Documentos de Académico
Documentos de Profesional
Documentos de Cultura
Project Description
Project Name: Swanzy Ridge Apartments
Address: East Swanzy Street near Hill Street Intersection
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: Ilex Properties, LLC
Address: 1049 Sunset Meadows Drive
Telephone: (919)363-1677
Fax: (919)363-1727
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: 4/13/2010
Zoning
Present zoning classification of the site:R-10
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?Yes
If yes, specify permit or variance required and date obtained. If no, describe permits/variances required and schedule for
obtaining them:
On December 5, 2008, the Elizabethtown Planning Board unanimously approved a Special Use Permit to
allow for more than one multifamily building on the lot. On January 5, 2009, the Town Council re-affirmed
the Planning Board's decision, with no public opposition, and the Special Use Permit, for 48 units, was
granted.
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 Bladen county is $51,300.
Statistics
Market Rate.......
Totals............... 48 6 19490
Project Includes:
Separate community building - Sq. Ft. (Floor Area): 1,797
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: 6
Number of Units: 5
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
Bank Loan
RPP Loan
RD 515 Loan
AHP Loan
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.
The Federal LIHTC reflects a reduction of $493,597, due to the site being located within a QCT (a
30% boost in equity). The resultant federal LIHTC per unit is $11,775, versus the $13,289 generated.
Development Costs
Eligible Basis
Item Cost Element TOTAL COST
30% PV 70% PV
1 Purchase of Building(s) (Rehab / Adaptive Reuse only)
4 Rehabilitation
24 Bond Costs
26 Placement Fee
33 Tax Credit Allocation Fee (0.62% of line 60, minimum $7,500) 43,941
35 Tax Opinion
36 Organizational (Partnership)
39 Relocation Expense
Comments:
Swanzy Ridge's location within a quiet residential neighborhood, with all the conveniences of nearby
highway access (SR 701 & Business 87)and in-town amenities, will ensure a fast lease up, and continued
high occupancy of its apartment homes.
Despite job losses reported across NC and Nation, local employment remains steady. The DOT call center
is planning on increases in personnel, and just recently, the Town announced the expansion of Dynapar
Corporation, which is investing $1.5 million in its plant facilities, as well as hiring an additional 79 skilled
workers.
Other:
Energy-star rated appliances, insulation, windows, etc, will be utilized for energy star certification. High-
quality vinyl siding,wrapped fascia, windows, porch railings, soffits and shakes, and other vinyl accents, will
add architectural interest to the elevations. Building exteriors will include 50%+ brick veneer, at varying wall
heights, horizontal boarding, gables of different sizes, and various roof pitches. Roof shingles will be 25-
year, antifungal, architectural style.
Have you built other tax credit developments that use the same building design as this project?Yes
If yes, please provide name and address:
Kenn Boisseau's client built the design for a tax credit project in Boiling Springs, SC. The proposed design
is similar to that of Dry Creek Apartments, a 2008-approved tax credit development to be built in Lillington,
NC.
Site Amenities:
Site amenities will include a covered picnic area, picnic tables and grills, outdoor seating around the
playground and tot lot, all of which will be connected to the parking areas & clubhouse by sidewalk. The
driveway will be "curvy" to improve the view through the complex, and slow down internal traffic. The
existing, mature decidous & conifer trees along the boundaries of the site, especially to the rear, will be
saved, to provide privacy and a wooded "preserve" for the residents to enjoy. A 6' or 8' fence, depending on
the site topo upon clearing, will be installed between our residential buildings and the existing single family
homes to the east.
Onsite Activities:
The clubhouse will include an exercise room with machines and free weights; a kitchen area with
refrigerator, sink & microwave; a computer and media room with high speed internet access; a laundry
room with exterior, 24/7 access; and a manager's office accessible from both inside, and outside, the
clubhouse. The large meeting area, centrally located, will accomodate seminars, resident parties, games,
crafts, and activties relating to the supportive services program. Outside seating will be provided to the rear
of the clubhouse via an 8'covered patio.
Landscaping Plans:
In addition to saving perimeter trees and preserving the wooded area along the rear of the property, for the
residents' enjoyment, foundation plantings, consisting of evergreens and perennial flowering trees and
bushes will be planted. Deciduous trees will be planted in all tree islands and near the playground to
provide shade. The complex entrance, and lighted sign, will be accented with crepe myrtles and annual
flowers. The clubhouse area, and surrounding the playground/tot lot, will be sodded and irrigated.
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 subject site is "infill", within a quiet, residential neighborhood, consisting primarily of 20+ year old, brick,
single family homes, well-maintained and owner-occupied, on large lots. The neighborhood is stable, and
quiet, with minimal traffic on East Swanzy Street. To the west of the subject site, on E.Swanzy Street, are
two, 15 - 30 year old USDA rental projects for seniors, which are full. Rental townhouses (8), built
approximately 2 years ago, are located to the north (off E. Broad Street/Bus 87), and are conventionally-
financed, and purportedly 100% occupied. There are no other multifamily complexes in the neighborhood.
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 land use pattern is definitely residential, and built-out. There are
two, water lift stations on either side of E. Swanzy Street, but they do not generate noise, steam, or odors.
There are no railroad tracks, wastewater treatment facilities, swamps,junkyards, factories, landfills, towers,
wetlands, transmission lines, or any other negative influences or issues of environmental concern.
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. There is minimal traffic on East Swanzy Street. Adequate traffic lights & turn
lanes, on SR 701 & Bus 87, encourage drivers to use these thoroughfares, and not cut through the
neighborhood, to gain faster access. E. Swanzy Street's capacity will not be exceeded with full occupancy of
Swanzy Ridge. The neighborhood design is a grid pattern, with stop signs at each corner, slowing down
traffic. The speed limit is currently 35 mph on Swanzy Street, but will be petitioned to reduce to 25 mph and/
or add a speed hump, which will be financed with the CDBG being requested. Also included in the CDBG is
funding to extend the sidewalk, curb, and gutter, from its current terminus, to Swanzy Ridge's entrance. This
will encourage residents to walk to the retail stores and services on Poplar and Broad Streets, instead of
driving.
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).
NONE noted. My civil engineer & general contractor both walked the site and did not see any potential
problems with development of Swanzy Ridge.
For each applicable neighborhood feature, enter distance from project in miles.
0 Public Transportation
.3 Schools
Stop
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).