gateway commons iii

8/6/2019 Gateway Commons III

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Check all that apply:

Federal Low Income Housing Tax Credit

State Low Income Housing Tax Credit

Tax Exempt Bonds

Rental Production Program (RPP) Loan

Requested RPP Loan Amount:RPP Loan Product Requested:

Print Preview - Final Application

Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans

Resources Requested

Page 1 of 36Print - APP03-0033

1/14/2005https://www.nchfa.org/Rental/RTCApp/(cild5infehvn3xnbtsrlwx55)/site/PrintApp.aspx?II...


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Is project in Qualified Census Tract & Difficult to Develop area:

Project Name and Location

Project Name: Gateway Commons - Phase III

Address: 1600 North Trade Street

City: Winston-Salem County: FORSYTH Zip: 27105

Census Tract: 4.0 Block Group:

Yes

Political Jurisdiction: 5th Congressional District

Jurisdiction CEO Name: First: Last:Allen Joines Title: Mayor

Jurisdiction Address: P. O. Box 2511

Jurisdiction City: Winston-Salem Zip: 27102

Jurisdiction Phone: (336)727-2058

Site Latitude: 36.100

Site Longitude: -80.244




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Is this project a follow-on (Phase II, etc) to a previously-awarded tax credit development project?

If yes, list names of previous phase(s):If yes, list names of previous phase(s):

Will the project be receiving federal rental assistance?

If yes, provide the subsidy source:If yes, provide the subsidy source: HUD and number of units:and number of units:

Target Population: Family

Indicate below any additional targeting for special populations proposed for this project:

Square Footage Information

Project Description

Project Type:* New Construction Rehab Adaptive Reuse

Yes

Kimberly Park I (Azalea Terrace) and Kimberly Park II (Aster Park)

Yes

5858

Mobility impaired handicapped: 5% of units comply with QAP Section IV(F)(3) (in addition to other federal and staterequirements)

Persons with disabilities or homeless populations: the greater of 5 units or 10% of the total units

Remarks: The ownership entity has entered into an MOU with CenterPoint Human Services of Winston-Salemto act as "lead agency" in providing services to the disabled/homeless. A targeting plan has beencompleted and submitted to the North Carolina Dept. of Health and Human Services for review andcertification for 8 set-aside units. The owner has also secured project-based Section 8 Housing

Choice Vouchers and has agreed to set aside 8 of the vouchers for the targeted population.

Proposed number of residential buildings: 6 Maximum number of stories in buildings: 3

Types of Units:* Townhouse Duplex Garden Apartment Detached Single-Family

Project Includes:Separate community building -- Sq. Ft. (Floor Area):Sq. Ft. (Floor Area):

Community space within residential bulding(s) -- Sq. Ft. (Floor Area):Sq. Ft. (Floor Area):

Elevators -- Number of Elevators:Number of Elevators:

Gross Floor Square Footage: 92,508

Total Net Sq. Ft. (All Heated Areas): 77,196




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Applicant Information

Applicant Name: Plaza West Development, LLC

Address: P. O. Box 25168

City: State: NC Zip:Winston-Salem 27114-5168

Contact: First: Last: Title:John Eagan Member

Telephone: (336)765-0424

Alt Phone: (336)765-6551

Fax: (336)765-3831

Email Address: [email protected]




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Total Site Acreage: Total Buildable Acreage:

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

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

Storm Sewer Water Sanitary Sewer Electric

Is the demolition of any buildings required or planned?

If yes, please describe:

Are existing buildings on the site currently occupied?

If yes:(a) Briefly describe the situation:

(b) Will tenant displacement be temporary?

(c) Will tenant displacement be permanent?

Is the site in a distressed neighborhood?

If yes, does a community revitalization plan exist?

Is the site directly accessed by an existing, paved, publicly maintained road?

If no, please explain:

Is any portion of the site located inside the 100 year floodplain?

If yes:(a) Describe placement of project buildings in relation to this area:

Site Description

5.371 5.371

Yes

The seller of the property, The Housing Authority of the City of Winston-Salem, is currentlydemolishing all buildings on the site. It is anticipated that all existing buildings on the proposed taxcredit site will be razed within the next 30 days.

No

Yes

Yes

Yes

No




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(b) Describe flood mitigation if the project is in the East Region and will have improvements within the 100 year floodplain:




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Does the owner have fee simple ownership of the property (site/buildings)?

If yes provide:

Purchase Date: Purchase Price:

If no:

Site Control

No

(a) Does the owner/principal or ownership entity have vaild option/contract to purchase the property? Yes

(b) Does an identity of interest (direct or indirect) exist between the owner/principal or ownership entity with the option/contract for

purchase of the property and the seller of the property?If yes, specify the relationship:

Yes

FEV, a member of Kimberly Park III, LLC is a not-for-profit corporation established by the seller, TheHousing Authority of the City of Winston-Salem.

(c) Enter the current expiration date of the option/contract to purchase: 10/31/2003

(D) Enter Purchase Price: 145,000




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Present zoning classification of the site:

Is mutifamily use permitted?

