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Is project in Qualified Census Tract or Difficult to Develop area? No Does a community revitalization plan exist? No Political Jurisdiction: Jurisdiction Address: Jurisdiction City: Jurisdiction Phone: City of Charlotte Last: McCrory Title: Mayor 600 E. Fourth Street Charlotrte (704)336-2241 Zip: 28202
35.7810 -78.6366
Project Description
Project Type:* New Construction Rehab Adaptive Reuse
Is this project a follow-on (Phase II, etc) to a previously-awarded tax credit development project? No If yes, list names of previous phase(s): Will the project be receiving project based federal rental assistance? Yes If yes, provide the subsidy source: HUD and number of units: 36
Target Population: Family Indicate 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 and state codes.) Number of Units: Persons with disabilities or homeless populations: the greater of 5 units or 10% of the total units. Number of Units: 18 Remarks: Eighteen units will be accessable to individuls with disabilities
Will the project use steel and concrete construction and have at least 4 stories? Yes Will the project include a Community Service Facility under Section 42(d)(4)(c)(iii) of the code? No If yes, please describe:
Applicant Information
Applicant Name: Address: City: Contact: Telephone: Alt Phone: Fax: Email Address: Banc of America Community Development Corporation 101 South Tryon Street - 18th Floor Charlotte First: Miles (704)388-4325 (704)236-1929 (704)683-9204 miles.vaughn@bankofamerica.com State: NC Zip: 28255 Last: Vaughn Title: SVP
NOTE: Email Address above will be used for communication between NCHFA and Applicant.
Site Description
Total Site Acreage: 3 Total Buildable Acreage: 3 If buildable acreage is less than total acreage, please explain:
Identify utilities and services currently available (and with adequate capacity) for this site: Storm Sewer Water Sanitary Sewer Electric
Is the demolition of any buildings required or planned? Yes If yes, please describe: The existing 32 units will be demolished prior to site development.
Are existing buildings on the site currently occupied? Yes If yes: (a) Briefly describe the situation: There are currently 32 dwelling units on the site. The Charlotte Housing Authority is in the process of relocating the families living in the units and all relocation activity is being conducted in accordance to the Uniform Relocation regulatory requirements. One relocation is completed, the existing buildings will be demolished. The existing tenents will have the opportunity to relocate back to the developed site.
(b) Will tenant displacement be temporary? Yes (c) Will tenant displacement be permanent? Yes Is the site directly accessed by an existing, paved, publicly maintained road? Yes If no, please explain:
Is 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:
(b) Describe flood mitigation if the project will have improvements within the 100 year floodplain:
Site Control
Does the owner have fee simple ownership of the property (site/buildings)? Yes If yes provide: Purchase Date: 4/9/1980 If no: (a) Does the owner/principal or ownership entity have valid option/contract to purchase the property? (b) Does an identity of interest (direct or indirect) exist between the owner/principal or ownership entity with the option/contract for purchase of the property and the seller of the property? If yes, specify the relationship:
(c) Enter the current expiration date of the option/contract to purchase: (D) Enter Purchase Price:
Zoning
Present zoning classification of the site: MUDD-CD Is mutifamily use permitted? Yes Are 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? Yes If yes, specify permit or variance required and date obtained. If no, describe permits/variances required and schedule for obtaining them: A public hearing and City Council approval has occured and was required in order to rezone the site to MUDD-CD.
Are there any existing conditions of historical significance located on the project site that will require State Historic Preservation office review? No If yes, describe below:
Are there any existing conditions of environmental significance located on the project site? No If yes, describe below:
Ownership Entity
Owner Name: Live Oak Apartments, LLC Address: City: 101 South Tryon Street - 18th Floor Charlotte State: NC Zip: 28255 (If assigned)
Entity Type: Limited Liability Company Entity Status: Already Formed Is the applicant requesting that the Agency treat the application as Non-Profit sponsored? Is the applicant requesting that the Agency treat the application as CHDO sponsored?
