Spring Brook

8/6/2019 Spring Brook

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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

Project Name: Springbrook

Address: Crescent Drive

City: Wilson County: Wilson Zip: 27893

Census Tract: 4 Block Group: 2

Yes

Political Jurisdiction: City of Wilson

Jurisdiction CEO Name: First: Last:Bruce Rose Title: MayorJurisdiction Address: 112 Goldsboro Street East

Jurisdiction City: Wilson Zip: 27893

Jurisdiction Phone: (252)399-2310

Site Latitude: 35.7257

Site Longitude: -77.9194

Project Type: New Construction

No

Rehab:

Is this project a previously awarded tax credit development?

If yes, what year were credits awarded?:

Number of residents holding Section 8 vouchers:

Yes

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 andstate codes.)


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Number of Units: 3

Persons with disabilities or homeless populations: the greater of 5 units or 10% of the total units.

Number of Units: 5

Remarks:


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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.

Applicant Information

Applicant Name: Guilford Financial Services, LLC

Address: Post Office Box 29407

City: State: NC Zip:Greensboro 27429-9407

Contact: First: Last: Title:Maida Renson Manager

Telephone: (336)373-0600

Alt Phone: (336)908-7718

Fax: (336)373-0601

Email Address: [email protected]

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


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Total Site Acreage: Total Buildable Acreage:

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?

If yes, please describe:

Are existing buildings on the site currently occupied?

If yes:(a) Briefly describe the situation:

(b) Will tenant displacement be temporary?

(c) Will tenant displacement be permanent?

Is the site directly accessed by an existing, paved, publicly maintained road?

If no, please explain:

Is any portion of the site located inside the 100 year floodplain?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 Description

8.7 6.8

A portion of the property is set aside for potential wetlands and a buffer from a nearby floodplain aswell as for a stormwater retention area.

No

No

Yes

Yes

All of the buildings are at least 25 feet away from the edge of the 100 year floodplain and will be builtwell above the flood plain level, as required by all applicable building codes.


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No project improvements will be within the 100 year floodplain. We will leave a buffer between thepotential floodplain and the buildings. In addition, all buildings will be on building pads that will bebuilt up to ensure that all finished floors are well above the floodplain.


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Does the owner have fee simple ownership of the property (site/buildings)?

If yes provide:

Purchase Date: Purchase Price:

If no:

Site Control

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/contract for

purchase of the property and the seller of the property?If yes, specify the relationship:

No

(c) Enter the current expiration date of the option/contract to purchase: 9/10/2007

(D) Enter Purchase Price: 464,280


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Present zoning classification of the site:

Is multifamily use permitted?

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?

If yes, describe below:

Zoning

RA-8

Yes

No

No

No


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Ownership Entity

Owner Name: Wilson MMR Limited Partnership (to be formed)


City: State: NC Zip:Greensboro 27429-9407

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

Note: Do not submit social security numbers for individuals.

Entity Type: Limited Partnership

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: Wilson MMR GP, LLC

First Name: Maida Last Name: Renson Function: Managing General Partner


City: Greensboro State: NC Zip: 27429-9407

Phone: (336)373-0600 Fax: (336)373-0601

EMail: [email protected] Nonprofit: No

Org: Guilford Financial Services, LLC

First Name: Maida Last Name: Renson Function: Principal



Phone: (336)373-0600 Fax: (336)373-0601


Org: Carolina Community Developers, LLC

First Name: Maida Last Name: Renson Function: Principal



Phone: (336)373-0600 Fax: (336)373-0601



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Square Footage Information

Notes

Gross Floor Square Footage: 52,450

Total Net Sq. Ft. (All Heated Areas): 47,408

** 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.


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Specify Low Income Unit Targeting in table below. List each applicable targeting combination in a separate row below. Click [Add] tocreate another row. Click "X" (at the left of each row) to delete a row. Add as many rows as needed.

Total Low Income Units:

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

Targeting

# BRs Units %

1 3 targeted at 40 percent of median income affordable to/occupied by


1 1 targeted at 50 percent of median income affordable to










48


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Estimated pricing on sale of Federal Tax Credits: $0.

Remarks concerning project funding sources:(Please be sure to include the name of the funding source(s))

Loans with Variable AmortizationPlease fill in the annual debt service as applicable for the first 20 years of the project life.

Funding Sources

Source AmountNon-

Amortizing*Rate(%)

Term(Years)

Amort.Period(Years)

AnnualDebt

Service

Bank Loan

RPP Loan 640,600 2.00 20 20

Local Gov. Loan - Specify:

RD 515 Loan

RD 538 Loan - Specify:

AHP Loan

Other Loan 1 - Specify:



Tax Exempt Bonds

State Tax Credit(Loan) 1,107,757 0 30 30 0

State Tax Credit(Direct Refund)

Equity: Federal LIHTC 3,467,653

Non-Repayable Grant

Equity: Historic Tax Credits

Deferred Developer Fees

Owner Investment 100 Other - Specify:

Total Sources** 5,216,110

* "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.

