Lantern Lane App

Print - APP08-0121
Print Preview - Final Application

Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans
Project Description
Project Name: Lantern Lane Address: City: 129 Lantern Lane Raeford County: Hoke Zip: 28376 Block Group: 4
Census Tract: 9703
Is project in Qualified Census Tract or Difficult to Develop Area? No Political Jurisdiction: Jurisdiction CEO Name: Jurisdiction Address: Jurisdiction City: Jurisdiction Phone: City of Raeford First:John Last: McNeill 315 N. Main Street Raeford Zip: 28376 Title: Mayor
(910)875-8161
Site Latitude: Site Longitude:
34.9684 -79.2263
Project Type: Rehab Is this project a previously awarded tax credit development? No If yes, what is the project number: Is this a request for supplemental credits? New Construction/Adaptive Reuse: Is this project a follow-on (Phase II, etc) to a previously-awarded tax credit development project? If yes, list names of previous phase(s): Rehab: Number of residents holding Section 8 vouchers: 12
Will the project meet Energy Star standards as defined in Appendix B? No Does a community revitalization plan exist? No Will the project use steel and concrete construction and have at least 4 stories? No Will the project include a Community Service Facility under IRS Revenue Ruling 2003-77? No
https://www.nchfa.org/Rental/RTCApp/(S(5k1dfx55...C1F806117&SNID=6D6C0D8C19054E54A57BAD2FDA3AA292 (1 of 29)9/16/2008 1:47:13 PM
Print - APP08-0121
If yes, please describe:
Target Population:Family Will the project be receiving project based federal rental assistance? Yes If yes, provide the subsidy source: RD and number of units: 22 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 Persons with disabilities or homeless populations: 10% of the total units.
Number of Units: 5 Remarks:
Print - APP08-0121
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: Address: City: Contact: Telephone: Alt Phone: Fax: Email Address: Pendergraph Development, LLC PO Box 19691 Raleigh State: NC Zip: 27619 First: Frankie Last:Pendergraph Title:
(919)755-0558
(919)861-6068 mhernandez@thepencos.com
NOTE: Email Address above will be used for communication between NCHFA and Applicant.
Print - APP08-0121
Site Description
Total Site Acreage: 8.01 Total Buildable Acreage: 8.01
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? Yes If yes: (a) Briefly describe the situation: Due to the scope of work being completed, we do not anticipate having to displace any residents, except for maybe one night. We will offer residents a night in the hotel if necessary and cover their meals for the time they will be away from their home. The general contractor will be made aware of the possible overnight displacement and this will be handeled within their contract.
(b) Will tenant displacement be temporary? Yes (c) Will tenant displacement be permanent? No 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:
Print - APP08-0121
(b) Describe flood mitigation if the project will have improvements within the 100 year floodplain:
Print - APP08-0121
Site Control
Does the owner have fee simple ownership of the property (site/buildings)?No If yes provide: Purchase Date: Purchase Price:
If no: (a) Does the owner/principal or ownership entity have valid 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:
(c) Enter the current expiration date of the option/contract to purchase: 12/31/2008 (D) Enter Purchase Price: 1,899,000
Print - APP08-0121
Zoning
Present zoning classification of the site:RMF-12 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:
Print - APP08-0121
Ownership Entity
Owner Name: Address: City: Lantern Lane, LLC PO Box 19691 Raleigh State:NC Zip: 27619 (If assigned)
Federal Tax ID Number of Ownership Entity: 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? No 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: Address: City: Phone: EMail:
FWP Lantern Lane, LLC Last Name: Pendergraph Function: Managing Member State: NC Zip: 27619 PO Box 19691 Raleigh
First Name: Frankie
(919)755-0558 fpendergraph@thepencos.com
Fax: (919)861-6068 Nonprofit: No
Org: Address: City: Phone: EMail:
Berkshire Group, LLC Last Name: VanDeCarr State: NC Function: Managing Member Zip: 27619 P.O. Box 19691 Raleigh
