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HomeMy WebLinkAboutAvenue Flats WHSP ApplicationWorkforce Housing Services Program - Request for Proposals FY 2025 *indicates a required field Applicant Information 1. Corporate/Entity Name* Blue Ridge Atlantic Development 2. Financial Fiduciary* Blue Ridge Atlantic Development, LLC 3. Organization Receiving Payment* BRAD Avenue Flats, LLC 4. Type of Applicant* 1. For-Profit Corporation 2. For-Profit Partnership 3. For-Profit Sole Proprietor 4. Private Incorporated Non-Profit Agency with IRS 501(c)(3) Designation 5. Public Non-Profit Agency 6. Governmental Agency 5. Applicant Established Date & State* Florida 2018 6. Organization Principal Name and Title* Chris Eisenzimmer 7. Principal Email Address* chris.e@blueridgeatlantic.com 8. Principal Phone Number* 910-338-3349 9. Please include the name, phone number, and email address of the person that should receive updates about the status of your proposal. 10. Contact Name* Sam Weldon 11. Contact Email Address* sweldon@blueridgeatlantic.com 12. Phone Number* 9102323334 13. Preferred Contact Method* 1. Email 2. Phone 14. In addition to the above, non-profit organizations must provide: N/A  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 Form 990 Project Summary 15. Project/Program Name* Avenue Flats 16. Number of Units/Households to be Assisted* 184 17. Project Location/Address* 509 S. Kerr Ave. Wilmington, NC 28403 18. Please upload a location map clearly indicating the project site or program service area.* Attached in dropbox link already sent 19. Estimated Total Project/Program Cost* $58,921,099 Total Development Costs 20. WHSP Funding Requested (Maximum $1.5 Million)* 1.5 Million 21. Are you requesting an award in the form of a low-interest loan or a grant?* 1. Loan 2. Grant 22. If requesting a loan, please describe the loan terms/interest rate requested. 30 yr loan term, 1% interest rate, 10% cash flow payments once stabilized 23. Project Type* 1. Land Acquisition 2. Construction (including site work, infrastructure, operational, and design costs) of new affordable single-family or multifamily housing units for sale or rent 3. Conversion/rehabilitation of existing residential and non-residential structure(s) for affordable single-family or multifamily housing units for sale or rent 4. Down payment assistance for income eligible homebuyers 5. Tenant-based rental assistance 6. Emergency repair of single-family units for income eligible clients (please include in the project narrative types of emergency repairs that will be supported by the proposed program) Project Narrative 24. Project Timeline (Including anticipated date of groundbreaking and sale/rental/occupancy, if applicable)* Attached in dropbox link already sent 25. Strategic Goals Addressed* All will be addressed  Increasing Housing Stock  Improving Housing Stock  Increasing Housing Access 26. Describe how your project will address the strategic goal(s) listed above. * Avenue Flats will address all three of the strategic goals mentioned above. First, the project will increase the housing stock of workforce housing in New Hanover County with the addition of 184 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, and granite countertops are just a few higher quality features incorporated into this project. Lastly, this project will directly impact housing access. Avenue Flats will apply for project base vouchers that will be available for tenants to access. We will also be accepting housing choice vouchers from possible tenants. This will allow for more potential residents to apply to Avenue Flats. Avenue Flats will provide future tenants access to quality housing that is in extremely high demand right now within New Hanover County. 27. Presumptive Eligibility - Which presumption does your project/program fall under with regards to eligibility?* 1. Presumption 1 2. Presumption 2 28. Explain how your project/program meets the selected presumption.* Avenue Flats meets presumption 1 as a LIHTC deal through the North Carolina Housing Finance Agency. This is listed in Addendum 1, where LIHTC deals are listed under the eligible federal housing programs. Immediate Impact 29. Describe how the project supports allocation of funds by December 31, 2024 and disbursement of funds by December 31, 2026* Avenue Flats supports allocation of funds by December 31st, 2024 for several reasons. It is an extremely competitive project meeting all of the requirements of this RFP. With the NCHFA process being complete in January 2025 the allocation of funds in December could not be more ideal timing for closing in June 2025. With the closing date and start of construction set to occur in June/July 2025, the disbursement of funds would occur long before December 31, 2026 since we are requesting these funds be used for construction. Avenue Flats checks both of these boxes to ensure New Hanover County that their funds are being used efficiently and effectively. 