James Bland I - 2009 VA

2009 Federal Low Income Housing Tax Credit Program

Application For Reservation

Virginia Housing Development Authority601 South Belvidere StreetRichmond, Virginia 23220-6500

Deadline for Submission

9% Competitive CreditsApplications Must Be Received At VHDA No Later Than 5:00

PM Richmond, VA Time On May 15, 2009

Tax Exempt BondsApplications 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)

2009 v1.4.2009

Low Income Housing Tax Credit Application for Reservation

Electronic Copy of the Microsoft Excel Based Application (MANDATORY) Hard Copy of All Application Pages With Signature (MANDATORY)Scanned Copy of the Tax Credit Application with all Attachments (excluding market study and plans & specs) (MANDATORY) $750 Application Fee (MANDATORY)Tab A: Documentation of Development Location: A.1 Qualified Census Tract Certification A.2 Revitalization Area Certification

Location MapSurveyor's Certification of Proximity To Public Transportation

Tab B: Partnership or Operating Agreement, including chart of ownership structure with percentage of interests (MANDATORYTab C: Virginia State Corporation Commission Certification (MANDATORY)Tab D: Principal's Previous Participation Certification and Resumé (MANDATORY)Tab E: Nonprofit Questionnaire (MANDATORY for points or pool)

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

Tab F: Architect's Certification (MANDATORY)Tab H: PHA / Section 8 Notification LetterTab I: Local CEO LetterTab J: Homeownership PlanTab K: Site Control Documentation (MANDATORY)Tab L: Plan of Development Certification LetterTab M: Zoning Certification LetterTab N: Copies of 8609s To Certify Developer ExperienceTab O: (Reserved)Tab P: Plans and Specifications and Work Write-Up (MANDATORY)Tab Q: Documentation of Rental AssistanceTab R: Documentation of Operating BudgetTab S: Documentation of Project BudgetTab T: Documentation of Financing SourcesTab U: (Reserved)Tab V: Nonprofit or LHA Purchase Option or Right of First RefusalTab W: Original Attorney's Opinion (MANDATORY)Tab X: (Reserved)Tab Y: Marketing Plan for units meeting accessibility requirements of HUD section 504Tab Z Market Study (MANDATORY-Application will be disqualified if market study not submitted with the application)

Please indicate if the following items are included with your application by checking the appropriate boxes. Your assistance in organizing the submission in the following order, and actually using tabs to mark them as shown, will facilitate review of your application. Please note that all mandatory items must be included for the application to be processed. The inclusion of other items may increase the number of points for which you are eligible under VHDA's point system of ranking applications, and may assist VHDA in its determination of the appropriate amount of credits that it may reserve for the development. You are therefore encouraged to submit as much requested information as is available, but their inclusion is not mandatory for review of your application.

2009 Submission Checklist

Low-Income Housing Tax Credit Application For Reservation

VHDA TRACKING NUMBER 2009-Z-067I. General Information

All code "Section" references are to, and the term "IRC" shall be deemed to mean, May 14, 2009the Internal Revenue Code of 1986, as amended. (Date of Application)

A. Development Name and Location:1. Name of Development James Bland Apartments I2. Address of Development 808 Madison St.

(Street)Alexandria VA 22314

(City) (State) (Zip Code)

3. If complete address is not available, provide longitude and latitude coordinates (x,y) fromlocation on site your surveyor deems appropriate. N38.81313 / W77.04664

Documentation from surveyor attached (TAB A) (Only necessary if street address or street intersections are not available.(Coordinates should be the same as those listed on pg 13, if applicable)

4. The Circuit Court Clerk's office in which the deed to the property is or will be recorded:City/County of Alexandria City (ie; Richmond City, Chesterfield County; see application manual)

5. Does the site overlap one or more jurisdictional boundaries? Yes NoIf yes, what other City/County is the site located in besides the one mentioned above?

6. Is the development located in a Metropolitan Statistical Area? Yes No7. Census Tract the development is located in: 2018.01

Is this a Qualified Census Tract: Yes No (If yes, attach required form in TAB A) 8. Is the development located in a Difficult Development Area? No9. Is the development located in a revitalization area? Yes No (If yes, attach required form in TAB A)10. Is the development an existing RD or HUD S8/236 development? Yes No (If yes, attach required form in TAB Q)

Note: If there is an identity of interest between the applicant and the seller in this proposal, and the applicant is seeking points inthis category, then the applicant must either waive their rights to the developer's fee or other fees associated with acquisition and/orrehabilitation, or obtain a waiver of this requirement from VHDA prior to application submission to receive these points.

a. Applicant agrees to waive all rights to any developer's fee or other fees associated with acquisition and/or rehab. Yes n/ab. Applicant has obtained a waiver of this requirement from VHDA prior to the application submission deadline. Yes n/a

11. Is the development located in a census tract with a povertyrate <10% with no tax credit units currently present? Yes No

12. Is the development listed on the RD 515 Rehabilitation Priority List? Yes No

13. Congressional District 8 http://dlsgis.state.va.us/congress/2001PDFs/chap7Tab.pdf

Planning District 8 http://www.vapdc.org/aboutpdcs.htm#PDC%20Map

State Senate District 30 http://dlsgis.state.va.us/senate/2001PDFs/Chap2Tab.pdf

State House District 45 http://dlsgis.state.va.us/House/2001HousePDFs/Chap1Tab.pdf

14. Location Map Attached (TAB A)

B. Project Description:In the space provided below, give a brief description of the proposed project.

James Bland Apartments I is the first of a five phase redevelopment of the existing and obsolete housing in the heart of Old Town, Alexandria. The redevelopment of James Bland Apartments I will be a part of a mixed income project incorporating public housing with market rate housing. The unit rent will be subsidized through a HUD ACC contract.

2009 Page 1

Low Income Housing Tax Credit Application For Reservation

C. Reservation Request

1. Total annual credit amount request (Must be the same as Part IX-D8) $402,293

2. Credits requested from:

9% CreditsNonprofit Set-Aside (All nonprofit owned developments which meet testsdescribed in Part II-D hereof may select this)Local Housing Authorities Tidewater MSA PoolNorthern Virginia MSA Pool Small MSA/Micropolitan PoolRichmond MSA Pool Rural Pool

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

Tax Exempt Bonds

new construction, or

rehabilitation, or

acquisition and rehabilitation.

Federal SubsidiesThe development will not receive federal subsidies.

This development will receive federal subsidies for:all buildings or

some buildings.

D. Type(s) of Allocation/Allocation Year

1. Regular Allocation

All of the buildings in the development are expected to be placed in service this year. For those buildings the owner will, this year, request anallocation of 2008 credits for new construction, or

rehabilitation, or

acquisition and rehabilitation.

2. Carryforward Allocation

All of the buildings in the development are expected to be placed in service within two years after the end of this calendar year, 2009, but theowner will have more than 10% basis in the development before the end of sixmonths following allocation of credits. For those buildings, the owner requests a carryforward allocation of 2009 credits pursuant to Section 42(h)(1)(E) for:

new construction, or

rehabilitation, or

acquisition and rehabilitation (even if you acquired a building this year and"placed it in service" for the purpose of the acquisition credit, you cannot receivethe 8609 form for it until the rehab 8609 is issued for that building once the rehabwork is "placed in service" in 2010 or 2011).

3. Federal SubsidiesThe development will not receive federal subsidies.

This development will receive federal subsidies for:all buildings or

some buildings.

2009 Page 2


E. Acquisition Credit Information NOTE: If no credits are being requested for existing buildings being acquired for the development,

so indicate and go on to Part F: No Acquisition

Ten-Year Rule For Acquisition Credits

All buildings satisfy the 10-year look-back rule of IRC Section 42 (d)(2)(B), including the 10% basis/$15,000.00 rehab costs ($10,000 for Tax Exempt Bonds) per unit requirement.

All buildings qualify for an exception to the 10-year rule under IRC Section 42(d)(2)(D)(i),Subsection (I)Subsection (II)Subsection (III)Subsection (IV)Subsection (V)

A waiver of the 10-year rule for all buildings has been or will be requested from the Department of the Treasury pursuant to IRC Section 42(d)(6)(B)

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

F. Rehabilitation Credit Information

NOTE: If no credits are being requested for rehabilitation expenditures, so indicate and go on to Section II. No Rehabilitation

Minimum Expenditure Requirements

All buildings in the development satisfy the rehab costs per unit requirement of IRCSection 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.

2009 Page 3


II. OWNERSHIP INFORMATION

A. Owner Information:Name James Bland Housing I Limitied PartnershipContact Person First: Roy Middle: O. Last: PriestAddress 600 N. Fairfax St.

(Street)Alexandria VA 22314

(City) (State) (Zip Code)

Federal I. D. No. (If not available, obtain prior to Allocation)Phone 703-549-7115 x 218 Fax 703-683-1376 Email address [email protected] of entity: Limited Partnership Other

Individual(s) CorporationOwner's organizational documents (e.g. Partnership agreements) attached (Mandatory TAB B)Certification from Virginia State Corporation Commission attached (Mandatory TAB C)

Principal(s) involved (e.g. general partners, LLC members, controlling shareholders, etc.)Names ** Phone Type Ownership % OwnershipARHA James Bland Housing I GP LLC, its G 703-549-7115 GP 0.01%ARHA, Roy Priest Exec Director, Sole member of GP 0.00%

0.00%0.00%

EYA Development, Inc - Bob Yougentob 301-634-8600 LP 99.99%0.00%0.00%

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

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

Principals' Previous Participation Certification attached (Mandatory TAB D), resumé, & ownership structure chart.

