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2010 Federal Low Income Housing

Tax Credit Program

Application For Reservation

Deadline for Submission

9% Competitive Credits
Applications Must Be Received At VHDA No Later Than 2:00
PM Richmond, VA Time On March 12, 2010

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)

v1/8/2010

Virginia Housing Development Authority


601 South Belvidere Street
Richmond, Virginia 23220-6500

v12.31.09
Low Income Housing Tax Credit Application for Reservation

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.

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 Certification
A.2 Revitalization Area Certification
Location Map
Surveyor's Certification of Proximity To Public Transportation
Tab B: Partnership or Operating Agreement, including chart of ownership structure with percentage of interests (MANDATOR
Tab C: Virginia State Corporation Commission Certification (MANDATORY)
Tab D: Principal's Previous Participation Certification and Resumé (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 H: PHA / Section 8 Notification Letter
Tab I: Local CEO Letter
Tab J: Homeownership Plan
Tab K: Site Control Documentation & Most Recent Real Estate Tax Assessment (MANDATORY)
Tab L: Plan of Development Certification Letter
Tab M: Zoning Certification Letter
Tab N: Copies of 8609s To Certify Developer Experience
Tab O: (Reserved)
Tab P: Plans and Specifications and Work Write-Up (MANDATORY)
Tab Q: Documentation of Rental Assistance
Tab R: Documentation of Operating Budget
Tab S: Documentation of Project Budget
Tab T: Documentation of Financing Sources
Tab 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 as
described 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 Refusal
Tab W: Attorney's Opinion (MANDATORY)
Tab X: (Reserved)
Tab Y: Marketing Plan for units meeting accessibility requirements of HUD section 504

v12.31.09 Submission Checklist


Low-Income Housing Tax Credit Application For Reservation

VHDA TRACKING NUMBER 2010-C-108


I. General Information
All code "Section" references are to, and the term "IRC" shall be deemed to mean, March 12, 2010
the Internal Revenue Code of 1986, as amended. (Date of Application)

A. Development Name and Location:


1. Name of Development Global Mission Village
2. Address of Development 3899 Fair Ridge Drive
(Street)
Fairfax VA 22033
(City) (State) (Zip Code)

3. If complete address is not available, provide longitude and latitude coordinates (x,y) from
location on site your surveyor deems appropriate.
Documentation from surveyor attached (TAB A) (Only necessary if street address or street intersections are not available.
(Coordinates should be the same as those listed on pg 13, if applicable)
4. The Circuit Court Clerk's office in which the deed to the property is or will be recorded:
City/County of Fairfax County (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: 4826
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
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 or
other fees associated with acquisition and/or rehab. Yes n/a
b. 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
rate <10% with no tax credit units currently present? Yes No

11. Is the development listed on the RD 515 Rehabilitation Priority List? Yes No
12. Is the proposed development located in an urban development area as defined in §15.2-2223.1of the Code of Virginia?
Yes No (If yes, attach required form in TAB U)
13. Will the proposed development participate in a locally adopted affordable housing dwelling unit program area as described in
either §15.2-2304 or §15.2-2305 of the Code of Virginia? Yes No (If yes, attach required form in TAB U)

14. Congressional District 10 http://dlsgis.state.va.us/congress/2001PDFs/chap7Tab.pdf


Planning District 8 http://www.vapdc.org/aboutpdcs.htm#PDC%20Map
State Senate District 33 http://dlsgis.state.va.us/senate/2001PDFs/Chap2Tab.pdf

State House District 67 http://dlsgis.state.va.us/House/2001HousePDFs/Chap1Tab.pdf

15. Location Map Attached (TAB A)

B. Project Description:
In the space provided below, give a brief description of the proposed project.
The subject property is 12.81 acres total and an office building/church is existing on this site. On 5 of the acres of land will be where the 92
unit, 88,460 SF affordable, senior housing facilty will be constructed. This building will contain many amenities to serve the tenents,
including, but not limited to, a community/multi-use space, a library, an arts and crafts room, a salon, an exercise room, theatre, gym, spa/sauna
and computer/business center. There will be surface parking spaces provided. The building exterior will consist of 35% brick with either viny
siding or cementitious fiberboard and it will be 4 stories in height.

v12.31.09 Page 1
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) $1,221,282

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 an
allocation of 2010 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, 2010, but the
owner 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
kona
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 2011 or 2012).

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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Low-Income Housing Tax Credit Application For Reservation

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 the
10% basis/$15,000.00 rehab costs ($10,000 for Tax Exempt Bonds) per unit requirement.
All buildings qualify for an exception to the 10-year rule under IRC Section 42(d)(2)(D)(i),
Subsection (I)
Subsection (II)
Subsection (III)
Subsection (IV)
Subsection (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


All buildings in the development satisfy the rehab costs per unit requirement of IRC
Section 42(e)(3)(A)(ii).
All buildings in the development qualify for the IRC Section 42(e)(3)(B) exception to the
10% basis requirement (4% credit only).
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 and
explain for each building.

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 pool
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 13VAC10-180-60
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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Low-Income Housing Tax Credit Application For Reservation

II. OWNERSHIP INFORMATION


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

A. Owner Information:
Name Global Mission Village, LP
Contact Person First: Brian Middle: Last: Kim
Address 3930 Knowles Avenue, Ste 206
(Street)
Kensington MD 20895
(City) (State) (Zip Code)

Federal I. D. No. To be applied for (If not available, obtain prior to Allocation)
Phone 240-773-9186 Fax Email address brian.kim@hoandc.com
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 attached (Mandatory TAB C)

Principal(s) involved (e.g. general partners, LLC members, controlling shareholders, etc.):
Names ** Phone Type Ownership % Ownership
Global Mission Village I, LLC 703-591-6400 General Partner 100.00%
** Global Mission Village I, LLC is 100% 0.00%
owned by Light Global Mission Church, the 0.00%
pastor of which and a trustee of which is 0.00%
Segyu Chang. 0.00%
0.00%
0.00%
This should be 100% of the GP or managing member interest: 100.00%

** These should be the names of individuals who comprise the GP or managing members, not simply the names of
separate partnerships or corporations which may comprise those components.

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

B. Seller Information:
Name Light Global Mission Church Contact Person Segyu Chang
Address 3901 Fair Ridge Drive
Fairfax, VA 22033 Phone 703-591-6400

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
Segyu Chang 703-591-6400 LLC 100.00%
** pastor and trustee of Light Global Mission Church, 0.00%
which owns 100% of Global Mission Village I, LLC, 0.00%
which owns 100% of the GP interest in the Owner 0.00%

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Low-Income Housing Tax Credit Application For Reservation

C. Development Team Information:


Complete the following as applicable to your development team.

1. Tax Attorney: Cameron Cosby Related Entity? Yes No


Firm Name: Hunton & Williams LLP
Address: 951 East Byrd Street Richmond, VA 23219
Phone: 804-788-8604 Fax: 804-343-4510

2. Tax Accountant: Russ Phillips Related Entity? Yes No


Firm Name: Reznick Group
Address: 7700 Old Georgetown Road, Ste 400 Bethesda, MD 20814
Phone: 301-280-3578 Fax:

3. Consultant: Tina Kim Related Entity? Yes No


Firm Name: Commercial Development & Investment Role: Developer
Address: 12001 Sugarland Valley Drive Herndon, VA 20170
Phone: 703-742-0080 Fax: 703-742-0365

4. Management Entity (Contact): Bill Geoffrion Related Entity? Yes No


Firm Name: Equity Management
Address: 14504 Greenville Drive, Suite 510 Laurel, MD 20708
Phone: 301-953-2366 Fax: 301-953-2866

5. Contractor (Contact): John Kim Related Entity? Yes No


Firm Name: Harkins Builders
Address: 2201 Warkwick Way Marriottsville, MD 21104
Phone: 410-480-4277 Fax: 410-480-4299

6. Architect: Logan Schutz Related Entity? Yes No


Firm Name: Grimm & Parker Architects
Address: 11720 Beltsville Drive, Suite 600 Calverton, MD 20705
Phone: 301-595-1000 Fax: 301-595-0089

7. Real Estate Attorney: David Kochanski Related Entity? Yes No


Firm Name: Shulman, Rogers, Gandel, Pordy & Ecker, PA
Address: 12505 Park Potomac Avenue, 6th Floor Potomac, MD 20854
Phone: 301-230-5200 Fax: 301-230-2891

8. Mortgage Banker: David Donahoe Related Entity? Yes No


Firm Name: VHDA
Address: 601 S. Belvidere Street Richmond, VA 23220
Phone: 840-343-5668 Fax:

9. Other (Contact): Brian Kim Related Entity? Yes No


Firm Name: Housing Opportunities & Concepts Role: Tax Credit Specialist
Address: 3930 Knowles Avenue, Ste 206 Kensington, MD 20895
Phone: 240-371-5500 Fax: 301-949-1136

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Low-Income Housing Tax Credit Application For Reservation

D. Nonprofit Involvement:

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.

