cam post ella commons - 2009 va

8/8/2019 Cam Post Ella Commons - 2009 VA

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2009 Federal Low Income Housing

Tax Credit Program

Application For Reservation

Virginia Housing Development Authority

601 South Belvidere Street

Richmond, Virginia 23220-6500

Deadline for Submission

9% Competitive Credits

Applications Must Be Received At VHDA No Later Than 5:00

PM Richmond, VA Time On May 15, 2009

Tax Exempt Bonds

Applications should be received at VHDA at least one month

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

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

VHDA)

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Low Income Housing Tax Credit Application for Reservation

Electronic Copy of the Microsoft Excel Based Application (MANDATORY)

Hard Copy of All Application Pages With Signature (MANDATORY)

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

$750 Application Fee (MANDATORY)

Tab A: Documentation of Development Location:

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

Location Map

Surveyor's Certification of Proximity To Public TransportationTab 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 Resum (MANDATORY)

Tab E: Nonprofit Questionnaire (MANDATORY for points or pool)The following documents need not be submitted unless requested by VHDA:-Nonprofit Articles of Incorporation-IRS Documentation of Nonprofit Status

-Joint Venture Agreement (if applicable)-For-profit Consulting Agreement (if applicable)

Tab F: Architect's Certification (MANDATORY)

Tab H: PHA / Section 8 Notification LetterTab I: Local CEO LetterTab J: Homeownership PlanTab K: Site Control Documentation (MANDATORY)

Tab L: Plan of Development Certification Letter

Tab M: Zoning Certification LetterTab N: Copies of 8609s To Certify Developer ExperienceTab O: (Reserved)Tab P: Plans and Specifications and Work Write-Up (MANDATORY)

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

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

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

Tab Z Market Study (MANDATORY-Application will be disqualified if market study not submitted with the application)

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. You are therefore encouraged

to submit as much requested information as is available, but their inclusion is not mandatory for review of your application.

2009 Submission Checklist


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Low-Income Housing Tax Credit Application For Reservation

VHDA TRACKING NUMBER 2009-Z-022

I. General Information

All code "Section" references are to, and the term "IRC" shall be deemed to mean, May 12, 2009

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

A. Development Name and Location:

1. Name of Development Campostella Commons Apartments

2. Address of Development 2901 Fireside Road

(Street)

Chesapeake Virginia 23324

(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 Chesapeake City (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. Is the development located in a Metropolitan Statistical Area? Yes No

7. Census Tract the development is located in: 201

Is this a Qualified Census Tract: Yes No (If yes, attach required form in TAB A)8. Is the development located in a Difficult Development Area? No

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

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

Note: 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

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

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Low Income Housing Tax Credit Application For Reservation

C. Reservation Request

1. Total annual credit amount request (Must be the same as Part IX-D8) $785,140

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 Tidewater MSA Pool

Northern Virginia MSA Pool Small MSA/Micropolitan Pool

Richmond MSA Pool Rural Pool

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

Tax Exempt Bonds

new construction, or

rehabilitation, or

acquisition and rehabilitation.

Federal SubsidiesThe 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 2008 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, 2009, but th

owner will have more than 10% basis in the development before the end of si

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

a carryforward allocation of 2009 credits pursuant to Section 42(h)(1)(E) for:

new construction, or

rehabilitation, or

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

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

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

work is "placed in service" in 2010 or 2011).

3. Federal Subsidies

The development will not receive federal subsidies.

This development will receive federal subsidies for:

all buildings or

some buildings.

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E. Acquisition Credit Information

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

so indicate and go on to Part F: No Acquisition

Ten-Year Rule For Acquisition Credits

All buildings satisfy the 10-year look-back rule of IRC Section 42 (d)(2)(B), including the10% 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)

A waiver of the 10-year rule for all buildings has been or will be requested from the

Department of the Treasury pursuant to IRC Section 42(d)(6)(B)

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

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 IRCSection 42(e)(3)(A)(ii).

All buildings in the development qualify for the IRC Section 42(e)(3)(B) exception to the10% 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 andexplain for each building.

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II. OWNERSHIP INFORMATION

A. Owner Information:

Name Campostella Commons II, L.P.

Contact Person First: Carl Middle: L. Last: Hardee

Address 373 Edwin Drive(Street)

Virginia Beach VA 234 2(City) (State) (Zip Code)

Federal I. D. No. 20-8467648 (If not available, obtain prior to Allocation)Phone 757-499-6161 Fax 757-499-9414 Email address [email protected]

Type of entity: Limited Partnership Other

Individual(s) CorporationOwner's organizational documents (e.g. Partnership agreements) 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 % OwnershipSteven E. Lawson 757-499-6161 Manager of G.P. 90.00%Carl L. Hardee 757-499-6161 Member of G.P. 10.00%

0.00%0.00%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 ofseparate partnerships or corporations which may comprise those components.

Principals' Previous Participation Certification attached (Mandatory TAB D), resum, & ownership structure ch

B. Seller Information:

Name Hampton Roads Development Corporation Contact Person Scott HardisonAddress P. O. Box 2960Chesapeake, VA 23327 Phone 757-547-3355

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

If yes, complete the following:

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

Names Phone Type Ownership % Ownership

0.00%

0.00%

0.00%

0.00%

NOTE: VHDA may allocate credits only to thetax-paying entity which owns the development at the timeof the allocation. The term"Owner" herein refers to that entity. Please fillin the legal

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

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

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

Must be an individual or legally formed entity

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C. Development Team Information:

Complete the following as applicable to your development team.

