Pembroke Square

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Print Preview - Final Application

Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans
Project Name and Location

Project Name: Pembroke Square Address: City: 8393 Deep Branch Road Pembroke County: Robeson Zip: 28372 Block Group: 4
Census Tract: 9605
Is project in Qualified Census Tract & Difficult to Develop area? Yes Does a community revitalization plan exist? No Political Jurisdiction: Jurisdiction Address: Jurisdiction City: Jurisdiction Phone: Town of Pembroke Last: Hunt Title: Mayor PO Box 866 Pembroke (910)521-9758 Zip: 28372
Jurisdiction CEO Name: First: Milton
Site Latitude: Site Longitude:
34.674820 -79.21362
https://www.nchfa.org/Rental/RTCApp/(mscrr2ffbo4txyfd00e4nj3c)/site/PrintApp.aspx?II... 1/14/2005
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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 project based federal rental assistance? Yes If yes, provide the subsidy source: RD and number of units: 48
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 the units required by other federal and state codes.) Persons with disabilities or homeless populations: the greater of 5 units or 10% of the total units Remarks: The property will comply with the Agency's requirements for rehab developments.
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Applicant Information
Applicant Name: Address: City: Contact: Telephone: Pendergraph Development, LLC PO Box 19691 Raleigh First: Marilyn (919)755-0558 State: NC Zip: 27619 Last: Hernandez Title: Development Coordinator
Alt Phone:
(919)861-6028
Fax:
(919)861-6068
Email Address:
mhernandez@thepencos.com
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Site Description
Total Site Acreage: 6 Total Buildable Acreage: 6 If buildable acreage is less than total acreage, please explain:
Identify utilities and services currently available (and with adequate capacity) for this site: Storm Sewer Water Sanitary Sewer Electric
Is the demolition of any buildings required or planned? No If yes, please describe:
Are existing buildings on the site currently occupied? Yes If yes: (a) Briefly describe the situation: The property is currently occupied by tenants. However, the property is in desperate need of rehab with respect to the roofs, siding, carpet, appliances, etc. There will be no tenant desplacement during rehabilition .
(b) Will tenant displacement be temporary? No (c) Will tenant displacement be permanent? No Is the site directly accessed by an existing, paved, publicly maintained road? Yes If no, please explain:
Is any portion of the site located inside the 100 year floodplain? No If yes: (a) Describe placement of project buildings in relation to this area:
(b) Describe flood mitigation if the project 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: 12/31/2004 (D) Enter Purchase Price: 2,072,000
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Zoning
Present zoning classification of the site: 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:
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: Pembroke Square, LLC Address: City: PO Box 18863 Raleigh State: NC Zip: 27619 06-1679435 (If assigned) (If Not Assigned)
Federal Tax ID Number of Ownership Entity: Federal Tax ID Number of Managing GP or Member:
Entity Type: Limited Liability Company Entity Status: Already Formed Is the applicant requesting that the Agency treat the application as Non-Profit sponsored? Is the applicant requesting that the Agency treat the application as CHDO sponsored?
No No
List all general partners, members,and principals. Specify nonprofit corporate general partners or members. Click [Add] to add additional partners, members, and principals.
Org:
FWP Pembroke Square, LLC Last Name: Pendergraph Function: Managing Member
First Name: Frankie Address: City: Phone: EMail: PO Box 19691 Raleigh (919)755-0558
State: NC
Zip: 27619
Fax: (919)861-6068 Nonprofit: No TaxID 06-1679437
fpendergraph@thepencos.com
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Unit Mix
The Median Income for Robeson county is $45,200. Low Income Units Type Twn Hse Gdn Apt Total # BRs Net Sq.Ft. # Units 1 2 703 852 16 32 # Units 2 3 Monthly Rent 395 440 Electric Utility Allowance 58 67 Gas Other Mandatory Serv. Fees 0 0 **Total Housing Exp. 453 507
Utilites included in rents:
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 5 20400 48 Gross Monthly Rental Income 20400
Units 5
Proposed number of residential buildings: 6 Project Includes:
Maximum number of stories in buildings: 2
Separate community building - Sq. Ft. (Floor Area): 468 Community space within residential bulding(s) - Sq. Ft. (Floor Area): Elevators - Number of Elevators: Square Footage Information Gross Floor Square Footage: 44,740
Total Net Sq. Ft. (All Heated Areas): 39,960
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.
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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 3 2 16 32
Units targeted at 60 targeted at 50
% 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 515 Loan RD 538 Loan - Specify: AHP Loan Other Loan 1 - Specify: Other Loan 2 - Specify: Other Loan 3 - Specify: Tax Exempt Bonds State Tax Credit(Loan) State Tax Credit(Direct Refund) Equity: Federal LIHTC Non-Repayable Grant Equity: Historic Tax Credits Deferred Developer Fees Owner Investment Other - Specify: Total Sources**
Amount
1,452,000
1.00
50
50
36,914
963,475
30
30
2,013,152
205
4,428,832
* "Non-amortizing" indicates that the loan does not have a fixed annual debt service. For these items, you must fill in 20-year debt service below. ** Total Sources must equal total replacement cost in Project Development Cost (PDC) section. Estimated pricing on sale of Federal Tax Credits: $0. 75 Remarks concerning project funding sources: (Please be sure to include the name of the funding source(s)) The 515 RD Loan is being assumed at the same 1% rate (after interest credit). Transfer of ownership is conditioned upon bringing the RD Reserves current, which is reflected in the Development Cost Budget. Because the 515 loan relates to the existing buildings and acquisition only, and utilized in the original building construction, tax credits for the New Construction/Rehab funds are calculated at the 9% tax credit rate. Re: Targeting: Developments in Low Income counties are required to target 40% of their units at 50% of AMI. However, since Pembroke has 100% Rental Assistance, the targeting is actually much deeper, and extends to all units in the development.
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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 Cert/Accounting 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 Acquisition Developer Fee Engineering, PNA, Soil Boring/Geotech Purchase Existing Reserve Balance Other Non-basis Expense (specify) SUBTOTAL (lines 36 through 43) 44 Rent up Reserve 371,527 64,388 4,000 25,000 5,445 4,000 322,082 72,582 249,500 14,767 119,437 25,000 17,500 25,335 13,500 3,000 3,000 16,800 104,135 15,000 15,000 15,000 7,500 25,335 8,500 6,500 6,500 5,000 4,000 6,500 6,500 5,000 4,000 62,000 74,136 26,195 104,779 86,443 12,000 4,800 3,373,508 5,000 9,643 63,777 4,250 5,000 9,643 63,777 4,250 62,000 74,136 26,195 104,779 86,443 12,000 4,800 115,000 1,073,600 115,000 1,073,600 TOTAL COST 1,814,555 Eligible Basis 30% PV 70% PV 1,814,555
41 Rent-up Expenses
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45 Operating Reserve 46 47 Other Reserve (specify) Other Reserve (specify)
143,837
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 Applicable Fraction (percentage of LI Units) 55 Basis Before Boost 56 Boost for QCT/DDA (if applicable, enter 130%) 57 TOTAL QUALIFIED BASIS 58 Tax Credit Rate 59 Federal Tax Credits at Estimated Rate 60 Federal Tax Credits at 8.5% or 3.75% 61 Federal Tax Credits Requested 62 Land Cost 63 TOTAL REPLACEMENT COST
4,176,832
1,887,137
1,988,458
0 3,875,595 100.00% 3,875,595 4,472,132 268,447 290,492 0 252,000 4,428,832 1,887,137 100% 1,887,137 100.00% 1,887,137 3.39% 63,973 70,767 1,988,458 100% 1,988,458 130.00% 2,584,995 7.91% 204,473 219,724
Comments: Because the existing 515 RD Loan is to be assumed at the same 1% interest rate (after interest credit) and relates to the existing buildings and acquisition, it is not deducted from New Rehab construction eligible basis. The acquisition will generate tax credits based upon the 4% tax credit rate and the new construction/rehab will generate tax credits based upon the 9% tax credit rate. Because the subject property is located within a QCT, in a Low Income County, not all the State Tax Credit Loan is required as a Source for this development.
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Market Study Information

