Southview Village

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INSTRUCTIONS FOR THE

VIRGINIA 2011 LIHTC APPLICATION FOR RESERVATION

This application was prepared using Excel, Microsoft Office 2003. Please note that using the active Excel

workbook does not eliminate the need to submit the required PDF of the signed hardcopy of the application andrelated documentation. A more detailed explanation of application submission requirements is provided

below and in the Application Manual.

An electronic copy of your completed application is a mandatory submission item.

Applications For 9% Competitive CreditsApplicants should submit an electronic copy of the application package on a CD prior to theapplication deadline, which is 2:00 PM Richmond Virginia time on March 11, 2011. Failure to submit an electronic

copy of the application by the deadline will cause the application to be disqualified.

Disclaimer:

VHDA assumes no responsibility for any problems incurred in using this spreadsheet or for theaccuracy of the calculations. Check your application for correctness and completeness before

submitting the application to VHDA.

Entering Data:Enter numbers or text as appropriate in the blank spaces highlighted in yellow. All other cells are

protected and will not allow any changes. The format for cells has been set to accept text, currency,

percentages, etc. as appropriate. Enter any number without commas or dollar signs. Enterpercentages beginning with a decimal point. There is no text wrap-around feature, so care must be

taken to enter text so that it does not extend beyond the right margin of the page. Enter in only enoughtext to fill one line and then drop to the first yellow cell of the next line. Each page of the application is a

separate sheet in the spreadsheet. The spreadsheet contains numerous error checks which aredesigned to assist you in identifying potential mistakes in your application. Please note that these may

appear as you enter data because many are dependent on entries later in the application. Do not beconcerned with these messages until all data has been entered. Also note that some cells contain

error messages such as "#DIV/0!" before you begin. These warnings will disappear as you enter

numbers necessary to complete the application.

Assistance:

If you have any questions, please call Jim Chandler at (804) 343-5786, Dale Wittie at (804)343-5876, Cara Wallo at (804) 343-5714, Jaynell Pittman-Shaw at (804) 343-5733 or Rebecca Rowe

at (804) 343-5518. Please note that we cannot release the copy protection password.

Staff email addresses:[email protected] - [email protected]

[email protected] - [email protected] - [email protected]

Please Note:

Applicants should submit all application materials in electronic format only.

There should be distinct files saved to 1 or more CDs (as needed) which should include the following:

1. Application For Reservation the active Microsoft Excel workbook

2. A PDF file which includes the following:

- Application For Reservation Signed version of hardcopy

- All application attachments (i.e. tab documents, excluding market study and plans & specs)

3. Market Study PDF or Microsoft Word format4. Plans - PDF or other readable electronic format

5. Specifications - PDF or other readable electronic format (may be combined into the same file as the plans if

necessary)

6. Unit-By-Unit work write up (rehab only) - PDF or other readable electronic format

Notes:

-Do not submit any files on a flash or thumb drive.

-Do not submit any application materials via [email protected] or to any email address unless

specifically requested by the VHDA Allocation Department staff.

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2011 Federal Low Income Housing

Tax Credit Program

Application For Reservation

Virginia Housing Development Authority

601 South Belvidere Street

Richmond, Virginia 23220-6500

Deadline for Submission

9% Competitive Credits

Applications Must Be Received At VHDA No Later Than 2:00 PM

Richmond, VA Time On March 11, 2011

Tax Exempt Bonds

Applications should be received at VHDA at least one month

before the bonds are priced (if bonds issued by VHDA), or 75

days before the bonds are issued (if bonds are not issued by

VHDA)

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Low Income Housing Tax Credit Application for Reservation

Electronic Copy of the Microsoft Excel Based Application (MANDATORY)

Scanned Copy of the Signed Tax Credit Application with Attachments (excluding market study and plans & specs) (MANDATO

Electronic Copy of the Market Study (MANDATORY-Application will be disqualified if study not submitted with application)

Electronic Copy of the Plans (MANDATORY)

Electronic Copy of the Specifications (MANDATORY)

Electronic Copy of the Unit By Unit Work Writeup (MANDATORY if rehab)

$750 Application Fee (MANDATORY)

Tab A: Documentation of Development Location:

A.1 Qualified Census Tract CertificationA.2 Revitalization Area Certification

Location MapSurveyor's Certification of Proximity To Public Transportation

Tab B: artners p or perat ng greement, nc u ng c art o owners p structure w t percentage o nterests (MANDATOR

Tab C: rg n a tate orporat on omm ss on ert cat on (MANDATORY)

Tab D: Principal's Previous Participation Certification and Resum (MANDATORY)

Tab E: Nonprofit Questionnaire (MANDATORY for points or pool)

The following documents need not be submitted unless requested by VHDA:-Nonprofit Articles of Incorporation -IRS Documentation of Nonprofit Status-Joint Venture Agreement (if applicable) -For-profit Consulting Agreement (if applicable)

Tab F: Architect's Certification (MANDATORY)

Tab G: Relocation Plan (MANDATORY, if rehab)

Tab H: PHA / Section 8 Notification LetterTab I: Local CEO LetterTab J: Homeownership Plan

Tab K: Site Control Documentation & Most Recent Real Estate Tax Assessment (MANDATORY)Tab L: Plan of Development Certification LetterTab M: Zoning Certification LetterTab N: Copies of 8609s To Certify Developer ExperienceTab O: (Reserved)Tab P: Plans and Specifications and Work Write-Up (MANDATORY)

Tab Q: Documentation of Rental AssistanceTab R: Documentation of Operating BudgetTab S: Documentation of Project BudgetTab T: Documentation of Financing SourcesTab U:

Documentation To Request Exception To Restriction-Pools With Little/No Increase In Rent Burdened Population

Documentation of site location in an urban development area as defined in 15.2-2223.1of the Code of Virginia

Documentation of the development participating in a locally adopted affordable housing dwelling unit program area asdescribed in either 15.2-2304 or 15.2-2305 of the Code of Virginia

Tab V: Nonprofit or LHA Purchase Option or Right of First RefusalTab W: Attorney's Opinion (MANDATORY)

Tab X: (Reserved)Tab Y: Marketing Plan for units meeting accessibility requirements of HUD section 504

Please indicate if the following items are included with your application by checking the appropriate boxes. Your assistance in organizing the

submission in the following order, and actually using tabs to mark them as shown, will facilitate review of your application. Please note that all

mandatory items must be included for the application to be processed. The inclusion of other items may increase the number of points for which

you are eligible under VHDA's point system of ranking applications, and may assist VHDA in its determination of the appropriate amount of

credits that it may reserve for the development.

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Low-Income Housing Tax Credit Application For Reservation

VHDA TRACKING NUMBER 2011-C-60

I. General Information

All code "Section" references are to, and the term "IRC" shall be deemed to mean, 3/8/2011

the Internal Revenue Code of 1986, as amended. (Date of Application)

A. Development Name and Location:

1. Name of Development Southview Village

2. Address of Development 252 View Drive(Street)

Marion VA 24354

(City) (State) (Zip Code)

3. If complete address is not available, provide longitude and latitude coordinates (x,y) fro

location on site your surveyor deems appropriate

Documentation from surveyor attached (TAB A) (Only necessary if street address or street intersections are not available

4. The Circuit Court Clerk's office in which the deed to the property is or will be recorded

City/County of Smyth Count (ie; Richmond City, Chesterfield County; see application manual

5. Does the site overlap one or more jurisdictional boundaries? Yes No

If yes, what other City/County is the site located in besides the one mentioned above

6. Census Tract the development is located in: 9903

Is this a Qualified Census Tract: Yes No (If yes, attach required form in TAB A)

7. Is the development located in a Difficult Development Area? No If no, applicant may request that the property be treated

as if it is located in a DDA. If so, indicate by checking this box: (Note: This provision is NOT applicable to tax exempt bond deals.)

8. Is the development located in a revitalization area? Yes No (If yes, attach required form in TAB A)

9. Is the development an existing RD or HUD S8/236 development? Yes No (If yes, attach required form in TAB Q)

Note to #9: If there is an identity of interest between the applicant and the seller in this proposal, and the applicant is seeking points in

this category, then the applicant must either waive their rights to the developer's fee or other fees associated with acquisition and/or

rehabilitation, or obtain a waiver of this requirement from VHDA prior to application submission to receive these points.

a. Applicant agrees to waive all rights to any developer's fee o

other fees associated with acquisition and/or rehab. Yes n/a

. Applicant has obtained a waiver of this requirement from VHDA

prior to the application submission deadline. Yes n/a

10. Is the development located in a census tract with a poverty

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Low Income Housing Tax Credit Application For Reservation

C. Reservation Request

1. Total annual credit amount request (Must be the same as Part IX-D8) $356,970

2. Credits requested from:

9% Credits

Nonprofit Set-Aside (All nonprofit owned developments which meet tests

described in Part II-D hereof may select this)Local Housing Authorities Richmond MSA Pool

Planning District 8 (Inner Washington MSA) Pool Tidewater MSA Pool

Northwest / North Central VA Area Pool Balance of State Pool (Remaining Geographi

Non-Competitive Pool (Preservation) Non-Competitive Pool (Disability)

Tax Exempt Bonds

new construction, or

rehabilitation, or

acquisition and rehabilitation.

Federal Subsidies

The development will not receive federal subsidies.

This development will receive federal subsidies for:

all buildings or

some buildings.

D. Type(s) of Allocation/Allocation Year

1. Regular Allocation

All of the buildings in the development are expected to be placed

in service this year. For those buildings the owner will, this year, request anallocation of 2011 credits for new construction, or

rehabilitation, or

acquisition and rehabilitation.

