Hamilton Ridge

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Print Preview - Final Application

Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans
Resources Requested
Check all that apply: Federal Low Income Housing Tax Credit State Low Income Housing Tax Credit Tax Exempt Bonds Rental Production Program (RPP) Loan Requested RPP Loan Amount: 300,000 RPP Loan Product Requested: Multi-Family Production
https://www.nchfa.org/Rental/RTCApp/(bd0ia145yvtxclmlhydomojj)/site/PrintApp.aspx?I... 1/14/2005
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Project Name and Location

Project Name: Hamilton Ridge Address: City: PENCO DRIVE Hamilton County: MARTIN Zip: 27840 Block Group: 1
Census Tract: 9704
Is project in Qualified Census Tract & Difficult to Develop area: No Political Jurisdiction: Jurisdiction Address: Jurisdiction City: Jurisdiction Phone: TOWN OF HAMILTON Last: MATTHEWS Title: MAYOR PO BOX 249 HAMILTON (919)798-2001 Zip: 27840
Jurisdiction CEO Name: First: DG
Site Latitude: Site Longitude:
35.93749 -77.20267
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Project Description
Project Type:* New Construction Rehab 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): Will the project be receiving federal rental assistance? Yes If yes, provide the subsidy source: RD and number of units: 24
Target Population: Elderly (RHS/HUD) 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 other federal and state requirements) Persons with disabilities or homeless populations: the greater of 5 units or 10% of the total units Remarks: PERSONS WITH DISABILITIES
Proposed number of residential buildings: 6 Types of Units:* Project Includes:
Maximum number of stories in buildings: 1
Townhouse
Duplex
Garden Apartment
Detached Single-Family
Separate community building - Sq. Ft. (Floor Area): 752 Community space within residential bulding(s) - Sq. Ft. (Floor Area): Elevators - Number of Elevators: Square Footage Information Gross Floor Square Footage: 11,446
Total Net Sq. Ft. (All Heated Areas): 10,014
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Applicant Information
Applicant Name: Address: City: Contact: Telephone: Pendergrant Development, LLC PO Box 18863 Raleigh First: Marilyn (919)755-0558 State: NC Zip: 27619 Last: Hernandez Title: Development Coordinator
Alt Phone:
(919)861-6028
Fax:
(919)754-8663
Email Address:
MHERNANDEZ@PENDERGRAPHPROP
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Site Description
Total Site Acreage: 5 Total Buildable Acreage: 5 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 in a distressed neighborhood? No If yes, does a community revitalization plan exist? 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 is in the East Region and 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: If no: (a) Does the owner/principal or ownership entity have vaild 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:
Purchase Price:
(c) Enter the current expiration date of the option/contract to purchase: 11/15/2003 (D) Enter Purchase Price: 75,000
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Zoning
Present zoning classification of the site: NO ZONING IN THE COUNTY Is mutifamily 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:
Is a public hearing of any kind required in the future for you to fully develop this property? No If yes, describe the nature of the hearing and when you expect the hearing will be held:
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: Hamilton Ridge, LLC Address: City: PO Box 18863 Raleigh State: NC Zip: 27619 (If assigned) 56-2055367 (If Not Assigned)
Federal Tax ID Number of Ownership Entity: Federal Tax ID Number of Managing GP or Member:
Entity Type: Limited Liability Company Entity Status: Already Formed Is the applicant requesting that the Agency treat the application as Non-Profit sponsored? Is the applicant requesting that the Agency treat the application as CHDO sponsored?
No 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:
Pendergrant Hamilton Ridge, LLC Last Name: Pendergraph Function: Managing Member
First Name: Frankie Address: City: Phone: EMail: PO Box 18863 Raleigh (919)755-0558
State: NC
Zip: 27619
Fax: (919)754-8663 Nonprofit: No TaxID 999-99-9999
FPENDERGRAPH@PENDERGR
Org:
Pendergrant Hamilton Rridge, LLC Last Name: Grant Function: Member
First Name: Charles Address: City: Phone: EMail: PO Box 18863 Raleigh (919)755-0558 cgrant@grant-inc.com
State: NC
Zip: 27619
Fax: (919)754-8663 Nonprofit: No TaxID 999-99-9999
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Unit Mix
