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Jarvis Landing

Apr 08, 2018

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

    roject Description

    oject Name: Jarvis Landing

    ddress: 7400 Caratoke Highway (US HWY 158)

    ty: Jarvisburg County: Currituck Zip:

    ensus Tract: 1104 Block Group: 2022

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

    e you requesting the basis boost under section II(E)(4) of the QAP? Yes

    olitical Jurisdiction: Currituck County

    risdiction CEO Name:First:Dan Last:Scanlan

    Title: County Administrator

    risdiction Address: Highway 158

    risdiction City: Currituck 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(gl53dp45p...B0DC3A73C3&SNID=AE457286E9D041DB80E44E2B3D58867D (1 of 22)4/8/2009 2:50:39 PM

    27947

    27917

    (252)232-2075

    36.1040

    -75.5147

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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:Family

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

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

    ttps://www.nchfa.org/Rental/RTCApp/(S(gl53dp45p...B0DC3A73C3&SNID=AE457286E9D041DB80E44E2B3D58867D (2 of 22)4/8/2009 2:50:39 PM

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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: The Affordable Housing Group of North Carolina, Inc.

    ddress: 1300 Baxter Street, Suite 215

    ty: Charlotte State: NC Zip:

    ontact: First: Kathy Last:Stilwell Title:Dep. Director

    elephone:

    t Phone:

    ax:

    mail Address:

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

    ttps://www.nchfa.org/Rental/RTCApp/(S(gl53dp45p...B0DC3A73C3&SNID=AE457286E9D041DB80E44E2B3D58867D (3 of 22)4/8/2009 2:50:39 PM

    28204

    (704)968-7202

    (704)342-3316

    (704)376-8709

    [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:

    ttps://www.nchfa.org/Rental/RTCApp/(S(gl53dp45p...B0DC3A73C3&SNID=AE457286E9D041DB80E44E2B3D58867D (4 of 22)4/8/2009 2:50:39 PM

    15.40 15.40

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    (b) Describe flood mitigation if the project will have improvements within the 100 year floodplain:

    ttps://www.nchfa.org/Rental/RTCApp/(S(gl53dp45p...B0DC3A73C3&SNID=AE457286E9D041DB80E44E2B3D58867D (5 of 22)4/8/2009 2:50:39 PM

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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/contractpurchase 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:

    ttps://www.nchfa.org/Rental/RTCApp/(S(gl53dp45p...B0DC3A73C3&SNID=AE457286E9D041DB80E44E2B3D58867D (6 of 22)4/8/2009 2:50:39 PM

    8/30/2009

    1,500,000

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    oning

    esent zoning classification of the site:Conditional District - General Business

    multifamily use permitted?Yes

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

    If yes, have the hearings been completed and permits been obtained?No

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

    The project has full site plan approval for the development of 39 units. Currituck County is in the process ofreviewing an Ordinance that will allow density bonuses for affordable housing projects. It the Ordinance isnot passed prior to the final application submission deadline, we will reduce the unit count back to the 39already approved by Currituck County. The schedule for County review and approval of the Ordinance isApril 21, 2009.

    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:

    ttps://www.nchfa.org/Rental/RTCApp/(S(gl53dp45p...B0DC3A73C3&SNID=AE457286E9D041DB80E44E2B3D58867D (7 of 22)4/8/2009 2:50:39 PM

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    wnership Entity

    wner Name: Jarvis Landing LLC

    dress: 1300 Baxter Street, Suite 215

    y: Charlotte 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? No

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

    Org: Jarvis Landing Housing of Currituck Inc.

    rst Name: Kathy Last Name: Stilwell Function: Managing Member

    ddress: 1300 Baxter Street, Suite 215

    ty: Charlotte State: NC Zip: 28204

    hone: Fax:

    Mail: Nonprofit: No

    Org: The Affordable Housing Group of North Carolina, Inc.

    rst Name: Paul Last Name: Woollard Function: Member

    ddress: 1300 Baxter Street, Suite 215ty: Charlotte State: NC Zip: 28204

    hone: Fax:

    Mail: Nonprofit: Yes

    ttps://www.nchfa.org/Rental/RTCApp/(S(gl53dp45p...B0DC3A73C3&SNID=AE457286E9D041DB80E44E2B3D58867D (8 of 22)4/8/2009 2:50:39 PM

    28204

    (704)968-7202 (704)376-8709

    [email protected]

    (704)607-9791 (704)376-8709

    pwoollard@affordablehousinggroup.

