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Application
Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans

Project Description
Project Name: Taylor West at Taylor Estates
Address: 1214 N. 4th Street

City: Wilmington County: New Hanover Zip: 28401

Census Tract: 114 Block Group: 2

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: City of Wilmington


First:Bill Last:
Jurisdiction CEO Name: Title: Mayor
Saffo
Jurisdiction Address: 102 N. 3rd Street

Jurisdiction City: Wilmington Zip: 28401

Jurisdiction Phone: (910)341-7815

Site Latitude: 34.2495

Site Longitude: -77.9463

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? Yes


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? Yes
If yes, please describe: Taylor West will have a separate 2036+/- square foot brick and fiber cement Community Service Facility. The
facility contains handicap accessible toilet facilities; kitchen area that includes a refrigerator, sink and oven with
stovetop range; administrative office area; maintenance and storage rooms; computer center; exercise room
with equipment; laundry facilities; and a covered porch with sitting areas around a portion of the building.
Resident mailboxes are conveniently located at the community building at a lighted and covered area.

Target Population:Family
Will the project be receiving project based federal rental assistance? Yes

If yes, provide the subsidy source: HUD and number of units: 48

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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: Housing and Economic Opportunities, Inc.
Address: 1524 S. 16th Street

City: Wilmington State: NC Zip: 28401


Contact: First: Glenn Last:Floyd Title:Vice President

Telephone: (910)341-7700

Alt Phone: (910)232-3354

Fax: (910)254-9244

Email Address: gfloyd@wha.net


NOTE: Email Address above will be used for communication between NCHFA and Applicant.

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Site Description

Total Site Acreage: 4.57 Total Buildable Acreage: 4.57


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)?Yes

If yes provide:

Purchase Date: 5/9/1939 Purchase Price: 5,605

If no:
(a) Does the owner/principal or ownership entity have valid option/contract to purchase the property?
(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?
If yes, specify the relationship:

(c) Enter the current expiration date of the option/contract to purchase:

(D) Enter Purchase Price:

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Zoning
Present zoning classification of the site:MF-M

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?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:

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Ownership Entity

Owner Name: Taylor West LLC


Address: 1524 S. 16th Street
City: Wilmington State:NC Zip: 28401

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? Yes
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: HEO Partners III, LLC


First Name: Michael Last Name: Krause Function: Managing Member
Address: 1524 S. 16th Street
City: Wilmington State: NC Zip: 28401

Phone: (910)341-7700 Fax: (910)254-9244

EMail: m.krause@wha.net Nonprofit: No

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Unit Mix
The Median Income for New Hanover county is $57,600.

Low Income Units

Total # Monthly Utility Mandatory **Total


Type # BRs Net Sq.Ft. # Units Units Rent Allowance Serv. Fees Housing Exp.

Twn Hse 3 1651 8 0 482 106 0 588

Twn Hse 2 1531 13 0 686 78 0 764

Twn Hse 3 1651 10 0 777 106 0 883

Twn Hse 2 1531 5 0 431 78 0 509

Gdn Apt 4 1564 2 1 362 130 0 492

Gdn Apt 2 1099 8 4 304 78 0 382

Gdn Apt 3 1407 2 1 335 106 0 441

Utilities included in rents: Water/Sewer Electric Gas Other Trash

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 26525

Market Rate.......

Totals............... 48 6 26525

Proposed number of residential buildings: 12 Maximum number of stories in buildings: 2

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Project Includes:
Separate community building - Sq. Ft. (Floor Area): 2,036

Community space within residential bulding(s) - Sq. Ft. (Floor Area):

Elevators - Number of Elevators:

Square Footage Information

Gross Floor Square Footage: 77,132

Total Net Sq. Ft. (All Heated Areas): 71,814

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 Required: 6

Persons with disabilities or homeless populations.

