hamilton ridge
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Check all that apply:
Federal Low Income Housing Tax Credit
State Low Income Housing Tax Credit
Tax Exempt Bonds
Rental Production Program (RPP) Loan
Requested RPP Loan Amount:RPP Loan Product Requested: Multi-Family Production
Print Preview - Final Application
Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans
Resources Requested
300,000
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Is project in Qualified Census Tract & Difficult to Develop area:
Project Name and Location
Project Name: Hamilton Ridge
Address: PENCO DRIVE
City: Hamilton County: MARTIN Zip: 27840
Census Tract: 9704 Block Group: 1
No
Political Jurisdiction: TOWN OF HAMILTON
Jurisdiction CEO Name: First: Last:DG MATTHEWS Title: MAYOR
Jurisdiction Address: PO BOX 249
Jurisdiction City: HAMILTON Zip: 27840
Jurisdiction Phone: (919)798-2001
Site Latitude: 35.93749
Site Longitude: -77.20267
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Is this project a follow-on (Phase II, etc) to a previously-awarded tax credit development project?
If yes, list names of previous phase(s):If yes, list names of previous phase(s):
Will the project be receiving federal rental assistance?
If yes, provide the subsidy source:If yes, provide the subsidy source: RD and number of units:and number of units:
Target Population: Elderly (RHS/HUD)
Indicate below any additional targeting for special populations proposed for this project:
Square Footage Information
Project Description
Project Type:* New Construction Rehab Adaptive Reuse
No
Yes
2424
Mobility impaired handicapped: 5% of units comply with QAP Section IV(F)(3) (in addition to other federal and staterequirements)
Persons with disabilities or homeless populations: the greater of 5 units or 10% of the total units
Remarks: PERSONS WITH DISABILITIES
Proposed number of residential buildings: 6 Maximum number of stories in buildings: 1
Types of Units:* Townhouse Duplex Garden Apartment Detached Single-Family
Project Includes:Separate community building -- Sq. Ft. (Floor Area):Sq. Ft. (Floor Area): 752752
Community space within residential bulding(s) -- Sq. Ft. (Floor Area):Sq. Ft. (Floor Area):
Elevators -- Number of Elevators:Number of Elevators:
Gross Floor Square Footage: 11,446
Total Net Sq. Ft. (All Heated Areas): 10,014
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Applicant Information
Applicant Name: Pendergrant Development, LLC
Address: PO Box 18863
City: State: NC Zip:Raleigh 27619
Contact: First: Last: Title:Marilyn Hernandez Development Coordinator
Telephone: (919)755-0558
Alt Phone: (919)861-6028
Fax: (919)754-8663
Email Address: MHERNANDEZ@PENDERGRAPHPRO
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Total Site Acreage: Total Buildable Acreage:
If buildable acreage is less than total acreage, please explain:
Identify utilities and services currently available (and with adequate capacity) for this site:
Storm Sewer Water Sanitary Sewer Electric
Is the demolition of any buildings required or planned?
If yes, please describe:
Are existing buildings on the site currently occupied?
If yes:(a) Briefly describe the situation:
(b) Will tenant displacement be temporary?
(c) Will tenant displacement be permanent?
Is the site in a distressed neighborhood?
If yes, does a community revitalization plan exist?
Is the site directly accessed by an existing, paved, publicly maintained road?
If no, please explain:
Is any portion of the site located inside the 100 year floodplain?
If yes:(a) Describe placement of project buildings in relation to this area:
Site Description
5 5
No
No
No
Yes
No
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(b) Describe flood mitigation if the project is in the East Region and will have improvements within the 100 year floodplain:
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Does the owner have fee simple ownership of the property (site/buildings)?
If yes provide:
Purchase Date: Purchase Price:
If no:
Site Control
No
(a) Does the owner/principal or ownership entity have vaild option/contract to purchase the property? Yes
(b) Does an identity of interest (direct or indirect) exist between the owner/principal or ownership entity with the option/contract for
purchase of the property and the seller of the property?If yes, specify the relationship:
No
(c) Enter the current expiration date of the option/contract to purchase: 11/15/2003
(D) Enter Purchase Price: 75,000
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Present zoning classification of the site:
Is mutifamily use permitted?
Are variances, special or conditional use permits or any other item requiring a public hearing needed to develop this proposal?
If yes, have the hearings been completed and permits been obtained?
If yes, specify permit or variance required and date obtained. If no, describe permits/variances required and schedule for obtainingthem:
Is a public hearing of any kind required in the future for you to fully develop this property?
If yes, describe the nature of the hearing and when you expect the hearing will be held:
Are there any existing conditions of historical significance located on the project site that will require State Historic Preservation office review?
If yes, describe below:
Are there any existing conditions of environmental significance located on the project site?
