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

    New Construction/Adaptive Reuse:

    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 meet Energy Star standards as defined in Appendix B?

    Does a community revitalization plan exist?

    Target Population: Elderly (55)

    Will the project be receiving project based federal rental assistance?

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

    Indicate below any additional targeting for special populations proposed for this project:

    Print Preview - Full Application

    Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans

    Project Description

    Project Name: Glendale Woods

    Address: Pike Street

    City: Wilson County: Wilson Zip: 27894

    Census Tract: 0004.00 Block Group: 4


    Political Jurisdiction: CIty of Wilson

    Jurisdiction CEO Name: First: Last:C. Bruce Rose Title: MayorJurisdiction Address: PO Box 10

    Jurisdiction City: Wilson Zip: 27894

    Jurisdiction Phone: (252)399-2300

    Site Latitude: 35.71613

    Site Longitude: -77.93775

    Project Type: New Construction



    Is this project a previously awarded tax credit development?

    If yes, what year were credits awarded?:

    Number of residents holding Section 8 vouchers:



    Will the project use steel and concrete construction and have at least 4 stories? No

    Will the project include a Community Service Facility under IRS Revenue Ruling 2003-77? No

    If yes, please describe:


    Mobility impaired handicapped: 5% of units comply with QAP Section IV(F)(3) (in addition to the units required by other federal andstate codes.)

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    Number of Units: 3

    Persons with disabilities or homeless populations: the greater of 5 units or 10% of the total units.

    Number of Units: 4


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    Indicate below an individual or a validly existing entity (a corporation, nonprofit, limited partnership or LLC) as the official applicant. UnderQAP Section III(C)(5) only this individual or entity will be able to make decisions with regard to this application. If awarded the applicantmust become part of the ownership entity. The applicant will execute the signature page for this application.

    Applicant Information

    Applicant Name: Pendergraph Development, LLC

    Address: PO Box 19691

    City: State: NC Zip:Raleigh 27619

    Contact: First: Last: Title:Frankie Pendergraph

    Telephone: (919)755-0558

    Alt Phone: (919)861-6028

    Fax: (919)754-8663

    Email Address:

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

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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 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:

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

    Site Description

    6.3 6.3





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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


    (a) Does the owner/principal or ownership entity have valid option/contract to purchase the property? Yes

    (b) Does an identity of interest (direct or indirect) exist between the owner/principal or ownership entity with the option/contract for

    purchase of the property and the seller of the property?If yes, specify the relationship:


    (c) Enter the current expiration date of the option/contract to purchase: 12/31/2007

    (D) Enter Purchase Price: 259,560

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    Ownership Entity

    Owner Name: Glendale Woods, LLC

    Address: PO Box 19691

    City: State: NC Zip:Raleigh 27619

    Federal Tax ID Number of Ownership Entity: (If assigned)

    Note: Do not submit social security numbers for individuals.

    Entity Type: Limited Liability Company

    Entity Status: To Be 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: FWP Glendale Woods, LLC

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

    Address: PO Box 19691

    City: Raleigh State: NC Zip: 27619

    Phone: (919)755-0558 Fax: (919)754-8663

    EMail: Nonprofit: No

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    income units 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] tocreate another 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.


    # BRs Units %

    1 14 targeted at 50 percent of median income affordable to/occupied by

    1 14 targeted at 60 percent of median income affordable to/occupied by

    2 4 targeted at 50 percent of median income affordable to/occupied by

    2 4 targeted at 60 percent of median income affordable to/occupied by


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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-






    Bank Loan

    RPP Loan 350,000 2.00 20 20 21,247

    Local Gov. Loan - Specify:

    RD 515 Loan

    RD 538 Loan - Specify:

    AHP Loan

    Other Loan 1 - Specify:

    Other Loan 2 - Specify:

    Other Loan 3 - Specify:

    Tax Exempt Bonds

    State Tax Credit(Loan) 789,208 0 30 30 0

    State Tax Credit(Direct Refund)

    Equity: Federal LIHTC 2,447,755

    Non-Repayable Grant

    Equity: Historic Tax Credits

    Deferred Developer Fees 51,965

    Owner Investment 245 Other - Specify:

    Total Sources** 3,639,173

    * "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.