Number of Units: 3

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 %

2 5 targeted at 40 percent of median income affordable to/occupied by

2 13 targeted at 60 percent of median income affordable to/occupied by

3 8 targeted at 40 percent of median income affordable to/occupied by

3 10 targeted at 60 percent of median income affordable to/occupied by

4 2 targeted at 30 percent of median income affordable to/occupied by

3 2 targeted at 30 percent of median income affordable to/occupied by

2 8 targeted at 30 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:


CDBG 300,000 0.00 20 20 15,000

RD 515 Loan

RD 538 Loan - Specify:

AHP Loan

Other Loan 1 - Specify:


HEO 314,125 0.00 20 20 15,706

Other Loan 2 - Specify:

Other Loan 3 - Specify:

Tax Exempt Bonds

State Tax Credit(Loan) 733,590 0 30 30 0

State Tax Credit(Direct Refund)

Equity: Federal LIHTC 4,489,580

Non-Repayable Grant

Equity: Historic Tax Credits

Deferred Developer Fees

Owner Investment

Other - Specify:

Total Sources** 5,837,295

* "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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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 500,000 500,000

4 Rehabilitation

5 Construction of New Building(s) 3,400,000 3,400,000

6 Accessory Building(s)

7 General Requirements (max 6% lines 2-6) 234,000 234,000

8 Contractor Overhead (max 2% lines 2-7) 82,680 82,680

9 Contractor Profit (max 8% lines 2-7; 6% if Identity of Interest) 330,720 330,720

10 Construction Contingency (max 5% lines 2-9, Rehabs 10%) 227,370 227,370

11 Architect's Fee - Design (11 + 12 = max 3% lines 2-10) 110,000 110,000

12 Architect's Fee - Inspection 33,243 33,243

13 Engineering Costs 50,000 50,000

SUBTOTAL (lines 1 through 13) 4,968,013

14 Construction Insurance (prorate) 2,500 2,500

15 Construction Loan Orig. Fee (prorate) 5,000 5,000

16 Construction Loan Interest (prorate) 35,000 35,000

17 Construction Loan Credit Enhancement (prorate)

18 Construction Period Taxes (prorate)

19 Water, Sewer and Impact Fees 42,000 42,000

20 Survey 5,000 5,000

21 Property Appraisal 6,500 6,500

22 Environmental Report 1,700 1,700

23 Market Study 4,300 4,300

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 6,000

SUBTOTAL (lines 14 through 29) 108,000

30 Real Estate Attorney 10,000 10,000

31 Other Attorney's Fees 10,000 10,000

32 Tax Credit Application Fees (Preliminary and Full) 2,300

33 Tax Credit Allocation Fee (0.62% of line 60, minimum $7,500) 45,482

34 Cost Certification / Accounting Fees 20,000 20,000

35 Tax Opinion 500

36 Organizational (Partnership) 3,000

37 Tax Credit Monitoring Fee 33,600

SUBTOTAL (lines 30 through 37) 124,882

38 Furnishings and Equipment 5,000 5,000

39 Relocation Expense

40 Developer's Fee 504,000 504,000

41 Additional Contigency (greater of $500/unit or $30,000) 24,000 24,000

42 Other Basis Expense (specify)

43 Other Basis Expense (specify)

44 Rent-up Expense 5,000

45 Other Non-basis Expense (specify)

46 Other Non-basis Expense (specify)

SUBTOTAL (lines 38 through 45) 538,000

47 Rent up Reserve 14,400

48 Operating Reserve 72,000

49 Other Reserve (specify) Replacement 12,000

50 Other Reserve (specify)

51 DEVELOPMENT COST (lines 1-49) 5,837,295 0 5,643,013

52 Less Federally Funded Grant

53 Less Disproportionate Standard

54 Less Nonqualified Nonrecourse Financing

55 Less Historic Tax Credit 0

56 TOTAL ELIGIBLE BASIS 5,643,013 0 5,643,013

57 Applicable Fraction (percentage of LI Units) 100.00% 100% 100%

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58 Basis Before Boost 5,643,013 0 5,643,013