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.

All Applicants: To qualify for points under the ranking system, the nonprofit's involvement need not necessarily
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 Questionnaire
If there is nonprofit involvement, you must complete the Non-Profit Questionnaire
Questionnaire attached (Mandatory TAB E)

3. Type of involvement
Nonprofit meets eligibility requirement for points only, not pool or
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%

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Low-Income Housing Tax Credit Application For Reservation

III. DEVELOPMENT INFORMATION

A. Structure and Units:


1. Total number of all units in development 92
Total number of rental units in development 92 bedrooms
Number of low-income rental units 92 bedrooms
Percentage of rental units designated low-income 100.00%

2. The development's structural features are (check all that apply):

Row House/Townhouse Detached Single-family


Garden Apartments Detached Two-family
Slab on Grade Basement
Crawl space Age of Structure: new
Elevator Number of stories: 4
3. Number of new units 92 bedrooms 0
Number of adaptive reuse units 0 bedrooms 0
Number of rehab units 0 bedrooms 0

4. Total Floor Area For The Entire Development 90,264.00 (Sq. ft.)

5. Unheated Floor Area (Breezeways, Balconies, Storage) 1,804.00 (Sq. ft.)

6. Nonresidential Commercial Floor Area 0.00 (Sq. ft.)


(Not eligible for funding)
7. Total Usable Residential Heated Area 88,460.00 (Sq. ft.)

8. Number of Buildings (containing rental units) 1

9. Commercial Area Intended Use: N/A

10. Project consists primarily of a building(s) which is (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 62,980.00


b. Percentage of Net Rentable Square Feet Deemed To Be New Rental Space 100.00%

B. Building Systems:
Please describe each of the following in the space provided.
Community Facilities: a community/multi-use space, a library, an arts and crafts room,
a salon, an exercise room, theatre, gym, spa/sauna and computer/business center
Exterior Finish: Brick with either vinyl siding or cementitious fiberboard
Heating/AC System: Electric
Architectural Style: Regional/Contemporary

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Low-Income Housing Tax Credit Application For Reservation
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 910.00 SF 3-Bdrm Gar 0.00 SF
1-Sty-Eff-Eld 0.00 SF 2Bdrm Eld 1,160.00 SF 4-Bdrm Gar 0.00 SF
1-Sty 1BR-Eld 0.00 SF Eff-Gar 0.00 SF 2+Sty 2BR TH 0.00 SF
1-Sty 2BR-Eld 0.00 SF 1-Bdrm Gar 0.00 SF 2+Sty 3BR TH 0.00 SF
Eff-Eld 0.00 SF 2-Bdrm Gar 0.00 SF 2+Sty 4BR TH 0.00 SF

2. Total gross usable, heated square feet for the entire project less nonresidential commercial area:
88,460.00 Documentation attached (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 incorporate
all necessary elements to fulfill these requirements.

3. Check the following items which apply to the proposed project:


Documentation attached (TAB F Architect Certification) Mandatory

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


100% 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 provided
35% 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 requirements
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 both a
SEER rating of 15.0 or more and a HSPF rating of 8.5 or more , or (ii) air conditioning equipment
with a SEER rating of 15.0 or more, combined with gas furnaces with an AFUE rating of 90% or
more

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 meets
EPA Energy Star qualified program requirements.
l. The development will have a solar electric system that will remain unshaded year round, be oriented
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 completion
of construction/rehabilitation: (Optional Point items)

a. All cooking ranges will have front controls


b. 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 is


located in a registered historic district and certified by the Secretary of the Interior as
being of historical significance to the district, and the rehabilitation will be completed
in such a manner as to be eligible for historic rehabilitation tax credits

Accessibility

Check one or none of the following point categories, as appropriate:

For any non-elderly property in which the greater of 5 or 10% of the units will be subject to federal project-based ren
subsidies or equivalent assistance in order to ensure occupancy by extremely low-income persons; and (ii) the greater of
units or 10% of the units will conform to HUD regulations interpreting accessibility requirements of section 504 of th
Rehabilitation Act; and be actively marketed to people with special needs in accordance with a plan submitted as part of th
Application. (All of the units described in (ii) above must include roll-in showers and roll under sinks and front controls fo
ranges, unless agree to by the Authority prior to the applicant's submission of its application).

For any non-elderly property in which the greater of 5 or 10% of the units (i) have rents within HUD’s Housing Choice
Voucher (“HCV”) payment standard; (ii) conform to HUD regulations interpreting accessibility requirements of section 504 o
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.

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

Earthcraft or LEED Development Certification


Applicant agrees to obtain Earthcraft or LEED certification prior to issuance of IRS Form 8609. Architect
certifies in the Architect Certification that the development's design will meet the criteria for such certification
Yes - Earthcraft Yes - LEED
If Yes to either, 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 If Yes, attach appropriate documentation at TAB F
b. Number of Rental Units constructed to meet VHDA's Universal Design standards:
92 Units 100%

VHDA Certified Property Management Agent


Owner 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 the
low-income units. If no, explain differences: No market rate units in this project.

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Low-Income Housing Tax Credit Application For Reservation

IV. TENANT INFORMATION

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


POINTS FOR THE BONUS POINT CATEGORY
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 you
have more low-income units than required, you qualify for more credits. If you serve lower incomes than required, you receive more points under the
ranking system.

Units Provided Per Household Type:


Income Levels Rent Levels
# of Units % of Units # of Units % of Units
0 0.00% 40% Area Median 0 0.00% 40% Area Median
92 100.00% 50% Area Median 92 100.00% 50% Area Median
0 0.00% 60% Area Median 0 0.00% 60% Area Median
0 0.00% Non-LMI Units 0 0.00% Non-LMI Units
92 100.00% Total 92 100.00% 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 needs
groups 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 federal
Americans with Disabilities Act)
2. Specify the number of low-income units that will serve individuals and families with children by
providing three or more bedrooms: 0 Number of units 0% 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 Relocation
Guidelines for LIHTC properties.

4. If leasing preference will be given to applicants on public housing waiting list and/or Section 8
waiting list, so indicate:
Yes
No
Locality has no such waiting list; If yes, provide the following information:

Organization which holds such waiting list: Fairfax County Redevelopment and Housing Authority
Contact person (Name and Title) Russell Lee, Director of HCV Program
Phone Number 703-246-5280 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

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Low-Income Housing Tax Credit Application For Reservation

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 Frey
Chief Executive Officer's Title Sully District Supervisor
Street Address Sully District Government Center - 4900 Stonecroft Boulevard Phone 703-814-7100
City Chantilly State VA Zip 20151

Name and title of local official you have discussed this project with who could answer questions for the
local CEO: Supervisor Frey

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 the
local CEO:

B. Project Schedule

ACTUAL OR NAME OF
ACTIVITY ANTICIPATED PERSON
DATE RESPONSIBLE
Site
Option/Contract N/A N/A
Site Acquisition N/A N/A
Zoning Approval 12/21/09 Clayton Tock, Urban Engineers
Site Plan Approval 7/1/10 Clayton Tock, Urban Engineers
Financing
A. Construction Loan
Loan Application 4/15/10 David Donahoe, VHDA
Conditional Commitment 6/15/10 David Donahoe
Firm Commitment 7/15/10 David Donahoe
B. Permanent Loan - First Lien
Loan Application 4/15/10 David Donahoe, VHDA
Conditional Commitment 6/15/10 David Donahoe
Firm Commitment 7/15/10 David Donahoe
C. Permanent Loan-Second Lien
Loan Application N/A N/A
Conditional Commitment N/A N/A
Firm Commitment N/A N/A
D. Other Loans & Grants
Type & Source, List
Application 7/1/10 Molly Norris
Award/Commitment 10/1/10 Molly Norris
Formation of Owner 6/1/10 Cameron Cosby, Hunton&Williams
IRS Approval of Nonprofit Status N/A
Closing and Transfer of Property to Owner 10/13/10 Brian Tanenbaum,Hunton&Williams
Plans and Specifications, Working Drawings 5/1/10 Tina Kim, CDI
Building Permit Issued by Local Government 9/1/10 Tina Kim, CDI
Start Construction 9/13/10 John Kim, Harkins Builders
Begin Lease-up 10/1/11 Bill Geffrion, Equity Management
Complete Construction 10/1/11 John Kim, Harkins Builders
Complete Lease-Up 10/1/12 Bill Geffrion, Equity Management
Credit Placed in Service Date

v12.31.09 Page 11
Low-Income Housing Tax Credit Application For Reservation

VI. SITE CONTROL

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.

