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

roject Description

oject Name: Westmore

ddress: Westmore Drive

ty: Asheville County: Buncombe Zip:

ensus Tract: 13 Block Group: 1019

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 Asheville

risdiction CEO Name:First:Terry Last:Bellamy

Title: Mayor

risdiction Address: P.O. Box 7148

risdiction City: Asheville 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(qfobjcjbj0...E4950E98A76&SNID=22AC52049D524B2DBD6F546D4DF4F0B6 (1 of 21)4/8/2009 1:37:32 PM

28806

28802

(828)259-5600

35.580818

-82.622704

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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: Mountain Housing Opportunities, Inc.

ddress: 64 Clingman Avenue, Suite 101

ty: Asheville State: NC Zip:

ontact: First: Rich Last:Olejniczak Title:Rental Dev. Officer

elephone:

t Phone:

ax:

mail Address:

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


28801

(828)254-4030

(828)254-0120

[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? No

If no, please explain:

The access road is existing and paved, but has not officially been turned over to the City yet. The road wasdesigned to City standards and we expect it to be turned over by construction completion.

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 5

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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:


9/17/2009

425,000

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oning

esent zoning classification of the site:RM-16 and CI

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:

We plan on combining the two zoning classifications under one, RM-16, so the site will not be split zoned.This will require a conditional zoning process. This should be accomplished by April.

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: Westmore Apartments, LLC

dress: 64 Clingman Avenue, Suite 101

y: Asheville 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? Yes

the applicant requesting that the Agency treat the application as CHDO sponsored? Yes

st all general partners, members,and principals. Specify nonprofit corporate general partners or members.ick [Add] to add additional partners, members, and principals.

Org: Mountain Housing Opportunities, Inc.

rst Name: Scott Last Name: Dedman Function: Managing Member

ddress: 64 Clingman Avenue, Suite 101

ty: Asheville State: NC Zip: 28801

hone: Fax:

Mail: Nonprofit: Yes


28801

(828)254-4030 (828)254-0120

[email protected]

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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):

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.

ttps://www.nchfa.org/Rental/RTCApp/(S(qfobjcjbj...4950E98A76&SNID=22AC52049D524B2DBD6F546D4DF4F0B6 (10 of 21)4/8/2009 1:37:32 PM

72 8 31697

72 8 31697

7 3

1,100

74,000

67,480

8

8

8
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











tal Low Income Units:

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


3 30

3 40

7 60

9 30

9 40

19 60

5 30

5 40

10 60

1 30

1 40

72

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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:MHO Loan

Other Loan 2 - Specify:City Housing Trust Fund

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:

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))


916,067 2.00 20 20

250,000 2.00 20 20

470,000 2.00 30 30

709,768 0 30 30 0

5,812,422

100

8,158,357

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


700,000 400,000

4,317,984 4,317,984

301,079 301,079

106,381 106,381

425,525 425,525

292,548 292,548

140,000 140,000

35,000 35,000

30,000 30,000

6,348,517

1,065 1,065

16,500 16,500

110,000 99,000

1,000 1,000

50,000 50,000

12,000 12,000

4,500 4,500

3,000 3,000

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)


5,000

207,365

11,000 11,000

24,000 24,000

2,300

56,844

6,500 6,500

10,000

50,400

161,044

16,000 16,000

756,000 756,000

36,000 36,000

Other Basis Expense (s 7,300 7,300

Other Basis Expense (s 1,000 1,000

21,600

Other Non-basis Expen

Other Non-basis Expen

837,900

21,600

156,931

Other Reserve (specify)

Other Reserve (specify)

7,733,357 0 7,097,682

0

7,097,682 0 7,097,682

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 unit59,972


7,097,682 0 7,097,682

100.00% 130.00%

9,226,987 0 9,226,987

3.50 9.00

830,429 0 830,429

0

425,000

8,158,357

830,429

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arket Study Information

ease provide a detailed description of the proposed project:

estmore will be built as a 72 unit apartment complex in seven buildings over five acres. Office andmmunity space will be reserved in one of the buildings. The development will have a mix of 1,2,3, and 4droom units. The site is less than a mile from Patton Avenue which is one of the busiest local roads in

sheville, and has access to employment, shopping and services. Landscaping will be comprised of nativeees and shrubs and will be generously budgeted. The buildings will be attractively designed to resemble

gher end apartment home communities. The apartments will offer a similar layout, design, and amentitiesmarket rate units.

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:

Instead of brick veneer, we would like to use attractive stone veneer which will resemble classic stoneconstruction, which fits very well with the Asheville area character. We would also like to add Julietbalconies to the current plans.

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

If yes, please provide name and address:

Northpoint Commons I and II44 Reynolds Mountain BoulevardAsheville, NC 28804

e Amenities:

e site will have the four required amentities including a playground, resident computer center, coveredcnic area, and three outdoor sitting areas. In addition we will include a tot lot, gazebo, and some raisedrden plots.

site Activities:

arious on-site activities will occur at Westmore including a computer learning center, holiday celebrations,mmunity service referrals, library, and informational speakers.


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ndscaping Plans:

ndscaping will be comprised of native trees and shrubs and will be generously budgeted. Asheville hasry hearty landscaping and screening requirements in its zoning ordinances.

erior Apartment Amenities:

pical interior amentities will include a refrigerator, range with a hood, stove, diswasher (most will beergy star appliances), ceiling fans, storage, pantries, washer/dryer hook-ups, miniblinds, and central heat.e amentities will be comensurate with most market rate units.

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.


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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.

he west side of Asheville has been under heavy development for the past 5 years. There are new single

mily and multifamily developments recently completed or in progress throughout the whole area.owever, most of the developments are unaffordable for our target median incomes. The development wille located adjacent to a modest single family development. There is other affordable rental housing in therea, but it has income targeting lower than most tax credit units. MB Haynes Corporation, one ofshevilles largest employers, is located less than one mile from Westmore and employs almost 500 skilledeople in eight companies beneath one roof. MB Haynes has been in operation since 1921 and providesxcellent benefits for its employees who work in their general contracting, utility installation, electrical, andumbing companies, all located on Deaverview Road.

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, distributioncilities, 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 surrounding area is a good mix of single family, multifamily,mmerical, and industrial enterprises. Businesses and services such as groceries, churches, pharmacies,staurants, are close by on Patton Avenue and Haywood Road. There should be very little undesirableects from the surrounding properties because most of the land is being developed as residential ormmercial, regardless of its zoning. There are great employment opportunities close to the site.

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. The bus stop is just 1000 feet from our site at the corner of Deaverview andestmore Drive. The volume of traffic on Deaverview is pretty low and should be able to handle the capacity72 additional units. There should be no need for additional traffic controls.

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).

s with most sites in Asheville, the site has some topographical challenges which will be overcome with siterading and good site planning. The commerical industrial property adjacent to the site currently has singlemily units occupying the land, and it is anticipated that it will remain residential and/or commerical forture uses. We are optioning our current piece of land from this adjacent property owner, and it is likely ifis development is successful, we will be purchasing additional acreage from this property owner.

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

Westmore is compatible in use, scale and aesthetics of the area. Our excellent design features (rockeneer, broken roof lines, gables, etc.) should please our single family neighbors. Our extensivendscaping should provide some natural buffers to give our tenants a sense of privacy.


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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:

st about any commercial service you need on the westside of Asheville is within one mile, along Pattonvenue or Haywood Road.


1

5

.51

75 1

750.1

.25

1

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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)

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