Are variances, special or conditional use permits or any other item requiring a public hearing needed to develop this proposal?

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 for obtainingthem:

Is a public hearing of any kind required in the future for you to fully develop this property?

If yes, describe the nature of the hearing and when you expect the hearing will be held:

Are there any existing conditions of historical significance located on the project site that will require State Historic Preservation office review?

If yes, describe below:

Are there any existing conditions of environmental significance located on the project site?

If yes, describe below:

Zoning

RM-18

Yes

No

No

No

No




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Specify Low Income Unit Targeting in table below. List each applicable targeting combination in a separate row below. Click [Add] to createanother row. Click "X" (at the left of each row) to delete a row. Add as many rows as needed.

Total Low Income Units:

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

Targeting

# BRs Units %

2 10 targeted at 30 percent of median income.






58




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Estimated pricing on sale of Federal Tax Credits: $0.

Remarks concerning project funding sources:(Please be sure to include the name of the funding source(s))

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

Funding Sources

Source AmountNon-

Amortizing*Rate(%)

Term(Years)

Amort.Period(Years)

AnnualDebt

Service

Bank Loan

RPP LoanLocal Gov. Loan - Specify:HOME Loan - City of WS

2,100,000 1.00 30 30

RD Loan

AHP Loan

Other Loan 1 - Specify:HOPE VI AFR - HAWS

1,290,000 4.85 30 30 81,686

Other Loan 2 - Specify:

Other Loan 3 - Specify:

Tax Exempt Bonds

State Tax Credit(Loan) 513,301 0 30 30 0

State Tax Credit(Direct Refund)

Equity: Federal LIHTC 3,005,217

Non-Repayable Grant

Equity: Historic Tax Credits

Deferred Developer Fees

Owner Investment 480 Other - Specify:

Total Sources** 6,908,998

* "Non-amortizing" indicates that the loan does not have a fixed annual debt service. For these items, you must fill in 20-year debt servicebelow.

** Total Sources must equal total replacement cost in Project Development Cost (PDC) section.

75

Local Gov. Loan - HOME Loan - City of WS




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Year:Amt:

1

34000

2

34000

3

34000

4

34000

5

34000

6

34000

7

34000

8

34000

9

34000

10

34000

Year:Amt:

11

34000

12

34000

13

34000

14

34000

15

34000

16

34000

17

34000

18

34000

19

34000

20

34000




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Development Costs

Item Cost Element TOTAL COSTEligible Basis

30% PV 70% PV

1 Purchase of Buildings (Rehab) 0

2 Demoli tion

3 On-site Improvements 574,000 574,000

4 Rehabilitation

5 Construction of New Building(s) 3,664,000 3,664,000

6 Accessory Building(s)

7 General Requirements 254,280 254,280

8 Contractor Overhead 89,846 89,846

9 Contractor Profit 359,382 359,382

10 Construction Contingency 148,245 148,245

11 Architect's Fee - Design 72,000 72,000

12 Architect's Fee - Inspection 18,000 18,000

SUBTOTAL (lines 1 through 12) 5,179,753

13 Construction Insurance (prorate) 60,000 60,000

14 Construction Loan Orig. Fee (prorate) 45,000 45,000

15 Construction Loan Interest (prorate) 157,500 157,500

16 Construction Loan Credit Enhancement (prorate) 6,000 6,000

17 Construction Period Taxes (prorate) 10,000 10,000

18 Water, Sewer and Impact Fees 27,267 27,267

19 Survey 70,000 70,000

20 Property Appraisal 7,500 7,500

21 Environmental Report 10,000 10,000

22 Market Study 4,500 4,500

23 Bond Costs (specify)

24 Cost of Issuance

25 Placement Fee

26 Permanent Loan Origination Fee

27 Permanent Loan Credit Enhancement

28 Title and Recording 8,000

SUBTOTAL (lines 13 through 28) 405,767

29 Real Estate Attorney 35,000 35,000

30 Other Attorney's Fees 50,000 50,000

31 Tax Credit App Fees 27,448 27,448

32 Cost Certification/Accounting Fees (specify) 18,000 18,000

33 Tax Opinion 2,495

34 Organizational (Partnership) 2,495

35 Tax Credit Monitoring Fee 37,800


36 Furnishings and Equipment

37 Relocation Expenses

38 Developer's Fee (max 15% lines 2-36, less 8 & 9) 663,691 663,691

39 Other Basis Expense (specify)

40 Other Basis Expense (specify)

41 Rent-up Expenses 65,809

42 Other Non-basis Expense (specify) soft contingency 58,000

43 Other Non-basis Expense (specify)


44 Rent up Reserve 21,600




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Comments:

45 Operating Reserve 196,140

46 Other Reserve (specify)

47 Other Reserve (specify)

48 DEVELOPMENT COST (lines 1-47) 6,763,998 0 6,371,659

49 Less Federal Financing

50 Less Disproportionate Standard

51 Less Nonqualified Nonrecourse Financing

52 Less Historic Tax Credit (residential) 0

53 TOTAL ELIGIBLE BASIS 6,371,659 0 6,371,659

54 Times Applicable Fraction 80.56% 80.56% 80.56%

55 TOTAL QUALIFIED BASIS 5,133,008 0 5,133,008

56 Tax Credit Rate 0.00% 7.87%

57 FEDERAL TAX CREDITS at Estimated Rate 403,967 0 403,967

57a FEDERAL TAX CREDITS at 8.5% or 3.75% 436,305 0 436,305

58 FEDERAL TAX CREDITS REQUESTED 436,347 436,347

59 STATE TAX CREDITS 513,350

60 Land Cost 145,000

61 TOTAL REPLACEMENT COST 6,908,998

Line 16 represents construction lenders inspection fees and Line 19 is survey and engineering.




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Please provide a detailed description of the proposed project:

Construction (check all that apply):

Brick Vinyl Wood HardiPlank Balconies/Patios Sunrooms Front Porches

Front Gables or Dormers Wide Banding or Vertical/Horizontal Siding

Other:

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

If yes, please provide name and address:

Site Amenities (check all that apply):

Market Study Information

Gateway Commons - Phase III of the HOPE VI revitalization of Kimberly Park Terrace will includethe construction of a 72 unit multi-family development (III - B) that will contain (6) three-story gardenapartment buildings. 58 of the 72 units will be tax credit units and the remaining 14 will be marketrate. All 58 tax credit units will have federal rental assistance; 29 units of project based Section 8Housing Choice Vouchers and 29 units of public housing operating subsidy. Phase III also includes

two single-family subdivisions, Section III-A with 28 single-family homes and Section III-C with 82single-family homes. See master site plan for detail.

The plans for the tax credit site call for (4) two bedroom buildings (2BR/2B) and (2) three bedroombuildings (3BR/2B), each building containing 12 units. All units are spacious with open/flowingfloorplans. Each unit will have 2 full baths, a patio or balcony, exterior storage, washer/dryerconnections in separate laundry room, pantry, dishwasher, disposal, stove/self cleaning oven andfrost-free refrigerator with icemaker.

The Community & Leasing Center for Gateway Commons - Phase III is located in Phase II - AsterPark directly across the street (Glenn Avenue). Amenities offered within the 5800 square footcommunity center include a computer learning lab, resident business center, homework/readinglibrary, central laundry facility, and two large multi-purpose rooms to be utilized for an after-school/summer program and other resident-related activities. In addition the Center provides officesfor fulltime onsite management, leasing and maintenance personnel as well as office space for staffproviding and coordinating services and recreational programs for the youth and adult residents ofGateway Commons.

Other amenities include a planned greenway area with a stream and walking trails (currently underconstruction). Adjacent to the site is the Martin Luther King Park and Recreation Center. The Parkincludes lighted tennis courts, basketball court, volleyball court, picnic shelter with grill, KimberlyPark pool, a 6-lane, 25 meter swimming pool with waterplay area, and a Fitness Trail with 10exercise stations.

This is the last phase of multi-family in the revitalization program for Kimberly Park HOPE VI. PhaseI - Azalea Terrace, the 100 Unit Elderly Building was completed in December, 2001 and was fullyleased in 60 days. Phase II - Aster Park, the 170 Unit Family development is scheduled to haveunits available for occupancy in May, 2003 with a completion date of September, 2003. The 57 PHAset-aside units have been pre-assigned to temporarily relocated residents of the Kimberly Parkneighborhood and the Section 8 department of the local public housing authority will be referringapplicants from their 2400+ person waiting list. The current waiting list for Phase II, Aster Park isover 430. We anticipate achieving 100% occupancy by December, 2003.

Vinyl-clad insulated windows, Metal exterior doors with peephole and deadbolt lock, Brick on 1stfloor, 2nd and 3rd floors with vinyl siding of different sizes/shades. Units and common areassprinklered. This design is very similar to an upscale luxury apartment community previouslydesigned by our architect. The property (Brookberry Park) is located in the western part of the Cityon Country Club Road.

No

Community Bldg - Sq Ft: 5,800 Community Room - Sq Ft: Garages - Number:




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Onsite Activities:

Landscaping Plans:

Interior Apartment Amenities (check all that apply):

Flooring: Carpet Vinyl Wood Wood Parquet Ceramic Tile Other

Heating/Cooling: Central Air Gas Heat Heat Pump Electric Pump

Do you plan to submit additional market data (market study, etc.) that you want considered?

If yes, please make sure to include the additional information in your pre-application packet.

