abbington gardens

8/6/2019 Abbington Gardens

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

roject Description

oject Name: Abbington Gardens

ddress: 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

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

olitical Jurisdiction: City of Shelby

risdiction CEO Name:First:W. Ted Last:Alexander

Title: Mayor

risdiction Address: PO Box 207

risdiction City: Shelby 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(ncuh53exh...779EE4FC14&SNID=B56F60DE1E2645B4A916C7A3AC36085C (1 of 21)4/14/2009 1:10:08 PM

28152

28151

(704)482-3531

35.26960

-81.52097


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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:Elderly (55)

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:


4 4


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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:


12/31/2000

500,000


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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 forobtaining them:

Special Use Permit to allow 48 units-to be completed by the Agency deadline.

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: Abbington Gardens, 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 Abbington Gardens, 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 Cleveland 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

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):


771 12 2 375 73 0 448

1031 12 2 430 92 0 522

771 12 2 395 73 0 468

1031 12 2 450 92 0 542

48 8 19800

48 8 19800

1 2

1,400


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Elevators - Number of Elevators:

quare Footage Information

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(ncuh53ex...79EE4FC14&SNID=B56F60DE1E2645B4A916C7A3AC36085C (10 of 21)4/14/2009 1:10:08 PM

1

59,734

57,286

4

6

5
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.


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:



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))


450,000 6.50 30 30 34,132

1,175,885 0 30 30 0

3,544,940

83,214

355

5,254,394

67


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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


400,000 360,000

2,544,000 2,544,000

176,640 176,640

62,413 62,413

187,238 187,238

168,515 168,515

50,000 50,000

12,000 12,000

60,000 60,000

3,660,806

2,000 2,000

22,750 22,750

234,780 234,780

5,000 5,000

15,000 15,000

12,000 12,000

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

317,830

30,000 25,000

6,000 6,000

2,300

36,452

8,000 8,000

1,000

33,600

117,352

20,000 20,000

504,000 504,000

30,000 30,000

Other Basis Expense (s

Other Basis Expense (s

Other Non-basis Expen

Other Non-basis Expen

554,000

78,006

Lease Up Reserve 14,400

Lease Up Fee 12,000

4,754,394 0 4,522,636

0

4,522,636 0 4,522,636

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


4,522,636 0 4,522,636

100.00% 130.00%

5,879,427 0 5,879,427

3.50 9.00

529,148 0 529,148

529,148 529,148

500,000

5,254,394

529,148


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arket Study Information

ease provide a detailed description of the proposed project:

bbington Gardens will be a 48 unit elderly development consisting of 24-1br units and 24-2br units andge community areas. The community space will have an exercise room, craft area, multipurpose area,mputer station, sunroom, screened porch area, covered patio and several seating alcoves along thellways. A covered drive area will be constructed to allow residents to be picked up in a protected area.

ur rents will be affordable to 50% and 60% income levels with the rent structure targeting at 50% and 60%

nt levels. We feel that this site and market is excellent for the proposed development. All necessarymenities for the residents are within 1/2 mile of the site.

e area offers outdoor recreation, dining and shopping, business and industry, education and healthcared a solid network of parks, community centers and libraries. There is also the senior center within twoles of the site. They offer many programs for the seniors in the community such as meal preparation,afts, ceramics, health classes, Veterans meetings and programs.

helby 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.

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:

The building will be an all inclusive two story building with a central area designed for meeting purposes andtwo off-set wings. There will be a covered screen porch off of the back of the building, a covered patio offthe back, a covered drive area in the front of the building with benches lining the front entrance walkway, asunroom, and exercise room, computer room with multiple computers, a multi-purpose area for activities,craft room, and alcove seating areas along the hallways. There will be an elevator located within the centralcorridor of the building and stairwells on the ends of the building for fire safety.

All units will have patios or balconies with storage. Patio doors are full view glass providing an abundanceof natural light into the main living, dining, and kitchen area.

The building has been designed for active seniors in mind to enhance their quality of life by providing theability to interact with others and get involved with activities.

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:

e development will include 3 outdoor sitting areas, a community building containing a multipurpose room,resident computer center and each unit will have its own exterior tenant storage closet. The developmentl also include a covered patio with seating (150 sq ft minimum) attached to the back of the communityilding and a separate gazebo with seating. The gazebo will be centrally located on the property.



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site Activities:

e anticipate having computer classes, health education, first aid courses, diabetes screening and nutritionasses, wellness programs, a computer learning center, aerobics and exercise classes, and varioustivities geared towards different age groups, holiday events, and much more. We see this developmenthaving active seniors as residents.

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 current handicap parking and walks conform tondicap/accessibility requirements. There will also be new hardscape items installed like benches and a

ellis. The site will have attractive signage, lighting, and landscaping. Trees will be a minimum of 2 caliperd all shrubs will be 3 gallon or larger. White vinyl fencing will be installed around dumpsters.

erior Apartment Amenities:

e units wills be spacious with exterior storage and large closets within the units. All rooms will haveiling fans. All appliances will carry the energy star rating. All units will have full size washer dryernnections.

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 recently constructed next to the site. The physical condition of the residential houses,churches andusinesses in the vicinity is excellent. The site has wonderful visibility. There is not agh concentration of affordable 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, 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 borders three public roads and will have excellent ingress, egressd visibility. There is an existing stoplight at the intersection of two of the roads at the corner of the site.

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 two-story design of the project will blend well with the mixed use neighborgood which consists of 1 andstory residential homes and multiple story businesses as well as the 4 story hotel recently constructed.

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:

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.


2

2.7

1

1

1

2


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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)

abbington gardens

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