B. Seller Information:Name ARHA Contact Person Roy PriestAddress 600 N. Fairfax St.Alexandria, VA 22314 Phone 703-549-7115 x 218

Is there an identity of interest between the seller and owner/applicant? Yes NoIf yes, complete the following:

Principal(s) involved (e.g. general partners, controlling shareholders, etc.)Names Phone Type Ownership % OwnershipARHA - Roy Priest Executive Dir. 703-549-7115 100.00%

0.00%0.00%0.00%

NOTE: VHDA may allocate credits only to the tax-paying entity which owns the development at the time of the allocation. The term "Owner" herein refers to that entity. Please fill in the legalname 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 oflimited partners) prior to the placed-in-service date of the proposed development shall be prohibited, unless the transfer is consented to by VHDA in its sole discretion. IMPORTANT: The Owner name listed on this page must match exactly the owner name listed on the Virginia State Corporation Commission Certification.

Must be an individual or legally formed entity

2009 Page 4


C. Development Team Information:Complete the following as applicable to your development team.

1. Tax Attorney: Erik Hoffman Related Entity? Yes NoFirm Name: Klein HornigAddress: 1275 K St, Suite 1200 Washington D. C. 20005Phone: 202-842-0125 Fax: 202-842-3936

2. Tax Accountant: Cherie Jame Related Entity? Yes NoFirm Name: Wall, Einhorn & ChernitzerAddress: 555 Main Street, Suite 500, Norfolk, VA 23510Phone: 757-533-4101 Fax:

3. Consultant: Ryne Johnson Related Entity? Yes NoFirm Name: Astoria, LLC Role: LIHTC App.Address: 3450 Lady Marian Ct., Midlothian, VA 23113Phone: 804-320-0585 Fax:

4. Management Entity (Contact): Derek McDaniel Related Entity? Yes NoFirm Name: ARHAAddress: 600 N. Fairfax St. Alexandria, VA 22314Phone: 703-549-7115 Fax:

5. Contractor (Contact): John Fahey Related Entity? Yes NoFirm Name: EYA Construction Inc.Address: 4800 Hampden Lane, Suite 300 Bethesda, MD 20814Phone: 301-634-8600 Fax: 301-634-8601

6. Architect: Jack McLaurin Related Entity? Yes NoFirm Name: Lessard GroupAddress: 8521 Leesburg Pike Vienna, VA 22182Phone: 703-760-9344 Fax: 703-356-0126

7. Real Estate Attorney: Joanna Frizzell Related Entity? Yes NoFirm Name: McGuire WoodsAddress: 1750 Tysons Blvd., Suite 1800 McLean, VA 22102Phone: 703-712-5411 Fax: 703-712-5231

8. Mortgage Banker: Related Entity? Yes NoFirm Name:Address:Phone: Fax:

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

2009 Page 5


D. Nonprofit Involvement:

Tax Credit Nonprofit Pool Applicants: To qualify for the nonprofit pool, an organization described in IRC Section 501 (c)(3) or 501 (c)(4) and exempt from taxation under IRC Section 501 (a), whose purposes include the fostering of low-income housing:

1. Must "materially participate" in the development and operation of the project throughout the compliance period, 2. Must own all general partnership interests in the development .3. Must not be affiliated with or controlled by a for-profit organization.4. Must not have been formed for the principal purpose of competition in the nonprofit pool, and5. 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 necessarilysatisfy all of the requirements for participation in the nonprofit tax credit pool

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

and go on to part III

2. Mandatory QuestionnaireIf there is nonprofit involvement, you must complete the Non-Profit Questionnaire

Questionnaire attached (Mandatory TAB E)

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

Nonprofit meets eligibility requirements for nonprofit pool and points

4. Identity of Nonprofit (All nonprofit applicants)The nonprofit organization involved in this development is

the Ownerthe Applicant (if different from Owner)Other

(Name of nonprofit)

(Contact Person) (Street Address)

(City) (State) (Zip code)

(Phone) (Fax)

5. Percentage of Nonprofit Ownership (All nonprofit applicants)Specify the nonprofit entity's percentage ownership of the general partnership interest: 0.0%

Applications For 9% Credits - Must be completed in order to compete in the nonprofit tax credit pool.All Applicants - Must be completed for points for nonprofit involvement under the ranking system.

2009 Page 6


III. DEVELOPMENT INFORMATION

A. Structure and Units:1. Total number of all units in development 18

Total number of rental units in development 18 bedrooms 42Number of low-income rental units 18 bedrooms 42Percentage of rental units designated low-income 100.00%

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

Row House/Townhouse Detached Single-familyGarden Apartments Detached Two-familySlab on Grade BasementCrawl space Age of Structure: 0Elevator Number of stories: 3

3. Number of new units 18 bedrooms 42Number of adaptive reuse units 0 bedrooms 0Number of rehab units 0 bedrooms 0

4. Total Floor Area For The Entire Development 19,870.20 (Sq. ft.)

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

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

(Not eligible for funding)

7. Total Usable Residential Heated Area 19,870.20 (Sq. ft.)

8. Number of Buildings (containing rental units) 6

9. Commercial Area Intended Use:

10. Project consists primarily of a building(s) which is (are) (CHOOSE ONLY ONE)

Low-Rise (1-5 stories with any structural elements made of wood)Mid-Rise (5-7 stories with no structural elements made of wood)High-Rise (8 or more stories with no structural elements made of wood)

B. Building Systems:Please describe each of the following in the space provided.Community Facilities: None

Exterior Finish: Hardy Plank SidingHeating/AC System: Electric heat pump and A/CArchitectural Style: Colonial

2009 Page 7

Low-Income Housing Tax Credit Application For ReservationC. Amenities:

1. Specify the average size per unit type: (Including pro rata share of heated common area) Assisted Lvg 0.00 SF 1Bdrm Eld 0.00 SF 3-Bdrm Gar 1,126.38 SF 1-Sty-Eff-Eld 0.00 SF 2Bdrm Eld 0.00 SF 4-Bdrm Gar 0.00 SF 1-Sty 1BR-Eld 0.00 SF Eff-Gar 0.00 SF 2-Bdrm TH 0.00 SF 1-Sty 2BR-Eld 0.00 SF 1-Bdrm Gar 0.00 SF 3-Bdrm TH 0.00 SF Eff-Eld 0.00 SF 2-Bdrm Gar 1,092.66 SF 4-Bdrm TH 0.00 SF

2. Total gross usable, heated square feet for the entire project less nonresidential commercial area: 19,870.20 Documentation attached (TAB F) Mandatory

(Sq. ft.)

NOTE: All developments must meet VHDA's Minimum Design and Construction Requirements. By signing and submitting the Application For Reservation of Low Income Housing Tax Credits the applicant certifies that the proposed project budget, plans & specifications and work write-ups incorporate all necessary elements to fulfill these requirements.

3. Check the following items which apply to the proposed project: Documentation attached (TAB F Architect Certification) Mandatory

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

100% a(1) Percentage of 2-bedroom units that have 1.5 bathrooms

100% 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

0% c. Percentage of exterior walls covered by brick (excluding triangular gable ends, doors and windows)

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

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

f. Every unit in the development is heated and air conditioned with either (i) heat pump units with both aSEER rating of 14.0 or more and a HSPF rating of 8.2 or more and a variable speed air handling unit(for through- the-wall heat pump equipment that has an EER rating of 11.0 or more), or (ii) airconditioning units with a SEER rating of 14.0 or more and a variable speed air handling unit, combinedwith gas furnaces with an AFUE rating of 90% or more

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

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

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

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

2009 Page 8

Low Income Housing Tax Credit Application For Reservation

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

a. All cooking ranges will have front controls

b. All units will have an emergency call system

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

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

For all rehabilitation and adaptive reuse projects, upon completion of construction oror rehabilitation: (Optional Point items)

The structure is listed individually in the National Register of Historic Places or is located in a registered historic district and certified by the Secretary of the Interior asbeing of historical significance to the district, and the rehabilitation will be completedin such a manner as to be eligible for historic rehabilitation tax credits

Accessibility

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

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

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

Yes - Earthcraft Yes - LEEDIf Yes to either, attach appropriate documentation at TAB F

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

Yes No If Yes, attach appropriate documentation at TAB F

Universal Design - Units Meeting Universal Design Standardsa. The architect of record certifies that units will be constructed to meet VHDA's Universal Design standards.

Yes No If Yes, attach appropriate documentation at TAB F

b. Number of Rental Units constructed to meet VHDA's Universal Design standards:6 Units 33%

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

Yes No

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

2009 Page 9


IV. TENANT INFORMATION

A. Set-Aside Election: UNITS SELECTED BELOW IN BOTH COLUMNS DETERMINE POINTS FOR THE BONUS POINT CATEGORY

Units Provided Per Household Type:

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

2 11.11% 40% Area Median 2 11.11% 40% Area Median16 88.89% 50% Area Median 16 88.89% 50% Area Median0 0.00% 60% Area Median 0 0.00% 60% Area Median0 0.00% Non-LMI Units 0 0.00% Non-LMI Units

18 100.00% Total 18 100.00% Total

B. Special Housing Needs/Leasing Preference:

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

Yes Elderly (age 55 or above)Yes Physically or mentally disabled persons (must meet the requirements of the federal

Americans with Disabilities Act)

2. Specify the number of low-income units that will serve individuals and families with children by providing three or more bedrooms: Number of units 33% of total low-income units

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

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

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

Organization which holds such waiting list: ARHAContact person (Name and Title) Roy Priest-Executive DirectorPhone Number 703-549-7115 Required documentation attached (TAB H)

5. If leasing preference will be given to individuals and families with children. (Less than or equal to 20% of the units must have of 1 or less bedrooms).

YesNo

Income Levels Rent Levels

6

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 unitsmust 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 20/50test) 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 forfamily size (this is called the 40/60 test), all as described in Section 42 of the IRC. Rent-and income-restricted units are known as low-income units. If youhave more low-income units than required, you qualify for more credits. If you serve lower incomes than required, you receive more points under theranking system.