85


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RPP Loan

Year:Amt:

1

46800

2

46800

3

46800

4

46400

5

46400

6

46400

7

45400

8

45400

9

45400

10

43600

Year:Amt:

11

43600

12

43600

13

40900

14

40900

15

40900

16

37100

17

37100

18

37100

19

33900

20

33900


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Development 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 590,000 490,0004 Rehabilitation

5 Construction of New Building(s) 2,510,000 2,510,000

6 Accessory Building(s)

7 General Requirements 186,000 186,000

8 Contractor Overhead 65,720 65,720

9 Contractor Profit 197,160 197,160

10 Construction Contingency 106,466 106,466

11 Architect's Fee - Design (11 + 12 = max 3% lines 2-10) 35,000 35,000

12 Architect's Fee - Inspection 15,000 15,000

13 Engineering Costs

SUBTOTAL (lines 1 through 13) 3,705,346

14 Construction Insurance (prorate)15 Construction Loan Orig. Fee (prorate) 24,059 24,059

16 Construction Loan Interest (prorate) 75,000 75,000

17 Construction Loan Credit Enhancement (prorate)

18 Construction Period Taxes (prorate) 500 500

19 Water, Sewer and Impact Fees 300 300

20 Survey 25,000 25,000

21 Property Appraisal 2,000 2,000

22 Environmental Report 2,000 2,000

23 Market Study 4,200 0

24 Bond Costs

25 Bond Issuance Costs

26 Placement Fee27 Permanent Loan Origination Fee

28 Permanent Loan Credit Enhancement

29 Title and Recording 2,000

SUBTOTAL (lines 14 through 29) 135,059

30 Real Estate Attorney 5,000 5,000

31 Other Attorney's Fees 20,000 0

32 Tax Credit Application Fees (Preliminary and Full) 2,200

33 Tax Credit Allocation Fee (0.58% of line 59, minimum $7,500) 32,125

34 Cost Certification / Accounting Fees 7,000 7,000

35 Tax Opinion 2,000

36 Organizational (Partnership) 7,500

37 Tax Credit Monitoring Fee 31,200SUBTOTAL (lines 30 through 37) 107,025

38 Furnishings and Equipment 10,000 10,000

39 Relocation Expense

40 Developer's Fee 504,000 504,000

41 Other Basis Expense (specify) Fees and Permits 400 400

42 Other Basis Expense (specify)

43 Rent-up Expense

44 Other Non-basis Expense (specify)Land 94,280

45 Other Non-basis Expense (specify)


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Comments:

SUBTOTAL (lines 38 through 45) 608,680

46 Rent up Reserve 95,000

47 Operating Reserve 195,000

48 Other Reserve (specify)

49 Other Reserve (specify)

50 DEVELOPMENT COST (lines 1-49) 4,846,110 0 4,260,605

51 Less Federal Financing52 Less Disproportionate Standard

53 Less Nonqualified Nonrecourse Financing

54 Less Historic Tax Credit (residential) 0

55 TOTAL ELIGIBLE BASIS 4,260,605 0 4,260,605

56 Applicable Fraction (percentage of LI Units) 100.00% 100% 100%

57 Basis Before Boost 4,260,605 0 4,260,605

58 Boost for QCT/DDA (if applicable, enter 130%) 130.00% 130.00%

59 TOTAL QUALIFIED BASIS 5,538,786 0 5,538,786

60 Tax Credit Rate 3.45 8.05

61 Federal Tax Credits at Estimated Rate 445,872 0 445,872

62 Federal Tax Credits at 8.5% or 3.75% 470,796 0 470,796

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) 408,000

64 Federal Tax Credits Requested 408,000 408,000

65 Land Cost 370,000

66 TOTAL REPLACEMENT COST 5,216,110

FEDERAL TAX CREDITS IF AWARDED 408,000

Total Replacement Cost per unit: 94,913

Federal Tax Credits (line 62) per unit: 9,808


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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:

Interior Apartment Amenities:

Market Study Information

The project will consist of 6 2-story buildings of 8 units each (for a total of 48 units) plus a communitybuilding on a site that totals approximately 8.7 acres. A portion of the site is set aside as non-buildable to protect potential wetlands.

Steel-insulated doors, Low-E insulated windows, shutters, and enclosed stairwells.

No

Playground, resident computer center with 2 computers, covered picnic area, 3 outdoor sittingareas, a gazebo, multi-purpose community room with TV and VCR, and sidewalks/walking trails thatconsist of a 4' wide paved continuous surface around the property.

