

Site Latitude:

Site Longitude:

Page 1 of 33Print - APP04-0131

1/14/2005https://www.nchfa.org/Rental/RTCApp/(zlvmib55c2y0zj550wnts3ug)/site/PrintApp.aspx?...


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Is this project a follow-on (Phase II, etc) to a previously-awarded tax credit development project?

If yes, list names of previous phase(s):If yes, list names of previous phase(s):

Will the project be receiving project based federal rental assistance?

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

Target Population: Elderly (RHS/HUD)

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

Project Description

Project Type:* New Construction Rehab Adaptive Reuse

No

Yes

2424

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

Persons with disabilities or homeless populations: the greater of 5 units or 10% of the total units

Remarks:




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Applicant Information

Applicant Name: HEGM Corporation

Address: 2021 Cross Beam Drive

City: State: NC Zip:Charlotte 28217

Contact: First: Last: Title:Danny Ellis Director

Telephone: (704)357-6000

Alt Phone:

Fax: (704)357-1881

Email Address: [email protected]




4/33

Total Site Acreage: Total Buildable Acreage:

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

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

Storm Sewer Water Sanitary Sewer Electric

Is the demolition of any buildings required or planned?

If yes, please describe:

Are existing buildings on the site currently occupied?

If yes:(a) Briefly describe the situation:

(b) Will tenant displacement be temporary?

(c) Will tenant displacement be permanent?

Is the site directly accessed by an existing, paved, publicly maintained road?

If no, please explain:

Is any portion of the site located inside the 100 year floodplain?

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:

Site Description

2.0 2.0

No

No

Yes

No




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6/33

Does the owner have fee simple ownership of the property (site/buildings)?

If yes provide:

Purchase Date: Purchase Price:

If no:

Site Control

No

(a) Does the owner/principal or ownership entity have vaild 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 for

purchase of the property and the seller of the property?If yes, specify the relationship:

No

(c) Enter the current expiration date of the option/contract to purchase: 12/31/2004

(D) Enter Purchase Price: 154,000




7/33

Present zoning classification of the site:

Is mutifamily use permitted?

Are variances, special or conditional use permits or any other item requiring a public hearing needed to develop this proposal?

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:

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

If yes, describe below:

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

If yes, describe below:

Zoning

No Zoning in Jackson County

Yes

No

No

No




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10/33

The Median Income for Jackson county is $47,300.

Low Income Units

Employee Units (will add to Low Income Unit total)

Market Rate Units

Statistics

Square Footage Information

Notes

Unit Mix

Type # BRs Net Sq.Ft.Total

# Units#Units

MonthlyRent

UtilityAllowance

MandatoryServ. Fees

**TotalHousing Exp.

Gdn Apt 1 593 24 5 391 78 469

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

Type # BRs Net Sq.Ft.Total

# Units#Units

MonthlyRent

UtilityAllowance

MandatoryServ. Fees

**TotalHousing Exp.

Utilites included in rents: Water/Sewer Electric Gas Other

Type # BRs Net Sq.Ft. Total# Units #Units MonthlyRent UtilityAllowance MandatoryServ. Fees **TotalHousing Exp.

Utilites included in rents: Water/Sewer Electric Gas Other

AllUnits

Units

Gross MonthlyRental Income

Low Income....... 24 5 9384

Market Rate.......

Totals............... 24 5 9384

Proposed number of residential buildings: 6 Maximum number of stories in buildings: 1

Project Includes:Separate community building -- Sq. Ft. (Floor Area):Sq. Ft. (Floor Area): 1,2001,200

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

Elevators -- Number of Elevators:Number of Elevators:

Gross Floor Square Footage: 16,380

Total Net Sq. Ft. (All Heated Areas): 15,440

** 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.




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

Total Low Income Units:

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

Targeting

# BRs Units %

1 15 targeted at 50 percent of median income.

1 9 targeted at 60 percent of median income.