59 Basis Boost of up to 130% 100.00% 130.00%

60 TOTAL QUALIFIED BASIS 7,335,917 0 7,335,917

61 Tax Credit Rate 3.50 9.00

62 Federal Tax Credits (maximum $1,300,000) 660,233 0 660,233

63 Federal Tax Credits Requested (if less than line 62) 0

64 Land Cost

65 TOTAL REPLACEMENT COST 5,837,295

FEDERAL TAX CREDITS IF AWARDED 660,233

Comments:
The Wilmington Housing Authority is the fee simple owner of the property. The Housing Authority will be
entering into a Ground Lease with the owner of the development. The owner of the development will be a
limited liability company with Housing and Economic Opportunities, Inc. (HEO) as one of its members. HEO
is the non-profit instrumentality of the Housing Authority.

Project Development Cost per unit 70,833

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Market Study Information


Please provide a detailed description of the proposed project:
Intent of new construction is to increase the number of affordable public housing units available to the low-
income family population of Wilmington.

Since 2004 the City of Wilmington lost over 500 affordable public housing units. The lost units were at least
65 years old.

At present, 863 individuals/families compose the Wilmington Housing Authority’s waiting list for public
housing. Due to the loss of units since 2004, the waiting list is now closed but accepts applications for a
priority if the need is documented. The preferences consist of homeless, domestic violence, disabled,
elderly and veterans. The Pointe at Taylor Estates, a recently built 48 unit tax credit project, was fully leased
within 54 days and has a waiting list of over 70 applicants. This documents the need for affordable housing
in this area.

Taylor West is a 48 unit development consisting of 26 two bedroom units, 20 three bedroom units and 2
four bedroom units in 12 residential buildings. The architectural style blends with the styles of the recently
constructed tax credit developments of Robert R. Taylor Senior Homes and The Pointe at Taylor Estates.
The property contains very large old oak trees that will remain undisturbed and give the property a charm
and feel of the past. Landscaped areas include sod and irrigation, in addition to the beautiful flowering
shrubs and vegetation which are native to our coastal climate. Carriage style street lamps throughout the
development give the neighborhood a warm and cozy feeling.

There are 12 two-storey buildings. Three of those buildings are garden apartments which will include all
handicap on the ground level. The exterior of the buildings is at least forty percent brick veneer with quality
fiber cement and metal roof accents, including color variations between the lower and upper floors which
provide additional definition to the design of the buildings and enhances the neighborhood. The roof is
constructed of high quality twenty-five year anti-fungal shingles and metal roofing accents to give the
buildings a coastal/urban flair.

Standard features include carpeting throughout the living and bedrooms, quality VCT flooring in the kitchen,
dining area, entrance area, and bathrooms; six panel solid interior doors; solid wood cabinetry in the kitchen
and bathrooms; a pantry, a mounted fire extinguisher in the kitchen; mini blinds throughout; washer/dryer
hook-ups; patio; exterior storage closet; and an energy efficient thirteen seer rated HVAC system. The
kitchen includes an energy star dishwasher and frost free refrigerator with freezer, and an oven with stove-
top range. Each unit has its own private entrance with a covered porch and exterior door with a single lever
deadbolt and eye viewer. All exterior doors and double pane vinyl windows are insulated. There are lighted
ceiling fans, telephone jacks and cable connections in the living and bedrooms; lighted walk-in closets; and
exterior lighting at the unit’s entry doors.

The site location has all the conveniences of a downtown district, including shopping, restaurants, banking,
churches, schools, medical facilities, and public parks and pools. It is located north of downtown Wilmington
where the majority of new growth such as shopping, medical offices, hotels and residential areas are being
constructed.

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:
(i) Metal roof accents; (ii) Community Service Facility; (iii) Underground Cultec storm water infiltration
system

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Have you built other tax credit developments that use the same building design as this project?No
If yes, please provide name and address:

Site Amenities:
Taylor West includes amenities that will provide a high quality of life for its residents. There is ample parking
in close vicinity to each tenant’s unit, including handicap parking per code. The buildings are positioned in a
family-friendly manner that creates open spaces for resident use and play.