If yes, describe below:
Zoning
NO ZONING IN THE COUNTY
Yes
No
No
No
No
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Ownership Entity
Owner Name: Hamilton Ridge, LLC
Address: PO Box 18863
City: State: NC Zip:Raleigh 27619
Federal Tax ID Number of Ownership Entity: (If assigned)
Federal Tax ID Number of Managing GP or Member: (If Not Assigned)56-2055367
Entity Type: Limited Liability Company
Entity Status: Already Formed
Is the applicant requesting that the Agency treat the application as Non-Profit sponsored? No
Is the applicant requesting that the Agency treat the application as CHDO sponsored? No
List all general partners, members,and principals. Specify nonprofit corporate general partners ormembers. Click [Add] to add additional partners, members, and principals.
Org: Pendergrant Hamilton Ridge, LLC
First Name: Frankie Last Name: Pendergraph Function: Managing Member
Address: PO Box 18863
City: Raleigh State: NC Zip: 27619
Phone: (919)755-0558 Fax: (919)754-8663
EMail: FPENDERGRAPH@PENDERGR Nonprofit: No TaxID 999-99-9999
Org: Pendergrant Hamilton Rridge, LLC
First Name: Charles Last Name: Grant Function: Member
Address: PO Box 18863
City: Raleigh State: NC Zip: 27619
Phone: (919)755-0558 Fax: (919)754-8663
EMail: cgrant@grant-inc.com Nonprofit: No TaxID 999-99-9999
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List each applicable unit mix combination in a separate row below. Click [Add] to create another row. Click "X" (at the left of each row) todelete a row.
Low Income Units
Market Rate Units
Statistics
Notes
Unit Mix
Type # BRs Net Sq.Ft.Total
# Units#Units
MonthlyRent
UtilityAllowance
MandatoryServ. Fees
**TotalHousing Exp.
Gdn Apt 1 731 10 2 340 80 420
Gdn Apt 2 965 2 1 400 101 501
Gdn Apt 1 731 10 0 370 80 450
Gdn Apt 2 965 2 0 425 101 526
Utilites included in rents: Water/Sewer Electric Gas Other
Type # BRs Net Sq.Ft.Total
# Units#Units
MonthlyRent
UtilityAllowance
MandatoryServ. Fees
**TotalHousing Exp.
Utilites included in rents: Water/Sewer Electric Gas Other
AllUnits
Units
Gross MonthlyRental Income
Low Income....... 24 3 8750
Market Rate.......
Totals............... 24 3 8750
* Paint-to-Paint Square Footage
** Please refer to the Income Limits and Maximum Housing Expense Table to ensure that Total Monthly Tenant Expenses for low incomeunits are within established thresholds.
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Specify Low Income Unit Targeting in table below. List each applicable targeting combination in a separate row below. Click [Add] to createanother row. Click "X" (at the left of each row) to delete a row. Add as many rows as needed.
Total Low Income Units:
Note: This number should match the total number of low income units in the Unit Mix section.
Targeting
# BRs Units %
1 10 targeted at 50 percent of median income.
2 2 targeted at 50 percent of median income.
1 10 targeted at 60 percent of median income.
2 2 targeted at 60 percent of median income.
24
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Estimated pricing on sale of Federal Tax Credits: $0.
Remarks concerning project funding sources:(Please be sure to include the name of the funding source(s))
Funding Sources
Source AmountNon-
Amortizing*Rate(%)
Term(Years)
Amort.Period(Years)
AnnualDebt
Service
Bank Loan
RPP Loan 300,000 0.00 30 30 10,000Local Gov. Loan - Specify:
RD Loan 200,000 1.00 30 50 5,084
AHP Loan
Other Loan 1 - Specify:
Other Loan 2 - Specify:
Other Loan 3 - Specify:
Tax Exempt Bonds
State Tax Credit(Loan) 459,952 0 30 30 0
State Tax Credit(Direct Refund)
Equity: Federal LIHTC 916,930
Non-Repayable Grant
Equity: Historic Tax Credits
Deferred Developer Fees 10,131
Owner Investment 92 Other - Specify:
Total Sources** 1,887,105
* "Non-amortizing" indicates that the loan does not have a fixed annual debt service. For these items, you must fill in 20-year debt servicebelow.
** Total Sources must equal total replacement cost in Project Development Cost (PDC) section.
76
RD LOAN IS COMMITED.