No No
Yes Is the applicant requesting that the Agency treat the application as a Hope VI project? Does the ownership entity include a public housing authority (PHA) or a related entity of the Yes PHA as a partner, member, or principal? List all general partners, members,and principals. Specify nonprofit corporate general partners or members. Click [Add] to add additional partners, members, and principals.
Org:
Banc of America Community Development Corporation Last Name: Vaughn Function: Managing Member
First Name: Miles Address: City: Phone: EMail: 101 South Tryon Street Charlotte (704)388-4325
State: NC
Zip: 28255
miles.vaughn@bankofamerica.com
Org:
First Name: Charles Address: City: Phone: EMail: 1301 South Blvd. Charlotte (704)336-8349 cwoodyard@cha-nc.org
Zip: 28236
Unit Mix
The Median Income for Mecklenburg county is $64,400. Low Income Units Type Gdn Apt Gdn Apt Gdn Apt Gdn Apt # BRs Net Sq.Ft. 2 2 1 1 1000 1000 532 670 Total # Units 17 15 1 2 # Units 4 0 0 0 Monthly Rent 251 528 453 453 Electric Utility Allowance 125 125 90 90 Gas Other Mandatory Serv. Fees 0 0 0 0 **Total Housing Exp. 376 653 543 543
Water/Sewer
Employee Units (will add to Low Income Unit total) Type # BRs Net Sq.Ft. Total # Units # Units Monthly Rent Electric Utility Allowance Gas Other Mandatory Serv. Fees **Total Housing Exp.
Water/Sewer
Market Rate Units Type Gdn Apt Gdn Apt Gdn Apt Gdn Apt Gdn Apt Gdn Apt Gdn Apt Gdn Apt Gdn Apt Gdn Apt Gdn Apt Gdn Apt Gdn Apt Gdn Apt Total # BRs Net Sq.Ft. # Units 1 1 1 1 2 2 2 2 2 2 2 3 3 3 532 670 670 711 1000 1000 1000 1035 1036 1187 1422 1397 1391 1309 3 4 2 48 24 3 19 10 4 6 8 3 3 4 # Units 1 1 0 8 4 0 4 0 0 0 0 0 0 0 Monthly Rent 900 1018 1018 1059 1400 1400 1400 1449 1450 1662 1977 1956 1947 1836 Electric Utility Allowance 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Gas Other Mandatory Serv. Fees 0 0 0 0 0 0 0 0 0 0 0 0 0 0 **Total Housing Exp. 900 1018 1018 1059 1400 1400 1400 1449 1450 1662 1977 1956 1947 1836
Water/Sewer
Statistics All Units Low Income....... Market Rate....... 35 141 Gross Monthly Rental Income 13546 189171
Units 4 18
Totals...............
176
22
202717
Separate community building - Sq. Ft. (Floor Area): Community space within residential bulding(s) - Sq. Ft. (Floor Area): 3,400 Elevators - Number of Elevators: 2 Square Footage Information Gross Floor Square Footage: 182,731
Notes ** 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.
Targeting
Specify Low Income Unit Targeting in table below. List each applicable targeting combination in a separate row below. Click [Add] to create another row. Click "X" (at the left of each row) to delete a row. Add as many rows as needed.
# BRs 1 2 3 1 32 3
% percent of median income affordable to percent of median income affordable to percent of median income affordable to
36
Note: This number should match the total number of low income units in the Unit Mix section.
Funding Sources
NonAmortizing* 0 0 1,100,000 0 0 0 1,968,000 0 0 18,900,250 0 0 1,629,711 0 0 867,873 1,436,668 800,000 26,702,502 6.50 0 40 30 40 1,327,833 30 0 2.00 20 20 2.00 20 20 Rate (%) Term (Years) Amort. Period (Years) Annual Debt Service
Source Bank Loan RPP Loan Local Gov. Loan - Specify: Housing Trust Fund RD 515 Loan RD 538 Loan - Specify: AHP Loan Other Loan 1 - Specify: HOPE VI 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: GIC Income/Retail Site Sale Total Sources**
Amount
* "Non-amortizing" indicates that the loan does not have a fixed annual debt service. For these items, you must fill in 20-year debt service below. ** Total Sources must equal total replacement cost in Project Development Cost (PDC) section. Estimated pricing on sale of Federal Tax Credits: $0. 98 Remarks concerning project funding sources: (Please be sure to include the name of the funding source(s)) The Housing Trust Fund loan is a deferred loan with all debt service payments deferrd up to 20 years.