Laundry Rm Screened Porch Resident Computer Center Exam Rm Reading Rm/Library

Game/Craft Rm Exercise Rm TV Rm Beauty Salon Vending Rm

Chapel/Prayer Rm Picnic Area Onsite Leasing Office Onsite Mgr Onsite Maint. Person

Irrigated Lawns Security Gate Car Care Area Storage Units Gazebos

Walking Trails Garden Spots Basketball/Tennis Court Playground Ball Field

Pool Fitness Stations Horseshoe Pit Shuffleboard Covered Drive Thru

The Housing Authority of the City of Winston-Salem will be primarily responsible for the coordinationof the social services and recreational activities for the residents of the community. Anafterschool/summer program is planned for children 5 to 15 years of age who reside at GatewayCommons as well as other organized recreational and educational opportunities for the youth.Programs for adults, such as parenting workshops, educational seminars, employment and job skillscounseling, and computer classes will be available in addition to social activities.

The Community Center will be furnished with computers/printers with internet access for thecomputer lab & learning center, board games, puzzles and books for the homework/reading library,television/VCR, arts & crafts tables and games such as ping pong, air hockey, etc. for one of themulti-purpose rooms. There will be a kitchenette for pot luck dinners, holiday gatherings andresident council meetings. A business center is also available to the residents who need the use of a

fax machine, copier or small office equipment such as mail scales, paper hole punchers, etc.

The site plan indicates the existing 50 year old oak trees that line and canopy the streets of theneighborhood. Every precaution is being taken to protect and maintain these trees. In addition, thesite plan indicates additional trees, shrubs and foundation plantings proposed on the site.

Range Hood Dishwasher Disposal Refrigerator (frost free) Storage interior/exterior

W/D Hookups Mini-blinds Pantry Ceiling fans Walk-in closets

Tile

Yes




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Briefly describe your site in each of the following categories:

Applicant's Site Evaluation

NEIGHBORHOOD CHARACTERISTICS

Physical condition of buildings and improvements. Trend and direction of real estate developmentrelative to the project. Area economic health (degree of decline or investment).

The buildings and facilities in the surrounding community are in very good condition. Significant newconstruction has taken place which includes two prior housing development phases as part of theHOPE VI Project plus a new subdivision just east of the project site:

Azalea Terrace is a 100 unit complex for the elderly completed in December, 2001. Thisdevelopment was constructed on an adjacent tract of land acquired from the City of Winston-Salem.The development was fully leased within 60 days of opening and is currently 100% occupied with awaiting list.

Aster Park is a 170 unit multi-family development currently under construction just south of thesubject site. It is anticipated that units will be available for occupancy in April, 2003 with constructioncompletion in August, 2003.

Providence Square is a new single-family residential development just east of the project site.

In addition to the proposed 72 unit multi-family tax credit development, Phase III of the KimberlyPark Revitalization Plan also includes two single family subdivisions, Phase III - A, a 28 unit

subdivision located just southwest of the site and Phase III - C, an 82-unit single family subdivisioncontiguous to the site to the west. Construction on Phase III - A is anticipated to begin in earlysummer of 2003.

Just southwest of the site is the newly created greenway park and stream restoration of PetersCreek as part of the HOPE VI program which will provide an added amenity to the entirerevitalization area.

Through participation in the Family Self-Sufficiency Program and the introduction of higher incomefamilies, the project should result in a dramatic increase in incomes of the households living in thecommunity. The average income is expected to approach 50% of median income. Such an increasecould encourage new commercial facilities to locate around the newly redeveloped community andprovide more shopping opportunities for the community residents.

By creating this mixed income community on the edge of downtown, the project could providecustomers who would be attracted to new commercial and entertainment activities that are beingdeveloped downtown. The newly designed Greenway & Park will become part of the expanded city

greenway system envisioned by the city. The greenway and park is currently under construction andupon its completion in the Spring of 2003, it is estimated that the project could generate annualproperty tax revenues of approximately $250,000 which could be used to fund other communitydevelopment projects. See Master Site Plan for the Kimberly Park HOPE VI Revitalization.

Suitability of surrounding development. Land use pattern is primarily residential with a balance ofother uses, including non-competing multifamily and single family units, relevant amenities, shoppingand services.The land use pattern is primarily residential in character with a balance of other uses, including non-competing multi-family and single family residential, retail, services, schools and relevant amenitiessuch as parks and recreation.

The new Kimberly Park (Gateway Commons) neighborhood will act as a catalyst for, and besupported by, the ongoing revitalization efforts in the broader community. Current initiatives in theadjacent neighborhood area include: creation of a new landscaped greenway along UniversityParkway; construction of affordable houses on vacant lots along University Parkway; expansion ofPhillips Chapel and Beulah Baptist Churches'; addition of a walking trail and recreation courts

adjacent to the MLK Community Center and new commercial development along NorthwestBoulevard.

These community-wide activities coupled with the redevelopment of Kimberly Park will create asynergistic effect, further decreasing the isolation and enriching the lives and future prospects of thelow income residents of the neighborhood and surrounding areas. These impacts will include theadvantages associated with high quality neighborhood-based education, increased homeownershipand new job opportunities. Possibly the greatest benefit of these initiatives is the stability that theywill bring by encouraging people with a mix of incomes and choice of where to live, to return to thecommunity.