Other site amenities include a covered picnic area with tables and grill, sitting areas, playground, flagpole,
and refuse collection areas. The signage at Taylor West is located at the entrance to the development and
is visible to motorists and pedestrians in the area.

Taylor West has a separate 2036+/- square foot brick and fiber cement Community Service Facility. The
facility contains handicap accessible toilet facilities; kitchen area that includes a refrigerator, sink and oven
with stovetop range; administrative office area; maintenance and storage rooms; computer center; exercise
room with equipment; laundry facilities; and a covered porch with sitting areas around a portion of the
building. Resident mailboxes are conveniently located at the community building at a lighted and covered
area.

Onsite Activities:
Onsite activities will be provided by the Wilmington Housing Authority. Programs may include, but are not
limited to:

• Mentoring to Manhood (MTM): This program targets young men between the ages of 14 through 18 and
focuses on developing an understanding of social responsibility and establishing a place as an effective
leader in the community.

• P.E.A.R.L. Girls (Poised, Elegant, And Responsible Leaders): This program is dedicated to developing
and encouraging self-esteem, teaching ethics, respect and civility for young women ages 7 through 17.

• Programs for adults featuring homebuyer’s education, money management, financial literacy (Money
Smart), and credit repair.

Landscaping Plans:
The property contains very large old oak trees that will remain undisturbed and give the property a charm
and feel of the past. The sod and irrigated landscape includes flowering shrubs and vegetation which are
native to our coastal climate. Carriage style street lamps, sitting areas, and a playground strategically
located on the property create a family friendly feel to the development. The site’s attractive signage is
located at the entrance to the development and is visible to motorists and pedestrians in the area.

Interior Apartment Amenities:


Standard features include carpeting throughout the living and bedrooms, quality VCT flooring in the kitchen,
dining area, entrance area, and bathrooms; six panel solid interior doors; solid wood cabinetry in the kitchen
and bathrooms; a pantry, a mounted fire extinguisher in the kitchen; mini blinds throughout; washer/dryer
hook-ups; and an energy efficient thirteen seer rated HVAC system. The kitchen includes an energy star
dishwasher and frost free refrigerator with freezer, and an oven with stove-top range. There are lighted
ceiling fans, telephone jacks and cable connections in the living and bedrooms; and lighted walk-in closets.

Do you plan to submit additional market data (market study, etc.) that you want considered? No

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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 trend and direction of real estate development continues to improve. The development is a part of the
City’s NorthSide Community Plan, a revitalization plan that addresses housing, aesthetics, safety, amenities
and other community needs. Objective 3.0 of the plan refers to the replacement of the former Taylor Homes
development. A portion of this objective was reached upon the completion of the construction of The Robert
R. Taylor Senior Homes and The Pointe at Taylor Estates. The construction of Taylor West would complete
this objective (see page 5-5 of the NorthSide Community Plan).

Completed in the last three years and located less than a mile from the site are the luxury condominiums
Bannerman Station, Weldon Deco Condos, Modern Baking Company Lofts, The Mercantile, and Brooklyn
House on the Promenade, adding 111 new units to the area. PPD (a contract research company with
partners in the pharmaceutical, biotechnology, and other fields) recently completed their 400,000 square
foot worldwide corporate headquarters overlooking the Cape Fear River and is within one mile of Taylor
West. The recently constructed 84,000 square foot multi-million dollar police headquarters is two blocks
from the site.

Currently under construction within one mile from Taylor West is the Bank of America building, the multi-
million dollar Wilmington Convention Center, marina, and the full-service 157 room Hotel Indigo. In
November 2008, the Wilmington City Council also approved $7 million for the phased redevelopment of
property near the Isabel Holmes Bridge which will add residential units, hotels, office and retail space in the
downtown area. Cape Fear Community College, less than a mile from the site, recently received voter
approval of a $164 million bond referendum to build three new buildings dedicated to training in health,
technology, and general studies with the objective of bringing new jobs to Wilmington. The Gateway Project
is less than two miles from Taylor West and was given approval by the Wilmington City Council in October
2008. It is a mixed use high rise development which includes 260 condominium units, a restaurant, 40 boat
slips, and retail space for shops and food services.