Please provide a detailed description of the proposed project: A forty eight (48) family development with 48 of the 48 units having rental assistance provided by RD. The project was built in 1986 on 6.00 acres, consisting of six (6) residential buildings and an office/maintenance building. The two story buildings feature wood framed designs with pitched shingle covered roof systems. The exterior veneer is a combination of brick facing, vinyl siding and aluminum soffit. Second floor access is by covered steel stairs with concrete threads and landings. A new office building will be constructed which will allow a unit that is being currently used as an office to be rented.
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
See attached detailed work write up and marked up original plans
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 (check all that apply): Community Bldg - Sq Ft: 468 Laundry Rm Game/Craft Rm Chapel/Prayer Rm Irrigated Lawns Walking Trails Pool Screened Porch Exercise Rm Picnic Area Security Gate Garden Spots Fitness Stations Community Room - Sq Ft: Resident Computer Center TV Rm Onsite Leasing Office Car Care Area Basketball/Tennis Court Horseshoe Pit Garages - Number: Exam Rm Beauty Salon Onsite Mgr Storage Units Playground Shuffleboard Reading Rm/Library Vending Rm Onsite Maint. Person Gazebos Ball Field Covered Drive Thru
Onsite Activities: Activities checked above plus tenant associations, newsletter and various service related activities. Additionally, there are many support services in the community within a mile or so of the site that residents can take advantage of.
Landscaping Plans: The current landscaping is the original from 1986. All overgrown shrubs will be removed and new foundation and permiter plantings will be installed. An 8-foot wood privacy fence will be installed on three sides with a decorative white vinyl fence installed across the front of the property. An irrigation
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system will be installed at the main entrance, the inner circle, and at fronts of buildings. Curbing and connecting sidewalks will be installed throughout the property. A new project sign with landscaping, playground with benches and arbor will also be installed.
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 VCT 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). Concentration of affordable housing. The physical condition of the existing buildings at Pembroke Square is deteriorating. There are health and safety concerns. The property is not up to code with respect to handicap accessability. The other buildings and improvements in the neighborhood are in good condition. The site is located near downtown, the University of Pembroke and the growth area. There has been a new service station built, a new dorm at the University, various shops and there is a new Super Wal Mart and Lowe's hardware that has been approved for construction. The area has seen an increase in service related businesses over the past two years.
Suitability of surrounding development. Land use pattern is primarily residential (single and multifamily housing) with a balance of other uses (particularly retail and amenities). Amount and character of vacant, undeveloped land. Effect of industrial, large-scale institutional or other incompatible uses: wastewater treatment facilities, high traffic corridors, junkyards, prisions, 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 surrounding land uses are single family residential with some farm land, a middle school, daycare and two service stations and is suitable for the current development. The nearest affordable housing is approximately two miles and is owned and managed by the Housing Authority. The site is conveniently located to the downtown area, shopping, schools, restaurants and other service related businesses. No environmental concerns are apparent. There is a railroad track within 1/4 mile to the right of the property that has been in existence since the property was built.
SITE SUITABILITY Adequacy of street(s) and/or access road(s) serving the proposed project and traffic controls (lights, stop signs, turning lanes). Access to mass transit (if applicable). The streets serving Pembroke Square are more than adequate to support the volume of traffic to and from the property. The access roads have the necessary traffic controls and access lanes to provide for safe travel. No improvements will be necessary to current road system.
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 is no degree of on-site or off-site negative features that would impede the rehab of this development or adversly affect existing or future tenants.
Similarity of scale and aesthetics/architecture between project and surroundings. Pembroke Square is located in a mixed use area and is compatible with scale and architecture. The rehabilitation of the development will improve the current site and surroundings.
For each applicable neighborhood feature, enter distance from project in miles.
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1 2 1 .2 .5
Grocery Store Mall/Strip Center Outdoor Athletic Fields Day Care/After School Schools
1.5 12.2 1 .8 .8
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 1 .5 1 1 .5 1 1 1.9 Convenience Store Basketball/Tennis Courts Public Parks Gas Station Library Fitness/Nature Trails Public Swimming Pools .5 1 11 1 1 1
Other facilities or services: The University of North Carolina at Pembroke is located less than 1 mile from Pembroke Square Apartments. Pembroke is a fairly small community with basically all conveniences within one mile of the site.
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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
Contact Name: First: Frankie
Architect Company: Address: City: Phone
Planworx Architecture, PA 5711 Six Forks Road, Suite 100 Raleigh (919)846-8100 State: NC Zip: 27609 Email: mmills@planworx.com Last: Mills
Contact Name: First: Marc
Attorney Company: Address: City: Phone
Parker Poe Adams & Bernstein, LLP PO Box 389 Raleigh (919)828-0564 State: NC Zip: 27609 Email: jeffbandini@parkerpoe.com Last: Bandini
Contact Name: First: Jeff
Investor Company: Address: City: Phone
Raymond James 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: Address: City: Phone Contact Name: First: State: Email: Last: Zip:
Identity of Interest? General Contractor Company: To be determined Address: City: Phone to be determined to be determined (999)999-9999 State: NC Zip: 99999 Email: Last:
Contact Name: First:
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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: 12 426 6 640
Management List number of low-income housing tax credit units managed in the past 10 years: North Carolina Other States Projects: Units: 37 1,578 6 640
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 Yes Yes No
If Other, specify the type of Federal subsidy:
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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): 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 Payroll Taxes (FICA) Miscellaneous Taxes, Licenses and Permits
960 0 3,500 0 39,168 0 0 1,300 3,600 0 1,860 0 0 50,388 0 2,500 7,000 0 7,000 16,500 500 0 0 1,400 0 8,000 0 7,000 0 0 12,800 3,730 2,500 0 2,000 0 0 2,000 0 0 1,900 41,830 25,230 1,152 1,600
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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
8,750 65 500 450 0 37,747 0 0 0 0 0 32,194 32,194 178,659 121,235 48 2,525
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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): Laundry, Vending, and Tenant Charges 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) 4,896 249,696 17,478 232,218 244,800
178,659 53,559
36,914
16,645 1.451
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 1 232,218 178,659 36,914 16,645 1.451 11 312,083 264,457 36,914 10,712 1.29 2 239,185 185,805 36,914 16,466 1.446 12 321,445 275,035 36,914 9,496 1.257 3 246,361 193,237 36,914 16,210 1.439 13 331,088 286,036 36,914 8,138 1.22 4 253,752 200,966 36,914 15,872 1.43 14 341,021 297,477 36,914 6,630 1.18 5 261,365 209,005 36,914 15,446 1.418 15 351,252 309,376 36,914 4,962 1.134 6 269,206 217,365 36,914 14,927 1.404 16 361,790 321,751 36,914 3,125 1.085 7 277,282 226,060 36,914 14,308 1.388 17 372,644 334,621 36,914 1,109 1.03 8 285,600 235,102 36,914 13,584 1.368 18 383,823 348,006 36,914 -1,097 0.97 9 294,168 244,506 36,914 12,748 1.345 19 395,338 361,926 36,914 -3,502 0.905 10 302,993 254,286 36,914 11,793 1.319 20 407,198 376,403 36,914 -6,119 0.834
* 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 EXISTING Make: SIMONTON/EQUAL Type/Construction: VINYL CLAD Exterior Doors Siding Type: METAL SIX PANEL Type: VINYL Warranty: LIMITED LIFETIME Exterior Trim Shingles WOOD Type: FIBERGLASS Warranty: 25+ YEARS ANTIFUNGAL Sprinkler System Cabinets Heat Pump N/A MERIALLAT/HORIZON/EQUAL/SOLID WOOD STYLES AND FRONTS SEER: 11 Model: CPKJ24 Air Conditioner SEER: N/A Model: Other Heat Systems SEER: N/A Model: Make: Make: Make: GOODMAN/EQUAL Weight: 226-231 Frames: WOOD Grade/Thickness: .044MIL Model: PROFINISH
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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 2,000 1,000 1,600 0 3,000 3,500 0 22,000 0 0 16,000 7,500 19,800 3,000 110,000 7,000 4,500 15,000 9,800 2,800 28,000 24,000 0 38,000 21,000 17,800 18,000 0 3,000 4,000 7,200 6,000 0 0 0 0 0 0 MATERIAL 2,800 500 1,500 500 1,000 1,400 3,000 18,000 2,000 1,000 36,000 24,000 36,000 3,000 98,000 5,000 3,500 8,000 17,000 4,500 58,000 10,000 10,000 42,000 29,000 42,000 36,000 0 5,800 2,000 12,800 26,000 0 0 0 0 0 0 TOTAL 4,800 1,500 3,100 500 4,000 4,900 3,000 40,000 2,000 1,000 52,000 31,500 55,800 6,000 208,000 12,000 8,000 23,000 26,800 7,300 86,000 34,000 10,000 80,000 50,000 59,800 54,000 0 8,800 6,000 20,000 32,000 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 Rental Other 1 (specify in Remarks) Other 2 (specify in Remarks) Total Cost Remarks:
4,800 2,800 4,000 5,000 4,000 9,000 22,800 0 447,900
15,000 6,000 36,000 10,000 1,400 3,000 14,000 0 625,700
19,800 8,800 40,000 15,000 5,400 12,000 36,800 0 1,073,600
Other 1: Mold Remediation and Debris Disposal
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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 Office Supplies Security/Watchman Project Signage Tools and Equipment Gas, Oil, and Maintenance 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: Contractor's Bond TOTAL 26,000 3,000 2,000 0 1,200 3,000 500 2,000 6,000 0 1,200 4,000 300 500 16,000 3,076 5,360 0 74,136
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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 Dumpster Pads/Fencing Fencing/Gates Landscaping/Topsoil Rock and Hardpan Excavation Site Supervision Personnel Other (specify in Remarks) Total Cost Remarks: Added line 32 from the original app to Other: Engineering TOTAL 0 2,000 2,000 2,000 6,000 0 0 0 2,800 9,000 25,000 6,000 5,000 3,000 3,800 2,600 26,000 0 4,800 15,000 115,000
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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 Issuer's Fee Other 1 (specify in Remarks) Other 2 (specify in Remarks) Other 3 (specify in Remarks) Total Cost Remarks: TOTAL 0 0 0 0 0 0 0 0 0 0 0 0 0 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: 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 Letters from Local Utility Providers (original on letterhead, no fax or photocopies) I Local Government Letter or Letter from Certified Engineer or Land Surveyor Confirming Floodplain Designation with Map showing 100 year and 500 year floodplain (original on letterhead, no fax or photocopies)
J Local Government Letter Confirming Zoning (original on letterhead, no fax or photocopies) K Copy of certificate of occupancy or proof of placed-in-service date (Rehabs Only) L Site plan, floor plans and elevations M Hazard and structural inspection and termite reports (Renovation projects only) N Anticipated budget demonstrating how the project would meet the 10% test by November 14th. O Evidence of Architect's Errors and Omissions insurance (or equivalent). P Description of acquisition for existing/occupied projects or for projects with occupied buildings to be demolished. Q Description of proposed Relocation Plan & Relocation Budget, Etc. If any relocation is anticipated, reference Appendix F. R Targeting Plan and supporting documentation (Required for all projects) S Local Housing Authority Agreement (Reference Model in Appendix I) T Appraisal (for land costs greater than $5,000 and for buildings in rehab projects) U Evidence of Permanent Loan Commitment, other sources of funds, and project-based subsidies. V Statement regarding terms of Deferred Developer Fee and, if nonprofit, resolution of Board approving fee. W Inducement Resolution (Tax-Exempt Bond Financed Projects only) X Documentation to support estimated utility costs.

