Woodland Trace

8/6/2019 Woodland Trace

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

roject Description

oject Name: Woodland Trace

ddress: Pine Mountain Road

ty: Hudson County: Caldwell Zip:

ensus Tract: 306 Block Group: 2010

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: Town of Hudson

risdiction CEO Name:First:Billy Last:Beane

Title: Mayor

risdiction Address: 550 Central Street

risdiction City: Hudson 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(jeng3har...FFE056895&SNID=FB44DA8C11CC4B33A4CC798DEDAD82B5 (1 of 21)4/14/2009 1:03:08 PM

28638

28638

(828)728-8272

35.85529

-81.46848


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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:



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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: Weaver-Kirkland Housing, LLC

ddress: P.O. Box 26030

ty: Greensboro State: NC Zip:

ontact: First: Linda Last:Wall Title:Vice President

elephone:

t Phone:

ax:

mail Address:

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


27420-6030

(336)478-2273

(336)378-7900

(336)378-6571

[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:


5.0 5.0


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



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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:


12/4/2009

80,000


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oning

esent zoning classification of the site:R-12 Medium Residential Density District

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:

A Planned Unit Development (PUD)is required. We plan to submit the PUD in February, 2009 withapprovals in February or March.

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:



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wnership Entity

wner Name: Woodland Trace Limited Partnership

dress: P.O. Box 26030

y: Greensboro State:NC Zip:

deral Tax ID Number of Ownership Entity: (If assigned)

ote: Do not submit social security numbers for individuals.

ntity Type: Limited Partnership

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: Woodland Trace WK GP, LLC

rst Name: Linda Last Name: Wall Function: Managing General Partner

ddress: P.O. Box 26030

ty: Greensboro State: NC Zip: 27420-6030

hone: Fax:

Mail: Nonprofit: No

Org: Weaver-Kirkland Housing, LLC

rst Name: Linda Last Name: Wall Function: Principal

ddress: P.O. Box 26030ty: Greensboro State: NC Zip: 27420-6030

hone: Fax:

Mail: Nonprofit: No


27420-6030

(336)378-7900 (336)378-6571

[email protected]

(336)378-7900 (336)378-6571

[email protected]


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nit Mix

e Median Income for Caldwell county is $52,500.

w Income Units

Type # BRs Net Sq.Ft.Total

# Units#Units

MonthlyRent

UtilityAllowance

MandatoryServ. Fees

**TotalHousing Exp.

Gdn Apt 1

Gdn Apt 2

Gdn Apt 2

Gdn Apt 3

Gdn Apt 3

Utilities included in rents: Water/Sewer Electric Gas Other Garbage Collection

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

Monthly

Rent

Utility

Allowance

Mandatory

Serv. Fees

**Total

Housing 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):


687 2 1 350 80 0 430

905 15 1 405 85 0 490

905 15 1 405 85 0 490

1146 4 1 430 110 0 540

1146 4 0 430 110 0 540

40 4 16290

40 4 16290

5 2

1,475


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Community space within residential bulding(s) - Sq. Ft. (Floor Area):

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.


48,416

42,251

2

4

4
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





tal Low Income Units:

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


1 50

1 50

13 50

17 60

2 50

6 60

40


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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:



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))


1,328,038 0 30 30 0

3,428,306

73

4,756,417

70


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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


660,000 660,000

2,399,960 2,399,960

183,598 183,598

64,871 64,871

194,613 194,613

175,152 175,152

48,000 48,000

12,000 12,000

30,000 30,000

3,768,194

16,500 16,500

125,000 112,500

1,000 1,000

7,500 7,500

12,000 12,000

3,500 3,500

7,500 7,500

4,300 4,300


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29 Title and Recording


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


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


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)


1,000

178,300

15,500 15,500

27,600

2,300

32,656

12,000 12,000

3,500

15,500

28,000

137,056

11,000 11,000

420,000 420,000

30,000 30,000

Other Basis Expense - 4,300 4,300

Other Basis Expense- F 1,000 1,000

12,000

Other Non-basis Expen

Other Non-basis Expen

478,300

12,000

62,567

Other Reserve (specify)

Other Reserve (specify)

