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Application
Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans
Project Description
Project Name: Swanzy Ridge Apartments
Address: East Swanzy Street near Hill Street Intersection
City: Elizabethtown County: Bladen Zip: 28337
Census Tract: 9504 Block Group: 1
Is project in Qualified Census Tract or Difficult to Develop Area? Yes
Are you requesting the basis boost under section II(E)(4) of the QAP?
Political Jurisdiction: Town of Elizabethtown
First:Sylvia Last:
Jurisdiction CEO Name: Title: Mayor
Campbell
Jurisdiction Address: 805 West Broad Street
Jurisdiction City: Elizabethtown Zip: 28337
Jurisdiction Phone: (910)862-6385
Site Latitude: 35.7810
Site Longitude: -78.6366
Project Type: New Construction
Is this project a previously awarded tax credit
development?
New Construction/Adaptive Reuse:
Is this project a follow-on (Phase II, etc) to a previously-awarded tax credit development project? No
If yes, list names of previous phase(s):
Rehab:
Number of residents holding Section 8
vouchers:
Will the project meet Energy Star standards as defined in Appendix B? Yes
Does a community revitalization plan exist? No
Will the project use steel and concrete construction and have at least 4 stories? No
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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
If yes, provide the subsidy source: and number of units:
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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
City: Apex State: NC Zip: 27523
Contact: First: Holly Last:Smith Title:Managing Member
Telephone: (919)363-1677
Alt Phone: (919)673-5547
Fax: (919)363-1727
Email Address: hollylsmith@nc.rr.com
NOTE: Email Address above will be used for communication between NCHFA and Applicant.
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Site Description
Total Site Acreage: 5.38 Total Buildable Acreage: 5.38
If buildable acreage is less than total acreage, please explain:
Identify utilities and services currently available (and with adequate capacity) for this site:
Storm Sewer Water Sanitary Sewer Electric
Is the demolition of any buildings required or planned? No
If yes, please describe:
Are existing buildings on the site currently occupied? No
If yes:
(a) Briefly describe the situation:
(b) Will tenant displacement be temporary?
(c) Will tenant displacement be permanent?
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:
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(b) Describe flood mitigation if the project will have improvements within the 100 year floodplain:
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Site Control
Does the owner have fee simple ownership of the property (site/buildings)?No
If yes provide:
Purchase Date: Purchase Price:
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
(D) Enter Purchase Price: 118,360
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Zoning
Present zoning classification of the site:R-10
Is multifamily use permitted?Yes
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:
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Ownership Entity
Owner Name: Swanzy Ridge Apts, LLC
Address: 1049 Sunset Meadows Drive
City: Apex State:NC Zip: 27523
Federal Tax ID Number of Ownership Entity: (If assigned)
Note: Do not submit social security numbers for individuals.
Entity Type: Limited Liability Company
Entity Status: To Be Formed
Is the applicant requesting that the Agency treat the application as Non-Profit sponsored? No
Is the applicant requesting that the Agency treat the application as CHDO sponsored? No
List all general partners, members,and principals. Specify nonprofit corporate general partners or members.
Click [Add] to add additional partners, members, and principals.
Org: Ilex Swanzy, LLC
First Name: Holly Last Name: Smith Function: Managing Member
Address: 1049 Sunset Meadows Drive
City: Apex State: NC Zip: 27523
Phone: (919)363-1677 Fax: (919)363-1727
EMail: hollylsmith@nc.rr.com Nonprofit: No
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Unit Mix
The Median Income for Bladen county is $51,300.
Low Income Units
Total # Monthly Utility Mandatory **Total
Type # BRs Net Sq.Ft. # Units Units Rent Allowance Serv. Fees Housing Exp.
Gdn Apt 1 661 7 1 320 80 0 400
Gdn Apt 1 661 9 1 375 80 0 455
Gdn Apt 2 907 8 1 380 99 0 479
Gdn Apt 2 907 12 1 435 99 0 534
Gdn Apt 3 1118 5 1 430 125 0 555
Gdn Apt 3 1118 7 1 495 125 0 620
Utilities included in rents: Water/Sewer Electric Gas Other Trash Collection
Employee Units (will add to Low Income Unit total)
Total # Monthly Utility Mandatory **Total
Type # BRs Net Sq.Ft. # Units Units Rent Allowance Serv. Fees Housing Exp.
Utilities included in rents: Water/Sewer Electric Gas Other
Market Rate Units
Total # Monthly Utility Mandatory **Total
Type # BRs Net Sq.Ft. # Units Units Rent Allowance Serv. Fees Housing Exp.
Utilities included in rents: Water/Sewer Electric Gas Other
Statistics
All Gross Monthly
Units Units Rental Income
Low Income....... 48 6 19490
Market Rate.......
