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Print Preview - FinalApplicationTax Credits, RPP Loans, and/or Tax Exempt Bond Loans
roject Description
oject Name: Lanier Pointe
dress: County Home Road
ty: Shelby County: Cleveland Zip:
ensus Tract: 9507 Block Group: 5
project in Qualified Census Tract or Difficult to Develop Area? Yes
olitical Jurisdiction: City of Shelby
risdiction CEO Name:First:W. Ted Last:Alexander
Title: Mayor
risdiction Address: 409 Beaumonde Avenue
risdiction City: Shelby Zip:
risdiction Phone:
e Latitude:
e Longitude:
oject Type: New Construction
this project a previously awarded tax credit development? No
If yes, what is the project number: Is this a request for supplementalcredits?
w Construction/Adaptive Reuse:his project a follow-on (Phase II, etc) to a previously-awarded tax credit development project? No
If yes, list names of previous phase(s):
ehab:
umber of residents holding Section 8uchers:
l the project meet Energy Star standards as defined in Appendix B? Yes
es a community revitalization plan exist? No
ll the project use steel and concrete construction and have at least 4 stories? No
ll the project include a Community Service Facility under IRS Revenue Ruling 2003-77?o
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28152
28150
(704)481-1272
35.26960
-81.52097
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If yes, please describe:
rget Population:Family
ll the project be receiving project based federal rental assistance? No
If yes, provide the subsidy source: and number of units:
icate 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 andstate codes.)
Number of Units:
Persons with disabilities or homeless populations: 10% of the total units.
Number of Units:
Remarks:
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3
5
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pplicant Information
icate below an individual or a validly existing entity (a corporation, nonprofit, limited partnership or LLC) as the official applicant. UndeP Section III(C)(5) only this individual or entity will be able to make decisions with regard to this application. If awarded the applicant
come part of the ownership entity. The applicant will execute the signature page for this application.
pplicant Name: Pendergraph Development, LLC
dress: PO Box 19691
ty: Raleigh State: NC Zip:
ontact: First: Frankie Last:Pendergraph Title:
lephone:
Phone:
x:
mail Address:
OTE: Email Address above will be used for communication between NCHFA and Applicant.
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27619
(919)755-0558
(919)861-6068
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te Description
al Site Acreage: Total Buildable Acreage:
If buildable acreage is less than total acreage, please explain:
ntify utilities and services currently available (and with adequate capacity) for this site:
Storm Sewer Water Sanitary Sewer Electric
he demolition of any buildings required or planned? No
If yes, please describe:
e 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?
he site directly accessed by an existing, paved, publicly maintained road? Yes
If no, please explain:
any portion of the site located inside the 100 year floodplain? No
If yes:(a) Describe placement of project buildings in relation to this area:
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(b) Describe flood mitigation if the project will have improvements within the 100 year floodplain:
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te Control
es 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 fopurchase of the property and the seller of the property?NoIf yes, specify the relationship:
(c) Enter the current expiration date of the option/contract to purchase:
(D) Enter Purchase Price:
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9/30/2008
625,000
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oning
esent zoning classification of the site:GB
multifamily use permitted?Yes
e 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 obta
them:Special Use Permit; Meeting to be held May 19, 2008. The Agency granted an extension of the deadline toobtain the special use permit by June 23, 2008.
e there any existing conditions of historical significance located on the project site that will require State Historic Preservation office re
If yes, describe below:
e there any existing conditions of environmental significance located on the project site?No
If yes, describe below:
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wnership Entity
wner Name: Lanier Pointe, LLC
dress: PO Box 19691
y: Raleigh State:NC Zip:
deral Tax ID Number of Ownership Entity: (If assigned)
ote: Do not submit social security numbers for individuals.
tity Type: Limited Liability Company
tity Status: To Be Formed
the applicant requesting that the Agency treat the application as Non-Profit sponsored? No
the applicant requesting that the Agency treat the application as CHDO sponsored? No
st all general partners, members,and principals. Specify nonprofit corporate general partners or members.ck [Add] to add additional partners, members, and principals.
