Check all that apply: Federal Low Income Housing Tax Credit State Low Income Housing Tax Credit Tax Exempt Bonds Rental Production Program (RPP) Loan Requested RPP Loan Amount: RPP Loan Product Re quested: Multi-Family Product ion Print Preview - Final Application Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans Resources Requested 750,000 Page 1 of 35 Print - APP03-0021 1/14/2005 https://www.nchfa.org/Rental/RTCApp/(231zdurklv4sw455k05r4bjz)/site/PrintApp.aspx?I...
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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 federal rental assistance?
If yes, provide the subsidy source:If yes, provide the subsidy source: and number of units:and number of units:
Target Population: Family
Indicate below any additional targeting for special populations proposed for this project:
Square Footage Information
Project Description
Project Type:* New Construction Rehab Adaptive Reuse
No
No
Mobility impaired handicapped: 5% of units comply with QAP Section IV(F)(3) (in addition to other federal and staterequirements)
Persons with disabilities or homeless populations: the greater of 5 units or 10% of the total units
Remarks: DHIC will reserve 5 units for households who are disabled. Wake County Human Services wil serveas the lead service provider. Rents for the three one-bedroom units will $90 per month; one two-bedroom unit will be available at a rent of $134 per month. One three-bedroom unit will rent for $104per month. These rents are based on a needs analysis prepared by Wake County and DHIC. See
targeting plan (attached).
Proposed number of residential buildings: 3 Maximum number of stories in buildings: 2
Types of Units:* Townhouse Duplex Garden Apartment Detached Single-Family
Project Includes:Separate community building -- Sq. Ft. (Floor Area):Sq. Ft. (Floor Area): 3,4973,497
Community space within residential bulding(s) -- Sq. Ft. (Floor Area):Sq. Ft. (Floor Area):
Elevators -- Number of Elevators:Number of Elevators:
Federal Tax ID Number of Ownership Entity: (If assigned)30-0097292
Federal Tax ID Number of Managing GP or Member: (If Not Assigned)
Entity Type: Limited Partnership
Entity Status: Already Formed
Is the applicant requesting that the Agency treat the application as Non-Profit sponsored? Yes
Is the applicant requesting that the Agency treat the application as CHDO sponsored? Yes
List all general partners, members,and principals. Specify nonprofit corporate general partners ormembers. Click [Add] to add additional partners, members, and principals.
Org: Highland Village Development, Inc.
First Name: Gregory Last Name: Warren Function: Managing General Partner
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.
Other Loan 1 - Specify:Neighborhood ReinvestmentCorporation
245,000 2.00 20 20
Other Loan 2 - Specify:Wake County
260,000 0.00 20 20
Other Loan 3 - Specify:
Tax Exempt Bonds
State Tax Credit(Loan) 384,911 0 30 30 0
State Tax Credit(Direct Refund)
Equity: Federal LIHTC 2,271,711
Non-Repayable Grant
Equity: Historic Tax Credits
Deferred Developer Fees 1,489
Owner Investment
Other - Specify:
Total Sources** 4,888,111
* "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
The Wake County loan amount of $510,000 is evidenced by two loans. One loan for $260,000and one for $250,000 funded in 2 separate funding rounds. The $260,000 loan has been
closed and the $250,000 was recently awarded for a total of $510,000. Neither has a fullyamortizing payment. Committment letters/loan documents attached.
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
The proposed family apartments will be part of a planned unit development on a 17.7 acre tract neardowntown Cary. The 50-unit complex will serve low- and very low-income families. The project willcontain 10 one-bedroom, 25 two-bedroom and 15 three-bedroom units. Half of the units will bereserved for families with incomes less than 40% of the AMI and half will be reserved for familiesearning less than 60% AMI. 6 of the 40% or less units will be targeted even lower with rents
affordable to families with incomes at 30% of the AMI. Amenities will include balconies or patios foreach unit, walk-in closets and mini-blinds, laundry facilities. The community building will include a TVroom, exercise room and management offices. There will also be a tot lot, pool, kiddie pool,playground, grills, picnic tables and a village green and a car care area, gazebo, arbor, meditationgarden, horshoe pit, resident garden plots and bike bike racks for use by the residents
The building design will feature broken roof lines, front gables, a variety of siding materials includingbrick and vinyl siding.
No
Community Bldg - Sq Ft: 2,750 Community Room - Sq Ft: 1,000 Garages - Number:
Briefly describe your site in each of the following categories:
Applicant's Site Evaluation
NEIGHBORHOOD CHARACTERISTICS
Physical condition of buildings and improvements. Trend and direction of real estate developmentrelative to the project. Area economic health (degree of decline or investment).
Physical conditions range from acceptable to excellent within the neighborhood. The site is locatedin the more established heart of Cary.
Suitability of surrounding development. Land use pattern is primarily residential with a balance ofother uses, including non-competing multifamily and single family units, relevant amenities, shoppingand services.Land uses in the neighborhood are balanced. Residential properties include single-family housing,townhouses, condominiums and apartments. Non-residential uses include a neighborhood shoppingcenter with a grocery store, small commercial facilities providing services, restaurants, churches, arecreational facility (Buffaloe Bowling Lanes) and a light industrial business (Syracuse Plastics).
SITE SUITABILITY
Adequacy of street(s) and/or access road(s) serving the proposed project and traffic controls (lights,stop signs, turning lanes). Access to mass transit (if applicable).The site has excellent ingress and egress via High House Road and Old Apex Road (see trafficstudy). High House Road is a five-lane road with a turning lane and Old Apex Road is a two-lanethoroughfare. A traffic signal exists at the intersection of these two roads. Chatham Street ispositioned about 400 feet east of the High House Road entrance. The Town of Cary prepared aprofessional traffic study during a rezoning process for this site in late 2001. The study indicated thatexisting streets had more than adequate capacity to support Highland Village.
