Lanier Pointe App

Print - APP08-0118
Print Preview - Final Application

Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans
Project Description
Project Name: Lanier Pointe Address: City: County Home Road Shelby County: Cleveland Zip: 28152 Block Group: 5
Census Tract: 9507
Is project in Qualified Census Tract or Difficult to Develop Area? Yes Political Jurisdiction: Jurisdiction CEO Name: Jurisdiction Address: Jurisdiction City: Jurisdiction Phone: City of Shelby First:W. Ted Last: Alexander 409 Beaumonde Avenue Shelby Zip: 28150 Title: Mayor
(704)481-1272
Site Latitude: Site Longitude:
35.26960 -81.52097
Project Type: New Construction 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? No If yes, list names of previous phase(s): Rehab: Number of residents holding Section 8 vouchers:
Will the project meet Energy Star standards as defined in Appendix B? Yes 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(hipugi45n...FECCF9E8F2&SNID=1CA4FC3B1DF048118213365DB97B6584 (1 of 29)9/15/2008 3:33:03 PM
Print - APP08-0118
If yes, please describe:
Target Population:Family Will the project be receiving project based federal rental assistance? No If yes, provide the subsidy source: and number of units: 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 - APP08-0118
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 - APP08-0118
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 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 - APP08-0118
(b) Describe flood mitigation if the project will have improvements within the 100 year floodplain:
Print - APP08-0118
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: 9/30/2008 (D) Enter Purchase Price: 625,000
Print - APP08-0118
Zoning
Present zoning classification of the site:GB 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?Yes If yes, have the hearings been completed and permits been obtained?No If yes, specify permit or variance required and date obtained. If no, describe permits/variances required and schedule for obtaining them: Special Use Permit; Meeting to be held May 19, 2008. The Agency granted an extension of the deadline to obtain the special use permit by June 23, 2008.
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 - APP08-0118
Ownership Entity
Owner Name: Address: City: Lanier Pointe, 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 Lanier Pointe, 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
Print - APP08-0118
Unit Mix
The Median Income for Cleveland county is $49,000. Low Income Units Type # BRs Net Sq.Ft. Total # Units # Units Monthly Rent Utility Allowance Mandatory Serv. Fees **Total Housing Exp.
Gdn Apt 2 Gdn Apt 3
1097 1276
24 24
3 2
380 465
Electric
111 129
Gas
0 0
Other Trash
491 594
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
20280
48
20280
Proposed number of residential buildings: 3 Project Includes:
Maximum number of stories in buildings: 2
Separate community building - Sq. Ft. (Floor Area): 2,027 Community space within residential bulding(s) - Sq. Ft. (Floor Area):
Elevators - Number of Elevators: Square Footage Information
Print - APP08-0118
Gross Floor Square Footage:
66,336
Total Net Sq. Ft. (All Heated Areas): 61,584
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.
https://www.nchfa.org/Rental/RTCApp/(S(hipugi45...ECCF9E8F2&SNID=1CA4FC3B1DF048118213365DB97B6584 (10 of 29)9/15/2008 3:33:03 PM
Print - APP08-0118
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
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
12 12 12 12
Total Low Income Units:
48
Note: This number should match the total number of low income units in the Unit Mix section.
Print - APP08-0118
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
700,000
6.20
30
30
51,447
966,203
30
30
4,073,704
387
5,740,294
* "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. 78 Remarks concerning project funding sources: (Please be sure to include the name of the funding source(s))
Print - APP08-0118
Print - APP08-0118
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
645,000
520,000
2,592,000 100,000 200,220 70,744 212,233 114,606 50,000 15,000 30,000 4,029,803 2,000 24,000 182,792
2,592,000 100,000 200,220 70,744 212,233 114,606 50,000 15,000 30,000
2,000 24,000 182,792
5,000 15,000 18,000 6,500 6,500 4,300
5,000 15,000 18,000 6,500 6,500 4,300
14,000
9,000
Print - APP08-0118
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
287,092 35,000 11,500 2,200 36,870 10,000 10,000 25,000 4,000
3,000 33,600 132,170 15,000 15,000
504,000
504,000
Lender Inspection Fees Energy Star Certification and Inspections 12,000
43 Rent-up Expense 44 45
Other Non-basis Expense (specify) Other Non-basis Expense (specify)

