Mountain View

Published on December 2016 | Categories: Documents | Downloads: 78 | Comments: 0 | Views: 919
of 188
Download PDF   Embed   Report

Comments

Content

Mountain View Apartments
In Waynesboro, Virginia
Sponsor: South River Development Corporation (a subsidiary of the Waynesboro Redevelopment and Housing Authority) Owner: Mountain View Partners, LLC

2010 Low Income Housing Tax Credit Program Application for Reservation

Submitted To: Virginia Housing Development Authority 601 South Belvidere Street Richmond, VA 23220-6500

INSTRUCTIONS FOR THE VIRGINIA 2010 LIHTC APPLICATION FOR RESERVATION
This application was prepared using Excel, Microsoft Office 2003. Please note that using the active Excel workbook does not eliminate the need to submit the required PDF of the signed hardcopy of the applicatio related documentation. A more detailed explanation of application submission requirements is provided below and in the Application Manual. An electronic copy of your completed application is a mandatory submission item. Applications For 9% Competitive Credits Applicants should submit an electronic copy of the application either on CD or by email, or both, prior to the application deadline, which is 2:00 PM Richmond Virginia time on March 12, 2010. Failure to submit an ele copy of the application by the deadline will cause the application to be disqualified. Applications For Tax Exempt Bond Credits Applicants should submit an electronic copy of the application either on CD or by email, or both, at the at th of application submission. Applications will not be processed until an electronic copy is received.
NEW in 2010 Applicants should submit all application materials in electronic format only beginning in 2010 There should be 6 distinct files saved to 1 or more CDs and should include the following: 1. Application For Reservation – the active Microsoft Excel workbook 2. A PDF file which includes the following: - Application For Reservation – Signed version of hardcopy - All application attachments (i.e. tab documents, excluding market study and plans & specs 3. Market Study – PDF or Microsoft Word format 4. Plans - PDF or other readable electronic format 5. Specifications - PDF or other readable electronic format (may be combined into the same file as the plans if necessary) 6. Unit-By-Unit work write up (rehab only) - PDF or other readable electronic format Notes: -Do not submit any files on a flash drive. -Do not submit any application materials via [email protected] or to any email address unless

Disclaimer: VHDA assumes no responsibility for any problems incurred in using this spreadsheet or for the accuracy of the calculations. Check your application for correctness and completeness before submitting the application to VHDA. Entering Data: Enter numbers or text as appropriate in the blank spaces highlighted in yellow. All other cells are protected and will not allow any changes. The format for cells has been set to accept text, currency, percentages, etc. as appropriate. Enter any number without commas or dollar signs. Enter percentages beginning with a decimal point. There is no text wrap-around feature, so care must be taken to enter text so that it does not extend beyond the right margin of the page. Enter in only enough text to fill one line and then drop to the first yellow cell of the next line. Each page of the application is a separate sheet in the spreadsheet. The spreadsheet contains numerous error checks which are designed to assist you in identifying potential mistakes in your application. Please note that these may appear as you enter data because many are dependent on entries later in the application. Do not be concerned with these messages until all data has been entered. Also note that some cells contain error messages such as "#DIV/0!" before you begin. These warnings will disappear as you enter numbers necessary to complete the application. Assistance: If you have any questions, please call Jim Chandler at (804) 343-5786, Dale Wittie at (804) 343-5876, Cara Wallo at (804) 343-5714, Jaynell McFarland at (804) 343-5733 or Debbie Griner at (804) 343-5518. Please note that we cannot release the copy protection password. [email protected] - [email protected] [email protected] - [email protected] - [email protected] v1/8/2010 Instructions

Staff e mail addre sse s:

2010 Feder al L ow I ncome Housing Tax Cr edit Pr ogr am

Application For Reser vation

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

L ow I ncome Housing Tax Cr edit Application for Reser vation
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

Electronic Copy of the Microsoft Excel Based Application (M ANDATORY) Scanned Copy of the Signed Tax Credit Application with Attachments (excluding market study and plans & specs) (M Electronic Copy of the Market Study (M ANDATORY-Application will be disqualified if study not submitted with app Electronic Copy of the Plans (M ANDATORY) Electronic Copy of the Specifications (M ANDATORY) Electronic Copy of the Unit By Unit Work Writeup (M ANDATORY if r ehab) $750 Application Fee (M ANDATORY ) 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 (M AN Tab C: Virginia State Corporation Commission Certification (M ANDATORY) Tab D: Principal's Previous Participation Certification and Resumé (M ANDATORY) Tab E: Nonprofit Questionnaire (M ANDATORY 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 (M ANDATORY) 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 (M ANDATORY) 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 (M ANDATORY) 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 Populati 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 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 (M ANDATORY) 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 I. General Information
All code "Section" references are to, and the term "IRC" shall be deemed to mean, the Internal Revenue Code of 1986, as amended.

2010-C-32

3-11-10

(Date of Application)

A. Development Name and Location: 1. Name of Development 2. Address of Development
Waynesboro
(City)

Mountain View Apartments 1625 Wickham Lane #129
(Street)

VA
(State)

22980
(Zip Code)

3.

4. 5. 6. 7. 8. 9.

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) The Circuit Court Clerk's office in which the deed to the property is or will be recorded: City/County of Waynesboro City (ie; Richmond City, Chesterfield County; see application manual) 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? Census Tract the development is located in: Is this a Qualified Census Tract: Is the development located in a Difficult Development Area? Is the development located in a revitalization area? Is the development an existing RD or HUD S8/236 development? No Yes Yes No (If yes, attach required form in TAB A) No (If yes, attach required form in TAB Q) 51820003300 Yes No (If yes, attach required form in TAB A)

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. b. Applicant has obtained a waiver of this requirement from VHDA prior to the application submission deadline. 10. Is the development located in a census tract with a poverty rate <10% with no tax credit units currently present? Is the development listed on the RD 515 Rehabilitation Priority List?

Yes Yes Yes Yes

n/a n/a No No

11. 12. 13.

Is the proposed development located in an urban development area as defined in §15.2-2223.1of the Code of Virginia? (If yes, attach required form in TAB U) Yes No Will the proposed development participate in a locally adopted affordable housing dwelling unit program area as described in (If yes, attach required form in TAB U) either §15.2-2304 or §15.2-2305 of the Code of Virginia? Yes No Congressional District Planning District State Senate District State House District Location Map Attached (TAB A) 6 6 24 25
http://dlsgis.state.va.us/congress/2001PDFs/chap7Tab.pdf http://www.vapdc.org/aboutpdcs.htm#PDC%20Map http://dlsgis.state.va.us/senate/2001PDFs/Chap2Tab.pdf http://dlsgis.state.va.us/House/2001HousePDFs/Chap1Tab.pdf

14.

15.

B. Project Description: In the space provided below, give a brief description of the proposed project. South River Development Corporation proposes to acquire and rehabilitate the Mountain View Apartments, an existing multi-family rental property in the City of Waynesboro. The project will result in 129 units of affordable garden-style apartments, 128 of which will be twobedroom units and one of which will be an efficiency unit, in 30 two-story brick buildings. The rehabilitation will focus on achieving energy efficiency with roof, window and door replacement, upgrading of buildings systems and installation of new HVAC and hot water heaters. Work will also be performed to make units accessible in accordance with federal requirements.

v12.31.09

Page 1

L ow I ncome Housing Tax Cr edit Application For Reser vation C. Reser vation Request 1. Total annual credit amount request (Must be the same as Part IX-D8) 2. Credits requested from: 9% Cr edits 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 Non-Competitive Pool (Preservation) Balance of State Pool (Remaining Geogra Non-Competitive Pool (Disability) $655,000

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 new construction, or allocation of 2010 credits for 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.
v12.31.09

Page 2

L ow-I ncome Housing Tax Cr edit Application For Reser vation E. Acquisition Cr edit I nfor mation
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 Cr edits 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 Cr edit I nfor mation NOTE: If no credits are being requested for rehabilitation expenditures, so indicate and go on to Section II. No Rehabilitation M inimum Expenditur e Requir ements 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 space) is subject to an assessment of up to minus 20 points for being located in a pool identified by the Authorit 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 13VAC Proposed development is specialized housing designed to meet special needs that cannot readily be addr utilizing existing residential structures. Documentation Attached (TAB U) Proposed development is designed to serve as a replacement for housing being demolished through Documentation Attached (TAB U) redevelopment. Proposed development is housing that is an integral part of a neighborhood revitalization project sponso Documentation Attached (TAB U) a local housing authority. Page 3

v12.31.09

L ow-I ncome Housing Tax Cr edit Application For Reser vation I I . OWNERSHI P I NFORM ATI ON
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

Must be an individual or legally formed entity

A. Owner I nfor mation: Name Mountain View Partners, LLC Contact Person First: R. Edward Address 1700 New Hope Road Waynesboro
(City)

Middle:
(Street)

Last: Delapp 22980
(State) (Zip Code)

VA

Federal I. D. No. 27-1802428 (If not available, obtain prior to Allocation) Email addr ess Phone 540 946 9230 Fax 540 946 9233 [email protected] Type of entity: Limited Partnership Other Limited liability company Individual(s) Corporation
Owner's organizational documents (e.g. Partnership agreements & ownership structure chart) attached (M andator y TA Certification from Virginia State Corporation Commission attached (M andator y TAB C)

Principal(s) involved (e.g. general partners, LLC members, controlling shareholders, etc.): Names * * % Ownership Phone Type Ownership South River Development Corporation 540 946 9230 Managing Member 100.00% R. Edward Delapp, Executive Director 0.00% 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 separate partnerships or corporations which may comprise those components.

Principals' Previous Participation Certification attached (M andator y TAB D) & resumé. B. Seller I nfor mation: Name Windsor Associates, L.P. Address 1700 New Hope Road, PO Box 1138 Waynesboro, VA 22980

Contact Person Edward Delapp R. Phone 540 946 9230 Yes No

I s ther e an identity of inter est between the seller and owner /applicant? If yes, complete the following:

Principal(s) involved (e.g. general partners, controlling shareholders, etc.) Names Phone Type Ownership % Ownership South River Development Corporation 540 946 9230 General Partner/Mana 100.00% 0.00% 0.00% 0.00% v12.31.09 Page 4

L ow-I ncome Housing Tax Cr edit Application For Reser vation C. Development Team I nfor mation: Complete the following as applicable to your development team. Tax Attorney: Firm Name: Address: Phone: Tax Accountant: Firm Name: Address: Phone: Consultant: Firm Name: Address: Phone: Management Entity (Contact): Kim Shipe Firm Name: South River Development Corporation Address: 1700 New Hope Road, Waynesboro, VA 22980 Phone: 540 946 9230 Contractor (Contact): TBD Firm Name: Address: Phone: Architect: Firm Name: Address: Phone: Robert Boucheron Tom Thorne-Thomsen Applegate & Thorne-Thomsen 322 S. Green Street, Suite 400, Chicago, Il 60607 312 491 3324 Mike Vicars Dooley & Vicars 21 S. Sheppard Street, Richmond, VA 23221 804 355 2808 ext 102 Related Entity? Yes No

1.