Totals............... 48 6 19490
Proposed number of residential buildings: 6 Maximum number of stories in buildings: 2
Project Includes:
Separate community building - Sq. Ft. (Floor Area): 1,797
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Community space within residential bulding(s) - Sq. Ft. (Floor Area):
Elevators - Number of Elevators:
Square Footage Information
Gross Floor Square Footage: 45,949
Total Net Sq. Ft. (All Heated Areas): 43,865
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 Required: 6
Persons with disabilities or homeless populations.
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.
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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 %
1 7 targeted at 50 percent of median income affordable to/occupied by
2 8 targeted at 50 percent of median income affordable to/occupied by
3 5 targeted at 50 percent of median income affordable to/occupied by
1 9 targeted at 60 percent of median income affordable to/occupied by
2 12 targeted at 60 percent of median income affordable to/occupied by
3 7 targeted at 60 percent of median income affordable to/occupied by
Total Low Income Units: 48
Note: This number should match the total number of low income units in the Unit Mix section.
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Funding Sources
Amort. Annual
Non- Rate Term Period Debt
Source Amount Amortizing* (%) (Years) (Years) Service
Bank Loan
RPP Loan
Local Gov. Loan - Specify:
RD 515 Loan
RD 538 Loan - Specify:
AHP Loan
Other Loan 1 - Specify:
Other Loan 2 - Specify:
Other Loan 3 - Specify:
Tax Exempt Bonds
State Tax Credit(Loan) 2,126,173 0 30 30 0
State Tax Credit(Direct Refund)
Equity: Federal LIHTC 3,843,798
Non-Repayable Grant 250,000
Equity: Historic Tax Credits
Deferred Developer Fees
Owner Investment
Other - Specify:
Total Sources** 6,219,971
* "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.
Estimated pricing on sale of Federal Tax Credits: $0. 68
Remarks concerning project funding sources:
(Please be sure to include the name of the funding source(s))
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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.
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Development Costs
Eligible Basis
Item Cost Element TOTAL COST
30% PV 70% PV
1 Purchase of Building(s) (Rehab / Adaptive Reuse only)
2 Demolition (Rehab / Adaptive Reuse only)
3 On-site Improvements 720,000 720,000
4 Rehabilitation
5 Construction of New Building(s) 2,784,000 2,784,000
6 Accessory Building(s) 100,000 100,000
7 General Requirements (max 6% lines 2-6) 216,240 216,240
8 Contractor Overhead (max 2% lines 2-7) 76,405 76,405
9 Contractor Profit (max 8% lines 2-7; 6% if Identity of Interest) 305,619 305,619
10 Construction Contingency (max 5% lines 2-9, Rehabs 10%) 210,113 210,113
11 Architect's Fee - Design (11 + 12 = max 3% lines 2-10) 108,000 108,000
12 Architect's Fee - Inspection 14,400 14,400
13 Engineering Costs 40,000 40,000
SUBTOTAL (lines 1 through 13) 4,574,777
14 Construction Insurance (prorate) 5,200 5,200
15 Construction Loan Orig. Fee (prorate) 23,250 23,250
16 Construction Loan Interest (prorate) 184,900 184,900
17 Construction Loan Credit Enhancement (prorate)
18 Construction Period Taxes (prorate) 6,500 6,500
19 Water, Sewer and Impact Fees 72,000 72,000
20 Survey 12,000 12,000
21 Property Appraisal 8,500 8,500
22 Environmental Report 9,000 9,000
23 Market Study 5,500 5,500
24 Bond Costs
25 Bond Issuance Costs
26 Placement Fee
27 Permanent Loan Origination Fee
28 Permanent Loan Credit Enhancement
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29 Title and Recording 12,500
SUBTOTAL (lines 14 through 29) 339,350
30 Real Estate Attorney 32,500 28,500
31 Other Attorney's Fees 6,500 6,500
32 Tax Credit Application Fees (Preliminary and Full) 2,300
33 Tax Credit Allocation Fee (0.62% of line 60, minimum $7,500) 43,941
34 Cost Certification / Accounting Fees 12,000 12,000
35 Tax Opinion
36 Organizational (Partnership)
37 Tax Credit Monitoring Fee 33,600
SUBTOTAL (lines 30 through 37) 130,841
38 Furnishings and Equipment 30,000 30,000
39 Relocation Expense
40 Developer's Fee 504,000 504,000
41 Additional Contigency (greater of $500/unit or $30,000) 30,000 30,000
42 Other Basis Expense (specify) Soil Borings 6,000 6,000
43 Other Basis Expense (specify)
44 Rent-up Expense 37,000
45 Other Non-basis Expense: offsite lighting, sewer & sidewalk extensions345,000
46 Other Non-basis Expense (specify)
SUBTOTAL (lines 38 through 45) 952,000
47 Rent up Reserve 14,400
48 Operating Reserve 90,243
49 Other Reserve (specify)
50 Other Reserve (specify)