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Development Costs
Item Cost Element TOTAL COSTEligible Basis
30% PV 70% PV
1 Purchase of Buildings (Rehab) 0
2 Demoli tion
3 On-site Improvements 192,000 192,000
4 Rehabilitation
5 Construction of New Building(s) 849,838 849,838
6 Accessory Building(s) 60,000 60,000
7 General Requirements 51,472 51,472
8 Contractor Overhead 23,050 23,050
9 Contractor Profit 69,200 69,200
10 Construction Contingency 37,400 37,400
11 Architect's Fee - Design 43,200 43,200
12 Architect's Fee - Inspection 18,000 18,000
SUBTOTAL (lines 1 through 12) 1,344,160
13 Construction Insurance (prorate) 1,500 1,500
14 Construction Loan Orig. Fee (prorate) 15,262 15,262
15 Construction Loan Interest (prorate) 41,446 41,446
16 Construction Loan Credit Enhancement (prorate) 4,000 4,000
17 Construction Period Taxes (prorate) 4,500 4,500
18 Water, Sewer and Impact Fees 14,638 14,638
19 Survey 10,000 10,000
20 Property Appraisal 6,500 6,500
21 Environmental Report 9,000 9,000
22 Market Study 6,000 6,000
23 Bond Costs (specify)
24 Cost of Issuance
25 Placement Fee
26 Permanent Loan Origination Fee
27 Permanent Loan Credit Enhancement
28 Title and Recording 2,776
SUBTOTAL (lines 13 through 28) 115,622
29 Real Estate Attorney 28,000 25,000
30 Other Attorney's Fees 7,500 7,500
31 Tax Credit App Fees 9,629 9,629
32 Cost Certification/Accounting Fees (specify) 7,500 7,500
33 Tax Opinion
34 Organizational (Partnership)
35 Tax Credit Monitoring Fee 14,400
SUBTOTAL (lines 29 through 35) 67,029
36 Furnishings and Equipment 15,000 15,000
37 Relocation Expenses
38 Developer's Fee (max 15% lines 2-36, less 8 & 9) 211,539 211,539
39 Other Basis Expense (specify)
40 Other Basis Expense (specify)
41 Rent-up Expenses 21,000
42 Other Non-basis Expense (specify)
43 Other Non-basis Expense (specify)
SUBTOTAL (lines 36 through 43) 247,539
44 Rent up Reserve
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Comments:
45 Operating Reserve 37,755
46 Other Reserve (specify)
47 Other Reserve (specify)
48 DEVELOPMENT COST (lines 1-47) 1,812,105 0 1,733,174
49 Less Federal Financing 200,000 200,000
50 Less Disproportionate Standard
51 Less Nonqualified Nonrecourse Financing
52 Less Historic Tax Credit (residential) 0
53 TOTAL ELIGIBLE BASIS 1,533,174 0 1,533,174
54 Times Applicable Fraction 100.00% 100% 100%
55 TOTAL QUALIFIED BASIS 1,533,174 0 1,533,174
56 Tax Credit Rate 8.00% 7.87%
57 FEDERAL TAX CREDITS at Estimated Rate 120,660 0 120,660
57a FEDERAL TAX CREDITS at 8.5% or 3.75% 130,319 0 130,319
58 FEDERAL TAX CREDITS REQUESTED 0
59 STATE TAX CREDITS
60 Land Cost 75,000
61 TOTAL REPLACEMENT COST 1,887,105
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Please provide a detailed description of the proposed project:
Construction (check all that apply):
Brick Vinyl Wood HardiPlank Balconies/Patios Sunrooms Front Porches
Front Gables or Dormers Wide Banding or Vertical/Horizontal Siding
Other:
Have you built other tax credit developments that use the same building design as this project?
If yes, please provide name and address:
Site Amenities (check all that apply):
Market Study Information
HAMILTON RIDGE IS A 24-UNIT APARTMENT COMPLEX FOR PERSONS 62 YEARS OF AGEOR OLDER, HANDICAPPED OR DISABLED. THE PLAN CALLS FOR 20 ONE BEDROOM UNITSAND 4 TWO BEDROOM UNITS LOCATED IN SIX BACK-TO-BACK QUADPLEXES AND ANOFFICE. EACH UNIT WILL HAVE ITS OWN ENTRANCE AND PORCH AREA. THE SEVENTHBUILDING WILL CONSIST OF AN OFFICE AND COMMUNITY ROOM.
THE BUILDINGS ARE A ONE STORY DESIGN AND WILL COMPLY WITH ADAREQUIREMENTS. THE EXTERIOR IS COMPOSED OF WIDE BAND BOARDS, TRIM ANDCOLUMNS. THE SIDING WILL BE HIGH QUALITY VINYL. THE ROOFS WILL HAVE CEDARSTYLE SHAKES AND GABLES. THE STYLE OF CONSTRUCTION IS AKIN TO A COTTAGETYPE HOME.