1. Tax Attorney: Howard Gordon Related Entity? Yes NoFirm Name: Williams Mullen, PCAddress: 999 Waterside Drive, Suit 1700, Norfolk, VA 23514

Phone: 757-629-0607 Fax: 757-629-0660

2. Tax Accountant: Alvin Wall Related Entity? Yes NoFirm Name: Wall, Einhorn & Chernitzer, PCAddress: 555 Main Street, Suite 1500, Norfolk, VA 23514

Phone: 757-625-4700 Fax: 757-625-0527

3. Consultant: Related Entity? Yes NoFirm Name: Role:Address:

Phone: Fax:

4. Management Entity (Contact): Carl L. Hardee Related Entity? Yes NoFirm Name: Lawson Realty CorporationAddress: 373 Edwin Drive, Virginia Beach, VA 23462

Phone: 757-499-6161 Fax: 757-499-9414

5. Contractor (Contact): Jack Clifton Related Entity? Yes NoFirm Name: R. A. Lawson CorporationAddress: 373 Edwin Drive, Virginia Beach, VA 23462

Phone: 757-499-6161 Fax: 757-499-9414

6. Architect: Lawrence W. Kliewer, Jr. Related Entity? Yes NoFirm Name: Cox, Kliewer & Company, P.C.Address: 2533 Virginia Beach Blvd., Virginia Beach, VA 23452

Phone: 757-431-0033 Fax: 757-463-0380

7. Real Estate Attorney: Howard Gordon Related Entity? Yes NoFirm Name: Williams Mullen, PCAddress: 999 Waterside Drive, Suite 1700, Norfolk, VA 23510

Phone: 757-622-3366 Fax: 757-629-0660

8. Mortgage Banker: John M. Taylor, Sr. Related Entity? Yes NoFirm Name: Multifamily Mortgage Lending, LLCAddress: 373 Edwin Drive, Virginia Beach, VA 23462

Phone: 757-499-6161 Fax: 757-499-9414

9. Other (Contact): Related Entity? Yes NoFirm Name: Role:Address:

Phone: Fax:

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D. Nonprofit Involvement:

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

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

1. Must "materially participate" in the development and operation of the project throughout the compliance period,

2. Must own all general partnership interests in the development .

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

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

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

as a for-profit entity.

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 her

and go on to part III

2. Mandatory Questionnaire

If there is nonprofit involvement, you must complete the Non-Profit QuestionnairQuestionnaire attached (Mandatory TAB E)

3. Type of involvement

Nonprofit meets eligibility requirement for points only, not pool o

Nonprofit meets eligibility requirements for nonprofit pool and points

4. Identity of Nonprofit (All nonprofit applicants)

The nonprofit organization involved in this development is

the Owner

the Applicant (if different from Owner)

Other

(Name of nonprofit)

(Contact Person) (Street Address)

(City) (State) (Zip code)

(Phone) (Fax)

5. Percentage of Nonprofit Ownership (All nonprofit applicants)

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

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

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

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III. DEVELOPMENT INFORMATION

A. Structure and Units:

1. Total number ofall units in development 132Total number ofrental units in development 132 bedrooms 306

Number of low-income rental units 132 bedrooms 306Percentage 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: 16

Elevator Number of stories: 2

3. Number of new units 0 bedrooms 0Number of adaptive reuse units 0 bedrooms 0Number of rehab units 132 bedrooms 306

4. Total Floor Area For The Entire Development 130,455.00 (Sq. ft.)

5. Unheated Floor Area (Breezeways, Balconies, Storage) 0.00 (Sq. ft.)

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

7. Total Usable Residential Heated Area 130,455.00 (Sq. ft.)

8. Number of Buildings (containing rental units) 26

9. Commercial Area Intended Use:

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)

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

Community Facilities: Community Room, Laundry Facility and Office

Exterior Finish: Brick and Vinyl

Heating/AC System: Split system heat pump

Architectural Style: Traditional

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C. Amenities:

1. Specify the average size per unit type: (Including pro rata share of heated common area)Assisted Lvg 0.00 SF 1Bdrm Eld 0.00 SF 3-Bdrm Gar 1,149.76 SF1-Sty-Eff-Eld 0.00 SF 2Bdrm Eld 0.00 SF 4-Bdrm Gar 0.00 SF1-Sty 1BR-Eld 0.00 SF Eff-Gar 0.00 SF 2-Bdrm TH 0.00 SF1-Sty 2BR-Eld 0.00 SF 1-Bdrm Gar 0.00 SF 3-Bdrm TH 0.00 SF

Eff-Eld 0.00 SF 2-Bdrm Gar 912.94 SF 4-Bdrm TH 0.00 SF

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

130,455.00 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 incorporateall 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)

49% a(1)Percentage of 2-bedroom units that have 1.5 bathrooms

43% 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

27% 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 air conditioned with either (i) heat pump units with both aSEER rating of 14.0 or more and a HSPF rating of 8.2 or more and a variable speed air handling unit(for through- the-wall heat pump equipment that has an EER rating of 11.0 or more), or (ii) airconditioning units with a SEER rating of 14.0 or more and a variable speed air handling unit, combinedwith 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.

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Low Income Housing Tax Credit Application For Reservation

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

a. All cooking ranges will have front controls

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

Accessibility

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

For any non-elderly property in which the greater of 5 or 10% of the units (i) provide federal project-based rent subsidies o

equivalent assistance in order to ensure occupancy by extremely low-income persons; (ii) conform to HUD regulationinterpreting accessibility requirements of section 504 of the Rehabilitation Act; and (iii) are actively marketed to people witspecial needs in accordance with a plan submitted as part of the Application. (If special needs include mobility impairmentthe units described above must include roll-in showers and roll under sinks and front controls for ranges).

For any non-elderly property in which the greater of 5 or 10% of the units (i) have rents within HUDs Housing ChoicVoucher (HCV) payment standard; (ii) conform to HUD regulations interpreting accessibility requirements of section 504 othe Rehabilitation Act; and (iii) are actively marketed to people with mobility impairments, including HCV holders, iaccordance 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 interpretinaccessibility requirements of section 504 of the Rehabilitation Act and are actively marketed to people with mobilitimpairments in accordance with a plan submitted as part of the Application.

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

Yes - Earthcraft Yes - LEED

If Yes to either, attach appropriate documentation at TAB F

LEED Accredited Design Team MemberOne or more members of the design team is a LEED accredited professional.