Fax:

312 421 6162 Yes No

2.

Related Entity?

Fax:

804 359 3897 Yes No

3.

Related Entity? Role: Fax: Related Entity?

4.

Yes

No

Fax: Related Entity? Yes No

5.

Fax: Related Entity? Yes No

6.

709 Graves Street, Apt A, Charlottesville, VA 22902 434 906 6688 Fax: Related Entity? Yes No

7.

Real Estate Attorney: Edward Burns Firm Name: Burns, PC Address: 2611 W. Main Street, Suite 5, Waynesboro, VA Phone: 540 560 0592 Mortgage Banker: Firm Name: Address: Phone: Other (Contact): Firm Name: Address: Phone: v12.31.09

Fax: Related Entity? Yes No

8.

Fax: Related Entity? Role: Fax: Page 5 Yes No

9.

L ow-I ncome Housing Tax Cr edit Application For Reser vation D. Nonpr ofit I nvolvement:

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 Cr edit Nonpr ofit 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. 2. 3. 4. 5. Must "materially participate" in the development and operation of the project throughout the compliance period, Must own all general partnership interests in the development . Must not be affiliated with or controlled by a for-profit organization. Must not have been formed for the principal purpose of competition in the nonprofit pool, and 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 Mandatory Questionnaire If there is nonprofit involvement, you must complete the Non-Profit Questionnaire Questionnaire attached (M andator y TAB E) 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) (City) (Phone) (State) (Fax) (Street Address) (Zip code)

2.

3.

5.

Percentage of Nonprofit Ownership (All nonprofit applicants) Specify the nonprofit entity's percentage ownership of the general partnership interest:

0.0%

v12.31.09

Page 6

L ow-I ncome Housing Tax Cr edit Application For Reser vation I I I . DEVEL OPM ENT I NFORM ATI ON

A. Str uctur e and Units: 1. Total number of all units in development Total number of r ental units in development Number of low-income rental units Percentage of rental units designated low-income 2.

129 129 bedrooms 129 bedrooms 100.00%

258 258

The development's structural features are (check all that apply): Row House/Townhouse Garden Apartments Slab on Grade Crawl space Elevator Detached Single-family Detached Two-family Basement 37 2+ 0 bedrooms 0 bedrooms 129 bedrooms ######## (Sq. ft.) 0 0 129

Age of Structure: Number of stories

3.

Number of new units Number of adaptive reuse units Number of rehab units Total Floor Area For The Entire Development

4. 5. 6. 7. 8. 9. ##

Unheated Floor Area (Breezeways, Balconies, Storage) 14,000.00 (Sq. ft.) Nonresidential Commercial Floor Area
(Not eligible for funding)

0.00 (Sq. ft.) 99,440.00 (Sq. ft.) 30

Total Usable Residential Heated Area Number of Buildings (containing rental units) Commercial Area Intended Use:

Project consists primarily of a building(s) which is (CHOOSE ONL Y 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)

##

a. Total Net Rental Square Feet

86,355.00

b. Percentage of Net Rentable Square Feet Deemed To Be New Rental S 0.00% B. Building Systems: Please describe each of the following in the space provided. Community Facilities: Play area, off street parking, swimming pool Exterior Finish: Brick and hardie-plank Heating/AC System: high efficiency heat pump Architectural Style: mid 70's roccocco

v12.31.09

Page 7

L ow-I ncome Housing Tax Cr edit Application For Reser vation C. Amenities:
1. Specify the average size per unit type: Assisted Lvg 0.00 SF 1-Sty-Eff-Eld 0.00 SF 1-Sty 1BR-Eld 0.00 SF 1-Sty 2BR-Eld 0.00 SF Eff-Eld 0.00 SF (I ncluding pr o r ata shar e of heated common ar ea) 1Bdrm Eld 0.00 SF 3-Bdrm Gar 2Bdrm Eld 0.00 SF 4-Bdrm Gar Eff-Gar 449.92 SF 2+Sty 2BR TH 1-Bdrm Gar 0.00 SF 2+Sty 3BR TH 2-Bdrm Gar 773.36 SF 2+Sty 4BR TH 0.00 SF 0.00 SF 0.00 SF 0.00 SF 0.00 SF

2. Total gross usable, heated square feet for the entire project less nonresidential commercial area: Documentation attached (TAB F) M andator y 99,440.00
(Sq. ft.)

NOTE: All developments must meet VHDA's M inimum Design and Constr uction Requir ements. 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) M andator y For any pr oj ect, upon completion of constr uction/r ehabilitation: (Optional Point items) 0% a(1)Percentage of 2-bedroom units that have 1.5 bathrooms 0% a(2)Percentage of 3 or more bedroom units that have 2 bathrooms b. A community/meeting room with a minimum of 749 square feet is provided 100% c. Percentage of exterior walls covered by brick (excluding triangular gable ends, doors and window 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 bot SEER rating of 15.0 or more and a HSPF rating of 8.5 or more , or (ii) air conditioning equipmen 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. j. Provide necessary infrastructure in all units for high speed cable, DSL or wireless internet sevice 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 orien to within 15 degrees of true south, and be angled horizontally within 15 degrees of latitude. Expected Total Electrical Load (kilowatt hours per month): Percent of Expected Load Offset By Solar Electric System: 0 0.00%

v12.31.09

Page 8

L ow I ncome Housing Tax Cr edit Application For Reser vation For all pr oj ects exclusively ser ving elder ly and/or handicapped tenants, upon completion of constr uction/r ehabilitation: (Optional Point items) a. b. c. d. All cooking ranges will have front controls All units will have an emergency call system All bathrooms will have an independent or supplemental heat source All entrance doors have two eye viewers, one at 48" and the other at standard height

For all r ehabilitation and adaptive r euse pr oj ects, upon completion of constr uction or or r ehabilitation: (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 rent subsidies or equivalent assistance in order to ensure occupancy by extremely low-income persons; and (ii) the greater of 5 units or 10% of the units will conform to HUD regulations interpreting accessibility requirements of section 504 of the 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 5 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 interpretin 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. Ear thcr aft or L EED Development Cer tification 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 - Ear thcr aft Yes - L EED If Yes to either, attach appropriate documentation at TAB F Univer sal Design - Units Meeting Universal Design Standards a. The architect of record certifies that units will be constructed to meet VHDA's Universal Design standards. If Yes, attach appropriate documentation at TAB F Yes No b. Number of Rental Units constructed to meet VHDA's Universal Design standards: 10% 13 Units VHDA Cer tified Pr oper ty M anagement 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:

v12.31.09

Page 9

L ow-I ncome Housing Tax Cr edit Application For Reser vation I V.TENANT I NFORM ATI ON A. Set-Aside Election: UNI TS SEL ECTED BEL OW I N BOTH COL UM NS DETERM I NE POI NTS FOR THE BONUS POI NT 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 lowincome units than required, you qualify for more credits. If you serve lower incomes than required, you receive more points under the ranking system.

Units Pr ovided Per Household Type:

I ncome L evels
# of Units % of Units 0 0 129 0 129 B. 0.00% 0.00% 100.00% 0.00% 100.00% 40% Area Median 50% Area Median 60% Area Median Non-LMI Units Total # of Units 13 116 0 0 129

Rent L evels
% of Units 10.08% 89.92% 0.00% 0.00% 100.00% 40% Area Median 50% Area Median 60% Area Median Non-LMI Units Total

Special Housing Needs/L easing Pr efer ence: 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: Waynesboro Redevelopment and Housing Authority Contact person (Name and Title) R. Edward Delapp, Executive Director Requir ed documentation attached (TAB H) Phone Number 540 946 9230 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

v12.31.09

Page 10

L ow-I ncome Housing Tax Cr edit Application For Reser vation V. L OCAL NEEDS AND SUPPORT Note: Please r efer to the Application M anual for specific instr uctions and deadlines for per taining to loca notification of pr oposed L ow income Housing Tax Cr edit developments.
A. Pr ovide the name and the addr ess of the chief executive officer (City M anager , Town M anager , or County Administr ator ) of the political j ur isdiction in which the development will be located: Chief Executive Officer's Name Michael G. Hamp, II Chief Executive Officer's Title City Manager Street Address 530 West Main Street, Suite 210 Phone 540 942 6692 City Waynesboro State NY Zip 22980 Name and title of local official you have discussed this project with who could answer questions for the local CEO: Michael D. Barnes, Director of Planning

I f the pr oper ty over laps another j ur isdiction please fill in the following: Chief Executive Officer's Name Chief Executive Officer's Title Street Address City State

Phone Zip

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

B.

Pr oj ect Schedule
ACTUAL OR ANTI CI PATED DATE
3/02/10 12/15/10 DONE DONE

ACTI VI TY
Site Option/Contract Site Acquisition Zoning Approval Site Plan Approval Financing A. Constr uction L oan Loan Application Conditional Commitment Firm Commitment B. Per manent L oan - Fir st L ien Loan Application Conditional Commitment Firm Commitment C. Per manent L oan-Second L ien Loan Application Conditional Commitment Firm Commitment D. Other L oans & Gr ants Type & Source, List Application Award/Commitment For mation of Owner I RS Appr oval of Nonpr ofit Status Closing and Tr ansfer of Pr oper ty to Owner Plans and Specifications, Wor king Dr awings Building Per mit I ssued by L ocal Gover nment Star t Constr uction Begin L ease-up Complete Constr uction Complete L ease-Up Cr edit Placed in Ser vice Date

NAM E OF PERSON RESPONSI BL E
E Delapp E. Delapp E. Delapp E. Delapp

7/1/10 9/1/10 7/1/10 9/1/10

E. Delapp E. Delapp E. Delapp E. Delapp E. Delapp E. Delapp E. Delapp E. Delapp E. Delapp

v12.31.09

DONE NA 11/1/10 6/1/10 1/1/11 1/1/11 4/1/11 1/1/12 6/1/12 1/1/12

E. Delapp E. Delapp E. Delapp E. Delapp E. Delapp E. Delapp E. Delapp E. Delapp E. Delapp E. Delapp E. Delapp E. Delapp

Page 11

L ow-I ncome Housing Tax Cr edit Application For Reser vation

VI .

SI TE 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 Contr ol by Owner : Applicant controls site by (select one and attach document - M andator y TAB K ) Deed - attached Long-term Lease - attached (expiration date: Option - attached (expiration date: Purchase Contract - attached (expiration date: 11/01/10 ) ) )

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 - M andator y 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 t 11/01/10 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.

M ar ket Study Data: Obtain the following information from the M ar ket 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

v12.31.09

Page 12

L ow-I ncome Housing Tax Cr edit Application For Reser vation

C. Site Descr iption 1. 2. Exact area of site in acres 6.872

Has locality approved a final site plan or plan of development? Yes No Requir ed documentation for m attached (TAB L ) Is site properly zoned for the proposed development? Yes No Requir ed documentation for m attached (TAB M ) Will the proposal seek to qualify for points associated with proximity to public transportation? Yes No Requir ed documentation for m attached (TAB A)

3.

4.