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: 10/13/10 )

If more than one site for the development and more than one form of site control, please so indicate
and 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 control
document 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 property
will be subject to occupancy restrictions) no later than 10/13/10

If more than one site for the development and more than one expected date of acquisition by
Owner, please so indicate and attach separate sheet specifying each site, number of existing
buildings 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 100.00%


Project Wide Capture Rate - Market Units 0.00%
Project Wide Capture Rate - All Units 100.00%
Project Wide Absorption Period (Months) 6

v12.31.09 Page 12
Low-Income Housing Tax Credit Application For Reservation

C. Site Description

1. Exact area of site in acres 12.810

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.

v12.31.09 Page 13
Low-Income Housing Tax Credit Application For Reservation

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 Rehabilitation


Section 8 Moderate Rehabilitation
Section 8 Certificates
Section 8 Project Based Assistance
RD 515 Rental Assistance
Section 8 Vouchers
State Assistance
Other:

3. Number of units receiving assistance: 0


Number of years in rental assistance contract: 0
Expiration date of contract:
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 24 31 0 0
Air Conditioning Electric Owner X Tenant 0 6 10 0 0
Cooking Electric Owner X Tenant 0 9 11 0 0
Lighting Electric Owner X Tenant 0 33 42 0 0
Hot Water Electric Owner X Tenant 0 19 25 0 0
Water X Owner Tenant 0 0 0 0 0
Sewer X Owner Tenant 0 0 0 0 0
Trash X Owner Tenant 0 0 0 0 0
Total utility allowance for costs paid by tenant $0 $91 $119 $0 $0

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


HUD
Utility Company (Estimate) Local PHA
Utility Company (Actual Survey) Other:

v12.31.09 Page 14
Low-Income Housing Tax Credit Application For Reservation

C. Revenue
1. Indicate the estimated monthly income for the Low-Income Units: **
Total Number of Total Monthly
Unit Type Tax Credit Units Rental Income
Efficiency Units 0 $0
1 Bedroom Units 73 $63,145
2 Bedroom Units 19 $19,722
3 Bedroom Units 0 $0
4 Bedroom Units 0 $0
Total Number of Tax Credit Units 92

Plus Other Income Source (list): late and legal fees, cable income and pet fees $3,500
Equals Total Monthly Income: $86,367
Twelve Months x12
Equals Annual Gross Potential Income $1,036,404
Less Vacancy Allowance ( 7.0% ) $72,548
Equals Annual Effective Gross Income (EGI) - Low Income Units $963,856

** 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
Unit Type Market Units Rental Income
Efficiency Units 0 $0
1 Bedroom Units 0 $0
2 Bedroom Units 0 $0
3 Bedroom Units 0 $0
4 Bedroom Units 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 73 19 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


0 0 0 0 0 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 appropriate unit 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 73 19 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


0 0 0 0 0 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 $ - $ -
v12.31.09 Efficiency - 40% 0 0.00 $ - $ - Page 15
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 $ - $ -


Efficiency - Market 0 0.00 $ - $ -
Efficiency - Market 0 0.00 $ - $ -
Efficiency - Market 0 0.00 $ - $ -
Efficiency - Market 0 0.00 $ - $ -
Efficiency - Market 0 0.00 $ - $ -
Efficiency - Market 0 0.00 $ - $ -
Efficiency - Market 0 0.00 $ - $ -
Efficiency - Market 0 0.00 $ - $ -
Efficiency - Market 0 0.00 $ - $ -
Efficiency - Market 0 0.00 $ - $ -
Efficiency - Market 0 0.00 $ - $ -
Efficiency - Market 0 0.00 $ - $ -
Efficiency - Market 0 0.00 $ - $ -
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
Rent Targeting Number Units Square Feet Per Unit Monthly Rent

v12.31.09 Page 15
1 BR - 40% 0 0.00 $ - $ -
1 BR - 40% 0 0.00 $ - $ -
1 BR - 40% 0 0.00 $ - $ -
1 BR - 40% 0 0.00 $ - $ -
1 BR - 40% 0 0.00 $ - $ -
1 BR - 40% 0 0.00 $ - $ -
1 BR - 40% 0 0.00 $ - $ -
1 BR - 40% 0 0.00 $ - $ -
1 BR - 40% 0 0.00 $ - $ -
1 BR - 40% 0 0.00 $ - $ -
1 BR - 40% 0 0.00 $ - $ -
1 BR - 40% 0 0.00 $ - $ -
1 BR - 40% 0 0.00 $ - $ -
1 BR - 40% 0 0.00 $ - $ -
1 BR - 40% 0 0.00 $ - $ -

1 BR - 50% 49 605.00 $ 865 $ 42,385


1 BR - 50% 9 641.00 $ 865 $ 7,785
1 BR - 50% 4 662.00 $ 865 $ 3,460
1 BR - 50% 4 674.00 $ 865 $ 3,460
1 BR - 50% 3 728.00 $ 865 $ 2,595
1 BR - 50% 4 816.00 $ 865 $ 3,460
1 BR - 50% 0 0.00 $ - $ -
1 BR - 50% 0 0.00 $ - $ -
1 BR - 50% 0 0.00 $ - $ -
1 BR - 50% 0 0.00 $ - $ -
1 BR - 50% 0 0.00 $ - $ -
1 BR - 50% 0 0.00 $ - $ -
1 BR - 50% 0 0.00 $ - $ -
1 BR - 50% 0 0.00 $ - $ -
1 BR - 50% 0 0.00 $ - $ -

1 BR - 60% 0 0.00 $ - $ -
1 BR - 60% 0 0.00 $ - $ -
1 BR - 60% 0 0.00 $ - $ -
1 BR - 60% 0 0.00 $ - $ -
1 BR - 60% 0 0.00 $ - $ -
1 BR - 60% 0 0.00 $ - $ -
1 BR - 60% 0 0.00 $ - $ -
1 BR - 60% 0 0.00 $ - $ -
1 BR - 60% 0 0.00 $ - $ -
1 BR - 60% 0 0.00 $ - $ -
1 BR - 60% 0 0.00 $ - $ -
1 BR - 60% 0 0.00 $ - $ -
1 BR - 60% 0 0.00 $ - $ -
1 BR - 60% 0 0.00 $ - $ -
1 BR - 60% 0 0.00 $ - $ -
Total 1-BR Total Monthly 1-BR
Tax Credit Units: 73 46,206.00 Tax Credit Rent: $ 63,145

1 BR - Market 0 0.00 $ - $ -
1 BR - Market 0 0.00 $ - $ -
1 BR - Market 0 0.00 $ - $ -
1 BR - Market 0 0.00 $ - $ -
1 BR - Market 0 0.00 $ - $ -
1 BR - Market 0 0.00 $ - $ -
1 BR - Market 0 0.00 $ - $ -
1 BR - Market 0 0.00 $ - $ -
1 BR - Market 0 0.00 $ - $ -
1 BR - Market 0 0.00 $ - $ -
1 BR - Market 0 0.00 $ - $ -
1 BR - Market 0 0.00 $ - $ -
1 BR - Market 0 0.00 $ - $ -
1 BR - Market 0 0.00 $ - $ -
1 BR - Market 0 0.00 $ - $ -
Total 1-BR
Market Units: 0 0.00 Total Monthly
1-BR Market Rent: $ -

v12.31.09 Total 1-BR Units: 73 Total 1-BR Rent $ 63,145 Page 15


2-Bedroom Units
Net Rentable Monthly Rent Total
Rent Targeting Number Units Square Feet Per Unit Monthly Rent

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

2 BR - 50% 15 886.00 $ 1,038 $ 15,570


2 BR - 50% 4 871.00 $ 1,038 $ 4,152
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 - 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: 19 16,774.00 Tax Credit Rent: $ 19,722

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 $ - $ -
v12.31.09 Page 15
2 BR - Market 0 0.00 $ - $ -
2 BR - Market 0 0.00 $ - $ -
Total 2-BR
Market Units: 0 0.00 Total Monthly
2-BR Market Rent: $ -

Total 2-BR Units: 19 Total 2-BR Rent $ 19,722

3-Bedroom Units
Net Rentable Monthly Rent Total
Rent Targeting Number Units Square Feet Per Unit Monthly Rent

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 - 40% 0 0.00 $ - $ -
3 BR - 40% 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 - 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 $ - $ -
Total 3-BR Total Monthly 3-BR
Tax Credit Units: 0 0.00 Tax Credit Rent: $ -

3 BR - Market 0 0.00 $ - $ -
3 BR - Market 0 0.00 $ - $ -
3 BR - Market 0 0.00 $ - $ -
v12.31.09 3 BR - Market 0 0.00 $ - $ - Page 15
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 $ - $ -
3 BR - Market 0 0.00 $ - $ -
3 BR - Market 0 0.00 $ - $ -
Total 3-BR
Market Units: 0 0.00 Total Monthly
3-BR Market Rent: $ -