Yes No If Yes, 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:0 Units 0%

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 thelow-income units. If no, explain differences:

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IV. TENANT INFORMATION

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

POINTS FOR THE BONUS POINT CATEGORY

Units Provided Per Household Type:

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

0 0.00% 40% Area Median 0 0.00% 40% Area Median0 0.00% 50% Area Median 0 0.00% 50% Area Median

132 100.00% 60% Area Median 132 100.00% 60% Area Median0 0.00% Non-LMI Units 0 0.00% Non-LMI Units

132 100.00% Total 132 100.00% Total

B. Special Housing Needs/Leasing Preference:

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

Yes Elderly (age 55 or above)

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

2. Specify the number of low-income units that will serve individuals and families with children byproviding three or more bedrooms: Number of units 32% of total low-income units

3. If the development has existing tenants, VHDA policy requires that the impact of economic and/or physicaldisplacement on those tenants be minimized, in which Owners agree to abide by the Authority's RelocationGuidelines for LIHTC properties.

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

Yes

No

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

Organization which holds such waiting list: Chesapeake Redevelopment and Housing AuthorityContact person (Name and Title) Mr. Robert Sullivan, Director of Housing Systems

Phone Number 757-233-6418 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 of 1 or less bedrooms).

Yes

No

Income Levels Rent Levels

42

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 whoseincomes 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.

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V. LOCAL NEEDS AND SUPPORT

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 Mr. William E. Harrell

Chief Executive Officer's Title City Manager

Street Address 306 Cedar Road, (P.O. Box 15225) Phone 757-382-6166

City Chesapeake State VA Zip 23328

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

local CEO: Mr. Brent R. Nielson, AICP, Planning Director

Letter from CEO attached (TAB I) CEO letter to be submitted separately by June 1, 2009

VHDA notification letter to CEO submitted prior to 5:00 PM 3/5/09: (9% competitive credits only) Yes No

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:Letter from CEO attached (TAB I) CEO letter to be submitted separately by June 1, 2009

VHDA notification letter to CEO submitted prior to 5:00 PM 3/5/09: (9% competitive credits only) Yes No

B. Project Schedule

ACTUAL OR NAME OF

ACTIVITY ANTICIPATED PERSON

DATE RESPONSIBLE

Site

Option/Contract 12/23/08 Carl Hardee

Site Acquisition 11/2/09 Steven E. Lawson

Zoning Approval 5/7/09 Carl Hardee

Site Plan Approval 11/2/09 Carl HardeeFinancing

A. Construction Loan

Loan Application 8/15/09 Steven E. Lawson

Conditional Commitment 9/15/09 Steven E. Lawson

Firm Commitment 10/1/09 Steven E. Lawson

B. Permanent Loan - First Lien

Loan Application 8/15/09 Steven E. Lawson

Conditional Commitment 9/15/09 Steven E. Lawson

Firm Commitment 10/1/09 Steven E. Lawson

C. Permanent Loan-Second Lien

Loan Application

Conditional Commitment

Firm Commitment

D. Other Loans & Grants

Type & Source, List

Application

Award/Commitment

Formation of Owner 2/26/07 Steven E. Lawson

IRS Approval of Nonprofit Status

Closing and Transfer of Property to Owner 11/2/09 Steven E. Lawson

Plans and Specifications, Working Drawings 11/2/09 Jack Clifton

Building Permit Issued by Local Government 10/30/09 Jack Clifton

Start Construction 12/01/09 Jack Clifton

Begin Lease-up 6/1/10 Carl Hardee

Complete Construction 12/30/10 Jack Clifton

Complete Lease-Up 1/31/11 Carl Hardee

Credit Placed in Service Date 1/31/11 Steven E. Lawson2009 Page 11


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VI. SITE CONTROL

A. Type of Site Control by Owner:

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

Deed - attached

Long-term Lease - attached (expiration date: )

Option - attached (expiration date: )

Purchase Contract - attached (expiration date: 12/01/09 )

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

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

B. Timing of Acquisition by Owner:Select one:

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

Owner is to acquire property by deed (or lease for period no shorter than period propertywill be subject to occupancy restrictions) no later than 11/05/09 (must be prior to November 6, 2009).

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

C. Market Study Data:

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

Project Wide Capture Rate - LIHTC Units

Project Wide Capture Rate - Market Units

Project Wide Capture Rate - All Units

Project Wide Absorption Period (Months)

3.50%

0.00%

3.50%

4

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 entityother than the Owner, even if it is a closelyrelated party, is not sufficient. Anticipated future transfers

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

submitted.

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

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

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

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C. Site Description

1. Exact area of site in acres 9.850

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. Photographs

Include photographs of the site and any existing structure(s) inTAB O. For rehabilitation projects,provide interior pictures which document the necessity of the proposed work

E. 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.

In addition: required documentation for rehabilitation properties

A unit-by-unit work write-up.

Plans and specifications/unit-by-unit work writeup attached(TAB P) or

Plans and specifications/unit-by-unit work writeup submitted separately

2009 Page 13


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VII. OPERATING BUDGET

A. Rental Assistance

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

Yes No

2. If yes, indicate type of rental assistance:

Section 8 New Construction Substantial 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 0 77 96 0

Air Conditioning Electric Owner x Tenant 0 0 0 0 0

Cooking Electric Owner x Tenant 0 0 0 0 0

Lighting Electric Owner x Tenant 0 0 0 0 0

Hot Water Electric Owner x Tenant 0 0 0 0 0

Water Owner x Tenant 0 0 41 69 0

Sewer Owner x Tenant 0 0 0 0 0

Trash x Owner Tenant 0 0 0 0 0

Total utility allowance for costs paid by tenant $0 $0 $118 $165 $0

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

HUD

Utility Company (Estimate) Local PHA

Utility Company (Actual Survey) Other:

2009 Page 14


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

Total Number of Total Monthly

Tax Credit Units Rental Income

0 $0

0 $0

90 $61,640

42 $32,400

0 $0

132

Plus Other Income Source (list): Submeter utilities and laundry & vending revenue $5,140

Equals Total Monthly Income: $99,180

Twelve Months x12

Equals Annual Gross Potential Income $1,190,160

Less Vacancy Allowance ( 7.0% ) $83,311

Equals Annual Effective Gross Income (EGI) - Low Income Units $1,106,849

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

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

Total Number of Total Monthly

Market Units Rental Income

0 $0

0 $0

0 $0

0 $0

0 $0

Total Number of Market Units 0

Plus Other Income Source (list):