24




12/33

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

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

Funding Sources

Source AmountNon-

Amortizing*Rate(%)

Term(Years)

Amort.Period(Years)

AnnualDebt

Service

Bank Loan

RPP LoanLocal Gov. Loan - Specify:

RD 515 Loan

RD 538 Loan - Specify:

AHP Loan 307,241 2.00 20 20 18,651

Other Loan 1 - Specify:



Tax Exempt Bonds

State Tax Credit(Loan) 330,790 0 30 30 0

State Tax Credit(Direct Refund)

Equity: Federal LIHTC 1,395,809

Non-Repayable Grant

Equity: Historic Tax Credits

Deferred Developer Fees

Owner Investment

Other - Specify:

Total Sources** 2,033,840

* "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.

75

704,836 is max STC loan. We can blend any portion of this with all or part of AHP loan atdirection of your Agency to gain maximum points andmeet your underwriting guidelines.




13/33

Development Costs

Item Cost Element TOTAL COSTEligible Basis

30% PV 70% PV

1 Purchase of Buildings (Rehab) 0

2 Demoli tion

3 On-site Improvements 260,000 260,000

4 Rehabilitation

5 Construction of New Building(s) 940,000 940,000

6 Accessory Building(s)

7 General Requirements 72,000 72,000

8 Contractor Overhead 25,440 25,440

9 Contractor Profit 76,320 76,320

10 Construction Contingency 41,212 41,212

11 Architect's Fee - Design 26,001 26,000

12 Architect's Fee - Inspection 6,500 6,500

SUBTOTAL (lines 1 through 12) 1,447,473

13 Construction Insurance (prorate)

14 Construction Loan Orig. Fee (prorate) 24,000 24,000

15 Construction Loan Interest (prorate) 34,000 34,000

16 Construction Loan Credit Enhancement (prorate)

17 Construction Period Taxes (prorate)

18 Water, Sewer and Impact Fees 17,251 17,251

19 Survey 8,000 8,000

20 Property Appraisal 2,500 2,500

21 Environmental Report 5,000 5,000

22 Market Study 4,000 4,000

23 Bond Costs (specify)

24 Cost of Issuance

25 Placement Fee

26 Permanent Loan Origination Fee

27 Permanent Loan Credit Enhancement

28 Title and Recording

SUBTOTAL (lines 13 through 28) 94,751

29 Real Estate Attorney 18,000 18,000

30 Other Attorney's Fees 7,000 7,000

31 Tax Credit App Fees 14,316 14,316

32 Cost Certification 2,500 2,500

33 Tax Opinion

34 Organizational (Partnership)

35 Tax Credit Monitoring Fee 12,600


36 Furnishings and Equipment 4,000 4,000

37 Relocation Expenses

38 Developer's Fee (max 15% lines 2-36, less 8 & 9) 222,000 222,000

39 Other Basis Expense (specify)

40 Other Basis Expense (specify)

41 Rent-up Expenses

42 Other Non-basis Expense (specify)

43 Other Non-basis Expense (specify)


44 Rent up Reserve 7,200




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Comments:

45 Operating Reserve 50,000

46 Other Reserve (specify)

47 Other Reserve (specify)

48 DEVELOPMENT COST (lines 1-47) 1,879,840 0 1,810,039

49 Less Federal Financing

50 Less Disproportionate Standard

51 Less Nonqualified Nonrecourse Financing

52 Less Historic Tax Credit (residential) 0

53 TOTAL ELIGIBLE BASIS 1,810,039 0 1,810,039

54 Applicable Fraction (percentage of LI Units) 100.00% 100% 100%

55 Basis Before Boost 1,810,039 0 1,810,039

56 Boost for QCT/DDA (if applicable, enter 130%) 130.00% 130.00%

57 TOTAL QUALIFIED BASIS 2,353,050 0 2,353,050

58 Tax Credit Rate 0.00% 7.91%

59 Federal Tax Credits at Estimated Rate 186,126 0 186,126

60 Federal Tax Credits at 8.5% or 3.75% 200,009 0 200,009

61 Federal Tax Credits Requested 185,842 185,842

62 Land Cost 154,000

63 TOTAL REPLACEMENT COST 2,033,840




15/33

Please provide a detailed description of the proposed project:

Construction (check all that apply):

Brick Vinyl Wood HardiPlank Balconies/Patios Sunrooms Front Porches

Front Gables or Dormers Wide Banding or Vertical/Horizontal Siding

Other:

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

If yes, please provide name and address:

Site Amenities (check all that apply):

Onsite Activities:

Landscaping Plans:

Market Study Information

Twenty-four 1 BR garden type units for elderly residents per HUD definition located in Sylva, NCwith project based Section 8 and amenities applicable to resident population.