Amount and character of vacant, undeveloped land. Effect of industrial, large-scale institutional orother incompatible uses: wastewater treatment facilities, high traffic corridors, junkyards, prisons,landfills, large swamps, distribution facilities, frequently used railroad tracks, power transmission linesand towers, factories or similar operations, sources of excessive noise, and sites with environmentalconcerns (such as odors or pollution).The neighborhood is largely built-out although several vacant sites exist adjacent to the subject site.The residential use of the site is compatible with a neighborhood that includes a substantial amountof both attached and detached housing. There are no incompatible land uses adjacent to the site.The single industrial use, Syracuse Plastics, does not synthesize chemicals or plastics but rathermanufactures products through a gas-fired, injection molding process that does not produce odorsor pollution. The existing CSX railroad line will be separated from the site by a 50-foot landscapebuffer in addition to the typical 10-foot building setback. The sound of the train will be attenuatedthrought the use of earth berms, a masonry wall and heavy landscaping. The applicant hascommissioned a preliminary noise study and will submit a full study in the final application. HighlandVillage Apts will be located on the section of the site farthest away from the RR tracks.
Degree of on-site negative features and physical barriers that will impede project construction or
adversely affect future tenants; for example: power transmission lines and towers, flood hazards,steep slopes, large boulders, ravines, year-round streams, wetlands, and other similar features. Foradaptive re-use projects- suitability for residential use and difficulties posed by the building(s), suchas limited parking, environmental problems or the need for excessive demolition.There are no obvious physical barriers. Slopes are gentle, between 4% and 10%, except for theroadway cut along the frontage of High House Road. The applicant has conducted a wetlands studyand has already had the Corps of Engineers delineate the wetlands area (.16 acres). Theconceptual site plan for the development reflects this delineation. Water quality basins will bedeveloped outside of stream buffers to accommodate runoff from each phase.
Similarity of scale and aesthetics/architecture between project and surroundings.
For each applicable neighborhood feature, enter distance from project in miles.
Other facilities or services:
The neighborhood is mixed in terms of residential developments. The property will be of similarscale and use as other rental projects in the neighborhood. During a rezoning process in late 2001,the Town of Cary found the PUD plan for Highland Village is consistent with the Town Plan whichcalls for mixed to high density residential development on this site.
Concentration of affordable housing (housing credit, project-based rental assistance, public housing).Park Through Townhouses (a tax credit project located .6 miles from site with 20 units).
Availability of Supportive Services (if applicable):DHIC will develop a supportive services plan with the help of local social service agencies such asThe Carying Place and Wake County Human Services (WCHS). The service plan will includeprovisions for a Resident Association, summer camp and computer course scholarships, a tutoringprogram, follow-up services coordination for WCHS and Carying Place referrals, on-site workshopson any topic of resident interest, a Community Watch program, homeownership orientations andcounseling and resident-led classes. The plan will be altered based on the outcomes of regular
assessments to reflect residents' interests and needs. The Resident Association, which willultimately be comprised of residents from the entire Highland Village Development (family andsenior apartments as well as condos and townhomes), will also be involved in planning for the safetyand social aspects of the community.
Grocery Store.2 Community/Senior Center.9
Mall/Strip Center.2 Hospital
Outdoor Athletic Fields.5 Pharmacy.7
Day Care/After School.2 Basic Health Care
Schools1 Medical Offices.7
Public Transportation Stop.7 Bank/Credit Union.7Convenience Store.2 Restaurants.2
Basketball/Tennis Courts.5 Professional Services.7
Public Parks.5 Movie Theater
Gas Station.2 Video Rental.9
Library.9 Public Safety (Fire/Police).8
Fitness/Nature Trails Post Office.8
Public Swimming Pools
Downtown and Cary Town hall are .8 miles from the proposed development, offering restaurants,
Development List 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:
Management List 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?
Does the project have a firm commitment for construction financing? No
Does the project have a letter of intent for private permenant financing? Yes
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? Yes
If yes, indicate the type and amount below:
Tax Exempt Financing: $
RD 515 Financing: $
Hope VI Financing: $
Other: $ 245,000
If Other, specify the type of Federal subsidy: Neighborhood Reinvestment Corporation
This is a detailed breakdown of rehabilitation or construction costs you summarized in the Development Costs table (Rehabilitation andConstruction of New Building(s)). The total should match those roll-up values.
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 65,466
Job Site Office/Trailer Rental 2,937
Impact Fees
Office Supplies
Security/Watchman
Water and Sewer Connection Fees
Project Signage 762
Tools and Equipment 5,945
Gas, Oil, and Maintenance 6,173
Cleanup/Dumpster Rental 18,164
Temporary Water, Electric, and Telephone 11,000Storage/Hauling 1,880
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.
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.
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
Other 1 (specify in Remarks)
Other 2 (specify in Remarks)Other 3 (specify in Remarks)
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:
High Income county:
At least twenty-five percent (25%) of qualified units will be affordable to households with incomes at or below thirty percent (30%) ofcounty median income.
At least twenty-five percent (25%) of qualified units will be affordable to and occupied by households with incomes at or below thirtypercent (30%) of county median income.
At least fifty percent (50%) of qualified units will be affordable to households with incomes at or below forty percent (40%) of countymedian income.
At least fifty percent (50%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent(40%) of county median income.
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 fortypercent (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 county
median income.At least fifty percent (50%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent(50%) of county median income.
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.