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    Development 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 375,000 375,0004 Rehabilitation

    5 Construction of New Building(s) 1,746,000 1,746,000

    6 Accessory Building(s)

    7 General Requirements 127,260 127,260

    8 Contractor Overhead 44,965 44,965

    9 Contractor Profit 134,896 134,896

    10 Construction Contingency 72,844 72,844

    11 Architect's Fee - Design (11 + 12 = max 3% lines 2-10) 45,000 45,000

    12 Architect's Fee - Inspection 12,000 12,000

    13 Engineering Costs 23,000 23,000

    SUBTOTAL (lines 1 through 13) 2,580,965

    14 Construction Insurance (prorate) 2,000 2,00015 Construction Loan Orig. Fee (prorate) 12,000 12,000

    16 Construction Loan Interest (prorate) 144,000 144,000

    17 Construction Loan Credit Enhancement (prorate)

    18 Construction Period Taxes (prorate) 5,000 5,000

    19 Water, Sewer and Impact Fees 15,000 15,000

    20 Survey 12,000 12,000

    21 Property Appraisal 6,500 6,500

    22 Environmental Report 4,500 4,500

    23 Market Study 4,200 4,200

    24 Bond Costs

    25 Bond Issuance Costs

    26 Placement Fee27 Permanent Loan Origination Fee 7,000

    28 Permanent Loan Credit Enhancement

    29 Title and Recording 9,000

    SUBTOTAL (lines 14 through 29) 221,200

    30 Real Estate Attorney 30,000 15,000

    31 Other Attorney's Fees 1,000 1,000

    32 Tax Credit Application Fees (Preliminary and Full) 2,200

    33 Tax Credit Allocation Fee (0.58% of line 59, minimum $7,500) 17,605

    34 Cost Certification / Accounting Fees 10,000 10,000

    35 Tax Opinion

    36 Organizational (Partnership) 5,000

    37 Tax Credit Monitoring Fee 23,400SUBTOTAL (lines 30 through 37) 89,205

    38 Furnishings and Equipment 15,000 15,000

    39 Relocation Expense

    40 Developer's Fee 378,000 378,000

    41 Other

    42 Construction Lender Inspection Fees 5,250 5,250

    43 Rent-up Expense 15,000

    44 Other Non-basis Expense (specify)

    45 Other Non-basis Expense (specify)

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    SUBTOTAL (lines 38 through 45) 413,250

    46 Rent up Reserve 10,800

    47 Operating Reserve 64,193

    48 Other Reserve (specify)

    49 Other Reserve (specify)

    50 DEVELOPMENT COST (lines 1-49) 3,379,613 0 3,210,415

    51 Less Federal Financing52 Less Disproportionate Standard

    53 Less Nonqualified Nonrecourse Financing

    54 Less Historic Tax Credit (residential) 0

    55 TOTAL ELIGIBLE BASIS 3,210,415 0 3,210,415

    56 Applicable Fraction (percentage of LI Units) 100.00% 100% 100%

    57 Basis Before Boost 3,210,415 0 3,210,415

    58 Boost for QCT/DDA (if applicable, enter 130%) 0.00% 130.00%

    59 TOTAL QUALIFIED BASIS 4,173,539 0 4,173,539

    60 Tax Credit Rate 3.45 8.05

    61 Federal Tax Credits at Estimated Rate 335,969 0 335,969

    62 Federal Tax Credits at 8.5% or 3.75% 354,750 0 354,750

    63 Max Federal Tax Credits (With Energy Star - Lesser of $8,500 per unit or$800,000, w/o - Lesser of $8,000 per unit or $800,000) 288,000

    64 Federal Tax Credits Requested 306,000 0 306,000

    65 Land Cost 259,560



    Total Replacement Cost per unit: 91,378

    Federal Tax Credits (line 62) per unit: 9,854

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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


    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:

    Onsite Activities:

    Market Study Information

    Glendale Woods will be a 36 unit elderly development consisting of 28-1br units and 8-2br units andlarge community areas. The community space will have an exercise room, craft area, multipurposearea, computer station, sunroom, screened porch area, covered patio and several seating alcovesalong the hallways. A covered drive area will be constructed to allow residents to be picked up in aprotected area. Our rents will be affordable to 50% and 60% income levels with the rent structuretargeting at 50% rent levels. We feel that this site and market is excellent for the proposeddevelopment. All necessary amenities for the residents are within 1/2 mile of the site.