2. Carryforward Allocation

All of the buildings in the development are expected to be placed

in service within two years after the end of this calendar year, 2011, but theowner will have more than 10% basis in the development before the end of twelve

months following allocation of credits. For those buildings, the owner requests

a carryforward allocation of 2011 credits pursuant to Section 42(h)(1)(E) for:

new construction, or

rehabilitation, or

acquisition and rehabilitation (even if you acquired a building this year and

"placed it in service" for the purpose of the acquisition credit, you cannot receive

the 8609 form for it until the rehab 8609 is issued for that building once the rehab

work is "placed in service" in 2012 or 2013).

3. Federal Subsidies

The development will not receive federal subsidies.

This development will receive federal subsidies for:

all buildings or

some buildings.

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E. Acquisition Credit Information

NOTE: If no credits are being requested for existing buildings being acquired for the development,

so indicate and go on to Part F: No Acquisition

Ten-Year Rule For Acquisition Credits

All buildings satisfy the 10-year look-back rule of IRC Section 42 (d)(2)(B), including the10% as s 15,000.00 re a costs 10,000 or Tax Exempt Bon s per un t requ rement.

All buildings qualify for an exception to the 10-year rule under IRC Section 42(d)(2)(D)(i),Su sect on I

Su sect on II

Subsection (III)

Subsection (IV)Su sect on V

The 10-year rule in IRC Section 42 (d)(2)(B) for all buildings does not apply pursuant to IRC Section 42(d)(6).

Different circumstances for different buildings: Attach a separate sheet and explain for each building.

F. Rehabilitation Credit Information

NOTE: If no credits are being requested for rehabilitation expenditures, so indicate and go

on to Section II. No Rehabilitation

Minimum Expenditure Requirements

A u ngs n t e eve opment sat s y t e re a costs per un t requ rement o IRCSection 42(e)(3)(A)(ii).

A u ngs n t e eve opment qua y or t e IRC Sect on 42 e 3 B except on to t e10% as s requ rement 4% cre t on y .

All buildings in the development qualify for the IRC Section 42(f)(5)(B)(ii)(II) exception.

Different circumstances for different buildings. Attach a separate sheet andexp a n or eac u ng.

G. Request For Exception

The proposed new construction development (including adaptive reuse and rehabilitation that creates additional rental

space) is subject to an assessment of up to minus 20 points for being located in a pool identified by the Authority as a p

with little or no increase in rent burdened population. N/A - Does not apply to this proposed development.

Applicant seeks an exception to this restriction in accordance with one of the following provisions under 13VAC10-180

Proposed development is specialized housing designed to meet special needs that cannot readily be addressed

utilizing existing residential structures. Documentation Attached (TAB U)

Proposed development is designed to serve as a replacement for housing being demolished through

redevelopment. Documentation Attached (TAB U)

Proposed development is housing that is an integral part of a neighborhood revitalization project sponsored by

a local housing authority. Documentation Attached (TAB U)

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II. OWNERSHIP INFORMATION

A. Owner Information:

Name Southview Preservation, L.P.

Contact Person First: Matthew Middle: K Last: Finkle

Address 60 Columbus Circle(Street)

ew or(City) (State) (Zip Code)

Federal I. D. No. TBD (If not available, obtain prior to Allocation)Phone 212-801-1073 Fax 212-801-3731 Email address [email protected]

Type of entity: Limited Partnership Other

Individual(s) Corporation

Owner's organizational documents (e.g. Partnership agreements & ownership structure chart) attached (Mandatory TAB B)Certification from Virginia State Corporation Commission attache (Mandatory TAB C)

Principal(s) involved (e.g. general partners, LLC members, controlling shareholders, etc.)Names ** Phone Type Ownership % OwnershipStephen M. Ross 212-421-5333 Member of GP 68.30%Jeff T. Blau 212-421-5333 Member of GP 6.30%Michael Brenner 212-421-5333 Member of GP 0.80%Bruce Beal 212-421-5333 Member of GP 3.60%Mark E. Carbone 212-801-1068 Member of GP 16.00%Matthew Finkle 212-801-1073 Member of GP 5.00%

0.00%

This should be 100% of the GP or managing member interest: 100.00%

** These should be the names ofindividuals who comprise the GP or managing members, not simply the names ofseparate partners ps or corporat ons w c may compr se t ose components.

Principals' Previous Participation Certification attached (Mandatory TAB D) & resum.

B. Seller Information:

Name Southview Village Limited Partnership Contact Person Charles NimmoAddress 3130 Chaparral Drive, Suite 200Roanoke, VA 24018 Phone 540-774-1641

Is there an identity of interest between the seller and owner/applicant? Yes No

If yes, complete the following:

Principal(s) involved (e.g. general partners, controlling shareholders, etc.)

Names Phone Type Ownership % Ownership

0.00%

0.00%

0.00%

0.00%

NOTE: VHDA may allocate credits only to the tax-paying entity which owns the development at the time of the allocation. The term "Owner" herein refers to that entity. Please fill in the legal

name of the owner. The ownership entity must be formed prior to submitting this application. Any transfer, direct or indirect, of partnership interests (except those involving the admission of

limited partners) prior to the placed-in-service date of the proposed development shall be prohibited, unless the transfer is consented to by VHDA in its sole discretion. IMPORTANT: The

Owner name listed on this page must match exactly the owner name listed on the Virginia State Corporation Commission Certification.

Must be an individual or legally formed entity

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C. Development Team Information:

Complete the following as applicable to your development team.

1. Tax Attorney: H. David Embree Related Entity? Yes NoFirm Name: Williams MullenAddress: 1700 Dominion Tower, P.O. Box 3460, Norfolk, VA 23514

Phone: 757-629-0608 Fax: 757-629-0660

2. Tax Accountant: Joseph Crivelli Related Entity? Yes NoFirm Name: Friedman, LLPAddress: 1700 Broadway, New York, NY 10019

Phone: 212-842-7550 Fax: 212-265-4761

3. Consultant: None Related Entity? Yes NoFirm Name: Role:Address:

Phone: Fax:

4. Management Entity (Contact): Charles Nimmo Related Entity? Yes NoFirm Name: F&W ManagementAddress: 3130 Chaparral Drive, Roanoke, VA24018

Phone: 540-774-1641 Fax: 540-774-2488

5. Contractor (Contact): TBD Related Entity? Yes NoFirm Name:Address:

Phone: Fax:

6. Architect: Richard Funk Related Entity? Yes NoFirm Name: dBF Associates, ArchitectsAddress: 6821 Whittier Vae, Mclean, VA 22101

Phone: 703-356-2215 Fax: 703-356-4304

7. Real Estate Attorney: David Boccio Related Entity? Yes NoFirm Name: Michael, Levitt & Rubenstein, LLCAddress: 60 Columbus Circle, New York, NY 10023

Phone: 212-801-3739 Fax: 212-801-3762

8. Mortgage Banker: Charles Wilson Related Entity? Yes NoFirm Name: Virginia Capital Advisors, Inc.Address: 1915 Pocahontas Trail, Suite B-5, Williamsburg, VA 23185

Phone: 757-220-3147 Fax: 212-801-3762

9. Other (Contact): Michael Antonik Related Entity? Yes NoFirm Name: PresCon, LLC Role:Address: 60 Columbus Circle, New York, NY 10023

Phone: 212-801-1067 Fax: 212-801-3731

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D. Nonprofit Involvement:

Tax Credit Nonprofit Pool Applicants: To qualify for the nonprofit pool, an organization described in IRC Section 501

(c)(3) or 501 (c)(4) and exempt from taxation under IRC Section 501 (a), whose purposes include the fostering of low-income housing:

1. Must "materially participate" in the development and operation of the project throughout the compliance period,2. Must own all general partnership interests in the development .

3. Must not be affiliated with or controlled by a for-profit organization.

4. Must not have been formed for the principal purpose of competition in the nonprofit pool, and

5. Must not have any staff member, or member of the nonprofit's board of directors materially participate in the proposed project

as a for-profit entity.

pp cants: To qua y or po nts un er t e ran ng system, t e nonpro t's nvo vement nee not necessar

satisfy all of the requirements for participation in the nonprofit tax credit pool

1. Nonprofit Involvement (All Applicants)If there is no nonprofit involvement in this development, please indicate by checking here

and go on to part III

2. Mandatory Questionnairet ere s nonpro t nvo vement, you must comp ete t e on- ro t uest onna r

uest onna re attac e (Mandatory TAB E)

3. Type of involvement

Nonprofit meets eligibility requirement for points only, not pool o

Nonprofit meets eligibility requirements for nonprofit pool and points

4. Identity of Nonprofit (All nonprofit applicants)

The nonprofit organization involved in this development is

the Owner

the Applicant (if different from Owner)

Other

(Name of nonprofit)

(Contact Person) (Street Address)

(City) (State) (Zip code)

(Phone) (Fax)

5. Percentage of Nonprofit Ownership (All nonprofit applicants)

Specify the nonprofit entity's percentage ownership of the general partnership interest: 0.0%

Applications For 9% Credits - Must be completed in order to compete in the nonprofit tax credit pool.

All Applicants - Must be completed for points for nonprofit involvement under the ranking system.