Total 3-BR Units: 0 Total 3-BR Rent $ -

4-Bedroom Units
Net Rentable Monthly Rent Total
Rent Targeting Number Units Square Feet Per Unit Monthly Rent

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 $ - $ -
v12.31.09 4 BR - 60% 0 0.00 $ - $ - Page 15
Total 4-BR Total Monthly 4-BR
Tax Credit Units: 0 0.00 Tax Credit Rent: $ -

4 BR - Market 0 0.00 $ - $ -
4 BR - Market 0 0.00 $ - $ -
4 BR - Market 0 0.00 $ - $ -
4 BR - Market 0 0.00 $ - $ -
4 BR - Market 0 0.00 $ - $ -
4 BR - Market 0 0.00 $ - $ -
4 BR - Market 0 0.00 $ - $ -
4 BR - Market 0 0.00 $ - $ -
4 BR - Market 0 0.00 $ - $ -
4 BR - Market 0 0.00 $ - $ -
4 BR - Market 0 0.00 $ - $ -
4 BR - Market 0 0.00 $ - $ -
4 BR - Market 0 0.00 $ - $ -
4 BR - Market 0 0.00 $ - $ -
4 BR - Market 0 0.00 $ - $ -
Total 4-BR
Market Units: 0 0.00 Total Monthly
4-BR Market Rent: $ -

Total 4-BR Units: 0 Total 4-BR Rent $ -

Total Units 92 Net Rentable SF: TC Units 62,980.00


MKT Units 0.00
Total NR SF: 62,980.00

Floor Space Fraction 100.0000%

v12.31.09 Page 15
Low-Income Housing Tax Credit Application For Reservation

D. Operating Expenses
Administrative:
1. Advertising/Marketing $18,954
2. Office Salaries $12,480
3. Office Supplies $1,300
4. Office/Model Apartment (type______) $0
5. Management Fee $0
0.00% of EGI 0 Per Unit
6. Manager Salaries $45,000
7. Staff Unit (s) (type______) $0
8. Legal $15,233
9. Auditing $0
10. Bookkeeping/Accounting Fees $11,853
11. Telephone & Answering Service $8,980
12. Tax Credit Monitoring Fee $2,300
13. Miscellaneous Administrative $2,611
Total Administrative $118,711
Utilities
14. Fuel Oil $0
15. Electricity $23,247
16. Water $17,642
17. Gas $0
18. Sewer $0
Total Utility $40,889
Operating:
19. Janitor/Cleaning Payroll $19,400
20. Janitor/Cleaning Supplies $0
21. Janitor/Cleaning Contract $0
22. Exterminating $1,135
23. Trash Removal $4,534
24. Security Payroll/Contract $11,442
25. Grounds Payroll $0
26. Grounds Supplies $0
27. Grounds Contract $0
28. Maintenance/Repairs Payroll $40,000
29. Repairs/Material $13,000
30. Repairs Contract $0
31. Elevator Maintenance/Contract $7,072
32. Heating/Cooling Repairs & Maintenance $0
33. Pool Maintenance/Contract/Staff $0
34. Snow Removal $600
35. Decorating/Payroll/Contract $0
36. Decorating Supplies $0
37. Miscellaneous $16,314
Operating & Maintenance Totals $113,497
Taxes & Insurance
38. Real Estate Taxes $144,673
39. Payroll Taxes $10,723
40. Miscellaneous Taxes/Licenses/Permits $483
41. Property & Liability Insurance $23,000
42. Fidelity Bond $0
43. Workman's Compensation $3,327
44. Health Insurance & Employee Benefits $7,200
45. Other Insurance $100
Total Taxes & Insurance $189,506
6544
Total Operating Expense $462,603

D1. Total Oper. Ex. Per Unit $5,028 D2. Total Oper. Ex. As % EGI (from E3) 48.00%

Replacement Reserves (Total # Units X $300 or $250 New Const. Elderly Minimum) $23,000

Total Expenses $485,603

v12.31.09 Page 16
Low-Income Housing Tax Credit Application For Reservation

E. Cash Flow (First Year)


1. Annual EGI Low-Income Units from (C1) $963,856
2. Annual EGI Market Units (from C2) + $0
3. Total Effective Gross Income = $963,856
4. Total Expenses (from D) $485,603
5. Net Operating Income = $478,253
6. Total Annual Debt Service (from Page 21 B2) - $414,315
7. Cash Flow Available for Distribution = $63,938

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 963,856 983,133 1,002,795 1,022,851 1,043,308
Less Oper. Expenses 485,603 502,599 520,190 538,397 557,241
Net Income 478,253 480,534 482,605 484,455 486,068
Less Debt Service 414,315 414,315 414,315 414,315 414,315
Cash Flow 63,938 66,219 68,290 70,140 71,753
Debt Coverage Ratio 1.15 1.16 1.16 1.17 1.17

Year 6 Year 7 Year 8 Year 9 Year 10


Eff. Gross Income 1,064,175 1,085,458 1,107,167 1,129,311 1,151,897
Less Oper. Expenses 576,744 596,930 617,823 639,446 661,827
Net Income 487,431 488,528 489,345 489,864 490,070
Less Debt Service 414,315 414,315 414,315 414,315 414,315
Cash Flow 73,116 74,213 75,030 75,549 75,755
Debt Coverage Ratio 1.18 1.18 1.18 1.18 1.18

Year 11 Year 12 Year 13 Year 14 Year 15


Eff. Gross Income 1,174,935 1,198,433 1,222,402 1,246,850 1,271,787
Less Oper. Expenses 684,991 708,966 733,779 759,462 786,043
Net Income 489,944 489,468 488,623 487,388 485,744
Less Debt Service 414,315 414,315 414,315 414,315 414,315
Cash Flow 75,629 75,153 74,308 73,073 71,429
Debt Coverage Ratio 1.18 1.18 1.18 1.18 1.17
Estimated Annual Percentage Increase in Revenue 2.00% (Must be < 2%)
Estimated Annual Percentage Increase in Expenses 3.50% (Must be > 3%)

v12.31.09 Page 17
Low-Income Housing Tax Credit Application For Reservation

VIII. PROJECT BUDGET

A. Cost/Basis/Maximum Allowable Credit

Complete cost column and basis column(s) as appropriate through A12. Check if the following
documentation is attached at TAB S:
Executed Construction Contract
Executed Trade Payment Breakdown
Appraisal
Other Cost Documentation
Environmental Studies

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.

Amount of Cost up to 100% Includable in


Eligible Basis--Use Applicable Column(s):
"30% Present Value Credit" (D)
Item (A) Cost (B) Acquisition (C) Rehab/ "70 % Present
New Construction Value Credit"
1. Contractor Cost

A. Off-Site Improvements 0 0 0 0
B. Site Work 2,136,961 0 0 2,136,961
C. Geothermal System 0 0 0 0
D. Unit Structures (New) 7,886,600 0 0 7,886,600
E. Unit Structures (Rehab) 0 0 0 0
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) 10,023,561 0 0 10,023,561
L. General Requirements 686,626 0 0 686,626
M. Builder's Overhead 207,885 0 0 207,885
( 2.1% Contract)
N. Builder's Profit 508,788 0 0 508,788
( 5.1% Contract)
O. Bonding Fee 203,783 0 0 203,783
P. Other 0 0 0 0
Q. Contractor Cost
Subtotal (Sum 1K..1P) $11,630,643 $0 $0 $11,630,643

2. Owner Costs
A. Building Permit 200,000 0 0 200,000
B. Arch./Engin. Design Fee 668,900 0 0 668,900
( 7,271 /Unit)
C. Arch. Supervision Fee 0 0 0 0
( 0 /Unit)
D. Tap Fees 275,000 0 0 275,000
E. Soil Borings 19,950 0 0 19,950

v12.31.09 Page 18
Low-Income Housing Tax Credit Application For Reservation

Amount of Cost up to 100% Includable in


Eligible Basis--Use Applicable Column(s):
"30% Present Value Credit" (D)
Item (A) Cost (B) Acquisition (C) Rehab/ "70 % Present
New Construction Value Credit"
2. Owner Costs Continued

