Glenbrook Villas

8/6/2019 Glenbrook Villas

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

roject Description

oject Name: Glenbrook Villas

ddress: Gum Branch Road

ty: Jacksonville County: Onslow Zip:

ensus Tract: 0014 Block Group: 00

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 Jacksonville

risdiction CEO Name:First:Sammy Last:Phillips

Title: Mayor

risdiction Address: P.O. Box 128

risdiction City: Jacksonville 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? Yes

ll the project use steel and concrete construction and have at least 4 stories? No

ttps://www.nchfa.org/Rental/RTCApp/(S(4jijhkzma...B65FEB87BE&SNID=92E6E9D9F67B44E693875A0E0F6A3D18 (1 of 21)4/14/2009 1:07:30 PM

28540

28541

(910)938-5200

34.787708

-77.429709


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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: Fitch Development Group, Inc.

ddress: 1314 Kenilworth Ave #218

ty: Charlotte State: NC Zip:

ontact: First: Hollis Last:Fitch Title:President

elephone:

t Phone:

ax:

mail Address:

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


28203

(704)632-0407

(704)315-8933

(704)631-4664

[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? 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:


7.85 7.85


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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:


10/31/2009

856,000


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oning

esent zoning classification of the site:R7

multifamily use permitted?No

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 property is currently zoned to allow for 39 individual lots. The rezoning process and timeline areestimated from information provided by the city of Jacksonville. Apply for rezoning: Jan 16th. Planningboard recommendation: Feb. 9th. City Council consideration: March 3rd.

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: Glenbrook Villas, LLC

dress: 1314 Kenilworth Ave #218

y: Charlotte 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: Fitch Development Group, Inc.

rst Name: Hollis Last Name: Fitch Function: Managing Member

ddress: 1314 Kenilworth Ave #218

ty: Charlotte State: NC Zip: 28203

hone: Fax:

Mail: Nonprofit: No

Org: The Flatiron Group, Inc.

rst Name: Hollis Last Name: Fitch Function: Member

ddress: 1314 Kenilworth Ave #218ty: Charlotte State: NC Zip: 28203

hone: Fax:

Mail: Nonprofit: No


28203

(704)632-0407 (704)631-4664

[email protected]

(704)632-0407 (704)631-4664

[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.

ttps://www.nchfa.org/Rental/RTCApp/(S(4jijhkzm...65FEB87BE&SNID=92E6E9D9F67B44E693875A0E0F6A3D18 (10 of 21)4/14/2009 1:07:30 PM

7 2

1,350

81,010

79,858

9

8

9
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.


6 40

4 50

6 60

10 40

8 50

18 60

4 40

5 50

11 60

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:



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))


900,000 7.00 18 30 71,853

2,023,950 0 30 30 0

6,465,874

24,858

9,414,682

71


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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


916,000 916,000

4,305,600 4,305,600

314,000 314,000

104,700 104,700

444,000 444,000

304,900 304,900

165,000 165,000

25,000 25,000

45,000 45,000

6,624,200

56,000 56,000

72,000 72,000

420,000 420,000

4,000 4,000

100,800 100,800

10,500 10,500

8,500 8,500

9,500 9,500

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)


35,000

720,600

30,000

12,000

2,300

61,682

5,000

5,000

6,500

50,400

172,882

75,000

756,000 756,000

30,000 30,000

Other Basis Expense (s

Other Basis Expense (s

Other Non-basis Expen 40,000

Other Non-basis Expen

901,000

15,000

125,000

Other Reserve (specify)

Other Reserve (specify)

8,558,682 0 8,095,800

0

8,095,800 0 8,095,800

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 unit59,800


8,095,800 0 8,095,800

100.00% 125.00%

10,119,750 0 10,119,750

3.50 9.00

910,778 0 910,778

0

856,000

9,414,682

910,778


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arket Study Information

ease provide a detailed description of the proposed project:

enbrook Villas will be a seventy-two unit garden style apartment complex located in Jacksonville, NCrgeted towards family households. The property will feature green building techniques and the individualits will be energy star certified. During the design phase of the project, we have worked diligently with ourchitect to ensure that the property will feature superior ammenities for tenants. The properties will featureeenspace, designated playground, a resident computer center, covered picnic area, outdoor sitting areas,

vered patio with seating, gazebo, and walking trails.

