Print Preview - Final Application: Resources Requested

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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: RPP Loan Product Requested:
https://www.nchfa.org/Rental/RTCApp/(lfchcoyzftuedpy40toa1cyp)/site/PrintApp.aspx?II... 1/14/2005
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Project Name and Location

Project Name: Clifton Park Address: City: COWELL FARM ROAD Washington County: BEAUFORT Zip: 27889 Block Group: 4
Census Tract: 9904
Is project in Qualified Census Tract & Difficult to Develop area: Yes Political Jurisdiction: Jurisdiction Address: Jurisdiction City: Jurisdiction Phone: CITY OF WASHINGTON Last: RUMLEY Title: MAYOR PO BOX 1988 WASHINGTON (252)975-9300 Zip: 27889
Jurisdiction CEO Name: First: STEWART
Site Latitude: Site Longitude:
35.55254 -77.03788
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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? No If yes, provide the subsidy source: and number of units:
Target Population: Family 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: 2
Townhouse
Duplex
Garden Apartment
Detached Single-Family
Separate community building - Sq. Ft. (Floor Area): 1,167 Community space within residential bulding(s) - Sq. Ft. (Floor Area): Elevators - Number of Elevators: Square Footage Information Gross Floor Square Footage: 59,705
Total Net Sq. Ft. (All Heated Areas): 47,660
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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: 4.5 Total Buildable Acreage: 4.5 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: 10/31/2003 (D) Enter Purchase Price: 225,000
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Zoning
Present zoning classification of the site: RMF-RESIDENTIAL MULTIFAMILY 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: Clifton Park, 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: To Be 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 Clifton Park, 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@pendergraphprope
Org:
Pendergrant Clifton Park, 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 Gdn Apt # BRs Net Sq.Ft. 2 2 3 2 3 945 945 1204 945 1204 Total # Units 5 11 8 16 8 # Units 1 3 1 0 0 Monthly Rent 200 349 389 349 389 Electric Utility Allowance 92 92 106 92 106 Gas Other Mandatory Serv. Fees **Total Housing Exp. 292 441 495 441 495
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............... 48 5 16647 48 Gross Monthly Rental Income 16647
Units 5
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 2 3 2 3 16 8 16 8
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:
48
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
1,283,617
30
30
2,378,373
265
3,662,255
* "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. 77 Remarks concerning project funding sources: (Please be sure to include the name of the funding source(s)) No Permanent Debt on this project.
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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/Carryover 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) 27,000 Other Non-basis Expense (specify) Other Non-basis Expense (specify) SUBTOTAL (lines 36 through 43) 44 Rent up Reserve 448,304 14,400 406,304 406,304 25,200 91,082 15,000 15,000 1,661 189,726 28,662 6,500 23,220 7,500 28,662 6,500 23,220 7,500 1,748,928 60,000 101,546 45,300 136,000 73,500 76,800 18,000 2,616,074 2,300 28,324 92,591 5,500 5,500 28,350 9,000 6,500 6,000 4,000 2,300 28,324 92,591 5,500 5,500 28,350 9,000 6,500 6,000 4,000 1,748,928 60,000 101,546 45,300 136,000 73,500 76,800 18,000 356,000 356,000 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)
77,669
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
3,437,255
3,291,325 181,905
0 3,109,420 130.00% 4,042,246 318,124 343,590 0 1,007,922 225,000 3,662,255 0 130% 0 0.00% 0 0 3,109,420 130% 4,042,246 7.87% 318,124 343,590
Comments: Basis reduced because project over subsidized. State credit calculated on basis w/o reduction.
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Market Study Information