First Name: Lee
(919)755-0558 lvandecarr@thepencos.com
Fax: (919)861-6068 Nonprofit: No
Print - APP08-0121
Unit Mix
The Median Income for Hoke county is $48,100. Low Income Units Type # BRs Net Sq.Ft. Total # Units # Units Monthly Rent Utility Allowance Mandatory Serv. Fees **Total Housing Exp.
Gdn Apt 1 Gdn Apt 2
635 808
12 36
1 2
360 393
Electric
81 107
Gas
0 0
Other trash
441 500
Utilities included in rents:
Water/Sewer
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 Units Low Income....... Market Rate....... Totals............... Gross Monthly Rental Income
Units
48
18468
48
18468
Proposed number of residential buildings: 24 Project Includes:
Maximum number of stories in buildings: 1
Separate community building - Sq. Ft. (Floor Area): 680 Community space within residential bulding(s) - Sq. Ft. (Floor Area):
Elevators - Number of Elevators: Square Footage Information
Print - APP08-0121
Gross Floor Square Footage:
38,606
Total Net Sq. Ft. (All Heated Areas): 37,354
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.
Print - APP08-0121
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
Units
% targeted at 50 targeted at 50 targeted at 60 targeted at 60 percent of median income affordable to/occupied by percent of median income affordable to/occupied by percent of median income affordable to/occupied by percent of median income affordable to/occupied by
4 16 8 20
Total Low Income Units:
48
Note: This number should match the total number of low income units in the Unit Mix section.
Print - APP08-0121
Funding Sources
NonAmortizing* Rate (%) Term (Years) Amort. Period (Years) Annual Debt Service
Source Bank Loan RPP Loan Local Gov. Loan - Specify: RD 515 Loan RD 538 Loan - Specify: 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
1,378,000
1.00
50
50
35,033
1,015,185
30
30
1,738,379
164
4,131,728
* "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. 75 Remarks concerning project funding sources: (Please be sure to include the name of the funding source(s)) The new owner will combine the two USDA RD loans and pay down the total balance by
Print - APP08-0121
approximately $96,000 to end up with a total new USDA loan of $1,378,000.
Print - APP08-0121
Development Costs
Item Cost Element 1 Purchase of Building(s) (Rehab / Adaptive Reuse only) 2 Demolition (Rehab / Adaptive Reuse only) 3 On-site Improvements 4 Rehabilitation 5 Construction of New Building(s) 6 Accessory Building(s) 7 General Requirements (max 6% lines 2-6) 8 Contractor Overhead (max 2% lines 2-7) 9 Contractor Profit (max 8% lines 2-7; 6% if Identity of Interest) 10 Construction Contingency (max 3% lines 2-9, Rehabs 6%) 11 Architect's Fee - Design (11 + 12 = max 3% lines 2-10) 12 Architect's Fee - Inspection 13 Engineering Costs SUBTOTAL (lines 1 through 13) 14 Construction Insurance (prorate) 15 Construction Loan Orig. Fee (prorate) 16 Construction Loan Interest (prorate) 17 Construction Loan Credit Enhancement (prorate) 18 Construction Period Taxes (prorate) 19 Water, Sewer and Impact Fees 20 Survey 21 Property Appraisal 22 Environmental Report 23 Market Study 24 Bond Costs 25 Bond Issuance Costs 26 Placement Fee 27 Permanent Loan Origination Fee 28 Permanent Loan Credit Enhancement 29 Title and Recording TOTAL COST Eligible Basis 30% PV 70% PV
1,738,800
1,640,212
1,250,000
1,250,000
75,000 26,500 79,500 85,860 20,000 10,000 0 3,285,660
75,000 26,500 79,500 85,860 20,000 10,000 0
10,700 128,400
10,700 64,200
15,000 6,500 12,000 4,300
15,000 6,500 12,000 4,300
10,000
Print - APP08-0121
SUBTOTAL (lines 14 through 29) 30 Real Estate Attorney 31 Other Attorney's Fees 32 Tax Credit Application Fees (Preliminary and Full) 33 Tax Credit Allocation Fee (0.60% of line 59, minimum $7,500) 34 Cost Certification / Accounting Fees 35 Tax Opinion 36 Organizational (Partnership) 37 Tax Credit Monitoring Fee SUBTOTAL (lines 30 through 37) 38 Furnishings and Equipment 39 Relocation Expense 40 Developer's Fee 41 42
186,900 35,000 4,000 2,200 22,268 10,000 10,000 25,000 4,000
5,000 33,600 112,068 7,500 7,500
360,000 5,000
360,000 5,000
Lender Inspection Fee Other Basis Expense (specify)
43 Rent-up Expense 44 45
Other Non-basis Expense (specify) Other Non-basis Expense (specify)