List each applicable unit mix combination in a separate row below. Click [Add] to create another row. Click "X" (at the left of each row) to delete a row. Low Income Units Type Gdn Apt Gdn Apt Gdn Apt Gdn Apt # BRs Net Sq.Ft. 1 2 1 2 731 965 731 965 Total # Units 10 2 10 2 # Units 2 1 0 0 Monthly Rent 340 400 370 425 Electric Utility Allowance 80 101 80 101 Gas Other Mandatory Serv. Fees **Total Housing Exp. 420 501 450 526
Utilites included in rents:
Water/Sewer
Market Rate Units Type # BRs Net Sq.Ft. Total # Units # Units Monthly Rent Utility Allowance Gas Other Mandatory Serv. Fees **Total Housing Exp.
Utilites included in rents:
Water/Sewer
Electric
Statistics All Units Low Income....... Market Rate....... Totals............... 24 3 8750 24 Gross Monthly Rental Income 8750
Units 3
Notes * ** Paint-to-Paint Square Footage 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 1 2 1 2 10 2 10 2
Units targeted at 50 targeted at 50 targeted at 60 targeted at 60
% percent of median income. percent of median income. percent of median income. percent of median income.
Total Low Income Units:
24
Note: This number should match the total number of low income units in the Unit Mix section.
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Funding Sources
NonAmortizing* Rate (%) Term (Years) Amort. Period (Years) Annual Debt Service
Source Bank Loan RPP Loan Local Gov. Loan - Specify: RD Loan AHP Loan Other Loan 1 - Specify: Other Loan 2 - Specify: Other Loan 3 - Specify: Tax Exempt Bonds State Tax Credit(Loan) State Tax Credit(Direct Refund) Equity: Federal LIHTC Non-Repayable Grant Equity: Historic Tax Credits Deferred Developer Fees Owner Investment Other - Specify: Total Sources**
Amount
300,000
0.00
30
30
10,000
200,000
1.00
30
50
5,084
459,952
30
30
916,930
10,131 92
1,887,105
* "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. 76 Remarks concerning project funding sources: (Please be sure to include the name of the funding source(s)) RD LOAN IS COMMITED.
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Development Costs
Item Cost Element 1 Purchase of Buildings (Rehab) 2 Demolition 3 On-site Improvements 4 Rehabilitation 5 Construction of New Building(s) 6 Accessory Building(s) 7 General Requirements 8 Contractor Overhead 9 Contractor Profit 10 Construction Contingency 11 Architect's Fee - Design 12 Architect's Fee - Inspection SUBTOTAL (lines 1 through 12) 13 Construction Insurance (prorate) 14 Construction Loan Orig. Fee (prorate) 15 Construction Loan Interest (prorate) 16 Construction Loan Credit Enhancement (prorate) 17 Construction Period Taxes (prorate) 18 Water, Sewer and Impact Fees 19 Survey 20 Property Appraisal 21 Environmental Report 22 Market Study 23 Bond Costs (specify) 24 Cost of Issuance 25 Placement Fee 26 Permanent Loan Origination Fee 27 Permanent Loan Credit Enhancement 28 Title and Recording SUBTOTAL (lines 13 through 28) 29 Real Estate Attorney 30 Other Attorney's Fees 31 Tax Credit App Fees 32 Cost Certification/Accounting Fees (specify) 33 Tax Opinion 34 Organizational (Partnership) 35 Tax Credit Monitoring Fee SUBTOTAL (lines 29 through 35) 36 Furnishings and Equipment 37 Relocation Expenses 38 Developer's Fee (max 15% lines 2-36, less 8 & 9) 39 40 42 43 Other Basis Expense (specify) Other Basis Expense (specify) 21,000 Other Non-basis Expense (specify) Other Non-basis Expense (specify) SUBTOTAL (lines 36 through 43) 44 Rent up Reserve 247,539 211,539 211,539 14,400 67,029 15,000 15,000 2,776 115,622 28,000 7,500 9,629 7,500 25,000 7,500 9,629 7,500 849,838 60,000 51,472 23,050 69,200 37,400 43,200 18,000 1,344,160 1,500 15,262 41,446 4,000 4,500 14,638 10,000 6,500 9,000 6,000 1,500 15,262 41,446 4,000 4,500 14,638 10,000 6,500 9,000 6,000 849,838 60,000 51,472 23,050 69,200 37,400 43,200 18,000 192,000 192,000 TOTAL COST Eligible Basis 30% PV 70% PV 0
41 Rent-up Expenses
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45 Operating Reserve 46 47 Other Reserve (specify) Other Reserve (specify)
37,755
48 DEVELOPMENT COST (lines 1-47) 49 Less Federal Financing 50 Less Disproportionate Standard 51 Less Nonqualified Nonrecourse Financing 52 Less Historic Tax Credit (residential) 53 TOTAL ELIGIBLE BASIS 54 Times Applicable Fraction 55 TOTAL QUALIFIED BASIS 56 Tax Credit Rate 57 FEDERAL TAX CREDITS at Estimated Rate 57a FEDERAL TAX CREDITS at 8.5% or 3.75% 58 FEDERAL TAX CREDITS REQUESTED 59 STATE TAX CREDITS 60 Land Cost 61 TOTAL REPLACEMENT COST Comments:
1,812,105 200,000
1,733,174 200,000
0 1,533,174 100.00% 1,533,174 120,660 130,319 0 75,000 1,887,105 0 100% 0 8.00% 0 0 1,533,174 100% 1,533,174 7.87% 120,660 130,319
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Market Study Information