2009 Page 10


V. LOCAL NEEDS AND SUPPORT

A. Provide the name and the address of the chief executive officer (City Manager, Town Manager, or County Administrator) of the political jurisdiction in which the development will be located: Chief Executive Officer's Name James K. HartmannChief Executive Officer's Title City ManagerStreet Address 301 King Street, Suite 3500 Phone 703-838-4300City Alexandria State VA Zip 22314

Name and title of local official you have discussed this project with who could answer questions for thelocal CEO: Mildrilyn Davis - Director, Office of Housing

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

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

If the property overlaps another jurisdiction please fill in the following:Chief Executive Officer's Name Chief Executive Officer's TitleStreet Address PhoneCity State Zip

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

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

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

B. Project Schedule

ACTUAL OR NAME OFACTIVITY ANTICIPATED PERSON

DATE RESPONSIBLESiteOption/Contract May 12, 2009 Roy PriestSite Acquisition November 5, 2009 Roy PriestZoning Approval October 10, 2008 Brian JacksonSite Plan Approval September 9, 2009 Adam HayesFinancingA. Construction Loan

Loan Application September 1, 2009 Roy PriestConditional CommitmentFirm Commitment

B. Permanent Loan - First LienLoan Application NAConditional Commitment NAFirm Commitment NA

C. Permanent Loan-Second LienLoan Application NAConditional Commitment NAFirm Commitment NA

D. Other Loans & GrantsType & Source, ListApplicationAward/Commitment

Formation of Owner May 12, 2009 Erik HoffmanIRS Approval of Nonprofit Status NAClosing and Transfer of Property to Owner November 5, 2009 Roy PriestPlans and Specifications, Working Drawings August 1, 2009 Greg ShronBuilding Permit Issued by Local Government November 15, 2009 Greg ShronStart Construction November 15, 2009 John FaheyBegin Lease-up October 1, 2010 Roy PriestComplete Construction December 1, 2011 John FaheyComplete Lease-Up December 31, 2011 Roy PriestCredit Placed in Service Date December 31, 2011 Roy Priest 2009 Page 11


VI. SITE CONTROL

A. Type of Site Control by Owner:

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

Deed - attached

Long-term Lease - attached (expiration date: )

Option - attached (expiration date: 11/04/09 )

Purchase Contract - attached (expiration date: )

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 controldocument is required for each site.

B. Timing of Acquisition by Owner:Select one:

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

Owner is to acquire property by deed (or lease for period no shorter than period property will be subject to occupancy restrictions) no later than 11/04/09 (must be prior to November 6, 2009).

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

C. Market Study Data:

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

Project Wide Capture Rate - LIHTC UnitsProject Wide Capture Rate - Market UnitsProject Wide Capture Rate - All UnitsProject Wide Absorption Period (Months)

4.30%N/A

4.30%1

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 tooccupancy restrictions must be included herewith. (9% Competitive Credits - An option or contract must extend beyond theapplication 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 transfersto the Owner are not sufficient. The Owner, as identified in Subpart II-A, must have site control at the time this Application issubmitted.

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-termlease) 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.

2009 Page 12


C. Site Description

1. Exact area of site in acres 0.165

2. Has locality approved a final site plan or plan of development? Yes No

Required documentation form attached (TAB L)

3. Is site properly zoned for the proposed development? Yes No

Required documentation form attached (TAB M)

4. Will the proposal seek to qualify for points associated with proximity to public transportation?Yes No Required documentation form attached (TAB A)

D. Photographs

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

E. Plans and Specifications

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

1. A location map with property clearly defined.2. Sketch plan of the site showing overall dimensions of main building(s), major site elements

(e.g., parking lots and location of existing utilities, and water, sewer, electric,gas in the streets adjacent to the site). Contour lines and elevations are not required.

3. Sketch plans of main building(s) reflecting overall dimensions of:a. Typical floor plan(s) showing apartment types and placementb. Ground floor plan(s) showing common areas;c. Sketch floor plan(s) of typical dwelling unit(s);d. Typical wall section(s) showing footing, foundation, wall and floor structure. Notes must indicate basic materials in structure, floor and exterior finish.

In addition: required documentation for rehabilitation properties

A unit-by-unit work write-up.

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

2009 Page 13


VII. OPERATING BUDGET

A. Rental Assistance1. Do or will any low-income units receive rental assistance?

Yes No2. 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: The apartments are subject to and receive ACC payments from HUD under an existing contrac

3. Number of units receiving assistance: 18Number of years in rental assistance contract: infiniteExpiration date of contract:Contract renewed annually subject to Fed appropriations

Contract or other agreement attached (TAB Q)

B. Utilities1. Monthly Utility Allowance Calculations

Utilities Type of Utility Utilities Enter Allowances by Bedroom Size(Gas, Electric, Oil, etc.) Paid by: 0-bdr 1-bdr 2-bdr 3-bdr 4-br

Heating Owner x Tenant 0 0 89 113 0

Air Conditioning Owner x Tenant 0 0 21 25 0

Cooking Owner x Tenant 0 0 14 15 0

Lighting Owner x Tenant 0 0 33 35 0

Hot Water Owner x Tenant 0 0 46 55 0

Water Owner x Tenant 0 0 28 45 0

Sewer Owner x Tenant 0 0 24 24 0

Trash x Owner Tenant 0 0 0 0 0

Total utility allowance for costs paid by tenant $0 $0 $255 $312 $0

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

HUD

Utility Company (Estimate) Local PHA

Utility Company (Actual Survey) Other:

2009 Page 14


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

Total Number of Total MonthlyTax Credit Units Rental Income

0 $00 $012 $5,4006 $2,7000 $018

Plus Other Income Source (list): Vending/interest/fees $216Equals Total Monthly Income: $8,316Twelve Months x12Equals Annual Gross Potential Income $99,792Less Vacancy Allowance ( 7.0% ) $6,985Equals Annual Effective Gross Income (EGI) - Low Income Units $92,807

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

2. Indicate the estimated monthly income for the Market Rate Units: **Total Number of Total Monthly

Market Units Rental Income0 $00 $00 $00 $00 $0

Total Number of Market Units 0

Plus Other Income Source (list): $0Equals Total Monthly Income: $0Twelve Months x12Equals Annual Gross Potential Income $0Less Vacancy Allowance ( 0.0% ) $0Equals Annual Effective Gross Income (EGI) - Market Rate Units $0

Documentation in Support of Operating Budget attached (TAB R)

List number of units by type: TOTAL UNITS

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

0 0 0 0 0 0

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

12 6 0 0 0 0

1 STY-EFF-ELD 1 STY-1 BR-ELD 1 STY-2 BR-ELD Note: Please be sure to enter the number of units in the0 0 0 appropriate unit category. If not, you will find an error on

the scoresheet at 5a, 6a & 6b.List number of units by type: TAX CREDIT UNITS

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

0 0 0 0 0 0

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

12 6 0 0 0 0

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

0 0 0

Efficiency UnitsUnit Type / Net Rentable Monthly Rent Total

Rent Targeting Number Units Square Feet Per Unit Monthly Rent

Efficiency - 40% 0 0.00 -$ -$ Efficiency - 40% 0 0.00 -$ -$ Efficiency - 40% 0 0.00 -$ -$ Efficiency - 40% 0 0.00 -$ -$

4 Bedroom Units

Unit Type

Unit Type

1 Bedroom Units2 Bedroom Units3 Bedroom Units

Total Number of Tax Credit Units

Efficiency Units

Efficiency Units

4 Bedroom Units

1 Bedroom Units2 Bedroom Units3 Bedroom Units

2009 Page 15

Efficiency - 40% 0 0.00 -$ -$ Efficiency - 40% 0 0.00 -$ -$ Efficiency - 40% 0 0.00 -$ -$ Efficiency - 40% 0 0.00 -$ -$ Efficiency - 40% 0 0.00 -$ -$ Efficiency - 40% 0 0.00 -$ -$ Efficiency - 40% 0 0.00 -$ -$ Efficiency - 40% 0 0.00 -$ -$ Efficiency - 40% 0 0.00 -$ -$ Efficiency - 40% 0 0.00 -$ -$ Efficiency - 40% 0 0.00 -$ -$

Efficiency - 50% 0 0.00 -$ -$ Efficiency - 50% 0 0.00 -$ -$ Efficiency - 50% 0 0.00 -$ -$ Efficiency - 50% 0 0.00 -$ -$ Efficiency - 50% 0 0.00 -$ -$ Efficiency - 50% 0 0.00 -$ -$ Efficiency - 50% 0 0.00 -$ -$ Efficiency - 50% 0 0.00 -$ -$ Efficiency - 50% 0 0.00 -$ -$ Efficiency - 50% 0 0.00 -$ -$ Efficiency - 50% 0 0.00 -$ -$ Efficiency - 50% 0 0.00 -$ -$ Efficiency - 50% 0 0.00 -$ -$ Efficiency - 50% 0 0.00 -$ -$ Efficiency - 50% 0 0.00 -$ -$

Efficiency - 60% 0 0.00 -$ -$ Efficiency - 60% 0 0.00 -$ -$ Efficiency - 60% 0 0.00 -$ -$ Efficiency - 60% 0 0.00 -$ -$ Efficiency - 60% 0 0.00 -$ -$ Efficiency - 60% 0 0.00 -$ -$ Efficiency - 60% 0 0.00 -$ -$ Efficiency - 60% 0 0.00 -$ -$ Efficiency - 60% 0 0.00 -$ -$ Efficiency - 60% 0 0.00 -$ -$ Efficiency - 60% 0 0.00 -$ -$ Efficiency - 60% 0 0.00 -$ -$ Efficiency - 60% 0 0.00 -$ -$ Efficiency - 60% 0 0.00 -$ -$ Efficiency - 60% 0 0.00 -$ -$ Total Efficiency Total Monthly Eff.