4,636,417 0 4,426,794

0

4,426,794 0 4,426,794

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 unit59,999


4,426,794 0 4,426,794

100.00% 122.94%

5,442,301 0 5,442,301

3.50 9.00

489,807 0 489,807

0

120,000

4,756,417

489,807


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arket Study Information

ease provide a detailed description of the proposed project:

oodland Trace - The project will consist of 40 units located within 5 two-story buildings spread over a 5.0re site. There will be 8 one-bedroom/one bath units, 24 two-bedroom/one bath units and 16 three-droom/two bath units. This will include a total of 4 handicapped/mobility impaired units. (5% as requiredFederal and State codes and 5% as required by QAP Section IV(F)(3), with one of these units for each

ass.) Four units will be targeted to persons with disabilities or homeless populations. The units will be

rgeted to 40% at 50% AMI and 60% to 60% AMI. The site's main entrance will have a drive with a lightedoperty sign at the entrance. Our site plan shows a centrally located community building which will housee office, coin operated laundry room, maintenance and community room. The community building willovide a resident computer center with two built-in computer desks and high speed internet access, diningom with table and chairs and TV/Reading Room. The post office facility will be housed in a covered porchthe front entrance to the community building.Each unit will meet the Energy Star Certification Criteria,

hich will reduce the tenants' utility costs.

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:

Energy Star appliances/Low flow fixtures.Curb and gutter throughout with turndowns at sidewalks.Internal pedestrian system linking structures and parking.Security lighting throughout all parking areas.Exterior brick, vinyl and accent shake siding.Gutter and downspout system.

ve you built other tax credit developments that use the same building design as this project?Yes

If yes, please provide name and address:Sugar Hill Apartments66 Ladies Mantle CourtHendersonville, NC 28792

e Amenities:

ot Lotovered Picnic Shelter

ernal pedestrian systempen play area adjacent to community buildingenches scattered throughout the site

site Activities:

cated within the community building, the community room will house kitchen facilities, a craft area and aulti-purpose room. This area will be the center for "social" activities and residential gatherings, medicalreenings and regular residents' meetings.



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ndscaping Plans:

e site will be generously and attractively landscaped with street trees along the entrance, scatteredade and ornamental trees, low maintenance foundation plantings adjacent to the building and lawn areas,d perimeter plantings will be located in and around the buildings. Our site plan maintains a large buffer ofisting trees and shrubs around the site.

erior Apartment Amenities:

ange with hood, frost-free refrigerator, dishwasher, spacious walk-in closets, covered patio/deck, mininds, ceiling fans with light fixtures, carpet in living room and bedrooms, vinyl floors in kitchen/dining areasd at front entrance, central heat/air pump.

you plan to submit additional market data (market study, etc.) that you want considered? No

If 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.

Woodland Trace - The proposed site is located 2.7 miles southeast of downtown Hudson. A new single

mily residential neighborhood is located to the south of the site. The intersection of Pine Mountain Roadnd Hwy 321 has seen tremendous growth over the past four years. There is a new Food Lion, Rite Aid,

Wendys' Restaurant, Walgreens (under construction) and Deer Creek, a new residential development.udson is quickly becoming a bedroom community for both Lenior and Hickory. Over 16,000 cars pass bye intersection of HWY 321 and Pine Mountain Road every day. Downtown Lenoir is less than 4 miles toe north and Hickory is less than 8 miles to the south.

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. The site is part of the Deer Creek residential community located toe south of the site. A small environmental lab is located to the north of the site. The area is mostlysidential in character. Major growth is 1/2 mile to the west and the intersection of HWY 321 and Pineountain Road. Hospice is building a new facility to the south of our proposed development. The vacant landat surrounds our proposed development is subdivided for single family residential. Pine Mountain Road is asidential road with mostly morning and afternoon traffic. A small woodworking shop exists southwesthind the shopping center. This facility is open 8am-5pm and employs 10 people. No excessive noise orors were observed during multiple site visits.

TE SUITABILITY

dequate traffic safety controls (i.e. stop lights, speed limits, turn lanes). Burden on public facilities

articularly roads). Access to mass transit (if applicable). Visibility of buildings and/or location of project sign in relation to traffic corridors. Lights and turn lane exist at the intersection of Pine Mountain Road andWY 321. We are planning a single entrance and a turn lane to correspond with the proposed elderlyvelopment located to the south of the site. (See site plan) Site visibility will be excellent along Pine

ountain Road.

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).

o negative features were observed during our visit to the site.



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

lder single family residential exists northwest of the site along Pine Mountain Road. Deer Creek, a newngle family development, is located to the south of the site. The new Hospice facility for Caldwell Countyill be located to the east of the site. The existing undeveloped land surrounding the development is zonednd subdivided for single and multifamily development.

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

choolBasic Health Care

Schools Public Transportation

Stop

Convenience Store Public Parks

Gas Station Library

her facilities or services:

aldwell County Community College is located 1.0 miles from the site. Dollar General is 0.6 miles from thee.


.5 1.5

.5 6.9

.90.5

.10.5

.9

.1 2.0

.1 1.9


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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)

Woodland Trace

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