F. Construction Loan 94,314 0 0 94,314


Origination Fee
G. Construction Interest 247,575 0 0 247,575
( 3.5% for 18 months)
H. Taxes During Construction 152,533 0 0 152,533
I. Insurance During Construction 26,500 0 0 26,500
J. Cost Certification Fee 45,000 0 0 45,000
K. Title and Recording 0 0 0 0
L. Legal Fees for Closing 205,000 0 0 45,000
M. Permanent Loan Fee 47,157 0 0 0
( 1.0% )
N. Other Permanent Loan Fees 0 0 0 0
O. Credit Enhancement 0 0 0 0
P. Mortgage Banker 0 0 0 0
Q. Environmental Study 22,250 0 0 3,600
R. Structural/Mechanical Study 150,000 0 0 150,000
S. Appraisal Fee 0 0 0 0
T. Market Study 10,000 0 0 10,000
U. Operating Reserve 495,688 0 0 0
V. Tax Credit Fee 86,241 0 0 0
W. OTHER $490,375 $0 $0 $45,000
(SEE PAGE 19A)
X. Owner Cost
Subtotal (Sum 2A..2W) $3,236,483 $0 $0 $1,983,372

Subtotal 1 + 2 $14,867,126 $0 $0 $13,614,015


(Owner + Contractor Costs)

3. Developer's Fees 1,619,000 0 0 1,619,000

4. Owner's Acquisition Costs


Land 0
Existing Improvements 0 0
Subtotal 4: $0 $0

5. Total Development Costs


Subtotal 1+2+3+4: $16,486,126 $0 $0 $15,233,015

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

12.31.09 Page 19
Low-Income Housing Tax Credit Application For Reservation

Amount of Cost up to 100% Includable in


Eligible Basis--Use Applicable Column(s):
"30% Present Value Credit" (D)
Item (A) Cost (B) Acquisition (C) Rehab/ "70 % Present
New Construction Value Credit"
W. OTHER OWNER COSTS

Contingency Reserve 0 0 0 0
(Rehab or Adaptive Reuse only)
LIST ADDITIONAL ITEMS
Permit Expeditor 9,000 0 0 0
Utility Consultant 20,000 0 0 20,000
IT Consultant 25,000 0 0 25,000
Utility Locator 5,000 0 0 0
FF&E 250,000 0 0 0
Soft Cost Contingency 101,375 0 0 0
Marketing and Lease-up 80,000 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0
0 0 0 0

Subtotal (Other Owner Costs) $490,375 $0 $0 $45,000

v12.31.09 Page 19A


Low-Income Housing Tax Credit Application For Reservation

Amount of Cost up to 100% Includable in


Eligible Basis--Use Applicable Column(s):
"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 16,486,126 0 0 15,233,015

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) 0 0 15,233,015

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


(i) For Earthcraft or LEED Certification AND 60 Bonus Points 0 0
(ii) For QCT or DDA (Eligible Basis x 30%) 0 0

Total Adjusted Eligible basis 0 15,233,015

9. Applicable Fraction 100.0000% 100.0000% 100.0000%

10. Total Qualified Basis (Same as Part IX-C) 0 0 15,233,015


(Eligible Basis x Applicable Fraction)

11. Applicable Percentage 0.00% 0.00% 9.00%


(For 2010 9% competitive credits, use the March 2010 applicable percentages for acq.)
(For 9% non-competitive & tax exempt bonds, use the most recently published rates)

12. Maximum Allowable Credit under IRC §42 $0 $0 $1,370,971


(Qualified Basis x Applicable Percentage)
(Same as Part IX-C and equal to or more than $1,370,971
credit amount requested) Combined 30% & 70% P. V. Credit

v12.31.09 Page 20
Low-Income Housing Tax Credit Application For Reservation

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. Mortgage 04/15/10 06/15/10 $5,805,216 David Donahoe
2. $0
3. $0

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. Mortgage 04/15/10 06/15/10 $4,715,708 $414,315 8.30% 35 35
2. $0 $0 0.00% 1000 0
3. $0 $0 0.00% 1000 0
4. $0 $0 0.00% 1000 0
5. $0 $0 0.00% 1000 0
6. $0 $0 0.00% 1000 0

Totals: $4,715,708 $414,315

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

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. Penny Fund 07/01/10 10/01/10 $1,089,508 Molly Norris
2. $0
3. $0
4. $0
5. $0
6. $0

Total Permanent Grants: $1,089,508


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

v12.31.09 Page 21
Low-Income Housing Tax Credit Application For Reservation

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 $1,000,000
Contributed Land/Building $0 Assessment Attached (TAB S)
Deferred Developer Fee $644,800
Other: Reserve Funding via Developer Fee $495,688
Equity Total $2,140,488
7. Total of All Sources (B2 + B3 + B4 + B5 + B6) $7,945,704
(not including syndication proceeds except for historic tax credits)

8. Total Development Cost $16,486,126


(From VIII-A5)

9. Less Total Sources of Funds (From B7 above) $7,945,704

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


proceeds (must equal IX-D3) $8,540,422

C. Syndication Information (If Applicable)

1. Actual or Anticipated Name of Syndicator Centerline Capital Group


2. Contact Person Eric M. Trucksess Phone 212-521-6392
3. Street Address 625 Madison Avenue
City New Yrok State New York Zip 10022

4. a. Total to be paid by anticipated users of credit (e.g., limited partners) $8,540,425


b. Equity Dollars Per Credit (e.g., $0.85 per dollar of credit) $0.70
c. Percent of ownership entity (e.g., 99% or 99.9%) 99.90%
d. Net credit amount anticipated by user of credits $1,220,061
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) $8,540,425

6. Amount of annual credit required for above amounts


(same amount as Part IX-D6) $1,221,282
7. Net Equity Factor [C5 / (C6 X 10)]
(same amount as Part IX-D4) Must be equal to or greater than 85% 69.93%

8. Syndication: Public or Private


9. Investors: Individual or Corporate

Weighted Average Credit Price Calculation


Exchange Component 40% $0.85 $0.34
Market Component 60% $0.70 $0.42
Weighted Average Credit Price: $0.76

v12.31.09 Page 22
Low-Income Housing Tax Credit Application For Reservation

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 No
If yes, then check the type and list the amount of money involved.

Below-Market Loans Market-Rate Loans

Tax Exempt Bonds $0 Taxable Bonds $0


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 $0 Section 223(f) $0
HOME Funds $0 Other: $0
Other: $0
Other: $0

Grants Grants
CDBG $0 State $0
UDAG $0 Local $1,089,508
Other: $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)


Section 8 Rent Supplement or Rental Assistance Payment
Tax Abatement
Other

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

v12.31.09 Page 23
Low-Income Housing Tax Credit Application For Reservation

IX. ADDITIONAL INFORMATION

A. Extended Use Restriction

NOTE: Each recipient of an allocation of credits will be required to record an extended use agreement as required by the
IRC governing the use of the development for low-income housing for at least 30 years. However, the IRC provides that,
in certain circumstances, such extended use period may be terminated early.

This development will be subject to the standard extended use agreement which permits early
termination (after the mandatory 15-year compliance period) of the extended use period.

This development will be subject to an extended use agreement in which the owner's right to any
early termination of the extended use provision is waived for 25 additional years after the 15-
year compliance period for a total of 40 years. Do not select if IX.B is checked below.

This development will be subject to an extended use agreement in which the owner's right to any
early termination of the extended use provision is waived for 35 additional years after the 15-
year compliance period for a total of 50 years. Do not select if IX.B is checked below.

B. Nonprofit/Local Housing Authority Purchase Option/Right of First Refusal

1. After the mandatory 15-year compliance period, a qualified nonprofit as identified in the
attached nonprofit questionnaire, or local housing authority will have the option to purchase
or the right of first refusal to acquire the development for a price not to exceed the outstanding
debt and exit taxes. Such debt must be limited to the original mortgage(s) unless any refinancing
is approved by the nonprofit. Do not select if extended compliance is selected in IX.A above.
Option or Right of First Refusal in Recordable Form Attached (TAB V)
Enter name of qualified nonprofit:

2. A qualified nonprofit or local housing authority submits a homeownership plan committing to


sell the units in the development after the mandatory 15-year compliance period to tenants whose
incomes shall not exceed the applicable income limit at the time of their initial occupancy.
Do not select if extended compliance is selected in IX.A above.
Homeownership Plan Attached (TAB J)

v12.31.09 Page 24
Low-Income Housing Tax Credit Application For Reservation

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 have them by the time of
allocation request).

NUMBER 30% Present Value 30% Present Value


OF Credit for Acquisition Credit for Construction 70% Present Value Credit
TAX MARKET
CREDIT RATE Actual or Actual or Actual or
UNITS UNITS Estimate Anticipated Estimate Anticipated Estimate Anticipated
Build Street Qualified In-Service Applicable Credit Qualified In-Service Applicable Credit Qualified In-Service Applicable Credit
ing # Address Basis Date Percentage Amount Basis Date Percentage Amount Basis Date Percentage Amount
1. 92 0 3899 Fair Ridge Drive $0 0.00% 0 $0 0.00% 0 $15,233,015 04/01/12 9.00% 1,370,971
2. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
3. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
4. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
5. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
6. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
7. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
8. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
9. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
10. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
11. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
12. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
13. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
14. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
15. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
16. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
$0 $0 $15,233,015

$0 $0 $1,370,971
Qualified Basis Totals (must agree with VIII-A10)

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

v12.31.09 Page 25
Low-Income Housing Tax Credit Application For Reservation

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 have them by the time of
allocation request).