No

Community Bldg - Sq Ft: 1,200 Community Room - Sq Ft: 600 Garages - Number:

Laundry Rm Screened Porch Resident Computer Center Exam Rm Reading Rm/Library

Game/Craft Rm Exercise Rm TV Rm Beauty Salon Vending Rm

Chapel/Prayer Rm Picnic Area Onsite Leasing Office Onsite Mgr Onsite Maint. Person

Irrigated Lawns Security Gate Car Care Area Storage Units Gazebos

Walking Trails Garden Spots Basketball/Tennis Court Playground Ball Field

Pool Fitness Stations Horseshoe Pit Shuffleboard Covered Drive Thru




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Interior Apartment Amenities (check all that apply):

Flooring: Carpet Vinyl Wood Wood Parquet Ceramic Tile Other

Heating/Cooling: Central Air Gas Heat Heat Pump Electric Pump

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

If yes, please make sure to include the additional information in your pre-application packet.

Range Hood Dishwasher Disposal Refrigerator (frost free) Storage interior/exterior

W/D Hookups Mini-blinds Pantry Ceiling fans Walk-in closets

Yes




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18/33

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

Other facilities or services:

Grocery Store0.2 Community/Senior Center

Mall/Strip Center1.0 Hospital3.2

Outdoor Athletic Fields5.0 Pharmacy0.3

Day Care/After School1.3 Basic Health Care3.2

Schools0.4 Medical Offices3.2Public Transportation Stop Bank/Credit Union0.4

Convenience Store0.7 Restaurants0.3

Basketball/Tennis Courts5.0 Professional Services2.4

Public Parks5.0 Movie Theater2.4

Gas Station0.7 Video Rental1.4

Library2.9 Public Safety (Fire/Police)2.4

Fitness/Nature Trails5.0 Post Office1.1

Public Swimming Pools5.0




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20/33

DevelopmentList number low-income/tax credit housing projects and units developed, operated, and maintained in compliance by the principal(s) betweenDecember 1, 1996 and January 1, 2003:

ManagementList number of low-income housing tax credit units managed in the past 10 years:

Has any owner, principal, or management agent been debarred or received a limited denial participation in the past 10 years by any federal or

state agency?

Has any owner, principal, or management agent been involved in a bankruptcy, an adverse fair housing settlement, an adverse civil rights

settlement, or an adverse federal or state government proceeding and settlement in the past 10 years?

Has any owner or principal been in a mortgage default or delinquency of three months or more within the last 5 years on a FHA-insuredproject, a Rural Development funded rental project, a tax-exempt funded mortgage, a tax credit project, or any other publicly subsidized

project?

Has any owner or principal been involved within the last 10 years in a project which previously received an allocation of tax credits but failed tomeet compliance standards of the tax credit allocation, including return of a reservation of tax credits to the Agency after the carryover

agreement has been signed?

Has any owner or principal had a Form 8823 filed with the IRS for noncompliance on a project using low-income housing tax credits or

received a letter of non-compliance from the Agency?

Project Team Experience

North Carolina Other States

Projects: 16 16

Units: 425 626

North Carolina Other States

Projects: 49 63

Units: 1,462 2,009

No

No

No

No

Yes




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Financing Commitments

Does the project have a firm commitment for construction financing? Yes

Does the project have a letter of intent for private permenant financing? No

Does the project have a firm commitment for government financing? Yes

Does the project have a letter of intent from an investor? Yes

Is any portion of the eligible basis of new contruction or rehabilitation financed with federal subsidies other than CDBG funds or fundsfrom the HOME program? No

If yes, indicate the type and amount below:

Tax Exempt Financing: $

RD 515 Financing: $

Hope VI Financing: $

Other: $

If Other, specify the type of Federal subsidy:




22/33

Project Operations (Year One)