Please provide a detailed description of the proposed project: HAMILTON RIDGE IS A 24-UNIT APARTMENT COMPLEX FOR PERSONS 62 YEARS OF AGE OR OLDER, HANDICAPPED OR DISABLED. THE PLAN CALLS FOR 20 ONE BEDROOM UNITS AND 4 TWO BEDROOM UNITS LOCATED IN SIX BACK-TO-BACK QUADPLEXES AND AN OFFICE. EACH UNIT WILL HAVE ITS OWN ENTRANCE AND PORCH AREA. THE SEVENTH BUILDING WILL CONSIST OF AN OFFICE AND COMMUNITY ROOM. THE BUILDINGS ARE A ONE STORY DESIGN AND WILL COMPLY WITH ADA REQUIREMENTS. THE EXTERIOR IS COMPOSED OF WIDE BAND BOARDS, TRIM AND COLUMNS. THE SIDING WILL BE HIGH QUALITY VINYL. THE ROOFS WILL HAVE CEDAR STYLE SHAKES AND GABLES. THE STYLE OF CONSTRUCTION IS AKIN TO A COTTAGE TYPE HOME. THE INTERIOR OF THE UNITS WILL HAVE CARPET IN THE LIVING ROOM AND BEDROOM. VINYL FLOORING WILL BE UTILIZED IN THE KITCHEN AND BATHROOMS. ALL INTERIOR DOORS WILL BE OF A SIX PANEL DESIGN. THE CABINETRY WILL BE SOLID WOOD STYLES. ALL UNITS WILL HAVE WASHER/DRYER HOOKUPS, DISHWASHERS, REFRIGERATORS, RANGES, PATIOS AND EXTERIOR STORAGE. THE HVAC SYSTEM WILL CONSIST OF ENERGY EFFICIENT HEAT PUMPS WITH AN ELEVEN SEER RATING. EXTERIOR WINDOWS AND DOORS, WHERE APPLICABLE, WILL HAVE ENERGY EFFICIENT INSULATED GLASS. THE DEVELOPMENT WILL HAVE AN OFFICE WITH A MULTI-PURPOSE ROOM AND LAUNDRY FACILITY. THE SITE CONSISTS OF APPROXIMATELY FIVE ACRES AND WILL CONTAIN A PICNIC AREA, GAZEBO, GARDEN SPOTS AND A WALKING TRAIL. THE PROPERTY WILL HAVE EXTENSIVE LANDSCAPING AND WILL BE MAINTAINED BY A MAINTENANCE PERSON AND A THIRD PARTY MAINTENANCE CONTRACTOR THE DEVELOPMENT WILL HAVE 100% RETAL ASSISTANCE THROUGH RURAL DEVELOPMENT. Construction (check all that apply): Brick Vinyl Wood HardiPlank Balconies/Patios Sunrooms Front Porches
Front Gables or Dormers Other:
Wide Banding or Vertical/Horizontal Siding
Have you built other tax credit developments that use the same building design as this project? If yes, please provide name and address:
Site Amenities (check all that apply): Community Bldg - Sq Ft: 752 Laundry Rm Game/Craft Rm Chapel/Prayer Rm Irrigated Lawns Screened Porch Exercise Rm Picnic Area Security Gate Community Room - Sq Ft: 364 Resident Computer Center TV Rm Onsite Leasing Office Car Care Area Garages - Number: Exam Rm Beauty Salon Onsite Mgr Storage Units Reading Rm/Library Vending Rm Onsite Maint. Person Gazebos
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Walking Trails Pool
Garden Spots Fitness Stations
Basketball/Tennis Court Horseshoe Pit
Playground Shuffleboard
Ball Field Covered Drive Thru
Onsite Activities: This development will be financed and governed by Rural Development. The service package will be in accordance with those regulations. We will have various on-site activities such as holiday events, social gatherings, newsletters and recreational activities. Also, the community room would be available for Town/community activities. We will solicit assistance from local churches, non-profits, senior citizen groups and governmental agencies to aid us in our supportive services package for the elderly population.
Landscaping Plans: The property will be extensively landscaped exceeding the required per unit cost. Sod and irrigation will be installed in high visibility areas. The site amenities will be strategically located with borders throughout the property and will be handicap accessible. The site will have attractive signage, lighting and landscaping. Curb appeal is always a top priority with Pendergrant Development.
Interior Apartment Amenities (check all that apply): Range W/D Hookups Flooring: Carpet Hood Mini-blinds Vinyl Central Air Dishwasher Pantry Wood Gas Heat Disposal Ceiling fans Wood Parquet Heat Pump Refrigerator (frost free) Walk-in closets Other Storage interior/exterior
Ceramic Tile Electric Pump
Heating/Cooling:
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 Physical condition of buildings and improvements. Trend and direction of real estate development relative to the project. Area economic health (degree of decline or investment). THE SITE IS LOCATED ONE HALF MILE FROM DOWNTOWN HAMILTON. THE BUILDINGS IN THE NEIGHBORHOOD ARE IN GOOD CONDITION. PENCO IS AN ATTRACTIVE BUILDING AND ITS PROPERTY IS WELL LANDSCAPED. PROPERTY DEVELOPMENT IN HAMILTON IS SPREADING IN THE DIRECTION OF THE SITE AS EVIDENCED BY THE NEW FIRE/EMERGENCY STATION ACROSS HIGHWAY 125 FROM THE SITE.