SUBTOTAL (lines 38 through 45)
531,000 24,000 111,229
46 Rent up Reserve 47 Operating Reserve 48 49
Lease Up Reserve Lease Up Fee 5,115,294 0 4,726,895
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 4,726,895 100.00% 4,726,895 0 100% 0 130.00% 6,144,964 0 4,726,895 100% 4,726,895 130.00% 6,144,964
Print - APP08-0118
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:
3.40 522,322 553,047 496,179 625,000 5,740,294 553,047 0 0
8.50 522,322 553,047 496,179
Total Replacement Cost per unit: 81,975
Print - APP08-0118
Market Study Information

Please provide a detailed description of the proposed project: Lanier Pointe will be a 3-building, 48-unit family development consisting of 24 2-bedroom units and 24 3bedroom units and a separate large community/office building. Each building will contain 16 units. The buildings will be 2 stories and will feature a craftsman style design including gabled areas with shake siding and craftsman arches, broken roof lines with dutch hip accents, dormers, board and batten siding, brick and stone veneer. The development will also have a community building of similar style that will house the onsite management office, a multipurpose community room, computer center, laundry room, exercise room and covered patio. The rents will be affordable to 50% and 60% income levels. We feel that this site and market are excellent for the proposed development. All necessary amenities for the residents are within one mile of the site. Shelby is a growing community located just outside Charlotte, North Carolina. It offers outdoor recreation, the arts, dining and shopping, business and industry, education, healthcare and a solid network of parks, community centers and libraries. Shelby is a nice community to live in. Front entries are covered breezeways. Patio doors are full view glass providing an abundance of natural light into the main living, dining, and kitchen areas. All units will have patios or balconies with storage closets. The roof will have a Dutch hip, shake siding in gable areas, high quality vinyl siding, and vinyl clad windows with grids. A new playground/tot lot will be installed that will be handicap accessible. It will have benches and equipment for both older children and tots. A new picnic shelter will be constructed with seating, tables and grilling station. A gazebo will also be installed for the residents use. There will be three areas of seating located through out the property for the residents benefit. The community room will have an exercise room, multipurpose area, and computer station.
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
All residential buildings will contain fire protection/sprinkler systems.
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/tot lot will be installed that will be handicap accessible. It will have benches and equipment for both older children and tots. A new picnic shelter will be constructed with seating, tables and grilling station. An gazebo will also be installed for the residents use. There will be three areas of seating
Print - APP08-0118
located through out the property for the residents benefit. The community room will have an exercise room, multipurpose area, and computer station.
Onsite Activities: 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 is our plan to install new plant material as described in the QAP and an irrigation system in the main visible areas. We will also make sure all site amenities and handicap parking and walks conform to handicap/accessibility requirements. There will also be new hardscape items installed such as a picnic shelter, playground, benches and a gazebo/trellis. The site will have attractive signage, lighting, and landscaping. Trees will be a minimum of 2 caliper and all shrubs will be 3 gallon or larger. White vinyl fencing will be installed around the dumpsters.
Interior Apartment Amenities: The units will be spacious with exterior storage and large closets within the units. All living areas and bedrooms will have ceiling fans. All appliances will carry the energy star rating. All units will have dishwashers and full size washer dryer connections.
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 - APP08-0118
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 trend of real estate development in the area is positive. The area is growing as evidenced by the new hotel under construction next to the site. The physical condition of the residential houses, churches and businesses in the vicinity is execellent. The site has wonderful visibility. There is not a high concentration of affordable housing in the area.
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 area around the site is a mixed use nighborhood with a good balance of residential and commercial uses. The location is not isoltaed in the least and there are no negative features (including those mentioned above) in the area. There are no large amounts of vacant land. The only vacant land is the 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 site borders three public roads and will have excellent ingress, egress and visibility. There is an existing stoplight at the intersection of two of the road at the corner of the site. 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 that will impede project construction or adversely affect future tenants.
Similarity of scale and aesthetics/architecture between project and surroundings. The two-story design of the project will blend well with the mixed use neighborgood which consists of 1 and 2 story residential homes and multiple story businesses as well as the 4 story hotel under construction.
For each applicable neighborhood feature, enter distance from project in miles.
Print - APP08-0118
1 1 2 1 2
Grocery Store Mall/Strip Center Outdoor Athletic Fields Day Care/After School Schools Public Transportation
2
Center
Community/Senior
2.7 1 1
Hospital Pharmacy Basic Health Care
Stop
1 1 1 2
Convenience Store Public Parks Gas Station Library
Other facilities or services: Highway 74 is approximately one city block from the site traveling on Sue Lane. Highway 74 is a main corridor through Shelby and has every conceivable amenity that residents would like and need.
Print - APP08-0118
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: Ross Deckard Architects, PA PO Box 98044 Raleigh State: NC Zip: 27624 Email: jr@rossdeckardarchitects.com Last: Ross
(919)875-0001
First: James (JR)
Attorney Company: Address: City: Phone Contact Name: The Brockmann Law Firm 8037 Corporate Center Drive Suite 100 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 - APP08-0118
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 - APP08-0118
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):
2,500 19,000 1,500
20,736
500 3,500
1,500
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
2,375 51,611
10,000 8,000
8,000 26,000
1,200 1,600
2,000
Print - APP08-0118
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):
9,000 17,000 1,000 1,000
1,500
2,000
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:
36,300
22,000 2,800 500 12,000 250 1,350 4,000
SUBTOTAL Supportive Service Expenses Service Coordinator Service Supplies Tenant Association Funds Other Expenses (specify):
42,900
SUBTOTAL Reserves Replacement Reserves SUBTOTAL
12,000 12,000
Print - APP08-0118
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
168,811 134,811 48 2,809
Print - APP08-0118
Projected Cash Flow Year One

