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Print Preview - Preliminary
Application
Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans
Project Description
Project Name: Orchard Creek Apartments
Address: Clemonsville Rd and Spach Dr.
City: Winston-Salem County: Forsyth Zip: 27127
Census Tract: 20.02 Block Group: 2
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: City of Winston-Salem, NC
First:Allen Last:
Jurisdiction CEO Name: Title: Mayor
Joines
Jurisdiction Address: 101 North Main St., City Hall
Jurisdiction City: Winston-Salem Zip: 27102
Jurisdiction Phone: (336)727-2058
Site Latitude: 36.0416
Site Longitude: -80.2557
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: Bradley NC 2008, LLC
Address: 115 Red Wolf Trail
City: Myrtle Beach State: SC Zip: 29579
Contact: First: Brad Last:Queener Title:Managing Member
Telephone: (843)358-4886
Alt Phone: (843)222-6483
Fax: (843)358-5085
Email Address: bqueener@sccoast.net
NOTE: Email Address above will be used for communication between NCHFA and Applicant.
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Site Description
Total Site Acreage: 8.5 Total Buildable Acreage: 8.5
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? No
If yes:
(a) Describe placement of project buildings in relation to this area:
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(b) Describe flood mitigation if the project will have improvements within the 100 year floodplain:
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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: 01/30/2010
(D) Enter Purchase Price: 625,000
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Zoning
Present zoning classification of the site:RS-9
Is multifamily use permitted?No
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:
The propery will have to be re-zoned for multi-family and the first city meeting is Febuary 4th. The process
will be complete before the Tier 2 application deadline in May.
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: Orchard Creek, LLC (to be formed)
Address: 115 Red Wolf Trail
City: Myrtle Beach State:SC Zip: 29579
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: Bradley NC 2008, LLC
First Name: Brad Last Name: Queener Function: Managing Member
Address: 115 Red Wolf Trail
City: Myrtle Beach State: SC Zip: 29579
Phone: (843)358-4886 Fax: (843)358-5085
EMail: bqueener@sccoast.net Nonprofit: No
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Unit Mix
The Median Income for Forsyth county is $59,700.
Low Income Units
Total # Monthly Utility Mandatory **Total
Type # BRs Net Sq.Ft. # Units Units Rent Allowance Serv. Fees Housing Exp.
Gdn Apt 2 900 8 4 303 115 0 418
Gdn Apt 2 900 7 0 566 115 0 681
Gdn Apt 2 900 17 0 611 115 0 726
Gdn Apt 3 1100 8 4 341 137 0 478
Gdn Apt 3 1100 10 0 644 137 0 781
Gdn Apt 3 1100 14 0 738 137 0 875
Utilities included in rents: Water/Sewer Electric Gas Other Trash pick-up
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....... 64 8 36273
Market Rate.......
Totals............... 64 8 36273
Proposed number of residential buildings: 4 Maximum number of stories in buildings: 2
Project Includes:
Separate community building - Sq. Ft. (Floor Area): 2,036
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Community space within residential bulding(s) - Sq. Ft. (Floor Area):
Elevators - Number of Elevators:
Square Footage Information
Gross Floor Square Footage: 82,643
Total Net Sq. Ft. (All Heated Areas): 78,260
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: 8
Number of Units Required: 8
Persons with disabilities or homeless populations.
Number of Units: 8
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 8 targeted at 30 percent of median income affordable to/occupied by
2 7 targeted at 50 percent of median income affordable to/occupied by
2 17 targeted at 60 percent of median income affordable to/occupied by
3 8 targeted at 30 percent of median income affordable to/occupied by
3 10 targeted at 50 percent of median income affordable to/occupied by
3 14 targeted at 60 percent of median income affordable to/occupied by
Total Low Income Units: 64
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 1,017,574 8.00 20 30 89,599
RPP Loan 960,000 ✔ 2.00 20 20
Local Gov. Loan - Specify:
RD 515 Loan
RD 538 Loan - Specify:
AHP Loan
Other Loan 1 - Specify:
Other Loan 2 - Specify:
Other Loan 3 - Specify:
Tax Exempt Bonds
State Tax Credit(Loan) 714,828 0 30 30 0
State Tax Credit(Direct Refund)
Equity: Federal LIHTC 5,853,859
Non-Repayable Grant
Equity: Historic Tax Credits
Deferred Developer Fees
Owner Investment
Other - Specify:
Total Sources** 8,546,261
* "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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Bank Loan-to be determined
LIHTC Equity Investor-to be determined
Loans with Variable Amortization
Please fill in the annual debt service as applicable for the first 20 years of the project life.