SUBTOTAL (lines 38 through 45)
372,500 14,400
46 Rent up Reserve 47 Operating Reserve 48 49
Lease Up Reserve Mgmt Lease Up/Tenant Coordination Fee 3,971,528 1,640,212 2,071,060
50 DEVELOPMENT COST (lines 1-49) 51 Less Federal Financing 52 Less Disproportionate Standard 53 Less Nonqualified Nonrecourse Financing 54 Less Historic Tax Credit 55 TOTAL ELIGIBLE BASIS 56 Applicable Fraction (percentage of LI Units) 57 Basis Before Boost 58 Boost for QCT/DDA (if applicable, enter 130%) 59 TOTAL QUALIFIED BASIS
0 3,711,272 100.00% 3,711,272 1,640,212 100% 1,640,212 100.00% 3,711,272 1,640,212 2,071,060 100% 2,071,060 100.00% 2,071,060
Print - APP08-0121
60 Tax Credit Rate 61 Federal Tax Credits at Estimated Rate 62 Federal Tax Credits at 9.00% or 3.75% (maximum $1,000,000) 63 Federal Tax Credits Requested 64 Land Cost 65 TOTAL REPLACEMENT COST FEDERAL TAX CREDITS IF AWARDED Comments:
3.40 231,807 247,903 220,209 160,200 4,131,728 247,903 55,767 61,508 55,767
8.50 176,040 186,395 164,442
Total Replacement Cost per unit: 31,601
Print - APP08-0121
Market Study Information

