Western Manor

8/6/2019 Western Manor

http://slidepdf.com/reader/full/western-manor 1/22

rint - APP09-0096

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

roject Description

oject Name: Western Manor

ddress: 3310 Keller Andrews Road

ty: Sanford County: Lee Zip:

ensus Tract: 301 Block Group: 5064

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: City of Sanford

risdiction CEO Name:First:Cornelia Last:Olive

Title: Mayor

risdiction Address: 225 Weatherspoon St.

risdiction City: Sanford 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(liwiabz3r...97396687CE&SNID=C15A71CBDDF24766B310659B9BDB1EF7 (1 of 22)4/8/2009 2:53:49 PM

27330

27331

(919)775-8348

35.4480

-79.2146



rint - APP09-0096

ll the project include a Community Service Facility under IRS Revenue Ruling 2003-77?o

If yes, please describe:

rget Population:Elderly (55)

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

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




rint - APP09-0096

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: Southland Partners LLC

ddress: 131 Matthews Station Street, Suite 2-F

ty: Matthews State: NC Zip:

ontact: First: Tom Last:Honeycutt Title:Managing Member

elephone:

t Phone:

ax:

mail Address:

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


28105

(704)321-1526

(704)321-1562

[email protected]





rint - APP09-0096

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




rint - APP09-0096

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:


10/31/2009

720,500



rint - APP09-0096

oning

esent zoning classification of the site:R-12

multifamily use permitted?No

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:

Application for rezoning to MF-12C, by site plan approval will begin by meeting with the town planning staffthe second week of January, plan submission 2nd week of February, with final approval by the town in lateMarch, 2009 according to the towns schedule.

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:




rint - APP09-0096

wnership Entity

wner Name: Western Manor Housing LLC

dress: 131 Matthews Station St., Suite 2-F

y: Matthews 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? 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.ick [Add] to add additional partners, members, and principals.

Org: Southland Partners LLC

rst Name: Tom Last Name: Honeycutt Function: Managing Member

ddress: 131 Matthews Station St., Suite 2-F

ty: Matthews State: NC Zip: 28105

hone: Fax:

Mail: Nonprofit: No

Org: Thomas W. Honeycutt

rst Name: Tom Last Name: Honeycutt Function: Principal

ddress: 131 Matthews Station St., Suite 2-Fty: Matthews State: NC Zip: 28105

hone: Fax:

Mail: Nonprofit: No

Org: Gary D. Ellis

rst Name: Danny Last Name: Ellis Function: Principal

ddress: 2021 Cross Beam Drive

ty: Charlotte State: NC Zip: 28217

hone: Fax:

Mail: Nonprofit: No

Org: Melvin B. Melton

rst Name: Mel Last Name: Melton Function: Principal


ty: Charlotte State: NC Zip: 28217


28105

(704)321-1526 (704)321-1562

[email protected]

(704)321-1526 (704)321-1562

[email protected]

(704)357-6000 (704)357-1881

[email protected]



rint - APP09-0096

hone: Fax:

Mail: Nonprofit: No

Org: Timothy L. Gunderman

rst Name: Tim Last Name: Gunderman Function: Principal


ty: Charlotte State: NC Zip: 28217hone: Fax:

Mail: Nonprofit: No


(704)357-6000 (704)357-1881

[email protected]

(704)357-6000 (704)357-1881

[email protected]



rint - APP09-0096

nit Mix

e Median Income for Lee county is $55,000.

w Income Units

Type # BRs Net Sq.Ft.Total

# Units#Units

MonthlyRent

UtilityAllowance

MandatoryServ. Fees

**TotalHousing Exp.

Gdn Apt 1

Gdn Apt 1

Gdn Apt 2

Gdn Apt 2

Utilities included in rents: Water/Sewer Electric Gas Other

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):


610 30 2 425 74 0 499

610 30 1 490 74 0 564

950 14 1 522 88 0 610

950 14 1 590 88 0 678

88 5 43018

88 5 43018

1 2

2,400



rint - APP09-0096

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.


