covington park

8/6/2019 Covington Park

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

roject Description

oject Name: Covington Park

ddress: 1025 W Hamlet Avenue

ty: Hamlet County: Richmond Zip:

ensus Tract: 9710 Block Group: 2

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: City of Hamlet

risdiction CEO Name:First:Jeff Last:Smart

Title: Mayor

risdiction Address: PO Box 1229

risdiction City: Hamlet Zip:

risdiction Phone:

te Latitude:

te Longitude:

oject Type: New Construction

Is this project a previously awarded tax creditdevelopment?

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

ttps://www.nchfa.org/Rental/RTCApp/(S(oahb4s45g...F0E0E563B2&SNID=4A32CDC7EF68487CBF14BB8828138328 (1 of 21)4/14/2009 1:21:59 PM

28345

28345

(910)582-2651

34.9029

-79.7121


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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? No

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



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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. 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]


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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? 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:


12 12


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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/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

175,000


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oning

esent zoning classification of the site:RA-20

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:



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wnership Entity

wner Name: Covington Park, 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: 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.ick [Add] to add additional partners, members, and principals.

Org: FWP Covington Park, 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]


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nit Mix

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

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.

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


1025 24 3 375 144 0 519

1220 32 3 400 170 0 570

56 6 21800

56 6 21800

4 2

1,614


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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.

ttps://www.nchfa.org/Rental/RTCApp/(S(oahb4s45...0E0E563B2&SNID=4A32CDC7EF68487CBF14BB8828138328 (10 of 21)4/14/2009 1:21:59 PM

74,589

65,702

3

6

6
http://www.nchfa.com/Rental/Mincomelimits.aspxhttp://www.nchfa.com/Rental/Mincomelimits.aspx


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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] 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.


9 50

14 50

15 60

18 60

56


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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:



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))


2,122,029 0 30 30 0

3,795,620

7,035

382

5,925,066

65


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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 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


560,000 500,000

2,968,000 2,968,000

100,000 100,000

217,680 217,680

76,914 76,914

230,741 230,741

207,667 207,667

60,000 60,000

15,000 15,000

60,000 60,000

4,496,002

2,000 2,000

42,000 42,000

226,800 226,800

5,000 5,000

15,000 15,000

18,000 18,000

6,500 6,500

6,500 6,500

4,300 4,300


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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)


9,000

335,100

35,000 25,000

6,000 6,000

2,300

43,855

10,000 10,000

5,000

39,200

141,355

20,000 20,000

588,000 588,000

30,000 30,000

Other Basis Expense (s

Other Basis Expense (s

Other Non-basis Expen

Other Non-basis Expen

638,000

33,600

92,009

Lease Up Fee 14,000

Lease Up Reserve

5,750,066 0 5,441,102

0

5,441,102 0 5,441,102

100.00% 100% 100%


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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:

Project Development Cost per unit53,000


5,441,102 0 5,441,102

100.00% 130.00%

7,073,433 0 7,073,433

3.50 9.00

636,609 0 636,609

584,000 584,000

175,000

5,925,066

636,609


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arket Study Information

ease provide a detailed description of the proposed project:

ovington Park will be a 4-building, 56-unit family development consisting of 24 2-bedroom units and 32 3-droom units and a separate large community/office building. Three buildings will contain 16 units and oneilding will contain 8 units. The buildings will be 2 stories and will feature a craftsman style design

cluding gabled areas with shake siding and craftsman arches, broken roof lines with dutch hip accents,rmers, board and batten siding, brick and stone veneer. The development will also have a community

ilding of similar style that will house the on-site management office, a multipurpose community room,mputer center, laundry room, exercise room and covered patio.

e rents will be affordable to 50% and 60% income levels. We feel that this site and market are excellentr the proposed development. All necessary amenities for the residents are within one mile of the site.

amlet is a growing community. It offers outdoor recreation, dining and shopping, business and industry,ucation, healthcare and a solid network of parks, community centers and libraries. Hamlet is a nicemmunity 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 storage

osets. 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:

ve you built other tax credit developments that use the same building design as this project?Yes

If yes, please provide name and address:Greenridge, Rockingham, NCWyndsor Downs, Polkton, NC

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 and



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lling station. A gazebo will also be installed for the residents use. There will be three areas of seatingcated 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 and direction of real estate development and economic health is very positive. Adjacent to the

te is a new medical office facility. Across the street is Richmond County Community College which looksew. Also across the street is the Sandhills Hospital which is in excellent condition.

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 area around the site is a mixed use neighborhood with a goodlance of residential and commercial uses. The location is not isolated 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

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 site is located off of Hwy 74 Business in Hamlet. Hwy 74 is a 4 lane

ghway and has adequate traffic safety controls in place. The property has excellent visibility.

egree of on-site negative features and physical barriers that will impede project construction or adversely

ect 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 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 project will be consistent with the existing structures in the neighborhood which includes single-familyesidential, medical offices, a hospital and a community college.

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



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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:


50 .10

.1 .10

50.50

50.10

.4

.1 1.8

.1 1.6


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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)

covington park

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