SITE SUITABILITY

Adequacy of street(s) and/or access road(s) serving the proposed project and traffic controls (lights,




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stop signs, turning lanes). Access to mass transit (if applicable).The streets directly and indirectly serving the proposed site will be in excellent condition. TheHousing Authority of the City of Winston-Salem and The City of Winston-Salem have committed tofunding the cost of upgraded streets, water/sewer, etc. Some of the improvements are currentlyunder construction.

The proposed site is directly accessed via North Trade Street to the east and Burton Street to thewest. Glenn Avenue borders the site to the south. North Trade Street and Glenn Avenue arepublicly-maintained two-lane streets with posted speed limits of 35 miles per hour. The City ofWinston-Salem has temporarily closed Glenn Avenue between Lime Avenue and Trade Street whilestreet improvements including water/sewer and stream relocation are under construction. It isanticipated that all public street improvements will be completed by the end of February, 2003. Thesite will be directly accessed to the west by the newly re-aligned Burton Street which is accessed offof Lime Avenue, a two-lane publicy maintained road. There will be a stop sign at the intersection ofLime and Burton as well as at the intersection of Burton and the west entrance to the property.There will be a traffic light installed at the corner of Glenn and Lime Avenues. Burton Street willprovide access to both the 72 unit multifamily site (Phase III - B) as well as the new single-familysubdivision (Phase III - C). It is anticipated that Burton Street will also be publicly maintained but thatthe posted speed limit will be 25 miles per hour or less due to its' residential character. The site willbe directly accessed off North Trade Street with stop signs to each entrance off Trade. It isanticipated that a stoplight will be installed at the corner of Glenn Avenue and Trade.

There is no mass transit however city bus service is available within the neighborhood at Trade andGlenn Avenue as well as Trade and Northwest Boulevard.

Amount and character of vacant, undeveloped land. Effect of industrial, large-scale institutional orother incompatible uses: wastewater treatment facilities, high traffic corridors, junkyards, prisons,

landfills, large swamps, distribution facilities, frequently used railroad tracks, power transmission linesand towers, factories or similar operations, sources of excessive noise, and sites with environmentalconcerns (such as odors or pollution).There are 12 acres of vacant land adjacent to the project site. This land was aquired from the City ofWinston-Salem for development purposes. The plan calls for 28 single family homes to beconstructed on approximately 6 acres of land. Construction is scheduled to begin in the spring of2003. The remaining acreage is being developed into a linear park, which will become a part of theCity's greenway system.

There are no industrial or larger scale incompatible land uses adjacent to the site. A local churchgroup purchased a vacant tract of industrial property just to the east of the project area that will bedeveloped into a new church with multi-purpose facilities. All other surrounding land uses areresidential developments, neighborhood commercial activity and institutional facilities includingchurches, schools and recreational facilities.

Degree of on-site negative features and physical barriers that will impede project construction oradversely affect future tenants; for example: power transmission lines and towers, flood hazards,

steep slopes, large boulders, ravines, year-round streams, wetlands, and other similar features. Foradaptive re-use projects- suitability for residential use and difficulties posed by the building(s), suchas limited parking, environmental problems or the need for excessive demolition.There are no negative features on site nor physical barriers that will impede project construction oradversely affect future residents.

Similarity of scale and aesthetics/architecture between project and surroundings.The proposed development site is one of several completed and proposed developments in thisrevitalization area. The multifamily site is of similar scale and architecture as the two previousmultifamily developments in the neighborhood. The design of the buildings is very attractive and willcompliment and enhance the surrounding neighborhood.

Concentration of affordable housing (housing credit, project-based rental assistance, public housing).There are no other housing credit, project-based rental assisted or public housing in theneighborhood other than that included in the two previous phases of the Kimberly ParkRevitalization area.




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

Other facilities or services:

Availability of Supportive Services (if applicable):The Housing Authority of the City of Winston-Salem will be primarily responsible for the coordinationof resident services. Such services will include an after-school/summer youth program, familycouseling, educational programs, job training and other social and recreational programs for bothyouth and adults. See "on-site activities" in the Marketing Section for more details. A SupportiveServices Plan will be established to include MOU's with other local social service supportagencies/groups including non-profits and educational institutions as well as with CenterPoint, alocal service provider for disabled persons. CenterPoint will act as "lead agency" in providing

support services to the special needs population residing in Gateway Commons - Phase III. Inaddition, The Housing Authority of the City of Winston-Salem will be providing rental assistance to48 of the units, 8 of which will be set aside for the disabled.

Grocery Store.4 Community/Senior Center.01

Mall/Strip Center1. Hospital2.3

Outdoor Athletic Fields.01 Pharmacy1.

Day Care/After School1.1 Basic Health Care.8

Schools.5 Medical Offices.8

Public Transportation Stop.01 Bank/Credit Union1.2

Convenience Store.4 Restaurants1.

Basketball/Tennis Courts.01 Professional Services1.