D. Plans and Specifications M inimum submission r equir ements for all pr oper ties (new constr uction, r ehabilitation and adaptive r euse) 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. Requir ed documentation for r ehabilitation pr oper ties: A unit-by-unit wor k wr ite-up.

v12.31.09

Page 13

L ow-I ncome Housing Tax Cr edit Application For Reser vation VI I . OPERATI NG 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: Number of years in rental assistance contract: Expiration date of contract: Contract or other agreement attached (TAB Q) B. Utilities 1. Monthly Utility Allowance Calculations
Utilities Heating Air Conditioning Cooking Lighting Hot Water Water Sewer Trash X X X Total utility allowance for costs paid by tenant Type of Utility (Gas, Electric, Oil, etc.) Owner Owner Owner Owner Owner Owner Owner Owner

0 0

Utilities Paid by: X X X X X Tenant Tenant Tenant Tenant Tenant Tenant Tenant Tenant

0-bdr 25 7 9 25 17 0 0 0 $83

Enter Allowances by Bedroom Size 1-bdr 2-bdr 3-bdr 0 0 0 0 0 0 0 0 $0 32 12 12 30 24 0 0 0 $110 0 0 0 0 0 0 0 0 $0

4-br 0 0 0 0 0 0 0 0 $0

2. Source of Utility Allowance Calculation (Attach Documentation TAB Q) HUD Utility Company (Estimate) Utility Company (Actual Survey) Local PHA Other:

v12.31.09

Page 14

L ow-I ncome Housing Tax Cr edit Application For Reser vation C. Revenue
1. Indicate the estimated monthly income for the L ow-I ncome Units: ** Unit Type Efficiency Units 1 Bedroom Units 2 Bedroom Units 3 Bedroom Units 4 Bedroom Units Total Number of Tax Credit Units Total Number of Tax Credit Units 1 0 128 0 0 129 Total Monthly Rental Income $332 $0 $68,780 $0 $0

Plus Other Income Source (list): late fees and interest Equals Total Monthly Income: Twelve Months Equals Annual Gross Potential Income Less Vacancy Allowance ( 7.0% ) Equals Annual Effective Gr oss I ncome (EGI ) - L ow I ncome Units

$500 $69,612 x12 $835,344 $58,474 $776,870

* * Beginning at Row 75 enter the appr opr iate data for both tax cr edit and mar ket r ate units in the yellow shaded cell

2. Indicate the estimated monthly income for the M ar ket Rate Units: ** Unit Type Efficiency Units 1 Bedroom Units 2 Bedroom Units 3 Bedroom Units 4 Bedroom Units Total Number of Market Units Total Number of Market Units 0 0 0 0 0 0 Total Monthly Rental Income $0 $0 $0 $0 $0

Plus Other Income Source (list): Equals Total Monthly Income: Twelve Months Equals Annual Gross Potential Income Less Vacancy Allowance ( 0.0% ) Equals Annual Effective Gr oss I ncome (EGI ) - M ar ket Rate Units

$0 $0 x12 $0 $0 $0

Documentation in Support of Operating Budget attached (TAB R) L ist number of units by type:
ASSISTED LVG 0 2 BD RM-GAR 128 1 STY-EFF-ELD 0 EFF-ELD 0 3 BD RM-GAR 0 1 STY-1 BR-ELD 0

TOTAL UNI TS
1 BD RM-ELD 0 4 BD RM-GAR 0 1 STY-2 BR-ELD 0 2 BD RM-ELD 0 2+Story 2 BR-TH 0 EFF-GAR 1 2+Story 3 BR-TH 0 1 BD RM-GAR 0 2+Story 4 BR-TH 0

Note: Please be sur e to enter the number of units in the appr opr iate unit categor y. I f not, you will find an er r or on the scor esheet at 5a, 6a & 6b.

L ist number of units by type:
ASSISTED LVG 0 2 BD RM-GAR 128 1 Story-EFF-ELD 0 EFF-ELD 0 3 BD RM-GAR 0 1 Story-1 BR-ELD 0

TAX CREDI T UNI TS
1 BD RM-ELD 0 4 BD RM-GAR 0 1 Story-2 BR-ELD 0 2 BD RM-ELD 0 2+Story 2 BR-TH 0 EFF-GAR 1 2+Story 3 BR-TH 0 1 BD RM-GAR 0 2+Story 4 BR-TH 0

Unit Type / Rent Targeting Efficiency - 40% Efficiency - 40% Efficiency - 40%

Number Units 1 0 0

Efficiency Units Net Rentable Square Feet 405.00 0.00 0.00 $ $ $

Monthly Rent Per Unit 332 $ $ $

Total Monthly Rent 332 -

v12.31.09

Page 15

Efficiency - 40% Efficiency - 40% Efficiency - 40% Efficiency - 40% Efficiency - 40% Efficiency - 40% Efficiency - 40% Efficiency - 40% Efficiency - 40% Efficiency - 40% Efficiency - 40% Efficiency - 40% Efficiency - 50% Efficiency - 50% Efficiency - 50% Efficiency - 50% Efficiency - 50% Efficiency - 50% Efficiency - 50% Efficiency - 50% Efficiency - 50% Efficiency - 50% Efficiency - 50% Efficiency - 50% Efficiency - 50% Efficiency - 50% Efficiency - 50% Efficiency - 60% Efficiency - 60% Efficiency - 60% Efficiency - 60% Efficiency - 60% Efficiency - 60% Efficiency - 60% Efficiency - 60% Efficiency - 60% Efficiency - 60% Efficiency - 60% Efficiency - 60% Efficiency - 60% Efficiency - 60% Efficiency - 60%
Total Efficiency Tax Credit Units:

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 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 405.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

-

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

332 -

Total Monthly Eff. Tax Credit Rent:

Efficiency - Market Efficiency - Market Efficiency - Market Efficiency - Market Efficiency - Market Efficiency - Market Efficiency - Market Efficiency - Market Efficiency - Market Efficiency - Market Efficiency - Market Efficiency - Market Efficiency - Market Efficiency - Market Efficiency - Market
Total Efficiency Market Units:

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $

-

Total Monthly Eff. Market Rent:
Total Eff. Rent

$ $

332

Total Eff. Units:

1

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

v12.31.09

Page 15

1 BR - 40% 1 BR - 40% 1 BR - 40% 1 BR - 40% 1 BR - 40% 1 BR - 40% 1 BR - 40% 1 BR - 40% 1 BR - 40% 1 BR - 40% 1 BR - 40% 1 BR - 40% 1 BR - 40% 1 BR - 40% 1 BR - 40% 1 BR - 50% 1 BR - 50% 1 BR - 50% 1 BR - 50% 1 BR - 50% 1 BR - 50% 1 BR - 50% 1 BR - 50% 1 BR - 50% 1 BR - 50% 1 BR - 50% 1 BR - 50% 1 BR - 50% 1 BR - 50% 1 BR - 50% 1 BR - 60% 1 BR - 60% 1 BR - 60% 1 BR - 60% 1 BR - 60% 1 BR - 60% 1 BR - 60% 1 BR - 60% 1 BR - 60% 1 BR - 60% 1 BR - 60% 1 BR - 60% 1 BR - 60% 1 BR - 60% 1 BR - 60%
Total 1-BR Tax Credit Units:

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 0 0 0 0 0 0 0 0 0 0 0

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

-

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

-

Total Monthly 1-BR Tax Credit Rent:

1 BR - Market 1 BR - Market 1 BR - Market 1 BR - Market 1 BR - Market 1 BR - Market 1 BR - Market 1 BR - Market 1 BR - Market 1 BR - Market 1 BR - Market 1 BR - Market 1 BR - Market 1 BR - Market 1 BR - Market
Total 1-BR Market Units:

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $

-

Total Monthly 1-BR Market Rent: $ -

v12.31.09

Page 15

Total 1-BR Units:

0

Total 1-BR Rent

$

-

2-Bedroom Units Net Rentable Rent Targeting 2 BR - 40% 2 BR - 40% 2 BR - 40% 2 BR - 40% 2 BR - 40% 2 BR - 40% 2 BR - 40% 2 BR - 40% 2 BR - 40% 2 BR - 40% 2 BR - 40% 2 BR - 40% 2 BR - 40% 2 BR - 40% 2 BR - 40% 2 BR - 50% 2 BR - 50% 2 BR - 50% 2 BR - 50% 2 BR - 50% 2 BR - 50% 2 BR - 50% 2 BR - 50% 2 BR - 50% 2 BR - 50% 2 BR - 50% 2 BR - 50% 2 BR - 50% 2 BR - 50% 2 BR - 50% 2 BR - 60% 2 BR - 60% 2 BR - 60% 2 BR - 60% 2 BR - 60% 2 BR - 60% 2 BR - 60% 2 BR - 60% 2 BR - 60% 2 BR - 60% 2 BR - 60% 2 BR - 60% 2 BR - 60% 2 BR - 60% 2 BR - 60%
Total 2-BR Tax Credit Units:

Monthly Rent Per Unit $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 415 415 550 550 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

Total Monthly Rent 3,735 1,245 30,800 33,000 68,780 -

Number Units 9 3 0 0 0 0 0 0 0 0 0 0 0 0 0 56 60 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 0 128 0 0 0 0 0 0 0 0 0 0

Square Feet 665.00 675.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 675.00 669.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 85,950.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Total Monthly 2-BR Tax Credit Rent:

2 BR - Market 2 BR - Market 2 BR - Market 2 BR - Market 2 BR - Market 2 BR - Market 2 BR - Market 2 BR - Market 2 BR - Market 2 BR - Market

$ $ $ $ $ $ $ $ $ $

-

v12.31.09

Page 15

2 BR - Market 2 BR - Market 2 BR - Market 2 BR - Market 2 BR - Market
Total 2-BR Market Units:

0 0 0 0 0 0

0.00 0.00 0.00 0.00 0.00 0.00

$ $ $ $ $

Total Monthly

$ $ $ $ $

-

2-BR Market Rent:

$ $

68,780

Total 2-BR Units:

128

Total 2-BR Rent

3-Bedroom Units Net Rentable Rent Targeting 3 BR - 40% 3 BR - 40% 3 BR - 40% 3 BR - 40% 3 BR - 40% 3 BR - 40% 3 BR - 40% 3 BR - 40% 3 BR - 40% 3 BR - 40% 3 BR - 40% 3 BR - 40% 3 BR - 40% 3 BR - 40% 3 BR - 40% 3 BR - 50% 3 BR - 50% 3 BR - 50% 3 BR - 50% 3 BR - 50% 3 BR - 50% 3 BR - 50% 3 BR - 50% 3 BR - 50% 3 BR - 50% 3 BR - 50% 3 BR - 50% 3 BR - 50% 3 BR - 50% 3 BR - 50% 3 BR - 60% 3 BR - 60% 3 BR - 60% 3 BR - 60% 3 BR - 60% 3 BR - 60% 3 BR - 60% 3 BR - 60% 3 BR - 60% 3 BR - 60% 3 BR - 60% 3 BR - 60% 3 BR - 60% 3 BR - 60% 3 BR - 60%
Total 3-BR Tax Credit Units:

Monthly Rent Per Unit $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

Total Monthly Rent -

Number Units 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

Square Feet 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Total Monthly 3-BR Tax Credit Rent:

v12.31.09

Page 15

3 BR - Market 3 BR - Market 3 BR - Market 3 BR - Market 3 BR - Market 3 BR - Market 3 BR - Market 3 BR - Market 3 BR - Market 3 BR - Market 3 BR - Market 3 BR - Market 3 BR - Market 3 BR - Market 3 BR - Market
Total 3-BR Market Units:

0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $

Total Monthly

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $

-

3-BR Market Rent:

$ $

-

Total 3-BR Units:

0

Total 3-BR Rent

4-Bedroom Units Net Rentable Rent Targeting 4 BR - 40% 4 BR - 40% 4 BR - 40% 4 BR - 40% 4 BR - 40% 4 BR - 40% 4 BR - 40% 4 BR - 40% 4 BR - 40% 4 BR - 40% 4 BR - 40% 4 BR - 40% 4 BR - 40% 4 BR - 40% 4 BR - 40% 4 BR - 50% 4 BR - 50% 4 BR - 50% 4 BR - 50% 4 BR - 50% 4 BR - 50% 4 BR - 50% 4 BR - 50% 4 BR - 50% 4 BR - 50% 4 BR - 50% 4 BR - 50% 4 BR - 50% 4 BR - 50% 4 BR - 50% 4 BR - 60% 4 BR - 60% 4 BR - 60% 4 BR - 60% 4 BR - 60% 4 BR - 60% 4 BR - 60% 4 BR - 60% 4 BR - 60% 4 BR - 60% Number Units 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 Square Feet 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ Monthly Rent Per Unit $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ Total Monthly Rent -

v12.31.09

Page 15

4 BR - 60% 4 BR - 60% 4 BR - 60% 4 BR - 60% 4 BR - 60%
Total 4-BR Tax Credit Units:

0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

$ $ $ $ $

-

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

-

Total Monthly 4-BR Tax Credit Rent:

4 BR - Market 4 BR - Market 4 BR - Market 4 BR - Market 4 BR - Market 4 BR - Market 4 BR - Market 4 BR - Market 4 BR - Market 4 BR - Market 4 BR - Market 4 BR - Market 4 BR - Market 4 BR - Market 4 BR - Market
Total 4-BR Market Units:

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $

Total Monthly

4-BR Market Rent: Total 4-BR Units: Total Units

$ $ 86,355.00 0.00 86,355.00

-

0 129
Net Rentable SF:

Total 4-BR Rent TC Units MKT Units Total NR SF:

Floor Space Fraction

100.0000%

v12.31.09

Page 15

L ow-I ncome Housing Tax Cr edit Application For Reser vation D. Oper ating Expenses
Administr ative: 1. Advertising/Marketing 2. Office Salaries 3. Office Supplies 4. Office/Model Apartment (type______) 5. Management Fee 4.76% of EGI 286.8217054 6. 7. 8. 9. 10. 11. 12. 13. Manager Salaries Staff Unit (s) (type______) Legal Auditing Bookkeeping/Accounting Fees Telephone & Answering Service Tax Credit Monitoring Fee Miscellaneous Administrative Total Administr ative $10,000 $0 $8,000 $7,500 $37,000 Per Unit $70,000 $0 $1,500 $8,000 $600 $8,000 $3,870 $3,000 $157,470 $0 $12,000 $22,000 $3,100 $32,000 $69,100 $0 $0 $8,000 $5,000 $16,000 $17,000 $0 $0 $16,000 $60,000 $30,000 $2,000 $0 $2,000 $3,000 $0 $0 $0 $5,000 $164,000 $35,000 $2,500 $0 $30,000 $0 $0 $50,000 $0 $117,500 6544 Total Oper ating Expense D1. Total Oper. Ex. Per Unit $3,939 D2. Total Oper. Ex. As % EGI (from E3) 65.40% $508,070

Utilities 14. Fuel Oil 15. Electricity 16. Water 17. Gas 18. Sewer Total Utility Oper ating: 19. Janitor/Cleaning Payroll 20. Janitor/Cleaning Supplies 21. Janitor/Cleaning Contract 22. Exterminating 23. Trash Removal 24. Security Payroll/Contract 25. Grounds Payroll 26. Grounds Supplies 27. Grounds Contract 28. Maintenance/Repairs Payroll 29. Repairs/Material 30. Repairs Contract 31. Elevator Maintenance/Contract 32. Heating/Cooling Repairs & Maintenance 33. Pool Maintenance/Contract/Staff 34. Snow Removal 35. Decorating/Payroll/Contract 36. Decorating Supplies 37. Miscellaneous Oper ating & M aintenance Totals Taxes & I nsur ance 38. Real Estate Taxes 39. Payroll Taxes 40. Miscellaneous Taxes/Licenses/Permits 41. Property & Liability Insurance 42. Fidelity Bond 43. Workman's Compensation 44. Health Insurance & Employee Benefits 45. Other Insurance Total Taxes & I nsur ance

Replacement Reser ves (Total # Units X $300 or $250 New Const. Elderly Minimum) Total Expenses

$38,700 $546,770

v12.31.09

Page 16

L ow-I ncome Housing Tax Cr edit Application For Reser vation E. Cash Flow (Fir st Year ) 1. Annual EGI Low-Income Units from (C1) 2. Annual EGI Market Units (from C2) 3. Total Effective Gross Income 4. Total Expenses (from D) 5. Net Operating Income 6. Total Annual Debt Service (from Page 21 B2) 7. Cash Flow Available for Distribution

$776,870

+ = = =

$0 $776,870 $546,770 $230,100 $175,046 $55,054

F. Pr oj ections for Financial Feasibility - 15 Year Pr oj ections of Cash Flow Stabilized Year 1 Eff. Gr oss I ncome L ess Oper . Expenses Net I ncome L ess Debt Ser vice Cash Flow Debt Cover age Ratio 776,870 546,770 230,100 175,046 55,054 1.31 Year 6 Eff. Gr oss I ncome L ess Oper . Expenses Net I ncome L ess Debt Ser vice Cash Flow Debt Cover age Ratio 857,727 633,856 223,871 175,046 48,825 1.28 Year 11

Year 2 792,407 563,173 229,234 175,046 54,189 1.31 Year 7 874,882 652,872 222,010 175,046 46,964 1.27 Year 12

Year 3 808,255 580,068 228,187 175,046 53,142 1.30 Year 8 892,379 672,458 219,921 175,046 44,876 1.26 Year 13

Year 4 824,421 597,470 226,950 175,046 51,905 1.30 Year 9 910,227 692,632 217,595 175,046 42,549 1.24 Year 14

Year 5 840,909 615,394 225,515 175,046 50,469 1.29 Year 10 928,431 713,411 215,021 175,046 39,975 1.23 Year 15

Eff. Gr oss I ncome 947,000 965,940 L ess Oper . Expenses 734,813 756,858 Net I ncome 212,187 209,083 L ess Debt Ser vice 175,046 175,046 Cash Flow 37,141 34,037 Debt Cover age Ratio 1.21 1.19 Estimated Annual Percentage Increase in Revenue Estimated Annual Percentage Increase in Expenses
v12.31.09

985,259 1,004,964 1,025,063 779,563 802,950 827,039 205,696 202,014 198,025 175,046 175,046 175,046 30,650 26,968 22,979 1.18 1.15 1.13 2.00% (Must be < 2%) 3.00% (Must be > 3%) Page 17

L ow-I ncome Housing Tax Cr edit Application For Reser vation VI I I .
A.

PROJECT BUDGET
Cost/Basis/M aximum Allowable Cr edit

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) (B) Acquisition (C) Rehab/ "70 % Present Value Credit" New Construction

Item 1. Contr actor Cost A. B. C. D. E. F. G. H. I. J. K. L. M. Off-Site Improvements Site Work Geothermal System Unit Structures (New) Unit Structures (Rehab) Solar Electric System Asbestos Removal Demolition Commercial Space Costs Structured Parking Garage Subtotal A: (Sum 1A..1J) General Requirements Builder's Overhead ( 5.2% Contract) N. Builder's Profit ( 4.2% Contract) O. Bonding Fee P. Other Q. Contractor Cost Subtotal (Sum 1K..1P) Owner Costs Building Permit Arch./Engin. Design Fee ( 1,163 /Unit) C. Arch. Supervision Fee ( 233 /Unit) D. Tap Fees E. Soil Borings

(A) Cost

0 406,070 0 0 3,325,918 0 0 124,192 0 0 3,856,180 0 200,000 160,240 32,200 0 $4,248,620

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

0 300,000 0 0 3,325,918 0 0 124,192 0 0 3,750,110 0 200,000 160,240 32,200 0 $4,142,550

2.

A. B.

6,050 150,000 30,000 0 0

0 0 0 0 0

0 0 0 0 0

6,050 150,000 30,000 0 0

v12.31.09

Page 18

L ow-I ncome Housing Tax Cr edit Application For Reser vation

Item 2. Owner Costs Continued F. Construction Loan Origination Fee G. Construction Interest ( 0.0% for 0 months) H. Taxes During Construction I. Insurance During Construction J. Cost Certification Fee K. Title and Recording L. Legal Fees for Closing M. Permanent Loan Fee ( 0.0% ) N. Other Permanent Loan Fees O. Credit Enhancement P. Mortgage Banker Q. Environmental Study R. Structural/Mechanical Study S. Appraisal Fee T. Market Study U. Operating Reserve V. Tax Credit Fee W. OTHER (SEE PAGE 19A) X. Owner Cost Subtotal (Sum 2A..2W) Subtotal 1 + 2 (Owner + Contractor Costs) 3. Developer 's Fees 4. Owner 's Acquisition Costs Land Existing Improvements Subtotal 4: 5. Total Development Costs Subtotal 1+2+3+4:

(A) Cost

Amount of Cost up to 100% Includable in Eligible Basis--Use Applicable Column(s): "30% Present Value Credit" (D) (B) Acquisition (C) Rehab/ "70 % Present Value Credit" New Construction

40,000 200,000 30,000 45,000 7,500 65,000 47,250 45,000 0 0 20,000 5,000 0 3,000 3,000 350,000 46,600 $477,750

20,000 50,000 0 0 0 30,000 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

20,000 150,000 30,000 45,000 0 35,000 20,000 0 0 0 0 5,000 0 3,000 3,000 0 0 $445,000

$1,571,150 $5,819,770

$100,000 $100,000

$0 $0

$942,050 $5,084,600

1,000,000

0

0

1,000,000

616,096 3,129,603 $3,745,699

3,129,603 $3,129,603

$10,565,469

$3,229,603

$0

$6,084,600

I f this application seeks r ehab cr edits only, in which ther e is no acquisition and no change in owner ship, enter the gr eater of appr aised value or tax assessment value her e: L and $0 (Attach documentation at Tab K ) Building $0

12.31.09

Page 19

L ow-I ncome Housing Tax Cr edit Application For Reser vation

Item W. OTHER OWNER COSTS Contingency Reserve (Rehab or Adaptive Reuse only) L I ST ADDI TI ONAL I TEM S earthcraft fees VHDA Allocation Fee

(A) Cost

Amount of Cost up to 100% Includable in Eligible Basis--Use Applicable Column(s): "30% Present Value Credit" (D) (B) Acquisition (C) Rehab/ "70 % Present New Construction Value Credit"

400,000

0

0

400,000

45,000 32,750 0 0 0 0 0 0 0 0 0 0 0 0 0 0 $477,750

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

45,000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 $445,000

Subtotal (Other Owner Costs)

v12.31.09

Page 19A

L ow-I ncome Housing Tax Cr edit Application For Reser vation
Amount of Cost up to 100% Includable in Eligible Basis--Use Applicable Column(s): "30 % Present Value Credit" (C) Rehab/ (D) Item Total Development Costs Subtotal 1+2+3+4
(A) Cost (B) Acquisition New Construction "70 % Present Value Credit"

5.

