Franklin Ridge

8/6/2019 Franklin Ridge

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

roject Description

oject Name: Franklin Ridge at Heritage

ddress: Franklin Street

ty: Wake Forest County: Wake Zip:

ensus Tract: 0542.01 Block Group: 5041

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: Town of Wake Forest

risdiction CEO Name:First:Vivian A. Last:Jones

Title: Mayor

risdiction Address: 141 S. White St.

risdiction City: Wake Forest 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(j3rfyy45...45E6AA497&SNID=4D20D5411EEC4D32B1C6D1638B683CDD (1 of 21)4/14/2009 1:13:32 PM

27587

27587

(919)554-1243

35.953732

-78.507367



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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: Integra Investment Holdings, LLC.

ddress: 186 Wind Chime Ct. Suite 201

ty: Raleigh State: NC Zip:

ontact: First: Bill Last:Cramer Title:Manager

elephone:

t Phone:

ax:

mail Address:

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


27615

(919)277-0255

(919)801-6363

(919)277-0180

[email protected]



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te Description

tal Site Acreage: Total Buildable Acreage:

If buildable acreage is less than total acreage, please explain:

The reason for the difference is due to the Neuse buffer requirements, a small wetlands amount discoveredby S&EC (Engineers) and the required setbacks for utilities, DOT, DWQ and right of way. The total for allitems is 2.3997 acres. I will be attaching a copy of the survey showing this information.

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? Yes

If no, please explain:

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:


6.8797 4.48



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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:


10/15/2009

816,000



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oning

esent zoning classification of the site:Multi-family

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:

The special use requirement from the Town of Wake Forest process requires a master plan approval. Thisprocess is in progress. The preliminary construction plans have been accepted and the conceptualconstruction plans will be submitted by the first of February. After a review process and comments recievedfrom the architect/engineer we will submit final plans for the April meeting. After approval has been given,we should have this by the end of April or at the latest in May, 2009.

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: Franklin Ridge at Heritage, LLC.

dress: 186 Wind Chime Ct. Suite 201

y: Raleigh 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? No

the applicant requesting that the Agency treat the application as CHDO sponsored? No

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

Org: Integra Investment Holdings, LLC.

rst Name: Judith M. Last Name: Core Function: Principal

ddress: 186 Wind Chime Ct. Suite 201

ty: Raleigh State: NC Zip: 27615

hone: Fax:

Mail: Nonprofit: No


27615

(919)277-0251 (919)277-0180

[email protected]



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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.


3 3

1,644

80,574

71,988

4

6

6

http://www.nchfa.com/Rental/Mincomelimits.aspx

http://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.


2 30

4 60

5 30

13 60

8 30

22 60

2 30

4 60

60



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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:



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))


2,750,000 7.00 20 30 219,550

928,477 0 30 30 0

5,333,868

9,012,345

64



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ederal Equity - we are requesting a basis boost due to high land and site costs affiliated with beingcated in a highly desirable neighbood, Heritage Wake Forest. We have included the required land

ppraisal. The amount of equity is based on a gap calculation based on a conservative estimate ofarket pricing.




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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


1,300,000 975,000

3,600,000 3,600,000

294,000 294,000

103,880 103,880

311,640 311,640

280,476 280,476

80,000 80,000

50,000 50,000

25,000 25,000

6,044,996

18,000 18,000

53,250 53,250

519,115 311,469

48,000 16,320

10,000 10,000

100,000 100,000

15,000 15,000

10,000 10,000

25,000 25,000

10,000 10,000

20,625



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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)


23,200

852,190

50,000 27,000

60,000 15,000

2,300

57,000

20,000 20,000

10,000

3,000

42,000

244,300

20,000 20,000

0

630,000 630,000

30,000 30,000

P&P Bond/Permits 106,095 106,095

Lender draw fees 5,000 5,000

25,000

Other Non-basis Expen

Other Non-basis Expen

816,095

18,000

205,764

replacement reserves 15,000

Other Reserve (specify)

8,196,345 0 7,142,130

0

7,142,130 0 7,142,130

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 unit 60,000


7,142,130 0 7,142,130

100.00% 130.00%

9,284,769 0 9,284,769

3.50 9.00

835,629 0 835,629

0

816,000

9,012,345

835,629



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arket Study Information

ease provide a detailed description of the proposed project:

anklin Ridge at Heritage is a proposed 60-unit family development located on Franklin Street just past theersection of Rogers Road in Heritage. Heritage is located in Wake Forest. The proposed apartments willrve family households earning no more than 60% of the area median income. In addition, 25% of theits are set aside for families at or below 30% AMI. The project consists of 6 one bedrooms, 18 twodrooms, 30 three bedrooms and 6 four bedrooms.