NUMBER 30% Present Value 30% Present Value


OF Credit for Acquisition Credit for Construction 70% Present Value Credit
TAX MARKET
CREDIT RATE Actual or Actual or Actual or
UNITS UNITS Estimate Anticipated Estimate Anticipated Estimate Anticipated
Build Street Qualified In-Service Applicable Credit Qualified In-Service Applicable Credit Qualified In-Service Applicable Credit
ing # Address Basis Date Percentage Amount Basis Date Percentage Amount Basis Date Percentage Amount
17. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
18. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
19. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
20. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
21. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
22. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
23. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
24. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
25. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
26. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
27. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
28. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
29. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
30. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
31. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
32. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
$0 $0 $0

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

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

v12.31.09 Page 25 (2)


Low-Income Housing Tax Credit Application For Reservation

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 have them by the time of
allocation request).

NUMBER 30% Present Value 30% Present Value


OF Credit for Acquisition Credit for Construction 70% Present Value Credit
TAX MARKET
CREDIT RATE Actual or Actual or Actual or
UNITS UNITS Estimate Anticipated Estimate Anticipated Estimate Anticipated
Build Street Qualified In-Service Applicable Credit Qualified In-Service Applicable Credit Qualified In-Service Applicable Credit
ing # Address Basis Date Percentage Amount Basis Date Percentage Amount Basis Date Percentage Amount
33. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
34. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
35. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
36. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
37. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
38. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
39. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
40. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
41. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
42. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
43. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
44. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
45. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
46. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
47. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
48. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
$0 $0 $0

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

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

v12.31.09 Page 25 (3)


Low-Income Housing Tax Credit Application For Reservation

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 have them by the time of
allocation request).

NUMBER 30% Present Value 30% Present Value


OF Credit for Acquisition Credit for Construction 70% Present Value Credit
TAX MARKET
CREDIT RATE Actual or Actual or Actual or
UNITS UNITS Estimate Anticipated Estimate Anticipated Estimate Anticipated
Build Street Qualified In-Service Applicable Credit Qualified In-Service Applicable Credit Qualified In-Service Applicable Credit
ing # Address Basis Date Percentage Amount Basis Date Percentage Amount Basis Date Percentage Amount
49. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
50. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
51. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
52. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
53. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
54. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
55. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
56. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
57. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
58. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
59. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
60. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
61. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
62. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
63. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
64. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
$0 $0 $0

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

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

v12.31.09 Page 25 (3)


Low-Income Housing Tax Credit Application For Reservation

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 have them by the time of
allocation request).

NUMBER 30% Present Value 30% Present Value


OF Credit for Acquisition Credit for Construction 70% Present Value Credit
TAX MARKET
CREDIT RATE Actual or Actual or Actual or
UNITS UNITS Estimate Anticipated Estimate Anticipated Estimate Anticipated
Build Street Qualified In-Service Applicable Credit Qualified In-Service Applicable Credit Qualified In-Service Applicable Credit
ing # Address Basis Date Percentage Amount Basis Date Percentage Amount Basis Date Percentage Amount
65. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
66. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
67. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
68. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
69. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
70. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
71. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
72. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
73. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
74. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
75. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
76. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
77. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
78. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
79. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
80. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
$0 $0 $0

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

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

v12.31.09 Page 25 (3)


Low-Income Housing Tax Credit Application For Reservation

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 have them by the time of
allocation request).

NUMBER 30% Present Value 30% Present Value


OF Credit for Acquisition Credit for Construction 70% Present Value Credit
TAX MARKET
CREDIT RATE Actual or Actual or Actual or
UNITS UNITS Estimate Anticipated Estimate Anticipated Estimate Anticipated
Build Street Qualified In-Service Applicable Credit Qualified In-Service Applicable Credit Qualified In-Service Applicable Credit
ing # Address Basis Date Percentage Amount Basis Date Percentage Amount Basis Date Percentage Amount
81. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
82. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
83. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
84. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
85. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
86. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
87. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
88. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
89. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
90. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
91. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
92. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
93. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
94. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
95. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
96. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
$0 $0 $0

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

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

v12.31.09 Page 25 (3)


Low-Income Housing Tax Credit Application For Reservation

D. Determination of Reservation Amount Needed

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.

1. Total Development Costs (from VIII-A5, Column A page 20) $16,486,126

2. Less Total Sources of Funds (from VIII-B7 page 22) $7,945,704

3. Equals Equity Gap $8,540,422

4. Divided by Net Equity Factor (VIII-C7 page 22) 69.93%


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

5. Equals Ten-Year Credit Amount Needed to Fund Gap $12,212,815

Divided by ten years 10

6. Equals Annual Tax Credit Required to Fund the Equity Gap $1,221,282

7. The Maximum Allowable Credit Amount $1,370,971


(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 13,275 Combined 30% & 70% PV Credit

Credit per Bedroom #DIV/0! $1,221,282


Comprised of

$0 and $1,221,282
30% PV Credit 70% PV Credit

(Based on same relative percentages as VIII-A12)

E. Attorney’s Opinion Goal Seek Function


Attached in Mandatory TAB W) 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
be 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 amounts
are now equal the error message will disappear.

v12.31.09 Page 26
Low-Income Housing Tax Credit Application For Reservation

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 provided only for the convenience of VHDA in reviewing reservation
requests; that completion hereof in no way guarantees eligibility for the credits or ensures that the amount
of credits applied for has been computed in accordance with IRC requirements; and that any notations
herein describing IRC requirements are offered only as general guides and not as legal authority.

5. that the undersigned is responsible for ensuring that the proposed development will be comprised of
qualified low-income buildings and that it will in all respects satisfy all applicable requirements of federal
tax law and any other requirements imposed upon it by VHDA prior to allocation, should one be issued.

6. that, for the purposes of reviewing this application, VHDA is entitled to rely upon representations of the
undersigned as to the inclusion of costs in eligible basis and as to all of the figures and calculations relative
to the determination of qualified basis for the development as a whole and/or each building therein
individually as well as the amounts and types of credit applicable thereof, but that the issuance of a
reservation based on such representation in no way warrants their correctness or compliance with IRC
requirements.

7. that VHDA may request or require changes in the information submitted herewith, may substitute its own
figures which it deems reasonable for any or all figures provided herein by the undersigned and may reserve
credits, if any, in an amount significantly different from the amount requested.

8. that reservations of credits are not transferable without prior written approval by VHDA at its sole
discretion.

v12.31.09 Page 27
Low-Income Housing Tax Credit Application For Reservation

9. that the requirements for applying for the credits and the terms of any reservation or allocation thereof
are subject to change at any time by federal or state law, federal, state or VHDA regulations, or other
binding authority.

10. that reservations may be made subject to certain conditions to be satisfied prior to allocation and shall
in all cases be contingent upon the receipt of a nonrefundable application fee of $750 and a
nonrefundable reservation fee equal to 7% of the annual credit amount reserved.

11. that a true, exact, and complete copy of this application, including all the supporting documentation
enclosed herewith, has been provided to the tax attorney who has provided the required attorney's
opinion accompanying this submission, and

12. that the applicant has provided a complete list of all residential real estate developments in which the
general partner(s) has (have) or had a controlling ownership interest and, in the case of those projects
allocated credits under Section 42 of the IRC, complete information on the status of compliance with
Section 42 and an explanation of any noncompliance. The applicant hereby authorizes the Housing
Credit Agencies of states in which these projects are located to share compliance information with the
Authority.

13. that the information in this application may be disseminated to others for purposes of verification or
other purposes consistent with the Virginia Freedom of Information Act. However, all information will
be maintained, used or disseminated in accordance with the Government Data Collection and
Dissemination Practices Act. The applicant may refuse to supply the information requested, however,
such refusal will result in VHDA's inability to process the application. The original or copy of this
application may be retained by VHDA, even if tax credits are not allocated to the applicant.

In Witness Whereof, the undersigned, being authorized, has caused this document to be executed in its
name on this day of , 2010.