10,565,469

3,229,603

0

6,084,600

6.

Reductions in Eligible Basis Subtract the following: A. Amount of federal grant(s) used to finance qualifying development costs B. Amount of nonqualified, nonrecourse financing C. Costs of nonqualifying units of higher quality (or excess portion thereof) D. Historic Tax Credit (residential portion)

0

0

0

0 0

0 0

0 0

0 3,229,603

0 0

0 6,084,600

7. Total Eligible Basis (5 minus 6 above)

8. Adj ustment(s) to Eligible Basis (For non-acquisition costs in eligible basis) (i) For Earthcraft or LEED Certification AND 60 Bonus Point (ii) For QCT or DDA (Eligible Basis x 30%) Total Adj usted Eligible basis 0 0 0 0 0 6,084,600

9. Applicable Fr action 10. Total Qualified Basis (Same as Par t I X-C) (Eligible Basis x Applicable Fraction) 11. Applicable Per centage
(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)

100.0000% 3,229,603

100.0000% 0

100.0000% 6,084,600

3.35%

0.00%

9.00%

12.

M aximum Allowable Cr edit under I RC §42 (Qualified Basis x Applicable Percentage) (Same as Part IX-C and equal to or more than credit amount requested)

$108,192

$0 $655,806

$547,614

Combined 30% & 70% P. V. Credit

v12.31.09

Page 20

L ow-I ncome Housing Tax Cr edit Application For Reser vation B. Sour ces of Funds

1. Constr uction Financing: List individually the sources of construction financing, including any such
loans financed through grant sources:
Date of Date of Application Commitment Amount of Funds $0 $0 $0

Source of Funds 1. 2. 3.

Name of Contact Person

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

2. Per manent Financing: List individually the sources of all permanent financing in order of lien position:
Interest Rate of Loan 7.70% 5.25% 0.00% 0.00% 0.00% 0.00%
Amor tization Per iod

Source of Funds 1. VHDA Taxable 2. VHDA SPARC 3. SRDC 4. SRDC - AHP 5. 6.

Date of Date of Application Commitment

Amount of Funds $1,400,000 $950,000 $2,189,187 $400,000 $0 $0

Annual Debt Service Cost $115,681 $59,365 $0 $0 $0 $0

Term of I N YEARS Loan (years) 35 35 1000 1000 1000 1000 0 0 0 0 0 0

Totals: Commitments or letter(s) of intent attached (TAB T) 3. Gr ants: List all grants provided for the development:
Date of Source of Funds 1. 2. 3. 4. 5. 6. Date of

$4,939,187

$175,046

Amount of Funds $0 $0 $0 $0 $0 $0 Name of Contact Person

Application Commitment

Total Permanent Grants: Commitments or letter(s) of intent attached (TAB T)

$0

v12.31.09

Page 21

L ow-I ncome Housing Tax Cr edit Application For Reser vation
4. Portion of Syndication Proceeds Attributable to Historic Tax Credit Amount of Federal historic credits $0 x Equity % Amount of Virginia historic credits $0 x Equity %

$0.00 $0.00

$0 $0

6.

Equity that Sponsor will Fund: Cash Investment Contributed Land/Building Deferred Developer Fee Other:

$0 $0 $583,286 $0

Assessment Attached (TAB S)

7.

Equity Total Total of All Sources (B2 + B3 + B4 + B5 + B6) (not including syndication proceeds except for historic tax credits) Total Development Cost (From VIII-A5) Less Total Sources of Funds (From B7 above) Equals equity gap to be funded with low-income tax credit proceeds (must equal IX-D3) Syndication I nfor mation (I f Applicable) Actual or Anticipated Name of Syndicator Contact Person Jeffrey Michael Meyer Street Address 1840 W. Broad Street, Suite 200 City Richmond

$583,286 $5,522,473

8. 9. 10.

$10,565,469 $5,522,473 $5,042,996

C. 1. 2. 3.

Virginia Community Development Corporation Phone 804 343-1200 ext 113 State VA Zip 23220 $5,042,996 $0.77 99.99% $654,935 $0

4. a. Total to be paid by anticipated users of credit (e.g., limited partners) b. Equity Dollars Per Credit (e.g., $0.85 per dollar of credit) c. Percent of ownership entity (e.g., 99% or 99.9%) d. Net credit amount anticipated by user of credits e. Syndication costs not included in VIII-A5 (e.g., advisory fees) 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) Amount of annual credit required for above amounts (same amount as Part IX-D6) Net Equity Factor [C5 / (C6 X 10)] (same amount as Part IX-D4) Must be equal to or greater than 85% Syndication: Investors: Public or Individual or Private Corporate

$5,042,996

6. 7.

$655,000 76.99%

8. 9.

Weighted Aver age Cr edit Pr ice Calculation Exchange Component 40% $0.85 Market Component 60% $0.71 Weighted Average Credit Price:

$0.34 $0.43 $0.77

v12.31.09

Page 22

L ow-I ncome Housing Tax Cr edit Application For Reser vation
D. Recap of Feder al, State, and L ocal Funds/Any Cr edit 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 Tax Exempt Bonds RD 515 Section 221(d)(3) Section 312 Section 236 VHDA SPARC/REACH HOME Funds Other: Other: Grants CDBG UDAG $0 $0 $0 $0 $0 $950,000 $0 $0 $0 Market-Rate Loans Taxable Bonds Section 220 Section 221(d)(3) Section 221(d)(4) Section 236 Section 223(f) Other: $0 $0 $0 $0 $0 $0 $0

$0 $0

Grants State Local Other:

$0 $0 $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.
Source of Funds Sponsor Loans

Documentation Attached (TAB T)
Commitment date Funds $2,189,187 $0 $0 $0 $0

1. 2. 3. 4. 5.

3. Does any of your financing have any credit enhancement? If yes, list which financing and describe the credit enhancement:

Yes

No

4. Other Subsidies Section 8 Rent Supplement or Rental Assistance Payment Tax Abatement Other 5. Is HUD approval for transfer of physical asset required? Yes No

Documentation Attached (TAB Q)

E.

For Tr ansactions Using Tax-Exempt Bonds Seeking 4% Cr edits: 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 N/A tax-exempt funds is: v12.31.09

Page 23

L ow-I ncome Housing Tax Cr edit Application For Reser vation I X. ADDI TI ONAL I NFORM ATI ON A. Extended Use Restr iction 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 15year 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 15year compliance period for a total of 50 years. Do not select if IX.B is checked below. B. Nonpr ofit/L ocal Housing Author ity Pur chase Option/Right of Fir st 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 Fir st Refusal in Recor dable For m Attached (TAB V) Enter name of qualified nonpr ofit South River Development Corporation 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. Homeowner ship Plan Attached (TAB J)

2.

v12.31.09

Page 24

L ow-I ncome Housing Tax Cr edit Application For Reser vation
C. Building-by-Building I nfor mation M ust 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 OF
TAX CREDIT UNITS MARKET RATE UNITS

30% Present Value Credit for Acquisition Actual or Anticipated In-Service Applicable Date Percentage 12/01/11 12/01/11 12/01/11 12/01/11 12/01/11 12/01/11 12/01/11 12/01/11 12/01/11 12/01/11 12/01/11 12/01/11 12/01/11 12/01/11 12/01/11 12/01/11 3.35% 3.35% 3.35% 3.35% 3.35% 3.35% 3.35% 3.35% 3.35% 3.35% 3.35% 3.35% 3.35% 3.35% 3.35% 3.35%

30% Present Value Credit for Construction Actual or Anticipated In-Service Date $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $58,709 $0

70% Present Value Credit Actual or Anticipated In-Service Date 12/01/11 12/01/11 12/01/11 12/01/11 12/01/11 12/01/11 12/01/11 12/01/11 12/01/11 12/01/11 12/01/11 12/01/11 12/01/11 12/01/11 12/01/11 12/01/11

Build ing # 1. 4 2. 4 3. 3 4. 4 5. 4 6. 4 7. 4 8. 4 9. 5 10. 4 11. 6 12. 6 13. 4 14. 6 15. 4 16. 4

Street Address 1625 Wickham Lane - Building A 1625 Wickham Lane - Building B 1625 Wickham Lane - Building C 1630 Wickham Lane - Building A 1630 Wickham Lane - Building B 1630 Wickham Lane - Building C 1635 Wickham Lane - Building A 1635 Wickham Lane - Building B 1641 Wickham Lane - Building A 1641 Wickham Lane - Building B 1648 Wickham Lane - Building A 1648 Wickham Lane - Building B 1648 Wickham Lane - Building C 1649 Wickham Lane - Building A 1649 Wickham Lane - Building B 1649 Wickham Lane - Building C

Estimate Qualified Basis $100,143 $100,143 $75,107 $100,143 $100,143 $100,143 $100,143 $100,143 $125,178 $100,143 $150,214 $150,214 $100,143 $150,214 $100,143 $100,143 $1,752,498

Credit Amount 3,355 3,355 2,516 3,355 3,355 3,355 3,355 3,355 4,193 3,355 5,032 5,032 3,355 5,032 3,355 3,355

Estimate Qualified Basis

Applicable Percentage 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Credit Amount 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Estimate Qualified Basis $188,670 $188,670 $141,502 $188,670 $188,670 $188,670 $188,670 $188,670 $235,837 $188,670 $283,005 $283,005 $188,670 $283,005 $188,670 $188,670 $3,301,721

Applicable Percentage 9.00% 9.00% 9.00% 9.00% 9.00% 9.00% 9.00% 9.00% 9.00% 9.00% 9.00% 9.00% 9.00% 9.00% 9.00% 9.00%

Credit Amount 16,980 16,980 12,735 16,980 16,980 16,980 16,980 16,980 21,225 16,980 25,470 25,470 16,980 25,470 16,980 16,980

$297,155

Qualified Basis Totals (must agree with VIII-A10) Credit Amount Totals (must agree with VIII-A-12)

v12.31.09

Page 25

L ow-I ncome Housing Tax Cr edit Application For Reser vation
C. Building-by-Building I nfor mation M ust 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 OF
TAX CREDIT UNITS MARKET RATE UNITS

30% Present Value Credit for Acquisition Actual or Anticipated In-Service Applicable Date Percentage 12/01/11 12/01/11 12/01/11 12/01/11 12/01/11 12/01/11 12/01/11 12/01/11 12/01/11 12/01/11 12/01/11 12/01/11 12/01/11 12/01/11 3.35% 3.35% 3.35% 3.35% 3.35% 3.35% 3.35% 3.35% 3.35% 3.35% 3.35% 3.35% 3.35% 3.35% 0.00% 0.00%

30% Present Value Credit for Construction Actual or Anticipated In-Service Date $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $49,483 $0

70% Present Value Credit Actual or Anticipated In-Service Date 12/01/11 12/01/11 12/01/11 12/01/11 12/01/11 12/01/11 12/01/11 12/01/11 12/01/11 12/01/11 12/01/11 12/01/11 12/01/11 12/01/11

Build ing # 17. 4 18. 4 19. 7 20. 4 21. 4 22. 4 23. 4 24. 4 25. 4 26. 4 27. 4 28. 4 29. 4 30. 4 31. 32.