Equals Total Monthly Income: $0

Twelve Months x12

Equals Annual Gross Potential Income $0

Less Vacancy Allowance ( 0.0% ) $0

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

Documentation in Support of Operating Budget attached (TAB R)

List number of units by type: TOTAL UNITS

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

0 0 0 0 0 0

2 BD RM-GAR 3 BD RM-GAR 4 BD RM-GAR 2 BD RM-TH 3 BD RM-TH 4 BD RM-TH

90 42 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 appropriateunit category. If not, you will find an error on

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

List number of units by type: TAX CREDIT UNITS

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

0 0 0 0 0 0

2 BD RM-GAR 3 BD RM-GAR 4 BD RM-GAR 2 BD RM-TH 3 BD RM-TH 4 BD RM-TH

90 42 0 0 0 0

1 STY-EFF-ELD 1 STY-1 BR-ELD 1 STY-2 BR-ELD

0 0 0

Efficiency Units

Unit Type / Net Rentable Monthly Rent Total

Rent Targeting Number Units Square Feet Per Unit Monthly Rent

Efficiency - 40% 0 0.00 -$ -$

Efficiency - 40% 0 0.00 -$ -$

Efficiency - 40% 0 0.00 -$ -$

Efficiency - 40% 0 0.00 -$ -$

Efficiency - 40% 0 0.00 -$ -$

4 Bedroom Units

Unit Type

Unit Type

1 Bedroom Units

2 Bedroom Units

3 Bedroom Units

Total Number of Tax Credit Units

Efficiency Units

Efficiency Units

4 Bedroom Units

1 Bedroom Units

2 Bedroom Units

3 Bedroom Units

2009 Page 15


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Efficiency - 40% 0 0.00 -$ -$

Efficiency - 40% 0 0.00 -$ -$

Efficiency - 40% 0 0.00 -$ -$

Efficiency - 40% 0 0.00 -$ -$

Efficiency - 40% 0 0.00 -$ -$

Efficiency - 40% 0 0.00 -$ -$

Efficiency - 40% 0 0.00 -$ -$

Efficiency - 40% 0 0.00 -$ -$

Efficiency - 40% 0 0.00 -$ -$

Efficiency - 40% 0 0.00 -$ -$

Efficiency - 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 -$ -$Efficiency - Market 0 0.00 -$ -$

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


2009 Page 15


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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% 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 - 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


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


1-BR Market Rent: -$

Total 1-BR Units: 0 Total 1-BR Rent -$2009 Page 15


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21/195

2 BR - Market 0 0.00 -$ -$

2 BR - Market 0 0.00 -$ -$

Total 2-BR



Total 2-BR Units: 90 Total 2-BR Rent 61,640$

3-Bedroom Units



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% 12 983.00 765$ 9,180$

3 BR - 60% 12 1,042.00 765$ 9,180$

3 BR - 60% 18 1,152.00 780$ 14,040$

3 BR - 60% 0 0.00 -$ -$

3 BR - 60% 0 0.00 -$ -$

3 BR - 60% 0 0.00 -$ -$

3 BR - 60% 0 0.00 -$ -$

3 BR - 60% 0 0.00 -$ -$

3 BR - 60% 0 0.00 -$ -$

3 BR - 60% 0 0.00 -$ -$

3 BR - 60% 0 0.00 -$ -$

3 BR - 60% 0 0.00 -$ -$

3 BR - 60% 0 0.00 -$ -$

3 BR - 60% 0 0.00 -$ -$

3 BR - 60% 0 0.00 -$ -$


Tax Credit Units: 42 45,036.00 Tax Credit Rent: 32,400$

3 BR - Market 0 0.00 -$ -$

3 BR - Market 0 0.00 -$ -$

3 BR - Market 0 0.00 -$ -$

3 BR - Market 0 0.00 -$ -$2009 Page 15


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3 BR - Market 0 0.00 -$ -$

3 BR - Market 0 0.00 -$ -$

3 BR - Market 0 0.00 -$ -$

3 BR - Market 0 0.00 -$ -$

3 BR - Market 0 0.00 -$ -$

3 BR - Market 0 0.00 -$ -$

3 BR - Market 0 0.00 -$ -$

3 BR - Market 0 0.00 -$ -$

3 BR - Market 0 0.00 -$ -$

3 BR - Market 0 0.00 -$ -$

3 BR - Market 0 0.00 -$ -$

Total 3-BR



Total 3-BR Units: 42 Total 3-BR Rent 32,400$

4-Bedroom Units



4 BR - 40% 0 0.00 -$ -$

4 BR - 40% 0 0.00 -$ -$

4 BR - 40% 0 0.00 -$ -$

4 BR - 40% 0 0.00 -$ -$

4 BR - 40% 0 0.00 -$ -$

4 BR - 40% 0 0.00 -$ -$

4 BR - 40% 0 0.00 -$ -$

4 BR - 40% 0 0.00 -$ -$

4 BR - 40% 0 0.00 -$ -$

4 BR - 40% 0 0.00 -$ -$

4 BR - 40% 0 0.00 -$ -$

4 BR - 40% 0 0.00 -$ -$

4 BR - 40% 0 0.00 -$ -$

4 BR - 40% 0 0.00 -$ -$

4 BR - 40% 0 0.00 -$ -$

4 BR - 50% 0 0.00 -$ -$

4 BR - 50% 0 0.00 -$ -$

4 BR - 50% 0 0.00 -$ -$

4 BR - 50% 0 0.00 -$ -$

4 BR - 50% 0 0.00 -$ -$

4 BR - 50% 0 0.00 -$ -$

4 BR - 50% 0 0.00 -$ -$

4 BR - 50% 0 0.00 -$ -$

4 BR - 50% 0 0.00 -$ -$

4 BR - 50% 0 0.00 -$ -$

4 BR - 50% 0 0.00 -$ -$

4 BR - 50% 0 0.00 -$ -$

4 BR - 50% 0 0.00 -$ -$

4 BR - 50% 0 0.00 -$ -$

4 BR - 50% 0 0.00 -$ -$

4 BR - 60% 0 0.00 -$ -$

4 BR - 60% 0 0.00 -$ -$

4 BR - 60% 0 0.00 -$ -$

4 BR - 60% 0 0.00 -$ -$

4 BR - 60% 0 0.00 -$ -$

4 BR - 60% 0 0.00 -$ -$

4 BR - 60% 0 0.00 -$ -$

4 BR - 60% 0 0.00 -$ -$

4 BR - 60% 0 0.00 -$ -$

4 BR - 60% 0 0.00 -$ -$

4 BR - 60% 0 0.00 -$ -$

4 BR - 60% 0 0.00 -$ -$

4 BR - 60% 0 0.00 -$ -$

4 BR - 60% 0 0.00 -$ -$

4 BR - 60% 0 0.00 -$ -$2009 Page 15


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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