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III. DEVELOPMENT INFORMATION

A. Structure and Units:1. Total number ofall units in development 72

Tota num er o rental un ts n eve opment 72 bedrooms 170Number of low-income rental units 72 bedrooms 170Percentage of rental units designated low-income 100.00%

2. T e eve opment's structura eatures are c ec a t at app y :

Row House Town ouse Detac e S ng e- am y

Garden Apartments Detached Two-family

Slab on Grade Basement

Crawl space Age of Structure: 30

Elevator Number of stories: 2

3. Number of new units 0 bedrooms 0

Number of adaptive reuse units 0 bedrooms 0Num er o re a un ts 72 e rooms 170

4. Total Floor Area For The Entire Development 83,787.00 (Sq. ft.)

5. n eate oor rea (Breezeways, Balconies, Storage) 5,019.00 (Sq. ft.)

6. Nonresidential Commercial Floor Area 0.00 (Sq. ft.)(Not eligible for funding)

7. Total Usable Residential Heated Area 78,768.00 (Sq. ft.)

8. Number of Buildings (containing rental units) 7

9. Commercial Area Intended Use:

10. Pro ect cons sts pr mar y o a u ng s w c s are (CHOOSE ONLY ONE)

Low-Rise (1-5 stories with any structural elements made of wood)

Mid-Rise (5-7 stories with no structural elements made of wood)

High-Rise (8 or more stories with no structural elements made of wood)

11. a. Total Net Rental Square Feet 69,778.00

b. Percentage of Net Rentable Square Feet Deemed To Be New Rental Space 0.00%

B. Building Systems:Please describe each of the following in the space provided.

Community Facilities: Laundry Facility, Playground

Exterior Finish: Brick and Siding

Heating/AC System: Electric Heat Pump and Central Air

Architectural Style: Traditional 2 Story Garden Style apartments with pitched roof

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C. Amenities:

1. Specify the average size per unit type: (Including pro rata share of heated common area)

Assisted Lvg 0.00 SF 1Bdrm Eld 0.00 SF 3-Bdrm Gar 1,216.85 SF1-Sty-Eff-Eld 0.00 SF 2Bdrm Eld 0.00 SF 4-Bdrm Gar 0.00 SF1-Sty 1BR-Eld 0.00 SF Eff-Gar 0.00 SF 2+Sty 2BR TH 0.00 SF1-Sty 2BR-Eld 0.00 SF 1-Bdrm Gar 0.00 SF 2+Sty 3BR TH 1,422.80 SFEff-Eld 0.00 SF 2-Bdrm Gar 997.70 SF 2+Sty 4BR TH 0.00 SF

2. Total gross usable, heated square feet for the entire project less nonresidential commercial area:

78,768.00 Documentat on attac e TAB F Mandatory(Sq. ft.)

NOTE: All developments must meet VHDA's Minimum Design and Construction Requirements.

By signing and submitting the Application For Reservation of Low Income Housing Tax Credits the

applicant certifies that the proposed project budget, plans & specifications and work write-ups incorporateall necessary elements to fulfill these requirements.

3. C ec t e o ow ng tems w c app y to t e propose pro ect:Documentation attached (TAB F Architect Certification) Mandatory

For any project, upon completion of construction/rehabilitation: (Optional Point items)

0% a(1) Percentage of 2-bedroom units that have 1.5 bathrooms

0% a(2) Percentage of 3 or more bedroom units that have 2 bathrooms

b. A community/meeting room with a minimum of 749 square feet is provide

72.00% c. Percentage of exterior walls covered by brick (excluding triangular gable ends, doors and windows

d. All kitchen and laundry appliances meet the EPA's Energy Star qualified program requirement

e. All windows meet the EPA's Energy Star qualified program requirements

f. Every unit in the development is heated and cooled with either (i) heat pump equipment with bothSEER rating of 15.0 or more and a HSPF rating of 8.5 or more , or (ii) air conditioning equipmentwith a SEER rating of 15.0 or more, combined with gas furnaces with an AFUE rating of 90% omore

g. Water expense is sub-metered (the tenant will pay monthly or bi-monthly bill)

h. Each bathroom consists only of low-flow faucets (2.2 gpm max.) and showerheads (2.5gpm max.

i. Provide necessary infrastructure in all units for high speed cable, DSL or wireless internet sevice

j. All water heaters meet the EPA's Energy Star qualified program requirements

k. Every unit in the development will be heated and cooled with a geothermal heat pump that meet

EPA Energy Star qualified program requirements.

l. The development will have a solar electric system that will remain unshaded year round, be oriente

to within 15 degrees of true south, and be angled horizontally within 15 degrees of latitude.

Expected Total Electrical Load (kilowatt hours per month): 0

Percent of Expected Load Offset By Solar Electric System: 0.00%

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Low Income Housing Tax Credit Application For Reservation

For all projects exclusively serving elderly and/or handicapped tenants, upon completionof construction/rehabilitation: (Optional Point items)

a. All cooking ranges will have front controls

. All units will have an emergency call system

c. All bathrooms will have an independent or supplemental heat source

d. All entrance doors have two eye viewers, one at 48" and the other at standard height

For all rehabilitation and adaptive reuse projects, upon completion of construction or

or rehabilitation: (Optional Point items)

The structure is listed individually in the National Register of Historic Places or islocated in a registered historic district and certified by the Secretary of the Interior as

eing of historical significance to the district, and the rehabilitation will be completedin such a manner as to be eligible for historic rehabilitation tax credits

Accessibility

Checkone or none of the following point categories, as appropriate:

For any non-elderly property, or any elderly rehabilitation property, in which the greater of 5 or 10% of the units will be subjectto federal project-based rent subsidies or equivalent assistance in order to ensure occupancy by extremely low-income persons;and (ii) the greater of 5 units or 10% of the units will conform to HUD regulations interpreting accessibility requirements ofsection 504 of the Rehabilitation Act; and be actively marketed to people with special needs in accordance with a plan submittedas part of the Application. (All of the units described in (ii) above must include roll-in showers and roll under sinks and front

controls for ranges, unless agree to by the Authority prior to the applicant's submission of its application). (50 points)

For any non-elderly property, or any elderly rehabilitation property, in which the greater of 5 or 10% of the units (i) have rentswithin HUDs Housing Choice Voucher (HCV) payment standard; (ii) conform to HUD regulations interpreting accessibilityrequirements of section 504 of the Rehabilitation Act; and (iii) are actively marketed to people with mobility impairments,including HCV holders, in accordance with a plan submitted as part the Application. (30 points)

For any non-elderly property, or any elderly rehabilitation property, in which at least four percent (4%) of the units conforto HUD regulations interpreting accessibility requirements of section 504 of the Rehabilitation Act and are activelymarketed to people with mobility impairments in accordance with a plan submitted as part of the Application. (15 points)

Earthcraft or LEED Development CertificationApplicant agrees to obtain Earthcraft or LEED certification prior to issuance of IRS Form 8609. Architectcertifies in the Architect Certification that the development's design will meet the criteria for such certification

(15 Points)

LEED Silver Certification

Earthcraft Certification -new construction development will be 15% more energy efficient than 2004 IECC.

Earthcraft Certification -rehabilitation development will be 30% more energy efficient post-rehabilitation

(30 Points)

LEED Gold Certification



(45 Points)

LEED Platinum Certification



If seeking any points associated with LEED or Earthcraft certification, attach appropriate documentation at TAB F

Universal Design - Units Meeting Universal Design Standards

a. The architect of record certifies that units will be constructed to meet VHDA's Universal Design standards.Yes No es, attac appropr ate ocumentat on at

b. Number of Rental Units constructed to meet VHDA's Universal Design standards:0 Units 0%

VHDA Certified Property Management AgentOwner agrees to use a VHDA Certified Property Management Agent to manage the property.

Yes No

Yes No N/A The market-rate units' amenities are substantially equivalent to those of thelow-income units. If no, explain differences:

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IV. TENANT INFORMATION

A. Set-Aside Election: UNITS SELECTED BELOW IN BOTH COLUMNS DETERMINE

POINTS FOR THE BONUS POINT CATEGORY

Units Provided Per Household Type:

# of Units % of Units # of Units % of Units

0 0.00% 40% Area Median 8 11.11% 40% Area Median0 0.00% 50% Area Median 64 88.89% 50% Area Median

72 100.00% 60% Area Median 0 0.00% 60% Area Median0 0.00% Non-LMI Units 0 0.00% Non-LMI Units

72 100.00% Total 72 100.00% Total

B. Special Housing Needs/Leasing Preference:

1. If 100% of the low-income units will be occupied by either or both of the following special needsgroups as defined by the United States Fair Housing Act, so indicate:

Yes Elderly (age 55 or above)

Yes Physically or mentally disabled persons (must meet the requirements of the federalAmericans with Disabilities Act)

2. Specify the number of low-income units that will serve individuals and families with children byproviding three or more bedrooms: Number of units 36% of total low-income units

3. If the development has existing tenants, VHDA policy requires that the impact of economic and/or physical

displacement on those tenants be minimized, in which Owners agree to abide by the Authority's RelocationGuidelines for LIHTC properties. Relocation Plan Documentation attached (TAB G)

4. If leasing preference will be given to applicants on public housing waiting list and/or Section 8waiting list, so indicate:

Yes

No

Locality has no such waiting list; If yes, provide the following information:

Organization which holds such waiting list: Marion Redevelopment and Housing AuthorityContact person (Name and Title) Lisa Porter, Deputy Director

Phone Number 276-783-3381 x131 Required documentation attached (TAB H)

5. If leasing preference will be given to individuals and families with children.

(Less than or equal to 20% of the units must have 1 or less bedrooms).