Projected Operating Costs

Administrative Expenses

Advertising 300

Office Salaries

Office Supplies

Office or Model Apartment Rent

Management Fee 12,096

Manager or Superintendent Salaries 7,400

Manager or Superintendent Rent Free Unit

Legal Expenses (Project)

Auditing Expenses (Project) 3,000

Bookkeeping Fees/Accounting Services

Telephone and Answering Service 1,200

Bad Debts

Other Administrative Expenses (specify):

SUBTOTAL 23,996

Utilities ExpenseFuel Oil

Electricity (Light and Misc. Power) 2,000

Water 3,400

Gas

Sewer 3,400

SUBTOTAL 8,800

Operating and Maintenance Expenses

Janitor and Cleaning Payroll

Janitor and Cleaning Supplies

Janitor and Cleaning Contract

Exterminating Payroll/Contract 600

Exterminating Supplies

Garbage and Trash Removal 1,080

Security Payroll/Contract

Grounds Payroll

Grounds Supplies 400

Grounds Contract 3,900

Repairs Payroll 7,000

Repairs Material 3,000

Repairs Contract

Elevator Maintenance/Contract

Heating/Cooling Repairs and Maintenance

Swimming Pool Maintenance/Contract

Snow Removal 600

Decorating Payroll/Contract

Decorating Supplies 400

Other (specify):

Miscellaneous Operating & Maintenance Expenses 600

SUBTOTAL 17,580

Taxes and Insurance

Real Estate Taxes 15,800

Payroll Taxes (FICA)

Miscellaneous Taxes, Licenses and Permits




23/33

Property and Liability Insurance (Hazard) 4,200

Fidelity Bond Insurance 100

Workmen's Compensation 600

Health Insurance and Other Employee Benefits

Other Insurance:

SUBTOTAL 20,700

Supportive Service Expenses

Service Coordinator

Service Supplies

Tenant Association Funds

Other Expenses (specify):

SUBTOTAL 0

Reserves

Replacement Reserves 6,000

SUBTOTAL 6,000

TOTAL OPERATING EXPENSES 77,076

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

55,276

TOTAL UNITS(from total units in the Unit Mix section) 24

PER UNIT PER YEAR 2,303




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Design Features

ITEM DESCRIPTION

Foundation/Slab Components 4" Thick Concrete Slab

Primary Windows Make: Model:Binnings 70 Series Type/Construction: Aluminum Window/Insulated Glass

Exterior Doors Type: Frames:Insulated Metal Wood

Siding Type: Grade/Thickness:Hardi Plank 5/16"

Warranty: 50 Years

Exterior Trim Hardi Trim

Shingles Type: Weight:Certainteed 235lbs./sq.

Warranty: 30 Years

Sprinkler System N/A

Cabinets Factory Assembled Wood

Heat Pump SEER: Make:10 SEER Janitrol

Model: cpke 18-1

Air Conditioner SEER: Make:10 SEER Janitrol

Model: AW 18-05

Other Heat Systems SEER: Make:N/A

Model:




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Remarks:

Mirror/Shower Door/Encls. 0

Hardware/Bath Access. 3,000 5,000 8,000

Appliances 3,400 19,600 23,000

Playground Equipment 0

Interior Clean 2,000 2,000

Exterior Clean/Dumpster Rental 1,000 1,000

Other 1 (specify in Remarks) 0

Other 2 (specify in Remarks) 0

Total Cost 321,500 618,500 940,000




28/33

This is a detailed breakdown of the General Requirements cost element you summarized in the Development Costs table (GeneralRequirements). The total should match that roll-up value.

Remarks:

Costs - General

ITEM TOTAL

Supervision 35,500

Job Site Office/Trailer Rental 5,500

Office Supplies

Security/Watchman 200

Project Signage

Tools and Equipment

Gas, Oil, and Maintenance

Temporary Water, Electric, and Telephone 6,000

Storage/Hauling 3,800

Driveway Access Permit

Porta-John Rental/DumpingBuilders Risk Insurance 4,130

Re-inspection Fees

Extra Plans and Specifications 400

Miscellaneous, Casual Labor 14,670

Equipment Rental 1,800

Other 1 (specify in Remarks)


Total Cost 72,000




29/33

This is a detailed breakdown of the Site Improvements cost element you summarized in the Development Costs table (On-siteImprovements). The total should match that roll-up value.