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

Total Units 132 Net Rentable SF: TC Units 121,606.00

MKT Units 0.00

Total NR SF: 121,606.00

100.0000%Floor Space Fraction

2009 Page 15


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D. Operating Expenses

Administrative:

1. Advertising/Marketing $8,500

2. Office Salaries $55,000

3. Office Supplies $6,500

4. Office/Model Apartment (type______) $0

5. Management Fee $55,342

5.00% of EGI 419.2608527 Per Unit

6. Manager Salaries $0

7. Staff Unit (s) (type______) $08. Legal $5,500

9. Auditing $7,500

10. Bookkeeping/Accounting Fee $3,643

11. Telephone & Answering Servic $3,200

12. Tax Credit Monitoring Fee $3,300

13. Miscellaneous Administrativ $22,727

Total Administrative $171,212

Utilities

14. Fuel Oil

15. Electricity $8,300

16. Water $34,056

17. Gas $1,253

18. Sewer $29,542

Total Utility $73,151

Operating:

19. Janitor/Cleaning Payroll $0

20. Janitor/Cleaning Supplie $43521. Janitor/Cleaning Contract $8,400

22. Exterminating $1,700

23. Trash Removal $1,000

24. Security Payroll/Contract $7,900

25. Grounds Payroll $62,400

26. Grounds Supplies $2,350

27. Grounds Contract $32,000

28. Maintenance/Repairs Payroll $65,000

29. Repairs/Material $23,500

30. Repairs Contract $22,500

31. Elevator Maintenance/Contract $0

32. Heating/Cooling Repairs & Maintenance $2,850

33. Pool Maintenance/Contract/Staff $0

34. Snow Removal $0

35. Decorating/Payroll/Contract $12,350

36. Decorating Supplies $6,175

37. Miscellaneous $1,400

Operating & Maintenance Totals $249,960

Taxes & Insurance

38. Real Estate Taxes $73,368

39. Payroll Taxes $13,200

40. Miscellaneous Taxes/Licenses/Permit $975

41. Property & Liability Insuranc $58,922

42. Fidelity Bond $75

43. Workman's Compensation $2,026

44. Health Insurance & Employee Benefit $12,500

45. Other Insurance $976

Total Taxes & Insurance $162,042

6544

Total Operating Expense $656,364

D1. Total Oper. Ex. Per Unit $4,972 D2. Total Oper. Ex. As % EGI (from E3) 59.30%

Replacement Reserves (Total # Units X $300 or $250 New Const. Elderly Minimum) $39,600

Total Expenses $695,964

2009 Page 16


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E. Cash Flow (First Year)

1. Annual EGI Low-Income Units from (C1) $1,106,849

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

3. Total Effective Gross Income = $1,106,849

4. Total Expenses (from D) $695,964

5. Net Operating Income = $410,8846. Total Annual Debt Service (from Page 21 B2) - $342,140

7. Cash Flow Available for Distribution = $68,744

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 1,106,849 1,136,734 1,167,425 1,198,946 1,231,317Less Oper. Expenses 695,964 723,803 752,755 782,865 814,180

Net Income 410,884 412,931 414,670 416,081 417,138

Less Debt Service 342,140 342,140 342,140 342,140 342,140

Cash Flow 68,744 70,790 72,530 73,940 74,997

Debt Coverage Ratio 1.20 1.21 1.21 1.22 1.22


Eff. Gross Income 1,264,563 1,298,706 1,333,771 1,369,783 1,406,767

Less Oper. Expenses 846,747 880,617 915,842 952,475 990,574

Net Income 417,816 418,089 417,930 417,308 416,193


Cash Flow 75,676 75,949 75,789 75,167 74,053



Eff. Gross Income 1,444,750 1,483,758 1,523,820 1,564,963 1,607,217

Less Oper. Expenses 1,030,197 1,071,405 1,114,261 1,158,832 1,205,185

Net Income 414,553 412,353 409,558 406,131 402,032


Cash Flow 72,412 70,213 67,418 63,991 59,891


Estimated Annual Percentage Increase in Revenue 2.70% (Must be < 3%)

Estimated Annual Percentage Increase in Expenses 4.00% (Must be > 4%)

2009 Page 17


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VIII. PROJECT BUDGET

A. Cost/Basis/Maximum Allowable Credit

Complete cost column and basis column(s) as appropriate through A12. Check if the followingdocumentation is attached at TAB S:

Executed Construction ContractExecuted Trade Payment Breakdown

AppraisalOther Cost DocumentationEnvironmental Studies

Amount of Cost up to 100% Includable in

Eligible Basis--Use Applicable Column(s):

"30% Present Value Credit" (D)

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

New Construction Value Credit"

1. Contractor Cost

A. Off-Site Improvements 0 0 0 0

B. Site Work 0 0 0 0

C. Other: 0 0 0 0

D. Unit Structures (New) 0 0 0 0

E. Unit Structures (Rehab) 3,267,000 0 0 3,267,000

F. Accessory Building (s) 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) 3,267,000 0 0 3,267,000

L. General Requirements 196,020 0 0 196,020M. Builder's Overhead 65,340 0 0 65,340

( 2.0% Contract)

N. Builder's Profit 196,020 0 0 196,020

( 6.0% Contract)

O. Bonding Fee 10,977 0 0 10,977

P. Other: 0 0 0 0

Q. Contractor Cost

Subtotal (Sum 1K..1P) $3,735,357 $0 $0 $3,735,357

2. Owner Costs

A. Building Permit 0 0 0 0

B. Arch./Engin. Design Fee 13,500 0 0 13,500

( 102 /Unit)

C. Arch. Supervision Fee 0 0 0 0

( 0 /Unit)

D. Tap Fees 0 0 0 0

E. Soil Borings 0 0 0 0

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

of credit and numerical calculations of this Part VIII.