Org: FWP Lanier Pointe, LLC
st Name: Frankie Last Name: Pendergraph Function: Managing Memberdress: PO Box 19691
ty: Raleigh State: NC Zip: 27619
one: Fax:
Mail: Nonprofit: No
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27619
(919)755-0558 (919)861-6068
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nit Mix
e Median Income for Cleveland county is $49,000.
w Income Units
Type # BRs Net Sq.Ft.Total
# Units#Units
MonthlyRent
UtilityAllowance
MandatoryServ. Fees
**TotalHousing Exp.
Gdn Apt 2
Gdn Apt 3
Utilities included in rents: Water/Sewer Electric Gas Other Trash
mployee Units (will add to Low Income Unit total)
ype # BRs Net Sq.Ft.Total
# Units#Units
MonthlyRent
UtilityAllowance
MandatoryServ. Fees
**TotalHousing Exp.
tilities included in rents: Water/Sewer Electric Gas Other
rket Rate Units
ype # BRs Net Sq.Ft.Total
# Units#Units
MonthlyRent
UtilityAllowance
MandatoryServ. Fees
**TotalHousing Exp.
ti li ties included in rents: Water/Sewer Electric Gas Other
atistics
AllUnits
Units
Gross MonthlyRental Income
Low Income.......
Market Rate.......
Totals...............
oposed number of residential buildings: Maximum number of stories in buildings:
oject Includes:Separate community building - Sq. Ft. (Floor Area):
Community space within residential bulding(s) - Sq. Ft. (Floor Area):
Elevators - Number of Elevators:
uare Footage Information
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1097 24 3 380 111 0 491
1276 24 2 465 129 0 594
48 5 20280
48 5 20280
3 2
2,027
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oss Floor Square Footage:
tal Net Sq. Ft. (All Heated Areas):
tes
Please refer to the Income Limits and Maximum Housing Expense Table to ensure that Total Monthly Tenant Expenses for low inc
units are within established thresholds.
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66,336
61,584
http://www.nchfa.com/lib/html/rental/Median%20Income%20Charts/income_limits.htmhttp://www.nchfa.com/lib/html/rental/Median%20Income%20Charts/income_limits.htm8/6/2019 Lanier Pointe App
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argeting
ecify Low Income Unit Targeting in table below. List each applicable targeting combination in a separate row below. Click [Add] to cother row. Click "X" (at the left of each row) to delete a row. Add as many rows as needed.
BRs Units %
targeted at percent of median income affordable to/occupied by
targeted at percent of median income affordable to/occupied by
targeted at percent of median income affordable to/occupied by
targeted at percent of median income affordable to/occupied by
tal Low Income Units:
te: This number should match the total number of low income units in the Unit Mix section.
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12 50
12 50
12 60
12 60
48
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unding Sources
Source AmountNon-
Amortizing*Rate(%)
Term(Years)
Amort.Period(Years)
AnnualDebt
Service
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**
"Non-amortizing" indicates that the loan does not have a fixed annual debt service. For these items, you must fill in 20-year debt serbelow.
Total Sources must equal total replacement cost in Project Development Cost (PDC) section.
timated pricing on sale of Federal Tax Credits: $0.
emarks concerning project funding sources:ease be sure to include the name of the funding source(s))
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700,000 6.20 30 30 51,447
966,203 0 30 30 0
4,073,704
387
5,740,294
78
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evelopment Costs
Item Cost Element TOTAL COSTEligible Basis
30% PV 70% PV
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
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645,000 520,000
2,592,000 2,592,000
100,000 100,000
200,220 200,220
70,744 70,744
212,233 212,233
114,606 114,606
50,000 50,000
15,000 15,000
30,000 30,000
4,029,803
2,000 2,000
24,000 24,000
182,792 182,792
5,000 5,000
15,000 15,000
18,000 18,000
6,500 6,500
6,500 6,500
4,300 4,300
14,000
9,000
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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
43 Rent-up Expense
44
45
SUBTOTAL (lines 38 through 45)
46 Rent up Reserve
47 Operating Reserve
48
49
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
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287,092
35,000 25,000
11,500 4,000
2,200
36,870
10,000 10,000
3,000
33,600
132,170
15,000 15,000
504,000 504,000
Lender Inspection Fees
Energy Star Certificatio
12,000
Other Non-basis Expen
Other Non-basis Expen
531,000
24,000
111,229
Lease Up Reserve
Lease Up Fee
5,115,294 0 4,726,895
0
4,726,895 0 4,726,895
100.00% 100% 100%
4,726,895 0 4,726,895
130.00% 130.00%
6,144,964 0 6,144,964
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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:
Total Replacement Cost per unit:81,975
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3.40 8.50
522,322 0 522,322
553,047 0 553,047
496,179 496,179
625,000
5,740,294
553,047
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arket Study Information
ase provide a detailed description of the proposed project:
nier Pointe will be a 3-building, 48-unit family development consisting of 24 2-bedroom units and 24 3-droom units and a separate large community/office building. Each building will contain 16 units. Theildings will be 2 stories and will feature a craftsman style design including gabled areas with shake sidingd craftsman arches, broken roof lines with dutch hip accents, dormers, board and batten siding, brick and
one veneer. The development will also have a community building of similar style that will house the on-e management office, a multipurpose community room, computer center, laundry room, exercise room
d covered patio.