OPERATING INCOME Gross rental income (from Unit Mix - Total Monthly Rent) Stores and Commercial Laundry and Vending Other (specify):
243,360
4,000 4,625 251,985 17,639 234,346 168,811 65,535 51,447 14,088 1.274
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
234,346 168,811 51,447 14,088 1.274

11
241,376 175,563 51,447 14,366 1.279

12
248,617 182,586 51,447 14,584 1.283

13
256,076 189,889 51,447 14,740 1.287

14
263,758 197,485 51,447 14,826 1.288

15
271,671 205,384 51,447 14,840 1.288

16
279,821 213,599 51,447 14,775 1.287

17
288,216 222,143 51,447 14,626 1.284

18
296,862 231,029 51,447 14,386 1.28

19
305,768 240,270 51,447 14,051 1.273

20
314,941 249,881 51,447 13,613 1.265
324,389 259,876 51,447 13,066 1.254
334,121 270,271 51,447 12,403 1.241
344,145 281,082 51,447 11,616 1.226
354,469 292,325 51,447 10,697 1.208
365,103 304,018 51,447 9,638 1.187
376,056 316,179 51,447 8,430 1.164
387,338 328,826 51,447 7,065 1.137
398,958 341,979 51,447 5,532 1.108
410,927 355,658 51,447 3,822 1.074
* 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 - APP08-0118
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 - APP08-0118
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: 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. 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 - APP08-0118
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)

Lanier Pointe App

Uploaded by

Document Information

Original Description:

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Lanier Pointe App

Uploaded by

Copyright:

Available Formats

Print - APP08-0118

Print Preview - Final Application

Census Tract: 9507

Site Latitude: Site Longitude:

https://www.nchfa.org/Rental/RTCApp/(S(hipugi45n...FECCF9E8F2&SNID=1CA4FC3B1DF048118213365DB97B6584 (1 of 29)9/15/2008 3:33:03 PM

If yes, please describe:

Number of Units: 5 Remarks:

https://www.nchfa.org/Rental/RTCApp/(S(hipugi45n...FECCF9E8F2&SNID=1CA4FC3B1DF048118213365DB97B6584 (2 of 29)9/15/2008 3:33:03 PM

https://www.nchfa.org/Rental/RTCApp/(S(hipugi45n...FECCF9E8F2&SNID=1CA4FC3B1DF048118213365DB97B6584 (3 of 29)9/15/2008 3:33:03 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(hipugi45n...FECCF9E8F2&SNID=1CA4FC3B1DF048118213365DB97B6584 (4 of 29)9/15/2008 3:33:03 PM

https://www.nchfa.org/Rental/RTCApp/(S(hipugi45n...FECCF9E8F2&SNID=1CA4FC3B1DF048118213365DB97B6584 (5 of 29)9/15/2008 3:33:03 PM

https://www.nchfa.org/Rental/RTCApp/(S(hipugi45n...FECCF9E8F2&SNID=1CA4FC3B1DF048118213365DB97B6584 (6 of 29)9/15/2008 3:33:03 PM

https://www.nchfa.org/Rental/RTCApp/(S(hipugi45n...FECCF9E8F2&SNID=1CA4FC3B1DF048118213365DB97B6584 (7 of 29)9/15/2008 3:33:03 PM

Org: Address: City: Phone: EMail:

First Name: Frankie

Fax: (919)861-6068 Nonprofit: No

https://www.nchfa.org/Rental/RTCApp/(S(hipugi45n...FECCF9E8F2&SNID=1CA4FC3B1DF048118213365DB97B6584 (8 of 29)9/15/2008 3:33:03 PM