THE INTERIOR OF THE UNITS WILL HAVE CARPET IN THE LIVING ROOM AND BEDROOM.VINYL FLOORING WILL BE UTILIZED IN THE KITCHEN AND BATHROOMS. ALL INTERIORDOORS WILL BE OF A SIX PANEL DESIGN. THE CABINETRY WILL BE SOLID WOOD STYLES.ALL UNITS WILL HAVE WASHER/DRYER HOOKUPS, DISHWASHERS, REFRIGERATORS,RANGES, PATIOS AND EXTERIOR STORAGE. THE HVAC SYSTEM WILL CONSIST OFENERGY EFFICIENT HEAT PUMPS WITH AN ELEVEN SEER RATING. EXTERIOR WINDOWSAND DOORS, WHERE APPLICABLE, WILL HAVE ENERGY EFFICIENT INSULATED GLASS.
THE DEVELOPMENT WILL HAVE AN OFFICE WITH A MULTI-PURPOSE ROOM AND LAUNDRYFACILITY. THE SITE CONSISTS OF APPROXIMATELY FIVE ACRES AND WILL CONTAIN A
PICNIC AREA, GAZEBO, GARDEN SPOTS AND A WALKING TRAIL. THE PROPERTY WILLHAVE EXTENSIVE LANDSCAPING AND WILL BE MAINTAINED BY A MAINTENANCE PERSONAND A THIRD PARTY MAINTENANCE CONTRACTOR
THE DEVELOPMENT WILL HAVE 100% RETAL ASSISTANCE THROUGH RURALDEVELOPMENT.
Community Bldg - Sq Ft: 752 Community Room - Sq Ft: 364 Garages - Number:
Laundry Rm Screened Porch Resident Computer Center Exam Rm Reading Rm/Library
Game/Craft Rm Exercise Rm TV Rm Beauty Salon Vending Rm
Chapel/Prayer Rm Picnic Area Onsite Leasing Office Onsite Mgr Onsite Maint. Person
Irrigated Lawns Security Gate Car Care Area Storage Units Gazebos
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Onsite Activities:
Landscaping Plans:
Interior Apartment Amenities (check all that apply):
Flooring: Carpet Vinyl Wood Wood Parquet Ceramic Tile Other
Heating/Cooling: Central Air Gas Heat Heat Pump Electric Pump
Do you plan to submit additional market data (market study, etc.) that you want considered?
If yes, please make sure to include the additional information in your pre-application packet.
Walking Trails Garden Spots Basketball/Tennis Court Playground Ball Field
Pool Fitness Stations Horseshoe Pit Shuffleboard Covered Drive Thru
This development will be financed and governed by Rural Development. The service package will bein accordance with those regulations. We will have various on-site activities such as holiday events,social gatherings, newsletters and recreational activities. Also, the community room would beavailable for Town/community activities. We will solicit assistance from local churches, non-profits,senior citizen groups and governmental agencies to aid us in our supportive services package forthe elderly population.
The property will be extensively landscaped exceeding the required per unit cost. Sod and irrigationwill be installed in high visibility areas. The site amenities will be strategically located with bordersthroughout the property and will be handicap accessible. The site will have attractive signage,lighting and landscaping. Curb appeal is always a top priority with Pendergrant Development.
Range Hood Dishwasher Disposal Refrigerator (frost free) Storage interior/exterior
W/D Hookups Mini-blinds Pantry Ceiling fans Walk-in closets
No
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Briefly describe your site in each of the following categories:
Applicant's Site Evaluation
NEIGHBORHOOD CHARACTERISTICS
Physical condition of buildings and improvements. Trend and direction of real estate developmentrelative to the project. Area economic health (degree of decline or investment).
THE SITE IS LOCATED ONE HALF MILE FROM DOWNTOWN HAMILTON. THE BUILDINGS INTHE NEIGHBORHOOD ARE IN GOOD CONDITION. PENCO IS AN ATTRACTIVE BUILDING ANDITS PROPERTY IS WELL LANDSCAPED. PROPERTY DEVELOPMENT IN HAMILTON ISSPREADING IN THE DIRECTION OF THE SITE AS EVIDENCED BY THE NEWFIRE/EMERGENCY STATION ACROSS HIGHWAY 125 FROM THE SITE.
Suitability of surrounding development. Land use pattern is primarily residential with a balance ofother uses, including non-competing multifamily and single family units, relevant amenities, shoppingand services.THE NEIGHBORHOOD IS A MIX OF SINGLE FAMILY RESIDENTIAL, BUSINESS ANDFARMLAND. ACROSS HWY 125 FROM THE SITE IS THE BRAND NEW FIRE/EMERGENCYSTATION. ADJACENT TO THE SITE ON THE LEFT IS A SINGLE FAMILY NEIGHBORHOOD.ADJACENT TO THE SITE ON THE RIGHT IS PENCO, A LOCAL EMPLOYER. PENCO'SBUILDING IS IN GOOD CONDITION AND ITS GROUNDS ARE WELL LANDSCAPED. HAMILTON
RIDGE WILL BE THE ONLY MULTIFAMILY DEVELOPMENT IN HAMILTON. THE SITE IS LESSTHAN ONE HALF MILE FROM DOWNTOWN HAMILTON WHICH OFFERS A RESTAURANT,COMMUNITY GROCERY, BANK, TOWN OFFICES AND VARIOUS CHURCHES.