e rents will be affordable to 50% and 60% income levels. We feel that this site and market are excellentthe proposed development. All necessary amenities for the residents are within one mile of the site.
elby is a growing community located just outside Charlotte, North Carolina. It offers outdoor recreation,e arts, dining and shopping, business and industry, education, healthcare and a solid network of parks,mmunity centers and libraries. Shelby is a nice community to live in.
ont entries are covered breezeways. Patio doors are full view glass providing an abundance of naturalht into the main living, dining, and kitchen areas. All units will have patios or balconies with storageosets. The roof will have a Dutch hip, shake siding in gable areas, high quality vinyl siding, and vinyl cladndows with grids.
new playground/tot lot will be installed that will be handicap accessible. It will have benches anduipment for both older children and tots. A new picnic shelter will be constructed with seating, tables andlling station. A gazebo will also be installed for the residents use. There will be three areas of seating
cated through out the property for the residents benefit. The community room will have an exercise room,ultipurpose area, and computer station.
nstruction (check all that apply):
Brick Vinyl Wood HardiPlank Balconies/Patios Sunrooms Front Porches
Front Gables or Dormers Wide Banding or Vertical/Horizontal Siding
Other:All residential buildings will contain fire protection/sprinkler systems.
ve you built other tax credit developments that use the same building design as this project?No
If yes, please provide name and address:
e Amenities:
new playground/tot lot will be installed that will be handicap accessible. It will have benches anduipment for both older children and tots. A new picnic shelter will be constructed with seating, tables andlling station. An gazebo will also be installed for the residents use. There will be three areas of seating
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cated through out the property for the residents benefit. The community room will have an exercise room,ultipurpose area, and computer station.
site Activities:
e anticipate having computer classes, health education, first aid courses, and various childrens activitiesared towards different age groups, holiday events, and much more.
ndscaping Plans:
s our plan to install new plant material as described in the QAP and an irrigation system in the mainsible areas. We will also make sure all site amenities and handicap parking and walks conform tondicap/accessibility requirements. There will also be new hardscape items installed such as a picnicelter, playground, benches and a gazebo/trellis. The site will have attractive signage, lighting, and
ndscaping. Trees will be a minimum of 2 caliper and all shrubs will be 3 gallon or larger. White vinylncing will be installed around the dumpsters.
erior Apartment Amenities:
e units will be spacious with exterior storage and large closets within the units. All living areas anddrooms will have ceiling fans. All appliances will carry the energy star rating. All units will have
shwashers and full size washer dryer connections.
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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pplicant's Site Evaluation
efly describe your site in each of the following categories:
EIGHBORHOOD CHARACTERISTICS
end and direction of real estate development and area economic health. Physical condition of buildings andprovements in the immediate vicinity. Concentration of affordable housing.
he trend of real estate development in the area is positive. The area is growing as evidenced by the new
otel under construction next to the site. The physical condition of the residential houses, churches andusinesses in the vicinity is execellent. The site has wonderful visibility. There is not a high concentration offordable housing in the area.
URROUNDING LAND USES AND AMENITIES
nd use pattern is residential in character (single and multifamily housing). Extent that the location isolated. Effect of industrial, large-scale institutional or other incompatible uses, including but not limited to:astewater treatment facilities, high traffic corridors, junkyards, prisons, landfills, large swamps, distributioncilities, frequently used railroad tracks, power transmission lines and towers, factories or similar operations,
urces of excessive noise, and sites with environmental concerns (such as odors or pollution). Amount andaracter of vacant, undeveloped land. The area around the site is a mixed use nighborhood with a goodlance of residential and commercial uses. The location is not isoltaed in the least and there are nogative features (including those mentioned above) in the area. There are no large amounts of vacant land.e only vacant land is the site.