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:

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

If yes, please provide name and address:

The developer has not used these plans in North Carolina, however these plans were used for the seventy-two unit Berea Heights apartments in Greenville, SC. These plans are also currently in use for a sixty-fourunit project in McMinnville, TN.

e Amenities:

e development will also have the following required site amenities: a tot lot playground, a residentmputer center with a minimum of two computers in the community building, a covered picnic area witho tables and a grill, and the outdoor gazebo sitting areas. The complex will contain a community roomth kitchen, a computer room, protected mail facility and a laundry room containing five washers andyers for tenant use.

site Activities:

e on site activities will be coordinated by the apartment manager working with the tenant associations incordance with the tenant service plan. Activities available on a continous basis will be the tot lot for smallildren, greenspace/athletic field for teenagers and adults. A picnic area and three gazebos will encouragetdoor activity. The oval interior roadways of the project will also provide a protected onsite walking loop.e playground will be centrally located to allow for visiability from all buildings in the complex.



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ndscaping Plans:

e landscaping plan will be in accordance with Appendix B. The site has some native trees which will beeserved whenever possible. The landscaping budget for trees and shrubs will exceed the requirednimum of $300 per unit or $21,600 in total. The site will have ample greenspace and this will be

ndscaped with native shrubs and plants.

erior Apartment Amenities:

e individual units will have ceiling fans in every bedroom, as well as the living room. Each apartment willve individual washer and dryer connections. All appliances in the apartments will be energy star rated.

ach apartment will be wired for high speed internet connections in the main living area.

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 site is located on Gum Branch Road approximately 0.2 miles west of the intersection of Gum Branch

nd Henderson Drive. The site is approximately 7.85 acres. Directly east of the site is the Jacksonville Highchool, to the rear and west of the site are homes in a subdivision in the $150,000 to $250,000 range.cross Gum Branch Road is an older market rate apartment complex.

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. The land use in this area in residential in character and locatednviently to many different services. Most notably is the sites close proximity to Jacksonville High School.

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 site had originally been laid out for a 39 lot subdivision and the eight

ch sewer line is to be in place by March 31, 2009 in order for the property owner to protect his sewerrmit. The owner has cleared some of the trees from the site so you will be able to get a good view of the

act. He left a buffer of trees at the rear of the lot and you cannot see Northwood Drive, the subdivision thatcks up to the tract of land. We intend to leave this buffer in place. The other trees left on the site are pines

d some small hardwoods. The hardwoods do not have any large canopies to provide significant shade,erefore the remaining trees will provide minimal enhancement to the site. Jacksonville now has a publicansit system and the city has told us that we can request a stop at the site. There is a traffic signal at theersection of Gum Branch and Henderson Drive, this signal provide breaks in the traffic along Gum Branch.

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).

his being a coastal site,it provides all of the attributes of similar sites; namely the water table will be withinn feet of the surface, the soil is a gumbo type soil that will have to be removed from the road beds and

uilding pads and a better quality soil trucked into the site. Since the site has had some clearing and a ditchnd retention pond are in place, the site will have over a year to drain before building begins. The site is

elatively flat with minimal contour differentiation.



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

he site is comparable with other building sitesin the area and presents no unusual obstacles toevelopment. The aesthetics for the development will be in conformity with the existing architecture for theeighborhood.The buildings will be two stories and will not be overly tall for the neighborhood.

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/After

choolBasic Health Care

Schools Public Transportation

Stop

Convenience Store Public Parks

Gas Station Library

her facilities or services:


5 1

5 4

2.3

7.8

2 .1

8 1.4

8 1.2


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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)

Glenbrook Villas

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