Print Preview - Preliminary Application: Project Description
Print Preview - Preliminary Application: Project Description
Print Preview - Preliminary Application: Project Description
Project Description
Project Name: Forsyth Court
Address: 6145 Shallowford Road
Will the project meet Energy Star standards as defined in Appendix B? Yes
Will the project include a Community Service Facility under IRS Revenue Ruling 2003-77?
No
If yes, please describe:
Target Population:Family
Will the project be receiving project based federal rental assistance? No
Applicant Information
Indicate below an individual or a validly existing entity (a corporation, nonprofit, limited partnership or LLC) as the official applicant. Under
QAP Section III(C)(5) only this individual or entity will be able to make decisions with regard to this application. If awarded the applicant
must become part of the ownership entity. The applicant will execute the signature page for this application.
Applicant Name: Blue 22 Development LLC
Address: 812 Berkeley Street
Telephone: (919)622-2293
Alt Phone:
Fax: (919)286-6070
Site Description
Identify utilities and services currently available (and with adequate capacity) for this site:
Is the site directly accessed by an existing, paved, publicly maintained road? Yes
If no, please explain:
Is 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:
(b) Describe flood mitigation if the project will have improvements within the 100 year floodplain:
Site Control
Does the owner have fee simple ownership of the property (site/buildings)?No
If yes provide:
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/contract for
purchase of the property and the seller of the property?No
If yes, specify the relationship:
(c) Enter the current expiration date of the option/contract to purchase: 12/31/2009
Zoning
Present zoning classification of the site:C-1
Are 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 for
obtaining them:
Rezoning is required - numerous hearings are required including four town council briefings (full schedule
sent to NCHFA seeking extension - subsequently approved). Key dates include:
Technical Review - Feb 26
Planning Board Public Hearing - March 11
Town Council Consideration - May 14
Final Town Council Meeting - June 11
Are there any existing conditions of historical significance located on the project site that will require State Historic Preservation office
review?No
If yes, describe below:
Are there any existing conditions of environmental significance located on the project site?No
If yes, describe below:
Ownership Entity
Unit Mix
The Median Income for Forsyth county is $59,700.
Statistics
Market Rate.......
Totals............... 56 8 30228
Project Includes:
Separate community building - Sq. Ft. (Floor Area): 1,235
Indicate 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 and
state codes.)
Number of Units: 0
Number of Units: 0
Notes
** 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.
Targeting
Specify Low Income Unit Targeting in table below. List each applicable targeting combination in a separate row below. Click [Add] to
create another row. Click "X" (at the left of each row) to delete a row. Add as many rows as needed.
# BRs Units %
Note: This number should match the total number of low income units in the Unit Mix section.
Funding Sources
Amort. Annual
Non- Rate Term Period Debt
Source Amount Amortizing* (%) (Years) (Years) Service
RD 515 Loan
AHP Loan
Non-Repayable Grant
Owner Investment
Other - Specify:
* "Non-amortizing" indicates that the loan does not have a fixed annual debt service. For these items, you must fill in 20-year debt
service below.
** Total Sources must equal total replacement cost in Project Development Cost (PDC) section.
Debt/equity provider has not been confirmed as yet but proforma has been sent to RBC, CAHEC and
others for review.
Development located in high income county and eligible for 10% state credit. RPP loan in the
allowable amount of $15,000/unit are also requested.
RPP Loan
1 2 3 4 5 6 7 8 9 10
Year:
Amt: 500 1000 1500 2000 2500 3000 3500 4000 5000 5500
11 12 13 14 15 16 17 18 19 20
Year:
Amt: 6000 6000 6400 6500 6500 6400 6300 6100 5800 5400
Development Costs
Eligible Basis
Item Cost Element TOTAL COST
30% PV 70% PV
1 Purchase of Building(s) (Rehab / Adaptive Reuse only)
4 Rehabilitation
13 Engineering Costs
24 Bond Costs
26 Placement Fee
33 Tax Credit Allocation Fee (0.62% of line 60, minimum $7,500) 39,869
39 Relocation Expense
Comments:
Other:
Have you built other tax credit developments that use the same building design as this project?No
If yes, please provide name and address:
Site Amenities:
Due to the site's location and proximity to downtown and numerous amenities; encouraging walking and
socializing among residents is important. There will be a nature walk on site which will inspire residents to
take advantage of the outdoors. There will also be the "Forsyth Court Village Green" - a centrally located
green space. Within the "Green" a gazebo which will also act as a gathering outdoor amenity - additionally a
tot lot for children will be built. The site will also have a high-end, very attractive entrance w/brick pavers
and wrought iron which will act as a gateway into the development.
Onsite Activities:
A separate community building will house a multi-purpose room for residents. There will also be an office,
laundry facilities and computer lab.