Suitability of surrounding development. Land use pattern is primarily residential with a balance of other uses, including non-competing multifamily and single family units, relevant amenities, shopping and services. THE NEIGHBORHOOD IS A MIX OF SINGLE FAMILY RESIDENTIAL, BUSINESS AND FARMLAND. ACROSS HWY 125 FROM THE SITE IS THE BRAND NEW FIRE/EMERGENCY STATION. ADJACENT TO THE SITE ON THE LEFT IS A SINGLE FAMILY NEIGHBORHOOD. ADJACENT TO THE SITE ON THE RIGHT IS PENCO, A LOCAL EMPLOYER. PENCO'S BUILDING IS IN GOOD CONDITION AND ITS GROUNDS ARE WELL LANDSCAPED. HAMILTON RIDGE WILL BE THE ONLY MULTIFAMILY DEVELOPMENT IN HAMILTON. THE SITE IS LESS THAN ONE HALF MILE FROM DOWNTOWN HAMILTON WHICH OFFERS A RESTAURANT, COMMUNITY GROCERY, BANK, TOWN OFFICES AND VARIOUS CHURCHES. SITE SUITABILITY Adequacy of street(s) and/or access road(s) serving the proposed project and traffic controls (lights, stop signs, turning lanes). Access to mass transit (if applicable). THE SITE IS LOCATED ON PENCO DRIVE OFF OF HWY 125. PENCO DRIVE IS AN UNDERUTILIZED ROAD AND IS MORE THAN ADEQUATE TO ACCOMODATE THE HAMILTON RIDGE DEVELOPMENT. THE SITE IS VERY FLAT.
Amount and character of vacant, undeveloped land. Effect of industrial, large-scale institutional or other incompatible uses: 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). THE SITE IS LOCATED ADJACENT TO SINGLE FAMILY HOUSING, AN OPEN FIELD AND IS ACROSS PENCO DRIVE FROM PENCO. PENCO IS A MANUFACTURER OF SCHOOL LOCKERS AND EMPLOYS OVER 100 WORKERS. THE PENCO BUILDING IS IN GOOD CONDITION AND THE GROUNDS ARE WELL LANDSCAPED. THE BUILDING DOES NOT PRODUCE ANY NOISE OR ODOR AND IS NOT AN ENVIRONMENTAL CONCERN.
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. THERE ARE NO ON-SITE NEGATIVE FEATURES THAT WILL IMPEDE PROJECT CONSTRUCTION. THE POWER TRANSMISSION LINE IS LOCATED ON THE ADJACENT OPEN FIELD AND IS NOT A PART OF THE SITE.
Similarity of scale and aesthetics/architecture between project and surroundings. HAMILTON RIDGE WILL BE A ONE STORY DESIGN TO BLEND IN WITH THE SMALL TOWN OF
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HAMILTON. THE "BACK-TO-BACK" QUADPLEX DESIGN WILL GIVE THE DEVELOPMENT A COTTAGE FEEL.
Concentration of affordable housing (housing credit, project-based rental assistance, public housing). THERE IS NO OTHER AFFORDABLE HOUSING IN HAMILTON.
Availability of Supportive Services (if applicable): This development will be financed and governed by Rural Development. The service package will be in accordance with those regulations. We will have various on-site activities such as holiday events, social gatherings, newsletters and recreational activities. Also, the community room would be available for Town/community activities. We will solicit assistance from local churches, non-profits, senior citizen groups and governmental agencies to aid us in our supportive services package for the elderly population.
For each applicable neighborhood feature, enter distance from project in miles. 0.5 10 0.5 10 0.8 0.5 0.4 0.5 0.8 0.4 10 0.8 Grocery Store Mall/Strip Center Outdoor Athletic Fields Day Care/After School Schools 10 10 10 10 10 Community/Senior Center Hospital Pharmacy Basic Health Care Medical Offices Bank/Credit Union Restaurants Professional Services Movie Theater Video Rental Public Safety (Fire/Police) Post Office
Public Transportation Stop 0.5 Convenience Store Basketball/Tennis Courts Public Parks Gas Station Library Fitness/Nature Trails Public Swimming Pools 0.5 0.5 10 10 0.2 0.5
Other facilities or services: THE SITE IS LOCATED ONE HALF MILE FROM DOWNTOWN HAMILTON WHERE NEIGHBORHOOD SHOPPING AND AMENITIES ARE LOCATED. LCOAL SCHOOLS, CHURCHES, AND LOCAL GOVERNMENT SERVICES ARE ALSO WITHIN ONE HALF MILE. THE SITE IS 12 MILES FROM WILLIAMSTON AND 15 MILES FROM TARBORO. THE MARTIN COUNTY COMMUNITY COLLEGE IS 10 MILES FROM THE SITE. THE TOWN OF HAMILTON HAS AN ACTIVE MEALS ON WHEELS PROGRAM.
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Development Team
Provide contact information for development team members below: Management Agent Company: PENDERGRAPH MANAGEMENT, LLC Address: City: Phone 4001 BARRETT DRIVE, SUITE A RALEIGH (919)755-0558 State: NC Zip: 27609 Email: FPENDERGRAPH@PENDERG Last: PENDERGRAPH
Contact Name: First: FRANKIE
Architect Company: Address: City: Phone
PLANWORX ARCHITECTURE, PA 5711 SIX FORKS ROAD, SUITE 100 RALEIGH (919)846-2661 State: NC Zip: 27609 Email: MMILLS@PLANWORX.COM Last: MILLS
Contact Name: First: MARC
Attorney Company: Address: City: Phone
STUART LAW FIRM 4101 LAKE BOONE TRAIL, SUITE 118 RALEIGH (919)787-6050 State: NC Zip: 27607 Email: JSTUART@STUARTLAWFIRM Last: STUART
Contact Name: First: JIM
Investor Company: Address: City: Phone
RAYMOND JAMES TAX CREDIT FUNDS, INC. 880 CARILLON PARKWAY ST. PETERSBURG (800)438-8088 State: FL Zip: 33716 Email: CDESCALZI@RJTCF.RJF.COM Last: DESCALZI
Contact Name: First: CRAIG
Consultant/Application Preparer (if different from developer) Company: SAME AS DEVELOPER Address: City: Phone Contact Name: First: State: Email: Last: Zip:
Identity of Interest? General Contractor Company: GRANT INC Address: City: Phone PO BOX 98295 RALEIGH (919)754-8661 State: NC Zip: 27624 Email: GRHODES@GRANT-INC.COM Last: RHODES
Contact Name: First: GREG
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Project Team Experience