Yes

No

Income Levels Rent Levels

26

Note: In order to qualify for any tax credits, a development must meet one of two minimum threshold occupancy tests. Either (i) at least 20% of the units

must be rent-restricted and occupied by persons whose incomes are 50% or less of the area median income adjusted for family size (this is called the 20/50

test) or (ii) at least 40% of the units must be rent-restricted and occupied by persons whose incomes are 60% or less of the area median income adjusted for

family size (this is called the 40/60 test), all as described in Section 42 of the IRC. Rent-and income-restricted units are known as low-income units. If youhave more low-income units than required, you qualify for more credits. If you serve lower incomes than required, you receive more points under the ranki

system.

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V. LOCAL NEEDS AND SUPPORT

Note: Please refer to the Application Manual for specific instructions and deadlines for pertaining to locality

notification of proposed Low income Housing Tax Credit developments.

A. Provide the name and the address of the chief executive officer (City Manager, Town Manager, or

County Administrator) of the political jurisdiction in which the development will be located:

Chief Executive Officer's Name Michael CarterChief Executive Officer's Title County Administrator

Street Address 121 Bagley Circle Phone 276-783-3298

City Marion State VA Zip 24354

Name and title of local official you have discussed this project with who could answer questions for th

local CEO: Clegg Williams, Zoning Administrator

If the property overlaps another jurisdiction please fill in the following:

Chief Executive Officer's Name

Chief Executive Officer's Title

Street Address Phone

City State Zip

Name and title of local official you have discussed this project with who could answer questions for th

local CEO:

B. Project Schedule

ACTUAL OR NAME OF

ACTIVITY ANTICIPATED PERSON

DATE RESPONSIBLE

Site

Option/Contract 9/11/2007 Mark Carbone

Site Acquisition 11/15/2011 Mark Carbone

Zoning Approval na

Site Plan Approval naFinancing

A. Construction Loan

Loan Application 6/15/2011 David Pearson

Conditional Commitment 8/15/2011 David Pearson

Firm Commitment 10/15/2011 David Pearson

B. Permanent Loan - First Lien




C. Permanent Loan-Second Lien




D. Other Loans & Grants

Type & Source, ListApplication

Award/Commitment

Formation of Owner 2/2/2011 David Pearson

IRS Approval of Nonprofit Status na

Closing and Transfer of Property to Owner 11/15/2011 David Pearson

Plans and Specifications, Working Drawings 3/1/2011 Michael Antonik

Building Permit Issued by Local Government 10/15/2011 Michael Antonik

Start Construction 12/1/2011 Michael Antonik

Begin Lease-up in place rehab

Complete Construction 8/1/2012 Michael Antonik

Complete Lease-Up in place rehab

Credit Placed in Service Date 8/1/2012 David Pearson

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VI. SITE CONTROL

A. Type of Site Control by Owner:

Applicant controls site by (select one and attach document - Mandatory TAB K)

Deed - attached

Long-term Lease - attached (expiration date: )

Option - attached (expiration date: )

Purchase Contract - attached (expiration date: 07/15/11 )

If more than one site for the development and more than one form of site control, please so indicateand attach a separate sheet specifying each site, number of existing buildings on the site, if any,

type of control of each site, and applicable expiration date of form of site control. A site controldocument is required for each site.

Most recent property tax assessment - Mandatory TAB K

B. Timing of Acquisition by Owner:Select one:

Owner already controls site by either deed or long-term lease or

Owner is to acquire property by deed (or lease for period no shorter than period propertywill be subject to occupancy restrictions) no later than 07/15/11

If more than one site for the development and more than one expected date of acquisition byOwner, please so indicate and attach separate sheet specifying each site, number of existingbuildings on the site, if any, and expected date of acquisition of each site by the Owner.

C. Market Study Data:

Obtain the following information from the Market Study conducted in connection with this tax credit application and enter below:

Project Wide Capture Rate - LIHTC Units

Project Wide Capture Rate - Market Units

Project Wide Capture Rate - All Units

Project Wide Absorption Period (Months)

13.00%

na

13.00%

5

Note: Site control by the Owner identified herein is a mandatory precondition of review of this application. Documentary evidence of it,

in the form of either a deed, option, purchase contract, or lease for a term longer than the period of time the property will be subject to

occupancy restrictions must be included herewith. (9% Competitive Credits - An option or contract must extend beyond the

application deadline by a minimum of four months.)

Warning: Site control by an entity other than the Owner, even if it is a closely related party, is not sufficient. Anticipated future transfers

to the Owner are not sufficient. The Owner, as identified in Subpart II-A, must have site control at the time this Application is

submitted.

NOTE: If the Owner receives a reservation of credits, the property must be titled in the name of or leased by (pursuant to a long-term

lease) the Owner before the allocation of credits is made this year.

Contact us before you submit this application if you have any questions about this requirement.

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C. Site Description

1. Exact area of site in acres 7.685

2. Has locality approved a final site plan or plan of development?

Yes No

Required documentation form attached (TAB L)

3. Is site properly zoned for the proposed development?

Yes No

Required documentation form attached (TAB M)

4. Will the proposal seek to qualify for points associated with proximity to public transportation?

Yes No

Required documentation form attached (TAB A)

D. Plans and Specifications

Minimum submission requirements for all properties (new construction, rehabilitation and adaptive reuse)

1. A location map with property clearly defined.

2. Sketch plan of the site showing overall dimensions of main building(s), major site elements

(e.g., parking lots and location of existing utilities, and water, sewer, electric,

gas in the streets adjacent to the site). Contour lines and elevations are not required.

3. Sketch plans of main building(s) reflecting overall dimensions of:

a. Typical floor plan(s) showing apartment types and placement

b. Ground floor plan(s) showing common areas;

c. Sketch floor plan(s) of typical dwelling unit(s);

d. Typical wall section(s) showing footing, foundation, wall and floor structure.

Notes must indicate basic materials in structure, floor and exterior finish.

4. Required documentation for rehabilitation properties: A unit-by-unit work write-up.

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VII. OPERATING BUDGET

A. Rental Assistance

1. Do or will any low-income units receive rental assistance?

Yes No

2. If yes, indicate type of rental assistance:

Section 8 New Construction Substantial Rehabilitatio

Section 8 Moderate RehabilitatioSection 8 Certificates

Section 8 Project Based Assistance

RD 515 Rental Assistance

Section 8 Vouchers

State Assistance

Other:

3. Number of units receiving assistance: 72

Number of years in rental assistance contract: 72

Expiration date of contract: 04/01/12

Contract or other agreement attached (TAB Q)

B. Utilities

1. Monthly Utility Allowance Calculations

Utilities Type of Utility Utilities Enter Allowances by Bedroom Size

(Gas, Electric, Oil, etc.) Paid by: 0-bdr 1-bdr 2-bdr 3-bdr 4-br

Heating Electric Owner x Tenant 0 0 91 123 0

Air Conditioning Electric Owner x Tenant 0 0 0 0 0

Cooking Electric Owner x Tenant 0 0 0 0 0

Lighting Electric Owner x Tenant 0 0 0 0 0

Hot Water Electric Owner x Tenant 0 0 0 0 0

Water Water x Owner Tenant 0 0 0 0 0

Sewer Sewer x Owner Tenant 0 0 0 0 0

Trash Trash x Owner Tenant 0 0 0 0 0

Total utility allowance for costs paid by tenant $0 $0 $91 $123 $0

2. Source of Utility Allowance Calculation (Attach Documentation TAB Q)

HUD

Utility Company (Estimate) Local PHA

Utility Company (Actual Survey) Other:

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C. Revenue1. Indicate the estimated monthly income for the Low-Income Units: **

Total Number of Total Monthly

Tax Credit Units Rental Income

0 $0

0 $0

46 $26,976

26 $17,770

0 $0

72

Plus Other Income Source (list): Laundry & Tenant Charges $500

Equals Total Monthly Income: $45,246

Twelve Months x12

Equals Annual Gross Potential Income $542,952

Less Vacancy Allowance ( 7.0% ) $38,007

Equals Annual Effective Gross Income (EGI) - Low Income Unit $504,945

** Beginning at Row 75 enter the appropriate data for both tax credit and market rate units in the yellow shaded cells.

2. Indicate the estimated monthly income for the Market Rate Units: **

Total Number of Total Monthly

Market Units Rental Income

0 $0

0 $0

0 $00 $0

0 $0

Total Number of Market Units 0

Plus Other Income Source (list): $0

Equals Total Monthly Income: $0

Twelve Months x12

Equals Annual Gross Potential Income $0

Less Vacancy Allowance ( 0.0% ) $0

Equals Annual Effective Gross Income (EGI) - Market Rate Units $0

Documentation in Support of Operating Budget attached (TAB R)

List number of units by type: TOTAL UNITS

ASSISTED LVG EFF-ELD 1 BD RM-ELD 2 BD RM-ELD EFF-GAR 1 BD RM-GAR

0 0 0 0 0 0

2 BD RM-GAR 3 BD RM-GAR 4 BD RM-GAR 2+Story 2 BR-TH 2+Story 3 BR-TH 2+Story 4 BR-TH

46 20 0 0 6 0

1 STY-EFF-ELD 1 STY-1 BR-ELD 1 STY-2 BR-ELD Note: Please be sure to enter the number of units in the

0 0 0 appropriateunit category. If not, you will find an error on

the scoresheet at 5a, 6a & 6b.