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Print - APP04-0075

Print Preview - Final Application

Project Name and Location

Census Tract: 9605

Jurisdiction CEO Name: First: Milton

Site Latitude: Site Longitude:

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

Fax: (919)861-6068 Nonprofit: No TaxID 06-1679437

Utilites included in rents:

Utilites included in rents:

Utilites included in rents:

Proposed number of residential buildings: 6 Project Includes:

Maximum number of stories in buildings: 2

Total Net Sq. Ft. (All Heated Areas): 39,960

Units targeted at 60 targeted at 50

% percent of median income. percent of median income.

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

See attached detailed work write up and marked up original plans

Ceramic Tile Electric Pump

Applicant's Site Evaluation

Contact Name: First: Frankie

Architect Company: Address: City: Phone

Contact Name: First: Marc

Attorney Company: Address: City: Phone

Contact Name: First: Jeff

Investor Company: Address: City: Phone

Contact Name: First: Craig

Contact Name: First:

Project Team Experience

If Other, specify the type of Federal subsidy:

Projected Operating Costs

8,750 65 500 450 0 37,747 0 0 0 0 0 32,194 32,194 178,659 121,235 48 2,525

Projected Cash Flow Year One

20-Year Cash Flow

4,800 2,800 4,000 5,000 4,000 9,000 22,800 0 447,900

15,000 6,000 36,000 10,000 1,400 3,000 14,000 0 625,700

19,800 8,800 40,000 15,000 5,400 12,000 36,800 0 1,073,600

Other 1: Mold Remediation and Debris Disposal

Costs - Bond Costs

Costs - Bond Issuance

Full Application Checklist

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