Development List number low-income/tax credit housing projects and units developed, operated, and maintained in compliance by the principal(s) between December 1, 1996 and January 1, 2003: North Carolina Other States Projects: Units: 10 474 2 104
Management List number of low-income housing tax credit units managed in the past 10 years: North Carolina Other States Projects: Units: 17 812 5 256
Has any owner, principal, or management agent been debarred or received a limited denial participation in the past 10 years by any federal or state agency? No Has any owner, principal, or management agent been involved in a bankruptcy, an adverse fair housing settlement, an adverse civil rights settlement, or an adverse federal or state government proceeding and settlement in the past 10 years? No Has any owner or principal been in a mortgage default or delinquency of three months or more within the last 5 years on a FHA-insured project, a Rural Development funded rental project, a tax-exempt funded mortgage, a tax credit project, or any other publicly subsidized project? No Has any owner or principal been involved within the last 10 years in a project which previously received an allocation of tax credits but failed to meet compliance standards of the tax credit allocation, including return of a reservation of tax credits to the Agency after the carryover agreement has been signed? No Has any owner or principal had a Form 8823 filed with the IRS for noncompliance on a project using low-income housing tax credits or received a letter of non-compliance from the Agency? No
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Financing Commitments
Does the project have a firm commitment for construction financing? Does the project have a letter of intent for private permenant financing? Does the project have a firm commitment for government financing? Does the project have a letter of intent from an investor? Is any portion of the eligible basis of new contruction or rehabilitation financed with federal subsidies other than CDBG funds or funds from the HOME program? If yes, indicate the type and amount below: Tax Exempt Financing: $ RD 515 Financing: Hope VI Financing: Other: $ 200,000 $ $ Yes Yes Yes Yes Yes
If Other, specify the type of Federal subsidy:
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Projected Operating Costs

