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Application
Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans
Project Description
Project Name: Grants Creek Crossing Apartments
Address: 1229 Statesville Boulevard
City: Salisbury County: Rowan Zip: 28144
Census Tract: 513.03 Block Group: 1
Is project in Qualified Census Tract or Difficult to Develop Area? No
Are you requesting the basis boost under section II(E)(4) of the QAP? Yes
Political Jurisdiction: The City of Salisbury
First:Donald Last:
Jurisdiction CEO Name: Title: Mayor
Bringle
Jurisdiction Address: 130 West Innes Street
Jurisdiction City: Salisbury Zip: 28144
Jurisdiction Phone: (704)216-8100
Site Latitude: 35.412535
Site Longitude: -80.295150
Project Type: New Construction
Is this project a previously awarded tax credit
development?
New Construction/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):
Rehab:
Number of residents holding Section 8
vouchers:
Will the project meet Energy Star standards as defined in Appendix B? Yes
Does a community revitalization plan exist? No
Will the project use steel and concrete construction and have at least 4 stories? No
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Will the project include a Community Service Facility under IRS Revenue Ruling 2003-77?
No
If yes, please describe:
Target Population:Family
Will the project be receiving project based federal rental assistance? No
If yes, provide the subsidy source: and number of units:
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Applicant Information
Indicate below an individual or a validly existing entity (a corporation, nonprofit, limited partnership or LLC) as the official applicant. Under
QAP Section III(C)(5) only this individual or entity will be able to make decisions with regard to this application. If awarded the applicant
must become part of the ownership entity. The applicant will execute the signature page for this application.
Applicant Name: Crosland, LLC
Address: 227 West Trade Street, Suite 800
City: Charlotte State: NC Zip: 28202
Contact: First: Dionne Last:Nelson Title:Vice President
Telephone: (704)561-5235
Alt Phone: (704)561-5251
Fax: (704)525-3562
Email Address: dnelson@crosland.com
NOTE: Email Address above will be used for communication between NCHFA and Applicant.
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Site Description
Total Site Acreage: 5.97 Total Buildable Acreage: 5.97
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? No
If yes, please describe:
Are 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?
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? Yes
If yes:
(a) Describe placement of project buildings in relation to this area:
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There is a floodplain around the small creek that runs across the back corner of the site. All buildings and
amenities have been placed outside the floodplian. The area will serve as open green space.
(b) Describe flood mitigation if the project will have improvements within the 100 year floodplain:
N/A
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Site Control
Does 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/contract for
purchase of the property and the seller of the property?No
If yes, specify the relationship:
(c) Enter the current expiration date of the option/contract to purchase: 06/30/2010
(D) Enter Purchase Price: 1,450,000
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Zoning
Present zoning classification of the site:RMX
Is multifamily 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?No
If yes, specify permit or variance required and date obtained. If no, describe permits/variances required and schedule for
obtaining them:
There is a conditional use limitation on the site that must be released. We understand that the request must
go before the zoning board and that the approval process is approximately 30 days. We anticipate success
in this process.
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:
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Ownership Entity
Owner Name: Grants Creek Crossing, LLC
Address: c/o Crosland, LLC, 227 West Trade Street, Suite 800
City: Charlotte State:NC Zip: 28202
Federal Tax ID Number of Ownership Entity: (If assigned)
Note: Do not submit social security numbers for individuals.
Entity Type: Limited Liability Company
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 or members.
Click [Add] to add additional partners, members, and principals.
Org: Crosland, LLC through Crosland Grants Creek Crossing, LLC
First Name: Dionne Last Name: Nelson Function: Managing Member
Address: 227 West Trade Street, Suite 800
City: Charlotte State: NC Zip: 28202
Phone: (704)561-5235 Fax: (704)525-3562
EMail: dnelson@crosland.com Nonprofit: No
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Unit Mix
The Median Income for Rowan county is $55,000.
Low Income Units
Total # Monthly Utility Mandatory **Total
Type # BRs Net Sq.Ft. # Units Units Rent Allowance Serv. Fees Housing Exp.