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:

Franklin Ridge at Heritage will have 3 three-story buildings with a seperate community building. The exteriordesign of the buildings will consist of a combination of hardiplank siding, wide hardibanding trim and stone.All overhangs will have vinyl covered soffit and facia. All gables will include hardiplank/vinyl accents.Seamless aluminum gutters with underground drainage will also be installed on all buildings. The overallconstruction design will blend with existing materials used thru out other developments adjacent to thisproposed development.

ve you built other tax credit developments that use the same building design as this project?No

If yes, please provide name and address:

e Amenities:

e site amenities will include a community building that will serve the tenants with a resident computernter with high speed internet access, a community room for various on site events, an onsite laundrycilty, vending machines, covered picnic area, outdoor sitting areas with benches, Gazebo, playgroundea with a seperate tot lot and a multi purpose play area for the children.

site Activities:

e property manager will be in charge of the onsite activities including arranging a resident committee thatl decide which onsite programs will best serve the tenant population. Onsite programs specifically

rgeted to all households will be held monthly and will include activities such as healthcare seminars,nsumer protection clinics and other counseling services that will be hosted by local professionals from theake County area. In addition, we will have resident education programs on conservation and recycling.




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ndscaping Plans:

e landscaping will be created to ensure an attractive curb appeal and for long-term sustainability of allgetation. It will include the use of plants that are indiginous to the area that can withstand local climaticnditions. Sod will be used in all areas closest to the buildings that get little sunlight and will also be usedr high-traffic areas. The area around the community building will also include irrigation.

erior Apartment Amenities:

e interior amenities will include a range with a microwave/hood combination, dishwasher, disposal, frostee refrigerator, kitchen pantry, washer and dryer hook-ups, interior and exterior storage space, windownds, walk in closets in bedrooms, all units wired for high speed internet access in living room anddrooms, ceiling fans with light kits in all bedrooms, living room and dining rooms. the flooring will consistcarpet, ceramic tile, vct and linoleum. All units will include energy star certification for all availableoducts.

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 surrounding area has the most positive growth in northern Wake County. The surrouding buildings are

l relatively new and are in excellent condition. Within the immediate vicinity, there are few affordableroperties. In the Wake Forest market area, there are other affordable housing properties within a 6 mileadius from the proposed Franklin Ridge at Heritage property.

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, distribution

cilities, 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. There are several residential subdivisions as well as apartmentvelopments in close proximity to this proposed development. There are no negitive features listed above

at either will effect this development or that this propsed development would effect the existing location.

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. It appears that this proposed development will have an insignificant

mcumbrance to the existing area. Access to the local transit is very close to the site. South Franklin Roadrrently permits access to only one other subdivision adjoining this proposed development.

egree of on-site negative features and physical barriers that will impede project construction or adversely

ect 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).

here are no negitive features that would pose a threat to the success of the proposed development or itsture residents.

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

he architecture and scale of the development will blend well with the surrounding neighborhood which isomprised of residences and businesses built with similar and likewise materials all with brick, hardiplanknd stone.

r each applicable neighborhood feature, enter distance from project in miles.




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Grocery Store Community/Senior Center

Mall/Strip Center Hospital

Outdoor Athletic

eldsPharmacy

Day Care/After

choolBasic Health Care

SchoolsPublic Transportation

Stop

Convenience Store Public Parks

Gas Station Library

her facilities or services:

ost Office- 3.3 Miles.


7 .9

5 2.4

.2.7

41.4

53.4

.5 1.6

.5 3.4



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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 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 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 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 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 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) 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 Boost Applicant should provide an appraisal and/or standard geological survey to support a request for the basis boost (if applicable)

Franklin Ridge

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