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

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

Total EfficiencyMarket Units: 0 0.00 Total Monthly

Eff. Market Rent: -$

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

1-Bedroom UnitsNet Rentable Monthly Rent Total


1 BR - 40% 0 0.00 -$ -$ 2009 Page 15

1 BR - 40% 0 0.00 -$ -$ 1 BR - 40% 0 0.00 -$ -$ 1 BR - 40% 0 0.00 -$ -$ 1 BR - 40% 0 0.00 -$ -$ 1 BR - 40% 0 0.00 -$ -$ 1 BR - 40% 0 0.00 -$ -$ 1 BR - 40% 0 0.00 -$ -$ 1 BR - 40% 0 0.00 -$ -$ 1 BR - 40% 0 0.00 -$ -$ 1 BR - 40% 0 0.00 -$ -$ 1 BR - 40% 0 0.00 -$ -$ 1 BR - 40% 0 0.00 -$ -$ 1 BR - 40% 0 0.00 -$ -$ 1 BR - 40% 0 0.00 -$ -$

1 BR - 50% 0 0.00 -$ -$ 1 BR - 50% 0 0.00 -$ -$ 1 BR - 50% 0 0.00 -$ -$ 1 BR - 50% 0 0.00 -$ -$ 1 BR - 50% 0 0.00 -$ -$ 1 BR - 50% 0 0.00 -$ -$ 1 BR - 50% 0 0.00 -$ -$ 1 BR - 50% 0 0.00 -$ -$ 1 BR - 50% 0 0.00 -$ -$ 1 BR - 50% 0 0.00 -$ -$ 1 BR - 50% 0 0.00 -$ -$ 1 BR - 50% 0 0.00 -$ -$ 1 BR - 50% 0 0.00 -$ -$ 1 BR - 50% 0 0.00 -$ -$ 1 BR - 50% 0 0.00 -$ -$

1 BR - 60% 0 0.00 -$ -$ 1 BR - 60% 0 0.00 -$ -$ 1 BR - 60% 0 0.00 -$ -$ 1 BR - 60% 0 0.00 -$ -$ 1 BR - 60% 0 0.00 -$ -$ 1 BR - 60% 0 0.00 -$ -$ 1 BR - 60% 0 0.00 -$ -$ 1 BR - 60% 0 0.00 -$ -$ 1 BR - 60% 0 0.00 -$ -$ 1 BR - 60% 0 0.00 -$ -$ 1 BR - 60% 0 0.00 -$ -$ 1 BR - 60% 0 0.00 -$ -$ 1 BR - 60% 0 0.00 -$ -$ 1 BR - 60% 0 0.00 -$ -$ 1 BR - 60% 0 0.00 -$ -$ Total 1-BR Total Monthly 1-BR

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

1 BR - Market 0 0.00 -$ -$ 1 BR - Market 0 0.00 -$ -$ 1 BR - Market 0 0.00 -$ -$ 1 BR - Market 0 0.00 -$ -$ 1 BR - Market 0 0.00 -$ -$ 1 BR - Market 0 0.00 -$ -$ 1 BR - Market 0 0.00 -$ -$ 1 BR - Market 0 0.00 -$ -$ 1 BR - Market 0 0.00 -$ -$ 1 BR - Market 0 0.00 -$ -$ 1 BR - Market 0 0.00 -$ -$ 1 BR - Market 0 0.00 -$ -$ 1 BR - Market 0 0.00 -$ -$ 1 BR - Market 0 0.00 -$ -$ 1 BR - Market 0 0.00 -$ -$

Total 1-BRMarket Units: 0 0.00 Total Monthly

1-BR Market Rent: -$

Total 1-BR Units: 0 Total 1-BR Rent -$

2009 Page 15



2 BR - 40% 2 798.79 450$ 900$ 2 BR - 40% 0 0.00 -$ -$ 2 BR - 40% 0 0.00 -$ -$ 2 BR - 40% 0 0.00 -$ -$ 2 BR - 40% 0 0.00 -$ -$ 2 BR - 40% 0 0.00 -$ -$ 2 BR - 40% 0 0.00 -$ -$ 2 BR - 40% 0 0.00 -$ -$ 2 BR - 40% 0 0.00 -$ -$ 2 BR - 40% 0 0.00 -$ -$ 2 BR - 40% 0 0.00 -$ -$ 2 BR - 40% 0 0.00 -$ -$ 2 BR - 40% 0 0.00 -$ -$ 2 BR - 40% 0 0.00 -$ -$ 2 BR - 40% 0 0.00 -$ -$

2 BR - 50% 1 798.79 450$ 450$ 2 BR - 50% 3 987.21 450$ 1,350$ 2 BR - 50% 3 986.41 450$ 1,350$ 2 BR - 50% 3 1,218.07 450$ 1,350$ 2 BR - 50% 0 0.00 -$ -$ 2 BR - 50% 0 0.00 -$ -$ 2 BR - 50% 0 0.00 -$ -$ 2 BR - 50% 0 0.00 -$ -$ 2 BR - 50% 0 0.00 -$ -$ 2 BR - 50% 0 0.00 -$ -$ 2 BR - 50% 0 0.00 -$ -$ 2 BR - 50% 0 0.00 -$ -$ 2 BR - 50% 0 0.00 -$ -$ 2 BR - 50% 0 0.00 -$ -$ 2 BR - 50% 0 0.00 -$ -$


Tax Credit Units: 12 11,971.44 Tax Credit Rent: 5,400$

2 BR - Market 0 0.00 -$ -$ 2 BR - Market 0 0.00 -$ -$ 2 BR - Market 0 0.00 -$ -$ 2 BR - Market 0 0.00 -$ -$ 2 BR - Market 0 0.00 -$ -$ 2 BR - Market 0 0.00 -$ -$ 2 BR - Market 0 0.00 -$ -$ 2 BR - Market 0 0.00 -$ -$ 2 BR - Market 0 0.00 -$ -$ 2 BR - Market 0 0.00 -$ -$ 2 BR - Market 0 0.00 -$ -$ 2 BR - Market 0 0.00 -$ -$ 2 BR - Market 0 0.00 -$ -$ 2 BR - Market 0 0.00 -$ -$ 2 BR - Market 0 0.00 -$ -$ 2009 Page 15



Total 2-BR Units: 12 Total 2-BR Rent 5,400$




3 BR - 50% 3 1,065.53 450$ 1,350$ 3 BR - 50% 3 1,005.00 450$ 1,350$ 3 BR - 50% 0 0.00 -$ -$ 3 BR - 50% 0 0.00 -$ -$ 3 BR - 50% 0 0.00 -$ -$ 3 BR - 50% 0 0.00 -$ -$ 3 BR - 50% 0 0.00 -$ -$ 3 BR - 50% 0 0.00 -$ -$ 3 BR - 50% 0 0.00 -$ -$ 3 BR - 50% 0 0.00 -$ -$ 3 BR - 50% 0 0.00 -$ -$ 3 BR - 50% 0 0.00 -$ -$ 3 BR - 50% 0 0.00 -$ -$ 3 BR - 50% 0 0.00 -$ -$ 3 BR - 50% 0 0.00 -$ -$


Tax Credit Units: 6 6,211.59 Tax Credit Rent: 2,700$

3 BR - Market 0 0.00 -$ -$ 3 BR - Market 0 0.00 -$ -$ 3 BR - Market 0 0.00 -$ -$ 3 BR - Market 0 0.00 -$ -$ 3 BR - Market 0 0.00 -$ -$ 3 BR - Market 0 0.00 -$ -$

2009 Page 15

3 BR - Market 0 0.00 -$ -$ 3 BR - Market 0 0.00 -$ -$ 3 BR - Market 0 0.00 -$ -$ 3 BR - Market 0 0.00 -$ -$ 3 BR - Market 0 0.00 -$ -$ 3 BR - Market 0 0.00 -$ -$ 3 BR - Market 0 0.00 -$ -$ 3 BR - Market 0 0.00 -$ -$ 3 BR - Market 0 0.00 -$ -$



Total 3-BR Units: 6 Total 3-BR Rent 2,700$






Tax Credit Units: 0 0.00 Tax Credit Rent: -$ 2009 Page 15

4 BR - Market 0 0.00 -$ -$ 4 BR - Market 0 0.00 -$ -$ 4 BR - Market 0 0.00 -$ -$ 4 BR - Market 0 0.00 -$ -$ 4 BR - Market 0 0.00 -$ -$ 4 BR - Market 0 0.00 -$ -$ 4 BR - Market 0 0.00 -$ -$ 4 BR - Market 0 0.00 -$ -$ 4 BR - Market 0 0.00 -$ -$ 4 BR - Market 0 0.00 -$ -$ 4 BR - Market 0 0.00 -$ -$ 4 BR - Market 0 0.00 -$ -$ 4 BR - Market 0 0.00 -$ -$ 4 BR - Market 0 0.00 -$ -$ 4 BR - Market 0 0.00 -$ -$



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

Total Units 18 Net Rentable SF: TC Units 18,183.03MKT Units 0.00

Total NR SF: 18,183.03

100.0000%Floor Space Fraction

2009 Page 15


D. Operating ExpensesAdministrative:

1. Advertising/Marketing $5002. Office Salaries $6,0003. Office Supplies $2004. Office/Model Apartment (type______) $05. Management Fee $8,000

8.62% of EGI 444.4444444 Per Unit6. Manager Salaries $07. Staff Unit (s) (type______) $08. Legal $2,0009. Auditing $2,000

10. Bookkeeping/Accounting Fees $011. Telephone & Answering Service $012. Tax Credit Monitoring Fee $10,00013. Miscellaneous Administrative $0

Total Administrative $28,700Utilities

14. Fuel Oil $015. Electricity $2,00016. Water $1,00017. Gas $018. Sewer $1,500

Total Utility $4,500Operating:

19. Janitor/Cleaning Payroll $5,00020. Janitor/Cleaning Supplies $50021. Janitor/Cleaning Contract $022. Exterminating $50023. Trash Removal $4,00024. Security Payroll/Contract $025. Grounds Payroll $026. Grounds Supplies $027. Grounds Contract $028. Maintenance/Repairs Payroll $2,50029. Repairs/Material $50030. Repairs Contract $031. Elevator Maintenance/Contract $032. Heating/Cooling Repairs & Maintenance $3,00033. Pool Maintenance/Contract/Staff $034. Snow Removal $1,00035. Decorating/Payroll/Contract $036. Decorating Supplies $037. Miscellaneous $22,500