Public Parks.01 Movie Theater2.8

Gas Station.4 Video Rental1.6

Library1.2 Public Safety (Fire/Police).8

Fitness/Nature Trails.01 Post Office1.

Public Swimming Pools.01

6 Churches in immediate neighborhood. Lawrence Joel Memorial Coliseum featuring sportingevents & entertainment is 1.2 miles from the site. Wake Forest University is 1.4 miles from the site.Forsyth Technical Community College extension is 1.2 miles from the site and Downtown Winston-Salem is 1 mile.




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DevelopmentList number low-income/tax credit housing projects and units developed, operated, and maintained in compliance by the principal(s) betweenDecember 1, 1996 and January 1, 2003:

ManagementList number of low-income housing tax credit units managed in the past 10 years:

Has any owner, principal, or management agent been debarred or received a limited denial participation in the past 10 years by any federal or

state agency?

Has any owner, principal, or management agent been involved in a bankruptcy, an adverse fair housing settlement, an adverse civil rights

settlement, or an adverse federal or state government proceeding and settlement in the past 10 years?

Has any owner or principal been in a mortgage default or delinquency of three months or more within the last 5 years on a FHA-insuredproject, a Rural Development funded rental project, a tax-exempt funded mortgage, a tax credit project, or any other publicly subsidized

project?

Has any owner or principal been involved within the last 10 years in a project which previously received an allocation of tax credits but failed tomeet compliance standards of the tax credit allocation, including return of a reservation of tax credits to the Agency after the carryover

agreement has been signed?

Has any owner or principal had a Form 8823 filed with the IRS for noncompliance on a project using low-income housing tax credits or

received a letter of non-compliance from the Agency?

Project Team Experience

North Carolina Other States

Projects: 2

Units: 150

North Carolina Other States

Projects: 66

Units: 3,469

No

No

No

No

No




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Financing Commitments

Does the project have a firm commitment for construction financing? Yes

Does the project have a letter of intent for private permenant financing? No

Does the project have a firm commitment for government financing? Yes

Does the project have a letter of intent from an investor? Yes

Is any portion of the eligible basis of new contruction or rehabilitation financed with federal subsidies other than CDBG funds or fundsfrom the HOME program? Yes

If yes, indicate the type and amount below:

Tax Exempt Financing: $

RD 515 Financing: $

Hope VI Financing: $ 1,290,000

Other: $

If Other, specify the type of Federal subsidy:




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Project Operations (Year One)

Projected Operating Costs

Administrative Expenses

Advertising 3,600

Other Administrative Expense (specify):2,400

Office Salaries 9,000Office Supplies 2,000

Office or Model Apartment Rent

Management Fee 32,832

Manager or Superintendent Salaries 26,000

Manager or Superintendent Rent Free Unit

Legal Expenses (Project) 2,400

Auditing Expenses (Project) 3,800

Bookkeeping Fees/Accounting Services 730

Telephone and Answering Service 2,500

Bad Debts

Other Administrative Expenses (specify):900

SUBTOTAL 86,162

Utilities Expense

Fuel Oil

Electricity (Light and Misc. Power) 7,800

Water 4,200

Gas

Sewer 4,200

SUBTOTAL 16,200

Operating and Maintenance Expenses

Janitor and Cleaning Payroll 1,200

Janitor and Cleaning Supplies 800

Janitor and Cleaning Contract 950

Exterminating Payroll/Contract 1,800

Exterminating Supplies

Garbage and Trash Removal 1,000

Security Payroll/Contract 400

Grounds Payroll 2,400

Grounds Supplies 1,800

Grounds Contract 12,000

Repairs Payroll 32,000

Repairs Material 2,800

Repairs Contract 1,200

Elevator Maintenance/Contract

Heating/Cooling Repairs and Maintenance 1,500

Swimming Pool Maintenance/Contract

Snow Removal

Decorating Payroll/Contract 7,500

Decorating Supplies 1,500

Other (specify):

Miscellaneous Operating & Maintenance Expenses 900

SUBTOTAL 69,750

Taxes and Insurance

Real Estate Taxes 39,402




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Payroll Taxes (FICA) 7,980

Miscellaneous Taxes, Licenses and Permits

Property and Liability Insurance (Hazard) 17,000

Fidelity Bond Insurance 150

Workmen's Compensation 350

Health Insurance and Other Employee Benefits 7,200

Other Insurance:

SUBTOTAL 72,082

Supportive Service Expenses

Service Coordinator 9,600

Service Supplies 2,400

Tenant Association Funds 1,200

Other Expenses (specify):1,200

SUBTOTAL 14,400

Reserves

Replacement Reserves 18,000

SUBTOTAL 18,000

TOTAL OPERATING EXPENSES 276,594

ADJUSTED TOTAL OPERATING EXPENSES(Does not include taxes, reserves and resident support services) *

204,792

TOTAL UNITS(from total units in the Unit Mix section)

72

PER UNIT PER YEAR 2,844




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Design Features

ITEM DESCRIPTION

Foundation/Slab Components Monolithic concrete slab/foundation

Primary Windows Make: Model:EQ to Silverline Series 2900 Type/Construction: vinyl - single hung

Exterior Doors Type: Frames:insulated steel steel

Siding Type: Grade/Thickness:vinyl .044

Warranty: limited lifetime

Exterior Trim vinyl or aluminum wrapped wood

Shingles Type: Weight:3 tab fiber glass 240 lbs

Warranty: 25 or 30 yr.

