Richland Hills

8/6/2019 Richland Hills

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

roject Description

oject Name: Richland Hills of Waynesville

ddress: Assembly Street

ty: Waynesville County: Haywood Zip:

ensus Tract: 9810 Block Group: 2

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 Waynesville

risdiction CEO Name:First:Gavin Last:Brown

Title: Mayor

risdiction Address: PO Box 100

risdiction City: Waynesville 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(vsc05hbmb...FFFF0C751E&SNID=458DD4009DF44F618919C6E642B8533B (1 of 22)4/8/2009 1:22:22 PM

28786

28786

(828)452-2491

35.4932

-82.9813


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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:Elderly (55)

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: VIA Community Network, Inc./Mountain Housing Opportunities, Inc.

ddress: 64 Clingman Avenue, Suite 101

ty: Asheville State: NC Zip:

ontact: First: James Last:Dennis Title:Rental Development Officer

elephone:

t Phone:

ax:

mail Address:

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


28801

(828)254-4030

(828)254-0120

[email protected]


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te Description

tal Site Acreage: Total Buildable Acreage:

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

ntify utilities and services currently available (and with adequate capacity) for this site:

Storm Sewer Water Sanitary Sewer Electric

he demolition of any buildings required or planned? No

If yes, please describe:

e existing buildings on the site currently occupied? No

If yes:(a) Briefly describe the situation:

(b) Will tenant displacement be temporary?(c) Will tenant displacement be permanent?

he site directly accessed by an existing, paved, publicly maintained road? 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:


4.1 4.1


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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:


07/06/2009

950,000


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oning

esent zoning classification of the site:East Waynesville Neighborhood District (EW-ND)

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 site is located in the Town of Waynesville. It is zoned East Waynesville Neighborhood District (EW-ND)which permits a residential density of 16 units per acre. Town of Waynesville land use developmentguidelines require a conditional use permit for developments of 20 dwelling units or more. The conditionaluse permit application will be submitted in January 2009 and the permit will be issued no later than April 30,2009.

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: Richland Hills of Waynesville, LLC

dress: 64 Clingman Avenue, Suite 101

y: Asheville State:NC Zip:

deral Tax ID Number of Ownership Entity: (If assigned)

ote: Do not submit social security numbers for individuals.

ntity Type: Limited Liability Company

ntity Status: To Be Formed

the applicant requesting that the Agency treat the application as Non-Profit sponsored? Yes

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

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

Org: VIA Community Network, Inc.

rst Name: John Last Name: Jonas Function: Managing Member

ddress: 101 Challedon Drive

ty: Candler State: NC Zip: 28715

hone: Fax:

Mail: Nonprofit: Yes

Org: Mountain Housing Opportunities, Inc.

rst Name: Scott Last Name: Dedman Function: Member

ddress: 64 Clingman Avenue, Suite 101ty: Asheville State: NC Zip: 28801

hone: Fax:

Mail: Nonprofit: Yes


28801

(828)667-4400 (828)665-1645

[email protected]

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

[email protected]


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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.


6,182

2

71,177

67,908

8

8

7
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.


10 40

14 50

16 60

6 40

10 50

8 60

64


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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))


840,716 2.00 20 20

1,836,329 0 30 30 0

5,618,605

8,295,650

68


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PP Loan: Payments for the RPP loan calculated to allow a debt coverage ratio of 1.15 for each yearoperation.

ans with Variable Amortizationease fill in the annual debt service as applicable for the first 20 years of the project life.

PP Loan

ear:mt:

1 2 3 4 5 6 7 8 9 10

ear:mt:

11 12 13 14 15 16 17 18 19 20


51840 50798 49671 48454 47143 45734 44224 42607 40879 39036

37072 34982 32762 30405 27907 25260 22460 19500 16372 13072


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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