Please provide a detailed description of the proposed project: Lantern Lane (Lantern Lane I and II) is a 48 unit family complex that has twelve one bedroom and 36 two bedroom units. The site has 24 duplex units and an office/community building. The development is financed through Rural Development and has 22 units of rental assistance. The site is located at 129 Lantern Lane in Raeford. The site is located in the southern most end of Downtown Raeford just outside of the Historic District. Raeford is the County seat for Hoke County. It is our desire to improve the overall physical and financial condition of the property, and improve the quality of life of the current and future residents. We have submitted a detailed needs assessment in our application package but would like to note some items as follows: improve the connectivity of sidewalks for handicap accessible routes to all buildings and amenities, add much needed recreational and picnic areas for children and adults, install new energy efficient vinyl windows, replaced old and damaged appliances, replace old and inefficient HVAC units and air handlers, install new water heaters as needed, replace or repair cabinets were needed, install new carpet and vinyl flooring, repair damaged sheetrock from leaks where needed, fix damaged area from poor installation of vinyl siding on phase I and replace on phase II, install new gable roof and porch over units with saltbox design roofing etc Remodel existing office building to accommodate more area for resident usage. You will note a more descriptive needs assessment in the work write-up attached to this application. 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
Within the package is a detailed scope of work to be performed at the site. However, we would like to point out that all old windows will be removed and replaced with new energy efficient vinyl clad windows with grills between the glass. New six panel insulated doors will be installed at all front, rear and storage room doors. The units that have the salt box look will have a new porch with gable roof constructed over the front entrance for protection from the elements and to help enhance the curb appeal of the property. The office will be renovated to allow for more on site activities such as a muti-purpose room and computer learning center.
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: A new playground and tot lot will be installed that will be handicap accessible, have benches and will have equipment for older children and tots. A new picnic shelter will be constructed with seating, tables and grilling station. An arbor/trellis will also be installed for the residents use. There will be three areas of seating located through out the property for the residents benefit.
Onsite Activities: This property is financed with funds from Rural Development so on site activities will follow their guidelines
Print - APP08-0121
also. We anticipate having computer classes, health education, first aid courses, and various childrens activities geared towards different age groups, holiday events, and much more.
Landscaping Plans: It's our plan to remove all old over grown or dead plant material, rework current plant beds installing new plant material as described in the QAP. We will also make sure all site amenities and current handicap parking and walks conform to handicap/accessibility requirements. There will also be new hardscape items installed like, picnic shelter, playground, benches and trellis.
Interior Apartment Amenities: The proposed development is off an existing property. Therefore there will be no changes to the actual foot print of each unit, however the office/community building will be enlarged to accommodate onsite activities for the residents. The existing units have ample storage, laundry areas, and patios.
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.
Print - APP08-0121
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 proposed site is located at 129 Lantern Lane in Raeford. The site is located in the southern most end of Downtown Raeford just outside of the Historic District. Raeford is the County seat for Hoke County. Hoke County is listed as one of the fastest growing counties in NC. The site is located in area that is growing and has no adverse effects to the existing property. The site is located in a residential area with low impact commercial and is very suitable for the development. Currently the property consists of two developments of which we are recombining into one due to economy of scale. Due to the proximity of downtown, there are all the amenities within one mile that our residents would need for shopping, medical, recreational, and everyday needs. As you will be able to see when you visit the site Raeford has spent a considerable amount of funds in revitalization of the Downtown area. Within one mile of the site you have the Downtown area with various types of businesses. You also have the different municipal businesses associated with Raeford being the County seat, professional services, schools, churches, recreation, parks, general employment opportunities, etc are all located within one mile of the site. 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. The current development has no adverse land uses or amenities to the site. The site is located in a residential setting with low impact commercial. The site is located in a developed area on the southern end of Downtown. There are no environmental impacts associated with this site. 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. The streets and access roads are adequate to support the current development as is and with improvements. Lantern Lane is located off South Main Street/Red Springs Road. The site is flat to gently sloping with no topographic issues. The site is suitable for the development that exists. 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 projectssuitability 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 or physical barriers to this site that would impede the rehabilitation of the existing property.
Print - APP08-0121
Similarity of scale and aesthetics/architecture between project and surroundings. The current development with improvements will be similar in scale and aesthetics to the surrounding uses.
For each applicable neighborhood feature, enter distance from project in miles.
.5 .5 1.5 1.7 .9
Grocery Store Mall/Strip Center Outdoor Athletic Fields Day Care/After School Schools Public Transportation
.75
Center
Community/Senior
10 1.1 .25
Hospital Pharmacy Basic Health Care
Stop
.1 .9 .1 .9
Convenience Store Public Parks Gas Station Library
Other facilities or services: Raeford is the county seat and has many historic features to the community. The Raeford-Hoke museum is located on Highland Street. It is a very unique facility, containing government and military displays and many early life memorabilia.
Print - APP08-0121
Development Team
Provide contact information for development team members below:
Management Agent Company: Address: City: Phone Contact Name: Pendergraph Management, LLC PO Box 19691 Raleigh State: NC Zip: 27619 Email: fpendergraph@thepencos.com Last: Pendergraph
(919)755-0558
First: Frankie
Architect Company: Address: City: Phone Contact Name: R. Peryton Holloman, Jr 8321 Harps Mill Road Raleigh State: NC Zip: 27615 Email: Last: Holloman
(919)845-1186
First: Peyton
Attorney Company: Address: City: Phone Contact Name: The Brockmann Law Firm 8037 Corporate Center Drive Charlotte State: NC Zip: 28226 Email: tbrockmann@brockmannlawfirm.com Last: Brockmann
(704)541-5779
First: Todd
Investor Company: Address: City: Phone Contact Name: Apollo Equity Partners 2101 Rexford Road, Suite 375W Charlotte State: NC Zip: 28211 Email: brian.flanagan@rbc.com Last: Flanagan
(980)233-6462
First: Brian
Consultant/Application Preparer (if different from developer) Company: Address: City: Phone Contact Name: First: State: Email: Last: Zip:
Print - APP08-0121
General Contractor Company: Address: City: Phone Contact Name:
Identity of Interest?
Caliber Builders, LLC PO Box 19691 Raleigh State: NC Zip: 27619 Email: fpendergraph@thepencos.com Last: Pendergraph
(919)861-6092
First: Frankie
Print - APP08-0121
Projected Operating Costs