SITE SUITABILITY
Adequacy of street(s) and/or access road(s) serving the proposed project and traffic controls (lights,stop signs, turning lanes). Access to mass transit (if applicable).THE SITE IS LOCATED ON PENCO DRIVE OFF OF HWY 125. PENCO DRIVE IS ANUNDERUTILIZED ROAD AND IS MORE THAN ADEQUATE TO ACCOMODATE THE HAMILTONRIDGE DEVELOPMENT. THE SITE IS VERY FLAT.
Amount and character of vacant, undeveloped land. Effect of industrial, large-scale institutional orother incompatible uses: wastewater treatment facilities, high traffic corridors, junkyards, prisons,landfills, large swamps, distribution facilities, frequently used railroad tracks, power transmission linesand towers, factories or similar operations, sources of excessive noise, and sites with environmentalconcerns (such as odors or pollution).THE SITE IS LOCATED ADJACENT TO SINGLE FAMILY HOUSING, AN OPEN FIELD AND ISACROSS PENCO DRIVE FROM PENCO. PENCO IS A MANUFACTURER OF SCHOOLLOCKERS AND EMPLOYS OVER 100 WORKERS. THE PENCO BUILDING IS IN GOODCONDITION AND THE GROUNDS ARE WELL LANDSCAPED. THE BUILDING DOES NOTPRODUCE ANY NOISE OR ODOR AND IS NOT AN ENVIRONMENTAL CONCERN.
Degree of on-site negative features and physical barriers that will impede project construction oradversely affect future tenants; for example: power transmission lines and towers, flood hazards,steep slopes, large boulders, ravines, year-round streams, wetlands, and other similar features. Foradaptive re-use projects- suitability for residential use and difficulties posed by the building(s), suchas limited parking, environmental problems or the need for excessive demolition.THERE ARE NO ON-SITE NEGATIVE FEATURES THAT WILL IMPEDE PROJECTCONSTRUCTION. THE POWER TRANSMISSION LINE IS LOCATED ON THE ADJACENT OPENFIELD AND IS NOT A PART OF THE SITE.
Similarity of scale and aesthetics/architecture between project and surroundings.HAMILTON RIDGE WILL BE A ONE STORY DESIGN TO BLEND IN WITH THE SMALL TOWN OF
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For each applicable neighborhood feature, enter distance from project in miles.
Other facilities or services:
HAMILTON. THE "BACK-TO-BACK" QUADPLEX DESIGN WILL GIVE THE DEVELOPMENT ACOTTAGE FEEL.
Concentration of affordable housing (housing credit, project-based rental assistance, public housing).THERE IS NO OTHER AFFORDABLE HOUSING IN HAMILTON.
Availability of Supportive Services (if applicable):This development will be financed and governed by Rural Development. The service package will bein accordance with those regulations. We will have various on-site activities such as holiday events,social gatherings, newsletters and recreational activities. Also, the community room would beavailable for Town/community activities. We will solicit assistance from local churches, non-profits,senior citizen groups and governmental agencies to aid us in our supportive services package forthe elderly population.
Grocery Store0.5 Community/Senior Center10
Mall/Strip Center10 Hospital10
Outdoor Athletic Fields0.5 Pharmacy10
Day Care/After School10 Basic Health Care10
Schools0.8 Medical Offices10
Public Transportation Stop0.5 Bank/Credit Union0.5
Convenience Store0.4 Restaurants0.5
Basketball/Tennis Courts0.5 Professional Services0.5
Public Parks0.8 Movie Theater10
Gas Station0.4 Video Rental10
Library10 Public Safety (Fire/Police)0.2
Fitness/Nature Trails0.8 Post Office0.5
Public Swimming Pools
THE SITE IS LOCATED ONE HALF MILE FROM DOWNTOWN HAMILTON WHERENEIGHBORHOOD SHOPPING AND AMENITIES ARE LOCATED. LCOAL SCHOOLS,CHURCHES, AND LOCAL GOVERNMENT SERVICES ARE ALSO WITHIN ONE HALF MILE. THESITE IS 12 MILES FROM WILLIAMSTON AND 15 MILES FROM TARBORO. THE MARTINCOUNTY COMMUNITY COLLEGE IS 10 MILES FROM THE SITE. THE TOWN OF HAMILTON
HAS AN ACTIVE MEALS ON WHEELS PROGRAM.