250,000 250,000

4,540,000 4,540,000

287,400 287,400

101,548 101,548

304,644 304,644

274,180 274,180

144,000 144,000

28,732 28,732

26,000 26,000

5,956,504

1,200 1,200

30,000 30,000

125,000 125,000

3,500 3,500

38,600 38,600

9,500 9,500

4,500 4,500

2,000 2,000

4,300 4,300


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29 Title and Recording


30 Real Estate Attorney

31 Other Attorney's Fees

32 Tax Credit Application Fees (Preliminary and Full)

33 Tax Credit Allocation Fee (0.62% of line 60, minimum $7,500)

34 Cost Certification / Accounting Fees

35 Tax Opinion

36 Organizational (Partnership)

37 Tax Credit Monitoring Fee


38 Furnishings and Equipment

39 Relocation Expense

40 Developer's Fee

41 Additional Contigency (greater of $500/unit or $30,000)

42

43

44 Rent-up Expense

45

46


47 Rent up Reserve

48 Operating Reserve

49

50

51 DEVELOPMENT COST (lines 1-49)

52 Less Federally Funded Grant

53 Less Disproportionate Standard

54 Less Nonqualified Nonrecourse Financing

55 Less Historic Tax Credit

56 TOTAL ELIGIBLE BASIS

57 Applicable Fraction (percentage of LI Units)


218,600

15,000 15,000

12,500 12,500

2,300

56,926

6,200 6,200

2,500

500

44,800

140,726

150,000 150,000

672,000 672,000

32,000 32,000

Other Basis Expense (s

Other Basis Expense (s

19,200

Other Non-basis Expen

Other Non-basis Expen

873,200

19,200

137,420

Other Reserve (specify)

Other Reserve (specify)

7,345,650 0 7,062,804

0

7,062,804 0 7,062,804

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 unit70,938


7,062,804 0 7,062,804

100.00% 130.00%

9,181,645 0 9,181,645

3.50 9.00

826,348 0 826,348

0

950,000

8,295,650

826,348


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arket Study Information

ease provide a detailed description of the proposed project:

chland Hills of Waynesville will be a 64-unit senior apartment community located in the Town ofaynesville. The primary goals of the development are to provide attractive, well-managed apartmentmes for low-income seniors and to provide the supportive services that enhance their ability to live

dependently.

e site is located on the eastern edge of downtown Waynesville. It is 4.1 acres of relatively flat land in anherwise mountainous area. Assembly Street, the road on which the proposed site sits, is connectedectly to Main Street. Within a half mile drive, residents can access businesses and services in thewntown and Russ Avenue corridors. Numerous restaurants, grocery stores, shopping centers, gas

ations, health care providers, and other professional services are available.

e development will consist of one- and two-bedroom units in a single L-shaped structure. The building willve three stories with residential units designed around a central entry. The apartments will be accesseddouble-loaded corridors along each arm of the building. All common spaces will be visitable by persons

th a mobility impairment. The building will meet Energy Star standards as defined by NCHFA.

e individual units will be furnished with a dishwasher, electric range and hood, refrigerators, washer andyer, and ceiling fans. A large pantry and cabinetry with mid-grade wood veneer will contain sufficientace for storage. The bathrooms in each unit will contain a walk-in shower and blocking for the addition of

ab bars. Eight units will be fully handicap accessible. All other units will be convertible to completendicap accessibility with a minimum of man-hours. Each unit will have cable pre-wired in the living roomd bedrooms.

e common areas will include a multi-purpose room with a kitchen and appliances, a traditional living roomth big-screen television, a computer center with high-speed internet, and a fitness center containingrobic and anaerobic exercise equipment. Finally, a game area will be provided with tables, chairs, boardmes and a pool table.

upportive services will be established to promote independent living and wellness. This goal will bemarily accomplished by connecting residents to community services and resources. In addition to referralrvices, plans include regularly scheduled health clinics, community socials and topic-oriented programs.eeting and office spaces will be available to service providers in order to bring programs to the site.

ssuming the development is funded, construction should begin late in 2009. Construction completion ispected by December 2010 with 100% lease up to follow in mid-2011.

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:

While the partners associated with this development have not built the same building being proposed, it willbe similar in design and construction to the Laurels of Lake Junaluska. The same architect, Martin Riley

Associates, will design Richland Hills of Waynesville.

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

If yes, please provide name and address:



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e Amenities:

e development will include all mandatory amenities as well as two additional amenities. These include 1)door/outdoor sitting areas, 2) a multi-purpose room, 3) a resident computer center, 4) tenant storageeas, 5) a covered drive-thru/drop-off, and 6) a fitness center. The multi-purpose room will include a varietyactivity centers such as a movie screen and projector, game tables, general sitting, and meeting space. Achen in the multi-purpose room will promote covered-dish dinners and banquets. In addition, thevelopment will provide a gazebo in the garden area.

site Activities:

nsite activities will include community events such as movie nights, seasonal parties, and topic-orientedscussions. Area agencies will be invited to provide referral and information sessions. The site managerl be well-versed in community resources that can enhance residents lives. Plans include regularlyheduled health clinics to promote safety and wellness through screenings, education and awareness, andysical activity.

ndscaping Plans:

e landscape plan will include plants and trees native to the mountains of North Carolina. It will include ax of deciduous shade trees and evergreens. Appropriate foundation plantings and trees will soften theneral surroundings of the new structure. Where permitted, parking lot areas will include shade trees.

nally, perimeter landscaping will be installed to create a natural buffer between the development andrrounding land uses.

erior Apartment Amenities:

dividual units will include the following appliances: ceiling fans, dishwashers, ranges and rangehoods,ashers and dryers, and refrigerators. Other features will include walk-in closets, walk-in showers, andrable attractive finishes equal to most market rate apartment communities.