2009 Page 18


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2. Owner Costs Continued

F. Construction Loan 19,472 0 0 0

Origination Fee

G. Construction Interest 286,144 0 0 269,121

( 2.3% for 15 months)

H. Taxes During Construction 0 0 0 0

I. Insurance During Construction 4,000 0 0 0

J. Cost Certification Fee 15,000 0 0 15,000

K. Title and Recording 27,790 0 0 0

L. Legal Fees for Closing 20,000 0 0 0

M. Permanent Loan Fee 35,403 0 0 0

( 2.0% )

N. Other Permanent Loan Fees 0 0 0 0

O. Credit Enhancement 0 0 0 0P. Mortgage Banker 35,403 0 0 17,702

Q. Environmental Study 5,500 0 0 5,500

R. Structural/Mechanical Study 0 0 0 0

S. Appraisal Fee 8,500 0 0 8,500

T. Market Study 8,500 0 0 8,500

U. Operating Reserve 487,440 0 0 0

V. Tax Credit Fee 55,710 0 0 0

W. OTHER $165,457 $0 $0 $121,200

(SEE PAGE 19A)

X. Owner Cost

Subtotal (Sum 2A..2W) $1,187,820 $0 $0 $459,023

Subtotal 1 + 2 $4,923,177 $0 $0 $4,194,380(Owner + Contractor Costs)

3. Developer's Fees 1,350,000 0 0 1,350,000

4. Owner's Acquisition Costs

Land 1,320,000

Existing Improvements 4,160,000 4,160,000

Subtotal 4: $5,480,000 $4,160,000

5. Total Development Costs

Subtotal 1+2+3+4: $11,753,177 $4,160,000 $0 $5,544,380

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

2009 Page 19


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W. OTHER OWNER COSTS

Contingency Reserve 0 0 0 0

(Rehab or Adaptive Reuse only)

LIST ADDITIONAL ITEMS

Land Survey 9,000 0 0 9,000

Relocation 112,200 0 0 112,200

Organizational Fees - Legal 5,000 0 0 0

TCAP Allocation Fee 39,257 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 0

0 0 0 0

Subtotal (Other Owner Costs) $165,457 $0 $0 $121,200

2009 Page 19A


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"30 % Present Value Credit"

(C) Rehab/ (D)

New "70 % Present

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

5. Total Development Costs

Subtotal 1+2+3+4 11,753,177 4,160,000 0 5,544,380

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) 4,160,000 0 5,544,380

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 1,663,314

Total Adjusted Eligible basis 0 7,207,694

9. Applicable Fraction 100.0000% 100.0000% 100.0000%

10. Total Qualified Basis (Same as Part IX-C) 4,160,000 0 7,207,694

(Eligible Basis x Applicable Fraction)

11. Applicable Percentage 3.28% 3.28% 9.00%

(For 2009 9% competitive credits, use the May 2009 applicable percentages for acq.)

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

12. Maximum Allowable Credit under IRC 42 $136,448 $0 $648,692

(Qualified Basis x Applicable Percentage)

(Same as Part IX-C and equal to or more than $785,140

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

2009 Page 20


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B. Sources of Funds

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

loans financed through grant sources:

Date of Date of Amount of

Source of Funds Application Commitment Funds Name of Contact Person1. VHDA Taxable Bonds $2,590,332 Ms. Brenda Brophy, VHDA

2. VHDA SPARC $950,000 Ms. Brenda Brophy, VHDA

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. VHDA Taxable Bonds $2,590,332 $239,911 8.00% 25 25

2. VHDA SPARC $950,000 $78,764 6.75% 25 25

3. Seller Note $200,000 $23,465 8.38% 15 15

4. $0 $0 0.00% 1000 0

5. $0 $0 0.00% 1000 0

6. $0 $0 0.00% 1000 0

Totals: $3,740,332 $342,140


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.

2.

3. $0

4. $0

5. $0

6. TCAP N/A N/A $1,621,412 Mr. James Chandler, VHDA

Total Permanent Grants: $1,621,412


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4. Portion of Syndication Proceeds Attributable to Historic Tax Credit

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

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

6. Equity that Sponsor will Fund:

Cash Investment $0

Contributed Land/Building $0 Assessment Attached (TAB S)

Deferred Developer Fee $660,487

Other: $0

Equity Total $660,487

7. Total of All Sources (B2 + B3 + B4 + B5 + B6) $6,022,231

(not including syndication proceeds except for historic tax credits)

8. Total Development Cost $11,753,177

(From VIII-A5)

9. Less Total Sources of Funds (From B7 above) $6,022,231

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

proceeds (must equal IX-D3) $5,730,946

C. Syndication Information (If Applicable)

1. Actual or Anticipated Name of Syndicator TBD

2. Contact Person Phone

3. Street Address

City State Zip

4. a. Total to be paid by anticipated users of credit (e.g., limited partners) $5,730,949

b. Equity Dollars Per Credit (e.g., $0.85 per dollar of credit) $0.73

c. Percent of ownership entity (e.g., 99% or 99.9%) 99.99%

d. Net credit amount anticipated by user of credits $785,061

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) $5,730,949

6. Amount of annual credit required for above amounts

(same amount as Part IX-D6) $785,140

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

(same amount as Part IX-D4) Must be equal to or greater than 85% 72.99%

8. Syndication: Public or Private

9. Investors: Individual or Corporate

Syndication commitment or letter of intent attached (TAB U)

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

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

with Federal, State, or Local Government Funds? Yes 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 2,590,332

RD 515 $0 Section 220 $0

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

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

Section 236 $0 Section 236 $0

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

HOME Funds $0 Other: $0

Other: $0

Other: $0

Grants Grants

CDBG $0 State $0

UDAG $0 Local $0

Other: TCAP $1,621,412

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. $05. $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

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IX. ADDITIONAL INFORMATION

A. Extended Use Restriction

This development will be subject to the standard extended use agreement which permits earlytermination (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 anyearly 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 anyearly 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 theattached nonprofit questionnaire, or local housing authority will have the option to purchaseor the right of first refusal to acquire the development for a price not to exceed the outstandingdebt and exit taxes. Such debt must be limited to the original mortgage(s) unless any refinancingis 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 tosell the units in the development after the mandatory 15-year compliance period to tenants whoseincomes 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)

C. Building-by-Building Information (Complete page 25 as appropriate)

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 providesthat, in certain circumstances, such extended use period may be terminated early.