The recently completed tax credit developments of The Pointe at Taylor Estates and Robert R. Taylor
Senior Homes added much needed quality affordable housing to the downtown area. The addition of Taylor
West supports the goal of creating affording housing in this growing downtown area.

The physical condition of the surrounding the site is continually improving along with the quality of 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. Taylor West is located in the Northside Community area of downtown
Wilmington and is in close proximity to residential neighborhoods, retail services and amenities. In addition to
the newly constructed luxury condominiums in the area, there is a mix of single and multi-family homes in the
immediate vicinity, including the recently opened tax credit properties Robert R. Taylor Senior Homes and
The Pointe at Taylor Estates. There is a wide variety of services and amenities that are available to residents
of Taylor West. There are eleven convenience stores or specialty food markets located within one mile, two
full-service grocery stores within two miles, and four full-service grocery stores within four miles. There are
several quaint retail shops at Chandler’s Warf, The Cotton Exchange, and at many individual specialty shops
that are located throughout the downtown area. Shopping at Independence Mall, various strip malls and a
Wal-Mart Supercenter are within one to four miles of the site and are easily accessible by the WAVE public
transit bus service. Basic health care includes New Hanover Community Heath Center which is located within
two blocks of the proposed site. Also located in the downtown area are two walk-in clinics. New Hanover
Regional Hospital, physician offices and pharmacies are located within three miles or less from the site. All
facilities are accessible by public transit bus service. Taylor West is in the New Hanover County School

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District and is served by seven public schools from elementary to high school, which includes one year-round
and three County Pre-K schools. All County school facilities, including the gymnasiums, athletic fields, and
auditoriums are available for public use. Additional educational facilities which are one mile or less include St.
Mary’s Catholic School and Cape Fear Community College. The University of North Carolina-Wilmington is
four miles away. There are several local child development day care centers within one mile of Taylor West.
Many of these centers are subsidized by DHHS and residents may be eligible to receive financial assistance
to pay for the cost of the child care. The Wilmington community offers several supportive services for its
residents. Among these services are the Boys and Girls Club, Community Arts Center, Department of Health
and Human Services (DHHS), The Employment Security Commission (ESC), Good Shepard Center, and
Wilmington Treatment Center. Services offered by these providers include aid for the homeless, mental
health services, drug and alcohol abuse treatment, recreational, educational, social, and employment
services. Other programs are the Wilmington Youth Center for Inspiration, Recreation and Education (WIRE)
and Communities In Schools of Cape Fear (CISCF). WIRE offers various programs including tutoring with
county school course credit, crisis intervention, medical attention, anger management, sports, and arts
programs. CISCF is dedicated to helping young people learn successfully, stay in school, and prepare for life
and offers a wide variety of programs. Transportation for NHC students is available to WIRE and CISCF via a
designated bus stop. In addition, CISCF offers free passes so students can get home free of charge via
public transportation. Other services in the vicinity include churches and the U.S. Post Office. The main
branch of the New Hanover County Library is less than one mile away. The Library offers various free
services including Wi-Fi internet access, meeting rooms, computer and credit counseling classes, toddler
story time, and tax preparation assistance. Northside Park is a five acre park within walking distance of the
site and includes playgrounds, shelters, picnic areas, and basketball courts. Northside Park also has a pool
with splash pad, a bathhouse, lifeguards, and is handicap accessible. Robert Strange Park is a fifteen acre
park located just over a mile from Taylor. Amenities include ball parks, basketball and tennis courts, pool,
recreation center, playground, shelters, restrooms and more. Greenfield Park surrounds Greenfield Lake and
is a 250 acre park with full amenities, including an amphitheater, paddle boats, and walking trails. Legion
Stadium has a community pool, tennis courts, picnic areas, and athletic fields. Both Greenfield Park and
Legion Stadium are just over two miles away. There are no large scale or industrial institutions or other
incompatible uses in the area that adversely affect the development. The nearby railway has been
abandoned and has no effect on Taylor West or the surrounding neighborhood. The traffic patterns in the
area are that of a downtown environment with controlled speed limits and traffic lights. The development is in
a mostly residential section of downtown and is not a thoroughfare for trucks or commercial vehicles. There
are no sources of excessive noise, pollution or other environmental concerns in this area.
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. Adequate traffic controls exist around the site to allow for steady traffic flow
in and around the site. All intersections directly surrounding the site are controlled by stop signs. The posted
speed limit is 25 mph and speed humps exist on Nixon Street between 4th and 6th Streets. Traffic signals
exist at the corner of 3rd Street and Davis Street and at Red Cross Street at 4th and 5th Streets. There are
no turn lanes into the development, however, traffic is such that those lanes are not necessary. The public
facilities, including roads and bridges, are not currently, nor are they expected to be, overburdened by the
addition of this development. The site has exceptional access to traffic corridors leading into and out of the
City of Wilmington, including the Isabel Holmes Bridge and Martin Luther King Jr. Parkway. One of the first
views upon entering the north side of the city will be this attractive community. With it’s appealing architecture
and urban design, it enhances the entrance to the City to both residents and tourists passing through the
area. Prominent signage is displayed at the entrance to the community that is visible from various traffic
corridors. Public transportation has routes throughout the City, including one stop directly across the street.
The schedule runs every thirty minutes and costs the rider anywhere from $.50 to $1.00. A free trolley service
circles the downtown area enabling residents to easily access all the conveniences of downtown without
having to walk long distances.

