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HomeMy WebLinkAboutBlue Ridge Atlantic Development ApplicationWorkforce Housing Services Program - Request for Proposals FY23-24 *indicates a required field Applicant Information Corporate/Entity Name Blue Ridge Atlantic Development Type of Applicant For-Profit Corporation Applicant Established Date & State Florida (2018) Organization Principal Name and Title Chris Eisenzimmer Principal Email Address chris.e@blueridgeatlantic.com Principal Phone Number 9103383349 Please include the name, phone number, and email address of the person that should receive updates about the status of your proposal. Contact Name Sam Weldon Contact Email Address sweldon@blueridgeatlantic.com Phone Number 9102323334 Preferred Contact Method Email In addition to the above, non-profit organizations must provide: • 501(c)3 Determination Letter • List of Board Members with Terms • Organization By-laws • Articles of Incorporation • Current Year Operating Budget • Most Recent Financial Statement, Audit, and 990 501(c)3 Determination Letter Field not completed. List of Board Members with Terms Field not completed. Organization By-Laws Field not completed. Articles of Incorporation Field not completed. Current Year Operating Budget Field not completed. Most Recent Financial Statement Field not completed. Most Recent Audit Field not completed. Most Recent 990 Field not completed. Project Summary Project/Program Name Residence at Canopy Pointe Number of Units/Households to be Assisted 72 Estimated Total Project/Program Cost $13,050,000 WHSP Funding Requested (Maximum $1.5 Million) $600,000 Project Location/Address 217 Middle Sound Loop Rd, Wilmington, NC Please upload a location map clearly indicating the project site or program service area. Location Map.pdf Are you requesting an award in the form of a low- interest loan or a grant? Grant If requesting a loan, please describe the loan terms/interest rate requested. Field not completed. Indicate if the request is for pre-development or construction financing. Construction Financing, Site Costs. Project Type Construction (including site work, infrastructure, operational, and design costs) of new affordable single-family or multifamily housing units for sale or rent Project Narrative Earliest Project/Program Start Date 11/01/2022 Anticipated completion date of sale/ rental/ occupancy 03/01/2024 Strategic Goals Addressed Increasing Housing Stock, Improving Housing Stock, Increasing Housing Access Describe how your project will address the strategic goal(s) listed above. Residence at Canopy Pointe will address all three of the strategic goals mentioned above. First, the project will increase the housing stock of 55+ senior affordable housing product in New Hanover County with the addition of 72 brand new units. Second, this project will improve the housing stock in New Hanover County with the quality products that are being used during construction. Hardi Plank siding, energy star appliances, granite countertops are just a few higher quality features incorporated into this project. Lastly, this project will directly impact housing access. Residence at Canopy Pointe has 18 project base vouchers that will be available for tenants to access. We also will be accepting housing choice vouchers from tenants who are interested in becoming a tenant which will allow for more access to potential residents. Residence at Canopy Pointe will provide future tenants access to quality housing that is in extremely high demand right now within New Hanover County. This project is just one small step in the right direction to increasing access. Strategic Priorities Addressed Shovel Ready/Operational by July 2024 Residence at Canopy Pointe is the definition of a shovel ready project. The project broke ground in November of 2022. The property management company will begin marketing and lease up activities close to year end of 2023. We anticipate the project being completed and ready for future tenants by March 1st, 2024. Leverage of Funding Construction loan: Bank OZK Permanent Loan: Lument Construction Loan: City of Wilmington Tax Credit Equity: RBC is the syndicator and the upper tier investor is Bank OZK. Period of Affordability This project will be affordable for 30 Years. Target AMI 60% to 120% Tax Credit Minimum Set-Aside: 30% / 50%/ 60%/ 80%. Applicable Fraction: 18 units at 30%, 11 units at 50%, 16 units at 60%, and 27 units at 80% of area median income. Acceptance of Housing Choice Vouchers Residence at Canopy Pointe will accept housing choice vouchers. Residence at Canopy Pointe will also have 18 project base vouchers that will be available to tenants. Blue Ridge Atlantic Development makes it a priority to accept future tenants that have a housing choice voucher. Blue Ridge Atlantic Development has numerous properties all over the Southeast that accepts housing choice vouchers. Describe how WHSP funding will expand existing programs and/or projects, if applicable. The $600,000 WHSP funding that we are requesting