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 trend and direction of real estate development in Waynesville is very positive. Construction and

evelopment continues even with changes in the economy. Waynesville, being a tourist destination, has aery well maintained appearance throughout the downtown and surrounding neighborhoods.

ccording to Waynesville Planning Director Mr. Paul Benson, building permits in 2008 continued to increasever the previous 12 months. Also in 2008, a new super Walmart has completed construction at the oldayco Manufacturing site. A Best Buy and an adjacent strip mall with four tenants are currently underonstruction and scheduled to be completed in 2009. The new Walmart and shopping center is locatedpproximately two miles from the site.

he Town of Waynesville completed construction on a new fire station in 2008 and a new City Hall isurrently under construction.

he areas bordering the site are stable and the surrounding land use makes it an excellent site for

fordable senior housing. North of the site is a senior care facility, the Brian Center, which offers a gooduffer between the main downtown business area and the development site. The site is wrapped to theast, west, and south by single family neighborhoods. With an existing multifamily zoning, Richland Hills isell positioned and the pattern of development around it follows the traditional planning pattern ofommercial phasing into multifamily and then phasing into single family. Homes in the immediateeighborhood are well maintained and stable. There is no other affordable housing in the neighborhood or

mmediate surrounding area.

URROUNDING LAND USES AND AMENITIES

nd use pattern is residential in character (single and multifamily housing). Extent that the location isolated. Effect of industrial, large-scale institutional or other incompatible uses, including but not limited to:astewater treatment facilities, high traffic corridors, junkyards, prisons, landfills, large swamps, distributioncilities, frequently used railroad tracks, power transmission lines and towers, factories or similar operations,

urces of excessive noise, and sites with environmental concerns (such as odors or pollution). Amount andaracter of vacant, undeveloped land. The land use pattern surrounding Richland Hills is primarily singlemily residential. The site is not isolated. In fact, it is within walking distance of downtown Waynesville andthin one-half mile of the major shopping district, the Russ Avenue corridor. Numerous restaurants, groceryores, shopping centers, gas stations, health care providers, and other professional services are available.ere are no large scale negative features in the vicinity of Richland Hills no vacant undeveloped land,wer lines, railroad tracks, factories or any other type of incompatible use. The only institutional use nearbythe Brian Center, which is considered a positive factor in that it is focused on senior citizens which is thecus also of Richland Hills. In effect, residents of Richland Hills may be able to take advantage of the Brianenter when they need additional care or rehabilitation services that cannot be provided in an independentng environment.



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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 main entry street, Assembly Street, meets North Main Street to enter

e commercial areas of Waynesville. There is a traffic light at this location so it will be a safe exit and entryRichland Hills. Assembly Street itself is a wide and well marked street with plenty of room for vehicles toaneuver. Richland Hills is zoned for multifamily use, has good street access, and will not pose a burden forblic facilities in the area. There is no mass transit in Waynesville but there is senior transportation available

rough Haywood Transit, which is a public service that provides reduced fee and no fee transit for senior

izens. Being rural western NC, we anticipate that most residents will own vehicles or will have access tovate transportation through nearby family members as this is the norm in our region. However, residents ofchland Hills that do not own vehicles will be able to both walk to downtown Waynesville and/or useaywood Transit to shop, get to services, and access medical care. Regarding walk-ability, there is a sectionsidewalk already in place along Assembly Street leading to the intersection at North Main Street that couldsily be extended to the Richland Hills location and make walking to downtown even more convenient.chland Hills will be quite visible from downtown Waynesville and good signage locations are available fore site.

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).

here are no on-site negative features. The site itself is level and graded and ready to be developed. Weill have adequate and safe parking. There are wonderful views from the Richland Hills site of bothowntown Waynesville as well as of nearby mountain ranges.

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

eighboring properties to the east, west and south are single family so the scale of Richland Hills will be oflarger scale than these neighborhoods. However, the Town of Waynesville has already designated theichland Hills site as multifamily zoning. Therefore this change in scale is to be expected as theeighborhood transitions from commercial to single family. This type of transition is very normal and

cceptable in zoning areas where multifamily zoned sites are buffering commercial and single familyeighborhoods.

he architecture of Richland Hills will address the aesthetics of the surrounding neighborhood by includingrchitectural details and building materials that either mimic or reflect details in the surrounding architecture single family homes.

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

SchoolsPublic Transportation

Stop

Convenience Store Public Parks


.8 3.5

.6 4.8

.81.1

2.1

.80.0

.8 0.2


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Gas Station Library

her facilities or services:


.8 0.9


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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)

Richland Hills

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