List number of units by type: TAX CREDIT UNITS

ASSISTED LVG EFF-ELD 1 BD RM-ELD 2 BD RM-ELD EFF-GAR 1 BD RM-GAR

0 0 0 0 0 0

2 BD RM-GAR 3 BD RM-GAR 4 BD RM-GAR 2+Story 2 BR-TH 2+Story 3 BR-TH 2+Story 4 BR-TH

46 20 0 0 6 0

1 Story-EFF-ELD 1 Story-1 BR-ELD 1 Story-2 BR-ELD

0 0 0

Efficiency Units

Unit Type / Net Rentable Monthly Rent Total

Rent Targeting Number Units Square Feet Per Unit Monthly Rent

Efficiency - 40% 0 0.00 -$ -$

Efficiency - 40% 0 0.00 -$ -$

Efficiency - 40% 0 0.00 -$ -$

Efficiency - 40% 0 0.00 -$ -$

Efficiency Units

4 Bedroom Units

Unit Type

Unit Type

1 Bedroom Units

2 Bedroom Units

3 Bedroom Units

Total Number of Tax Credit Units

Efficiency Units

4 Bedroom Units

1 Bedroom Units

2 Bedroom Units3 Bedroom Units

v1.1.2011 Page 15


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Efficiency - 40% 0 0.00 -$ -$

Efficiency - 40% 0 0.00 -$ -$

Efficiency - 40% 0 0.00 -$ -$

Efficiency - 40% 0 0.00 -$ -$

Efficiency - 40% 0 0.00 -$ -$

Efficiency - 40% 0 0.00 -$ -$

Efficiency - 40% 0 0.00 -$ -$

Efficiency - 40% 0 0.00 -$ -$

Efficiency - 40% 0 0.00 -$ -$

Efficiency - 40% 0 0.00 -$ -$

Efficiency - 40% 0 0.00 -$ -$

Efficiency - 50% 0 0.00 -$ -$

Efficiency - 50% 0 0.00 -$ -$

Efficiency - 50% 0 0.00 -$ -$

Efficiency - 50% 0 0.00 -$ -$

Efficiency - 50% 0 0.00 -$ -$

Efficiency - 50% 0 0.00 -$ -$

Efficiency - 50% 0 0.00 -$ -$

Efficiency - 50% 0 0.00 -$ -$

Efficiency - 50% 0 0.00 -$ -$

Efficiency - 50% 0 0.00 -$ -$

Efficiency - 50% 0 0.00 -$ -$

Efficiency - 50% 0 0.00 -$ -$

Efficiency - 50% 0 0.00 -$ -$

Efficiency - 50% 0 0.00 -$ -$

Efficiency - 50% 0 0.00 -$ -$

Efficiency - 60% 0 0.00 -$ -$

Efficiency - 60% 0 0.00 -$ -$

Efficiency - 60% 0 0.00 -$ -$

Efficiency - 60% 0 0.00 -$ -$

Efficiency - 60% 0 0.00 -$ -$

Efficiency - 60% 0 0.00 -$ -$

Efficiency - 60% 0 0.00 -$ -$

Efficiency - 60% 0 0.00 -$ -$

Efficiency - 60% 0 0.00 -$ -$

Efficiency - 60% 0 0.00 -$ -$

Efficiency - 60% 0 0.00 -$ -$

Efficiency - 60% 0 0.00 -$ -$

Efficiency - 60% 0 0.00 -$ -$

Efficiency - 60% 0 0.00 -$ -$

Efficiency - 60% 0 0.00 -$ -$

Total Efficiency Total Monthly Eff.