Project Operations (Year One) Administrative Expenses Advertising 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):
1,800 19,000 2,500
28,224
500 4,000
1,200
training, computer, software, office furniture

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
3,000 60,224
2,500 1,500
1,500 5,500
1,200
600
Print - APP08-0121
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):
16,400 13,500 5,000 4,000
4,000
2,800
Miscellaneous Operating & Maintenance Expenses SUBTOTAL Taxes and Insurance Real Estate Taxes 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:
47,500
25,000 3,000 500 11,000 250 600 3,000
SUBTOTAL Supportive Service Expenses Service Coordinator Service Supplies Tenant Association Funds Other Expenses (specify):
43,350
SUBTOTAL Reserves Replacement Reserves SUBTOTAL
16,800 16,800
Print - APP08-0121
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
173,374 131,574 48 2,741
Print - APP08-0121
Projected Cash Flow Year One

OPERATING INCOME Gross rental income (from Unit Mix - Total Monthly Rent) Stores and Commercial Laundry and Vending Other (specify):
221,616
3,000 6,000 230,616 16,143 214,473 173,374 41,099 35,033 6,066 1.173
interest, late fees, app 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)
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 2 3 4 5 6 7 8 9 10
214,473 173,374 35,033 6,066 1.173

11
220,907 180,309 35,033 5,565 1.159

12
227,534 187,521 35,033 4,980 1.142

13
234,360 195,022 35,033 4,305 1.123

14
241,391 202,823 35,033 3,535 1.101

15
248,633 210,936 35,033 2,664 1.076

16
256,092 219,373 35,033 1,686 1.048

17
263,775 228,148 35,033 594 1.017

18
271,688 237,274 35,033 -619 0.982

19
279,839 246,765 35,033 -1,959 0.944

20
288,234 256,636 35,033 -3,435 0.902
296,881 266,901 35,033 -5,053 0.856
305,787 277,577 35,033 -6,823 0.805
314,961 288,680 35,033 -8,752 0.75
324,410 300,227 35,033 -10,850 0.69
334,142 312,236 35,033 -13,127 0.625
344,166 324,725 35,033 -15,592 0.555
354,491 337,714 35,033 -18,256 0.479
365,126 351,223 35,033 -21,130 0.397
376,080 365,272 35,033 -24,225 0.309
* 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.
Print - APP08-0121
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".
Print - APP08-0121
Minimum Set-Asides
MINIMUM REQUIRED SET ASIDES (No Points Awarded): Select one of the following two options: 20% of the units are rent restricted and occupied by households with incomes at or below 50% of the median income (Note: No Tax Credit Eligible Units in the the project can exceed 50% of median income) 40% of the units are rent restricted and occupied by households with incomes at or below 60% of the median income (Note: No Tax Credit Eligible Units in the the project can exceed 60% of median income) If requesting RPP funds: 40% of the units are occupied by households with incomes at or below 50% of median income. State Tax Credit and QAP Targeting Points: 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 targeting 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.
Print - APP08-0121
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 (signed copies) C Ownership Entity Agreement, Development Agreement or any other agreements governing development services D Management Agent Agreement E Owner and Management Experience & Management Questionnaire (Appendix C) F Local Government Letter or Letter from Certified Engineer or Land Surveyor Confirming Floodplain Designation with Map showing all flood zones (original on letterhead, no fax or photocopies) G Local Government Letter Confirming Zoning including any pending notices or hearings (original on letterhead, no fax or photocopies) H Letters from Local Utility Providers regarding availability and capacity (original on letterhead, no fax or photocopies) I Documentation from utility company or local PHA to support estimated utility costs J Appraisal (required for land costs greater than $15,000 and for all Adaptive Re-use and Rehab projects) K Site plan, floor plans and elevations for all projects. Scope of work for Adaptive Re-use and Rehab projects. (Full Size, 24 x 36 inches) L Hazard and structural inspection and termite reports (Adaptive Re-use and Rehab projects only) M Copy of certificate of occupancy or proof of placed-in-service date (Rehabs Only) N Proposed Relocation Plan including relocation budget and copies of notices. Required for all Rehabs and any projects involving existing occupants of any dwellings to be rehabbed or demolished. O Evidence of Permanent Loan Commitment and other sources of funds ( i.e. Equity letter, AHP, RD and local government funds). For Rehabs with existing loans provide 1) copies of loan documents, 2) current loan balances from existing lenders with reserve balances, 3) letter from lender that outlines assumption requirements. P Local Housing Authority Agreement and Project Based Rental Assistance Letter, if applicable (Sample letters provided in Appendix I). For projects with existing PBRA contracts, provide a copy of the current contract and bank statement or other documentation verifying reserve balances and annual reserve contribution requirements. Q Statement regarding terms of Deferred Developer Fee. If a nonprofit is involved, a resolution from their board approving deferral of fee is required. R Inducement Resolution (Tax-Exempt Bond Financed Projects only)