Project Operations (Year One) Administrative Expenses Advertising Other Administrative Expense (specify): Office Salaries Office Supplies Office or Model Apartment Rent Management Fee Manager or Superintendent Salaries Manager or Superintendent Rent Free Unit Legal Expenses (Project) Auditing Expenses (Project) Bookkeeping Fees/Accounting Services Telephone and Answering Service Bad Debts Other Administrative Expenses (specify): SUBTOTAL Utilities Expense Fuel Oil Electricity (Light and Misc. Power) Water Gas Sewer SUBTOTAL Operating and Maintenance Expenses Janitor and Cleaning Payroll Janitor and Cleaning Supplies Janitor and Cleaning Contract Exterminating Payroll/Contract Exterminating Supplies Garbage and Trash Removal Security Payroll/Contract Grounds Payroll Grounds Supplies Grounds Contract Repairs Payroll Repairs Material Repairs Contract Elevator Maintenance/Contract Heating/Cooling Repairs and Maintenance Swimming Pool Maintenance/Contract Snow Removal Decorating Payroll/Contract Decorating Supplies Other (specify): Miscellaneous Operating & Maintenance Expenses SUBTOTAL Taxes and Insurance Real Estate Taxes 19,537 13,500 1,800 500 6,000 6,240 500 500 2,592 505 3,300 11,400 900 20,327 521 500 2,000 16,606 500
200
4,800 3,300
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Payroll Taxes (FICA) Miscellaneous Taxes, Licenses and Permits Property and Liability Insurance (Hazard) Fidelity Bond Insurance Workmen's Compensation Health Insurance and Other Employee Benefits Other Insurance: SUBTOTAL Supportive Service Expenses Service Coordinator Service Supplies Tenant Association Funds Other Expenses (specify): SUBTOTAL Reserves Replacement Reserves SUBTOTAL TOTAL OPERATING EXPENSES ADJUSTED TOTAL OPERATING EXPENSES (Does not include taxes, reserves and resident support services) * TOTAL UNITS (from total units in the Unit Mix section) PER UNIT PER YEAR
543 50 3,066 65 207
17,431
0 6,000 6,000 74,695 55,195 24 2,299
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Projected Cash Flow Year One

