Professional Documents
Culture Documents
Project Description
Project Name: GreenStone at Lightwater
Address: 4821 Wade Nash 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: Miller-Valentine Apartments III LLC
Address: 9349 WaterStone Boulevard
Telephone: (513)588-1000
Alt Phone:
Fax: (937)913-5452
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? Yes
If yes:
(a) Describe placement of project buildings in relation to this area:
A wetland area that contains land within the 100 year floodplain has been delineated and occurs west of a
40' sewer easement. The buildings are placed approximately 60' from this easement for a total separation
of 100' from the wetlands.
(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: 12/1/2009
Zoning
Present zoning classification of the site:R-4
Are 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 for
obtaining them:
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 Wake county is $76,900.
Statistics
Market Rate.......
Totals............... 54 6 30936
Project Includes:
Separate community building - Sq. Ft. (Floor Area): 1,611
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: 54
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
RPP 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.
Development Costs
Eligible Basis
Item Cost Element TOTAL COST
30% PV 70% PV
1 Purchase of Building(s) (Rehab / Adaptive Reuse only) 0
4 Rehabilitation 0 0
24 Bond Costs 0
26 Placement Fee 0
33 Tax Credit Allocation Fee (0.62% of line 60, minimum $7,500) 59,342
35 Tax Opinion 0
39 Relocation Expense 0 0
44 Rent-up Expense 0
Comments:
GreenStone at Lightwater will be a 54 unit garden apartment community serving the community of Fuquay-
Varina, NC. Holly Springs and Fuquay-Varina have seen explosive population growth in the past decade.
Notable development less than two miles from the site includes a Walmart, a Harris Teeter Grocery (under
construction) and a proposed medical complex. In addition, Novartis is under construction of a vaccine
production plant bringing 350 new jobs to the area. This growth has led to expansion of retail and service
industries, driving the need for affordable rental opportunities.
The site is located just off NC Hwy. 55 and is at the entrance to the Spring Hill subdivision. This location is
convenient to both Holly Springs and Fuquay-Varina and is in close proximity to grocery, schools and parks.
While not fronting on Hwy. 55, there will be visibility to the site, looking down Lightwater Drive, and the site
will have a directional sign located at Hwy. 55.
Building/Unit Designs
In order to incorporate the sloping conditions of the site, three of the buildings will use a split foundation,
providing a two story appearance from the front and three story on the rear. Each unit provides a porch/
balcony and outside storage. Contrasting siding in gable areas and colors will provide contrast and
architectural interest in addition to brick accents. Units are designed to create flow between kitchen, dining
and living areas. All units will include a washer-dryer hook-up. Other amenities in units include: dishwasher,
disposal, ceiling fans, mini-blinds, walk-in closets and pantry cabinet. Units will be constructed to meet
Energy Star requirements, providing additional comfort and utility savings to residents.
Site amenities include a playground, tot lot, covered picnic area, seating areas with benches and a gazebo.
The community building will have an open area for meetings and TV watching, an equipped kitchen and
computer room as well as an attached laundry area. Landscaping will include planting beds at the entrance
sign and at building foundations.
Other:
Have you built other tax credit developments that use the same building design as this project?Yes
If yes, please provide name and address:
Pinecrest Apartments-3605 Martins Trail Circle, Walkertown, NC
Sherwood Glen-2006 Oakbrook Court, Reidsville, NC
Site Amenities:
Site amenities include a playground, tot lot, 10x15 covered picnic area with two tables and a grill, seating
areas with benches and a gazebo. The community building will have an open area for meetings and TV
watching, an equipped kitchen and computer room, as well as an attached laundry room.
Onsite Activities:
The community building will have a large open room for resident meetings and TV Watching. This room will
serve as the location for support services programs coordinated with local agencies. Outdoor activities will
include the playground and tot lot at the rear of the clubhouse where activities can be supervised from the
nearby bench with surrounding shade plantings. The picnic shelter and gazebo will be located away from
the clubhouse offering an alternative area for gathering.
Landscaping Plans:
Landscaping will include planting areas at the entrance sign and at building foundations. Plant speces that
require minimum watering will be selected. Shade trees and ornamental plantings will be located around the
parking areas and near playground and picnic shelter.
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.
This site lies at the Northern edge of Fuquay-Varina and only 1.5 miles South of a newly developed
shopping area for Holly Springs. The site will offer easy access to both communities, which have been
some of the fastest growing in NC. Being between the two provides increased shopping and employment
opportunities. The adjacent Spring Hill subdivision has attractive homes priced in the $200,000 range.
There is no concentration of affordable housing.
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. Land use is very consistent with multi-family. The site is between low
intensity commercial along Hwy 55 and the single family homes to the rear.
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 entrance to the property will be off of Lightwater Road which serves only
the subdivision to the rear. Access to Hwy. 55 can be accomplished from Lightwater Road or the signaled
intersection with Wade Nash Road. Buildings will have good visibility, but be set far enough away from the
main road to provide adequate buffer.
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).
The site has an electric easement separating it from the single family homes. There is also a pump station
located on Wade Nash Road, adjacent to the site but building elevations will be above this and landscaping
and screening will be provided to buffer this. Wetlands have been delineated to the rear of the site and all
buildings are held approximately 100' away from this.
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).