Landscaping Plans:
The relatively small number of buildings will place a premium on maintaining open space in a very attractive
manner. The sites close proximity to both commercial, multifamily and single family homes places an
emphasis on both complementing the landscape design with the surrounding properties while maintaining
privacy by clearly delineating boundaries. This will be done via plantings of both shrubs and trees which will
provide different height variations over the years. With some demolition required it is our intention to also
recycle some of the remaining building materials.
Do you plan to submit additional market data (market study, etc.) that you want considered? No
If yes, please make sure to include the additional information in your pre-application packet.
NEIGHBORHOOD CHARACTERISTICS
Trend and direction of real estate development and area economic health. Physical condition of buildings and
improvements in the immediate vicinity. Concentration of affordable housing.
The Lewisville market is strong - the average median income is $70,000 and the average home price is
over $200,000. There has never been a tax credit development in Lewisville and no tax credit developments
in Forsyth County since 2005. The surrounding homes are well-kept and owner occupied; there is an older
market-rate townhome development (Brier Creek) adjacent to site which is in fair condition. Within one mile
of the site are homes/townhomes in the $300,000 and up price range as well as the private Forsyth Country
Day School.
Land use pattern is residential in character (single and multifamily housing). Extent that the location is
isolated. Effect of industrial, large-scale institutional or other incompatible uses, including but not limited to:
wastewater treatment facilities, high traffic corridors, junkyards, prisons, landfills, large swamps, distribution
facilities, frequently used railroad tracks, power transmission lines and towers, factories or similar operations,
sources of excessive noise, and sites with environmental concerns (such as odors or pollution). Amount and
character of vacant, undeveloped land. The site is primarily residential in character surrounded by single and
multi family homes on three sides and the Lewisville Commons shopping center on the other. There is very
little undeveloped land near the property and no industrial or incompatible uses.
SITE SUITABILITY
Adequate traffic safety controls (i.e. stop lights, speed limits, turn lanes). Burden on public facilities
(particularly roads). Access to mass transit (if applicable). Visibility of buildings and/or location of project sign
(s) in relation to traffic corridors. With its proximity to downtown, traffic controls are satisfactory. The site
offers good accessibility and linkages to area services. Once minor demolition is completed the project
signage and entryway will be directly in front of the property and visibility will not pose any problem.
Degree of on-site negative features and physical barriers that will impede project construction or adversely
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 (for adaptive re-use projects-
suitability for residential use and difficulties posed by the building(s), such as limited parking, environmental
problems or the need for excessive demolition).
There are always development challenges when building adjacent to a central business district. There is
some steep sloping at the rear of the property; however that portion will not be developed (nor can it be due
to gravity flow sewer requirement) and will remain primarily as is. The buildings and parking will be situated
on the highest portion of the tract, closest to Shallowford Road and the entrance into the site. The slope will
not adversely affect future tenants due to the building locations. The budget also reflects increased site
preparation costs. The site design in fact takes advantage of a smaller, more dense tract.
For each applicable neighborhood feature, enter distance from project in miles.
The following enclosures must be submitted along with your signed preliminary application. Some enclosures are required only under
certain conditions. Please check each applicable item to indicate that you understand the enclosure requirements and will enclose the
correct supporting documentation with your application.
Fee Payment
Check in the amount of $5,450.00 made payable to North Carolina Housing Finance Agency.
Tab A - Preliminary Application
Printed, signed copy of preliminary application generated from online system.
B - Map/Driving Instructions
A local map clearly identifying the location of the Site and detailed directions to the Site. Current City or County maps are preferred
– internet maps and directions are not acceptable. Applicant must also provide a map identifying the amenities listed in section IV
(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 site
should read “SITE” with a minimum size of 11x17.
C - Community Revitalization Plan
Applicant should provide a map identifying the subject site within the Plan area (if applicable).
D - Evidence of Site Control
Provide valid option/contract or warranty deed and plot plan.
E - Site Plans/Scope of Work
Preliminary site plan, floor plans and elevations for all projects, interior and exterior photographs and detailed scope of work for
Adaptive Reuse and Rehab projects. Site and floor plans should be no larger than 11x17 and must be produced by a licensed
architect or engineer.
F - Information Package for Market Analysts
This section must include copies of items required in Tabs A, B, E and G (site and floor plans should be no larger than 11x17) and
can include any additional market information such as preliminary market studies the applicant would like to provide to the
Analysts.
G - Rent Roll (Rehabs only)
Provide the current rent roll for the property and indicate which units (if any) are receiving rental assistance.
H - Documentation for Basis Boost
Applicant should provide an appraisal and/or standard geological survey to support a request for the basis boost (if applicable).