OPERATING INCOME Gross rental income (from Unit Mix - Total Monthly Rent) Stores and Commercial Laundry and Vending Other (specify): Forfeited deps, late & pet fees, cleaning fees Total Gross Income Potential at 100% Occupancy Seven Percent Vacancy Allowance NET RENTAL/OTHER INCOME TOTAL OPERATING EXPENSES (from Projected Operating Costs) NET OPERATING INCOME DEBT SERVICE (from Funding Sources Loans) NET CASH FLOW DEBT COVERAGE RATIO (Must not be less than 1.15) 636 1,500 107,136 7,499 99,637 105,000
74,695 24,942
15,084
9,858 1.654
20-Year Cash Flow

Year Net Rental/Other Income* Total Operating Expenses* Debt Service Net Cash Flow Debt Coverage Ratio Year Net Rental/Other Income* Total Operating Expenses* Debt Service Net Cash Flow Debt Coverage Ratio 1 99,637 74,695 15,084 9,858 1.654 11 133,902 110,568 15,084 8,250 1.547 2 102,626 77,683 15,084 9,859 1.654 12 137,919 114,991 15,084 7,844 1.52 3 105,705 80,790 15,084 9,831 1.652 13 142,057 119,591 15,084 7,382 1.489 4 108,876 84,022 15,084 9,770 1.648 14 146,319 124,375 15,084 6,860 1.455 5 112,142 87,383 15,084 9,675 1.641 15 150,709 129,350 15,084 6,275 1.416 6 115,506 90,878 15,084 9,544 1.633 16 155,230 134,524 15,084 5,622 1.373 7 118,971 94,513 15,084 9,374 1.621 17 159,887 139,905 15,084 4,898 1.325 8 122,540 98,294 15,084 9,162 1.607 18 164,684 145,501 15,084 4,099 1.272 9 126,216 102,226 15,084 8,906 1.59 19 169,625 151,321 15,084 3,220 1.213 10 130,002 106,315 15,084 8,603 1.57 20 174,714 157,374 15,084 2,256 1.15
* Net Rental Income escalated at annual rate of 3% and expenses escalated at a rate of 4% after the first year.
Calculations:
1. "Net Rental/Other Income" comes from 1st-year cash flow, then it is escalated by 3% per year. 2. "Total Operating Expenses" comes from 1st-year cash flow, then it is escalated by 4% per year. 3. "Debt Service" is the sum of "regular/amortized loan debt service + non-amortizing annual service" as entered by user from Funding Sources section. 4. "Net Cash Flow" is "Net Rental/Other Income" minus "Total Operating Expenses" minus "Debt Service". 5. "Debt Coverage Ratio" is ("Net Rental/Other Income" minus "Total Operating Expenses") divided by "Debt Service".
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Design Features
ITEM Foundation/Slab Components Primary Windows DESCRIPTION MASONARY FOUNDATION/CONCRETE SLAB Make: SIMOTON/EQUAL Model: PROFINISH
Type/Construction: VINYL WITH INSULATED GLASS Exterior Doors Siding Type: METAL SIX PANEL Type: VINYL Warranty: LIMITED LIFETIME Exterior Trim Shingles VINYL AND METAL WRAP ON FACIA Type: FIBERGLASS Warranty: 25 YEAR Sprinkler System Cabinets Heat Pump N/A MERILAT/EQUAL SEER: 11 Model: Air Conditioner SEER: N/A Model: Other Heat Systems SEER: N/A Model: Make: Make: Make: GOODMAN Weight: 226-231+ Frames: WOOD Grade/Thickness: .042MIL
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Costs - Construction
This is a detailed breakdown of rehabilitation or construction costs you summarized in the Development Costs table (Rehabilitation and Construction of New Building(s)). The total should match those roll-up values. ITEM Concrete Footings Backfill-slab, Crawl Slab-concrete/Rebar/Gravel Waterproofing Masonry Foundation Brick Veneer Steel/Structure/Rails Framing/Lumber/Nails Trusses Crane Rental Windows/Grilles/Screen Exterior Doors Roofing Fencing Vinyl Siding/Trim/Box Gutters/Shutters Insulation Drywall Interior Doors Int. & Final/Stair/Trim/Shelves Cabinets & Tops Painting Marble - Tub/Shwr/Tops Plumbing Electrical Heating/Air Conditioning Floor Covering and Underlayment Wall Paper Mailboxes/Special Features/Signage Gypcrete Blinds/Shades/Art Work Light Fixtures/Fans Sprinkler System Security Alarm Hardwood Floors Elevator Ceramic Tiles Acoustical Ceilings LABOR 13,601 15,150 6,700 1,890 7,875 13,230 0 41,300 0 4,500 0 0 6,904 0 18,920 5,250 6,930 27,225 0 10,140 4,800 17,325 0 23,500 21,375 23,750 7,500 0 210 7,260 3,600 0 0 0 0 0 0 0 MATERIAL 6,689 10,100 10,050 1,260 14,625 35,770 0 61,950 50,500 0 13,275 21,838 14,671 0 28,380 5,250 17,820 33,275 23,375 10,985 19,200 7,425 0 23,500 21,375 23,750 17,500 0 1,890 16,940 5,400 13,875 0 0 0 0 0 0 TOTAL 20,290 25,250 16,750 3,150 22,500 49,000 0 103,250 50,500 4,500 13,275 21,838 21,575 0 47,300 10,500 24,750 60,500 23,375 21,125 24,000 24,750 0 47,000 42,750 47,500 25,000 0 2,100 24,200 9,000 13,875 0 0 0 0 0 0
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Mirror/Shower Door/Encls. Hardware/Bath Access. Appliances Playground Equipment Interior Clean Exterior Clean/Dumpster Other 1 (specify in Remarks) Other 2 (specify in Remarks) Total Cost Remarks:
1,650 2,550 0 0 9,180 6,060 0 0 308,375
1,650 3,825 20,250 0 1,020 4,050 0 0 541,463
3,300 6,375 20,250 0 10,200 10,110 0 0 849,838
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Costs - General
This is a detailed breakdown of the General Requirements cost element you summarized in the Development Costs table (General Requirements). The total should match that roll-up value. ITEM Supervision Job Site Office/Trailer Rental Impact Fees Office Supplies Security/Watchman Water and Sewer Connection Fees Project Signage Tools and Equipment Gas, Oil, and Maintenance Cleanup/Dumpster Rental Temporary Water, Electric, and Telephone Storage/Hauling Driveway Access Permit Porta-John Rental/Dumping Builders Risk Insurance Re-inspection Fees Extra Plans and Specifications Miscellaneous, Casual Labor Equipment Rental Other 1 (specify in Remarks) Other 2 (specify in Remarks) Total Cost Remarks: OTHER 1 = BUILDING PERMITS 3,420 3,750 810 9,150 0 1,875 0 950 0 300 345 5,250 2,400 5,100 0 51,472 422 0 TOTAL 16,725 975
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Costs - Improvements
This is a detailed breakdown of the Site Improvements cost element you summarized in the Development Costs table (On-site Improvements). The total should match that roll-up value. ITEM Subsurface Exploration/Perk Testing/Site Engineering Clearing/Grading/Final Grading/Excess and Borrow Demolition Earthwork/Excavation/Aerating Soil Treatment Pile Foundations Caissons Shoring/Bracing Site Drainage Site Utilities/Site Lighting Paving and Surfacing/Curb and Gutter Walkways Site Signage Parking Lot Painting Dumpsite Pads/Fencing Fencing/Gates Landscaping/Topsoil Waterproofing/De-Watering Operation of Construction Equipment/Fuel/Oil Crane Rental Rock and Hardpan Excavation Site Supervision Personnel Other (specify in Remarks) Total Cost Remarks: TOTAL 13,500 26,625 0 11,625 0 0 0 3,375 18,375 33,563 25,200 16,425 3,750 4,875 3,375 0 18,750 0 937 0 1,875 9,750 0 192,000
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Costs - Bond Costs

This is a detailed breakdown of the Bond Costs cost element you summarized in the Development Costs table (Bond Costs). The total should match that roll-up value. ITEM Letter of Credit Fee Credit Enhancement Underwriter Discount Capital Interest Fund Other 1 (specify in Remarks) Other 2 (specify in Remarks) Total Cost Remarks: TOTAL 0 0 0 0 0 0 0
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Costs - Bond Issuance