Gdn Apt 2 946 5 0 329 104 0 433
Gdn Apt 2 948 6 3 329 104 0 433
Gdn Apt 2 946 2 0 473 104 0 577
Gdn Apt 2 948 2 1 473 104 0 577
Gdn Apt 3 1170 11 3 547 119 0 666
Gdn Apt 2 946 29 0 692 104 0 796
Gdn Apt 2 948 16 2 692 104 0 796
Gdn Apt 3 1170 33 3 799 119 0 918
Utilities included in rents: Water/Sewer Electric Gas Other Trash Collection
Employee Units (will add to Low Income Unit total)
Total # Monthly Utility Mandatory **Total
Type # BRs Net Sq.Ft. # Units Units Rent Allowance Serv. Fees Housing Exp.
Utilities included in rents: Water/Sewer Electric Gas Other
Market Rate Units
Total # Monthly Utility Mandatory **Total
Type # BRs Net Sq.Ft. # Units Units Rent Allowance Serv. Fees Housing Exp.
Utilities included in rents: Water/Sewer Electric Gas Other
Statistics
All Gross Monthly
Units Units Rental Income
Low Income....... 104 12 69035
Market Rate.......
Totals............... 104 12 69035
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Proposed number of residential buildings: 7 Maximum number of stories in buildings: 3
Project Includes:
Separate community building - Sq. Ft. (Floor Area): 1,500
Community space within residential bulding(s) - Sq. Ft. (Floor Area):
Elevators - Number of Elevators:
Square Footage Information
Gross Floor Square Footage: 134,210
Total Net Sq. Ft. (All Heated Areas): 115,268
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: 6
Number of Units Required: 12
Persons with disabilities or homeless populations.
Number of Units: 11
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.
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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 Units %
2 11 targeted at 30 percent of median income affordable to/occupied by
2 4 targeted at 40 percent of median income affordable to/occupied by
3 11 targeted at 40 percent of median income affordable to/occupied by
2 45 targeted at 60 percent of median income affordable to/occupied by
3 33 targeted at 60 percent of median income affordable to/occupied by
Total Low Income Units: 104
Note: This number should match the total number of low income units in the Unit Mix section.
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Funding Sources
Amort. Annual
Non- Rate Term Period Debt
Source Amount Amortizing* (%) (Years) (Years) Service
Bank Loan
RPP Loan 1,200,000 2.00 20 20 72,847
Local Gov. Loan - Specify:
RD 515 Loan
RD 538 Loan - Specify:
AHP Loan
Other Loan 1 - Specify:
Market Rate Loan 1,517,005 7.00 30 30 121,112
Other Loan 2 - Specify:
Other Loan 3 - Specify:
Tax Exempt Bonds
State Tax Credit(Loan) 1,354,184 0 30 30 0
State Tax Credit(Direct Refund)
Equity: Federal LIHTC 8,531,362
Non-Repayable Grant
Equity: Historic Tax Credits
Deferred Developer Fees
Owner Investment
Other - Specify:
Total Sources** 12,602,551
* "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. 70
Remarks concerning project funding sources:
(Please be sure to include the name of the funding source(s))
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The project is requesting RPP loan funds. We will fill the remaing gap with market rate debt if no
additonal subsidized source of funds is available.
