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Project Description
Project Name: Cleveland Ridge Address: City: East Gold Street Kings Mountain County: Cleveland Zip: 28086 Block Group: 3
Is project in Qualified Census Tract or Difficult to Develop Area? Yes Political Jurisdiction: Jurisdiction Address: Jurisdiction City: Jurisdiction Phone: City of Kings Mountain Last: Murphrey Title: Mayor PO Box 429 Kings Mountain (704)734-0333 Zip: 28086
35.23668 -81.33598
Project Type: New Construction 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: Is this project a previously awarded tax credit development? If yes, what year were credits awarded?: Number of residents holding Section 8 vouchers: 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 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: the greater of 5 units or 10% of the total units. Number of Units: 5 Remarks:
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 First: Frankie (919)755-0558 (919)861-6028 (919)754-8663 mhernandez@thepencos.com State: NC Zip: 27619 Last: Pendergraph Title:
NOTE: Email Address above will be used for communication between NCHFA and Applicant.
Site Description
Total Site Acreage: 11 Total Buildable Acreage: 11 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
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:
(b) Describe flood mitigation if the project will have improvements within the 100 year floodplain:
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 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:
Purchase Price:
(c) Enter the current expiration date of the option/contract to purchase: 8/1/2007 (D) Enter Purchase Price: 200,000
Zoning
Present zoning classification of the site: CUR-6 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? Yes If yes, specify permit or variance required and date obtained. If no, describe permits/variances required and schedule for obtaining them: Conditional Use permit issued 3-27-07.
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:
Ownership Entity
Owner Name: Cleveland Ridge, LLC Address: City: PO Box 19691 Raleigh State: NC Zip: 27619 (If assigned)
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? 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:
First Name: Frankie Address: City: Phone: EMail: PO Box 19691 Raleigh (919)755-0558
State: NC
Zip: 27619
fpendergraph@thepencos.com
Unit Mix
The Median Income for Cleveland county is $48,900. Low Income Units Type Gdn Apt Gdn Apt # BRs Net Sq.Ft. 2 3 1097 1302 Total # Units 32 16 # Units 4 2 Monthly Rent 340 410 Electric Utility Allowance 142 167 Gas Mandatory Serv. Fees 0 0 Other Trash **Total Housing Exp. 482 577
Water/Sewer
Employee Units (will add to Low Income Unit total) Type # BRs Net Sq.Ft. Total # Units # Units Monthly Rent Electric Utility Allowance Gas Other Mandatory Serv. Fees **Total Housing Exp.
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.
Water/Sewer
Electric
Statistics All Units Low Income....... Market Rate....... Totals............... 48 6 17440 48 Gross Monthly Rental Income 17440
Units 6
Separate community building - Sq. Ft. (Floor Area): 1,614 Community space within residential bulding(s) - Sq. Ft. (Floor Area): Elevators - Number of Elevators: Square Footage Information Gross Floor Square Footage: 57,550
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.
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 2 3 3 16 16 8 8
% 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
48
Note: This number should match the total number of low income units in the Unit Mix section.