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    nit Mix

    e Median Income for Currituck county is $67,900.

    w Income Units

    Type # BRs Net Sq.Ft.Total

    # Units#Units

    MonthlyRent

    UtilityAllowance

    MandatoryServ. Fees

    **TotalHousing Exp.

    Duplex 2

    Duplex 3

    Duplex 2

    Duplex 3

    Utilities included in rents: Water/Sewer Electric Gas Other trash

    mployee Units (will add to Low Income Unit total)

    ype # BRs Net Sq.Ft.Total

    # Units#Units

    MonthlyRent

    UtilityAllowance

    MandatoryServ. Fees

    **TotalHousing Exp.

    tilities included in rents: Water/Sewer Electric Gas Other

    rket Rate Units

    ype # BRs Net Sq.Ft.Total

    # Units#Units

    MonthlyRent

    UtilityAllowance

    MandatoryServ. Fees

    **TotalHousing Exp.

    tilities included in rents: Water/Sewer Electric Gas Other

    atistics

    AllUnits

    Units

    Gross MonthlyRental Income

    Low Income.......

    Market Rate.......

    Totals...............

    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):

    ttps://www.nchfa.org/Rental/RTCApp/(S(gl53dp45p...B0DC3A73C3&SNID=AE457286E9D041DB80E44E2B3D58867D (9 of 22)4/8/2009 2:50:39 PM

    998 16 2 550 85 0 635

    1246 12 2 650 99 0 749

    998 10 1 625 85 0 710

    1246 8 1 700 99 0 799

    46 6 28450

    46 6 28450

    23 2

    1,460

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    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:

    tes

    Please 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(gl53dp45...0DC3A73C3&SNID=AE457286E9D041DB80E44E2B3D58867D (10 of 22)4/8/2009 2:50:39 PM

    64,312

    50,360

    6

    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

    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.

    ttps://www.nchfa.org/Rental/RTCApp/(S(gl53dp45...0DC3A73C3&SNID=AE457286E9D041DB80E44E2B3D58867D (11 of 22)4/8/2009 2:50:39 PM

    16 50

    12 50

    10 60

    8 60

    46

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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:

    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))

    ttps://www.nchfa.org/Rental/RTCApp/(S(gl53dp45...0DC3A73C3&SNID=AE457286E9D041DB80E44E2B3D58867D (12 of 22)4/8/2009 2:50:39 PM

    930,000 7.75 20 20 91,618

    2,529,005 0 30 30 0

    5,462,104

    2,997

    8,924,106

    72

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    e have assumed a basis boost of 21%.

    ttps://www.nchfa.org/Rental/RTCApp/(S(gl53dp45...0DC3A73C3&SNID=AE457286E9D041DB80E44E2B3D58867D (13 of 22)4/8/2009 2:50:39 PM

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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

    ttps://www.nchfa.org/Rental/RTCApp/(S(gl53dp45...0DC3A73C3&SNID=AE457286E9D041DB80E44E2B3D58867D (14 of 22)4/8/2009 2:50:39 PM

    652,350 619,733

    3,899,451 3,899,451

    150,000 150,000

    282,108 282,108

    99,678 99,678

    398,713 398,713

    164,469 164,469

    110,000 110,000

    31,000 31,000

    56,100 56,100

    5,843,869

    18,000 14,400

    163,000 130,400

    422,170 337,736

    3,584 2,867

    30,000 30,000

    15,000 15,000

    10,000 10,000

    15,000 15,000

    4,300 4,300

    18,600

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    29 Title and Recording

    SUBTOTAL (lines 14 through 29)

    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

    SUBTOTAL (lines 30 through 37)

    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

    SUBTOTAL (lines 38 through 45)

    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)

    ttps://www.nchfa.org/Rental/RTCApp/(S(gl53dp45...0DC3A73C3&SNID=AE457286E9D041DB80E44E2B3D58867D (15 of 22)4/8/2009 2:50:39 PM

    7,500

    707,154

    35,000 35,000

    10,000 5,000

    2,300

    43,195

    15,000 15,000

    3,000

    2,500

    32,200

    143,195

    28,000 28,000

    483,000 483,000

    30,000 30,000

    Other Basis Expense (s

    Other Basis Expense (s

    23,000

    Other Non-basis Expen

    Other Non-basis Expen

    564,000

    13,800

    152,088

    Other Reserve (specify)

    Other Reserve (specify)

    7,424,106 0 6,966,955

    0

    6,966,955 0 6,966,955

    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 unit84,771

    ttps://www.nchfa.org/Rental/RTCApp/(S(gl53dp45...0DC3A73C3&SNID=AE457286E9D041DB80E44E2B3D58867D (16 of 22)4/8/2009 2:50:39 PM

    6,966,955 0 6,966,955

    100.00% 121.00%

    8,430,016 0 8,430,016

    3.50 9.00

    758,701 0 758,701

    0

    1,500,000

    8,924,106

    758,701

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    arket Study Information

    ease provide a detailed description of the proposed project:

    e proposed project, Jarvis Landing, is located in Jarvisburg, NC. The site is on the southern peninsula ofurrituck County and is approximately 8.5 miles from the Wright Memorial Bridge and Dare County. Thercel is 15.4 acres with roads and water lines already installed. The project proposes to build 23 duplexildings resulting in 46 units of affordable housing. The duplexes have been attractively designed to blend

    ell with the homes in the region as well be energy and resource efficient. The project will be a mix of 2 and

    bedroom units. Also included in the development will be a community building, playground, laundrycilities, sidewalks and mulch walking trails, as well as other community amenities. The site will haveundant open space and natural vegetation with at least 30% of the existing trees preserved.