    Wilson is a growing community located in Wilson County in Eastern North Carolina. It offers outdoorrecreation, the arts, dining and shopping, business and industry, education and healthcare and asolid network of parks, community centers and libraries. There is also the senior center within onemile of the site. They offer many programs for the seniors in the community such as mealpreparation, crafts, ceramics, health classes, Veterans meetings and programs; Wilson is a nicecommunity to live in for seniors.

    Wilson and Wilson County are growing and you are seeing more people moving to the area for thequality of life that it provides for seniors or families. Under the Wilsons Visitors Bureau it has alisting of the fifth must see items and it is worth looking that website to show the diversity that Wilsonoffers.

    The building will be an all inclusive two story building with a central area designed for meetingpurposes and two off-set wings. There will be a covered screen porch off of the back of the building,a covered patio off the back, a covered drive area in the front of the building with benches lining thefront entrance walkway, a sunroom, and exercise room, computer room with multiple computers, amulti-purpose area for activities, craft room, and alcove seating areas along the hallways. There willbe an elevator located within the central corridor of the building and stairwells on the ends of thebuilding for fire safety.All units will have patios or balconies with storage. Patio doors are full view glass providing anabundance of 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 byproviding the ability to interact with others and get involved with activities.


    A new patio shelter will be constructed with seating, tables and grilling station. An arbor/trellis will

    also be installed for the residents use. There will be three areas of seating located through out theproperty for the residents benefit. The community space will have an exercise room, craft area,multipurpose area, computer station, sunroom, screened porch area, covered patio and severalseating alcoves along the hallways. A covered drive area will be constructed to allow residents to bepicked up in a protected area.

    We anticipate having computer classes, health education, first aid courses, diabetes screening andnutrition classes, wellness programs, a computer learning center, aerobics and exercise classes,and various activities geared towards different age groups, holiday events, and much more. We seethis development as having active seniors as residents.

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    Landscaping Plans:

    Interior Apartment Amenities:

    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.

    It is our plan to install new plant material as described in the QAP and an irrigation system in themain visible areas. We will also make sure all site amenities and current handicap parking and walksconform to handicap/accessibility requirements. There will also be new hardscape items installedlike benches and a trellis. The site will have attractive signage, lighting, and landscaping. Trees willbe a minimum of 2 caliper and all shrubs will be 3 gallon or larger. White vinyl fencing will be

    installed around dumpsters.

    The units wills be spacious with exterior storage and large closets within the units. All rooms willhave ceiling fans. All appliances will carry the energy star rating. All units will have full size washerdryer connections.


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    Briefly describe your site in each of the following categories:

    Applicant's Site Evaluation


    Trend and direction of real estate development and area economic health. Physical condition ofbuildings and improvements. Concentration of affordable housing.The proposed site for Glendale Woods, a seniors development is located on Pike Street off ofShreve Street in the South East area of Wilson. The site is located in area that is growing and hasno adverse effects to the existing property. The site is located in a well established residential areawith low impact commercial and is very suitable for the development. All necessary amenities arewithin 1/2 mile of the site. In fact many are within walking distance. There are Doctors offices,pharmacies, professional services, recreational facilities, restaurants, schools, medical buildings anda hospital, banks, grocery store, and various shopping areas within mile of the site.

    The site is wooded with a good stand of pine trees that would allow for additional buffers. The site isflat to slightly sloping and has no adverse features. The site is located in a developed area and isextremely close to all amenities. Within walking distance are Big Lots, Piggy Wiggly, Eckerd,McDonalds, gas station, movie Theater, Park Wood/Wilson shopping mall, a senior citizen center, aday care nursery, ball fields, and playground areas.