Sprinkler System 13 R

Cabinets Grandview Products Corp or Equivalent

Heat PumpSEER: Make:11

EQ to Goodman Mfg.Co.

Model: GKL 18 ; 24 ; & 30

Air Conditioner SEER: Make:

Model:

Other Heat Systems SEER: Make:

Model:




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This is a detailed breakdown of rehabilitation or construction costs you summarized in the Development Costs table (Rehabilitation andConstruction of New Building(s)). The total should match those roll-up values.

Costs - Construction

ITEM LABOR MATERIAL TOTAL

Concrete Footings 21,433 21,433 42,866

Backfill-slab, Crawl 7,564 840 8,404

Slab-concrete/Rebar/Gravel 27,498 82,493 109,991

Waterproofing 1,345 5,379 6,724

Masonry Foundation 51,307 23,051 74,358

Brick Veneer 46,472 19,917 66,389

Steel/Structure/Rails 370 2,992 3,362

Framing/Lumber/Nails 182,208 407,652 589,860

Trusses 133,243 133,243

Crane Rental 8,403 8,403

Windows/Grilles/Screen 10,072 90,647 100,719Exterior Doors 6,046 34,274 40,320

Roofing 29,035 28,919 57,954

Fencing 6,303 14,706 21,009

Vinyl Siding/Trim/Box 102,890 154,335 257,225

Gutters/Shutters 16,355 65,419 81,774

Insulation 25,211 100,844 126,055

Drywall 73,542 171,598 245,140

Interior Doors 4,202 37,817 42,019

Int. & Final/Stair/Trim/Shelves 20,169 30,254 50,423

Cabinets & Tops 18,619 167,575 186,194

Painting 25,211 100,844 126,055

Marble - Tub/Shwr/Tops 1,955 17,405 19,360

Plumbing 112,273 168,410 280,683

Electrical 88,239 58,826 147,065

Heating/Air Conditioning 63,028 147,066 210,094

Floor Covering and Underlayment 51,180 119,419 170,599

Wall Paper 2,521 10,083 12,604

Mailboxes/Special Features/Signage 2,231 5,205 7,436

Gypcrete 7,435 29,739 37,174

Blinds/Shades/Art Work 3,362 30,254 33,616

Light Fixtures/Fans 29,413 29,413

Sprinkler System 60,000 50,000 110,000

Security Alarm 67 588 655

Hardwood Floors 465 1,084 1,549

Elevator 0

Ceramic Tiles 420 3,781 4,201

Acoustical Ceilings 0




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Remarks:

Mirror/Shower Door/Encls. 3,193 12,773 15,966

Hardware/Bath Access. 2,122 18,885 21,007

Appliances 136,183 136,183

Playground Equipment 2,873 11,420 14,293

Interior Clean 11,471 1,135 12,606

Exterior Clean/Dumpster 16,828 4,181 21,009

Other 1 (specify in Remarks) 0

Other 2 (specify in Remarks) 0

Total Cost 1,105,515 2,558,485 3,664,000

framing lumber reduced by 17,500 to match up new const. cost in pdc.sk




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This is a detailed breakdown of the General Requirements cost element you summarized in the Development Costs table (GeneralRequirements). The total should match that roll-up value.

Remarks:

Costs - General

ITEM TOTAL

Supervision 118,749

Job Site Office/Trailer Rental 13,950

Impact Fees

Office Supplies 2,021

Security/Watchman

Water and Sewer Connection Fees

Project Signage 3,329

Tools and Equipment 1,070

Gas, Oil, and Maintenance 2,776

Cleanup/Dumpster Rental 17,914

Temporary Water, Electric, and Telephone 4,439Storage/Hauling

Driveway Access Permit 753

Porta-John Rental/Dumping 10,146

Builders Risk Insurance 5,707

Re-inspection Fees 523

Extra Plans and Specifications 713

Miscellaneous, Casual Labor 29,328

Equipment Rental 16,645

Other 1 (specify in Remarks) 26,217

Other 2 (specify in Remarks)

Total Cost 254,280

water sewer, impact fees removed from this section and moved to pdc line item 18.sk




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This is a detailed breakdown of the Site Improvements cost element you summarized in the Development Costs table (On-siteImprovements). The total should match that roll-up value.