Lantern Lane App

Hochgeladen von

Dokumentinformationen

Originalbeschreibung:

Copyright

Verfügbare Formate

Dieses Dokument teilen

Dokument teilen oder einbetten

Freigabeoptionen

Stufen Sie dieses Dokument als nützlich ein?

Sind diese Inhalte unangemessen?

Copyright:

Verfügbare Formate

Lantern Lane App

Hochgeladen von

Copyright:

Verfügbare Formate

Print - APP08-0121

Print Preview - Final Application

Census Tract: 9703

Site Latitude: Site Longitude:

https://www.nchfa.org/Rental/RTCApp/(S(5k1dfx55...C1F806117&SNID=6D6C0D8C19054E54A57BAD2FDA3AA292 (1 of 29)9/16/2008 1:47:13 PM

If yes, please describe:

Number of Units: 5 Remarks:

https://www.nchfa.org/Rental/RTCApp/(S(5k1dfx55...C1F806117&SNID=6D6C0D8C19054E54A57BAD2FDA3AA292 (2 of 29)9/16/2008 1:47:13 PM

https://www.nchfa.org/Rental/RTCApp/(S(5k1dfx55...C1F806117&SNID=6D6C0D8C19054E54A57BAD2FDA3AA292 (3 of 29)9/16/2008 1:47:13 PM

If buildable acreage is less than total acreage, please explain:

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

https://www.nchfa.org/Rental/RTCApp/(S(5k1dfx55...C1F806117&SNID=6D6C0D8C19054E54A57BAD2FDA3AA292 (4 of 29)9/16/2008 1:47:13 PM

https://www.nchfa.org/Rental/RTCApp/(S(5k1dfx55...C1F806117&SNID=6D6C0D8C19054E54A57BAD2FDA3AA292 (5 of 29)9/16/2008 1:47:13 PM

https://www.nchfa.org/Rental/RTCApp/(S(5k1dfx55...C1F806117&SNID=6D6C0D8C19054E54A57BAD2FDA3AA292 (6 of 29)9/16/2008 1:47:13 PM

https://www.nchfa.org/Rental/RTCApp/(S(5k1dfx55...C1F806117&SNID=6D6C0D8C19054E54A57BAD2FDA3AA292 (7 of 29)9/16/2008 1:47:13 PM

Org: Address: City: Phone: EMail:

First Name: Frankie

Fax: (919)861-6068 Nonprofit: No

Org: Address: City: Phone: EMail:

First Name: Lee

Fax: (919)861-6068 Nonprofit: No

https://www.nchfa.org/Rental/RTCApp/(S(5k1dfx55...C1F806117&SNID=6D6C0D8C19054E54A57BAD2FDA3AA292 (8 of 29)9/16/2008 1:47:13 PM

Gdn Apt 1 Gdn Apt 2

Utilities included in rents:

Proposed number of residential buildings: 24 Project Includes:

Maximum number of stories in buildings: 1

Elevators - Number of Elevators: Square Footage Information

https://www.nchfa.org/Rental/RTCApp/(S(5k1dfx55...C1F806117&SNID=6D6C0D8C19054E54A57BAD2FDA3AA292 (9 of 29)9/16/2008 1:47:13 PM

Gross Floor Square Footage:

Total Net Sq. Ft. (All Heated Areas): 37,354

https://www.nchfa.org/Rental/RTCApp/(S(5k1dfx55...C1F806117&SNID=6D6C0D8C19054E54A57BAD2FDA3AA292 (10 of 29)9/16/2008 1:47:13 PM

Total Low Income Units:

https://www.nchfa.org/Rental/RTCApp/(S(5k1dfx55...C1F806117&SNID=6D6C0D8C19054E54A57BAD2FDA3AA292 (11 of 29)9/16/2008 1:47:13 PM

https://www.nchfa.org/Rental/RTCApp/(S(5k1dfx55...C1F806117&SNID=6D6C0D8C19054E54A57BAD2FDA3AA292 (12 of 29)9/16/2008 1:47:13 PM

approximately $96,000 to end up with a total new USDA loan of $1,378,000.

https://www.nchfa.org/Rental/RTCApp/(S(5k1dfx55...C1F806117&SNID=6D6C0D8C19054E54A57BAD2FDA3AA292 (13 of 29)9/16/2008 1:47:13 PM

75,000 26,500 79,500 85,860 20,000 10,000 0 3,285,660

75,000 26,500 79,500 85,860 20,000 10,000 0

15,000 6,500 12,000 4,300

15,000 6,500 12,000 4,300

https://www.nchfa.org/Rental/RTCApp/(S(5k1dfx55...C1F806117&SNID=6D6C0D8C19054E54A57BAD2FDA3AA292 (14 of 29)9/16/2008 1:47:13 PM

186,900 35,000 4,000 2,200 22,268 10,000 10,000 25,000 4,000

5,000 33,600 112,068 7,500 7,500

Lender Inspection Fee Other Basis Expense (specify)

Other Non-basis Expense (specify) Other Non-basis Expense (specify)

46 Rent up Reserve 47 Operating Reserve 48 49

https://www.nchfa.org/Rental/RTCApp/(S(5k1dfx55...C1F806117&SNID=6D6C0D8C19054E54A57BAD2FDA3AA292 (15 of 29)9/16/2008 1:47:13 PM

8.50 176,040 186,395 164,442

Total Replacement Cost per unit: 31,601

https://www.nchfa.org/Rental/RTCApp/(S(5k1dfx55...C1F806117&SNID=6D6C0D8C19054E54A57BAD2FDA3AA292 (16 of 29)9/16/2008 1:47:13 PM

Market Study Information

Front Gables or Dormers Other:

Wide Banding or Vertical/Horizontal Siding

https://www.nchfa.org/Rental/RTCApp/(S(5k1dfx55...C1F806117&SNID=6D6C0D8C19054E54A57BAD2FDA3AA292 (18 of 29)9/16/2008 1:47:13 PM

Applicant's Site Evaluation

https://www.nchfa.org/Rental/RTCApp/(S(5k1dfx55...C1F806117&SNID=6D6C0D8C19054E54A57BAD2FDA3AA292 (19 of 29)9/16/2008 1:47:13 PM

Hospital Pharmacy Basic Health Care

Convenience Store Public Parks Gas Station Library

https://www.nchfa.org/Rental/RTCApp/(S(5k1dfx55...C1F806117&SNID=6D6C0D8C19054E54A57BAD2FDA3AA292 (20 of 29)9/16/2008 1:47:13 PM

https://www.nchfa.org/Rental/RTCApp/(S(5k1dfx55...C1F806117&SNID=6D6C0D8C19054E54A57BAD2FDA3AA292 (21 of 29)9/16/2008 1:47:13 PM

General Contractor Company: Address: City: Phone Contact Name:

https://www.nchfa.org/Rental/RTCApp/(S(5k1dfx55...C1F806117&SNID=6D6C0D8C19054E54A57BAD2FDA3AA292 (22 of 29)9/16/2008 1:47:13 PM

Projected Operating Costs