Legal Name of Owner:


By:
Its:
(Title)

v12.31.09 Page 28
2010 LIHTC SELF SCORE SHEET:

Self Scoring Process

This worksheet is intended to provide you with an estimate of your application score based on the selection criteria described in the
QAP. Most of the data used in the scoring process is automatically entered below as you fill in the application. Other items,
denoted below in the green shaded cells, are items that are typically evaluated by VHDA’s staff during the application review and
feasibility analysis. For purposes of self scoring, it will be necessary for you to make certain decisions and assumptions about your
application and enter the appropriate responses in the green shaded cells of this score sheet. All but two require yes/no responses,
in which case enter Y or N as appropriate. Item 2b pertaining to the Local CEO Letter will require one of the following responses: Y
– the letter indicates unconditional support; N – the letter indicates opposition to the project; NC – no comment from the locality, or
any other response which is neither unconditional support nor opposition. Item 5e1 requires a numeric value to be entered. Please
remember that the score is only an estimate based on the selection criteria using the reservation application data and the
responses you’ve entered on this score sheet. VHDA reserves the right to change application data and/or score sheet responses
where appropriate, which may change the final score.

MANDATORY ITEMS: Score


a. Signed, completed application Y Y or N 0
b. Duplicate copy of application Y Y or N 0
c. Partnership agreement Y Y or N 0
d. SCC Certification Y Y or N 0
e. Previous participation form Y Y or N 0
f. Site control document Y Y or N 0
g. Architect's Certification Y Y or N 0
h. Attorney's opinion Y Y or N 0
i. Nonprofit questionnaire (if NP) Y Y, N, N/A 0
0.00
1. READINESS:
a. Plan of development N 0 or 40 0.00
b. Zoning approval Y 0 or 40 40.00
Total: 40.00

2. HOUSING NEEDS CHARACTERISTICS:


a. VHDA notification letter to CEO Y 0 or -50 0.00
b. Local CEO letter (Y,NC,N) Y 0 or 25 or 50 50.00
c. Location in a revitalization area N 0 or 30 0.00
d. Location in a Qualified Census Tract N 0 or 5 0.00
e. Sec 8 or PHA waiting list preference Y 0 or 10 10.00
f. Subsidized funding commitments 0.00% Up to 40 0.00
g. Existing RD, HUD Section 8 or 236 program N 0 or 20 0.00
h. Tax abatement or new project based rental subsidy (HUD or RD) N 0 or 10 0.00
i. Census tract with <10% poverty rate, no tax credit units N 0 or 25 0.00
j. Development listed on the Rural Development Rehab Priority List N 0 or 15 0.00
k. Dev. located in area with little or no increase in rent burdened population Up to -20 0.00
l. Dev. located in area with increasing rent burdened population Up to 20 0.00
Total 60.00

3. DEVELOPMENT CHARACTERISTICS:
a. Unit size (See calculations below) Up to 100 100.00
b. Amenities (See calculations below) Up to 70 52.00
c. Project subsidies/HUD 504 accessibility for 5 or 10% of units N 0 or 50 0.00
or d. HCV payment standard/HUD 504 accessibility for 5 or 10% of units N 0 or 30 0.00
or e. HUD 504 accessibility for 4% of units N 0 or 15 0.00
f. Proximity to public transportation Y10 0, 10 or 20 10.00
g. Development will be Earthcraft or LEED certified Y 0 or 30 30.00
h. VHDA Certified Property Management Agent Y 0 or 25 25.00
i. Units constructed to meet VHDA's Universal Design standards 100% Up to 15 15.00
j. Developments with less than 100 units Up to 20 3.20
Total 235.20

4. TENANT POPULATION CHARACTERISTICS:


a. <= 20% of units having 1 or less bedrooms N 0 or 15 0.00
b. Percent of units with 3 or more bedrooms 0.00% Up to 15 0.00
Total 0.00

5. SPONSOR CHARACTERISTICS:
a. Developer experience - 3 developments with 3 x units or 6 developments with 1 x units N 0 or 50 0.00
or b. Developer experience - 1 development with 1 x units N 0 or 10 0.00
c. Developer experience - uncorrected major violation N 0 or -50 0.00
d. Developer experience - noncompliance Enter Total Negative N 0 or -15 0.00
e1. Developer experience - did not build as represented Points Here: 0 0 or -x 0.00
e2. Developer experience - termination of credits by VHDA N 0 or -10 0.00
f. Management company rated unsatisfactory N 0 or -25 0.00
Total 0.00
v12.31.09
6. EFFICIENT USE OF RESOURCES:
a. Credit per unit If #N/A or #REF! appears in the score column of these point Up to 180 65.44
b. Cost per unit categories check spelling of Clerk's Office on pg 1. It must match Up to 75 18.13
Total exactly with the Jurisdiction names listed in the Application Manual. 83.56

7. BONUS POINTS: Locality AMI State AMI


a. Units with rents at or below 40% of AMI $102,700 $53,100 0% Up to 10 0.00
b. Units with rent and income at or below 50% of AMI 100% Up to 50 50.00
or c. Units with rents at or below 50% rented to tenants at or below 60% of AMI 100% Up to 25 0.00
or d. Units in Low Income Jurisdictions with rents <= 50% rented to tenants with <= 60% of AMI 100% Up to 50 0.00
e. Extended compliance 25 Years 40 or 50 40.00
or f. Nonprofit or LHA purchase option N 0 or 60 0.00
or g. Nonprofit or LHA Home Ownership option N 0 or 5 0.00
Total 90.00

500 Point Threshold - 9% Credits TOTAL SCORE: 508.76


475 Point Threshold - Tax Exempt Bond Credits

Unit Size Calculations:


E-AS LVG E-EFF E-1 BDRM E-2 BDRM
High Sq.Ft. / BDRM 0 0 825 1,075
Low Sq.Ft. / BDRM 0 0 660 860
Project Sq.Ft. / BDRM 0 0 910 1,160
Percentage of Units 0.00% 0.00% 79.35% 20.65%
Points per Bedroom 0.00 0.00 79.35 20.65

F-EFF-G F-1 BDRM-G F-2 BDRM-G F-3 BDRM-G


High Sq.Ft. / BDRM 0 0 0 0
Low Sq.Ft. / BDRM 0 0 0 0
Project Sq.Ft. / BDRM 0 0 0 0
Percentage of Units 0.00% 0.00% 0.00% 0.00%
Points per Bedroom 0.00 0.00 0.00 0.00

F-4 BDRM-G F-2 BDRM-TH F-3 BDRM-TH F-4 BDRM-TH


High Sq.Ft. / BDRM 0 0 0 0
Low Sq.Ft. / BDRM 0 0 0 0
Project Sq.Ft. / BDRM 0 0 0 0
Percentage of Units 0.00% 0.00% 0.00% 0.00%
Points per Bedroom 0.00 0.00 0.00 0.00

1 ST ELD-EFF 1 ST ELD-1 BDRM 1 ST ELD-2 BDRM If you do not receive a numeric point value
High Sq.Ft. / BDRM 0 0 0 in the unit size calculations, please
Low Sq.Ft. / BDRM 0 0 0 check the values entered on page 8, C1.
Project Sq.Ft. / BDRM 0 0 0 These must be whole number numeric
Percentage of Units 0.00% 0.00% 0.00% values only. Also check page 7, item 3,
Points per Bedroom 0.00 0.00 0.00 the number of units must be either new,
adapt or rehab only. Combinations do
Total Unit Size Points: 100.00 not calculate correctly.

Amenities:
All units have:
a. 1.5 or 2 Bathrooms 100.00% 15.00
b. Community Room 5.00
c. Brick Walls 35.00% 7.00
d. Kitchen/Laundry Appl-Energy Star 5.00
e. Windows-Energy Star 5.00
f. Heat/AC-SEER-AFUE 0.00
g. Sub-metered water expense 5.00
h. Low flow faucets & showerheads 3.00
i. High speed cable, DSL, wireless internet 1.00
j. Water heaters meet EPA Energy Star requirements 0.00
k. Geothermal Heat Pump - EPA Energy Star requirements 0.00
l. Solar Electric System - EPA Energy Star requirements 0.00 0.00%
Total 46.00
All elderly units have:
a. Front-control ranges 1.00
b. Emergency call system 3.00
c. Independent/suppl. heat source 1.00
d. Two eye viewers 1.00
Total 6.00

All rehab or adaptive reuse units:


b. Historic structure 0.00

Total amenities: 52.00


v12.31.09
v12.31.09
$/SF = $177.66 Credits/SF = $13.80 Const $/unit = $126,420

TYPE OF PROJECT FAMILY = 11000; ELDERLY = 12000 12000 If an ERROR message appears here check
LOCATION BELT=100; NVM=110; NVNM=200; RIC=300; TID=400; SMA=500; SMA-C=510; RUR=600 110 spelling of Clerk's Office on pg 1. It must
TYPE OF CONSTRUCTION N C=1; ADPT=2;REHAB(35,000+)=3; REHAB(15,000-35,000)=4 1 match exactly with the Jurisdiction names
listed in the Application Manual.
ELDERLY
AS LVG EFF-E 1 BR-E 2 BR-E EFF-E-1 ST 1 BR-E-1 ST 2 BR-E-1 ST
AVG UNIT SIZE 0 0 910 1,160 0 0 0
NUMBER OF UNITS 0 0 73 19 0 0 0