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Development Costs
Eligible Basis
Item Cost Element TOTAL COST
30% PV 70% PV
1 Purchase of Building(s) (Rehab / Adaptive Reuse only) 0
2 Demolition (Rehab / Adaptive Reuse only) 0 0
3 On-site Improvements 1,303,360 1,303,360
4 Rehabilitation 0 0
5 Construction of New Building(s) 6,231,928 6,231,928
6 Accessory Building(s) 0 0
7 General Requirements (max 6% lines 2-6) 452,117 452,117
8 Contractor Overhead (max 2% lines 2-7) 159,748 159,748
9 Contractor Profit (max 8% lines 2-7; 6% if Identity of Interest) 479,244 479,244
10 Construction Contingency (max 5% lines 2-9, Rehabs 10%) 239,622 239,622
11 Architect's Fee - Design (11 + 12 = max 3% lines 2-10) 80,000 80,000
12 Architect's Fee - Inspection 30,000 30,000
13 Engineering Costs 142,000 142,000
SUBTOTAL (lines 1 through 13) 9,118,019
14 Construction Insurance (prorate) 8,632 8,632
15 Construction Loan Orig. Fee (prorate) 52,500 52,500
16 Construction Loan Interest (prorate) 270,000 280,834
17 Construction Loan Credit Enhancement (prorate) 0 0
18 Construction Period Taxes (prorate) 11,500 9,315
19 Water, Sewer and Impact Fees 0 0
20 Survey 25,000 25,000
21 Property Appraisal 5,000 5,000
22 Environmental Report 2,500 2,500
23 Market Study 5,400 0
24 Bond Costs 0
25 Bond Issuance Costs 0
26 Placement Fee 0
27 Permanent Loan Origination Fee 0
28 Permanent Loan Credit Enhancement 0
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29 Title and Recording 8,000
SUBTOTAL (lines 14 through 29) 388,532
30 Real Estate Attorney 52,000 52,000
31 Other Attorney's Fees 0 0
32 Tax Credit Application Fees (Preliminary and Full) 2,300
33 Tax Credit Allocation Fee (0.62% of line 60, minimum $7,500) 82,800
34 Cost Certification / Accounting Fees 16,000 0
35 Tax Opinion 5,000
36 Organizational (Partnership) 0
37 Tax Credit Monitoring Fee 72,800
SUBTOTAL (lines 30 through 37) 230,900
38 Furnishings and Equipment 25,000 25,000
39 Relocation Expense 0 0
40 Developer's Fee 800,000 800,000
41 Additional Contigency (greater of $500/unit or $30,000) 30,000 30,000
42 Other Basis Expense (specify) MWBE Study, City Plan Review Fee 8,000 8,000
43 Other Basis Expense (specify) 0 0
44 Rent-up Expense 110,900
45 Other Non-basis Expense (specify) Brokerage Fee 50,000
46 Other Non-basis Expense (specify) 0
SUBTOTAL (lines 38 through 45) 1,023,900
47 Rent up Reserve 31,200
48 Operating Reserve 360,000
49 Other Reserve (specify) 0
50 Other Reserve (specify) 0
51 DEVELOPMENT COST (lines 1-49) 11,152,551 0 10,416,800
52 Less Federally Funded Grant 0 0
53 Less Disproportionate Standard 0 0
54 Less Nonqualified Nonrecourse Financing 0 0
55 Less Historic Tax Credit 0 0
56 TOTAL ELIGIBLE BASIS 10,416,800 0 10,416,800
57 Applicable Fraction (percentage of LI Units) 100.00% 100% 100%
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58 Basis Before Boost 10,416,800 0 10,416,800
59 Basis Boost of up to 130% 100.00% 130.00%
60 TOTAL QUALIFIED BASIS 13,541,840 0 13,541,840
61 Tax Credit Rate 3.50 9.00
62 Federal Tax Credits (maximum $1,300,000) 1,218,766 0 1,218,766
63 Federal Tax Credits Requested (if less than line 62) 0
64 Land Cost 1,450,000
65 TOTAL REPLACEMENT COST 12,602,551
FEDERAL TAX CREDITS IF AWARDED 1,218,766
Comments:
Project Development Cost per unit 59,922
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Market Study Information
Please provide a detailed description of the proposed project:
Grants Creek Crossing will consist of 104 multi-family units in a community for households with incomes
ranging from 30% to 60% of area median income. The units will be two and three bedroom garden flats and
have been well designed to for comfortable living and long-term durability. The complex will provide a sense
of community with many site amenities and a resident clubhouse with management offices and community
space available for the enjoyment and support of its residents. The plans follow the Crosland standard of
producing affordable communities to comparable product standards as market rate apartments so as to be
visually indistinguishable from them.
We believe that such affordable units will be in high demand. The community is located in Salisbury near
the center of the town. Many amenities are nearby. Employment options include the medical and other
offices on Statesville Blvd, Food Lion headquarters, mall stores and other retail shops, and government/
town positions. The retail options are broad including nearby grocery, pharmacy, and retail stores. Public
transportation is available on this major thoroughfare just a few blocks from the site and would likely be
easy to extend to the site.
Affordable units of this quality and in this location will be in high demand.