Street Address 101 Anthony Circle Building A 101 Anthony Circle Building B 101 Anthony Circle Building C 51 Anthony Circle Building A 51 Anthony Circle Building B 1621 New Hope Road Building A 1621 New Hope Road Building B 1621 New Hope Road Building C 1639 New Hope Road Building A 1639 New Hope Road Building B 1639 New Hope Road Building C 1661 New Hope Road Building A 1661 New Hope Road Building A 1661 New Hope Road Building A

Estimate Qualified Basis $100,143 $100,143 $175,250 $100,143 $100,143 $100,143 $100,143 $100,143 $100,143 $100,143 $100,143 $100,143 $100,143 $100,143 $0 $0 $1,477,105

Credit Amount 3,355 3,355 5,871 3,355 3,355 3,355 3,355 3,355 3,355 3,355 3,355 3,355 3,355 3,355 0 0

Estimate Qualified Basis

Applicable Percentage 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Credit Amount 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Estimate Qualified Basis $188,670 $188,670 $330,172 $188,670 $188,670 $188,670 $188,670 $188,670 $188,670 $188,670 $188,670 $188,670 $188,670 $188,670 $0 $0 $2,782,879

Applicable Percentage 9.00% 9.00% 9.00% 9.00% 9.00% 9.00% 9.00% 9.00% 9.00% 9.00% 9.00% 9.00% 9.00% 9.00% 0.00% 0.00%

Credit Amount 16,980 16,980 29,715 16,980 16,980 16,980 16,980 16,980 16,980 16,980 16,980 16,980 16,980 16,980 0 0

$250,459

Qualified Basis Totals (must agree with VIII-A10) Credit Amount Totals (must agree with VIII-A-12)

v12.31.09

Page 25 (2)

L ow-I ncome Housing Tax Cr edit Application For Reser vation
C. Building-by-Building I nfor mation M ust 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 OF
TAX CREDIT UNITS MARKET RATE UNITS

30% Present Value Credit for Acquisition Actual or Anticipated In-Service Applicable Date Percentage $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Qualified Basis Totals (must agree with VIII-A10) Credit Amount Totals (must agree with VIII-A-12) 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

30% Present Value Credit for Construction Actual or Anticipated In-Service Date $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

70% Present Value Credit Actual or Anticipated In-Service Date $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Build ing # 33. 34. 35. 36. 37. 38. 39. 40. 41. 42. 43. 44. 45. 46. 47. 48.

Street Address 1661 New Hope Road Building C

Estimate Qualified Basis

Credit Amount 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Estimate Qualified Basis

Applicable Percentage 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Credit Amount 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Estimate Qualified Basis

Applicable Percentage 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Credit Amount 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

v12.31.09

Page 25 (3)

L ow-I ncome Housing Tax Cr edit Application For Reser vation
C. Building-by-Building I nfor mation M ust 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 OF
TAX CREDIT UNITS MARKET RATE UNITS

30% Present Value Credit for Acquisition Actual or Anticipated In-Service Applicable Date Percentage $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Qualified Basis Totals (must agree with VIII-A10) Credit Amount Totals (must agree with VIII-A-12) 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

30% Present Value Credit for Construction Actual or Anticipated In-Service Date $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

70% Present Value Credit Actual or Anticipated In-Service Date $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Build ing # 49. 50. 51. 52. 53. 54. 55. 56. 57. 58. 59. 60. 61. 62. 63. 64.

Street Address

Estimate Qualified Basis

Credit Amount 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Estimate Qualified Basis

Applicable Percentage 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Credit Amount 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Estimate Qualified Basis

Applicable Percentage 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Credit Amount 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

v12.31.09

Page 25 (3)

L ow-I ncome Housing Tax Cr edit Application For Reser vation
C. Building-by-Building I nfor mation M ust 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 OF
TAX CREDIT UNITS MARKET RATE UNITS

30% Present Value Credit for Acquisition Actual or Anticipated In-Service Applicable Date Percentage $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Qualified Basis Totals (must agree with VIII-A10) Credit Amount Totals (must agree with VIII-A-12) 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

30% Present Value Credit for Construction Actual or Anticipated In-Service Date $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

70% Present Value Credit Actual or Anticipated In-Service Date $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Build ing # 65. 66. 67. 68. 69. 70. 71. 72. 73. 74. 75. 76. 77. 78. 79. 80.

Street Address

Estimate Qualified Basis

Credit Amount 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Estimate Qualified Basis

Applicable Percentage 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Credit Amount 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Estimate Qualified Basis

Applicable Percentage 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Credit Amount 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

v12.31.09

Page 25 (3)

L ow-I ncome Housing Tax Cr edit Application For Reser vation
C. Building-by-Building I nfor mation M ust 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 OF
TAX CREDIT UNITS MARKET RATE UNITS

30% Present Value Credit for Acquisition Actual or Anticipated In-Service Applicable Date Percentage $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Qualified Basis Totals (must agree with VIII-A10) Credit Amount Totals (must agree with VIII-A-12) 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

30% Present Value Credit for Construction Actual or Anticipated In-Service Date $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

70% Present Value Credit Actual or Anticipated In-Service Date $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Build ing # 81. 82. 83. 84. 85. 86. 87. 88. 89. 90. 91. 92. 93. 94. 95. 96.

Street Address

Estimate Qualified Basis

Credit Amount 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Estimate Qualified Basis

Applicable Percentage 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Credit Amount 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Estimate Qualified Basis

Applicable Percentage 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Credit Amount 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

v12.31.09

Page 25 (3)

L ow-I ncome Housing Tax Cr edit Application For Reser vation

D. Deter mination of Reser vation 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) 2. Less Total Sources of Funds (from VIII-B7 page 22) 3. Equals Equity Gap 4. Divided by Net Equity Factor (VIII-C7 page 22)
(Percent of 10-year credit expected to be raised as equity investment)

$10,565,469 $5,522,473 $5,042,996 76.99%

5. Equals Ten-Year Credit Amount Needed to Fund Gap Divided by ten years 6. Equals Annual Tax Credit Required to Fund the Equity Gap

$6,550,000 10 $655,000

7. The Maximum Allowable Credit Amount (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 Credit per Bedroom 5,078 2,539 $108,000
30% PV Credit

$655,806

Combined 30% & 70% PV Credit

$655,000
Comprised of and

$547,000
70% PV Credit

(Based on same relative percentages as VIII-A12)

E. Attor ney’ s Opinion Attached in M andator y TAB W )

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.

v12.31.09

Page 26

L ow-I ncome Housing Tax Cr edit Application For Reser vation 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. 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. 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. 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. 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. 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. 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. that reservations of credits are not transferable without prior written approval by VHDA at its sole discretion.

2.

3.

4.

5.

6.

7.

8.

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 m! 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 Govemment 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

1Ottxlay of

March

,2010.

LLC


I
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: a. Signed, completed application b. Duplicate copy of application c. Partnership agreement d. SCC Certification e. Previous participation form f. Site control document g. Architect's Certification h. Attorney's opinion i. Nonprofit questionnaire (if NP) 1. READINESS: a. Plan of development b. Zoning approval Total: 2. HOUSING NEEDS CHARACTERISTICS: a. VHDA notification letter to CEO b. Local CEO letter (Y,NC,N) c. Location in a revitalization area d. Location in a Qualified Census Tract e. Sec 8 or PHA waiting list preference f. Subsidized funding commitments g. Existing RD, HUD Section 8 or 236 program h. Tax abatement or new project based rental subsidy (HUD or RD) i. Census tract with <10% poverty rate, no tax credit units j. Development listed on the Rural Development Rehab Priority List k. Dev. located in area with little or no increase in rent burdened population l. Dev. located in area with increasing rent burdened population Total 3. DEVELOPMENT CHARACTERISTICS: (See calculations below) a. Unit size (See calculations below) b. Amenities c. Project subsidies/HUD 504 accessibility for 5 or 10% of units or d. HCV payment standard/HUD 504 accessibility for 5 or 10% of units or e. HUD 504 accessibility for 4% of units f. Proximity to public transportation g. Development will be Earthcraft or LEED certified h. VHDA Certified Property Management Agent i. Units constructed to meet VHDA's Universal Design standards j. Developments with less than 100 units Total 4. TENANT POPULATION CHARACTERISTICS: a. <= 20% of units having 1 or less bedrooms b. Percent of units with 3 or more bedrooms Total 5. SPONSOR CHARACTERISTICS: a. Developer experience - 3 developments with 3 x units or 6 developments with 1 x units or b. Developer experience - 1 development with 1 x units c. Developer experience - uncorrected major violation v12.31.09

Y Y Y Y Y Y Y Y Y

Y or N Y or N Y or N Y or N Y or N Y or N Y or N Y or N Y, N, N/A

Score 0 0 0 0 0 0 0 0 0 0.00 40.00 40.00 80.00

Y Y

0 or 40 0 or 40

Y Y Y N Y 20.72% N N N N

0 or -50 0 or 25 or 50 0 or 30 0 or 5 0 or 10 Up to 40 0 or 20 0 or 10 0 or 25 0 or 15 Up to -20 Up to 20

0.00 50.00 30.00 0.00 10.00 40.00 0.00 0.00 0.00 0.00 0.00 0.00 130.00

N Y N Y10 Y Y 10%

Up to 100 Up to 70 0 or 50 0 or 30 0 or 15 0, 10 or 20 0 or 30 0 or 25 Up to 15 Up to 20

43.69 49.00 0.00 30.00 0.00 10.00 30.00 25.00 1.51 0.00 189.20

Y 0.00%

0 or 15 Up to 15

15.00 0.00 15.00

N Y N

0 or 50 0 or 10 0 or -50

0.00 10.00 0.00

d. Developer experience - noncompliance e1. Developer experience - did not build as represented e2. Developer experience - termination of credits by VHDA f. Management company rated unsatisfactory Total 6. EFFICIENT USE OF RESOURCES: a. Credit per unit b. Cost per unit Total

Enter Total Negative Points Here:

N 0 N N

0 or -15 0 or -x 0 or -10 0 or -25

0.00 0.00 0.00 0.00 10.00

If #N/A or #REF! appears in the score column of these point categories check spelling of Clerk's Office on pg 1. It must match exactly with the Jurisdiction names listed in the Application Manual.