Remarks:

Costs - Improvements

ITEM TOTAL

Subsurface Explorat ion/Perk Testing/Site Engineering 3,000

Clearing/Grading/Final Grading/Excess and Borrow 82,500

Demolition 8,000

Earthwork/Excavation/Aerating 14,000

Soil Treatment 2,000

Pile Foundations

Caissons

Shoring/Bracing

Site Drainage 18,000

Site Utilities/Site Lighting 56,000

Paving and Surfacing/Curb and Gutter 31,000Walkways 9,000

Site Signage 500

Parking Lot Painting 3,000

Dumpster Pads/Fencing 5,000

Fencing/Gates

Landscaping/Topsoil 20,000

Rock and Hardpan Excavation

Site Supervision Personnel 8,000

Other (specify in Remarks)

Total Cost 260,000




30/33

This is a detailed breakdown of the Bond Costs cost element you summarized in the Development Costs table (Bond Costs). The totalshould match that roll-up value.

Remarks:

Costs - Bond Costs

ITEM TOTAL

Letter of Credit Fee

Credit Enhancement

Underwriter Discount

Capital Interest Fund



Total Cost 0




31/33

This is a detailed breakdown of the Bond Issuance cost element you summarized in the Development Costs table (Cost of Issuance). Thetotal should match that roll-up value.

Remarks:

Costs - Bond Issuance

ITEM TOTAL

Bond Counsel

Issuer Counsel

Credit Enhancement/LOC Counsel

Underwriter Counsel

Developer's Counsel

Rating Agency Fee

Printing

Trustee Fee

Trustee Counsel

Issuer's Fee

Other 1 (specify in Remarks)Other 2 (specify in Remarks)


Total Cost 0




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MINIMUM REQUIRED SET ASIDES (No Points Awarded):

Minimum Set-Asides

Select one of the following two options:

20% of the qualified units are rent restricted and occupied by households with incomes at or below 50% of the median income (Note:No Tax Credit Eligble Units in the the project can exceed 50% of median income)

40% of the qualified units are rent restricted and occupied by households with incomes at or below 60% of the median income (Note:No Tax Credit Eligble Units in the the project can exceed 60% of median income)

If requesting RPP funds:

40% of the qualified unit 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 Bonds

Threshold 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 mortgage subsidy points (select one):

At least twenty percent (20%) 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 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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PLEASE indicate which of the following exhibits are attached to your application. Others may be required as noted.

Full Application Checklist

A Nonprofit Organization Documentation or For-profit Corporation Documentation

B Current Financial Statements/Principals and Owners

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

D Management Agent Agreement

E Development and manager multi-family experience & Management Questionnaire (Appendix C)

F Letters from State Housing Agencies or designated monitoring agent verifying Out of State Management Experience

G Completed IRS Form 8821 (Appendix I)

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

I Local Government Letter or Letter from Certified Engineer or Land Surveyor Confirming Floodplain Designation with Mapshowing 100 year and 500 year floodplain (original on letterhead, no fax or photocopies)

J Local Government Letter Confirming Zoning (original on letterhead, no fax or photocopies)

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

L Site plan, floor plans and elevations

M Hazard and structural inspection and termite reports (Renovation projects only)

N Anticipated budget demonstrating how the project would meet the 10% test by November 14th.

O Evidence of Architect's Errors and Omissions insurance (or equivalent).

P Description of acquisition for existing/occupied projects or for projects with occupied buildings to be demolished.

Q Description of proposed Relocation Plan & Relocation Budget, Etc. If any relocation is anticipated, reference Appendix F.

R Targeting Plan and supporting documentation (Required for all projects)

S Local Housing Authority Agreement (Reference Model in Appendix I)

T Appraisal (for land costs greater than $5,000 and for buildings in rehab projects)

U Evidence of Permanent Loan Commitment, other sources of funds, and project-based subsidies.

V Statement regarding terms of Deferred Developer Fee and, if nonprofit, resolution of Board approving fee.

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

X Documentation to support estimated utility costs.


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