Remarks:

Costs - Improvements

ITEM TOTAL

Subsurface Exploration/Perk Testing/Site Engineering 48,455

Clearing/Grading/Final Grading/Excess and Borrow 175,778

Demolition

Earthwork/Excavation/Aerating

Soil Treatment 8,945

Pile Foundations

Caissons

Shoring/Bracing

Site Drainage 58,239

Site Utilities/Site Lighting 35,875

Paving and Surfacing/Curb and Gutter 91,691Walkways 57,773

Site Signage 22,364

Parking Lot Painting

Dumpsite Pads/Fencing 5,590

Fencing/Gates 3,914

Landscaping/Topsoil 46,591

Waterproofing/De-Watering

Operation of Construction Equipment/Fuel/Oil

Crane Rental

Rock and Hardpan Excavation 18,785

Site Supervision Personnel

Other (specify in Remarks)

Total Cost 574,000




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This is a detailed breakdown of the Bond Costs cost element you summarized in the Development Costs table (Bond Costs). The totalshould match that roll-up value.

Remarks:

Costs - Bond Costs

ITEM TOTAL

Letter of Credit Fee

Credit Enhancement

Underwriter Discount

Capital Interest Fund



Total Cost 0




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This is a detailed breakdown of the Bond Issuance cost element you summarized in the Development Costs table (Cost of Issuance). Thetotal should match that roll-up value.

Remarks:

Costs - Bond Issuance

ITEM TOTAL

Bond Counsel

Issuer Counsel

Credit Enhancement/LOC Counsel

Underwriter Counsel

Developer's Counsel

Rating Agency Fee

Printing

Trustee Fee

Trustee Counsel


Other 2 (specify in Remarks)Other 3 (specify in Remarks)

Total Cost 0




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MINIMUM REQUIRED SET ASIDES (No Points Awarded):

Minimum Set-Asides

Select one of the following two options:

20% of the qualified units are rent restricted and occupied by households with incomes at or below 50% of the median income (Note:No Tax Credit Eligble Units in the the project can exceed 50% of median income)

40% of the qualified units are rent restricted and occupied by households with incomes at or below 60% of the median income (Note:No Tax Credit Eligble Units in the the project can exceed 60% of median income)

If requesting RPP funds:

40% of the qualified unit are occupied by households with incomes at or below 50% of median income.

State Tax Credit and QAP Targeting Points:

High Income county:

At least twenty-five percent (25%) of qualified units will be affordable to households with incomes at or below thirty percent (30%) ofcounty median income.

At least twenty-five percent (25%) of qualified units will be affordable to and occupied by households with incomes at or below thirtypercent (30%) of county median income.

At least fifty percent (50%) of qualified units will be affordable to households with incomes at or below forty percent (40%) of countymedian income.

At least fifty percent (50%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent(40%) of county median income.

Moderate Income County:

At least twenty-five percent (25%) of qualified units will be affordable to and occupied by households with incomes at or below fortypercent (40%) of county median income.

At least fifty percent (50%) of qualified units will be affordable to households with incomes at or below fifty percent (50%) of county

median income.At least fifty percent (50%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent(50%) of county median income.

Low Income County:

At least forty percent (40%) of qualified units will be affordable to households with incomes at or below fifty percent (50%) of countymedian income.

At least forty percent (40%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent(50%) of county median income.

Tax Exempt Bonds

Threshold requirement (select one):

At least ten percent (10%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent

(50%) of county median income.

At least five percent (5%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent(40%) of county median income.

Eligible for mortgage subsidy points (select one):

At least twenty percent (20%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent(50%) of county median income.

At least ten percent(10%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent(40%) of county median income.




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PLEASE indicate which of the following exhibits are attached to your application. Others may be required as noted.

Full Application Checklist

A Nonprofit Organization Documentation or For-profit Corporation Documentation

B Current Financial Statements/Principals and Owners

C Ownership Entity Agreement, Development Agreement or any other agreements governing development services

D Management Agent Agreement

E Development and manager multi-family experience & Management Questionnaire (Appendix C)

F Letters from State Housing Agencies or designated monitoring agent verifying Out of State Management Experience

G Completed IRS Form 8821 (Appendix I)

H Permitted zoning letter (including conditional and special use)

I Site plan, floor plans and elevations

J Hazard and structural inspection and termite reports (Renovation projects only)

K Description of any existing conditions of historical significance.

L Description of environmental significance.

M Anticipated budget demonstrating how the project would meet the 10% test by November 14th.

N Evidence of Architect's Errors and Omissions insurance (or equivalent).

O Description of acquisition for existing/occupied projects or for projects with occupied buildings to be demolished.

P Description of proposed Relocation Plan & Relocation Budget, Etc. If any relocation is anticipated, reference Appendix F.

Q Targeting Plan and supporting documentation (Required for projects targeted to Special Populations)

R Local Housing Authority Agreement (Reference Model in Appendix I)

S Appraisal (for land costs greater than $5,000 and for buildings in rehab projects)

T Evidence of Permanent Loan Commitment, other sources of funds, and project-based subsidies.

U Statement regarding terms of Deferred Developer Fee and, if nonprofit, resolution of Board approving fee.

V Inducement Resolution (Tax-Exempt Bond Financed Projects only)

W Documentation to support estimated utility costs.


gateway commons iii

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