Up to 180 Up to 75

100.86 40.33 141.19

7. BONUS POINTS: Locality AMI State AMI a. Units with rents at or below 40% of AMI $60,000 $53,100 10% b. Units with rent and income at or below 50% of AMI 0% or c. Units with rents at or below 50% rented to tenants at or below 60% of AMI 100% or d. Units in Low Income Jurisdictions with rents <= 50% rented to tenants with <= 60% of A 100% e. Extended compliance 0 Years or f. Nonprofit or LHA purchase option Y or g. Nonprofit or LHA Home Ownership option N Total 500 Point Threshold - 9% Credits 475 Point Threshold - Tax Exempt Bond Credits Unit Size Calculations:
E-AS LVG High Sq.Ft. / BDRM Low Sq.Ft. / BDRM Project Sq.Ft. / BDRM Percentage of Units Points per Bedroom F-EFF-G High Sq.Ft. / BDRM Low Sq.Ft. / BDRM Project Sq.Ft. / BDRM Percentage of Units Points per Bedroom 525 400 450 0.78% 0.31 F-4 BDRM-G High Sq.Ft. / BDRM Low Sq.Ft. / BDRM Project Sq.Ft. / BDRM Percentage of Units Points per Bedroom 0 0 0 0.00% 0.00 1 ST ELD-EFF High Sq.Ft. / BDRM Low Sq.Ft. / BDRM Project Sq.Ft. / BDRM Percentage of Units Points per Bedroom 0 0 0 0.00% 0.00 0 0 0 0.00% 0.00 E-EFF 0 0 0 0.00% 0.00 F-1 BDRM-G 0 0 0 0.00% 0.00 F-2 BDRM-TH 0 0 0 0.00% 0.00 E-1 BDRM 0 0 0 0.00% 0.00 F-2 BDRM-G 900 675 773 99.22% 43.38 F-3 BDRM-TH 0 0 0 0.00% 0.00 E-2 BDRM 0 0 0 0.00% 0.00 F-3 BDRM-G 0 0 0 0.00% 0.00 F-4 BDRM-TH 0 0 0 0.00% 0.00

Up to 10 Up to 50 Up to 25 Up to 50 40 or 50 0 or 60 0 or 5

10.00 0.00 25.00 0.00 0.00 60.00 0.00 95.00 660.39

TOTAL SCORE:

1 ST ELD-1 BDRM 1 ST ELD-2 BDRM 0 0 0 0.00% 0.00 0 0 0 0.00% 0.00

If you do not receive a numeric point value in the unit size calculations, please check the values entered on page 8, C1. These must be whole number numeric values only. Also check page 7, item 3, the number of units must be either new, adapt or rehab only. Combinations do not calculate correctly.

Total Unit Size Points:
Amenities: All units have: a. 1.5 or 2 Bathrooms b. Community Room c. Brick Walls d. Kitchen/Laundry Appl-Energy Star e. Windows-Energy Star f. Heat/AC-SEER-AFUE g. Sub-metered water expense h. Low flow faucets & showerheads i. High speed cable, DSL, wireless internet j. Water heaters meet EPA Energy Star requirements k. Geothermal Heat Pump - EPA Energy Star requirements l. Solar Electric System - EPA Energy Star requirements All elderly units have: 0.00% 100.00%

43.69

Total

0.00 0.00 20.00 5.00 5.00 10.00 0.00 3.00 1.00 5.00 0.00 0.00 49.00 0.00

0.00%

v12.31.09

a. Front-control ranges

b. Emergency call system c. Independent/suppl. heat source d. Two eye viewers Total All rehab or adaptive reuse units: b. Historic structure

0.00 0.00 0.00 0.00

0.00

Total amenities:

49.00

v12.31.09

$/SF = TYPE OF PROJECT LOCATION TYPE OF CONSTRUCTION

$96.53

Credits/SF =

$6.59

Const $/unit =

$32,935

AVG UNIT SIZE NUMBER OF UNITS PARAMETER-(COSTS=>35,000) PARAMETER-(COSTS<35,000) COST PARAMETER PROJECT COST PER UNIT

FAMILY = 11000; ELDERLY = 12000 11000 If an ERROR message appears here check BELT=100; NVM=110; NVNM=200; RIC=300; TID=400; SMA=500; SMA-C=510; RUR= 500 spelling of Clerk's Office on pg 1. It must N C=1; ADPT=2;REHAB(35,000+)=3; REHAB(15,000-35,000)=4 4 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 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 0.00 0 0 0 0 0 0 0 0 0.00 0.00 0 0 0 0 0 0 0 0 0.00 0.00 0 0 0 0 0 0 0 0 0.00 0.00 FAMILY 3 BR-G 0 0 0 0 0 0 0 0 0 0 0.00 0.00 0 0 0 0 0 0 0 0 0.00 0.00 0 0 0 0 0 0 0 0 0.00 0.00 0 0 0 0 0 0 0 0 0.00 0.00

PARAMETER-(CREDITS=>35,000 PARAMETER-(CREDITS<35,000) CREDIT PARAMETER PROJECT CREDIT PER UNIT COST PER UNIT POINTS CREDIT PER UNIT POINTS

AVG UNIT SIZE NUMBER OF UNITS PARAMETER-(COSTS=>35,000) PARAMETER-(COSTS<35,000) COST PARAMETER PROJECT COST PER UNIT PARAMETER-(CREDITS=>35,000 PARAMETER-(CREDITS<35,000) CREDIT PARAMETER PROJECT CREDIT PER UNIT COST PER UNIT POINTS CREDIT PER UNIT POINTS

EFF-G 450 1 102,211 43,805 96,181 43,433 7,333 3,143 6,900 2,964 0.32 0.80

1 BR-G 0 0 0 0 0 0 0 0 0 0 0.00 0.00

2 BR-G 773 128 171,588 73,538 161,465 74,656 12,311 5,276 11,585 5,094 40.01 100.07

4 BR-G 0 0 0 0 0 0 0 0 0 0 0.00 0.00

2 BR-TH 0 0 0 0 0 0 0 0 0 0 0.00 0.00

3 BR-TH 0 0 0 0 0 0 0 0 0 0 0.00 0.00

4 BR-TH 0 0 0 0 0 0 0 0 0 0 0.00 0.00

TOTAL COST PER UNIT POINTS TOTAL CREDIT PER UNIT POINTS

40.33 100.86

Standard Cost Parameter - low rise Parameter Adjustment - mid rise Parameter Adjustment - high rise Adjusted Cost Parameter

AS LVG 0 0 0 0

Cost Parameters - Elderly EFF-E 1 BR-E 0 0 0 0 0 0 0 0

2 BR-E 0 0 0 0

EFF-E-1 ST 0 0 0 0

1 BR-E-1 ST 0 0 0 0

2 BR-E-1 ST 0 0 0 0

Standard Credit Parameter - low rise Parameter Adjustment - mid rise Parameter Adjustment - high rise Adjusted Credit Parameter

AS LVG 0 0 0 0

Credit Parameters - Elderly EFF-E 1 BR-E 0 0 0 0 0 0 0 0

2 BR-E 0 0 0 0

EFF-E-1 ST 0 0 0 0

1 BR-E-1 ST 0 0 0 0

2 BR-E-1 ST 0 0 0 0

Standard Parameter - low rise Parameter Adjustment - mid rise Parameter Adjustment - high rise
Adjusted Cost Parameter

EFF-G 96,181 0 0 96,181

Cost Parameters - Family 1 BR-G 2 BR-G 0 161,465 0 0 0 0 0 161,465

3 BR-G 0 0 0 0

4 BR-G 0 0 0 0

2 BR-TH 0 0 0 0

3 BR-TH 0 0 0 0

4 BR-TH 0 0 0 0

Standard Credit Parameter - low rise Parameter Adjustment - mid rise Parameter Adjustment - high rise Adjusted Credit Parameter

EFF-G 6,900 0 0 6,900

Credit Parameters - Family 1 BR-G 2 BR-G 0 11,585 0 0 0 0 0 11,585

3 BR-G 0 0 0 0

4 BR-G 0 0 0 0

2 BR-TH 0 0 0 0

3 BR-TH 0 0 0 0

4 BR-TH 0 0 0 0

v12.31.09

$/SF = TYPE OF PROJECT LOCATION TYPE OF CONSTRUCTION

$96.53

Credits/SF =

$6.59

Const $/unit =

$32,935

AVG UNIT SIZE NUMBER OF UNITS PARAMETER-(COSTS=>35,000) PARAMETER-(COSTS<35,000) COST PARAMETER PROJECT COST PER UNIT

FAMILY = 11000; ELDERLY = 12000 11000 If an ERROR message appears here check BELT=100; NVM=110; NVNM=200; RIC=300; TID=400; SMA=500; SMA-C=510; RUR= 500 spelling of Clerk's Office on pg 1. It must N C=1; ADPT=2;REHAB(35,000+)=3; REHAB(10,000-35,000)=4 4 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 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 0.00 0 0 0 0 0 0 0 0 0.00 0.00 0 0 0 0 0 0 0 0 0.00 0.00 0 0 0 0 0 0 0 0 0.00 0.00 FAMILY 3 BR-G 0 0 0 0 0 0 0 0 0 0 0.00 0.00 0 0 0 0 0 0 0 0 0.00 0.00 0 0 0 0 0 0 0 0 0.00 0.00 0 0 0 0 0 0 0 0 0.00 0.00

PARAMETER-(CREDITS=>35,000 PARAMETER-(CREDITS<35,000) CREDIT PARAMETER PROJECT CREDIT PER UNIT COST PER UNIT POINTS CREDIT PER UNIT POINTS

AVG UNIT SIZE NUMBER OF UNITS PARAMETER-(COSTS=>35,000) PARAMETER-(COSTS<35,000) COST PARAMETER PROJECT COST PER UNIT PARAMETER-(CREDITS=>35,000 PARAMETER-(CREDITS<35,000) CREDIT PARAMETER PROJECT CREDIT PER UNIT COST PER UNIT POINTS CREDIT PER UNIT POINTS

EFF-G 450 1 92,568 47,606 88,854 43,433 7,781 4,002 7,469 2,964 0.30 0.84

1 BR-G 0 0 0 0 0 0 0 0 0 0 0.00 0.00

2 BR-G 773 128 155,400 79,920 149,165 74,656 13,063 6,718 12,539 5,094 37.17 106.05

4 BR-G 0 0 0 0 0 0 0 0 0 0 0.00 0.00

2 BR-TH 0 0 0 0 0 0 0 0 0 0 0.00 0.00

3 BR-TH 0 0 0 0 0 0 0 0 0 0 0.00 0.00

4 BR-TH 0 0 0 0 0 0 0 0 0 0 0.00 0.00

TOTAL COST PER UNIT POINTS TOTAL CREDIT PER UNIT POINTS

37.47 106.89

Standard Cost Parameter - low rise Parameter Adjustment - mid rise Parameter Adjustment - high rise Adjusted Cost Parameter