    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:

    e club house will include community space for resident meetings and activities, on-site managers office,sident computer center, screened porch and covered porch, community kitchen, laundry facilities (Energyar Certified), and mail boxes. The club house and public amenities are centralized so they will promotecialization, safety, and walking. A shaded exterior seating area overlooks the fenced playground which is

    so visible from the laundry room, computer center, and property managers office.

    e site will also include a playground with benches and bike racks, a covered picnic area and walking trail.

    apartments have private exterior entrances which creates definable space for each unit whilecouraging interaction among neighbors.

    site Activities:

    e resdients will have access to tenant counseling, homeownership counseling and training provided byuter Banks CDC as the service coordinator. A resident council will be established. The Council will besisted to implement a Neighborhood Watch Program and to evaluate other programs that would meet theeds of the residents. Typical activities could include social gatherings, pot luck dinners, movie night,me night, etc.

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    ndscaping Plans:

    ver 30% of the site will remain open space and as many of the existing trees as possible will beeserved. An undisturbed vegetative buffer will remain along the northern and western property lines. Aulch walking trail around the site will promote site connectivity, walking, and interaction with nature. Artion of the walking trail will be handicap accessible.

    oundation plantings and lawns will be installed to soften the faade and provide green space. Droughterant and NC native species will be utilized in the landscaping. Planting will be coordinated with benches

    d the playground so public areas will have areas of shade as the trees mature.

    erior Apartment Amenities:

    apartments will include large closets, a pantry, dining area. Large open living areas and bedrooms withequate wall space for furniture. The orientation of the windows will provide abundant amounts of naturalhting in the bedrooms and living spaces.

    units will be Energy Star Certified for energy efficiency. Energy Star rated refrigerators and dishwashersd washer/dryer connections are provided.

    door air quality will be improved through measures including kitchen and bath fans that exhaust to theterior, use of low VOC paints and primers, and a tight envelope for the building exterior.

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

    arvisburg is located on a peninsula at the southern end of Currituck County. The proposed site for Jarvis

    anding is a 15.4 acre site just off of US 158/Caratoke Highway. The project site is 8.5 miles north of theWright Memorial Bridge, Kitty Hawk, Dare County, and the beaches of the Outer Banks. This region is

    nticipated to be a growth area for the Outer Banks. The project conforms to the land development plan ofe county. The lack of affordable housing options leaves low income residents with limited options for

    ousing.

    roperty surrounding site:North: The area to the north is residential; the properties in this area are in good repair. Zoning in the areaR and GB

    South: The area to the South is residential and undeveloped; the properties in this area are in good repair.oning in the area is R.East: The area to the east is undeveloped, zoned GB

    West: The area to the west is undeveloped, zoned R

    urrituck Countys population and economy have seen sharp growth greater than the state average. Sinceuly 2000, the population of Currituck County has grown faster (5.2 percent annual average) than all theounties in the state, except two (Outer Banks Chamber of Commerce website). The counties employmentrew 2.5 percent in 2006. Since November 2000, the Outer Banks economy has experienced an averagennual increase in employment of 4.2 percent, while during the same period the state grew by only 1.3ercent. While Currituck has been affected by the downturn in the national economy, the impact on theounty has been less than in other regions. According to the Employment Security Commission of Northarolinas website, Currituck Countys unemployment rate in October 2008 was 5%, which is lower than theC unemployment rate for November 2008 of 7.9%, and the US unemployment rate for November 2008 of7%.

    While growth has occurred in the region, development of affordable housing has not kept up with the need.

    ccording to NC Association of Realtors, from 2000 to 2005 existing home prices in the Outer Bankscreased 120%. In 2006 the average Currituck resale price was $581,878 with a median price of $380,000,

    ompared to the average 2006 resale price in North Carolina of $214,948. Affordable housing options arextremely limited in Currituck County and Dare County. Because the cost of housing is so high along theuter Banks, average citizens such as teachers, policemen, and service workers must commute 60 milesr more each way in order to find an affordable place to live. According to the NCHFA website, only oneHTC development exists in Currituck County and one in Dare County. The majority of the residential

    onstruction in the region is geared toward tourist and retiree populations. Housing costs for rental housingave also increased in recent years.it is important to note that rental housing in general is a small portion the overall stock in Dare County and that there is very little non-seasonal/year round rental housingere is no apartment sector, per se. (2005 Dare County Housing Study). Residents are often forced to

    hoose between long commutes, paying a high portion of their income on rent or choosing to live inlapidated housing and trailer homes. The scarcity of developable land and affordable housing options in

    are County has resulted in residents looking for housing in Currituck County. The overall quality of life,nd safety on the Outer Banks, is diminished by a lack of affordable housing (The Albermarle Economicevelopment Commission, 2008).

