Project Description
Project Name: Pine Ridge Apartments
Address: Hoke Loop 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: SNW, LLP
Address: 972 Trinity Road
Telephone: (919)854-7990
Fax: (919)854-7925
Site Description
Identify utilities and services currently available (and with adequate capacity) for this site:
Is any portion of the site located inside the 100 year floodplain? Yes
If yes:
(a) Describe placement of project buildings in relation to this area:
The floodplain is at the back of the site on the western side of the property. All of the buildings and parking
area will be approximately 10 LF above the 100-Year Floodplain elevation.
(b) Describe flood mitigation if the project will have improvements within the 100 year floodplain:
There are no buildings or parking areas planned in the 100-Year Floodplain. Therefore, no flood mitigation
will be necessary. The only impact to the floodplain will be a sanitary sewer connection to the existing sewer
trunk line along Rockfish Creek.
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: 11/19/2009
Zoning
Present zoning classification of the site:AR - Agriculture
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:
The current property owner filed the Rezoning Petition with the City of Fayetteville Planning Department on
January 5, 2009. The public hearing for the Rezoning is scheduled for February 2009.
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 Cumberland county is $51,600.
Statistics
Market Rate.......
Totals............... 56 6 25626
Project Includes:
Separate community building - Sq. Ft. (Floor Area): 1,383
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: 3
Number of Units: 6
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
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.
State Tax Loan amount is based on a 30% Boost to the Total Qualified Basis. Equity amount is also
based on the 30% Boost. Tax Credit pricing is based on information provided by CAHEC on 12/4/08.
Please check the RPP Loan payment amounts, as I am not confident that the payments accurately
reflect a minimum 1.15 debt coverage ratio for the entire loan term.
RPP Loan
1 2 3 4 5 6 7 8 9 10
Year:
Amt: 20000 20000 20000 20000 18000 18000 15000 15000 15000 10000
11 12 13 14 15 16 17 18 19 20
Year:
Amt: 10000 10000 10000 5000 5000 5000 5000 3000 2500 2250
Development Costs
Eligible Basis
Item Cost Element TOTAL COST
30% PV 70% PV
1 Purchase of Building(s) (Rehab / Adaptive Reuse only) 0 0
4 Rehabilitation 0 0
6 Accessory Building(s) 0 0
24 Bond Costs 0
26 Placement Fee 0
33 Tax Credit Allocation Fee (0.62% of line 60, minimum $7,500) 35,203
39 Relocation Expense 0 0
Comments:
Based on Preliminary Appraisal provided by Swayne Hamlet (see Tab G of the Application Package), we
are requesting a 30% Boost to Item 60 (Total Qualified Basis). The Federal Tax Credits requested
(664,311) reflect the 30% Boost and were used in the Equity calculation.
The site is located on a beautiful, heavily forested property which has sewer and water service currently
available to it. This area of Cumberland County has undergone significant growth over the past several
years and is continuing due to the Base Realignment at Fort Bragg.
Other:
The exterior and interior design and colors will be coordinated to compliment the current architectural style
and neighborhood.
Have you built other tax credit developments that use the same building design as this project?Yes
If yes, please provide name and address:
Maple Ridge Ph 1 & 3 - Fayetteville
Covey Run - Whiteville
Site Amenities:
Playground, Picnic Areas with Grills, Sitting Areas with Benches, Bike Racks, Gazebo, Reading Area and
Library, Game and Craft Area, Resident Computer Center, Screened Porch, Flag Pole, Community Laundry
Onsite Activities:
Landscaping Plans:
The existing vegetation will be preserved as much as possible during the construction of the project.
Foundation plantings (shrubs and bushes) will be provided at each building. Various new trees will be
planted around the buildings and parking areas. The area around the project sign will also contain various
shrubs and bushes. A Landscape Plan is included with the enclosed Preliminary Plans for the project.
Do 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.
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 market area in Fayetteville continues to remain very stable, as compared to other areas of the state,
which is due in large part to the increased personnel at the Fort Bragg Military Base. The longterm trends
anticipate continued growth and economic viability for the area. The general area surrounding the property,
in both Cumberland and Hoke counties, has been central to the growth in this region.
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 current land uses adjacent to the property are vacant, wooded to
the south and west; agricultural to the east; and single-family residences to the north. There are no
incompatible or offensive land uses near the site. Since the larger parcel that includes the Pine Ridge site
currently has water and sewer service, additional development in the area adjacent to the proposed project is
anticipated within the next 3 to 5 years. Aerial maps of the existing development in the surrounding area have
been provided in Tab B (Driving Instructions) for your reference.
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. The Pine Ridge project is located off of Hoke Loop Road, an NCDOT
maintained arterial. A 350 LF private drive will connect the site to Hoke Loop Road. NCDOT may require the
construction of a turnlane for the project with the Driveway Permit. The access to Hoke Loop Road will be
approximately 1200 LF north of US 401/Raeford Road, which is a major connector to the surrounding area
and services.
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 no negative features that will impact the development or the longterm viability of the project. The
existing grade of the property where the buildings and parking are proposed has a moderate slope. The
floodplain area is on the western side of the property, downhill from the proposed improvements. The
floodplain will provide a vegetative buffer from the surrounding development.
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).