    Wilson is the County Seat and is located in Wilson County, a growing community located in EasternNorth Carolina. It offers outdoor recreation, the arts, dining and shopping, business and industry,education and healthcare and a solid network of parks, community centers and libraries. Wilson is anice community to live in.


    Suitability of surrounding development. Land use pattern is residential in character (single andmultifamily housing) with a balance of other uses (particularly retail and amenities). Effect ofindustrial, large-scale institutional or other incompatible uses, including but not limited to: wastewatertreatment facilities, high traffic corridors, junkyards, prisons, landfills, large swamps, distributionfacilities, frequently used railroad tracks, power transmission lines and towers, factories or similaroperations, sources of excessive noise, and sites with environmental concerns (such as odors orpollution). Amount and character of vacant, undeveloped land.The current development has no adverse land uses or amenities relating to the site. The site islocated in a residential setting with low to moderate impact commercial. The proposed developmentwould blend within this developed area of Wilson. There are no environmental impacts associatedwith this site. This site is an excellent site for this type of development.


    Adequate traffic controls (stop lights, speed limits, turn lanes, etc.). Burden on public facilities(particularly roads). Access to mass transit (if applicable). Visibility of buildings and/or location ofproject sign(s) in relation to traffic corridors.The streets and access roads are adequate to support the current development as-is and with thenew development. The site is gently sloping with no topographic issues. The site is suitable for thedevelopment that is being proposed. Water and sewer are available to the site and we do notforesee any major road improvements needed.

    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 or physical barriers to this site that would impededconstruction of the project or adversely affect future tenants.

    Similarity of scale and aesthetics/architecture between project and surroundings.The current development will be similar in scale and aesthetics to the surrounding uses.

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

    Other facilities or services:

    Grocery Store.5 Community/Senior Center.5

    Mall/Strip Center.5 Hospital.5

    Outdoor Athletic Fields.5 Pharmacy.5

    Day Care/After School.5 Basic Health Care.5

    Schools.5 Medical Offices.5

    Public Transportation Stop Bank/Credit Union.5

    Convenience Store.5 Restaurants.5

    Basketball/Tennis Courts.5 Professional Services.5

    Public Parks.5 Movie Theater.5

    Gas Station.5 Video Rental.5

    Library1.7 Public Safety (Fire/Police)1.2

    Fitness/Nature Trails.5 Post Office.9

    Public Swimming Pools2.7

    Wilson offers many activities for all age groups and has many available programs for active seniors.

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    Project Operations (Year One)

    Projected Operating Costs

    Administrative Expenses

    Advertising 900

    Office Salaries 12,000

    Office Supplies 1,500

    Office or Model Apartment Rent

    Management Fee 15,552

    Manager or Superintendent Salaries

    Manager or Superintendent Rent Free Unit

    Legal Expenses (Project) 500

    Auditing Expenses (Project) 3,300

    Bookkeeping Fees/Accounting Services

    Telephone and Answering Service 2,500

    Bad Debts

    Other Administrative Expenses (specify):

    office equipment, computer, software1,500

    SUBTOTAL 37,752

    Utilities Expense

    Fuel Oil

    Electricity (Light and Misc. Power) 10,500

    Water 5,000


    Sewer 5,000

    SUBTOTAL 20,500

    Operating and Maintenance Expenses

    Janitor and Cleaning Payroll 500

    Janitor and Cleaning Supplies

    Janitor and Cleaning Contract

    Exterminating Payroll/Contract 600

    Exterminating SuppliesGarbage and Trash Removal 2,000

    Security Payroll/Contract

    Grounds Payroll

    Grounds Supplies 4,800

    Grounds Contract

    Repairs Payroll 10,000

    Repairs Material 500

    Repairs Contract 500

    Elevator Maintenance/Contract 1,500

    Heating/Cooling Repairs and Maintenance 1,500

    Swimming Pool Maintenance/Contract

    Snow RemovalDecorating Payroll/Contract

    Decorating Supplies 1,000

    Other (specify):

