Willow Oak Run

8/6/2019 Willow Oak Run

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

roject Description

oject Name: Willow Oak Run

ddress: 6007 Tuckaseegee Rd.

ty: Charlotte County: Mecklenburg Zip:

ensus Tract: 43.01 Block Group: 3

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 Charlotte

risdiction CEO Name:First:Patrick Last:McCrory

Title: Mayor

risdiction Address: 600 East Fourth St., 9th Floor

risdiction City: Charlotte 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(2oqteq55...0F498AB9D&SNID=FDA4DB7A79754B5B9EC7C9C8A0F34612 (1 of 21)4/14/2009 1:01:48 PM

28208

28202-2853

(704)336-2241

35.2445

-80.9243


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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: United Equities VI

ddress: PO Box 6171

ty: Raleigh State: NC Zip:

ontact: First: Julie Last:Graw Title:developer

elephone:

t Phone:

ax:

mail Address:

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


27628

(919)755-9155

(919)621-9356

(919)755-2245

[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? Yes

If yes, please describe:

A one story brick-faced, 1609 sf house and two garage/workshops will be demolished or moved prior to thestart of sitework.

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:


4.0 4.0


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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:


11/30/2009

325,000


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oning

esent zoning classification of the site:R-17MF

multifamily use permitted?Yes

e variances, special or conditional use permits or any other item requiring a public hearing needed to develop this proposal?No

If yes, have the hearings been completed and permits been obtained?

If yes, specify permit or variance required and date obtained. If no, describe permits/variances required and schedule forobtaining them:

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: Willow Oak Run, LLC

dress: PO Box 6171

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: Willow Oak Run, LLC

rst Name: Fred Last Name: Mills Function: Managing Member

ddress: PO Box 6171

ty: Raleigh State: NC Zip: 27628-6171

hone: Fax:

Mail: Nonprofit: No


27628

(919)755-9155 (919)755-2245

[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.


56,218

61,241

6

6

5
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




targeted at percent of median income affordable to

targeted at percent of median income affordable to

tal Low Income Units:

te: This number should match the total number of low income units in the Unit Mix section.


3 24

2 24

5 30

3 30

28 60

10 60

51


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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:City of Charlotte Housing Trust Fund

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))


897,282 6.50 30 30 68,057

747,225 2.00 20 20 45,361

585,855 2.00 20 20 35,565

0

0

0

0

0

0

0

518,755 0 30 30 0

0

3,081,094

0

5,830,211

66


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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 unit60,000


5,187,545 0 5,187,545

100.00% 100.00%

5,187,545 0 5,187,545

3.50 9.00

466,879 0 466,879

0

325,000

5,830,211

466,879


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arket Study Information

ease provide a detailed description of the proposed project:

llow Oak Run is located north of I-85 in Charlotte, NC in a scattered site prority 1 area. The 51 unit,ergy-star compliant development will be composed of 3 story residential buildings housing a total of 36o-bedroom units and 15 three-bedroom units. It is located on a 4 acre site in an established oldersidential section of Tuckaseegee Rd. with convenient access to I-85 and is a direct route to uptownharlotte. Tuckaseegee Rd. along this section is two lane with a center turn lane and there are sidewalks

both sides, but there is not a continuous connection of sidewalks. For connectivity, Tuckaseegeepartments will be required to construct sidewalks along the sites' frontage on Tuckaseegee Rd. Theoposal has excellent visibility along this residential corridor.

10%) of units will be offered at 24% AMI; 8 units at 30% AMI and 38 units at 60% AMI. 10% of units will fully accessible units. The City of Charlotte has slated this section and side of Tuckaseegee Rd. for highnsity residential development. The City's major redevelopment investment at the former Freedom Mall

7 miles away will afford residents convenient access to Mecklenburg Co. Dept. of Social Services, City,MV, Duke Power and BellSouth payment offices.

e older neighborhood immediately across the street is to remain single family. Three Mecklenburg Co.hools are less than and within 1.25 miles: Tuckaseegee Elementary, Wilson Middle and Westecklenburg High. Mecklenburg Community College is 1.3 miles away.

eighborhood supportive commercial and institutional uses within walking distance abound and there areharlotte city bus stops within 1/2 mile of the site. Tuckaseegee Park is 1 mile away. Teen and familyograms are offered there. There is a public activity center, gym and playing fields. Two day cares are aort distance from the site.