The site manager will be responsible for all on-site activities and programs. The manager will alsohold special events throughout the year, and especially at holiday times.

Residents will have access to a computer center with high-speed internet access in the communitybuilding for educational and recreational use. The community building will also include full kitchenfacilities and sitting area.

The site will retain some of the natural woods as perimeter buffers as well as attractive foundationplantings and specimen evergreen and deciduous trees and bushes such as holly, deodora cedars,azaleas, crepe myrtle and other attractive species.


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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.

Apartments will include ranges, range hoods, dishwashers, disposals, refrigerators, storage,washer/dryer hookups, mini-blinds, pantries, ceiling fans, TV cable connections, and walk-in closets.

Yes


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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.There is a significant amount of growth in the area, especially on the western portion of Wilson. Thearea around the site has recently experienced significant commercial growth. The commercial sitesare generally newer, well-maintained and successful.

This economic vitality is also supported by a large development of single family homes beingconstructed on land adjacent to the proposed site.

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 proposed site is ideally situated in an area with new single family homes as well as manyattractive retail and commercial establishments that will offer convenient amenities to the residents.There is no known incompatible land use near the site that would adversely affect the residents inany way. There is no land close to the site that is vacant or is not in the process of being developed.

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 situated near Forest Hills Road, a road that is well designed, and has adequate trafficcontrols to handle the retail, commercial and residential traffic. Residents will enter and exit the siteonto a new extension of Crescent Drive before getting to Forest Hills Road. Public transportation isavailable very nearby on Forest Hills Road. A bus route has been included in the packet ofadditional marketing materials attached to this application. The development will be at least partially

visible to traffic on Forest Hills Road.

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).The site includes approximately three acres that might be considered wetlands. The site plan,however, was carefully designed to avoid and protect these areas. There are no other knownpotential impediments to either construction or enjoyment of the residents.

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

The proposed structures represent a design that should integrate nicely with the architectural styleand scale with the nearby single family homes recently built and under construction.

Grocery Store0.1 Community/Senior Center2.3


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Other facilities or services:

Mall/Strip Center0.3 Hospital0.9

Outdoor Athletic Fields0.8 Pharmacy0.5

Day Care/After School0.4 Basic Health Care0.2

Schools0.8 Medical Offices0.5

Public Transportation Stop0.1 Bank/Credit Union0.5

Convenience Store0.2 Restaurants0.3

Basketball/Tennis Courts2.3 Professional Services0.3

Public Parks2.3 Movie Theater1.5

Gas Station0.2 Video Rental1.4

Library3.2 Public Safety (Fire/Police)0.3

Fitness/Nature Trails5.5 Post Office1.4

Public Swimming Pools2.2

The City of Wilson also offers a large number of cultural and recreation facilities and events. Forexample, residents can visit Imagination Station, a science and technology center. They can go tothe botanical gardens, the symphony, the North Carolina Baseball Museum, go to the races, watch

the Wilson Tobs play baseball, go fishing at the reservoir and other cultural and historic activities.


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21/26


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Project Operations (Year One)

Projected Operating Costs

Administrative Expenses

Advertising

Office Salaries

Office Supplies

Office or Model Apartment Rent

Management Fee

Manager or Superintendent Salaries

Manager or Superintendent Rent Free Unit

Legal Expenses (Project)

Auditing Expenses (Project)

Bookkeeping Fees/Accounting Services

Telephone and Answering Service

Bad Debts

Other Administrative Expenses (specify):

Training 600, Credit Bureau 900, Postage 800, Mag. Fees 200, Christmas Gifts 225, Tax Cons. 100, Recreation 720, Software Fee 3

SUBTOTAL

Utilities Expense

Fuel Oil

Electricity (Light and Misc. Power)

Water

Gas

Sewer

SUBTOTAL

Operating and Maintenance Expenses

Janitor and Cleaning Payroll

Janitor and Cleaning Supplies

Janitor and Cleaning Contract

Exterminating Payroll/Contract

Exterminating SuppliesGarbage and Trash Removal

Security Payroll/Contract

Grounds Payroll

Grounds Supplies

Grounds Contract

Repairs Payroll

Repairs Material

Repairs Contract

Elevator Maintenance/Contract

Heating/Cooling Repairs and Maintenance

Swimming Pool Maintenance/Contract

Snow RemovalDecorating Payroll/Contract

Decorating Supplies

Other (specify):

Miscellaneous Operating & Maintenance Expenses

SUBTOTAL

Taxes and Insurance

Real Estate Taxes

Payroll Taxes (FICA)


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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


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25/26

MINIMUM REQUIRED SET ASIDES (No Points Awarded):

Minimum Set-Asides

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: 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.


26/26

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)

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