for Residence at Canopy Pointe will allow us to expand existing programs and expand this project in several ways. First, the WHSP funding will allow us to be able to recover a portion of construction contingency dollars that has currently been used on the large unsuitable soil invoice. The contingency dollars will allow us to expand this project with higher quality finishes in the amenity areas and within each unit. The WHSP funding will also allow us to expand a program we are working to bring to our future tenants with our raised bed garden plots. With the WHSP funding, we will be able to allocate more dollars to our operating expense line items to continue to support this program that we are very excited to offer at Residence at Canopy Pointe. Tell us how your proposal supports New Hanover County's commitment to diversity, equity, and inclusion. Residence at Canopy Pointe will fully support New Hanover County's commitment to diversity, equity, and inclusion. The project will feature income restrictions ranging from 30% to 80% which will promote a sense of diversity and inclusiveness at our property. We also will have 10% of our units being available to ADA tenants and mobility/sensory impaired tenants. It is our goal at Blue Ridge Atlantic Development for all of our projects to have our tenants feel welcome and feel equal to any other development in New Hanover County. We are confident Residence at Canopy Pointe will support New Hanover County's commitment to diversity, equity and inclusion. Describe how your development will comply with the Federal Fair Housing Act. The Residence at Canopy Pointe will fully comply with the Federal Fair Housing Act. In the attachments, we have provided our Affirmative Fair Housing Marketing Plan. This document Excel Property Management uses provides detail on how we will comply with the Federal Fair Housing Act. Additional Information Project Budget/Pro Forma (must be the spreadsheet provided) Residence at Canopy Pointe Template.xlsx Tell us if/how the project is supported by any other New Hanover County grant, funding, or contribution. Please include the type and amount of funding, contribution, etc. Residence at Canopy Pointe does not have any other funding sources from New Hanover County. Resume of staff who will manage the project. Property Management Resume.pdf Three examples of past experience, including project title, description, number of units/households assisted, project year, and location. Developer Experience and Resume.pdf Site/Eligibility Criteria • Evidence the site is not impacted by environmental problems such as a brownfield and flood hazard, if applicable • Evidence of appropriate zoning for proposed project, if applicable • Preliminary site plan for project site, if applicable • Evidence of water and sewer accessibility and availability, if applicable Evidence that site is not impacted by environmental problems Phase 1 Environmental Report.pdf Evidence of appropriate zoning Zoning Verification.pdf Preliminary site plan Site Plan.pdf Evidence of water/sewer availability Water_Sewer Availability.pdf Describe how your policies and procedures give access to housing for residents with credit challenges or who may have been involved with the legal system (or upload to the right, if applicable). Attached in the documents we have provided our Tenant/Resident Selection Plan which goes into great detail of how Excel Property Management will work with potential tenants who may have credit challenges or have a prior history with the legal system. Fair Housing policies/procedures RESIDENCE AT CANOPY POINTE AFHMP.pdf Letters of support from other funding sources. Letters of Support.pdf Additional Uploads Unsuitable Soils - Export and Import Invoice.pdf Additional Uploads Field not completed. Additional Uploads UW Tabs_Residence at Canopy Pointe.pdf Is there anything else you'd like to tell us about your proposal? As mentioned above, Residence at Canopy Pointe is currently under construction with a completion date of March 1st, 2024. That said, this proposal is solely geared on one large unforeseen expense that was incurred during the site work phase of construction. During the site work phase, we encountered a large amount of unsuitable soils across the entire 4.5 acre site. The quantity of how much export of unsuitable soil and then having to replenish the site with suitable soil for our building pad and parking was the key cost driver. In order to maintain schedule, the entire construction contingency was used to cover this cost. As you will see in our proforma, we are not requesting the entire amount of the unsuitable invoice of $818,125 (see invoice attached under additional uploads). Our $600,000 request represents roughly 4% of the total estimated cost for the entire project. This $600,000 will allow us to gain some contingency back to utilize for other unforeseen costs that may occur throughout the remainder of the construction period. We greatly appreciate your consideration and partnership on this project.