Print - APP08-0052 Print Preview - Final ApplicationTax Credits, RPP Loans, and/or Tax Exempt Bond Loans Project Description Project Name: Caldwell Gardens Address: 1302 Piedmont Drive City: Lenoir County: Caldwell Zip: Census Tract: 302 Block Group: 2 Is project in Qualified Census Tract or Difficult to Develop Area? No Poli ti cal Juri sd ic ti on: Ci ty of Lenoir Jurisdiction CEO Name: First:David Last: Barlow Ti tle : Mayor Jurisdic ti on Addres s: 801 West Ave. Jurisdiction City: Lenoir Zip: Jurisdiction Phone: Site Latitude: Site Longitude: Project Type: Rehab Is this project a previously awarded tax credit development? No If yes, what is the project number: Is this a request for supplemental credits? New Constructio n/Adaptive Reuse: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): Rehab: Number of residents holding Section 8 vouchers: 97 Will the project meet Energy Star standards as defined in Appendix B? No Does a community revitalization plan exist? No Will the project use steel and concrete construction and have at least 4 stories? No Will the project include a Community Service Facility under IRS Revenue Ruling 2003-77? No https://www.nchfa.org/Rental/RTCApp/(S(bo1jgo30...A3ABC60C1&SNID=CA9AD0BD05B64A1A8DB906681C331470 (1 of 29)9/15/2008 3:30:02 PM 28645 28645 (828)757-2177 35.9249 -81.5528
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ll the project be receiving project based federal rental assistance? Yes
If yes, provide the subsidy source: HUD 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: We will target 10% or 10 of the units for persons with disabilities as required in the 2008 QAP, Section IV(F)(4).We will comply with the 2008 QAP with regard to Section IV(F)(3) or mobility targeting as applicable for aproperty being rehabilitated.
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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: Bradley NC 2008, LLC
dress: P.O. Box 526 (709 N. Main Street, Suite 200)
ty: Aynor State: SC Zip:
ontact: First: Brad Last:Queener Title:Member
lephone:
Phone:
x:
mail Address:
OTE: Email Address above will be used for communication between NCHFA and Applicant.
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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? Yes
If yes:(a) Briefly describe the situation:
There are 97 units located on four different sites that are currently occupied. Piedmont Terrace, 1302Piedmont Drive (42 units); Berkley Court, 1520 Berkley Court (36 units); German Gardens, 924 German
Street (14 units); and Sunset Lane, 398 Sunset Lane (5 units). We will implement a Relocation Plan and tryto temporarily displace the residents. This is a scattered site application and HUD is strongly in support ofthese units being renovated. There are some health and safety issues of concern for the residents. Pleasesee the Scope of work and pictures provided in the preliminary application for more details.
(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? 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:
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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:
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dress: P.O. Box 526 (709 N. Main Street, Suite 200)
y: Aynor State:SC 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: Already 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: Bradley Lenoir Managing Member, LLC
st Name: Brad Last Name: Queener Function: Managing Memberddress: P.O. Box 526 (709 N. Main Street, Suite 200)
ty: Aynor State: SC Zip: 29511
one: Fax:
Mail: Nonprofit: No
Org: Bradley NC 2008, LLC
st Name: Brad Last Name: Queener Function: Principal
ddress: P.O. Box 526 (709 N. Main Street, Suite 200)
ty: Aynor State: SC Zip: 29511
one: Fax:
Mail: Nonprofit: No
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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/occupied by
targeted at percent of median income affordable to/occupied by
targeted at percent of median income affordable to/occupied by
targeted at percent of median income affordable to/occupied by
targeted at percent of median income affordable to/occupied by
targeted at percent of median income affordable to/occupied by
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.
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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:
4. Rehabilitation line item includes $480,000 for asbestos abatement per our ECS study.6. Includes cost for new community building and laundry we plan to add.31. Attorney fee includes costs for our counsel ($40,000) and a special counsel ($75,000)experienced inworking with HUD to coordinate the HUD approvals/assignments/closing transaction.38. Includes costs to furnish and equip the new community building, computer center, and managementoffices.
Total Replacement Cost per unit: 44,970
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ase provide a detailed description of the proposed project:
e are proposing to rehabilitate 97 family units divided between four separate sites. Each group ofartments that makes up the greater 97 units are in need of repair. While they units have been maintaineder the years, all of the major components in the apartments need to be replaced, including the HVACstems and roofs. The kitchens, bathrooms, and floor coverings are all original and are in dire need ofplacement. The vast majority of the windows and doors, of which all will be replaced, are original and dot provide the energy efficiency now required to effectively lower the energy bills of the tenants. The sites
e located in close proximity to shopping, reatail, commercial, and medical services.
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?No
If yes, please provide name and address:
e Amenities:
undry room, new community room with online computer stations, picnic and grill areas, new playgroundeas and benches on property.
site Activities:
e will work closely with local human service agencies to provide educational, social and healtheservation programs for the families living at Caldwell Gardens. We plan to invite local service providersd case managers to come on site and provide educational workshops for our residents. Residents willve access to the internet and computers in our computer center. Management will help coordinate these
nctions and help coordinate services with the residents.
ndscaping Plans:
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ur landscaping plan will be creative as we hope to incorporate many different kinds of evergreens andciduous species trees and shrubbery around the buildings. Specific flowering type trees will also belized to accent color beauty, and texture, as will colorful perennials and accent flower beds. Overall thendscaping plan will facilitate picnicking and leisurely strolls around the development.
erior Apartment Amenities:
anges, range hoods/microwaves, dishwashers (if possible), refrigerators (frost-free), mini-blinds, pantry,
iling fans, and washer and dryer hook-ups, if possible, (will be determined based on capacity of seweres/system and 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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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.
enoir, as of much of North Carolina, continues to grow as does the need for quality affordable housing
thin the community. Caldwell Gardens has served the community well for almost 30 years and is now ineed of a total renovation in order to give the tenants the clean and healthy apartments they deserve.ecuause the economy and population of Lenoir continues to expand and the lack of quality affordableousing, Caldwell Gardens remains almost fully occupied. Surrounding each of the sites at Caldwell Gardenre single family neighborhoods that would benefit from the renovation and enhance the overall character ofrea.
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 already existing apartments within their respective areas have
ng been accepted into the local neighborhoods. Their subsequent renovations will only add value to thengle family homes that surround them.
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. At each of the sites there are adequate traffic controls that handle the
rrent traffic.
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.
milarity of scale and aesthetics/architecture between project and surroundings.
he existing apartments fit well within the surrounding neighborhoods and the renovations of these units willdd to the aesthetic value of the area.
r each applicable neighborhood feature, enter distance from project in miles.
Grocery StoreCommunity/Senior
Center
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nce the properties are scattered the distances vary for each complex. The above distances are averaged.an service is available for doctors appointments with pick up at resident's apartment community. We have
cluded a map in the Map/Directions section to show proximity to services.
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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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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:Moderate Income County:
At least twenty-five percent (25%) of qualified units will be affordable to and occupied by households with incomes at or below percent (40%) of county median income.
At least fifty percent (50%) of qualified units will be affordable to households with incomes at or below fifty percent (50%) of comedian income.
At least fifty percent (50%) 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 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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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)