AS LVG 0 0 0 0

Cost Parameters - Elderly EFF-E 1 BR-E 0 0 0 0 0 0 0 0

2 BR-E 0 0 0 0

EFF-E-1 ST 0 0 0 0

1 BR-E-1 ST 0 0 0 0

2 BR-E-1 ST 0 0 0 0

Standard Credit Parameter - low rise Parameter Adjustment - mid rise Parameter Adjustment - high rise Adjusted Credit Parameter

AS LVG 0 0 0 0

Credit Parameters - Elderly EFF-E 1 BR-E 0 0 0 0 0 0 0 0

2 BR-E 0 0 0 0

EFF-E-1 ST 0 0 0 0

1 BR-E-1 ST 0 0 0 0

2 BR-E-1 ST 0 0 0 0

Standard Parameter - low rise Parameter Adjustment - mid rise Parameter Adjustment - high rise
Adjusted Cost Parameter

EFF-G 88,854 0 0 88,854

Cost Parameters - Family 1 BR-G 2 BR-G 0 149,165 0 0 0 0 0 149,165

3 BR-G 0 0 0 0

4 BR-G 0 0 0 0

2 BR-TH 0 0 0 0

3 BR-TH 0 0 0 0

4 BR-TH 0 0 0 0

Standard Credit Parameter - low rise Parameter Adjustment - mid rise Parameter Adjustment - high rise Adjusted Credit Parameter

EFF-G 7,469 0 0 7,469

Credit Parameters - Family 1 BR-G 2 BR-G 0 12,539 0 0 0 0 0 12,539

3 BR-G 0 0 0 0

4 BR-G 0 0 0 0

2 BR-TH 0 0 0 0

3 BR-TH 0 0 0 0

4 BR-TH 0 0 0 0

v12.31.09

RESUME OF THE SOUTH RIVER DEVELOPMENT CORPORATION 1700 NEW HOPE ROAD P.O. BOX 1138 WAYNESBORO, VIRGINIA 22980 TELEPHONE 540-946-9230 Fax 540-946-9233
The South River Development Corporation, formerly the Waynesboro Housing Corporation, is a not for profit affiliate of the Waynesboro Redevelopment and Housing Authority created on December 4, 1997 and is designated a 501(c)(3) organization by the Internal Revenue Service. The South River Development Corporation is authorized by resolution to acquire, construct, rehabilitate, own, manage, lease and sell multifamily housing projects and to undertake such other projects as may be consistent with its purpose of developing housing for low income individuals and families. A nine (9) member Board of Directors approve policies and determines housing development activities to be undertaken by the South River Development Corporation. Staff of the Waynesboro Redevelopment and Housing Authority also serves as staff of the South River Development Corporation and implement the actions of the Board of Directors. PROPERTY MANAGEMENT Mountain View Apartments A 129 unit Low Income Housing Tax Credit Project which was in danger of becoming a troubled property. The Development Corporation assumed the management of this property on December 1, 1998 and discovered that only 75 units were rented, the development had a reputation as a haven for drug dealers, there were thousands of dollars in unpaid bills and the monthly cash flow was very virtually nonexistent. With a comprehensive plan for improvement and partnerships with local social service agencies, the Corporation was able to return this property to a viable housing option for low income citizens of the community in a two (2) year period. As a result of this effort, the Virginia Community Development Corporation offered the Development Corporation the general partner interest in the development’s ownership entity. Greenstone Residence A U.S. Department of Housing and Urban Development Section 202 Group Home for the mentally challenged. This is a fourteen (14) bed intermediate care facility that had experienced maintenance concerns with the previous property management firm. At the request of the Board of Directors of Greenstone Residence, Incorporated, the Development Corporation assumed the management role for this property on July 1, 1999. The Development Corporation developed and implemented a successful maintenance plan for this property. Dogwood Place A U.S. Department of Housing and Urban Development Section 811 Group Home for the mentally challenged. This property was developed through a partnership of The ARC of

Augusta, the Valley Community Services Board and the Waynesboro Redevelopment and Housing Authority and is a four (4) unit facility. The Development Corporation has acted as property manager for this facility since its opening on July 1, 2001. Harvard Home A U. S. Department of Housing and Urban Development Section 811 Group Home for the mentally challenged. This property was developed by Greenstone Residence, Incorporated and is a five (5) unit facility. DePaul Family Services, Incorporated provides supportive services to the residents and the South River Development Corporation acts as property manager. The facility opened on April 1, 2006. Fairfax Hall Fairfax Hall is a historic hotel in the City of Waynesboro built in 1890. Through the efforts of the Waynesboro Redevelopment and Housing Authority, the South River Development Corporation and the Finch Group of Boston approximately $4 million in Low Income Housing Tax Credits, Federal Historic Tax Credits and Commonwealth of Virginia Historic Tax Credits as well as a grant from the Federal Home Loan Bank was received to rehabilitate this property into fifty-four (54) units for the elderly. The Development Corporation undertook the management role for this property upon its opening on January 1, 2000. Hillside Apartments At the request of the Virginia Community Development Corporation, the South River Development Corporation assumed the role of property manager for this project on November 1, 2004. The project was experiencing low occupancy and the previous management entity lacked private market management skills. Occupancy was round 60%. The staff of the Development Corporation hired a new on site manager, began an intensive marketing program and occupancy is now around 98%. Since the Development Corporation has been successful in turning this property around, the Virginia Community Development Corporation will remove the current General Partner and the South River Development Corporation will be designated such partner in the ownership entity of this project. Such transaction occurred on May 15, 2009. The Alleghany Building Again, at the request of the Virginia Community Development Corporation, the South River Development Corporation began the role of property manager for this project on March 1, 2005. The project was experiencing a cash flow problem, property management difficulties, deferred maintenance and a less than desirable reputation. The South River Development Corporation developed a plan to improve the project. After eight (8) months of managing the property, improvements have been made in all areas. The Virginia Community Development Corporation is again providing the South River Development Corporation an opportunity to become a General Partner in the ownership entity of this project if the Corporation is successful in returning the project to a viable source of housing for the low income citizens of the community.

Mountain Crest Through a partnership with the Bath County Retirement Home Commission and the Virginia Community Development Corporation, the South River Development Corporation developed and constructed a twenty-eight (28) unit property designated for the elderly in Hot Springs, Virginia. Funding for this property included: Low equity provided through the Income Housing Tax Credit Program, a grant from the Appalachian Regional Commission, a grant from the Federal Home Loan Bank of Atlanta, a grant from the Homestead Preserve and a cash donation from the County of Bath. The property opened on April 1, 2007, occupancy is 95% and the South River Development Corporation acts as the property manager. Waynesboro Heritage Museum In response to a community need, the South River Development Corporation purchased the former First National Bank building in downtown Waynesboro. Through innovative financing combining New Markets Tax Credits, Historic Tax Credits and a SPARC Loan from the Virginia Housing Development Authority, the building was rehabilitated at a cost of approximately $2,000,000.00 and now houses the Waynesboro Heritage Museum, six (6) market rate apartments and a small commercial space. The project serves as an anchor to encourage additional revitalization in the downtown area. Canterbury Commons Staunton Canterbury Commons Staunton is a twelve (12) unit property which serves homeless, disabled individuals. The funding to construct this property included: two (2) grants from the U. S. Department of Housing and Urban Development through its Continuum of Care Program, matching grants from the HOME Program and loans through the Virginia Housing Development Authority’s SPARC Program. Occupancy is maintained at 100% and supportive services for residents are provided by contract with the Valley Community Services Board.

R.EDWARD DELAPP
3520 Ridgecroft Drive, Lynchburg, Virginia 24503 804-384-6291

EXPERIENCE
WAYNESBORO REDEVELOPMENT AND HOUSING AUTHORITY Executive Director; December 1, 1991 to present Acts as chief executive officer of the Authority, administering its programs, activities, personnel and finances. Responsible for program development, preparation of grant applications, preparation of annual budget and coordination of services with other public agencies. SOUTH RIVER DEVELOPMENT CORPORATION CEO, September 4, 1997 to present Directs all activities of the Corporation, a nonprofit affiliate of the Waynesboro Redevelopment and Housing Authority, including but not limited to real estate development utilizing such programs as the Low Income Housing Tax Credit Program, New Markets Tax Credit Program, Historic Tax Credit Program, Section 202 and 811 through the U. S. Department of Housing and Urban Development. LYNCHBURG REDEVELOPMENT AND HOUSING AUTHORITY Assistant Director for Housing Operations; August 16, 1976 - November 30, 1991 Performed a variety of duties in administering the Public Housing, Section 8 Existing and Voucher Programs. Responsibilities included: 1. The management of 328 Public Housing Units including all phases from leasing and resident relations to collection of delinquent accounts. 2. Coordination of the Section 8 Existing and Voucher Programs consisting of 475 Existing Section 8 Certificates, 73 Section 8 Rental Vouchers and 104 units of Section 8 Moderate Rehabilitation. This included monitoring certificate voucher use to ensure maximum utilization of resources, relationships with property owners and managers and audit of resident files to ensure compliance with regulations. 3. Acted as liaison to community agencies. 4. Developed departmental policies and procedures. 5. Assisted with budget preparation.

EDUCATION
LYNCHBURG COLLEGE B.A. Degree in Sociology, 1976 Recipient of the Carl A. Storm Award for Outstanding Work in Sociology Dean’s List with a 4.0 average for Junior and Senior Years. NATIONAL ASSOCIATION OF HOUSING AND COMMUNITY DEVELOPMENT OFFICIALS Certified Public Housing Manager October 19, 1984

Certificates of Completion in the Following Areas: Section 8 Housing Quality Standards Comprehensive Housing Counseling Family Self-Sufficiency Training Altavista High School Honor Graduate 1972

ACTIVITIES
• • • • REFERENCES Mr. Daniel Schorsch Former Chairman, Waynesboro Redevelopment and Housing Authority 404 South Wayne Avenue Waynesboro, Virginia 22980 540-943-1118 Mrs. Irma Seiferth Executive Director Lynchburg Covenant Fellowship P. O. Box 6016 Lynchburg, Virginia 24505 804-847-9059 Ms. Patricia W. Anderson, Director Office of Public Housing U. S. Department of Housing and Urban Development Virginia State Office 600 East Broad Street Richmond, Virginia 23219 804-771-2100 Ms. Sandi Scannelli President Education & Training Corporation 103 E. Beverley Street P. O. Box 1388 Staunton, Virginia 24401 540-885-2002 Past Member of Lynchburg Property Managers Association Member of United Way’s Housing Task Force Volunteer for Crisis Line Past Member of Waynesboro Rotary Club

Sponsor Documents

Or use your account on DocShare.tips

Hide

Forgot your password?

Or register your new account on DocShare.tips

Hide

Lost your password? Please enter your email address. You will receive a link to create a new password.

Back to log-in

Close