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    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 pattern around the site is mostly single family housing.

    one of the detrimental land uses noted above are located at or near the site. West of the site is unclearedth many trees. The property to the east has been divided into lots. Approximately, 50% of the bordering

    nd has been developed. The Currituck County Planning Board has ruled that the proposed site isonsistent with the objectives of the Currituck County Unified Development Ordinance and promotesmpatibility between the subject property and surrounding area. The majority of townships in the county areincorporated. The result is that development in the county occurs in pockets of residential and retail/mmercial development. The Jarvis Landing site is located within a pocket of residential development. Theea around the site and much of Currituck County is rural and agricultural in nature with large swathes ofooded areas. Multiple farms are located within a 10 mile radius of the site including a lavender farm and ano organic farm. The sites location gives wonderful access to locally grown fruits, vegetables, and meatsld at stands and markets in the area.

    TE SUITABILITY

    dequate 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 sign

    in relation to traffic corridors. The project is accessed from Caratoke Highway, a primary four lane stateghway. From Caratoke Highway, turn onto Jarvis Landing Road, a private road maintained by the project. Aop sign currently exists at the end of Jarvis Landing Road. Once constructed, the project will includeditional traffic safety controls including speed limit signage and speed bumps. Jarvis Landing Road is a cul--sac that will only serve this project so there is no threat of the road seeing increased traffic from cut

    rough drivers. The road is straight with no impediments related to safety. The units will be visible fromaratoke Highway; even though the county has requested that much of the natural environment and trees beeserved. Project signage will be visible from Caratoke Highway. The project has approximately 24 linearet of frontage on Caratoke Highway. The site will not be a burden on the local facilities or school system.e Currituck County Planning Board determined on November 3, 2008 that the approved site plan will notceed the counties ability to provide adequate public facilities. Jarvisburg Elementary, a brand new schoolat opened in 2008, is 1 miles from the site. Currituck County School system has an excellent student toacher ratio of approximately 18:1 which is below the state average (Outer Banks Chamber of Commerceebsite). Mass transit options are limited in Currituck County as they are in most areas in the eastern portionthe State. However, the Inter-County Public Transportation Authority (ICPTA) does provide transportationresidents of Currituck County on an appointment basis. ICPTAs services are intended to transport theneral public to nutrition sites, medical appointments and other locations, which will allow clients to accessrvices or attend activities related to daily living while promoting an improved quality of life.

    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 is a modest slope on site that will provide adequate drainage in a controlled manner to roadsidetches and two stormwater infiltration basins. The Currituck Planning Board noted in their review of therojects approved site plan that Public health and safety issues including stormwater management,

    astewater disposal and access for emergency services have been adequately addressed and developed."was also noted that the site is out of the 100 year floodplain. There are no power transmission lines orwers on the site. According to the Currituck County GIS there are no wetlands on the site.

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

    he duplex units designed for site will be in harmony with adjoining and nearby properties. Many of theurrounding developed sites have large open spaces. In keeping with this tradition, the subject property willave approximately 50% open space (8 plus acres). The architectural design was influenced by localesign vernacular so that the units will be easily recognizable as having the Outer Banks look. The doubleont porches and use of hardi-plank siding is typical for the area, while brick is seldom utilized. To someoneasually driving through the neighborhood, the projects duplexes could easily pass as large single familyomes similar to those in the area. The sites walking trail that weaves in and out of the tree line not only fitsto the aesthetics of the region but also promotes connectivity and recreation.

    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

    chool

    Basic Health Care

    SchoolsPublic Transportation

    Stop

    Convenience Store Public Parks

    Gas Station Library

    her facilities or services:

    hurch .1 miles, recycling center 3.9 miles, historic Jarvisburg colored school .2 miles.

    urrituck and Dare counties boast a wide variety of outdoor amenities. The following is a representation of

    e types of resources available within 35 miles of the site: Outer Banks Center for Wildlife Education,urrituck Banks National Estuarian Research Reserve (954 acres of beach dunes, shrub forest, marsh andund all open to the public with walking trails, 4x4 trails and wild ponies), Corolla Wild Horse Museum,

    urrituck Beach Light House, and the Mackay Island National Wildlife Refuge.

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    1.5

    10.2

    .54

    1.4

    .525

    42

    13.9

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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)