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:

decorative vinyl shakes

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

If yes, please provide name and address:

Mills Construction will be building Greylin Ridge Apartments, an'08 tax credit, 80 unit development with 3story buildings for Solstice Partners, LLC. The buildings will be similar in design to the proposed

Tuckaseegee Apartment Homes.

e Amenities:

onnecting broad, sidewalks, outdoor sitting areas w benches, multi-purpose room, residential computernter, covered picnic area with tables and grill, gazebo, playground and tot lot.



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site Activities:

esidents may utilize the multi-purpose room for classes, homework/tutoring and special events. Thevered picnic area, playground, gazebo, tot lot and outdoor sitting areas offer the opportunity to play andcialize.

ndscaping Plans:

n effort will be made to preserve larger specimen trees outside the building footprint and paved parkingeas. Trees and plantings will be drought-resistant and native to central NC.

variety of plantings will be clustered together for maximum appeal and will be used to screen HVAC units,ften building lines and naturalize parking areas.

erior Apartment Amenities:

ach resident's apartment will feature energy star appliances and will have a range, dishwasher, frost-freefigerator, washer/dryer connections, large closets, storage, carpet, vinyl, central air and heat pump.

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 south side of Tuckaseegee Rd. along this section is slated for high density residential. The tract is

urrounded on 2 sides by R-17MF zoned tracts (allowing 17 units per acre). Across the street is a modest,der well-maintained neighborhood of brick homes zoned R-3, allowing only single family uses. Thussuring the preservation of the residential character of the immediate area.here is no tax credit or subsidized housing in the immediate vicinity of the site.

ess than one mile west is a new commercial center with grocery, pharmacy, restaurants, cleaners,scount and convenient store. Just over one mile is Tuckaseegee Center and Park offering programs forenagers and families, a gym, community ctr. There are 4 churches within one mile, 2 daycares and 3

chools: Tuckaseegee elementary, Wilson Middle and west Mecklenburg HS are from 1 mile to 1.5 milesom the site. The community college is 1.3 miles and the airport is 2 miles from the site.

he City of Charlotte and Mecklenburg Co. have invested millions in the redevelopment/infill of Freedomall, 1.7 miles from the site. It now houses DMV, Meck. Co. Dept. of Social Services, City Offices,

ellSouth and Duke Power Payment offices, Walgreens, Peebles and my personal favorite, Dollar Tree.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. There are no incompatible land uses. The land use pattern in themediate vicinity of the site is residential in character. Homes are older, modest, brick ranches andngalows. Tuckaseegee Rd. is a direct route to uptown Charlotte and also has easy access to I-85. Theailable land zoned for multifamily is mostly level, large 4 acre lots that are wooded w some mature treesd small homes with accessory buildings built in the 40's and 60's.

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. This portion of Tuckaseegee is two lanes with a center turn lane and non-ntiguous sidewalks on both sides of the road. Mecklenburg Co. GIS lists 11 CATS bus stop locations within2 mile of the site. The property sign and community ctr. will be highly visible on Tuckaseegee Rd.edestrian and vehicular traffic will also be able to see the apartment buildings from the road.

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 onsite negative features that will impeed project construction. A small brick house and twoarages will be removed or demolished prior to construction.



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

trategic placement of brick will maximize the attractiveness of the buildings as seen from the street. Therger apartment buildings will be largely viewed from the side. This orientation, and the preserved, matureees will visually scale down the apartment buildings.

he 1 story community ctr./office will front Tuckaseegee Rd. as the single family homes are. The building isesigned to look like the single family homes in 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:

ckaseegee Elementary is 1 mile from the site. Wilson Middle School is 1.2 miles away and Westecklenburg HS is 1.5. The Community College is 1.6 miles from the site.

e airport 2 miles away and the redeveloped Freedom Mall is 1.7 miles from the site. It has BellSouth anduke Power payment offices, DMV, Mecklenburg Co. Dept. of Social Services and City of Charlotte offices

well as a Walgreens, Peebles and Dollar Tree. There are 4 churches less than 1 mile from the site.


3 .9

3 8.26

9.3

22.4

.0 .5

3 .9

3 1.8


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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)

Willow Oak Run

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