RPP Loan
1 2 3 4 5 6 7 8 9 10
Year:
Amt: 37174 37576 37923 38211 38437 38597 38688 38707 38650 38514
11 12 13 14 15 16 17 18 19 20
Year:
Amt: 38293 37985 37584 37087 36489 35784 34969 34038 32986 31807
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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)
2 Demolition (Rehab / Adaptive Reuse only)
3 On-site Improvements 950,000 712,500
4 Rehabilitation
5 Construction of New Building(s) 3,833,600 3,833,600
6 Accessory Building(s) 220,000 220,000
7 General Requirements (max 6% lines 2-6) 287,016 287,016
8 Contractor Overhead (max 2% lines 2-7) 101,412 101,412
9 Contractor Profit (max 8% lines 2-7; 6% if Identity of Interest) 304,237 304,237
10 Construction Contingency (max 5% lines 2-9, Rehabs 10%) 227,851 227,551
11 Architect's Fee - Design (11 + 12 = max 3% lines 2-10) 83,200 83,200
12 Architect's Fee - Inspection 15,000 15,000
13 Engineering Costs 60,000 60,000
SUBTOTAL (lines 1 through 13) 6,082,316
14 Construction Insurance (prorate) 7,000 7,000
15 Construction Loan Orig. Fee (prorate) 75,332 75,332
16 Construction Loan Interest (prorate) 143,420 143,420
17 Construction Loan Credit Enhancement (prorate)
18 Construction Period Taxes (prorate) 13,000 13,000
19 Water, Sewer and Impact Fees 250,000 250,000
20 Survey 15,000 15,000
21 Property Appraisal 6,000 6,000
22 Environmental Report 14,000 14,000
23 Market Study 4,800 4,800
24 Bond Costs
25 Bond Issuance Costs
26 Placement Fee
27 Permanent Loan Origination Fee 42,738
28 Permanent Loan Credit Enhancement
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29 Title and Recording 5,000
SUBTOTAL (lines 14 through 29) 576,290
30 Real Estate Attorney 15,000
31 Other Attorney's Fees 42,000 42,000
32 Tax Credit Application Fees (Preliminary and Full) 2,300
33 Tax Credit Allocation Fee (0.62% of line 60, minimum $7,500) 39,887
34 Cost Certification / Accounting Fees 15,000 15,000
35 Tax Opinion 5,000
36 Organizational (Partnership) 1,000
37 Tax Credit Monitoring Fee 44,800
SUBTOTAL (lines 30 through 37) 164,987
38 Furnishings and Equipment 40,000 40,000
39 Relocation Expense
40 Developer's Fee 672,000 672,000
41 Additional Contigency (greater of $500/unit or $30,000) 30,000 30,000
42 Other Basis Expense (specify)lender's insp engineer 15,000 15,000
43 Other Basis Expense (specify)
44 Rent-up Expense 15,000
45 Other Non-basis Expense (specify)perm loan closing 15,000
46 Other Non-basis Expense (specify)survey&title conversion 11,000
SUBTOTAL (lines 38 through 45) 798,000
47 Rent up Reserve 25,600
48 Operating Reserve 274,068
49 Other Reserve (specify)
50 Other Reserve (specify)
51 DEVELOPMENT COST (lines 1-49) 7,921,261 0 7,187,068
52 Less Federally Funded Grant
53 Less Disproportionate Standard
54 Less Nonqualified Nonrecourse Financing
55 Less Historic Tax Credit 0
56 TOTAL ELIGIBLE BASIS 7,187,068 0 7,187,068
57 Applicable Fraction (percentage of LI Units) 100.00% 100% 100%
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58 Basis Before Boost 7,187,068 0 7,187,068
59 Basis Boost of up to 130% 130.00% 130.00%
60 TOTAL QUALIFIED BASIS 9,343,188 0 9,343,188
61 Tax Credit Rate 3.50 9.00
62 Federal Tax Credits (maximum $1,300,000) 840,887 0 840,887
63 Federal Tax Credits Requested (if less than line 62) 0
64 Land Cost 625,000
65 TOTAL REPLACEMENT COST 8,546,261
FEDERAL TAX CREDITS IF AWARDED 840,887
Comments:
Project Development Cost per unit 59,900
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Market Study Information
Please provide a detailed description of the proposed project:
We are proposing to build a 64 unit family development in the City of Winston-Salem. The community will
serve a growing population in the area that will benefit from well built, safe, affordable housing. The
development will encompass our best efforts in order to provide the people of Winston-Salem affordable
housing units that live up to high standards of the surrounding area.