This is a detailed breakdown of the Bond Issuance cost element you summarized in the Development Costs table (Cost of Issuance). The total should match that roll-up value. ITEM Bond Counsel Issuer Counsel Credit Enhancement/LOC Counsel Underwriter Counsel Developer's Counsel Rating Agency Fee Printing Trustee Fee Trustee Counsel Other 1 (specify in Remarks) Other 2 (specify in Remarks) Other 3 (specify in Remarks) Total Cost Remarks: TOTAL 0 0 0 0 0 0 0 0 0 0 0 0 0
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Minimum Set-Asides
MINIMUM REQUIRED SET ASIDES (No Points Awarded): Select one of the following two options: 20% of the qualified units are rent restricted and occupied by households with incomes at or below 50% of the median income (Note: No Tax Credit Eligble Units in the the project can exceed 50% of median income) 40% of the qualified units are rent restricted and occupied by households with incomes at or below 60% of the median income (Note: No Tax Credit Eligble Units in the the project can exceed 60% of median income) If requesting RPP funds: 40% of the qualified unit are occupied by households with incomes at or below 50% of median income.
State Tax Credit and QAP Targeting Points: High Income county: At least twenty-five percent (25%) of qualified units will be affordable to households with incomes at or below thirty percent (30%) of county median income. At least twenty-five percent (25%) of qualified units will be affordable to and occupied by households with incomes at or below thirty percent (30%) of county median income.
At least fifty percent (50%) of qualified units will be affordable to households with incomes at or below forty percent (40%) of county median income. At least fifty percent (50%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent (40%) of county median income. Moderate Income County: At least twenty-five percent (25%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent (40%) of county median income.
At least fifty percent (50%) of qualified units will be affordable to households with incomes at or below fifty percent (50%) of county median income. At least fifty percent (50%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent (50%) of county median income. Low Income County: At least forty percent (40%) of qualified units will be affordable to households with incomes at or below fifty percent (50%) of county median income. At least forty percent (40%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent (50%) of county median income.
Tax Exempt Bonds Threshold requirement (select one): At least ten percent (10%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent (50%) of county median income. At least five percent (5%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent (40%) of county median income. Eligible for mortgage subsidy points (select one): At least twenty percent (20%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent (50%) of county median income. At least ten percent(10%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent (40%) of county median income.
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Full Application Checklist

PLEASE indicate which of the following exhibits are attached to your application. Others may be required as noted. A Nonprofit Organization Documentation or For-profit Corporation Documentation B Current Financial Statements/Principals and Owners C Ownership Entity Agreement, Development Agreement or any other agreements governing development services D Management Agent Agreement E Development and manager multi-family experience & Management Questionnaire (Appendix C) F Letters from State Housing Agencies or designated monitoring agent verifying Out of State Management Experience G Completed IRS Form 8821 (Appendix I) H Permitted zoning letter (including conditional and special use) I Site plan, floor plans and elevations
J Hazard and structural inspection and termite reports (Renovation projects only) K Description of any existing conditions of historical significance. L Description of environmental significance. M Anticipated budget demonstrating how the project would meet the 10% test by November 14th. N Evidence of Architect's Errors and Omissions insurance (or equivalent). O Description of acquisition for existing/occupied projects or for projects with occupied buildings to be demolished. P Description of proposed Relocation Plan & Relocation Budget, Etc. If any relocation is anticipated, reference Appendix F. Q Targeting Plan and supporting documentation (Required for projects targeted to Special Populations) R Local Housing Authority Agreement (Reference Model in Appendix I) S Appraisal (for land costs greater than $5,000 and for buildings in rehab projects) T Evidence of Permanent Loan Commitment, other sources of funds, and project-based subsidies. U Statement regarding terms of Deferred Developer Fee and, if nonprofit, resolution of Board approving fee. V Inducement Resolution (Tax-Exempt Bond Financed Projects only) W Documentation to support estimated utility costs.

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Print Preview - Final Application

Project Name and Location

Census Tract: 9704

Jurisdiction CEO Name: First: DG

Site Latitude: Site Longitude:

Proposed number of residential buildings: 6 Types of Units:* Project Includes:

Maximum number of stories in buildings: 1

Total Net Sq. Ft. (All Heated Areas): 10,014

Is the demolition of any buildings required or planned? No If yes, please describe:

Fax: (919)754-8663 Nonprofit: No TaxID 999-99-9999

Pendergrant Hamilton Rridge, LLC Last Name: Grant Function: Member

Fax: (919)754-8663 Nonprofit: No TaxID 999-99-9999

Utilites included in rents:

Utilites included in rents:

Units targeted at 50 targeted at 50 targeted at 60 targeted at 60

Total Low Income Units:

45 Operating Reserve 46 47 Other Reserve (specify) Other Reserve (specify)

Market Study Information

Front Gables or Dormers Other:

Wide Banding or Vertical/Horizontal Siding

Walking Trails Pool

Garden Spots Fitness Stations

Basketball/Tennis Court Horseshoe Pit

Ball Field Covered Drive Thru

Ceramic Tile Electric Pump

Applicant's Site Evaluation

Contact Name: First: FRANKIE

Architect Company: Address: City: Phone

Contact Name: First: MARC

Attorney Company: Address: City: Phone

Contact Name: First: JIM

Investor Company: Address: City: Phone

Contact Name: First: CRAIG

Contact Name: First: GREG

Project Team Experience

If Other, specify the type of Federal subsidy:

Projected Operating Costs

543 50 3,066 65 207

0 6,000 6,000 74,695 55,195 24 2,299

Projected Cash Flow Year One

20-Year Cash Flow

1,650 2,550 0 0 9,180 6,060 0 0 308,375

1,650 3,825 20,250 0 1,020 4,050 0 0 541,463

3,300 6,375 20,250 0 10,200 10,110 0 0 849,838

Costs - Bond Costs

Costs - Bond Issuance

Full Application Checklist

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