Tax Credit Units: 0 0.00 Tax Credit Rent: -$

Efficiency - Market 0 0.00 -$ -$















Total Efficiency

Market Units: 0 0.00 Total Monthly

Eff. Market Rent: -$

Total Eff. Units: 0 Total Eff. Rent -$

1-Bedroom Units

Net Rentable Monthly Rent Total


1 BR - 40% 0 0.00 -$ -$v1.1.2011 Page 15


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21/312

2-Bedroom Units



2 BR - 40% 4 869.00 584$ 2,336$

2 BR - 40% 0 0.00 -$ -$

2 BR - 40% 1 988.00 593$ 593$

2 BR - 40% 0 0.00 -$ -$

2 BR - 40% 0 0.00 -$ -$

2 BR - 40% 0 0.00 -$ -$2 BR - 40% 0 0.00 -$ -$

2 BR - 40% 0 0.00 -$ -$

2 BR - 40% 0 0.00 -$ -$

2 BR - 40% 0 0.00 -$ -$

2 BR - 40% 0 0.00 -$ -$

2 BR - 40% 0 0.00 -$ -$

2 BR - 40% 0 0.00 -$ -$

2 BR - 40% 0 0.00 -$ -$

2 BR - 40% 0 0.00 -$ -$

2 BR - 50% 28 869.00 584$ 16,352$

2 BR - 50% 2 869.00 586$ 1,172$

2 BR - 50% 11 988.00 593$ 6,523$

2 BR - 50% 0 0.00 -$ -$

2 BR - 50% 0 0.00 -$ -$2 BR - 50% 0 0.00 -$ -$

2 BR - 50% 0 0.00 -$ -$

2 BR - 50% 0 0.00 -$ -$

2 BR - 50% 0 0.00 -$ -$

2 BR - 50% 0 0.00 -$ -$

2 BR - 50% 0 0.00 -$ -$

2 BR - 50% 0 0.00 -$ -$

2 BR - 50% 0 0.00 -$ -$

2 BR - 50% 0 0.00 -$ -$

2 BR - 50% 0 0.00 -$ -$

2 BR - 60% 0 0.00 -$ -$

2 BR - 60% 0 0.00 -$ -$

2 BR - 60% 0 0.00 -$ -$

2 BR - 60% 0 0.00 -$ -$

2 BR - 60% 0 0.00 -$ -$

2 BR - 60% 0 0.00 -$ -$

2 BR - 60% 0 0.00 -$ -$

2 BR - 60% 0 0.00 -$ -$

2 BR - 60% 0 0.00 -$ -$

2 BR - 60% 0 0.00 -$ -$

2 BR - 60% 0 0.00 -$ -$

2 BR - 60% 0 0.00 -$ -$

2 BR - 60% 0 0.00 -$ -$

2 BR - 60% 0 0.00 -$ -$

2 BR - 60% 0 0.00 -$ -$

Total 2-BR Total Monthly 2-BR

Tax Credit Units: 46 41,402.00 Tax Credit Rent: 26,976$

2 BR - Market 0 0.00 -$ -$

2 BR - Market 0 0.00 -$ -$

2 BR - Market 0 0.00 -$ -$

2 BR - Market 0 0.00 -$ -$

2 BR - Market 0 0.00 -$ -$

2 BR - Market 0 0.00 -$ -$

2 BR - Market 0 0.00 -$ -$

2 BR - Market 0 0.00 -$ -$

2 BR - Market 0 0.00 -$ -$

2 BR - Market 0 0.00 -$ -$

2 BR - Market 0 0.00 -$ -$

2 BR - Market 0 0.00 -$ -$

2 BR - Market 0 0.00 -$ -$

2 BR - Market 0 0.00 -$ -$

2 BR - Market 0 0.00 -$ -$v1.1.2011 Page 15


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Total 2-BR


2-BR Market Rent: -$

Total 2-BR Units: 46 Total 2-BR Rent 26,976$

3-Bedroom Units



3 BR - 40% 1 1,186.00 669$ 669$

3 BR - 40% 2 1,063.00 676$ 1,352$

3 BR - 40% 0 0.00 -$ -$

3 BR - 40% 0 0.00 -$ -$

3 BR - 40% 0 0.00 -$ -$

3 BR - 40% 0 0.00 -$ -$

3 BR - 40% 0 0.00 -$ -$

3 BR - 40% 0 0.00 -$ -$

3 BR - 40% 0 0.00 -$ -$

3 BR - 40% 0 0.00 -$ -$

3 BR - 40% 0 0.00 -$ -$

3 BR - 40% 0 0.00 -$ -$

3 BR - 40% 0 0.00 -$ -$3 BR - 40% 0 0.00 -$ -$

3 BR - 40% 0 0.00 -$ -$

3 BR - 50% 5 1,186.00 669$ 3,345$

3 BR - 50% 17 1,063.00 689$ 11,713$

3 BR - 50% 1 1,063.00 691$ 691$

3 BR - 50% 0 0.00 -$ -$

3 BR - 50% 0 0.00 -$ -$

3 BR - 50% 0 0.00 -$ -$

3 BR - 50% 0 0.00 -$ -$

3 BR - 50% 0 0.00 -$ -$

3 BR - 50% 0 0.00 -$ -$

3 BR - 50% 0 0.00 -$ -$

3 BR - 50% 0 0.00 -$ -$

3 BR - 50% 0 0.00 -$ -$3 BR - 50% 0 0.00 -$ -$

3 BR - 50% 0 0.00 -$ -$

3 BR - 50% 0 0.00 -$ -$

3 BR - 60% 0 0.00 -$ -$

3 BR - 60% 0 0.00 -$ -$

3 BR - 60% 0 0.00 -$ -$

3 BR - 60% 0 0.00 -$ -$

3 BR - 60% 0 0.00 -$ -$

3 BR - 60% 0 0.00 -$ -$

3 BR - 60% 0 0.00 -$ -$

3 BR - 60% 0 0.00 -$ -$

3 BR - 60% 0 0.00 -$ -$

3 BR - 60% 0 0.00 -$ -$

3 BR - 60% 0 0.00 -$ -$3 BR - 60% 0 0.00 -$ -$

3 BR - 60% 0 0.00 -$ -$

3 BR - 60% 0 0.00 -$ -$

3 BR - 60% 0 0.00 -$ -$


Tax Credit Units: 26 28,376.00 Tax Credit Rent: 17,770$

3 BR - Market 0 0.00 -$ -$

3 BR - Market 0 0.00 -$ -$

3 BR - Market 0 0.00 -$ -$

3 BR - Market 0 0.00 -$ -$

3 BR - Market 0 0.00 -$ -$

3 BR - Market 0 0.00 -$ -$

v1.1.2011 Page 15


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3 BR - Market 0 0.00 -$ -$

3 BR - Market 0 0.00 -$ -$

3 BR - Market 0 0.00 -$ -$

3 BR - Market 0 0.00 -$ -$

3 BR - Market 0 0.00 -$ -$

3 BR - Market 0 0.00 -$ -$

3 BR - Market 0 0.00 -$ -$

3 BR - Market 0 0.00 -$ -$

3 BR - Market 0 0.00 -$ -$

Total 3-BR


3-BR Market Rent: -$

Total 3-BR Units: 26 Total 3-BR Rent 17,770$

4-Bedroom Units



4 BR - 40% 0 0.00 -$ -$

4 BR - 40% 0 0.00 -$ -$

4 BR - 40% 0 0.00 -$ -$

4 BR - 40% 0 0.00 -$ -$

4 BR - 40% 0 0.00 -$ -$

4 BR - 40% 0 0.00 -$ -$4 BR - 40% 0 0.00 -$ -$

4 BR - 40% 0 0.00 -$ -$

4 BR - 40% 0 0.00 -$ -$

4 BR - 40% 0 0.00 -$ -$

4 BR - 40% 0 0.00 -$ -$

4 BR - 40% 0 0.00 -$ -$

4 BR - 40% 0 0.00 -$ -$

4 BR - 40% 0 0.00 -$ -$

4 BR - 40% 0 0.00 -$ -$

4 BR - 50% 0 0.00 -$ -$

4 BR - 50% 0 0.00 -$ -$

4 BR - 50% 0 0.00 -$ -$

4 BR - 50% 0 0.00 -$ -$

4 BR - 50% 0 0.00 -$ -$4 BR - 50% 0 0.00 -$ -$

4 BR - 50% 0 0.00 -$ -$

4 BR - 50% 0 0.00 -$ -$

4 BR - 50% 0 0.00 -$ -$

4 BR - 50% 0 0.00 -$ -$

4 BR - 50% 0 0.00 -$ -$

4 BR - 50% 0 0.00 -$ -$

4 BR - 50% 0 0.00 -$ -$

4 BR - 50% 0 0.00 -$ -$

4 BR - 50% 0 0.00 -$ -$

4 BR - 60% 0 0.00 -$ -$

4 BR - 60% 0 0.00 -$ -$

4 BR - 60% 0 0.00 -$ -$

4 BR - 60% 0 0.00 -$ -$4 BR - 60% 0 0.00 -$ -$

4 BR - 60% 0 0.00 -$ -$

4 BR - 60% 0 0.00 -$ -$

4 BR - 60% 0 0.00 -$ -$

4 BR - 60% 0 0.00 -$ -$

4 BR - 60% 0 0.00 -$ -$

4 BR - 60% 0 0.00 -$ -$

4 BR - 60% 0 0.00 -$ -$

4 BR - 60% 0 0.00 -$ -$

4 BR - 60% 0 0.00 -$ -$

4 BR - 60% 0 0.00 -$ -$


Tax Credit Units: 0 0.00 Tax Credit Rent: -$

v1.1.2011 Page 15


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D. Operating Expenses

Administrative:

1. Advertising/Marketing $650

2. Office Salaries $0

3. Office Supplies $9,475

4. Office/Model Apartment (type______) $0

5. Management Fee $21,000

4.16% of EGI 291.6666667 Per Unit

6. Manager Salaries $29,547

7. Staff Unit (s) (type______) $08. Legal $250

9. Auditing $12,000

10. Bookkeeping/Accounting Fees $0

11. Telephone & Answering Service $2,525

12. Tax Credit Monitoring Fee $2,160

13. Miscellaneous Administrative $2,500

Total Administrative $80,107

Utilities

14. Fuel Oil $0

15. Electricity $12,000

16. Water $12,000

17. Gas $500

18. Sewer $15,000

Total Utility $39,500

Operating:

19. Janitor/Cleaning Payrol $0

20. Janitor/Cleaning Supplies $3,000

21. Janitor/Cleaning Contrac $24022. Exterminating $1,775

23. Trash Removal $9,625

24. Security Payroll/Contract $0

25. Grounds Payroll $18,859

26. Grounds Supplies $650

27. Grounds Contract $9,960

28. Maintenance/Repairs Payrol $29,816

29. Repairs/Material $17,625

30. Repairs Contract $10,000

31. Elevator Maintenance/Contract $0

32. Heating/Cooling Repairs & Maintenance $500

33. Pool Maintenance/Contract/Staff $0

34. Snow Remova $500

35. Decorating/Payroll/Contract $3,200

36. Decorating Supplies $1,500

37. Miscellaneous $0

Operating & Maintenance Totals $107,250

Taxes & Insurance

38. Real Estate Taxes $15,145

39. Payroll Taxes $7,500

40. Miscellaneous Taxes/Licenses/Permits $0

41. Property & Liability Insurance $25,000

42. Fidelity Bond $0

43. Workman's Compensation $500

44. Health Insurance & Employee Benefits $700

45. Other Insurance $25

Total Taxes & Insurance $48,870

6544

Total Operating Expense $275,727

D1. Total Oper. Ex. Per Unit $3,830 D2. Total Oper. Ex. As % EGI (from E3) 54.61%

Replacement Reserves (Total # Units X $300 or $250 New Const. Elderly Minimum) $21,600

Total Expenses $297,327

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E. Cash Flow (First Year)

1. Annual EGI Low-Income Units from (C1) $504,945

2. Annual EGI Market Units (from C2) + $0

3. Total Effective Gross Income = $504,945

4. Total Expenses (from D) $297,327

5. Net Operating Income = $207,6186. Total Annual Debt Service (from Page 21 B2) - $180,423

7. Cash Flow Available for Distribution = $27,195

F. Projections for Financial Feasibility - 15 Year Projections of Cash Flow

Stabilized

Year 1 Year 2 Year 3 Year 4 Year 5

Eff. Gross Income 504,945 515,044 525,345 535,852 546,569

Less Oper. Expenses 297,327 306,247 315,434 324,897 334,644

Net Income 207,618 208,797 209,911 210,955 211,925

Less Debt Service 180,423 180,423 180,423 180,423 180,423

Cash Flow 27,195 28,374 29,488 30,532 31,502

Debt Coverage Ratio 1.15 1.16 1.16 1.17 1.17


Eff. Gross Income 557,500 568,650 580,023 591,624 603,456


Net Income 212,817 213,627 214,349 214,979 215,512Less Debt Service 180,423 180,423 180,423 180,423 180,423

Cash Flow 32,394 33,204 33,926 34,556 35,089



Eff. Gross Income 615,526 627,836 640,393 653,201 666,265


Net Income 215,943 216,266 216,476 216,566 216,531

Less Debt Service 180,423 180,423 180,423 180,423 180,423

Cash Flow 35,520 35,843 36,053 36,143 36,108


Estimated Annual Percentage Increase in Revenue 2.00% (Must be < 2%)

Estimated Annual Percentage Increase in Expenses 3.00% (Must be > 3%)

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VIII. PROJECT BUDGET

A. Cost/Basis/Maximum Allowable Credit

Complete cost column and basis column(s) as appropriate through A12. Check if the followingocumentat on s attac e at TAB S:

Executed Construction ContractExecuted Trade Payment Breakdown

AppraisalOther Cost DocumentationEnvironmental Studies

Amount of Cost up to 100% Includable in

Eligible Basis--Use Applicable Column(s):

"30% Present Value Credit" (D)

Item (A) Cost (B) Acquisit ion (C) Rehab/ "70 % Present

New Construction Value Credit"

1. Contractor Cost

A. Off-Site Improvements 0 0 0 0

B. Site Work 0 0 0 0

C. Geothermal System 0 0 0 0

D. Unit Structures (New) 0 0 0 0

E. Unit Structures (Rehab) 1,826,440 0 0 1,826,440

F. Solar Electric System 0 0 0 0

G. Asbestos Removal 0 0 0 0

H. Demolition 0 0 0 0

I. Commercial Space Costs 0 0 0 0

J. Structured Parking Garage 0 0 0 0

K. Subtotal A: (Sum 1A..1J) 1,826,440 0 0 1,826,440

L. General Requirements 109,586 0 0 109,586

M. Builder's Overhead 36,529 0 0 36,529

( 2.0% Contract)N. Builder's Profit 109,586 0 0 109,586

( 6.0% Contract)

O. Bonding Fee 0 0 0 0

P. Other 0 0 0 0

Q. Contractor Cost

Subtotal (Sum 1K..1P) $2,082,141 $0 $0 $2,082,141

2. Owner Costs

A. Building Permit 5,000 0 0 5,000

B. Arch./Engin. Design Fee 40,000 0 0 40,000

( 556 /Unit)

C. Arch. Supervision Fee 10,000 0 0 10,000

( 139 /Unit)

D. Tap Fees 0 0 0 0E. Soil Borings 0 0 0 0

NOTE: Attorney must opine, among other things, as to correctness of the inclusion of each cost item in eligible basis, type

of credit and numerical calculations of this Part VIII.