Loans with Variable Amortization Please fill in the annual debt service as applicable for the first 20 years of the project life.
Local Gov. Loan - Housing Trust Fund Year: Amt: Year: Amt: 1 22000 11 22000 2 22000 12 22000 3 22000 13 22000 4 22000 14 22000 5 22000 15 22000 6 22000 16 22000 7 22000 17 22000 8 22000 18 22000 9 22000 19 22000 10 22000 20 22000
Other Loan 1 - HOPE VI Year: Amt: Year: Amt: 1 39360 11 39360 2 39360 12 39360 3 39360 13 39360 4 39360 14 39360 5 39360 15 39360 6 39360 16 39360 7 39360 17 39360 8 39360 18 39360 9 39360 19 39360 10 39360 20 39360
Development Costs
Item Cost Element 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 8 Contractor Overhead 9 Contractor Profit 10 Construction Contingency 11 Architect's Fee - Design (11 + 12 = max 3% lines 2-10) 12 Architect's Fee - Inspection 13 Engineering Costs SUBTOTAL (lines 1 through 12) 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 29 Title and Recording SUBTOTAL (lines 13 through 28) 30 Real Estate Attorney 31 Other Attorney's Fees 32 Tax Credit Application Fees (Preliminary and Full) 33 Tax Credit Allocation Fee (0.55% of line 59, minimum $7,500) 34 Cost Certification / Accounting Fees 35 Tax Opinion 36 Organizational (Partnership) 37 Tax Credit Monitoring Fee SUBTOTAL (lines 29 through 36) 38 Furnishings and Equipment 39 Relocation Expense 40 Developer's Fee 41 42 44 45 Other Basis Expense (specify)-Marketing/Construction Draw AD. Other Basis Expense (specify) Other Non-basis Expense (specify)-Soft Contigency/SS Reserve Other Non-basis Expense (specify) 85,000 0 25,000 110,625 364,785 0 0 2,267,873 160,000 0 0 168,000 0 863,875 450,000 6,000 100,000 20,447,375 125,000 195,996 1,266,568 0 125,000 0 15,000 15,000 0 25,000 0 256,125 0 214,128 25,000 0 2,262,817 0 142,000 2,160 19,027,500 TOTAL COST Eligible Basis 30% PV 70% PV
43 Rent-up Expense
SUBTOTAL (lines 37 through 44) 46 Rent up Reserve 47 Operating Reserve 48 49 Other Reserve (specify) Other Reserve (specify)
2,595,873 354,377 677,275 0 0 26,702,502 1,968,000 0 0 0 0 20.00% 0 0 0 0 850,000 1,629,711 0 26,702,502 1,629,711 0 20% 0 100.00% 0 3.43 0 0 0 0 20% 0 100.00% 0 8.00 0 0 0 0
50 DEVELOPMENT COST (lines 1-48) 51 Less Federal Financing 52 Less Disproportionate Standard 53 Less Nonqualified Nonrecourse Financing 54 Less Historic Tax Credit (residential) 55 TOTAL ELIGIBLE BASIS 56 Applicable Fraction (percentage of LI Units) 57 Basis Before Boost 58 Boost for QCT/DDA (if applicable, enter 130%) 59 TOTAL QUALIFIED BASIS 60 Tax Credit Rate 61 Federal Tax Credits at Estimated Rate 62 Federal Tax Credits at 8.5% or 3.75% 63 Max Federal Tax Credits (Lesser of $8,500 per unit or $850,000) 64 Federal Tax Credits Requested 65 Land Cost 66 TOTAL REPLACEMENT COST FEDERAL TAX CREDITS IF AWARDED Comments:
Total Replacement Cost per unit: Federal Tax Credits (line 62) per unit:
145,857 0
Have you built other tax credit developments that use the same building design as this project? Yes If yes, please provide name and address: Sycamore Green 1005 West Trade Street Charlotte, NC 28202
Site Amenities: A 4,000 sq. ft. clubhouse, swimming pool, fitness center, business center, well landscaped open space, and pedestrian-friendly tree-lined streets.