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:
The project is designed with significant use of brick for the long term durability of the buildings. Also, the
project will be built to Energy Star standards by Crosland Contracting, which has strict quality control
standards
Have you built other tax credit developments that use the same building design as this project?Yes
If yes, please provide name and address:
The designs used for Grants Creek Crossing have been adapted from another Crosland development
designed by the same architect. Similar garden style apartments are found at Dobbins Hill II (1749-1B
Dobbins Drive, Chapel Hill, NC). Grants Creek Crossing’s designs have been enhanced to distinguish from
Dobbins Hill II by changing some of the architectural design elements, the siding material, color and design,
and increasing the use of masonry product.
Site Amenities:
Site amenities include: playground, resident computer center, covered picnic area, three outdoor sitting
areas, gazebo, covered patio with seating, coin-operated laundry and resident use multi-purpose room.
Onsite Activities:
Onsite activities at Grants Creek Crossing will be coordinated by residents and the property management
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staff of the community and may be supported by various community organizations. Activities will be held in
the clubhouse’s general assembly space or computer center, outdoor picnic area, playground or other
community green space.
Landscaping Plans:
The landscaping budget for Grants Creek Crossing is substantially above what is required. Plans include an
emphasis on planting trees and/or protecting existing trees so that the community will benefit from
substantial shade over the coming years. Landscaping plans also focus on highlighting key areas of the site
such as the entrance and common green spaces. Landscaping plans exceed all landscaping requirements
as designated by the NCHFA.
Interior Apartment Amenities:
Interior apartment amenities will include comfortably sized rooms, fully equipped kitchens including a
dishwasher, range, hood, disposal, refrigerators and pantry, washer and dryer connections, ceiling fans,
mini-blinds, overhead lights, cable television connections, patios and/or front porches, and adequate closets
and storage in each unit.
Do 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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Applicant's Site Evaluation
Briefly describe your site in each of the following categories:
NEIGHBORHOOD CHARACTERISTICS
Trend and direction of real estate development and area economic health. Physical condition of buildings and
improvements in the immediate vicinity. Concentration of affordable housing.
Salisbury is a city located between Charlotte and the Triad region of NC. Its history back to the Civil War era
is evident locally. It has progressively moved forward as it has grown. The town’s 2020 vision plan focuses
on smart growth, connectedness and accessibility as key elements.
Salisbury is a regional rail stop along travel to mid-Atlantic cities, Birmingham and New Orleans. The
Amtrak station is located just 2.75 miles from the Grants Creek Crossing site. Major employers in Salisbury
include the US headquarters of Food Lion, the US subsidiary of Delhaize, and many smaller businesses
including services, textile mills and other manufacturing businesses.
Our site is very near the center of Salisbury so it takes advantage of the culture of the town and its many
nearby amenities. Statesville Blvd. is a major thoroughfare that services commercial, retail and residential
traffic. Public transportation is available in the immediate vicinity of the site and this would ease resident
access to a number of key destinations. The major mall for the area is Salisbury Mall and is located less
than one mile from the site. Hospitals are also very near the site, including Rowan Regional Medical Center
which is 1.7 from the site and the Hefner VA Medical Center which is 1 mile from the site. Education options
are nearby including public schools for children and colleges like Catawba College and Livingstone College,
both of which are about 2 miles from the site.
The immediate surroundings to the site are varied including office parks, churches and single family
residential. The Grants Creek Crossing community will fit well with surrounding uses and benefit from many
options and opportunities provided within the town.
SURROUNDING LAND USES AND AMENITIES
Land use pattern is residential in character (single and multifamily housing). Extent that the location is
isolated. Effect of industrial, large-scale institutional or other incompatible uses, including but not limited to:
wastewater treatment facilities, high traffic corridors, junkyards, prisons, landfills, large swamps, distribution
facilities, 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 or pollution). Amount and
character of vacant, undeveloped land. The present land use pattern nearby is mixed—offices, residential,
and a church, all immediate neighbors to the site. The area is well developed part of the town, and the site
connects well to the surrounding community and all the amenities that the neighborhood offers.
SITE SUITABILITY
Adequate traffic safety controls (i.e. stop lights, speed limits, turn lanes). Burden on public facilities
(particularly roads). Access to mass transit (if applicable). Visibility of buildings and/or location of project sign
(s) in relation to traffic corridors. The site is located on a major thoroughfare that has been designed to
accommodate density and traffic generated by both residential and commercial activity. As such, Grants
Creek Crossing will not unduly burden this thoroughfare. The site is connected to the required public facilities
and there is immediate access to public transportation. The community’s buildings and site signage will be
visible from Statesville Blvd. We expect this visibility to help drive demand for the project.