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?No
If yes, please provide name and address:
Site Amenities:
Laundry, community room, online computer stations, picnic and grill areas, playground and tot lot, outdoor
sitting areas (minimum of 3 areas) and a gazebo.
Onsite Activities:
Our management company will make its best efforts to work with local human service agencies to provide
educational, social and health preservation programs for the families living at this community. Local service
providers will be invited to the site to help establish educational workshops for our residents that cover
health, safety and employment issues that will benefit our residents. Residents will also have full access to
high-speed internet access in our community room. Management will also organize community activities in
order to make sure the residents get to know their neighbors and feel as they are living in a close knit
community.
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Landscaping Plans:
Landscaping is an integral part of the success of a development and we will use our best efforts in order
make the site look as attractive as possible. Using natural buffers, evergreen trees and flowering plants, the
landscaping plan will highlight the areas local vegetation. We will also be conscience of using drought
resistant plants where possible in order to conserve water.
Interior Apartment Amenities:
Ranges, range hoods, dishwashers, refrigerators (frost-free), interior storage areas, mini-blinds, a pantry,
ceiling fans, walk in closets, carpet and washer and dryer hook-ups.
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.
This area of Winston-Salem continues to grow and expand and with it the need for well built, safe and
affordable housing. The site is close to shopping, retail, commercial and medical services. The surrounding
properties are a mix of commercial and residential. The neighborhood as a whole is growing and there are
many single-family neighborhoods close by. Fiddlers Glen, which is a very nice single-family neighborhood
is adjacent to the site. As Winston-Salem continues to grow, so does the need for more affordable high
quality rental units.
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 surrounding land use pattern is commercial/residential with multi-
family and single family close by. The site is owned by a church and located near the church, a daycare, and
near many public services and amenities that will benefit the tenants, and therefore, not isolated. There are
no negative effects of industrial or incompatible uses close to the site.
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. Adequate traffic controls exist to handle increased traffic from the
development and capacity for water and sewer and other public facilities exist for this project. Mass transit is
available in Winston-Salem and a public bus station is located approximately 1 mile from the site. The
development and its main sign will be easily visible from the main throughofares.
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).
No negative features on the site exist that will impede the construction of the project or adversely affect the
future tenants.
Similarity of scale and aesthetics/architecture between project and surroundings.
The proposed community will blend well with the scale and architectural design of the surrounding land
uses. We will be working closely with the City and invite comments during our site planning in order to make
sure that our development fits well within the City's vision for the area as well as enhances the overall
aesthetics of the neighborhood. We are planning on designing a community that has the feel of a townhome
development with private individual entrances rather than typical garden style apartment buildings with
breezeways in order to better blend with the surrounding high quality residential neighborhoods. While more
expensive, we feel as though this will not only benefit our residents but provide a community in which
Winston-Salem is proud.
For each applicable neighborhood feature, enter distance from project in miles.
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.2 Grocery Store .2 Community/Senior Center
.2 Mall/Strip Center 5 Hospital
.3 Outdoor Athletic .2 Pharmacy
Fields
.1 Day Care/After 2.8 Basic Health Care
School
.3 Public Transportation
.3 Schools
Stop
.4 Convenience Store .3 Public Parks
.4 Gas Station 1.4 Library
Other facilities or services:
See map located in the Map/Directions section of the Application to show proximity to services/amenities.
The site is very close to Peters Creek Parkway/150 and Hwy 52, with easy access to everything. Also, while
the site is not close to a hospital, there are many urgent care centers and doctors offices close by.
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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).
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