Rutherford Manor I

8/6/2019 Rutherford Manor I

1/21

rint - APP09-0084

Print Preview - PreliminaryApplicationTax Credits, RPP Loans, and/or Tax Exempt Bond Loans

roject Description

oject Name: Rutherford Manor I

ddress: 735 South Church Street

ty: Forest City County: Rutherford Zip:

ensus Tract: 9608 Block Group: 3

project in Qualified Census Tract or Difficult to Develop Area? Yes

e you requesting the basis boost under section II(E)(4) of the QAP?

olitical Jurisdiction: Town of Forest City

risdiction CEO Name:First:James Last:Gibson

Title: Mayor

risdiction Address: PO Box 728

risdiction City: Forest City Zip:

risdiction Phone:

te Latitude:

te Longitude:

oject Type: Rehab

Is this project a previously awarded tax credit development?No

w Construction/Adaptive Reuse:his project a follow-on (Phase II, etc) to a previously-awarded tax credit development project?

If yes, list names of previous phase(s):

ehab:

umber of residents holding Section 8 vouchers: 0

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

ttps://www.nchfa.org/Rental/RTCApp/(S(idts1f454...593C74D755&SNID=A3D4D40563B148F183D77BCF4D8FFFFB (1 of 21)4/14/2009 1:16:00 PM

28043

28043

(828)248-5202

35.3228

-81.8768


2/21

rint - APP09-0084

ll the project include a Community Service Facility under IRS Revenue Ruling 2003-77?o

If yes, please describe:

rget Population:Family

ll the project be receiving project based federal rental assistance? Yes

If yes, provide the subsidy source: RD and number of units:


56


3/21

rint - APP09-0084

pplicant Information

icate below an individual or a validly existing entity (a corporation, nonprofit, limited partnership or LLC) as the official applicant. UAP Section III(C)(5) only this individual or entity will be able to make decisions with regard to this application. If awarded the applica

st become part of the ownership entity. The applicant will execute the signature page for this application.

pplicant Name: Pendergraph Development, LLC

ddress: PO Box 19691

ty: Raleigh State: NC Zip:

ontact: First: Frankie Last:Pendergraph Title:

elephone:

t Phone:

ax:

mail Address:

OTE: Email Address above will be used for communication between NCHFA and Applicant.


27619

(919)755-0558

[email protected]


4/21

rint - APP09-0084

te Description

tal 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? Yes

If yes:(a) Briefly describe the situation:

Due to the scope of work being completed, we do not anticipate having to displace any residents, except for

maybe one night. We will offer residents a night in the hotel if necessary and cover their meals for the timethey will be away from their home. The general contractor will be made aware of the possible overnightdisplacement and this will be handled within their contract.

(b) Will tenant displacement be temporary? No(c) Will tenant displacement be permanent? No

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:


4.42 4.42


5/21

rint - APP09-0084

(b) Describe flood mitigation if the project will have improvements within the 100 year floodplain:



6/21

rint - APP09-0084

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/contractpurchase 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:


12/31/2009

1,304,824


7/21

rint - APP09-0084

oning

esent zoning classification of the site:C-3

multifamily use permitted?Yes

e 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 forobtaining them:

e there any existing conditions of historical significance located on the project site that will require State Historic Preservation officeiew?No

If yes, describe below:

e there any existing conditions of environmental significance located on the project site?No

If yes, describe below:



8/21

rint - APP09-0084

wnership Entity

wner Name: Rutherford Manor I Apartments, 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.

ntity Type: Limited Liability Company

ntity Status: Already 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.ick [Add] to add additional partners, members, and principals.

