Is project in Qualified Census Tract or Difficult to Develop Area? New Construction/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): If yes, list names of previous phase(s): Will the project meet Energy Star standards as defined in Appendix B? Does a community revitalization plan exist? Target Population: Family Will the project be receiving project based federal rental assistance? If yes, provide the subsidy source: If yes, provide the subsidy source: and number of units: and number of units: Indicate below any additional targeting for special populations proposed for this project: Print Preview - Full Application Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans Project Description Proje ct Name: Randa ll P lace Address: Randall Lane City: Goldsboro County: Wayne Zip: 27533 Census Tract: 13 Block Group:1 No Poli ti ca l Jurisdic ti on: Ci ty of Gold sbor o Jurisdiction CEO Name: First: Last: Al King Title: Mayor Ju risdic ti on Ad dress: PO Dr awer A Jurisdiction City: Goldsboro Zip: 27533-9701 Jurisdiction Ph one: (919)580-4330 Site Latitude: 35.382962 Site Longitude: -77.91310 Project Type: New Construc tion Yes Ashebrooke Apartments Phase I Rehab: Is this project a previously awarded tax credit development? If yes, what year were credits awarded?: Number of residents holding Section 8 vouchers: No 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 If yes, please describe: No Mobility impaired handicapped: 5% of units comply with QAP Section IV(F)(3) (in addition to the units required by other federal and state codes.)
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Indicate below an individual or a validly existing entity (a corporation, nonprofit, limited partnership or LLC) as the official applicant. UnderQAP Section III(C)(5) only this individual or entity will be able to make decisions with regard to this application. If awarded the applicantmust become part of the ownership entity. The applicant will execute the signature page for this application.
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?
Federal Tax ID Number of Ownership Entity: (If assigned)
Note: Do not submit social security numbers for individuals.
Entity Type: Limited Liability Company
Entity Status: To Be Formed
Is the applicant requesting that the Agency treat the application as Non-Profit sponsored? No
Is the applicant requesting that the Agency treat the application as CHDO sponsored? No
List all general partners, members,and principals. Specify nonprofit corporate general partners ormembers. Click [Add] to add additional partners, members, and principals.
Org: The Banks Law Firm, P.A.
First Name: Sherrod Last Name: Banks Function: Managing Member
Separate community building -- Sq. Ft. (Floor Area):Sq. Ft. (Floor Area): 1,8441,844
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: 49,312
Total Net Sq. Ft. (All Heated Areas): 46,336
** Please refer to the Income Limits and Maximum Housing Expense Table to ensure that Total Monthly Tenant Expenses for lowincome units are within established thresholds.
50 DEVELOPMENT COST (lines 1-49) 4,151,219 0 3,959,972
51 Less Federal Financing52 Less Disproportionate Standard
53 Less Nonqualified Nonrecourse Financing
54 Less Historic Tax Credit (residential) 0
55 TOTAL ELIGIBLE BASIS 3,959,972 0 3,959,972
56 Applicable Fraction (percentage of LI Units) 100.00% 100% 100%
57 Basis Before Boost 3,959,972 0 3,959,972
58 Boost for QCT/DDA (if applicable, enter 130%) 100.00% 100.00%
59 TOTAL QUALIFIED BASIS 3,959,972 0 3,959,972
60 Tax Credit Rate 3.45 8.05
61 Federal Tax Credits at Estimated Rate 318,777 0 318,777
62 Federal Tax Credits at 8.5% or 3.75% 336,597 0 336,597
63 Max Federal Tax Credits (With Energy Star - Lesser of $8,500 per unit or$800,000, w/o - Lesser of $8,000 per unit or $800,000) 320,000
64 Federal Tax Credits Requested 318,777 318,777
65 Land Cost 193,000
66 TOTAL REPLACEMENT COST 4,344,219
FEDERAL TAX CREDITS IF AWARDED 320,000
Development costs exceed QAP guidelines based upon the experience with Ashebrooke Apts.Having just placed that project in service last December, their costs offer a unique precedent forwhat we might expect to encounter right next door.
Their per unit site costs were $18,270, while we are only budgeting $13,750. Their per square foothard construction costs were $44 and we are proposing $43.80.
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:
Onsite Activities:
Landscaping Plans:
Market Study Information
The proposed project is a forty (40) unit family rental community off Randall Lane in Goldsboro.Ashebrooke Apartments will consist of 1, 2, and 3 bedroom apartments. There will be a separateoffice/community/laundry building, and a playground for the residents use. The development willincorporate both garden and townhouse style apartments. The site’s close proximity to shopping,schools and a grocery store make it a desirable location. The proposed development is also locatedin the area of Goldsboro that is experiencing growth. The units will be targeted to households at 40-60% AMI. In addition, 10% of the units will be targeted to the mobility impaired.
As an indication of the attractiveness of the site and strength of the market, as of 1/10/07, theproperty management company has already approved 13 households to move in starting Monday1/15/05 and is finalizing the verification process for an additional 11 others. After having received theCertificate of Occupancy on 12/28/06, the first Ashebrooke phase is nearly 50% rented up within thefirst 2 weeks, in spite of the time of year when applications are typically quite slow.