Operating & Maintenance Totals $39,500Taxes & Insurance

38. Real Estate Taxes $039. Payroll Taxes $2,50040. Miscellaneous Taxes/Licenses/Permits $25041. Property & Liability Insurance $4,00042. Fidelity Bond $043. Workman's Compensation $044. Health Insurance & Employee Benefits $2,50045. Other Insurance $0

Total Taxes & Insurance $9,2506544

Total Operating Expense $81,950

D1. Total Oper. Ex. Per Unit $4,553 D2. Total Oper. Ex. As % EGI (from E3) 88.30%

Replacement Reserves (Total # Units X $300 or $250 New Const. Elderly Minimum) $5,400

Total Expenses $87,350

2009 Page 16


E. Cash Flow (First Year)1. Annual EGI Low-Income Units from (C1) $92,807

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

3. Total Effective Gross Income = $92,807

4. Total Expenses (from D) $87,350

5. Net Operating Income = $5,457

6. Total Annual Debt Service (from Page 21 B2) - $4,708

7. Cash Flow Available for Distribution = $748

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

StabilizedYear 1 Year 2 Year 3 Year 4 Year 5

Eff. Gross Income 92,807 95,591 98,458 101,412 104,455Less Oper. Expenses 87,350 90,844 94,478 98,257 102,187Net Income 5,457 4,747 3,981 3,155 2,267Less Debt Service 4,708 4,708 4,708 4,708 4,708Cash Flow 748 38 -728 -1,553 -2,441Debt Coverage Ratio 1.16 1.01 0.85 0.67 0.48

Year 6 Year 7 Year 8 Year 9 Year 10Eff. Gross Income 107,588 110,816 114,140 117,565 121,092Less Oper. Expenses 106,275 110,526 114,947 119,545 124,326Net Income 1,314 290 -806 -1,980 -3,235Less Debt Service 4,708 4,708 4,708 4,708 4,708Cash Flow -3,395 -4,418 -5,515 -6,688 -7,943Debt Coverage Ratio 0.28 0.06 (0.17) (0.42) (0.69)

Year 11 Year 12 Year 13 Year 14 Year 15Eff. Gross Income 124,724 128,466 132,320 136,290 140,378Less Oper. Expenses 129,299 134,471 139,850 145,444 151,262Net Income -4,575 -6,005 -7,530 -9,155 -10,884Less Debt Service 4,708 4,708 4,708 4,708 4,708Cash Flow -9,284 -10,714 -12,239 -13,863 -15,592Debt Coverage Ratio (0.97) (1.28) (1.60) (1.94) (2.31)Estimated Annual Percentage Increase in Revenue 3.00% (Must be < 3%)Estimated Annual Percentage Increase in Expenses 4.00% (Must be > 4%)

2009 Page 17


VIII. PROJECT BUDGET

A. Cost/Basis/Maximum Allowable Credit

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

Executed Construction ContractExecuted Trade Payment BreakdownAppraisalOther Cost DocumentationEnvironmental Studies

Amount of Cost up to 100% Includable inEligible Basis--Use Applicable Column(s):

"30% Present Value Credit" (D)Item (A) Cost (B) Acquisition (C) Rehab/ "70 % Present

New Construction Value Credit"

1. Contractor Cost

A. Off-Site Improvements 0 0 0 0B. Site Work 897,879 0 0 817,069C. Other: 0 0 0 0D. Unit Structures (New) 1,928,575 0 0 1,928,575E. Unit Structures (Rehab) 0 0 0 0F. Accessory Building (s) 0 0 0 0G. Asbestos Removal 0 0 0 0H. Demolition 83,059 0 0 0I. Commercial Space Costs 0 0 0 0J. Structured Parking Garage 0 0 0 0K. Subtotal A: (Sum 1A..1J) 2,909,513 0 0 2,745,644L. General Requirements 174,571 0 0 174,571M. Builder's Overhead 58,190 0 0 58,190

( 2.0% Contract)N. Builder's Profit 174,571 0 0 174,571

( 6.0% Contract)O. Bonding Fee 29,095 0 0 29,095P. Other: 0 0 0 0Q. Contractor Cost

Subtotal (Sum 1K..1P) $3,345,940 $0 $0 $3,182,071

2. Owner CostsA. Building Permit 37,400 0 0 37,400B. Arch./Engin. Design Fee 183,233 0 0 183,233

( 10,180 /Unit)C. Arch. Supervision Fee 10,000 0 0 10,000

( 556 /Unit)D. Tap Fees 20,000 0 0 20,000E. Soil Borings 4,405 0 0 4,405

NOTE: Attorney must opine, among other things, as to correctness of the inclusion of each cost item in eligible basis, typeof credit and numerical calculations of this Part VIII.

2009 Page 18




New Construction Value Credit"2. Owner Costs Continued

F. Construction Loan 50,000 0 0 50,000

Origination FeeG. Construction Interest 150,000 0 0 150,000

( 6.5% for 18 months)H. Taxes During Construction 0 0 0 0I. Insurance During Construction 30,000 0 0 30,000J. Cost Certification Fee 25,000 0 0 25,000K. Title and Recording 20,000 0 0 20,000L. Legal Fees for Closing 50,000 20,000 0 30,000M. Permanent Loan Fee 0 0 0 0

( 0.0% )N. Other Permanent Loan Fees 0 0 0 0O. Credit Enhancement 0 0 0 0P. Mortgage Banker 0 0 0 0Q. Environmental Study 5,000 5,000 0 0R. Structural/Mechanical Study 0 0 0 0S. Appraisal Fee 5,000 0 0 5,000T. Market Study 3,500 0 0 3,500U. Operating Reserve 50,000 0 0 0V. Tax Credit Fee 28,911 0 0 0W. OTHER $126,204 $2,000 $0 $81,465

(SEE PAGE 19A)X. Owner Cost

Subtotal (Sum 2A..2W) $798,653 $27,000 $0 $650,003

Subtotal 1 + 2 $4,144,593 $27,000 $0 $3,832,074(Owner + Contractor Costs)

3. Developer's Fees 475,000 50,000 0 425,000

4. Owner's Acquisition CostsLand 842,371Existing Improvements 0 0Subtotal 4: $842,371 $0

5. Total Development CostsSubtotal 1+2+3+4: $5,461,964 $77,000 $0 $4,257,074

If this application seeks rehab credits only, in which there is no acquisition and no change in ownership, enter the greater of appraised value or tax assessment value here: $0 Land

(Attach documentation at Tab K) $0 Building

2009 Page 19




New Construction Value Credit"W. OTHER OWNER COSTS

Contingency Reserve 0 0 0 0(Rehab or Adaptive Reuse only)LIST ADDITIONAL ITEMSRelocation Assistance 50,000 0 0 50,000Rezoning Cost 18,922 0 0 0HUD disposition Legal 3,702 0 0 0Traffic/parking study 1,572 0 0 1,572Landscape Architecture 885 0 0 885Survey 10,000 2,000 0 8,000Fire Protection Engineer 2,545 0 0 2,545Earthcraft Certification 3,600 0 0 3,600Wetlands Study 1,674 0 0 1,674Utility Consultant 13,189 0 0 13,189

0 0 0 05% VHDA TCAP Fee 20,115 0 0 0

0 0 0 00 0 0 00 0 0 00 0 0 0

Subtotal (Other Owner Costs) $126,204 $2,000 $0 $81,465

2009 Page 19A



"30 % Present Value Credit"(C) Rehab/ (D)

New "70 % PresentItem (A) Cost (B) Acquisition Construction Value Credit"

5. Total Development Costs Subtotal 1+2+3+4 5,461,964 77,000 0 4,257,074

6. Reductions in Eligible Basis

Subtract the following:A. Amount of federal grant(s) used to finance 0 0 0

qualifying development costs

B. Amount of nonqualified, nonrecourse financing 0 0 0

C. Costs of nonqualifying units of higher quality 0 0 0 (or excess portion thereof)

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

7. Total Eligible Basis (5 minus 6 above) 77,000 0 4,257,074

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

(i) For Earthcraft or LEED Certification AND 60 Bonus Points 0 212,854(ii) For QCT or DDA (Eligible Basis x 30%) 0 0

Total Adjusted Eligible basis 0 4,469,928

9. Applicable Fraction 100.0000% 100.0000% 100.0000%

10. Total Qualified Basis (Same as Part IX-C) 77,000 0 4,469,928(Eligible Basis x Applicable Fraction)

11. Applicable Percentage 0.00% 0.00% 9.00%(For 2009 9% competitive credits, use the May 2009 applicable percentages for acq.)

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

12. Maximum Allowable Credit under IRC §42 $0 $0 $402,293(Qualified Basis x Applicable Percentage)(Same as Part IX-C and equal to or more than $402,293credit amount requested) Combined 30% & 70% P. V. Credit

2009 Page 20


B. Sources of Funds

1. Construction Financing: List individually the sources of construction financing, including any suchloans financed through grant sources:

Date of Date of Amount of

Source of Funds Application Commitment Funds Name of Contact Person

1. ARHA Project Loan $470,823 Roy Priest

2. $0

3. $0

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

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

Interest Amortization TermDate of Date of Amount of Annual Debt Rate of Period of

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

1. ARHA Project Loan $470,823 $4,708 1.00% 1000 0

2. $0 $0 0.00% 1000 0

3. $0 $0 0.00% 1000 0

4. $0 $0 0.00% 1000 0

5. $0 $0 0.00% 1000 0

6. $0 $0 0.00% 1000 0

Totals: $470,823 $4,708


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

Date of Date of Amount of

Source of Funds Application Commitment Funds Name of Contact Person

1.

2.