v1.1.2011 Page 18


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Item (A) Cost (B) Acquisition (C) Rehab/ "70 % Present


2. Owner Costs Continued

F. Construction Loan 0 0 0 0Origination Fee

G. Construction Interest 0 0 0 0

( 0.0% for 0 months)

H. Taxes During Construction 10,776 0 0 0

I. Insurance During Construction 18,750 0 0 0

J. Cost Certification Fee 45,000 0 0 45,000

K. Title and Recording 50,000 22,500 0 21,000

L. Legal Fees for Closing 75,000 25,000 0 0

M. Permanent Loan Fee 43,008 0 0 0

( 0.0% )

N. Other Permanent Loan Fees 0 0 0 0

O. Credit Enhancement 0 0 0 0

P. Mortgage Banker 29,850 10,000 0 10,000

Q. Environmental Study 10,000 0 0 10,000R. Structural/Mechanical Study 0 0 0 0

S. Appraisal Fee 5,000 0 0 5,000

T. Market Study 3,500 0 0 3,500

U. Operating Reserve 245,000 0 0 0

V. Tax Credit Fee 25,750 0 0 0

W. OTHER $600,875 $0 $0 $283,515

(SEE PAGE 19A)

X. Owner Cost

Subtotal (Sum 2A..2W) $1,217,509 $57,500 $0 $433,015

Subtotal 1 + 2 $3,299,650 $57,500 $0 $2,515,156

(Owner + Contractor Costs)

3. Developer's Fees 631,277 160,000 0 471,277

4. Owner's Acquisition Costs

Land 200,000

Existing Improvements 1,510,990 1,510,990

Subtotal 4: $1,710,990 $1,510,990

5. Total Development Costs

Subtotal 1+2+3+4: $5,641,917 $1,728,490 $0 $2,986,433

If this application seeks rehab credits only, in which there is no acquisition and no change in ownership, enter the greater of

appraised value or tax assessment value here: $0 Land

(Attach documentation at Tab K $0 Building

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Item (A) Cost (B) Acquisition (C) Rehab/ "70 % Present


W. OTHER OWNER COSTS

Contingency Reserve 222,515 0 0 222,515(Rehab or Adaptive Reuse only)

LIST ADDITIONAL ITEMS

Survey 10,000 0 0 10,000

Mgmt Rehab 5,000 0 0 5,000

Relocation 5,000 0 0 5,000

Travel 2,500 0 0 0

Organizational 3,500 0 0 0

LIHTC App Fee 750 0 0 0

Replacement Reserve 21,600 0 0 0

Earthcraft Supervision 25,000 0 0 25,000

Completion LOC 15,000 0 0 15,000

Copies/prints/postage 1,000 0 0 1,000

0 0 0 0

0 0 0 0Reserve Purchase 289,010 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

Subtotal (Other Owner Costs) $600,875 $0 $0 $283,515

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"30 % Present Value Credit"

(C) Rehab/ (D)

New "70 % Present

Item (A) Cost (B) Acquisition Construction Value Credit"

5. Total Development Costs

Subtotal 1+2+3+4 5,641,917 1,728,490 0 2,986,433

6. Reductions in Eligible Basis

Subtract the following:

A. Amount of federal grant(s) used to finance 0 0 0

qualifying development costs

B. Amount of nonqualified, nonrecourse financing 0 0 0

C. Costs of nonqualifying units of higher quality 0 0 0

(or excess portion thereof)

D. Historic Tax Credit (residential portion) 0 0 0

7. Total Eligible Basis (5 minus 6 above) 1,728,490 0 2,986,433

8. Adjustment(s) to Eligible Basis (For non-acquisition costs in eligible basis)

(i) For QCT or DDA (Eligible Basis x 30%) 0 895,930

(ii) For Earthcraft or LEED Certification 0 0

Total Adjusted Eligible basis 0 3,882,363

9. Applicable Fraction 100.0000% 100.0000% 100.0000%

10. Total Qualified Basis (Same as Part IX-C) 1,728,490 0 3,882,363

(Eligible Basis x Applicable Fraction)

11. Applicable Percentage 3.33% 0.00% 9.00%

(For 2011 9% competitive credits, use the March 2011 applicable percentages for acq.)

(For 9% non-competitive & tax exempt bonds, use the most recently published rates)

12. Maximum Allowable Credit under IRC 42 $57,559 $0 $349,413

(Qualified Basis x Applicable Percentage)

(Same as Part IX-C and equal to or more than $406,971

credit amount requested) Combined 30% & 70% P. V. Credit

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B. Sources of Funds

1. Construction Financing: List individually the sources of construction financing, including any such

loans financed through grant sources:

Date of Date of Amount of

Source of Funds Application Commitment Funds Name of Contact Person

1. Taxable Mortgage $1,350,000 John Hastings

2. SPARC Loan $950,000 John Hastings

3.

Commitments or letter(s) of intent attached (TAB T)

2. Permanent Financing: List individually the sources of all permanent financing in order of lien position:

Interest Amortization Term

Date of Date of Amount of Annual Debt Rate of Period of

Source of Funds Application Commitment Funds Service Cost Loan IN YEARS Loan (years)

1. Taxable Mortgage $1,350,000 $118,665 7.40% 25 25

2. SPARC Loan $950,000 $61,758 4.25% 25 25

3. $0 10 30

4. Assumed Reserves $289,010 $0 0.00% 1000 0

5. $0 $0 0.00% 1000 0

6. $0 $0 0.00% 1000 0

Totals: $2,589,010 $180,423


3. Grants: List all grants provided for the development:

Date of Date of Amount of

Source of Funds Application Commitment Funds Name of Contact Person

1. $0

2. $0

3. $0

4. $0

5. $0

6. $0

Total Permanent Grants: $0


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4. Portion of Syndication Proceeds Attributable to Historic Tax Credit

Amount of Federal historic credits $0 x Equity % $0.00 $0

Amount of Virginia historic credits $0 x Equity % $0.00 $0

6. Equity that Sponsor will Fund:

Cash Investment $0

Contributed Land/Building $0 Assessment Attached (TAB S)Deferred Developer Fee $19,269

Other: $0

Equity Total $19,269

7. Total of All Sources (B2 + B3 + B4 + B5 + B6) $2,608,279

(not including syndication proceeds except for historic tax credits)

8. Total Development Cost $5,641,917

(From VIII-A5)

9. Less Total Sources of Funds (From B7 above) $2,608,279

10. Equals equity gap to be funded with low-income tax credit

proceeds (must equal IX-D3) $3,033,638

C. Syndication Information (If Applicable)

1. Actual or Anticipated Name of Syndicator TBD

2. Contact Person Phone

3. Street Address

City State Zip

4. a. Total to be paid by anticipated users of credit (e.g., limited partners) $3,033,638

b. Equity Dollars Per Credit (e.g., $0.85 per dollar of credit) $0.85

c. Percent of ownership entity (e.g., 99% or 99.9%) 99.98%

d. Net credit amount anticipated by user of credits $356,899

e. Syndication costs not included in VIII-A5 (e.g., advisory fees) $0

5. Net amount which will be used to pay for Total Development Cost (4a-4e)as listed in Part VIII-A5 (same amount as Part IX-D3) $3,033,638

6. Amount of annual credit required for above amounts

(same amount as Part IX-D6) $356,970

7. Net Equity Factor [C5 / (C6 X 10)]

(same amount as Part IX-D4) 84.98%

8. Syndication: Public or Private

9. Investors: Individual or Corporate

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D. Recap of Federal, State, and Local Funds/Any Credit Enhancements

1. Are any portions of the sources of funds described above for the development financed directly or indirectly

with Federal, State, or Local Government Funds? Yes NoIf yes, then check the type and list the amount of money involved.

Below-Market Loans Market-Rate Loans

Tax Exempt Bonds $0 Taxable Bonds $1,350,000

RD 515 $0 Section 220 $0

Section 221(d)(3) $0 Section 221(d)(3) $0

Section 312 $0 Section 221(d)(4) $0

Section 236 $0 Section 236 $0

VHDA SPARC/REACH $950,000 Section 223(f) $0

HOME Funds $0 Other:

Other: $0

Other: $0

Grants Grants

CDBG $0 State $0

UDAG $0 Local $0Other: $0

This means grants to the partnership. If you received a loan financed by a locality which received one of the

listed grants, please list it in the appropriate loan column as "other" and describe the applicable grant program

which funded it.

2. Subsidized Funding: list all sources of funding for points. Documentation Attached (TAB T)

Source of Funds Commitment date Funds

1. $0

2. $0

3. $0

4. $0

5. $0

3. Does any of your financing have any credit enhancement? Yes No

If yes, list which financing and describe the credit enhancement:

4. Other Subsidies Documentation Attached (TAB Q)

Real Estate Tax Abatement on the increase in the value of the development.

New project based subsidy from HUD or Rural Development for the greater of 5 or 10% of the units in the development.

Other Subsidies

5. Is HUD approval for transfer of physical asset required?

Yes No

E. For Transactions Using Tax-Exempt Bonds Seeking 4% Credits:

For purposes of the 50% Test, and based only on the data entered to this

application, the portion of the aggregate basis of buildings and land financed with

tax-exempt funds is: N/A

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C. Building-by-Building Information Must Complete

Qualified basis must be determined on a building-by building basis. Complete the section below. Building street addresses are required by the IRS (must h

allocation request).