30 Year Dimensional Roof Shingles
Yes
- Ashebrooke Apartments Phase I, Randall Lane, Goldsboro NC- White Oak Manor Apartments, 41 Manor Lane, Swansboro, NC 28584- Ridgewood Apartments, 1018 Wait Ave., Wake Forest, NC 27857- Park Place Apartments, 107 Luxury Lane, Knightdale, NC 27545
Community RoomComputer CenterLaundry RoomPicnic AreaPlaygroundOutdoor sitting area with benchesGazeboTot lot
Residents will have full use of the computer center located in the community building. Periodictraining courses will be conducted on computer hardware and software. Periodic homeownership
counseling courses will also be conducted for those interested in pursuing homeownership.
Each building will have landscaped plantings in front of each apartment, in mulch beds. Trees willalso be planted in front of and around the building and common areas where existing trees may notbe, or cannot be saved.
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 with hoodFrost-free RefrigeratorSome interior/exterior storage spaceWasher/Dryer hook-upsMini BlindsCarpetingVinyl kitchen and bathroomsCentral Air Conditioning and Heat Pump
Briefly describe your site in each of the following categories:
For each applicable neighborhood feature, enter distance from project in miles.
Applicant's Site Evaluation
NEIGHBORHOOD CHARACTERISTICS
Trend and direction of real estate development and area economic health. Physical condition ofbuildings and improvements. Concentration of affordable housing.(See attached Site Evaluation Narrative Supplement)
SURROUNDING LAND USES AND AMENITIES
Suitability of surrounding development. Land use pattern is residential in character (single andmultifamily housing) with a balance of other uses (particularly retail and amenities). Effect ofindustrial, large-scale institutional or other incompatible uses, including but not limited to: wastewatertreatment facilities, high traffic corridors, junkyards, prisons, landfills, large swamps, distributionfacilities, frequently used railroad tracks, power transmission lines and towers, factories or similar
operations, sources of excessive noise, and sites with environmental concerns (such as odors orpollution). Amount and character of vacant, undeveloped land.The site is exclusively surrounded by residential development, notably the high-end single-familyMaplewood subdivision contiguous to the north and the very attractive Ravenwood subdivisioncontiguous to the east and south. Existing natural buffers will be maintained to screen the leastattractive adjoining properties to the south and west. The site is midway between a brand new FoodLion on New Hope Rd. and a very heavy concentration of retail and services all along Berkeley Blvd.
SITE SUITABILITY
Adequate traffic controls (stop lights, speed limits, turn lanes, etc.). Burden on public facilities(particularly roads). Access to mass transit (if applicable). Visibility of buildings and/or location ofproject sign(s) in relation to traffic corridors.The site is at the end of quiet Randall Lane, which offers the advantage on not being a “passthrough” street. Traffic will then turn onto Sanborn Lane before intersecting with Central Heights Rd.,a relatively low traffic road that will be widened to 3 lanes. Further, our site can be accessed viaThoroughfare Road from the south, intersecting Central Heights Road almost across the street from
Sanborn Lane. There will be a public transportation stop at Sanborn and Central Heights Rd.
Degree of on-site negative features and physical barriers that will impede project construction oradversely 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 simply are no on-site negative features and physical barriers that will impede projectconstruction or adversely affect future tenants.
Similarity of scale and aesthetics/architecture between project and surroundings.
As a second phase development, the proposed project is completely similar in scale andaesthetics/architecture with the surroundings.
20% of the units are rent restricted and occupied by households with incomes at or below 50% of the median income (Note: NoTax Credit 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: NoTax Credit 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 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 countymedian 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.
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 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 percent(40%) of county median income.
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 (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 Letters from State Housing Agencies or designated monitoring agent verifying out of state experience
G Completed IRS Form 8821 (Appendix I)
H 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)
I Local Government Letter Confirming Zoning including any pending notices or hearings (original on letterhead, no fax orphotocopies)
J Letters from Local Utility Providers regarding availability and capacity (original on letterhead, no fax or photocopies)
K Documentation from utility company or local PHA to support estimated utility costs
L Appraisal (required for land costs greater than $15,000 and for all Adaptive Re-use and Rehab projects)
M Site plan, floor plans and elevations for all projects. Scope of work for Adaptive Re-use and Rehab projects. (Full Size, 24 x36 inches)
N Hazard and structural inspection and termite reports (Adaptive Re-use and Rehab projects only)
O Copy of certificate of occupancy or proof of placed-in-service date (Rehabs Only)
P Proposed Relocation Plan including relocation budget and copies of notices. Required for all Rehabs and any projectsinvolving existing occupants of any dwellings to be rehabbed or demolished.
Q 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 lenderswith reserve balances, 3) letter from lender that outlines assumption requirements.
R 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.
S Statement regarding terms of Deferred Developer Fee. If a nonprofit is involved, a resolution from their board approvingdeferral of fee is required.
T Inducement Resolution (Tax-Exempt Bond Financed Projects only)