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DevelopmentList number low-income/tax credit housing projects and units developed, operated, and maintained in compliance by the principal(s) betweenDecember 1, 1996 and January 1, 2003:
ManagementList number of low-income housing tax credit units managed in the past 10 years:
Has any owner, principal, or management agent been debarred or received a limited denial participation in the past 10 years by any federal or
state agency?
Has any owner, principal, or management agent been involved in a bankruptcy, an adverse fair housing settlement, an adverse civil rights
settlement, or an adverse federal or state government proceeding and settlement in the past 10 years?
Has any owner or principal been in a mortgage default or delinquency of three months or more within the last 5 years on a FHA-insuredproject, a Rural Development funded rental project, a tax-exempt funded mortgage, a tax credit project, or any other publicly subsidized
project?
Has any owner or principal been involved within the last 10 years in a project which previously received an allocation of tax credits but failed tomeet compliance standards of the tax credit allocation, including return of a reservation of tax credits to the Agency after the carryover
agreement has been signed?
Has any owner or principal had a Form 8823 filed with the IRS for noncompliance on a project using low-income housing tax credits or
received a letter of non-compliance from the Agency?
Project Team Experience
North Carolina Other States
Projects: 10 2
Units: 474 104
North Carolina Other States
Projects: 17 5
Units: 812 256
No
No
No
No
No
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Financing Commitments
Does the project have a firm commitment for construction financing? Yes
Does the project have a letter of intent for private permenant financing? Yes
Does the project have a firm commitment for government financing? Yes
Does the project have a letter of intent from an investor? Yes
Is any portion of the eligible basis of new contruction or rehabilitation financed with federal subsidies other than CDBG funds or fundsfrom the HOME program? Yes
If yes, indicate the type and amount below:
Tax Exempt Financing: $
RD 515 Financing: $ 200,000
Hope VI Financing: $
Other: $
If Other, specify the type of Federal subsidy:
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Project Operations (Year One)
Projected Operating Costs
Administrative Expenses
Advertising 200
Other Administrative Expense (specify):
Office SalariesOffice Supplies 500
Office or Model Apartment Rent
Management Fee 16,606
Manager or Superintendent Salaries
Manager or Superintendent Rent Free Unit
Legal Expenses (Project) 500
Auditing Expenses (Project) 2,000
Bookkeeping Fees/Accounting Services
Telephone and Answering Service 521
Bad Debts
Other Administrative Expenses (specify):
SUBTOTAL 20,327
Utilities Expense
Fuel Oil
Electricity (Light and Misc. Power) 4,800
Water 3,300
Gas
Sewer 3,300
SUBTOTAL 11,400
Operating and Maintenance Expenses
Janitor and Cleaning Payroll 900
Janitor and Cleaning Supplies
Janitor and Cleaning Contract
Exterminating Payroll/Contract 505
Exterminating Supplies
Garbage and Trash Removal 2,592
Security Payroll/Contract
Grounds Payroll
Grounds Supplies
Grounds Contract 6,000
Repairs Payroll 6,240
Repairs Material 500
Repairs Contract 500
Elevator Maintenance/Contract
Heating/Cooling Repairs and Maintenance 500
Swimming Pool Maintenance/Contract
Snow Removal
Decorating Payroll/Contract 1,800
Decorating Supplies
Other (specify):
Miscellaneous Operating & Maintenance Expenses
SUBTOTAL 19,537
Taxes and Insurance
Real Estate Taxes 13,500
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Payroll Taxes (FICA) 543
Miscellaneous Taxes, Licenses and Permits 50
Property and Liability Insurance (Hazard) 3,066
Fidelity Bond Insurance 65
Workmen's Compensation 207
Health Insurance and Other Employee Benefits
Other Insurance:
SUBTOTAL 17,431
Supportive Service Expenses
Service Coordinator
Service Supplies
Tenant Association Funds
Other Expenses (specify):
SUBTOTAL 0
Reserves
Replacement Reserves 6,000
SUBTOTAL 6,000
TOTAL OPERATING EXPENSES 74,695
ADJUSTED TOTAL OPERATING EXPENSES(Does not include taxes, reserves and resident support services) *
55,195
TOTAL UNITS(from total units in the Unit Mix section)
24
PER UNIT PER YEAR 2,299
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Design Features
ITEM DESCRIPTION
Foundation/Slab Components MASONARY FOUNDATION/CONCRETE SLAB
Primary Windows Make: Model:SIMOTON/EQUAL PROFINISH Type/Construction: VINYL WITH INSULATED GLASS
Exterior Doors Type: Frames:METAL SIX PANEL WOOD
Siding Type: Grade/Thickness:VINYL .042MIL
Warranty: LIMITED LIFETIME
Exterior Trim VINYL AND METAL WRAP ON FACIA
Shingles Type: Weight:FIBERGLASS 226-231+
Warranty: 25 YEAR
Sprinkler System N/A
Cabinets MERILAT/EQUAL
Heat Pump SEER: Make:11 GOODMAN
Model:
Air Conditioner SEER: Make:N/A
Model:
Other Heat Systems SEER: Make:N/A
Model:
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This is a detailed breakdown of rehabilitation or construction costs you summarized in the Development Costs table (Rehabilitation andConstruction of New Building(s)). The total should match those roll-up values.