Please provide a detailed description of the proposed project: Clifton Park is a 48-unit family housing development that will be located on Cowell Farm Road in Washington. The plan calls for 32 two-bedroom units and 16 three-bedroom units contained in 6 residential buildings. All ground floor apartment units will be able to comply with ADA requirements. The exterior will be brick veneer and high quality vinyl horizontal siding. The siding will have a larger exposure on the first floor and a smaller exposure siding on the second floor. A bandboard will divide the two at the second level floor system. The two siding exposures will have color variations between the lower and upper floor. The truss roof system has a variety of large and small gables. This, along with the combination of brick siding accent trim, and color variations will yield an aesthetically pleasing development. This particular architectural style was chosen because we felt that a two-story design would blend with the community and surrounding homes. We have developed this design on previous developments. The Agency, Town Officials, lenders and our Equity Partners are very pleased with the curb appeal. The interior of the units will have carpet in the living room and bedrooms. Vinyl flooring will be utilized in the kitchens and baths. All interior doors will be of a six-panel design. The cabinetry will be of solid wood styles and fronts. All units will have washer/dryer hook-ups, dishwashers, patios, and exterior storage. HVAC will consist of energy efficient heat pumps with an eleven seer rating. All exterior windows and doors, where applicable, will have energy efficient insulated glass. The development will include a separate community room and office as well as walking trails and a gazebo. The development will be extensively landscaped. The site has all the conveniences of shopping, restaurants, banking, churches, schools, medical facilities, and employment. It is located in the eastside of Washington where the majority of the new growth such as shopping, medical offices, hotels, and residential areas are being located.
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
FRONT ENRTIES HAVE COVERED BREEZEWAYS. PATIO DOORS ARE FULL VIEW GLASS PROVIDING AN ABDUNANCE OF NATURAL LIGHTING INTO THE MAIN LIVING, DINING AND KITCHEN AREA.
Have you built other tax credit developments that use the same building design as this project? If yes, please provide name and address: Morgans Ridge in wilson, NC. Hawthorne Court in Tarboro, NC. Laurel Pointe in Goldsboro, NC.
Site Amenities (check all that apply): Community Bldg - Sq Ft: 1,167 Laundry Rm Game/Craft Rm Chapel/Prayer Rm Screened Porch Exercise Rm Picnic Area Community Room - Sq Ft: 662 Resident Computer Center TV Rm Onsite Leasing Office Garages - Number: Exam Rm Beauty Salon Onsite Mgr Reading Rm/Library Vending Rm Onsite Maint. Person
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Irrigated Lawns Walking Trails Pool
Security Gate Garden Spots Fitness Stations
Car Care Area Basketball/Tennis Court Horseshoe Pit
Storage Units Playground Shuffleboard
Gazebos Ball Field Covered Drive Thru
Onsite Activities: Although a service package is not required on a family development, we will have various on-site activities such as holiday events, social gatherings, newsletters and recreational activities. Additionally, there are many supportive services in the community within a mile or so of the site. Also, the community room would be available for Town/community activities.
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 IN A NEW DEVELOPMENT AREA ON THE EAST SIDE OF WASHINGTON. THE MAJORITY OF THE EXISTING BUILDINGS AND HOUSING ARE NEW CONSTRUCTION. THE PHYSICAL CONDITION OF BUILDINGS AND IMPROVEMENTS ARE NEW OR EXCELLENT. NEW ECONOMIC DEVELOPMENT IN TOWN IS AT THIS LOCATION.
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 SITE IS SURROUNDED BY BEAUFORT COUNTY HOSPITAL, NEW MEDICAL FACILITIES, OFFICE PARKS, SINGLE FAMILY HOMES AND NON-COMPETING MULTIFAMILY DEVELOPMENTS. THERE IS A TRUE BALANCE OF PROPERTY USES IN THE NEIGHBORHOOD. SHOPPING, RETAIL CENTERS AND DOWNTOWN WASHINGTON ARE VERY CLOSE BY.
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). COWELL FARM ROAD WILL SERVICE THE PROPOSED DEVELOPMENT. IT IS ADEQUATE IN SIZE AND HAS THE NECESSARY TRAFFIC CONTROLS TO ACCOMODATE THE PROPOSED DEVELOPMENT. IT HAS CONNECTORS TO BROWN STREET AND HIGHLAND AVENUE.
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 VACANT LAND TO THE EAST OF COWELL FARM ROAD IS BEING DEVELOPED INTO OUT PARCELS FOR ADDITIONAL MEDICAL, OFFICE AND SINGLE FAMILY HOUSING. THE CITY OF WASHINGTON IS PLANNING TO CONNECT COWELL FARM ROAD TO AVON AVENUE WHICH LIES SOUTHEAST OF THE SITE AT THE INTERSECTION OF HIGHLAND AVENUE.
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 or physical barriers that would impede project construction or adversely affect future tenants.
Similarity of scale and aesthetics/architecture between project and surroundings. THE DEVELOPMENT WILL FIT NICELY WITH THE SURROUNDING AREA. MOST OF THE
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IMPROVEMENTS AND BUILDINGS IN THE AREA ARE BRAND NEW.
Concentration of affordable housing (housing credit, project-based rental assistance, public housing). THERE ARE ONLY TWO SMALL NON-COMPETING AFFORDABLE DEVELOPMENTS WITHIN THE AREA.