30% Present Value 30% Present Value

Credit for Acquisition Credit for Construction

TAX MARKET

CREDIT RATE Actual or Actual or

UNITS UNITS Estimate Anticipated Estimate Anticipated

Build Street Qualified In-Service Applicable Credit Qualified In-Service Applicable Credit

ing # Address Basis Date Percentage Amount Basis Date Percentage Amount

1. 12 208 View Drive $276,558 01/01/12 3.33% 9,209 $0 0.00% 0

2. 12 224 View Drive $276,558 01/01/12 3.33% 9,209 $0 0.00% 0

3. 12 234 View Drive $276,558 01/01/12 3.33% 9,209 $0 0.00% 0

4. 18 262 View Drive $432,123 01/01/12 3.33% 14,390 $0 0.00% 0

5. 12 278 View Drive $276,558 01/01/12 3.33% 9,209 $0 0.00% 0

6. 2 280 View Drive $86,425 01/01/12 3.33% 2,878 $0 0.00% 0

7. 4 284 View Drive $103,709 01/01/12 3.33% 3,454 $0 0.00% 0

8. $0 0.00% 0 $0 0.00% 0

9. $0 0.00% 0 $0 0.00% 0

10. $0 0.00% 0 $0 0.00% 0

11. $0 0.00% 0 $0 0.00% 0

12. $0 0.00% 0 $0 0.00% 0

13. $0 0.00% 0 $0 0.00% 0

14. $0 0.00% 0 $0 0.00% 0

15. $0 0.00% 0 $0 0.00% 0

16. $0 0.00% 0 $0 0.00% 0 $1,728,490 $0

$57,559 $0 Qualified Basis Totals (must agree with VIII-A10

Credit Amount Totals (must agree with VIII-A-12)

NUMBER

OF

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TAX MARKET





17. $0 0.00% 0 $0 0.00% 0

18. $0 0.00% 0 $0 0.00% 0

19. $0 0.00% 0 $0 0.00% 0

20. $0 0.00% 0 $0 0.00% 0

21. $0 0.00% 0 $0 0.00% 0

22. $0 0.00% 0 $0 0.00% 0

23. $0 0.00% 0 $0 0.00% 0

24. $0 0.00% 0 $0 0.00% 0

25. $0 0.00% 0 $0 0.00% 0

26. $0 0.00% 0 $0 0.00% 0

27. $0 0.00% 0 $0 0.00% 0

28. $0 0.00% 0 $0 0.00% 0

29. $0 0.00% 0 $0 0.00% 0

30. $0 0.00% 0 $0 0.00% 0

31. $0 0.00% 0 $0 0.00% 0

32. $0 0.00% 0 $0 0.00% 0 $0 $0

$0 $0Qualified Basis Totals (must agree with VIII-A10


NUMBER

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33. $0 0.00% 0 $0 0.00% 0

34. $0 0.00% 0 $0 0.00% 0

35. $0 0.00% 0 $0 0.00% 0

36. $0 0.00% 0 $0 0.00% 0

37. $0 0.00% 0 $0 0.00% 0

38. $0 0.00% 0 $0 0.00% 0

39. $0 0.00% 0 $0 0.00% 0

40. $0 0.00% 0 $0 0.00% 0

41. $0 0.00% 0 $0 0.00% 0

42. $0 0.00% 0 $0 0.00% 0

43. $0 0.00% 0 $0 0.00% 0

44. $0 0.00% 0 $0 0.00% 0

45. $0 0.00% 0 $0 0.00% 0

46. $0 0.00% 0 $0 0.00% 0

47. $0 0.00% 0 $0 0.00% 0

48. $0 0.00% 0 $0 0.00% 0 $0 $0



NUMBER

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49. $0 0.00% 0 $0 0.00% 0

50. $0 0.00% 0 $0 0.00% 0

51. $0 0.00% 0 $0 0.00% 0

52. $0 0.00% 0 $0 0.00% 0

53. $0 0.00% 0 $0 0.00% 0

54. $0 0.00% 0 $0 0.00% 0

55. $0 0.00% 0 $0 0.00% 0

56. $0 0.00% 0 $0 0.00% 0

57. $0 0.00% 0 $0 0.00% 0

58. $0 0.00% 0 $0 0.00% 0

59. $0 0.00% 0 $0 0.00% 0

60. $0 0.00% 0 $0 0.00% 0

61. $0 0.00% 0 $0 0.00% 0

62. $0 0.00% 0 $0 0.00% 0

63. $0 0.00% 0 $0 0.00% 0

64. $0 0.00% 0 $0 0.00% 0 $0 $0



NUMBER

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65. $0 0.00% 0 $0 0.00% 0

66. $0 0.00% 0 $0 0.00% 0

67. $0 0.00% 0 $0 0.00% 0

68. $0 0.00% 0 $0 0.00% 0

69. $0 0.00% 0 $0 0.00% 0

70. $0 0.00% 0 $0 0.00% 0

71. $0 0.00% 0 $0 0.00% 0

72. $0 0.00% 0 $0 0.00% 0

73. $0 0.00% 0 $0 0.00% 0

74. $0 0.00% 0 $0 0.00% 0

75. $0 0.00% 0 $0 0.00% 0

76. $0 0.00% 0 $0 0.00% 0

77. $0 0.00% 0 $0 0.00% 0

78. $0 0.00% 0 $0 0.00% 0

79. $0 0.00% 0 $0 0.00% 0

80. $0 0.00% 0 $0 0.00% 0 $0 $0



NUMBER

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81. $0 0.00% 0 $0 0.00% 0

82. $0 0.00% 0 $0 0.00% 0

83. $0 0.00% 0 $0 0.00% 0

84. $0 0.00% 0 $0 0.00% 0

85. $0 0.00% 0 $0 0.00% 0

86. $0 0.00% 0 $0 0.00% 0

87. $0 0.00% 0 $0 0.00% 0

88. $0 0.00% 0 $0 0.00% 0

89. $0 0.00% 0 $0 0.00% 0

90. $0 0.00% 0 $0 0.00% 0

91. $0 0.00% 0 $0 0.00% 0

92. $0 0.00% 0 $0 0.00% 0

93. $0 0.00% 0 $0 0.00% 0

94. $0 0.00% 0 $0 0.00% 0

95. $0 0.00% 0 $0 0.00% 0

96. $0 0.00% 0 $0 0.00% 0 $0 $0



NUMBER

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D. Determination of Reservation Amount Needed

1. Total Development Costs (from VIII-A5, Column A page 20) $5,641,917

2. Less Total Sources of Funds (from VIII-B7 page 22) $2,608,279

3. Equals Equity Gap $3,033,638

4. Divided by Net Equity Factor (VIII-C7 page 22) 84.98%

(Percent of 10-year credit expected to be raised as equity investment)

5. Equals Ten-Year Credit Amount Needed to Fund Gap $3,569,700

Divided by ten years 10

6. Equals Annual Tax Credit Required to Fund the Equity Gap $356,970

7. The Maximum Allowable Credit Amount $406,971

(from VIII-A12-combined figure)

(This amount must be equal to or more than 6 above)

8. Reservation Amount (Lesser of 6 or 7 above)

Credit per Unit 4,958 Combined 30% & 70% PV Credit

Credit per Bedroom 2,100 $356,970

Comprised of

$57,558 and $299,41230% PV Credit 70% PV Credit

(Based on same relative percentages as VIII-A12)

E. Attorneys OpinionAttached in Mandatory TAB W)

The following calculation of the amount of credits needed is substantially the same as the calculation which will be made by VHDA to

determine, as required by the IRC, the amount of credits which may be allocated for the development. However, VHDA at all times retains the

right to substitute such information and assumptions as are determined by VHDA to be reasonable for the information and assumptions

provided herein as to costs (including development fees, profits, etc.), sources for funding, expected equity, etc. Accordingly, if the

development is selected by VHDA for a reservation of credits, the amount of such reservation may differ significantly from the amount you

compute below.

Goal Seek Function

If you incur the error message that your reservation amount is not equal

to the equity gap amount you may use the goal seek function within the Excel

spreadsheet to eliminate the error message. To use the Goal Seek function first

place the curser box on cell V28. Using the mouse arrow, point and click on

Tools on the top line and then click on the Goal Seek option. A box will

appear with the V28 cell shown in the top space, place the cursor in the middle

box and type in the new amount that you want the equity gap to be which should

e the reservation amount below, then place the cursor in the bottom space and at

the bottom of the page click on page 22. Then place the cursor on cell N15

(Deferred Developer Fee) and click on OK. A message should then appear that

a solution has been found and if the amount is correct click OK. If the amountsare now equal the error message will disappear.

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F. Statement of Owner

The undersigned hereby acknowledges the following:

1. that, to the best of its knowledge and belief, all factual information provided herein or in connection

herewith is true and correct, and all estimates are reasonable.

2. that it will at all times indemnify and hold harmless VHDA and its assigns against all losses, costs,

damages, VHDA's expenses, and liabilities of any nature directly or indirectly resulting from, arising out of,

or relating to VHDA's acceptance, consideration, approval, or disapproval of this reservation request and

the issuance or nonissuance of an allocation of credits, grants and/or loan funds in connection herewith.

3. that points will be assigned only for representations made herein for which satisfactory documentation is

submitted herewith and that no revised representations may be made in connection with this application

once the deadline for applications has passed.

4. that this application form, provided by VHDA to applicants for tax credits, including all sections herein

relative to basis, credit calculations, and determination of the amount of the credit necessary to make the

development financially feasible, is pro

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