3. $0

4. $0

5. $0

6. TCAP N/A N/A $1,107,712

Total Permanent Grants: $1,107,712


2009 Page 21


4. Portion of Syndication Proceeds Attributable to Historic Tax CreditAmount of Federal historic credits $0 x Equity % $0.00 $0Amount of Virginia historic credits $0 x Equity % $0.00 $0

6. Equity that Sponsor will Fund:Cash Investment $0Contributed Land/Building $842,371 Assessment Attached (TAB S)Deferred Developer Fee $24,162Other: $0

Equity Total $866,5337. Total of All Sources (B2 + B3 + B4 + B5 + B6) $2,445,068

(not including syndication proceeds except for historic tax credits)

8. Total Development Cost $5,461,964(From VIII-A5)

9. Less Total Sources of Funds (From B7 above) $2,445,068

10. Equals equity gap to be funded with low-income tax credit proceeds (must equal IX-D3) $3,016,896

C. Syndication Information (If Applicable)

1. Actual or Anticipated Name of Syndicator Boston Capital2. Contact Person Corine Sheridan Phone 617 624-88933. Street Address One Boston Place

City Boston State MA Zip 02108

4. a. Total to be paid by anticipated users of credit (e.g., limited partners) $3,016,896b. Equity Dollars Per Credit (e.g., $0.85 per dollar of credit) $0.75c. Percent of ownership entity (e.g., 99% or 99.9%) 99.99%d. Net credit amount anticipated by user of credits $402,253e. Syndication costs not included in VIII-A5 (e.g., advisory fees) $0

5. Net amount which will be used to pay for Total Development Cost (4a-4e)as listed in Part VIII-A5 (same amount as Part IX-D3) $3,016,896

6. Amount of annual credit required for above amounts(same amount as Part IX-D6) $402,293

7. Net Equity Factor [C5 / (C6 X 10)] (same amount as Part IX-D4) Must be equal to or greater than 85% 74.99%

8. Syndication: Public or Private

9. Investors: Individual or Corporate

Syndication commitment or letter of intent attached (TAB U)

2009 Page 22


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

1. Are any portions of the sources of funds described above for the development financed directly or indirectly with Federal, State, or Local Government Funds? Yes NoIf yes, then check the type and list the amount of money involved.

Below-Market Loans Market-Rate Loans

Tax Exempt Bonds $0 Taxable Bonds $0RD 515 $0 Section 220 $0Section 221(d)(3) $0 Section 221(d)(3) $0Section 312 $0 Section 221(d)(4) $0Section 236 $0 Section 236 $0VHDA SPARC/REACH $0 Section 223(f) $0HOME Funds $0 Other: $0Other: ARHA project loan $470,823Other: $0

Grants GrantsCDBG $0 State $0UDAG $0 Local $0

Other: TCAP $1,107,712

This means grants to the partnership. If you received a loan financed by a locality which received one of thelisted grants, please list it in the appropriate loan column as "other" and describe the applicable grant programwhich funded it.

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

Source of Funds Commitment date Funds1. ARHA project loan $470,8232. ARHA Land Contribution $842,3713. $04. $05. $0

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

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

4. Other Subsidies Documentation Attached (TAB Q)Section 8 Rent Supplement or Rental Assistance PaymentTax AbatementOther city waiver of permit and sewer tap fees: ACC rent subsidy

5. Is HUD approval for transfer of physical asset required? Yes No

E. For Transactions Using Tax-Exempt Bonds Seeking 4% Credits:For purposes of the 50% Test, and based only on the data entered to thisapplication, the portion of the aggregate basis of buildings and land financed withtax-exempt funds is: N/A

2009 Page 23


IX. ADDITIONAL INFORMATION

A. Extended Use Restriction

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 anyearly termination of the extended use provision is waived for 25 additional years after the 15-year compliance period for a total of 40 years. Do not select if IX.B is checked below.

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

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

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

Option or Right of First Refusal in Recordable Form Attached (TAB V)Enter name of qualified nonprofit: ARHA

2. A qualified nonprofit or local housing authority submits a homeownership plan committing to sell the units in the development after the mandatory 15-year compliance period to tenants whoseincomes shall not exceed the applicable income limit at the time of their initial occupancy.Do not select if extended compliance is selected in IX.A above.

Homeownership Plan Attached (TAB J)

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

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

2009 Page 24


C. Building-by-Building Information Must CompleteQualified 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).

30% Present Value 30% Present ValueCredit for Acquisition Credit for Construction 70% Present Value Credit

TAX MARKETCREDIT RATE Actual or Actual or Actual orUNITS UNITS Estimate Anticipated Estimate Anticipated Estimate Anticipated

Build Street Qualified In-Service Applicable Credit Qualified In-Service Applicable Credit Qualified In-Service Applicable Crediting # Address Basis Date Percentage Amount Basis Date Percentage Amount Basis Date Percentage Amount

1. 3 0 Building 1 $0 0.00% 0 $0 0.00% 0 $744,988 12/31/11 9.00% 67,0492. 3 0 Building 2 $0 0.00% 0 $0 0.00% 0 $744,988 12/31/11 9.00% 67,0493. 3 0 Building 3 $0 0.00% 0 $0 0.00% 0 $744,988 12/31/11 9.00% 67,0494. 3 0 Building 4 $0 0.00% 0 $0 0.00% 0 $744,988 12/31/11 9.00% 67,0495. 3 0 Building 5 $0 0.00% 0 $0 0.00% 0 $744,988 12/31/11 9.00% 67,0496. 3 0 Building 6 $0 0.00% 0 $0 0.00% 0 $744,988 12/31/11 9.00% 67,0497. $0 0.00% 0 $0 0.00% 0 $0 0.00% 08. $0 0.00% 0 $0 0.00% 0 $0 0.00% 09. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0

10. $0 0.00% 0 $0 0.00% 0 $0 0.00% 011. $0 0.00% 0 $0 0.00% 0 $0 0.00% 012. $0 0.00% 0 $0 0.00% 0 $0 0.00% 013. $0 0.00% 0 $0 0.00% 0 $0 0.00% 014. $0 0.00% 0 $0 0.00% 0 $0 0.00% 015. $0 0.00% 0 $0 0.00% 0 $0 0.00% 016. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0

$0 $0 $4,469,928

$0 $0 $402,294Qualified Basis Totals (must agree with VIII-A10)

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

NUMBEROF

2009 Page 25






17. $0 0.00% 0 $0 0.00% 0 $0 0.00% 018. $0 0.00% 0 $0 0.00% 0 $0 0.00% 019. $0 0.00% 0 $0 0.00% 0 $0 0.00% 020. $0 0.00% 0 $0 0.00% 0 $0 0.00% 021. $0 0.00% 0 $0 0.00% 0 $0 0.00% 022. $0 0.00% 0 $0 0.00% 0 $0 0.00% 023. $0 0.00% 0 $0 0.00% 0 $0 0.00% 024. $0 0.00% 0 $0 0.00% 0 $0 0.00% 025. $0 0.00% 0 $0 0.00% 0 $0 0.00% 026. $0 0.00% 0 $0 0.00% 0 $0 0.00% 027. $0 0.00% 0 $0 0.00% 0 $0 0.00% 028. $0 0.00% 0 $0 0.00% 0 $0 0.00% 029. $0 0.00% 0 $0 0.00% 0 $0 0.00% 030. $0 0.00% 0 $0 0.00% 0 $0 0.00% 031. $0 0.00% 0 $0 0.00% 0 $0 0.00% 032. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0

$0 $0 $0

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


NUMBEROF

2009 Page 25 (2)






33. $0 0.00% 0 $0 0.00% 0 $0 0.00% 034. $0 0.00% 0 $0 0.00% 0 $0 0.00% 035. $0 0.00% 0 $0 0.00% 0 $0 0.00% 036. $0 0.00% 0 $0 0.00% 0 $0 0.00% 037. $0 0.00% 0 $0 0.00% 0 $0 0.00% 038. $0 0.00% 0 $0 0.00% 0 $0 0.00% 039. $0 0.00% 0 $0 0.00% 0 $0 0.00% 040. $0 0.00% 0 $0 0.00% 0 $0 0.00% 041. $0 0.00% 0 $0 0.00% 0 $0 0.00% 042. $0 0.00% 0 $0 0.00% 0 $0 0.00% 043. $0 0.00% 0 $0 0.00% 0 $0 0.00% 044. $0 0.00% 0 $0 0.00% 0 $0 0.00% 045. $0 0.00% 0 $0 0.00% 0 $0 0.00% 046. $0 0.00% 0 $0 0.00% 0 $0 0.00% 047. $0 0.00% 0 $0 0.00% 0 $0 0.00% 048. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0

$0 $0 $0

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


NUMBEROF

2009 Page 25 (3)


D. Determination of Reservation Amount Needed

1. Total Development Costs (from VIII-A5, Column A page 20) $5,461,964

2. Less Total Sources of Funds (from VIII-B7 page 22) $2,445,068

3. Equals Equity Gap $3,016,896

4. Divided by Net Equity Factor (VIII-C7 page 22) 74.99%(Percent of 10-year credit expected to be raised as equity investment)

5. Equals Ten-Year Credit Amount Needed to Fund Gap $4,022,930

Divided by ten years 10

6. Equals Annual Tax Credit Required to Fund the Equity Gap $402,293

7. The Maximum Allowable Credit Amount $402,293(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 22,350 Combined 30% & 70% PV Credit

Credit per Bedroom 9,578 $402,293Comprised of

$0 and $402,293 30% PV Credit 70% PV Credit

(Based on same relative percentages as VIII-A12)

E. Attorney’s OpinionAttached in Mandatory TAB W)

The following calculation of the amount of credits needed is substantially the same as the calculation which will be made by VHDA todetermine, as required by the IRC, the amount of credits which may be allocated for the development. However, VHDA at all times retains theright to substitute such information and assumptions as are determined by VHDA to be reasonable for the information and assumptionsprovided herein as to costs (including development fees, profits, etc.), sources for funding, expected equity, etc. Accordingly, if thedevelopment is selected by VHDA for a reservation of credits, the amount of such reservation may differ significantly from the amount youcompute below.