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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).
No impediments or barriers currently exist on this property that negatively affect the residents. Sidewalks
surrounding the site and throughout downtown are available for pedestrian activity. Ample parking is
available, including handicapped on-site parking, on-street parking, and nearby parking garages provided
by the city.

Similarity of scale and aesthetics/architecture between project and surroundings.


The majority of the structures in the immediate vicinity are no more than three stories tall and do not
adversely affect the development. Taylor West is similar in scale and architecture to the recently completed
tax credit development of The Pointe at Taylor Estates. The high rise PPD building seen in the distance
enhances the view from this site and does not add any negative features to the neighborhood.

For each applicable neighborhood feature, enter distance from project in miles.

2.1 Grocery Store 0.4 Community/Senior Center

0.7 Mall/Strip Center 3.2 Hospital

0.2 Outdoor Athletic 2.6 Pharmacy


Fields

0.2 Day Care/After 0.2 Basic Health Care


School

0.04 Public Transportation


0.2 Schools
Stop

0.04 Convenience Store 0.2 Public Parks

0.5 Gas Station 0.8 Library

Other facilities or services:


Downtown Wilmington is within walking distance of the site and features the Farmer’s Market held in
Riverfront Park each Saturday morning from April through December. The market features local farmers,
producers, artists and crafters. Several museums and historical sites are also located in the downtown area
including Bellamy Mansion, Cape Fear Museum, Cape Fear Serpentarium, Historic Hannah Block USO
Building, Wilmington Children’s Museum, Wilmington Railroad Museum and Henrietta III Riverboat. Historic
Thalian Hall, a regional center for performing arts, is also located less than a mile from Taylor West. The
Riverwalk extends along the length of the Cape Fear River and enables pedestrians to walk from one end
of the downtown area to the other end, with stops along the way for various shops, restaurants, offices, and
tourists attractions.

Residents have a clear view of the magnificent fireworks displays put on by the City of Wilmington at
various times of the year, including July 4th, Riverfest, and the Azalea Festival. Parades are held through
downtown during the festivals and holiday times.

Public safety is nearby with the new Police headquarters located within two blocks and the Fire Station
headquarters less than a mile from the site.

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Banking, legal, and other professional services are located within the downtown area, along with the
Chamber of Commerce and other small businesses frequented by the citizens of Wilmington.

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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).

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