30. Describe how the project will quickly deploy units to market and break ground by July 2025 Avenue Flats will break ground in June/July 2025. With the construction timeline of 16 months, Avenue Flats is the definition of deploying units quickly to the market. There really is not a more efficient and quicker way to bring new quality affordable units to the market. Strategic Priorities Addressed Mixture of Price Points and AMI 31. Describe the household/unit mix expected to be served by the program/project. For example, 100 units between 80% and 120% AMI, 10 units at or below 80% AMI, 10 units at or below 60% AMI, and 5 units at or below 30% AMI.* Tax Credit Minimum Set-Aside: 30% / 50%/ 60%/ 80%. Applicable Fraction: 30 units at 30%, 36 units at 50%, 65 units at 60%, and 53 units at 80% of area median income. Period of Affordability 32. Will the units be preserved in affordability for at least 20 years? How many years beyond the minimum 20 years? (Only applies to construction/rehabilitation projects) The project will be preserved in affordability for 30 years. 33. Describe how you will ensure compliance with the affordability requirement once the project is completed. Ownership will ensure compliance with the affordability requirement in several ways. First, at closing, a land use restriction covenant (LURC) is recorded at closing that overlays the project and requires the affordability restrictions to be in place for 30 years. In addition to that, NCHFA requires our property management company for this project to submit annual compliance reports/certifications on all tenants that are calling Avenue Flats their home. This ensures compliance is maintained and properly inspected as it relates to affordability. Acceptance of Housing Choice Vouchers 34. Will your project accept Housing Choice Vouchers? Describe any relevant experience with previous projects which have accepted vouchers. Avenue Flats will accept housing choice vouchers and will also apply for 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 previous experience with numerous properties all over the Southeast that accepts housing choice vouchers. This includes our recent New Hanover County project, Residence at Canopy Pointe. Additional Questions 35. Describe how WHSP funding will expand existing programs and/or projects, if applicable. The $1,500,000 WHSP funding that we are requesting for Avenue Flats will allow us to provide future New Hanover County families with higher quality finishes in the amenity areas and within each unit. With this funding being awarded to Avenue Flats during construction, we will be able to deliver a high quality unit at an extremely affordable price in a very attractive location for New Hanover County residents. 36. Tell us if the project is supported by any other New Hanover County grant, funding, or contribution. Please also let us know if you have received or applied for other funds, such as the New Hanover Community Endowment, tax credits, etc., and provide a timeline for information on award. Blue Ridge Atlantic Development has applied to the City of Wilmington for gap financing as you will see in our proforma. We expect to have this gap financing request approved at the September 2024 City Council meeting along with our rezoning case. We also plan to apply to New Hanover County Endowment for additional funding. That hearing will occur in October of the grants committee. Lastly, we have submitted our preliminary tax credit application to NCHFA (provided in dropbox link). We plan to submit outour full application in October/November once soft financing commitment letters have been issued. 37. How will you fund/develop your project/program if your proposal is not approved for funding?* If Avenue Flats does not receive funding from New Hanover County, the project will not move forward. Due to the extremely attractive location of where this project is, the land cost is extremely high. Also, due to the volume and size of the project, the simple fact is the project needs more gap financing to make the project feasible. We feel this is a great project that is extremely competitive for the New Hanover County WHSP funds. 38. Describe how your policies and procedures give access to housing for residents with credit challenges or those who may have been involved in the justice system (or upload to the right, if applicable).* In the dropbox link provided, there are two important documents that reference specifically how Avenue Flats will give access to residents with credit challenges and/or legal challenges. The first is the Tenant/Resident Selection Plan. This document goes into great detail on background checks that property management will consider when approving a tenant. Lastly, since our projects are open to housing choice vouchers as well as project base vouchers, we will make exceptions to tenants who may have challenges from the past who have corrected themselves. 39. Tell us how your proposal supports New Hanover County's commitment to equity and inclusion.* Avenue Flats 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 tenants in our projects to feel welcome and equal to any other development in New Hanover County. We are confident Avenue Flats will support New Hanover County's commitment to diversity, equity and inclusion. 40. Describe how your development will comply with the Federal Fair Housing Act.* Avenue Flats 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 details on how we will comply with the Federal Fair Housing Act.