Costs - Construction
ITEM LABOR MATERIAL TOTAL
Concrete Footings 13,601 6,689 20,290
Backfill-slab, Crawl 15,150 10,100 25,250
Slab-concrete/Rebar/Gravel 6,700 10,050 16,750
Waterproofing 1,890 1,260 3,150
Masonry Foundation 7,875 14,625 22,500
Brick Veneer 13,230 35,770 49,000
Steel/Structure/Rails 0 0 0
Framing/Lumber/Nails 41,300 61,950 103,250
Trusses 0 50,500 50,500
Crane Rental 4,500 0 4,500
Windows/Grilles/Screen 0 13,275 13,275Exterior Doors 0 21,838 21,838
Roofing 6,904 14,671 21,575
Fencing 0 0 0
Vinyl Siding/Trim/Box 18,920 28,380 47,300
Gutters/Shutters 5,250 5,250 10,500
Insulation 6,930 17,820 24,750
Drywall 27,225 33,275 60,500
Interior Doors 0 23,375 23,375
Int. & Final/Stair/Trim/Shelves 10,140 10,985 21,125
Cabinets & Tops 4,800 19,200 24,000
Painting 17,325 7,425 24,750
Marble - Tub/Shwr/Tops 0 0 0
Plumbing 23,500 23,500 47,000
Electrical 21,375 21,375 42,750
Heating/Air Conditioning 23,750 23,750 47,500
Floor Covering and Underlayment 7,500 17,500 25,000
Wall Paper 0 0 0
Mailboxes/Special Features/Signage 210 1,890 2,100
Gypcrete 7,260 16,940 24,200
Blinds/Shades/Art Work 3,600 5,400 9,000
Light Fixtures/Fans 0 13,875 13,875
Sprinkler System 0 0 0
Security Alarm 0 0 0
Hardwood Floors 0 0 0
Elevator 0 0 0
Ceramic Tiles 0 0 0
Acoustical Ceilings 0 0 0
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Remarks:
Mirror/Shower Door/Encls. 1,650 1,650 3,300
Hardware/Bath Access. 2,550 3,825 6,375
Appliances 0 20,250 20,250
Playground Equipment 0 0 0
Interior Clean 9,180 1,020 10,200
Exterior Clean/Dumpster 6,060 4,050 10,110
Other 1 (specify in Remarks) 0 0 0
Other 2 (specify in Remarks) 0 0 0
Total Cost 308,375 541,463 849,838
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This is a detailed breakdown of the General Requirements cost element you summarized in the Development Costs table (GeneralRequirements). The total should match that roll-up value.
Remarks:
Costs - General
ITEM TOTAL
Supervision 16,725
Job Site Office/Trailer Rental 975
Impact Fees
Office Supplies 422
Security/Watchman 0
Water and Sewer Connection Fees
Project Signage 3,420
Tools and Equipment 3,750
Gas, Oil, and Maintenance 810
Cleanup/Dumpster Rental 9,150
Temporary Water, Electric, and Telephone 0Storage/Hauling 1,875
Driveway Access Permit 0
Porta-John Rental/Dumping 950
Builders Risk Insurance 0
Re-inspection Fees 300
Extra Plans and Specifications 345
Miscellaneous, Casual Labor 5,250
Equipment Rental 2,400
Other 1 (specify in Remarks) 5,100
Other 2 (specify in Remarks) 0
Total Cost 51,472
OTHER 1 = BUILDING PERMITS
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This is a detailed breakdown of the Site Improvements cost element you summarized in the Development Costs table (On-siteImprovements). The total should match that roll-up value.
Remarks:
Costs - Improvements
ITEM TOTAL
Subsurface Exploration/Perk Testing/Site Engineering 13,500
Clearing/Grading/Final Grading/Excess and Borrow 26,625
Demolition 0
Earthwork/Excavation/Aerating 11,625
Soil Treatment 0
Pile Foundations 0
Caissons 0
Shoring/Bracing 3,375
Site Drainage 18,375
Site Utilities/Site Lighting 33,563
Paving and Surfacing/Curb and Gutter 25,200Walkways 16,425
Site Signage 3,750
Parking Lot Painting 4,875
Dumpsite Pads/Fencing 3,375
Fencing/Gates 0
Landscaping/Topsoil 18,750
Waterproofing/De-Watering 0
Operation of Construction Equipment/Fuel/Oil 937
Crane Rental 0
Rock and Hardpan Excavation 1,875
Site Supervision Personnel 9,750
Other (specify in Remarks) 0
Total Cost 192,000
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This is a detailed breakdown of the Bond Costs cost element you summarized in the Development Costs table (Bond Costs). The totalshould match that roll-up value.