51 DEVELOPMENT COST (lines 1-49) 6,101,611 0 5,518,627
52 Less Federally Funded Grant
53 Less Disproportionate Standard
54 Less Nonqualified Nonrecourse Financing
55 Less Historic Tax Credit 0
56 TOTAL ELIGIBLE BASIS 5,518,627 0 5,518,627
57 Applicable Fraction (percentage of LI Units) 100.00% 100% 100%
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58 Basis Before Boost 5,518,627 0 5,518,627
59 Basis Boost of up to 130% 100.00% 130.00%
60 TOTAL QUALIFIED BASIS 7,174,215 0 7,174,215
61 Tax Credit Rate 3.50 9.00
62 Federal Tax Credits (maximum $1,300,000) 645,679 0 645,679
63 Federal Tax Credits Requested (if less than line 62) 0
64 Land Cost 118,360
65 TOTAL REPLACEMENT COST 6,219,971
FEDERAL TAX CREDITS IF AWARDED 645,679
Comments:
Project Development Cost per unit 58,000
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Market Study Information
Please provide a detailed description of the proposed project:
Swanzy Ridge Apartments will be situated on a 5.3 acre, heavily wooded, irregularly-shaped tract, a few
blocks east of downtown Elizabethtown. Swanzy Street intersects, to the west,with Poplar St, a/k/a SR 701,
the major north/south thoroughfare through Elizabethtown, where most of the Town's retail and services are
available. These include, BO's Grocery Store, 2 pharmacies, fast food restaurants,Peebles Dept Store,
Family Dollar,the PO, Movie Gallery,hardware store, doctors offices, county courthouse,etc.
Adjacent and west of the site is the Town's water pump station,and to the west of that are two existing rental
complexes for seniors. A row of 10 single family homes on large lots, all occupied and well-maintained, line
the site's eastern boundary. About 100 feet off-site from the rear boundary lies a stream, so the vacant
parcels to the rear will likely remain undeveloped.
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.
Construction (check all that apply):
Brick Vinyl Wood HardiPlank Balconies/Patios Sunrooms Front Porches
Front Gables or Dormers Wide Banding or Vertical/Horizontal Siding
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:
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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.
Interior Apartment Amenities:
A typical apartment will include VCT tiling at the ingress/egress points, kitchen, and bathrooms, with plush
carpeting elsewhere. The kitchen will include oak cabinetry, integral backsplashes with counters, and GE,
black appliances. Ceiling fans will be in the living and bedrooms, and mini-blinds will be included on all
windows. THIS PROJECT WILL BE BUILT IN COMPLIANCE WITH ENERGY STAR REQUIREMENTS
FOR INSULATION,HIGH PERFORMANCE WINDOWS, TIGHT CONSTRUCTION & DUCTS, EFFICIENT
HEATING AND COOLING EQUIPMENT, AND EFFICIENT LIGHTING AND APPLIANCES.
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.
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Applicant's Site Evaluation
Briefly describe your site in each of the following categories:
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.
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. 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.
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Similarity of scale and aesthetics/architecture between project and surroundings.
Because the site slopes front to back, the two-story residential buildings will not tower over the backyards of
the single family homes along the site's eastern perimeter. A fence is planned along that border, as well, to
maintain the existing homes' privacy. The one-story clubhouse, at the front of the complex, is compatible
with the existing single family homes in the neighborhood.
For each applicable neighborhood feature, enter distance from project in miles.
.3 Grocery Store .3 Community/Senior Center
.3 Mall/Strip Center .5 Hospital
.4 Outdoor Athletic .3 Pharmacy
Fields
.4 Day Care/After .3 Basic Health Care
School
0 Public Transportation
.3 Schools
Stop
.3 Convenience Store .5 Public Parks
.3 Gas Station .3 Library
Other facilities or services:
Although Elizabethtown does not have a public transportation system, the Bladen Area Rural Transportation
System, which offers the elderly and disabled rides through Bladen County at reduced prices, is available
from E-Town's senior center, .3 miles from Swanzy Ridge. As you can see above, all of the primary
destinations are within 1/2 mile of the subject site.
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Preliminary App Checklist
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).
https://www.nchfa.org/Rental/RTCApp/(S(tmrmch45...3297DE910&SNID=B14F449FBFCA4B279FB2902CB2957E82 (21 of 21)4/8/2009 1:57:52 PM