Org: FWP Rutherford Manor I Apartments, LLC

rst Name: Frankie Last Name: Pendergraph Function: Managing Member

ddress: PO Box 19691

ty: Raleigh State: NC Zip: 27619

hone: Fax:

Mail: Nonprofit: No


27619

(919)755-0558 (919)861-6068

[email protected]


9/21

rint - APP09-0084

nit Mix

e Median Income for Rutherford county is $51,300.

w Income Units

Type # BRs Net Sq.Ft.Total

# Units#Units

MonthlyRent

UtilityAllowance

MandatoryServ. Fees

**TotalHousing Exp.

Gdn Apt 1

Gdn Apt 2

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.

tilities 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:

quare Footage Information


673 16 0 486 70 0 556

836 40 2 547 98 0 645

56 2 29656

56 2 29656

9 2

468


10/21

rint - APP09-0084

oss Floor Square Footage:

otal Net Sq. Ft. (All Heated Areas):

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 state codes.)

Number of Units:

Number of Units Required:

Persons with disabilities or homeless populations.

Number of Units:

tes

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.


56,466

55,206

0

6

5
http://www.nchfa.com/Rental/Mincomelimits.aspxhttp://www.nchfa.com/Rental/Mincomelimits.aspx


11/21

rint - APP09-0084

argeting

ecify Low Income Unit Targeting in table below. List each applicable targeting combination in a separate row below. Click [Add] ate another 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




tal Low Income Units:

te: This number should match the total number of low income units in the Unit Mix section.


10 60

23 60

6 50

17 50

56


12/21

rint - APP09-0084

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:



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 debtservice below.

Total Sources must equal total replacement cost in Project Development Cost (PDC) section.

stimated 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))


404,278 1.00 25 25 18,283

1,406,574 0 30 30 0

2,279,501

73,736

228

4,164,317

66


13/21

rint - APP09-0084

he RD loan will be assumed under the current rates and terms. The annual debt service is $17,860.



14/21

rint - APP09-0084

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 5% lines 2-9, Rehabs 10%)

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


969,824 917,968

25,000 25,000

1,400,000 1,400,000

60,000 60,000

89,100 89,100

31,482 31,482

94,446 94,446

170,003 170,003

30,000 30,000

15,000 15,000

2,884,855

38,500 38,500

231,000 184,800

15,000 15,000

6,500 6,500

6,000 6,000

4,300 4,300


15/21

rint - APP09-0084

29 Title and Recording


30 Real Estate Attorney

31 Other Attorney's Fees

32 Tax Credit Application Fees (Preliminary and Full)

33 Tax Credit Allocation Fee (0.62% of line 60, minimum $7,500)

34 Cost Certification / Accounting Fees

35 Tax Opinion

36 Organizational (Partnership)

37 Tax Credit Monitoring Fee


38 Furnishings and Equipment

39 Relocation Expense

40 Developer's Fee

41 Additional Contigency (greater of $500/unit or $30,000)

42

43

44 Rent-up Expense

45

46


47 Rent up Reserve

48 Operating Reserve

49

50

51 DEVELOPMENT COST (lines 1-49)

52 Less Federally Funded Grant

53 Less Disproportionate Standard

54 Less Nonqualified Nonrecourse Financing

55 Less Historic Tax Credit

56 TOTAL ELIGIBLE BASIS

57 Applicable Fraction (percentage of LI Units)


10,000

311,300

35,000 25,000

7,500 7,500

2,300

27,362

10,000 10,000

5,000

39,200

126,362

15,000 15,000

420,000 420,000

30,000 30,000

Lender Inspection Fees 6,000 6,000

CNA and Termite Repo 5,000 5,000

Other Non-basis Expen

Other Non-basis Expen

476,000

16,800

Lease Up Reserve

Mgmt Lease Up and Te 14,000

3,829,317 917,968 2,688,631

0

3,606,599 917,968 2,688,631

100.00% 100% 100%


16/21

rint - APP09-0084

58 Basis Before Boost

59 Basis Boost of up to 130%

60 TOTAL QUALIFIED BASIS

61 Tax Credit Rate

62 Federal Tax Credits (maximum $1,300,000)

63 Federal Tax Credits Requested (if less than line 62)

64 Land Cost

65 TOTAL REPLACEMENT COST

FEDERAL TAX CREDITS IF AWARDED

Comments:

Total Replacement Cost per unit74,363


3,606,599 917,968 2,688,631

100.00% 130.00%

4,413,188 917,968 3,495,220

3.50 9.00

348,994 32,129 314,570

345,414 30,844 314,570

335,000

4,164,317

348,994


17/21


18/21

rint - APP09-0084

ndscaping Plans:

e current landscaping is original to the property. All overgrown shrubs will be properly pruned, deadrubs or missing shrubs will be replaced. All plant beds will be well defined and heavily mulched. Presenteas that lack positive water flow will be re-graded to eliminate standing water. The plant bed at the projectgn will be re-worked and landscaped.

erior Apartment Amenities:

e existing apartment amenities will not change, however the majority of units will receive new ranges,frigerators, carpet, vinyl, cabinets, etc.

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.



19/21

rint - APP09-0084

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.

utherford Manor I Apartments blends with the surrounding neighborhood and property uses. The

eighborhood is not declining and is well suited for this type of development. Within a two mile radius of thete are residential homes, other multi-family developments and some light commercial structures.

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, distribution

cilities, 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 site is suitable for the current development. The currentvelopment has been in this location for over 20 years. There are no physical barriers from the surroundingeas. The area surrounding the development is primarily residential in nature with no large tracts of vacantdeveloped land surrounding the development.

TE SUITABILITY

dequate 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 sign in relation to traffic corridors. The development is located on a secondary road which is adequate tocommodate the traffic generated by the development. No improvements will be necessary to the currentad system.

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, largeulders, 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 is no degree of on-site negative features or physical barriers that would impede the rehabilitation ofis development. The current parking is adequate for the development size.

milarity of scale and aesthetics/architecture between project and surroundings.

he development is located in a mixed use area and is similar in scale to the surrounding neighborhood,nd architecturally compatible.

r each applicable neighborhood feature, enter distance from project in miles.



20/21

rint - APP09-0084

Grocery Store Community/Senior Center

Mall/Strip Center Hospital

Outdoor Athletic

eldsPharmacy

Day Care/After

choolBasic Health Care

SchoolsPublic Transportation

Stop

Convenience Store Public Parks

Gas Station Library

her facilities or services:

orest City is a small community with all conveniences within one to two miles of the property. A locationap has been attached.


0

.5 8

.72.1

202

0 1.7

0 1.7


21/21

rint - APP09-0084

reliminary App Checklist

e following enclosures must be submitted along with your signed preliminary application. Some enclosures are required only undetain conditions. Please check each applicable item to indicate that you understand the enclosure requirements and will enclose threct supporting documentation with your application.

Fee PaymentCheck in the amount of $5,450.00 made payable to North Carolina Housing Finance Agency.

Tab A - Preliminary ApplicationPrinted, signed copy of preliminary application generated from online system.

B - Map/Driving InstructionsA local map clearly identifying the location of the Site and detailed directions to the Site. Current City or County maps are prefe

internet maps and directions are not acceptable. Applicant must also provide a map identifying the amenities listed in section(A)(1)(b)(ii) of the QAP and their proximity to the site.

Applicant must provide a sign and boundary markers to clearly identify the road frontage of the site. The sign identifying the sitshould read SITE with a minimum size of 11x17.

C - Community Revitalization Plan

Applicant should provide a map identifying the subject site within the Plan area (if applicable).D - Evidence of Site ControlProvide valid option/contract or warranty deed and plot plan.

E - Site Plans/Scope of WorkPreliminary site plan, floor plans and elevations for all projects, interior and exterior photographs and detailed scope of work foAdaptive Reuse and Rehab projects. Site and floor plans should be no larger than 11x17 and must be produced by a licensedarchitect or engineer.

F - Information Package for Market AnalystsThis section must include copies of items required in Tabs A, B, E and G (site and floor plans should be no larger than 11x17) can include any additional market information such as preliminary market studies the applicant would like to provide to theAnalysts.

G - Rent Roll (Rehabs only)

Provide the current rent roll for the property and indicate which units (if any) are receiving rental assistance.H - Documentation for Basis BoostApplicant should provide an appraisal and/or standard geological survey to support a request for the basis boost (if applicable)

Documents

Rutherford Manor I