Gdn Apt 2 Gdn Apt 3

Utilities included in rents:

Proposed number of residential buildings: 3 Project Includes:

Maximum number of stories in buildings: 2

Elevators - Number of Elevators: Square Footage Information

https://www.nchfa.org/Rental/RTCApp/(S(hipugi45n...FECCF9E8F2&SNID=1CA4FC3B1DF048118213365DB97B6584 (9 of 29)9/15/2008 3:33:03 PM

Gross Floor Square Footage:

Total Net Sq. Ft. (All Heated Areas): 61,584

https://www.nchfa.org/Rental/RTCApp/(S(hipugi45...ECCF9E8F2&SNID=1CA4FC3B1DF048118213365DB97B6584 (10 of 29)9/15/2008 3:33:03 PM

Total Low Income Units:

https://www.nchfa.org/Rental/RTCApp/(S(hipugi45...ECCF9E8F2&SNID=1CA4FC3B1DF048118213365DB97B6584 (11 of 29)9/15/2008 3:33:03 PM

https://www.nchfa.org/Rental/RTCApp/(S(hipugi45...ECCF9E8F2&SNID=1CA4FC3B1DF048118213365DB97B6584 (12 of 29)9/15/2008 3:33:03 PM

https://www.nchfa.org/Rental/RTCApp/(S(hipugi45...ECCF9E8F2&SNID=1CA4FC3B1DF048118213365DB97B6584 (13 of 29)9/15/2008 3:33:03 PM

2,592,000 100,000 200,220 70,744 212,233 114,606 50,000 15,000 30,000

2,000 24,000 182,792

5,000 15,000 18,000 6,500 6,500 4,300

5,000 15,000 18,000 6,500 6,500 4,300

https://www.nchfa.org/Rental/RTCApp/(S(hipugi45...ECCF9E8F2&SNID=1CA4FC3B1DF048118213365DB97B6584 (14 of 29)9/15/2008 3:33:03 PM

287,092 35,000 11,500 2,200 36,870 10,000 10,000 25,000 4,000

3,000 33,600 132,170 15,000 15,000

Lender Inspection Fees Energy Star Certification and Inspections 12,000

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

531,000 24,000 111,229

46 Rent up Reserve 47 Operating Reserve 48 49

Lease Up Reserve Lease Up Fee 5,115,294 0 4,726,895

https://www.nchfa.org/Rental/RTCApp/(S(hipugi45...ECCF9E8F2&SNID=1CA4FC3B1DF048118213365DB97B6584 (15 of 29)9/15/2008 3:33:03 PM

3.40 522,322 553,047 496,179 625,000 5,740,294 553,047 0 0

8.50 522,322 553,047 496,179

Total Replacement Cost per unit: 81,975

https://www.nchfa.org/Rental/RTCApp/(S(hipugi45...ECCF9E8F2&SNID=1CA4FC3B1DF048118213365DB97B6584 (16 of 29)9/15/2008 3:33:03 PM

Market Study Information

Front Gables or Dormers Other:

Wide Banding or Vertical/Horizontal Siding

All residential buildings will contain fire protection/sprinkler systems.

https://www.nchfa.org/Rental/RTCApp/(S(hipugi45...ECCF9E8F2&SNID=1CA4FC3B1DF048118213365DB97B6584 (17 of 29)9/15/2008 3:33:03 PM

https://www.nchfa.org/Rental/RTCApp/(S(hipugi45...ECCF9E8F2&SNID=1CA4FC3B1DF048118213365DB97B6584 (18 of 29)9/15/2008 3:33:03 PM

Applicant's Site Evaluation

https://www.nchfa.org/Rental/RTCApp/(S(hipugi45...ECCF9E8F2&SNID=1CA4FC3B1DF048118213365DB97B6584 (19 of 29)9/15/2008 3:33:03 PM

Hospital Pharmacy Basic Health Care

Convenience Store Public Parks Gas Station Library

https://www.nchfa.org/Rental/RTCApp/(S(hipugi45...ECCF9E8F2&SNID=1CA4FC3B1DF048118213365DB97B6584 (20 of 29)9/15/2008 3:33:03 PM

https://www.nchfa.org/Rental/RTCApp/(S(hipugi45...ECCF9E8F2&SNID=1CA4FC3B1DF048118213365DB97B6584 (21 of 29)9/15/2008 3:33:03 PM

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

https://www.nchfa.org/Rental/RTCApp/(S(hipugi45...ECCF9E8F2&SNID=1CA4FC3B1DF048118213365DB97B6584 (22 of 29)9/15/2008 3:33:03 PM