1

82,740

78,800

10

10

0

http://www.nchfa.com/Rental/Mincomelimits.aspx

http://www.nchfa.com/Rental/Mincomelimits.aspx



rint - APP09-0096

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




tal Low Income Units:

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


30 50

30 60

14 50

14 60

88



rint - APP09-0096

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:



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))


0

460,000 2.00 20 20 27,925

0

0

0

0

0

0

0

0

2,476,143 0 30 30 0

0

7,799,070

0

0

1,224

0

0

10,736,437

70



rint - APP09-0096

e anticipate selling these credits to CAHEC for BB&T.








rint - APP09-0096

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:

Land cost and offsite sewer justify the credit boost. See attachments which address this issue.

Project Development Cost per unit 59,000


9,523,627 0 9,523,627

100.00% 130.00%

12,380,715 0 12,380,715

3.50 9.00

1,114,264 0 1,114,264

1,114,264 0 1,114,264

720,500

10,736,437

1,114,264



rint - APP09-0096

arket Study Information

ease provide a detailed description of the proposed project:

estern Manor is proposed as an 88 unit independent living facility for rent to the elderly, 55 and older. Itl consist of 60 one bedroom one bath units and 28 two bedroom 2 bath units, all kitchens, living and

orage areas, and located in one, 2 story elevator building. Community space is also provided for use bye residents.

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?Yes

If yes, please provide name and address:

Willow Ridge, Morganton, NC

e Amenities:

tting areas inside and out, multipurpose room for library area and TV viewing, computer center, storage,zebo, and covered drive though entry.

site Activities:

ervices will be arranged by management based on resident needs. Other social activities will be planneddemand dictates.




rint - APP09-0096

ndscaping Plans:

e site will be well landscaped, at least $400 per unit for plantings.

erior Apartment Amenities:

ost free refrigerator with ice maker, stove, hood, HVAC, washer dryer connections, pantry, Dishwasher,rpet, vinyl floor covering in baths and kitchens, ceiling fan

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.




rint - APP09-0096

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.

rend in the area shows continued growth around the hospital, located about one mile away in the form of

edical services. Single family housing has slowed in the general area surrounding the location but thehopping center 1 mile south on HW 1 is adding a drug store. There is limited if any affordable housing ine immediate vicinity.

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, distribution

cilities, 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. Surrounding land uses are schools, parks, open land, residential,tail and some commercial with the hospital and other medical services 1/2 to 1 mile away. No effects fromge scale institutional or other uses. The highway which borders the site is not high traffic and the site isuated well above the road bed and buffered by trees. Some vacant land is still available in the general area

hich will continue its current use or become more residential in character.

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. Keller Andrews has adequate controls for the uses proposed and existing.is is a low traffic street accept during school beginning and ending hours. Our elderly site will not be a big

affic generator. The building will be visible in all directions, from the highway in both directions since we willesent a higher and prominent facade, and from Keller Andrews.

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).

ff site and additional land use costs are necessary in order to get sewer to the development, in addition toe somewhat high land cost due to the excellent location. While these are not necessarily negativeatures, without the credit boost which is now available where the agency deems necessary, this site could

ot have been considered before. Given the available sites in the area this one is very good.

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

he building will fit fine due to its residential character and the relationship of the buiding on the site andstance from other structures.




rint - APP09-0096

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/Afterchool

Basic Health Care

SchoolsPublic Transportation

Stop

Convenience Store Public Parks

Gas Station Library

her facilities or services:

rks, public and private schools, department of motor vehicles and Sanford downtown area are all close byth 1 to 5 miles.


4

1

1

1

2

5 .5

5 4



rint - APP09-0096

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 Payment Check in the amount of $5,450.00 made payable to North Carolina Housing Finance Agency.

Tab A - Preliminary Application Printed, signed copy of preliminary application generated from online system.

B - Map/Driving Instructions A 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 Control Provide valid option/contract or warranty deed and plot plan.

E - Site Plans/Scope of Work Preliminary 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 Analysts This 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 Boost Applicant should provide an appraisal and/or standard geological survey to support a request for the basis boost (if applicable)

Western Manor

Documents