North Carolina Department of Revenue

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North Carolina Department of Revenue 2009
Advanced Personal Property Seminar
Greensboro, NC September 4, 2009
Presented by
Cindy Wiggins-Tiede Frankie
Pendergraph
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In 1990, in an effort to address the shortage of
affordable housing in North Carolina, the North
Carolina Bankers Association formed Community
Investment Corporation of the Carolinas (CICCAR).
CICCAR is an affordable housing loan consortium
whose mission is to provide long-term, permanent
financing for the development of low-to-moderate
income multifamily, special needs elderly
housing in North South Carolina and Virginia.
CICCAR has committed and/or funded financing
totaling approximately 175 million for 218
affordable housing developments, producing over
10,000 units of affordable housing.
The Pendergraph Companies, LLC is a full service
Real Estate Development, Construction, Property
Management, Brokerage, and Consulting firm.
Pendergraph is currently developing tax credit
projects in North Carolina, South Carolina and
Virginia. Pendergraph has developed over 50
properties (2,300 units), and currently manages
54 properties (2,500 units) in North and South
Carolina. Frankie Pendergraph, the principal of
The Pendergraph Companies, LLC, has been
developing properties since the late 1980s and
has had ownership in properties since 1996.
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Morgans Ridge Phase I
Morgans Ridge Phase I is a multifamily
development located in Wilson, NC that provides
48 units to households earning 50/60 and below
of the area median income. The property consists
of 32 two-bedroom units and 16 three-bedroom
units located in 6 two-story buildings. The
property received funding from CICCAR, NCHFA HOME
funds, and federal state low- income housing
tax credits. CICCAR closed the first mortgage
loan on this property in the amount of 455,000
in October of 2001.
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Morgans Ridge I Quarterly Report Analysis
Fourth Quarter 2008
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Morgans Ridge I Quarterly Report Analysis

Fourth Quarter 2008, Page 2
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Morgans Ridge I Fourth Quarter 2008 Financial
Statements
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For Further Information please contact Cindy
Wiggins Tiede cindy_at_ncbankers.org Frankie
Pendergraph fpendergraph_at_thepencos.com