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HomeMy WebLinkAboutPierson Pointe WHSP ApplicationWorkforce Housing Services Program - Request for Proposals FY 2025 *indicates a required field Applicant Information Corporate/Entity Name Wilmington Realtors Foundation Financial Fiduciary Wilmington Realtors Foundation Organization Receiving Payment Wilmington Realtors Foundation Type of Applicant Public Non-Profit Agency Applicant Established Date & State North Carolina 1988 Organization Principal Name and Title Wilmington Realtors Foundation Principal Email Address john@capefear.realtor Principal Phone Number (910) 473-5598 Please include the name, phone number, and email address of the person that should receive updates about the status of your proposal. Contact Name John Smist Contact Email Address john@capefear.realtor Phone Number (910) 473-5598 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 Form 990 501(c)3 Determination Letter IRS Tax Determination Letter.pdf List of Board Members with Terms Wilmington Realtors Foundation Board.docx Organization By-Laws Foundation Bylaws Amended 7.11.18.pdf Articles of Incorporation Articles of Incorporation 1988.pdf Current Year Operating Budget WRF Budget.xlsx Most Recent Financial Statement 2024 June WRF Financials.xlsx Most Recent Audit 2023 Financial Audit-Cape Fear Realtors.pdf Most Recent Form 990 2023 Signed 990 Tax Return-WRF.pdf Project Summary Project/Program Name Pierson Pointe Number of Units/Households to be Assisted 48 townhomes Project Location/Address 6221-6229 Carolina Beach Rd, Wilmington, NC 28412 Please upload a location map clearly indicating the project site or program service area. Pierson Pointe Location.png Estimated Total Project/Program Cost $11.6 million WHSP Funding Requested (Maximum $1.5 Million) $1.2 million 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. 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 Project Timeline Currently going one- The Wilmington Realtors Foundation is in the process of permitting with CFPUA/NCDEQ/NHC. The foundation is also in conversation with builders to see who would like to work on the project. 2025 1st quarter- Begin Site & Utility Construction 2nd quarter- Site & Utility Construction 3rd quarter Site & Utility Construction 4th quarter Vertical construction of units. Marketing and taking applications for purchasing units 2026 1st quarter Vertical construction of units. Marketing and taking applications for purchasing units Strategic Goals Addressed Increasing Housing Stock Describe how your project will address the strategic goal(s) listed above. The Wilmington Realtors Foundation address the strategic goal of increasing affordable/work force housing stock by building 48 townhomes just south of Monkey Junction in New Hanover County. Presumptive Eligibility Presumption 1 Explain how your project/program meets the selected presumption. Predevelopment and site work: SLFRF may be used for predevelopment activity and site work to lay the ground for affordable housing development. Recipients planning to layer SLFRF with HOME for new construction should review HUD environmental review and planning requirements. Immediate Impact Describe how the project supports allocation of funds by December 31, 2024 and disbursement of The site has been rezoned and is waiting for final permitting. Once permitting is finalized funds can be used to bring sewer and water to the property allowing builders to start the construction of the 48 townhomes to be sold. funds by December 31, 2026 Describe how the project will quickly deploy units to market and break ground by July 2025 The Wilmington Realtors Foundation can use the funds begin requested to bring sewer and water to the property on Carolina Beach Road as soon as permitting is completed. Once the property has sewer and water construction of the 48 townhomes can begin, allowing the foundation to market and take applications for purchase of the units. Strategic Priorities Addressed Mixture of Price Points and AMI Describe the household/unit mix expected to be served by the program/project. 48 unites between 80% and 120% AMI Period of Affordability Will the units be preserved in affordability for at least 20 years? How many years beyond the minimum 20 years? The Wilmington Realtors Foundation believes that the Pierson Pointe community will be preserved as affordable housing for the lifetime of the community. Describe how you will ensure compliance with the affordability requirement once the project is completed. To ensure that the Pierson Pointe Community remains workforce housing the purchase of each townhome will come with deed restrictions. Those restrictions include being owner-occupied, resale of the townhomes is capped at a two percent increase per year, and the foundation has the first right and refusal to purchase the townhome back. Acceptance of Housing Choice Vouchers Will your project accept Housing Choice Vouchers? N/A Site/Eligibility Criteria • Evidence of appropriate zoning for proposed project, if applicable • Technical Review Committee approval including preliminary plat or site plan approval, if applicable • Evidence the site is not impacted by environmental problems such as a brownfield and flood hazard, if applicable Evidence of appropriate zoning Zoning map .png Technical Review Committee approval Field not completed. Evidence that site is not impacted by environmental problems Environmental.pdf Describe how WHSP funding will expand existing programs and/or projects, if applicable. WHSP funds will be used to bring sewer and water to our Carolina Beach property. Once the 48 townhomes are complete it is the goal of the foundation to being its next townhome project to build more work force housing in New Hanover County. Tell us if the project is supported by any other New Hanover County grant, funding, or contribution. The Wilmington Realtors Foundation has applied for funds from the New Hanover Community Endowment. The Wilmington Realtors Foundation requested funds from the endowment to payoff the note to purchase the land for Pierson Pointe. The Foundation hopes to hear information on the endowment before September. How will you fund/develop your project/program if your proposal is not approved for funding? If the Wilmington Realtors Foundation is not approved funds from New Hanover County the Foundation will continue to fundraise and apply for grants. 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). The Pierson Pointe Townhome Community will consist of 48 for sale units. Owners will need to be able to qualify for a mortgage to purchase. Fair Housing policies/procedures Field not completed. Tell us how your proposal supports New Hanover County's commitment to equity and inclusion. The community is intended to house residents earning an area median income ($70,485 according to the 2022 census) between 81% and 120%, as defined by the U.S. Department of Housing and Urban Development. To make sure that the Pierson Pointe Community remains affordable there are deed restrictions to purchase a townhome. The Pierson Pointe Community is a first-of-its-kind workforce housing development that makes homeownership possible for those who might not have the opportunity because of the rapid increases in the housing market. Those who are eligible to purchase a townhome in Pierson Pointe will not be determined by race, ethnicity, or gender. Applicants who live in New Hanover County will be put into a financial rubric to determine the best candidates. Describe how your development will comply with the Federal Fair Housing Act. The Wilmington Realtors Foundation is committed to the path of home ownership as vital to building a future for individuals, families, and communities. The Wilmington Realtors Foundation adheres to holding up fair housing rules and principles as part of our culture and embraces the Fair Housing Act set forth by the Federal Government, in addition to offering homebuyer resources and education. Realtors' code of ethics is founded on continued fair housing for all, preventing discrimination and reversing housing segregation. Additional Information Project Budget/Pro Forma (must be the spreadsheet provided) WRF - Pro Forma.xlsx Resume of staff who will manage the project. John Smist Resume 2024.docx Three examples of past experience, including project title, description, number of units/households assisted, project year, and location. Steve Shuttleworth Projects.docx Letters of support from other funding sources. Tim Letter of Support.pdf Additional Uploads Deed Restrictions.pdf Additional Uploads Enviro 2.pdf Additional Uploads Est_8709_from_Malpass_Construction_Co._Inc._148.pdf