TE SUITABILITY
equate traffic safety controls (i.e. stop lights, speed limits, turn lanes). Burden on public facilitiesarticularly roads). Access to mass transit (if applicable). Visibility of buildings and/or location of project signin relation to traffic corridors. The site borders three public roads and will have excellent ingress, egress
d visibility. There is an existing stoplight at the intersection of two of the road at the corner of the site.
egree of on-site negative features and physical barriers that will impede project construction or adverselyect future tenants; for example: power transmission lines and towers, flood hazards, steep slopes, large
ulders, ravines, year-round streams, wetlands, and other similar features (for adaptive re-use projects-itability for residential use and difficulties posed by the building(s), such as limited parking, environmentaloblems or the need for excessive demolition).
here are no on-site negative features or physical barriers that will impede project construction or adverselyfect future tenants.
milarity of scale and aesthetics/architecture between project and surroundings.
he two-story design of the project will blend well with the mixed use neighborgood which consists of 1 and
story residential homes and multiple story businesses as well as the 4 story hotel under construction.
r each applicable neighborhood feature, enter distance from project in miles.
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Grocery StoreCommunity/Senior
Center
Mall/Strip Center Hospital
Outdoor Athletic Fields Pharmacy
Day Care/After School Basic Health Care
Schools
Public Transportation
op
Convenience Store
Public Parks
Gas Station
Library
her facilities or services:ghway 74 is approximately one city block from the site traveling on Sue Lane. Highway 74 is a mainrridor through Shelby and has every conceivable amenity that residents would like and need.
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2
2.7
1
1
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evelopment Team
ovide contact information for development team members below:
nagement Agent
ompany: Pendergraph Management, LLC
dress: PO Box 19691
ty: Raleigh State: NC Zip:
one Email:
ontact Name: First: Frankie Last: Pendergraph
chitect
ompany: Ross Deckard Architects, PA
dress: PO Box 98044
ty: Raleigh State: NC Zip:
one Email:
ontact Name: First: James (JR) Last: Ross
orney
ompany: The Brockmann Law Firm
dress: 8037 Corporate Center Drive Suite 100
ty: Charlotte State: NC Zip:
one Email:
ontact Name: First: Todd Last: Brockmann
estor
ompany: Apollo Equity Partners
dress: 2101 Rexford Road, Suite 375W
ty: Charlotte State: NC Zip:
one Email:
ontact Name: First: Brian Last: Flanagan
nsultant/Application Preparer (if different from developer)
ompany:
dress:
ty: State: Zip:
one Email:
ontact Name: First: Last:
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27619
(919)755-0558 [email protected]
27624
(919)875-0001 [email protected]
28226
(704)541-5779 tbrockmann@brockmannlawfirm.
28211
(980)233-6462 [email protected]
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neral Contractor Identity of Interest?
ompany: Caliber Builders, LLC
dress: PO Box 19691
ty: Raleigh State: NC Zip:
one Email:
ontact Name: First: Frankie Last: Pendergraph
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27619
(919)861-6092 [email protected]
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rojected 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
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2,500
19,000
1,500
20,736
500
3,500
1,500
training, computer, soft2,375
51,611
10,000
8,000
8,000
26,000
1,200
1,600
2,000
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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
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
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9,000
17,000
1,000
1,000
1,500
2,000
36,300
22,000
2,800
500
12,000
250
1,350
4,000
42,900
0
12,000
12,000
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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
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168,811
134,811
48
2,809
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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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inimum Set-Asides
NIMUM 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: NCredit 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: NCredit 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 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 comedian income.
At least fifty percent (50%) of qualified units will be affordable to and occupied by households with incomes at or below fifty per(50%) of county median income.
Tax Exempt BondsThreshold 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 per(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 per(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 fiftypercent (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 per(40%) of county median income.
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ull 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 Mapshowing 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 orphotocopies)
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, 24inches)
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 projectsinvolving existing occupants of any dwell ings to be rehabbed or demolished.
O Evidence of Permanent Loan Commitment and other sources of funds ( i.e. Equity letter, AHP, RD and local governmentfunds). For Rehabs with existing loans provide 1) copies of loan documents, 2) current loan balances from existing lenderreserve 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 inAppendix I). For projects with existing PBRA contracts, provide a copy of the current contract and bank statement or otherdocumentation 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 approvingdeferral of fee is required.
R Inducement Resolution (Tax-Exempt Bond Financed Projects only)