Onsite Activities:
Landscaping Plans: Significantly enhanced landscaping consisting of preserving many existing mature trees as well as planting an assortment new trees. Seasonal and annual plants will be planted along with attractive shrubs.
Interior Apartment Amenities: Each floor plan will be spacious and will contain such features as 42-inch cabinets, an attractive GE appliance package including stove, refrigerator, and dishwasher, ceiling fans in the master bedroom, a balcony, laminated counter tops, and washer/dryer hook-ups.
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.
Similarity of scale and aesthetics/architecture between project and surroundings. The development team has worked vigilantly with the surrounding communities, Planning department, and other stakeholders to insure design and use compatibility with the surrounding neighborhoods. Building height, exterior features, and site buffers all reflect strong collaboration.
For each applicable neighborhood feature, enter distance from project in miles. 1 Grocery Store .25 Community/Senior Center
.5 3 2 2 .25 1 .5 3 .5 3 5 4
3 3 4 2
Hospital Pharmacy Basic Health Care Medical Offices Bank/Credit Union Restaurants Professional Services Movie Theater Video Rental Public Safety (Fire/Police) Post Office
Public Transportation Stop 2 Convenience Store Basketball/Tennis Courts Public Parks Gas Station Library Fitness/Nature Trails Public Swimming Pools .5 .5 1 1 2 3
Development Team
Provide contact information for development team members below: Management Agent Company: JMG Reality Address: City: Phone 2174 Harris Avenue NE - Suite 7 Palm Bay (321)728-1810 State: FL Zip: 32905 Email: bsmetzer@jmgreality.com Last: Smetzer
The Housing Studio 500 East Boulevard Charlotte (704)333-7862 State: NC Zip: 28203 Email: ctravis@housingstudio.com Last: Travis
Gary Swindell Law Office 227 West Trade Street - Suite 2030 Charlotte (704)376-1388 State: NC Zip: 28202 Email: gary@swindelllaw.com Last: Swindell
MMA Financial, Inc. 900 17th Street NW - Suite 350 Washington (202)777-0906 State: DC Zip: 20006 Email: ctawa@mmsfin.com Last: Tawa
Consultant/Application Preparer (if different from developer) Company: Address: City: Phone Contact Name: First: State: Email: Last: Zip:
Identity of Interest? General Contractor Company: Sagehorn & Company Address: City: Phone 7205 Cherry Tripp Drive Charlotte (704)535-2206 State: NC Zip: 28212 Email: larry@sagehornandcompany.co Last: Sagehorn
Management List number of low-income housing tax credit units managed in the past 10 years: North Carolina Other States Projects: Units: 1 76 11 1,528
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? No 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? No 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-insured project, a Rural Development funded rental project, a tax-exempt funded mortgage, a tax credit project, or any other publicly subsidized project? No 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 to meet 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? No 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? Yes Does any owner, principal or management agent have any outstanding flags in HUDs national 2530 National Participation system? No If yes, please specify
Has any owner, principal or management agent been involved in any project awarded tax credits in 2002 or earlier for which either the permanent financing or equity investment has not closed? No If yes, please specify
Has any owner, principal or management agent been involved in any project awarded tax credits in 2002 or earlier for which the final cost certification requirements have not been met by December 22, 2005? No If yes, please specify