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Degree of on-site negative features and physical barriers that will impede project construction or adversely
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 (for adaptive re-use projects-
suitability for residential use and difficulties posed by the building(s), such as limited parking, environmental
problems or the need for excessive demolition).
There are no on-site negative features that will impede construction. The site has area in the back of the
site that has been designated in the floodplain. It surrounds a small creek the crosses the back corner of the
site. No buildings or amenities will be constructed in this area so it will not impede construction. The area
will serve as additional open green space for the community.
Similarity of scale and aesthetics/architecture between project and surroundings.
The continuity between Grants Creek Crossing and the surrounding community has been considered in the
development of architecture and site plan. As such, the project design will be complementary to surrounding
residential and business facilities. Additionally, the Grants Creek Crossing’s buildings do not exceed three
stories, creating modestly scaled multi-family buildings that blend with the surrounding uses.
For each applicable neighborhood feature, enter distance from project in miles.
.9 Grocery Store 1.5 Community/Senior Center
.8 Mall/Strip Center .9 Hospital
1.5 Outdoor Athletic .8 Pharmacy
Fields
1.7 Day Care/After 1.6 Basic Health Care
School
.3 Public Transportation
1.5 Schools
Stop
.8 Convenience Store 2.6 Public Parks
.8 Gas Station 2.4 Library
Other facilities or services:
Our site is very near the center of Salisbury so it takes advantage of the culture of the town and its many
nearby amenities. Statesville Blvd. is a major thoroughfare that services commercial, retail and residential
traffic. Public transportation is available in the immediate vicinity of the site and this would ease resident
access to a number of key destinations. We believe that public transportation access could be extended
directly to the site when occupied by 104 households. The major mall for the area is Salisbury Mall and is
located less than one mile from the site. Hospitals are also very near the site, including Rowan Regional
Medical Center which is 1.7 miles from the site and the Hefner VA Medical Center which is 1 mile from the
site. Education options are nearby including public schools for children and colleges like Catawba College
and Livingstone College, both of which are about 2 miles from the site.
The immediate surroundings to the site are varied including office parks, churches and single family
residential. The Grants Creek Crossing community will fit well with surrounding uses and benefit from many
options and opportunities provided within the town.
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Preliminary App Checklist
The following enclosures must be submitted along with your signed preliminary application. Some enclosures are required only under
certain conditions. Please check each applicable item to indicate that you understand the enclosure requirements and will enclose the
correct supporting documentation with your application.
Fee Payment
Check in the amount of $5,450.00 made payable to North Carolina Housing Finance Agency.
Tab A - Preliminary Application
Printed, signed copy of preliminary application generated from online system.
B - Map/Driving Instructions
A local map clearly identifying the location of the Site and detailed directions to the Site. Current City or County maps are preferred
– internet maps and directions are not acceptable. Applicant must also provide a map identifying the amenities listed in section IV
(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 site
should read “SITE” with a minimum size of 11x17.
C - Community Revitalization Plan
Applicant should provide a map identifying the subject site within the Plan area (if applicable).
D - Evidence of Site Control
Provide valid option/contract or warranty deed and plot plan.
E - Site Plans/Scope of Work
Preliminary site plan, floor plans and elevations for all projects, interior and exterior photographs and detailed scope of work for
Adaptive Reuse and Rehab projects. Site and floor plans should be no larger than 11x17 and must be produced by a licensed
architect or engineer.
F - Information Package for Market Analysts
This section must include copies of items required in Tabs A, B, E and G (site and floor plans should be no larger than 11x17) and
can include any additional market information such as preliminary market studies the applicant would like to provide to the
Analysts.
G - Rent Roll (Rehabs only)
Provide the current rent roll for the property and indicate which units (if any) are receiving rental assistance.
H - Documentation for Basis Boost
Applicant should provide an appraisal and/or standard geological survey to support a request for the basis boost (if applicable).
https://www.nchfa.org/Rental/RTCApp/(S(44s2yjrjx...BE43E877B4&SNID=2470BE7F66C14E1B9628F57A5FD951A5 (21 of 21)4/8/2009 2:49:07 PM