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
215,000
2.00
20
20
13,051
1,076,342
30
30
3,340,466
32,225 334
4,664,367
* "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. 87 Remarks concerning project funding sources: (Please be sure to include the name of the funding source(s))
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 8 Contractor Overhead 9 Contractor Profit 10 Construction Contingency 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 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 (0.58% 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 44 45 Other Lender Inspection Fees Other Non-basis Expense (specify) Other Non-basis Expense (specify) 504,000 0 5,250 504,000 0 5,250 3,000 31,200 107,911 15,000 15,000 9,000 178,500 30,000 7,500 2,200 24,011 10,000 10,000 20,000 1,000 4,300 5,000 15,000 12,000 6,500 4,500 4,200 5,000 15,000 12,000 6,500 4,500 4,200 2,328,000 85,000 176,280 62,286 186,857 100,903 48,000 12,000 20,000 3,544,326 2,000 12,000 104,000 2,000 12,000 104,000 2,328,000 85,000 176,280 62,286 186,857 100,903 48,000 12,000 20,000 525,000 525,000 TOTAL COST Eligible Basis 30% PV 70% PV
43 Rent-up Expense
SUBTOTAL (lines 38 through 45) 46 Rent up Reserve 47 Operating Reserve 48 49 Lease Up Fee Other Reserve (specify)
50 DEVELOPMENT COST (lines 1-49) 51 Less Federal Financing 52 Less Disproportionate Standard 53 Less Nonqualified Nonrecourse Financing 54 Less Historic Tax Credit (residential) 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 60 Tax Credit Rate 61 Federal Tax Credits at Estimated Rate 62 Federal Tax Credits at 8.5% or 3.75% Max Federal Tax Credits (With Energy Star - Lesser of $8,500 per unit or 63 $800,000, w/o - Lesser of $8,000 per unit or $800,000) 64 Federal Tax Credits Requested 65 Land Cost 66 TOTAL REPLACEMENT COST FEDERAL TAX CREDITS IF AWARDED Comments:
4,464,367
4,264,776
0 4,264,776 100.00% 4,264,776 5,544,208 446,308 471,257 384,000 408,000 200,000 4,664,367 384,000 0 408,000 0 100% 0 100.00% 0 3.45 0 0 4,264,776 100% 4,264,776 130.00% 5,544,208 8.05 446,308 471,257
Total Replacement Cost per unit: Federal Tax Credits (line 62) per unit:
90,416 9,818
Front entries are covered breezeways. Patio doors are full view glass providing an abundance of natural light into the main living, dining, and kitchen area. All units will have patios or balconies with storage closets. The roof will have a Dutch hip, shake siding in gable areas, high quality of vinyl siding, vinyl clad windows with grids and there will be a higher reveal of siding on the 1st floor with a band board between the floors reaching the bottom seal of the 2nd floor window.
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. The community room will have an exercise room, craft area, 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 current 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 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
Interior Apartment Amenities: The units will be spacious with exterior storage and large closets within the units. All rooms will have ceiling fans. All appliances will carry the energy star rating. All units will have full size washer dryer connections.
Do you plan to submit additional market data (market study, etc.) that you want considered? Yes If yes, please make sure to include the additional information in your pre-application packet.
Similarity of scale and aesthetics/architecture between project and surroundings. The current development will be similar in scale and aesthetics to the surrounding uses.
For each applicable neighborhood feature, enter distance from project in miles. .5 .75 .5 .5 .5 Grocery Store Mall/Strip Center Outdoor Athletic Fields Day Care/After School Schools .5 .9 .5 .5 .5 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 .5 .5 .5 .5 .5 .5 1 .5 Convenience Store Basketball/Tennis Courts Public Parks Gas Station Library Fitness/Nature Trails Public Swimming Pools .5 .5 14 .5 .5 .3
Other facilities or services: Kings Mountain is rich in history and offers several state parks. There is a Historical Museum with exhibits and re-enactment events. There is also a YMCA within one mile of the site that offers many activities.
Development Team
Provide contact information for development team members below: Management Agent Company: Pendergraph Management, LLC Address: City: Phone PO Box 19691 Raleigh (919)755-0558 State: NC Zip: 27619 Email: fpendergraph@thepencos.com Last: Pendergraph
Ross Deckard Architects 3200 Atlantic Avenue, Suite 110 Raleigh (919)875-0001 State: NC Zip: 27604 Email: jr@rossdeckardarchitects.com Last: Ross
Raymond James Tax Credit Funds 880 Carillon Parkway St Petersburg (800)438-8088 State: FL Zip: 33716 Email: craig.descalzi@raymondjames.c Last: Descalzi
Consultant/Application Preparer (if different from developer) Company: Address: City: Phone Contact Name: First: State: Email: Last: Zip:
Identity of Interest? General Contractor Company: Caliber Builders, LLC Address: City: Phone PO Box 19691 Raleigh (919)755-0558 State: NC Zip: 27619 Email: fpendergraph@thepencos.com Last: Pendergraph
2,375 51,611
10,000 3,000
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
42,300
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)
158,211 40,605
13,051
27,554 3.111
* 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".
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.