Availability of Supportive Services (if applicable): Although a service package is not required on a family development, we will have various on-site activities such as holiday events, social gatherings, newsletters and recreational activities. Additionally, there are many supportive services in the community within a mile or so of the site. Also, the community room would be available for Town/community activities.
For each applicable neighborhood feature, enter distance from project in miles. 0.2 0.2 1.3 0.1 0.2 0.1 0.2 1.3 1.3 0.2 1.1 1.3 0.9 Grocery Store Mall/Strip Center Outdoor Athletic Fields Day Care/After School Schools 0.1 0.1 0.3 0.1 0.1 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 0.3 Convenience Store Basketball/Tennis Courts Public Parks Gas Station Library Fitness/Nature Trails Public Swimming Pools 0.2 0.1 1.3 1 0.9 0.9
Other facilities or services: WASHINGTON IS LOCATED ADJACENT TO THE PAMLICO RIVER/SOUND. THERE ARE SEVERAL RECREATIONAL ACTIVITES SUCH AS FISHING, GOLFING, BOATING, SWIMMING AND VACATIONING ON THE BEACH.
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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: $ $ $ Yes No No Yes No
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 42,838 29,115 3,250 1,000 9,000 19,500 1,000 1,000 6,336 600 1,152 19,252 38,175 900 500 3,000 17,055
2,000
13,520 1,200
4,500 7,376 7,376
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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
3,180 100 6,320 70 687
39,472 3,000 600
3,600 12,000 12,000 155,337 110,622 48 2,304
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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): Late & Pet Fees, forfeited Sec Deps 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) 995 3,000 203,759 14,263 189,496 199,764
155,337 34,159
34,159
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 11 254,665 229,936 0 24,729 0 1 189,496 155,337 0 34,159 0 12 262,305 239,133 0 23,172 0 2 195,181 161,550 0 33,631 0 13 270,174 248,698 0 21,476 0 3 201,036 168,012 0 33,024 0 14 278,279 258,646 0 19,633 0 4 207,067 174,732 0 32,335 0 15 286,627 268,992 0 17,635 0 5 213,279 181,721 0 31,558 0 16 295,226 279,752 0 15,474 0 6 219,677 188,990 0 30,687 0 17 304,083 290,942 0 13,141 0 7 226,267 196,550 0 29,717 0 18 313,205 302,580 0 10,625 0 8 233,055 204,412 0 28,643 0 19 322,601 314,683 0 7,918 0 9 240,047 212,588 0 27,459 0 20 332,279 327,270 0 5,009 0 10 247,248 221,092 0 26,156 0
* 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 28,540 31,500 15,000 3,780 17,850 29,036 0 82,500 0 9,000 0 0 14,064 0 39,390 10,504 13,860 54,630 0 21,240 9,600 34,650 0 46,775 41,750 48,000 16,785 0 305 15,450 7,200 0 0 0 0 0 0 0 MATERIAL 14,059 21,000 22,500 2,520 33,150 80,264 0 122,500 101,000 0 27,750 42,000 29,886 0 59,085 10,504 35,640 66,770 44,750 23,010 38,400 14,850 0 46,775 41,750 48,000 39,165 0 2,751 36,050 10,800 27,750 0 0 0 0 0 0 TOTAL 42,599 52,500 37,500 6,300 51,000 109,300 0 205,000 101,000 9,000 27,750 42,000 43,950 0 98,475 21,008 49,500 121,400 44,750 44,250 48,000 49,500 0 93,550 83,500 96,000 55,950 0 3,056 51,500 18,000 27,750 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:
3,375 5,100 0 5,000 18,351 11,670 0 0 634,905
3,375 7,650 40,500 10,000 2,039 7,780 0 0 1,114,023
6,750 12,750 40,500 15,000 20,390 19,450 0 0 1,748,928
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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 9,000 5,850 3,350 17,560 0 3,500 0 1,850 0 456 1,600 9,350 4,500 15,330 0 101,546 2,000 0 TOTAL 25,200 2,000
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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 24,000 39,500 0 23,400 2,500 0 0 7,500 25,500 65,500 49,500 30,500 8,500 7,400 7,500 0 38,000 0 2,500 0 2,900 21,300 0 356,000
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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: 0 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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Project Name and Location

Census Tract: 9904

Jurisdiction CEO Name: First: STEWART

Site Latitude: Site Longitude:

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

Maximum number of stories in buildings: 2

Total Net Sq. Ft. (All Heated Areas): 47,660

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 Clifton Park, 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

Irrigated Lawns Walking Trails Pool

Security Gate Garden Spots Fitness Stations

Car Care Area Basketball/Tennis Court Horseshoe Pit

Storage Units Playground Shuffleboard

Gazebos Ball Field Covered Drive Thru

Ceramic Tile Electric Pump

Applicant's Site Evaluation

IMPROVEMENTS AND BUILDINGS IN THE AREA ARE BRAND NEW.

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

4,500 7,376 7,376

3,180 100 6,320 70 687

39,472 3,000 600

3,600 12,000 12,000 155,337 110,622 48 2,304

Projected Cash Flow Year One

20-Year Cash Flow

3,375 5,100 0 5,000 18,351 11,670 0 0 634,905

3,375 7,650 40,500 10,000 2,039 7,780 0 0 1,114,023

6,750 12,750 40,500 15,000 20,390 19,450 0 0 1,748,928

Costs - Bond Costs

Costs - Bond Issuance

Full Application Checklist

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