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C. Building-by-Building Information Must Complete

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

allocation request).

30% Present Value 30% Present Value

Credit for Acquisition Credit for Construction

TA X MARKET

CREDIT RATE Actual or Actual or

UNITS UNITS Estimate Anticipated Estimate Anticipated

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

ing # Address Basis Date Percentage Amount Basis Date Percentage Amount

1. 6 0 2905 Fireside Road $172,455 11/05/09 3.28% 5,657 $0 0.00% 0

2. 6 0 2909 Fireside Road $172,455 11/05/09 3.28% 5,657 $0 0.00% 0

3. 6 0 2913 Fireside Road $172,455 11/05/09 3.28% 5,657 $0 0.00% 0

4. 6 0 2917 Fireside Road $172,455 11/05/09 3.28% 5,657 $0 0.00% 0

5. 8 0 2921 Fireside Road $252,739 11/05/09 3.28% 8,290 $0 0.00% 0

6. 6 0 2925 Fireside Road $172,455 11/05/09 3.28% 5,657 $0 0.00% 0

7. 8 0 2929 Fireside Road $252,739 11/05/09 3.28% 8,290 $0 0.00% 0

8. 6 0 2933 Fireside Road $172,455 11/05/09 3.28% 5,657 $0 0.00% 0

9. 8 0 2937 Fireside Road $252,739 11/05/09 3.28% 8,290 $0 0.00% 0

10. 2 0 2900 Wingfield Ave. $77,841 11/05/09 3.28% 2,553 $0 0.00% 0

11. 6 0 2904 Wingfield Ave. $172,455 11/05/09 3.28% 5,657 $0 0.00% 0

12. 6 0 2908 Wingfield Ave. $172,455 11/05/09 3.28% 5,657 $0 0.00% 0

13. 6 0 2912 Wingfield Ave. $172,455 11/05/09 3.28% 5,657 $0 0.00% 0

14. 8 0 2916 Wingfield Ave. $252,739 11/05/09 3.28% 8,290 $0 0.00% 0

15. 8 0 2920 Wingfield Ave. $252,739 11/05/09 3.28% 8,290 $0 0.00% 0

16. 6 0 2900 Stalham Road $172,455 11/05/09 3.28% 5,657 $0 0.00% 0

$3,066,089 $0

$100,568 $0Qualified Basis Totals (must agree with VIII-A10)

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

NUMBER

OF

2009


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C. Building-by-Building Information Must Complete

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

allocation request).

30% Present Value 30% Present Value

Credit for Acquisition Credit for Construction

TA X MARKET

CREDIT RATE Actual or Actual or

UNITS UNITS Estimate Anticipated Estimate Anticipated

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

ing # Address Basis Date Percentage Amount Basis Date Percentage Amount

17. 8 0 2908 Stalham Road $252,739 11/05/09 3.28% 8,290 $0 0.00% 0

18. 6 0 2912 Stalham Road $172,455 11/05/09 3.28% 5,657 $0 0.00% 0

19. 2 0 2913 Stalham Road $77,841 11/05/09 3.28% 2,553 $0 0.00% 0

20. 2 0 2909 Stalham Road $77,841 11/05/09 3.28% 2,553 $0 0.00% 0

21. 2 0 2905 Stalham Road $77,841 11/05/09 3.28% 2,553 $0 0.00% 0

22. 2 0 2901 Stalham Road $77,841 11/05/09 3.28% 2,553 $0 0.00% 0

23. 2 0 2913 Wingfield Ave. $77,841 11/05/09 3.28% 2,553 $0 0.00% 0

24. 2 0 2909 Wingfield Ave. $77,841 11/05/09 3.28% 2,553 $0 0.00% 0

25. 2 0 2905 Wingfield Ave. $77,841 11/05/09 3.28% 2,553 $0 0.00% 0

26. 2 0 2901 Wingfield Ave. $77,841 11/05/09 3.28% 2,553 $0 0.00% 0

27. 0 0 2901 Fireside Road (LOMC Bldg) $45,988 11/05/09 3.28% 1,508 $0 0.00% 0

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

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

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

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

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

$1,093,911 $0

$35,880 $0Qualified Basis Totals (must agree with VIII-A10)

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

NUMBER

OF

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D. Determination of Reservation Amount Needed

1. Total Development Costs (from VIII-A5, Column A page 20) $11,753,177

2. Less Total Sources of Funds (from VIII-B7 page 22) $6,022,231

3. Equals Equity Gap $5,730,946

4. Divided by Net Equity Factor (VIII-C7 page 22) 72.99%(Percent of 10-year credit expected to be raised as equity investment)

5. Equals Ten-Year Credit Amount Needed to Fund Gap $7,851,395

Divided by ten years 10

6. Equals Annual Tax Credit Required to Fund the Equity Gap $785,140

7. The Maximum Allowable Credit Amount $785,140

(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 5,948 Combined 30% & 70% PV Credit

Credit per Bedroom 2,566 $785,140

Comprised of

$136,448 and $648,69230% PV Credit 70% PV Credit

(Based on same relative percentages as VIII-A12)

E. Attorneys Opinion

Attached in Mandatory TAB W)

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

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

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

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

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

compute below.

Goal Seek Function

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

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

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

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

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

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

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

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.