PARAMETER-(COSTS=>35,000) 0 0 212,231 276,544 0 0 0


PARAMETER-(COSTS<35,000) 0 0 0 0 0 0 0

COST PARAMETER 0 0 212,231 276,544 0 0 0


PROJECT COST PER UNIT 0 0 161,667 206,081 0 0 0

PARAMETER-(CREDITS=>35,000) 0 0 19,649 25,604 0 0 0


PARAMETER-(CREDITS<35,000) 0 0 0 0 0 0 0

CREDIT PARAMETER 0 0 19,649 25,604 0 0 0


PROJECT CREDIT PER UNIT 0 0 12,562 16,013 0 0 0

COST PER UNIT POINTS 0.00 0.00 14.18 3.95 0.00 0.00 0.00
CREDIT PER UNIT POINTS 0.00 0.00 51.51 13.92 0.00 0.00 0.00

FAMILY
EFF-G 1 BR-G 2 BR-G 3 BR-G 4 BR-G 2 BR-TH 3 BR-TH 4 BR-TH
AVG UNIT SIZE 0 0 0 0 0 0 0 0
NUMBER OF UNITS 0 0 0 0 0 0 0 0

PARAMETER-(COSTS=>35,000) 0 0 0 0 0 0 0 0
PARAMETER-(COSTS<35,000) 0 0 0 0 0 0 0 0

COST PARAMETER 0 0 0 0 0 0 0 0
PROJECT COST PER UNIT 0 0 0 0 0 0 0 0

PARAMETER-(CREDITS=>35,000) 0 0 0 0 0 0 0 0
PARAMETER-(CREDITS<35,000) 0 0 0 0 0 0 0 0

CREDIT PARAMETER 0 0 0 0 0 0 0 0
PROJECT CREDIT PER UNIT 0 0 0 0 0 0 0 0

COST PER UNIT POINTS 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
CREDIT PER UNIT POINTS 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

TOTAL COST PER UNIT POINTS 18.13

TOTAL CREDIT PER UNIT POINTS 65.44

Cost Parameters - Elderly


AS LVG EFF-E 1 BR-E 2 BR-E EFF-E-1 ST 1 BR-E-1 ST 2 BR-E-1 ST
Standard Cost Parameter - low rise 0 0 212,231 276,544 0 0 0
Parameter Adjustment - mid rise 0 0 0 0 0 0 0
Parameter Adjustment - high rise 0 0 0 0 0 0 0
Adjusted Cost Parameter 0 0 212,231 276,544 0 0 0

Credit Parameters - Elderly


AS LVG EFF-E 1 BR-E 2 BR-E EFF-E-1 ST 1 BR-E-1 ST 2 BR-E-1 ST
Standard Credit Parameter - low rise 0 0 19,649 25,604 0 0 0
Parameter Adjustment - mid rise 0 0 0 0 0 0 0
Parameter Adjustment - high rise 0 0 0 0 0 0 0
Adjusted Credit Parameter 0 0 19,649 25,604 0 0 0

Cost Parameters - Family


EFF-G 1 BR-G 2 BR-G 3 BR-G 4 BR-G 2 BR-TH 3 BR-TH 4 BR-TH
Standard Parameter - low rise 0 0 0 0 0 0 0 0
Parameter Adjustment - mid rise 0 0 0 0 0 0 0 0
Parameter Adjustment - high rise 0 0 0 0 0 0 0 0
Adjusted Cost Parameter 0 0 0 0 0 0 0 0

Credit Parameters - Family


EFF-G 1 BR-G 2 BR-G 3 BR-G 4 BR-G 2 BR-TH 3 BR-TH 4 BR-TH
Standard Credit Parameter - low rise 0 0 0 0 0 0 0 0
Parameter Adjustment - mid rise 0 0 0 0 0 0 0 0
Parameter Adjustment - high rise 0 0 0 0 0 0 0 0
Adjusted Credit Parameter 0 0 0 0 0 0 0 0

v12.31.09
$/SF = $177.66 Credits/SF = $13.80 Const $/unit = $126,420

TYPE OF PROJECT FAMILY = 11000; ELDERLY = 12000 12000 If an ERROR message appears here check
LOCATION BELT=100; NVM=110; NVNM=200; RIC=300; TID=400; SMA=500; SMA-C=510; RUR=600 110 spelling of Clerk's Office on pg 1. It must
TYPE OF CONSTRUCTION N C=1; ADPT=2;REHAB(35,000+)=3; REHAB(10,000-35,000)=4 1 match exactly with the Jurisdiction names
listed in the Application Manual.
ELDERLY
AS LVG EFF-E 1 BR-E 2 BR-E EFF-E-1 ST 1 BR-E-1 ST 2 BR-E-1 ST
AVG UNIT SIZE 0 0 910 1,160 0 0 0
NUMBER OF UNITS 0 0 73 19 0 0 0

PARAMETER-(COSTS=>35,000) 0 0 206,456 269,019 0 0 0


PARAMETER-(COSTS<35,000) 0 0 0 0 0 0 0

COST PARAMETER 0 0 206,456 269,019 0 0 0


PROJECT COST PER UNIT 0 0 161,667 206,081 0 0 0

PARAMETER-(CREDITS=>35,000) 0 0 19,953 25,999 0 0 0


PARAMETER-(CREDITS<35,000) 0 0 0 0 0 0 0

CREDIT PARAMETER 0 0 19,953 25,999 0 0 0


PROJECT CREDIT PER UNIT 0 0 12,562 16,013 0 0 0

COST PER UNIT POINTS 0.00 0.00 12.91 3.62 0.00 0.00 0.00
CREDIT PER UNIT POINTS 0.00 0.00 52.91 14.28 0.00 0.00 0.00

FAMILY
EFF-G 1 BR-G 2 BR-G 3 BR-G 4 BR-G 2 BR-TH 3 BR-TH 4 BR-TH
AVG UNIT SIZE 0 0 0 0 0 0 0 0
NUMBER OF UNITS 0 0 0 0 0 0 0 0

PARAMETER-(COSTS=>35,000) 0 0 0 0 0 0 0 0
PARAMETER-(COSTS<35,000) 0 0 0 0 0 0 0 0

COST PARAMETER 0 0 0 0 0 0 0 0
PROJECT COST PER UNIT 0 0 0 0 0 0 0 0

PARAMETER-(CREDITS=>35,000) 0 0 0 0 0 0 0 0
PARAMETER-(CREDITS<35,000) 0 0 0 0 0 0 0 0

CREDIT PARAMETER 0 0 0 0 0 0 0 0
PROJECT CREDIT PER UNIT 0 0 0 0 0 0 0 0

COST PER UNIT POINTS 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
CREDIT PER UNIT POINTS 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

TOTAL COST PER UNIT POINTS 16.53

TOTAL CREDIT PER UNIT POINTS 67.18

Cost Parameters - Elderly


AS LVG EFF-E 1 BR-E 2 BR-E EFF-E-1 ST 1 BR-E-1 ST 2 BR-E-1 ST
Standard Cost Parameter - low rise 0 0 206,456 269,019 0 0 0
Parameter Adjustment - mid rise 0 0 0 0 0 0 0
Parameter Adjustment - high rise 0 0 0 0 0 0 0
Adjusted Cost Parameter 0 0 206,456 269,019 0 0 0

Credit Parameters - Elderly


AS LVG EFF-E 1 BR-E 2 BR-E EFF-E-1 ST 1 BR-E-1 ST 2 BR-E-1 ST
Standard Credit Parameter - low rise 0 0 19,953 25,999 0 0 0
Parameter Adjustment - mid rise 0 0 0 0 0 0 0
Parameter Adjustment - high rise 0 0 0 0 0 0 0
Adjusted Credit Parameter 0 0 19,953 25,999 0 0 0

Cost Parameters - Family


EFF-G 1 BR-G 2 BR-G 3 BR-G 4 BR-G 2 BR-TH 3 BR-TH 4 BR-TH
Standard Parameter - low rise 0 0 0 0 0 0 0 0
Parameter Adjustment - mid rise 0 0 0 0 0 0 0 0
Parameter Adjustment - high rise 0 0 0 0 0 0 0 0
Adjusted Cost Parameter 0 0 0 0 0 0 0 0

Credit Parameters - Family


EFF-G 1 BR-G 2 BR-G 3 BR-G 4 BR-G 2 BR-TH 3 BR-TH 4 BR-TH
Standard Credit Parameter - low rise 0 0 0 0 0 0 0 0
Parameter Adjustment - mid rise 0 0 0 0 0 0 0 0
Parameter Adjustment - high rise 0 0 0 0 0 0 0 0
Adjusted Credit Parameter 0 0 0 0 0 0 0 0

v12.31.09

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