Professional Documents
Culture Documents
Project Description
Project Name: Water Garden Manor
Address: 8408 Glenwood Avenue
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:
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: DHIC, Inc.
Address: 113 S. Wilmington Street
Telephone: (919)832-4345
Alt Phone:
Fax: (919)832-2206
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:Thoroughfare District
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............... 80 8 43187
Project Includes:
Separate community building - Sq. Ft. (Floor Area):
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: 4
Number of Units: 8
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.
The City of Raleigh and Wake County loans are proposed to be repaid on a pro-rata split of available
cash flow while maintaining a 1.15 debt coverage ratio.
1 2 3 4 5 6 7 8 9 10
Year:
Amt: 23189 23098 22953 22753 22494 22174 21790 21339 20818 20223
11 12 13 14 15 16 17 18 19 20
Year:
Amt: 19551 18799 17963 17039 16024 14913 13702 12387 10963 9427
Year: 1 2 3 4 5 6 7 8 9 10
Amt: 15459 15399 15302 15169 14996 14783 14527 14226 13878 13482
11 12 13 14 15 16 17 18 19 20
Year:
Amt: 13034 12533 11975 11359 10682 9942 9135 8258 7309 6284
Development Costs
Eligible Basis
Item Cost Element TOTAL COST
30% PV 70% PV
1 Purchase of Building(s) (Rehab / Adaptive Reuse only)
4 Rehabilitation
6 Accessory Building(s)
24 Bond Costs
26 Placement Fee
33 Tax Credit Allocation Fee (0.62% of line 60, minimum $7,500) 68,711
35 Tax Opinion
39 Relocation Expense
Comments:
Other:
The exterior design will emphasize variety. A mix of materials, projections of facades, broken roof lines,
gables and brackets will be employed.
Have you built other tax credit developments that use the same building design as this project?Yes
If yes, please provide name and address:
While not yet built, this design is based on the Highland Terrace project that DHIC will be building in Cary,
NC. This project was awarded tax credits in 2008.
Site Amenities:
The design features a covered entry and seating area for residents coming and going. An outdoor covered
patio as well as outdoor seating areas for residents to enjoy are provided in an interior corridor. While the
site is only a portion of the former "Water Garden" tract fronting Glenwood Avenue, the main entrance to
this complex will be from Marvino Lane. A sidewalk will connect residents to the Cornerstone Commons
Shopping Center which includes a Lowe Foods Grocery Store, 3 restaurants, a dentist, fitness center, nail
salon and hair salon. The shopping center is less than 1/4 mile away from Water Garden Manor.
The balance of the site is likely to be developed as multifamily housing; either more seniors housing or
conventional apartments. DHIC has a right of first refusal to purchase the balance of the property.
Onsite Activities:
DHIC will contract with Resources for Seniors (RFS) to provide on-site service coordination for residents.
There will also be social and educational events organized by RFS and property management staff. RFS
organizes regular health screenings and other programs to advise residents of resources available to the
residents to maintain independent living.
Landscaping Plans:
Landscaping will meet or exceed Raleigh and NCHFA requirements. Colorful, native plant species will be
used as much as possible. There will be sod installed in high visibility open areas. All air handlers will be
screened.
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.
Water Garden Manor is located in the rapidly growing quadrant of NW Raleigh and offers easy access to
Research Triangle, RDU and the Briar Creek area. As part of a larger 11-acre site, the property will
eventually have access to Glenwood Avenue/US 70 with the extension of Marvino Lane to Glenwood.
It is adjacent to the Long Lake PUD that was developed over the past 5 years. A mixture of townhouses and
single- family homes characterizes the area. Access to the property will be from Marvino Lane in line with
the intersection of Sommerwell Street into Marvino. Later, it is expected that property will also have direct
access to the private road of Mount Valley Lane and the Cornerstone Commons Shopping Center.
The fundamentals of this area are very strong with a vibrant and growing retail base and new homes being
built on the few remaining undeveloped areas of NW Raleigh. Homes on Sommerwell Street are valued at
upwards of $400,000.
There is little, if any, affordable or subsidized housing found in the area. Because of this, the City of Raleigh
ranks this area as its top priority for affordable housing per its scattered site affordable housing policy.
SURROUNDING LAND USES AND AMENITIES
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. As noted above, the surrounding land uses are residential with a mix
of attached townhomes and single-family detached homes. There is no rental housing in the immediate area.
Almost adjacent to the site is shopping center anchored by a Lowes Foods grocery store. There are no
incompatible uses in the area. Towards Glenwood Avenue, a stream is located south of the property but will
not impact the development of Water Garden site. The balance of the property, yet to be developed, fronts on
Glenwood Avenue; a highly traveled traffic corridor. Water Garden Manor is set back significantly from noise
generated by the highway. It is anticipated that the balance of the property will be developed for multifamily
housing and the developer of Water Garden Manor, DHIC, has a right of first refusal to purchase the balance
of the property. The property is well known in Raleigh design circles as it served as the office and creative
“palate” for one of Raleigh’s best-known landscape architects, Richard Bell. The remains of the Water
Garden complex are still standing (but not on the portion of the site slated for Water Garden Manor). DHIC
hopes to honor this legacy of quality design at Water Garden Manor.
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 site will be accessed from Marvino Lane that currently comes of off
Country Trail Road and dead ends prior to a stream that parallels Glenwood Avenue. The traffic counts on
this road are very low. Eventually, the developer of the balance of the Water Garden tract will be expected to
connect Marvino to Glenwood and the City of Raleigh is on record as being prepared to share half the costs
of this connection. However, no traffic improvements will be required to access Water Garden Manor for
Marvino. Later, it is expected that the Water Garden Manor will also connect to Mill Valley Lane. DHIC has
the rights to place signage for Water Garden Manor on the adjacent property that fronts Glenwood Avenue
offering very high visibility to the many travelers along Glenwood Avenue.
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 on-site negative features or barriers on the Water Garden Manor site.
The Water Garden Manor design calls for a 3-story building. The building will back up to an existing 2-story
townhouse development but roof elevations will remain about the same given the grade differences
between the two properties.
For each applicable neighborhood feature, enter distance from project in miles.
Day Care/After
Basic Health Care
School
.8 Public Transportation
1 Schools
Stop
Perhaps the most important facility within walking distance is found at the Cornerstone Commons Shopping
Center which is less than a ¼ mile from the apartment community. It contains a Lowes Grocery Store, 3
restaurants, a dentist and other services.
A Google Map that shows more facilities and services can be accessed at the following link:
<http://maps.google.com/maps/ms?
hl=en&gl=us&ie=UTF8&view=map&msa=0&msid=104026709699365129509.00045ffbbe2a3f8c36b2f&z=14>
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).