    Miscellaneous Operating & Maintenance Expenses

    SUBTOTAL 22,900

    Taxes and Insurance

    Real Estate Taxes 12,000

    Payroll Taxes (FICA) 2,000

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    Miscellaneous Taxes, Licenses and Permits 500

    Property and Liability Insurance (Hazard) 8,000

    Fidelity Bond Insurance 250

    Workmen's Compensation 900

    Health Insurance and Other Employee Benefits 800

    Other Insurance:

    SUBTOTAL 24,450Supportive Service Expenses

    Service Coordinator

    Service Supplies

    Tenant Association Funds

    Other Expenses (specify):



    Replacement Reserves 9,000

    SUBTOTAL 9,000


    ADJUSTED TOTAL OPERATING EXPENSES(Does not include taxes, reserves and resident support services) * 93,602

    TOTAL UNITS(from total units in the Unit Mix section)



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    Minimum Set-Asides

    Select one of the following two options:

    20% of the units are rent restricted and occupied by households with incomes at or below 50% of the median income (Note: NoTax Credit Eligible Units in the the project can exceed 50% of median income)

    40% of the units are rent restricted and occupied by households with incomes at or below 60% of the median income (Note: NoTax Credit Eligible Units in the the project can exceed 60% of median income)

    If requesting RPP funds:

    40% of the units are occupied by households with incomes at or below 50% of median income.

    State Tax Credit and QAP Targeting Points:

    Moderate Income County:

    At least twenty-five percent (25%) of qualified units will be affordable to and occupied by households with incomes at or below 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 countymedian 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.

    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 targeting points (select one):

    At least twenty percent (20%) of qualified units will be affordable to and occupied by households with incomes at or below fiftypercent (50%) of county median income.

    At least ten percent(10%) of qualified units will be affordable to and occupied by households with incomes at or below forty 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 (signed copies)

    C Ownership Entity Agreement, Development Agreement or any other agreements governing development services

    D Management Agent Agreement

    E Owner and Management Experience & Management Questionnaire (Appendix C)

    F Letters from State Housing Agencies or designated monitoring agent verifying out of state experience

    G Completed IRS Form 8821 (Appendix I)

    H Local Government Letter or Letter from Certified Engineer or Land Surveyor Confirming Floodplain Designation with Mapshowing all flood zones (original on letterhead, no fax or photocopies)

    I Local Government Letter Confirming Zoning including any pending notices or hearings (original on letterhead, no fax orphotocopies)

    J Letters from Local Utility Providers regarding availability and capacity (original on letterhead, no fax or photocopies)

    K Documentation from utility company or local PHA to support estimated utility costs

    L Appraisal (required for land costs greater than $15,000 and for all Adaptive Re-use and Rehab projects)

    M Site plan, floor plans and elevations for all projects. Scope of work for Adaptive Re-use and Rehab projects. (Full Size, 24 x36 inches)

    N Hazard and structural inspection and termite reports (Adaptive Re-use and Rehab projects only)

    O Copy of certificate of occupancy or proof of placed-in-service date (Rehabs Only)

    P Proposed Relocation Plan including relocation budget and copies of notices. Required for all Rehabs and any projectsinvolving existing occupants of any dwellings to be rehabbed or demolished.

    Q Evidence of Permanent Loan Commitment and other sources of funds ( i.e. Equity letter, AHP, RD and local governmentfunds). For Rehabs with existing loans provide 1) copies of loan documents, 2) current loan balances from existing lenderswith reserve balances, 3) letter from lender that outlines assumption requirements.

    R Local Housing Authority Agreement and Project Based Rental Assistance Letter, if applicable (Sample letters provided inAppendix I). For projects with existing PBRA contracts, provide a copy of the current contract and bank statement or otherdocumentation verifying reserve balances and annual reserve contribution requirements.

    S Statement regarding terms of Deferred Developer Fee. If a nonprofit is involved, a resolution from their board approvingdeferral of fee is required.

    T Inducement Resolution (Tax-Exempt Bond Financed Projects only)

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