Goal Seek Function If you incur the error message that your reservation amount is not equal to the equity gap amount you may use the goal seek function within the Excelspreadsheet to eliminate the error message. To use the “Goal Seek” function firstplace 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 willappear with the V28 cell shown in the top space, place the cursor in the middlebox 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 atthe bottom of the page click on page 22. Then place the cursor on cell N15(Deferred Developer Fee) and click on “OK”. A message should then appear that a solution has been found and if the amount is correct click “OK”. If the amountsare now equal the error message will disappear.

2009 Page 26


F. Statement of Owner

The undersigned hereby acknowledges the following:

1. that, to the best of its knowledge and belief, all factual information provided herein or in connection herewith is true and correct, and all estimates are reasonable.

2. that it will at all times indemnify and hold harmless VHDA and its assigns against all losses, costs,damages, VHDA's expenses, and liabilities of any nature directly or indirectly resulting from, arising out of, or relating to VHDA's acceptance, consideration, approval, or disapproval of this reservation request andthe issuance or nonissuance of an allocation of credits, grants and/or loan funds in connection herewith.

3. that points will be assigned only for representations made herein for which satisfactory documentation is submitted herewith and that no revised representations may be made in connection with this application once the deadline for applications has passed.

4. that this application form, provided by VHDA to applicants for tax credits, including all sections herein relative to basis, credit calculations, and determination of the amount of the credit necessary to make the development financially feasible, is provided only for the convenience of VHDA in reviewing reservationrequests; that completion hereof in no way guarantees eligibility for the credits or ensures that the amountof credits applied for has been computed in accordance with IRC requirements; and that any notationsherein describing IRC requirements are offered only as general guides and not as legal authority.

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

6. that, for the purposes of reviewing this application, VHDA is entitled to rely upon representations of the undersigned as to the inclusion of costs in eligible basis and as to all of the figures and calculations relativeto 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 IRCrequirements.

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

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

2009 Page 27

MANDATORY ITEMS: Score a. Signed, completed application Y Y or N 0 b. Duplicate copy of application Y Y or N 0 c. Partnership agreement Y Y or N 0 d. SCC Certification Y Y or N 0 e. Previous participation form Y Y or N 0 f. Site control document Y Y or N 0 g. Architect's Certification Y Y or N 0 h. Attorney's opinion Y Y or N 0 i. Nonprofit questionnaire (if NP) Y Y, N, N/A 0

0.001. READINESS: a. Plan of development N 0 or 40 0.00 b. Zoning approval Y 0 or 40 40.00

Total: 40.00

2. HOUSING NEEDS CHARACTERISTICS: a. VHDA notification letter to CEO Y 0 or -50 0.00 b. Local CEO letter (Y,NC,N) Y 0 or 25 or 50 50.00 c. Location in a revitalization area Y 0 or 30 30.00 d. Location in a Qualified Census Tract N 0 or 5 0.00 e. Sec 8 or PHA waiting list preference Y 0 or 10 10.00 f. Subsidized funding commitments 24.04% Up to 40 40.00 g. Existing RD, HUD Section 8 or 236 program N 0 or 20 0.00 h. Tax abatement or new project based rental subsidy (HUD or RD) Y 0 or 10 10.00 i. Census tract with <10% poverty rate, no tax credit units N 0 or 25 0.00 j. Development listed on the Rural Development Rehab Priority List N 0 or 15 0.00

Total 140.00

3. DEVELOPMENT CHARACTERISTICS: a. Unit size (See calculations below) Up to 100 93.10 b. Amenities (See calculations below) Up to 60 44.00 c. Project subsidies/HUD 504 accessibility for 5 or 10% of units Y 0 or 50 50.00or d. HCV payment standard/HUD 504 accessibility for 5 or 10% of units N 0 or 30 0.00or e. HUD 504 accessibility for 4% of units N 0 or 15 0.00 f. Proximity to public transportation Y10 0, 10 or 20 10.00 g. Development will be Earthcraft or LEED certified Y 0 or 30 30.00 h. VHDA Certified Property Management Agent Y 0 or 25 25.00 i. Units constructed to meet VHDA's Universal Design standards 33% Up to 15 5.00 j. Developments with less than 100 units Up to 20 20.00

Total 277.10

4. TENANT POPULATION CHARACTERISTICS: a. <= 20% of units having 1 or less bedrooms Y 0 or 15 15.00 b. Percent of units with 3 or more bedrooms 33.33% Up to 15 15.00

Total 30.00

5. SPONSOR CHARACTERISTICS: a. Developer experience - 3 developments with 3 x units or 6 developments with 1 x units Y 0 or 50 50.00or b. Developer experience - 1 development with 1 x units N 0 or 10 0.00 c. Developer experience - uncorrected major violation N 0 or -50 0.00 d. Developer experience - noncompliance Enter Total Negative N 0 or -15 0.00 e1. Developer experience - did not build as represented Points Here: 0 0 or -x 0.00 e2. Developer experience - termination of credits by VHDA N 0 or -10 0.00 f. Management company rated unsatisfactory N 0 or -25 0.00 g. LEED accredited design team member Y 0 or 10 10.00

Total 60.00

6. EFFICIENT USE OF RESOURCES: a. Credit per unit If #N/A or #REF! appears in the score column of these point Up to 180 0.57 b. Cost per unit categories check spelling of Clerk's Office on pg 1. It must match Up to 75 24.01

2009 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 theQAP. 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 andfeasibility analysis. For purposes of self scoring, it will be necessary for you to make certain decisions and assumptions about yourapplication 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, orany other response which is neither unconditional support nor opposition. Item 5e1 requires a numeric value to be entered. Pleaseremember that the score is only an estimate based on the selection criteria using the reservation application data and theresponses you’ve entered on this score sheet. VHDA reserves the right to change application data and/or score sheet responseswhere appropriate, which may change the final score.

2009

Total exactly with the Jurisdiction names listed in the Application Manual. 24.58

7. BONUS POINTS: Locality AMI State AMI a. Units with rents at or below 40% of AMI $99,000 $50,600 11% Up to 10 10.00 b. Units with rent and income at or below 50% of AMI 100% Up to 50 50.00or c. Units with rents at or below 50% rented to tenants at or below 60% of AMI 100% Up to 25 0.00or d. Units in Low Income Jurisdictions with rents <= 50% rented to tenants with <= 60% of AMI 100% Up to 50 0.00 e. Extended compliance 0 Years 40 or 50 0.00or f. Nonprofit or LHA purchase option Y 0 or 60 60.00or g. Nonprofit or LHA Home Ownership option N 0 or 5 0.00

Total 120.00

500 Point Threshold - 9% Credits TOTAL SCORE: 691.69475 Point Threshold - Tax Exempt Bond Credits

Unit Size Calculations:E-AS LVG E-EFF E-1 BDRM E-2 BDRM

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

F-EFF-G F-1 BDRM-G F-2 BDRM-G F-3 BDRM-G High Sq.Ft. / BDRM 0 0 1,050 1,175 Low Sq.Ft. / BDRM 0 0 840 940 Project Sq.Ft. / BDRM 0 0 1,093 1,126 Percentage of Units 0.00% 0.00% 66.67% 33.33% Points per Bedroom 0.00 0.00 66.67 26.44

F-4 BDRM-G F-2 BDRM-TH F-3 BDRM-TH F-4 BDRM-TH High Sq.Ft. / BDRM 0 0 0 0 Low Sq.Ft. / BDRM 0 0 0 0 Project Sq.Ft. / BDRM 0 0 0 0 Percentage of Units 0.00% 0.00% 0.00% 0.00% Points per Bedroom 0.00 0.00 0.00 0.00

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

adapt or rehab only. Combinations do Total Unit Size Points: 93.10 not calculate correctly.

Amenities:All units have:

a. 1.5 or 2 Bathrooms 100.00% 15.00b. Community Room 0.00c. Brick Walls 0.00% 0.00d. Kitchen/Laundry Appl-Energy Star 5.00e. Windows-Energy Star 5.00f. Heat/AC-SEER-AFUE 10.00g. Sub-metered water expense 5.00h. Low flow faucets & showerheads 3.00i. High speed cable, DSL, wireless internet 1.00j. Water heaters meet EPA Energy Star requirements 0.00

Total 44.00All elderly units have:

a. Front-control ranges 0.00b. Emergency call system 0.00c. Independent/suppl. heat source 0.00d. Two eye viewers 0.00

Total 0.00

All rehab or adaptive reuse units:b. Historic structure 0.00

Total amenities: 44.00

2009

$/SF = $228.97 Credits/SF = $26.80 Const $/unit = $185,886

TYPE OF PROJECT FAMILY = 11000; ELDERLY = 12000 11000 If an ERROR message appears here checkLOCATION BELT=100; NVM=110; NVNM=200; RIC=300; TID=400; SMA=500; SMA-C=510; RUR=600 100 spelling of Clerk's Office on pg 1. It mustTYPE OF CONSTRUCTION N C=1; ADPT=2;REHAB(25,000+)=3; REHAB(15,000-25,000)=4 1 match exactly with the Jurisdiction names

listed in the Application Manual.ELDERLY

AS LVG EFF-E 1 BR-E 2 BR-E EFF-E-1 ST 1 BR-E-1 ST 2 BR-E-1 STAVG UNIT SIZE 0 0 0 0 0 0 0NUMBER OF UNITS 0 0 0 0 0 0 0

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

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

PARAMETER-(CREDITS=>25,000) 0 0 0 0 0 0 0PARAMETER-(CREDITS<25,000) 0 0 0 0 0 0 0

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

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

FAMILYEFF-G 1 BR-G 2 BR-G 3 BR-G 4 BR-G 2 BR-TH 3 BR-TH 4 BR-TH

AVG UNIT SIZE 0 0 1,093 1,126 0 0 0 0NUMBER OF UNITS 0 0 12 6 0 0 0 0

PARAMETER-(COSTS=>25,000) 0 0 358,313 400,969 0 0 0 0PARAMETER-(COSTS<25,000) 0 0 0 0 0 0 0 0

COST PARAMETER 0 0 358,313 400,969 0 0 0 0PROJECT COST PER UNIT 0 0 250,182 257,902 0 0 0 0

PARAMETER-(CREDITS=>25,000) 0 0 28,610 32,016 0 0 0 0PARAMETER-(CREDITS<25,000) 0 0 0 0 0 0 0 0

CREDIT PARAMETER 0 0 28,610 32,016 0 0 0 0PROJECT CREDIT PER UNIT 0 0 29,288 30,192 0 0 0 0

COST PER UNIT POINTS 0.00 0.00 15.09 8.92 0.00 0.00 0.00 0.00CREDIT PER UNIT POINTS 0.00 0.00 -2.84 3.42 0.00 0.00 0.00 0.00