Has any owner, principal or management agent been involved in any project awarded tax credits after 2000 where there has been a change in general partners or managing members during the last five years that the Agency did not approve in writing beforehand? No If yes, please specify
21,240 39,200 7,080 0 65,313 50,000 0 7,080 0 3,540 19,470 0 10,620 223,543 0 34,200 10,500 0 12,500 57,200 33,280 5,600 9,500 2,700 0 6,300 24,500 0 3,400 11,820 46,600 9,500 4,000 22,450 4,400 0 0 13,600 0 5,800 7,500 210,950 154,875 21,411
Miscellaneous Taxes, Licenses and Permits Property and Liability Insurance (Hazard) Fidelity Bond Insurance Workmen's Compensation Health Insurance and Other Employee Benefits Other Insurance: SUBTOTAL Supportive Service Expenses Service Coordinator Service Supplies Tenant Association Funds Other Expenses (specify): SUBTOTAL Reserves Replacement Reserves SUBTOTAL TOTAL OPERATING EXPENSES ADJUSTED TOTAL OPERATING EXPENSES (Does not include taxes, reserves and resident support services) * TOTAL UNITS (from total units in the Unit Mix section) PER UNIT PER YEAR
107,970 0 0 2,741 16,800 0 303,797 0 1,062 0 0 1,062 0 0 796,552 640,615 176 3,639
Total Gross Income Potential at 100% Occupancy Seven Percent Vacancy Allowance NET RENTAL/OTHER INCOME TOTAL OPERATING EXPENSES (from Projected Operating Costs) NET OPERATING INCOME DEBT SERVICE (from Funding Sources Loans) NET CASH FLOW DEBT COVERAGE RATIO (Must not be less than 1.15)
796,552 2,260,414
1,389,193
995,572 1.79
2,260,414 2,328,226 2,398,073 2,470,015 2,544,115 2,620,438 2,699,051 2,780,023 2,863,424 2,949,327 796,552 828,414 861,551 896,013 931,854 969,128 1,007,893 1,048,209 1,090,137 1,133,742
1,389,193 1,389,193 1,389,193 1,389,193 1,389,193 1,389,193 1,389,193 1,389,193 1,389,193 1,389,193 74,669 1.054 11 110,619 1.08 12 147,329 1.106 13 184,809 1.133 14 223,068 1.161 15 262,117 1.189 16 301,965 1.217 17 342,621 1.247 18 384,094 1.276 19 426,392 1.307 20
3,037,807 3,128,941 3,222,809 3,319,493 3,419,078 3,521,650 3,627,300 3,736,119 3,848,203 3,963,649
Total Operating Expenses* 1,179,092 1,226,256 1,275,306 1,326,318 1,379,371 1,434,546 1,491,928 1,551,605 1,613,669 1,678,216 Debt Service Net Cash Flow Debt Coverage Ratio 1,389,193 1,389,193 1,389,193 1,389,193 1,389,193 1,389,193 1,389,193 1,389,193 1,389,193 1,389,193 469,522 1.338 513,492 1.37 558,310 1.402 603,982 1.435 650,514 1.468 697,911 1.502 746,179 1.537 795,321 1.573 845,341 1.609 896,240 1.645
* Net Rental Income escalated at annual rate of 3% and expenses escalated at a rate of 4% after the first year.
Calculations:
1. "Net Rental/Other Income" comes from 1st-year cash flow, then it is escalated by 3% per year. 2. "Total Operating Expenses" comes from 1st-year cash flow, then it is escalated by 4% per year. 3. "Debt Service" is the sum of "regular/amortized loan debt service + non-amortizing annual service" as entered by user from Funding Sources section. 4. "Net Cash Flow" is "Net Rental/Other Income" minus "Total Operating Expenses" minus "Debt Service". 5. "Debt Coverage Ratio" is ("Net Rental/Other Income" minus "Total Operating Expenses") divided by "Debt Service".
Minimum Set-Asides
MINIMUM REQUIRED SET ASIDES (No Points Awarded): Select one of the following two options: 20% of the units are rent restricted and occupied by households with incomes at or below 50% of the median income (Note: No Tax 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: No Tax 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: 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%) of county median income. At least twenty-five percent (25%) of qualified units will be affordable to and occupied by households with incomes at or below thirty percent (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 county median 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.
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 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.