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F. Statement of Owner

The undersigned hereby acknowledges the following:

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

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

2. that it will at all times indemnify and hold harmless VHDA and its assigns against all losses, costs,damages, VHDA's expenses, and liabilities of any nature directly or indirectly resulting from, arising out of,

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

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

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

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

once the deadline for applications has passed.

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

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

development financially feasible, is 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 amountof 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.

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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 0i. 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 Y 0 or 30 30.00

d. Location in a Qualified Census Tract Y 0 or 5 5.00

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


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6. EFFICIENT USE OF RESOURCES:

a. Credit per unit If #N/A or #REF! appears in the score column of these point Up to 180 118.21b. Cost per unit categories check spelling of Clerk's Office on pg 1. It must match Up to 75 39.45

Total exactly with the Jurisdiction names listed in the Application Manual. 157.66

7. BONUS POINTS: Locality AMI State AMI

a. Units with rents at or below 40% of AMI $65,100 $50,600 0% Up to 10 0.00

b. Units with rent and income at or below 50% of AMI 0% Up to 50 0.00

or c. Units with rents at or below 50% rented to tenants at or below 60% of AMI 0% Up to 25 0.00

or d. Units in Low Income Jurisdictions with rents


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$/SF = $76.24 Credits/SF = $4.87 Const $/unit = $28,298

TYPE OF PROJECT FAMILY = 11000; ELDERLY = 12000 11000 If an ERROR message appears here check

LOCATION BELT=100; NVM=110; NVNM=200; RIC=300; TID=400; SMA=500; SMA-C=510; RUR=600 400 spelling of Clerk's Office on pg 1. It mustTYPE OF CONSTRUCTION N C=1; ADPT=2;REHAB(25,000+)=3; REHAB(15,000-25,000)= 3 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 0 0 0 0 0

NUMBER OF UNITS 0 0 0 0 0 0 0

PARAMETER-(COSTS=>25,000) 0 0 0 0 0 0 0PARAMETER-(COSTS25,000) 0 0 0 0 0 0 0

PARAMETER-(CREDITS25,000) 0 0 150,463 175,838 0 0 0 0

PARAMETER-(COSTS25,000) 0 0 13,274 15,512 0 0 0 0

PARAMETER-(CREDITS


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$/SF = $76.24 Credits/SF = $4.87 Const $/unit = $28,298

TYPE OF PROJECT FAMILY = 11000; ELDERLY = 12000 11000 If an ERROR message appears here check

LOCATION BELT=100; NVM=110; NVNM=200; RIC=300; TID=400; SMA=500; SMA-C=510; RUR=600 400 spelling of Clerk's Office on pg 1. It mustTYPE OF CONSTRUCTION N C=1; ADPT=2;REHAB(25,000+)=3; REHAB(10,000-25,000)= 3 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 0 0 0 0 0

NUMBER OF UNITS 0 0 0 0 0 0 0

PARAMETER-(COSTS=>25,000) 0 0 0 0 0 0 0PARAMETER-(COSTS25,000) 0 0 0 0 0 0 0

PARAMETER-(CREDITS25,000) 0 0 150,463 175,838 0 0 0 0

PARAMETER-(COSTS25,000) 0 0 13,274 15,512 0 0 0 0

PARAMETER-(CREDITS


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TAB A(Documentation of Development Location)


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TAB A.1(Qualified Census Tract Certification)


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TAB A.2(Revitalization Area Certification)


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Location Map


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CampostellaCommons


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Surveyors Certification of Proximity

To Public Transportation


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TAB B(Partnership or Operating Agreement)


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3.3 Limitation. The Partnership shall not engage in any other business or activity,including the operation of any other rental project or incur any liability or obligation not incOIlllectionwith the Project.Article 4. Term

4.1 InitialTenn. ThePartnership beganon the date thePartnership'sCertificatebecomeeffective with theVirginia State CorporationCommission and ends onDecember31, 2057, unlesstenninated earlier or later extended. At no time prior to the scheduled termination date shall anyPartner be entitled to withdraw his or her Capital Account, except as specified in Section 5.9. ThisAgreement is effective as ofFebruary 26,2007, the effective date of the Partnership's Certificate.

4.2 Extension. ThePartnership maybe continued beyondits scheduled terminationdateby an affinnative vote of a majority in Interest of the Partners.

Article 5. Capital and Partnership Interests5.1 Partnership Interests. Each Partner's ownership interest in the Partnership("Partnership Interest") shall be expressed as a percentageequal to suchPartner's Capital Accountdivided by the aggregate Capital Accounts of all the Partners of the Partnership and is shown onScheduleA to this Agreement.5.2 Initial Capital. The Partners shall contribute to the Partnership thatpropertyor cashidentified on Schedule A, and shall receive, in exchange, those Partnership Interests, whether asLimited Partners or General Partners or both, identified on ScheduleA.5.3 AdditionalCapital.The Partners shall notbe compelled tomake any additional capitalcontributions except as provided in this Section. The General Partner may decide that additional

Capital Contributions to the Partnership are desirable to fund thePartnership business. Upon thirty(30) days' written notice from the General Partner, the Partnership may call for additional CapitalContributions. ShouldanyPartner fail tomakean additional Capital Contributionwithin thirty (30)days ofthe notice ofthe call for the additional Capital Contribution, then suchPartner's PartnershipInterest will be diluted and his or her distributions shall be suspended until either the additionalCapital Contribution has been made or the Partners who have made the additional CapitalContributions have received distributions equal to the additional Capital Contributions which theymade, plus interest thereon at the rate ofTwelve Percent (12%) per annum.

5.4 CapitalAccounts. Each Partner's Capital Account shall be adjusted as necessary toreflect the economicconditions ofthe Partners. Theseadjustments shall include, but are not limitedto, the following:

5.4.1 Adjustments toreflect eachPartner's distributive share ofPartnershipprofitsand losses, including capital gains and losses, and tax-exempt income;

3IOSmOv!


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5.4.2 Adjustments to reflect eachPartner's additional Capital Contributions to thePartnership;

5.4.3 Adj

cam post ella commons - 2009 va

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