Remarks:
Costs - Bond Costs
ITEM TOTAL
Letter of Credit Fee 0
Credit Enhancement 0
Underwriter Discount 0
Capital Interest Fund 0
Other 1 (specify in Remarks) 0
Other 2 (specify in Remarks) 0
Total Cost 0
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This is a detailed breakdown of the Bond Issuance cost element you summarized in the Development Costs table (Cost of Issuance). Thetotal should match that roll-up value.
Remarks:
Costs - Bond Issuance
ITEM TOTAL
Bond Counsel 0
Issuer Counsel 0
Credit Enhancement/LOC Counsel 0
Underwriter Counsel 0
Developer's Counsel 0
Rating Agency Fee 0
Printing 0
Trustee Fee 0
Trustee Counsel 0
Other 1 (specify in Remarks) 0
Other 2 (specify in Remarks) 0Other 3 (specify in Remarks) 0
Total Cost 0
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MINIMUM REQUIRED SET ASIDES (No Points Awarded):
Minimum Set-Asides
Select one of the following two options:
20% of the qualified units are rent restricted and occupied by households with incomes at or below 50% of the median income (Note:No Tax Credit Eligble Units in the the project can exceed 50% of median income)
40% of the qualified units are rent restricted and occupied by households with incomes at or below 60% of the median income (Note:No Tax Credit Eligble Units in the the project can exceed 60% of median income)
If requesting RPP funds:
40% of the qualified unit are occupied by households with incomes at or below 50% of median income.
State Tax Credit and QAP Targeting Points:
High Income county:
At least twenty-five percent (25%) of qualified units will be affordable to households with incomes at or below thirty percent (30%) ofcounty median income.
At least twenty-five percent (25%) of qualified units will be affordable to and occupied by households with incomes at or below thirtypercent (30%) of county median income.
At least fifty percent (50%) of qualified units will be affordable to households with incomes at or below forty percent (40%) of countymedian income.
At least fifty percent (50%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent(40%) of county median income.
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 fortypercent (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 county
median income.At least fifty percent (50%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent(50%) of county median income.
Low Income County:
At least forty percent (40%) of qualified units will be affordable to households with incomes at or below fifty percent (50%) of countymedian income.
At least forty percent (40%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent(50%) of county median income.
Tax Exempt Bonds
Threshold requirement (select one):
At least ten percent (10%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent
(50%) of county median income.
At least five percent (5%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent(40%) of county median income.
Eligible for mortgage subsidy points (select one):
At least twenty percent (20%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent(50%) of county median income.
At least ten percent(10%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent(40%) of county median income.
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PLEASE indicate which of the following exhibits are attached to your application. Others may be required as noted.
Full Application Checklist
A Nonprofit Organization Documentation or For-profit Corporation Documentation
B Current Financial Statements/Principals and Owners
C Ownership Entity Agreement, Development Agreement or any other agreements governing development services
D Management Agent Agreement
E Development and manager multi-family experience & Management Questionnaire (Appendix C)
F Letters from State Housing Agencies or designated monitoring agent verifying Out of State Management Experience
G Completed IRS Form 8821 (Appendix I)
H Permitted zoning letter (including conditional and special use)
I Site plan, floor plans and elevations
J Hazard and structural inspection and termite reports (Renovation projects only)
K Description of any existing conditions of historical significance.
L Description of environmental significance.
M Anticipated budget demonstrating how the project would meet the 10% test by November 14th.
N Evidence of Architect's Errors and Omissions insurance (or equivalent).
O Description of acquisition for existing/occupied projects or for projects with occupied buildings to be demolished.
P Description of proposed Relocation Plan & Relocation Budget, Etc. If any relocation is anticipated, reference Appendix F.
Q Targeting Plan and supporting documentation (Required for projects targeted to Special Populations)
R Local Housing Authority Agreement (Reference Model in Appendix I)
S Appraisal (for land costs greater than $5,000 and for buildings in rehab projects)
T Evidence of Permanent Loan Commitment, other sources of funds, and project-based subsidies.
U Statement regarding terms of Deferred Developer Fee and, if nonprofit, resolution of Board approving fee.
V Inducement Resolution (Tax-Exempt Bond Financed Projects only)
W Documentation to support estimated utility costs.
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