TOTAL COST PER UNIT POINTS 24.01

TOTAL CREDIT PER UNIT POINTS 0.57

Cost Parameters - ElderlyAS LVG EFF-E 1 BR-E 2 BR-E EFF-E-1 ST 1 BR-E-1 ST 2 BR-E-1 ST

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

Adjusted Cost Parameter

Credit Parameters - ElderlyAS LVG EFF-E 1 BR-E 2 BR-E EFF-E-1 ST 1 BR-E-1 ST 2 BR-E-1 ST

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

Adjusted Credit Parameter

Cost Parameters - FamilyEFF-G 1 BR-G 2 BR-G 3 BR-G 4 BR-G 2 BR-TH 3 BR-TH 4 BR-TH

Standard Parameter - low riseParameter Adjustment - mid riseParameter Adjustment - high rise


Credit Parameters - FamilyEFF-G 1 BR-G 2 BR-G 3 BR-G 4 BR-G 2 BR-TH 3 BR-TH 4 BR-TH



0 0

0 00 0

00

0

0 0 0 0 0

0 0 000

00 0 0 0

0 0 0 0

0 0000 0 0

0 0 358,313 400,969 0 0 0

00

00

0 00 0 0

00

0 0 00

0

0

0

0 0

0 00 0

0

0 00 0 00

00 00 0

0 0

358,313 400,96900

0 00

0 0 28,610 32,016

0

0 0 00 0 0 0 0 0 0 0

0

0 0 0 0 0 0 0 00 00 0 28,610 32,016 0 0

2009

$/SF = $228.97 Credits/SF = $26.80 Const $/unit = $185,886

TYPE OF PROJECT FAMILY = 11000; ELDERLY = 12000 11000 If an ERROR message appears here checkLOCATION BELT=100; NVM=110; NVNM=200; RIC=300; TID=400; SMA=500; SMA-C=510; RUR=600 100 spelling of Clerk's Office on pg 1. It mustTYPE OF CONSTRUCTION N C=1; ADPT=2;REHAB(25,000+)=3; REHAB(10,000-25,000)=4 1 match exactly with the Jurisdiction names

listed in the Application Manual.ELDERLY

AS LVG EFF-E 1 BR-E 2 BR-E EFF-E-1 ST 1 BR-E-1 ST 2 BR-E-1 STAVG UNIT SIZE 0 0 0 0 0 0 0NUMBER OF UNITS 0 0 0 0 0 0 0

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

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

PARAMETER-(CREDITS=>25,000) 0 0 0 0 0 0 0PARAMETER-(CREDITS<25,000) 0 0 0 0 0 0 0

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

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

FAMILYEFF-G 1 BR-G 2 BR-G 3 BR-G 4 BR-G 2 BR-TH 3 BR-TH 4 BR-TH

AVG UNIT SIZE 0 0 1,093 1,126 0 0 0 0NUMBER OF UNITS 0 0 12 6 0 0 0 0

PARAMETER-(COSTS=>25,000) 0 0 358,313 400,969 0 0 0 0PARAMETER-(COSTS<25,000) 0 0 0 0 0 0 0 0

COST PARAMETER 0 0 358,313 400,969 0 0 0 0PROJECT COST PER UNIT 0 0 250,182 257,902 0 0 0 0

PARAMETER-(CREDITS=>25,000) 0 0 28,610 32,016 0 0 0 0PARAMETER-(CREDITS<25,000) 0 0 0 0 0 0 0 0

CREDIT PARAMETER 0 0 28,610 32,016 0 0 0 0PROJECT CREDIT PER UNIT 0 0 29,288 30,192 0 0 0 0

COST PER UNIT POINTS 0.00 0.00 15.09 8.92 0.00 0.00 0.00 0.00CREDIT PER UNIT POINTS 0.00 0.00 -2.84 3.42 0.00 0.00 0.00 0.00

TOTAL COST PER UNIT POINTS 24.01

TOTAL CREDIT PER UNIT POINTS 0.57

Cost Parameters - ElderlyAS LVG EFF-E 1 BR-E 2 BR-E EFF-E-1 ST 1 BR-E-1 ST 2 BR-E-1 ST

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


Credit Parameters - ElderlyAS LVG EFF-E 1 BR-E 2 BR-E EFF-E-1 ST 1 BR-E-1 ST 2 BR-E-1 ST



Cost Parameters - FamilyEFF-G 1 BR-G 2 BR-G 3 BR-G 4 BR-G 2 BR-TH 3 BR-TH 4 BR-TH

Standard Parameter - low riseParameter Adjustment - mid riseParameter Adjustment - high rise


Credit Parameters - FamilyEFF-G 1 BR-G 2 BR-G 3 BR-G 4 BR-G 2 BR-TH 3 BR-TH 4 BR-TH


Adjusted Credit Parameter 0 0 0 00 0 28,610 32,0160 0 0 00 0 0 00 0 0 00 0 0 00 0 0 00 0 28,610 32,016

00 0 0 00 0 0

00 000

0 0

0 0 358,313 400,969 0

000

0 00 0 0 0 0 0

0 0 0 0

0 0 0

0

0

0

400,969

0 0 00 0 0 00

0

0 00 0 0

0 00

0

0 0 358,313

0 0

0

0 00

00

0 0

0

000 0

0 0 0

0

00

0 00 0

2009

TAB A (Documentation of Development Location)

TAB A.1 (Qualified Census Tract Certification)

TAB A.2

(Revitalization Area Certification)

Location Map

James Bland I Location Map

808 Madison St, Alexandria, VA 22314

Surveyor’s Certification of Proximity To Public Transportation

TAB B

(Partnership or Operating Agreement)

James Bland Housing I Limited

Partnership

General Partner: ARHA James Bland Housing I

GP LLC (wholly owned by Alexandria Redevelopment and Housing Authority, Roy Priest, CEO)

.01%

Initial Limited Partner: EYA Development, Inc.

Robert Youngentob, President99.99%

TAB C

(VA SCC Certification)

TAB D

(Principal’s Previous Participation Certification)

TAB E

(Nonprofit Questionnaire)

TAB F

(Architect’s Certification)

TAB G (Relocation Assistance Plan)

Relocation Assistance Plan

TAB H

(PHA/Section 8 Notification Letter)

TAB I

(Local CEO Letter)

TAB J

(Homeownership Plan)

TAB K

(Site Control Documentation)

TAB L

(Plan of Development Certification Letter)

TAB M

(Zoning Certification Letter)

TAB N

(Copies of 8609’s To Certify Developer Experience)

TAB O (Photographs)

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 (Syndication Letter of Intent)

TAB V

(Nonprofit or LHA Purchase Option or Right of First Refusal)

TAB W

(Original Attorney’s Opinion)

TAB Y (Marketing Plan for units meeting accessibility

requirements of HUD section 504)

VHDA Locality Notification Information Form

James Bland Apartments I / Alexandria

PART I - INSTRUCTIONS:

New in 2009!

50-Point Penalty:

Delivery of Electronic Copy of this form to VHDA:via e-mail to [email protected]. E-mail only one form at a time!

via regular mail (on CD) to:

VHDATax Credit Allocation Departmentc/o Debbie Griner601 S. Belvidere StreetRichmond, VA 23220-6500

VHDA Contact Information:Call Debbie Griner at 804-343-5518 if you have questions about completing this form.

Although VHDA prepares the documents sent to each locality, we rely on you, the developer/Applicant, to provide us with key information, including the name of the locality having jurisdiction over the development, names, addresses and salutations, as well as a summary of basic development information.

In addition to contacting the Locality CEO, VHDA will also be contacting the Mayor or Chairman of the Board of Supervisors. It is probable that each position will have a separate mailing address.

If you use this e-mail option, you will receive an auto reply message confirming "message received." The system DOES NOT confirm that an attachment has been received.

Locality Notification Information Form

If you already have a local support letter, you can include it with the application at TAB I. However, you must still complete this form and submit it to VHDA or the application for this development will be penalized 50 points!

For information about additional points associated with receiving a Support Letter from the local jurisdiction, please refer to the Application Manual.

Failure to complete and submit this form prior to 5:00 p.m. EST time on March 25, 2009 will result in a 50-point penalty (-50 points) for any application submitted in connection with the 2009 competitive tax credits.

Section 42 (m)(1)(A)(ii) of the Internal Revenue Code requires allocating agencies to notify "the Chief Executive Officer (CEO) or equivalent of the local jurisdiction within which the building is located and provide such individual a reasonable opportunity to comment on the development." VHDA uses information you provide in this form to comply with this requirement. If your development overlaps two or more jurisdictions, you are required to submit this form for each.

Developers seeking tax-exempt bond 4% credits or Non-Competitive 9% credits, should submit this form at least 30 days prior to submission of the tax credit application.



PART II - CEO & JURISDICTION INFORMATIONPlease read INSTRUCTIONS above carefully before completing the following sections.

A. Chief Executive Officer (CEO) Information

Name of CEO:James K HartmannFirst Name Middle Initial Last Name

Job Title: City Manager

Local Jurisdiction: City of Alexandria

Mailing Address/P.O. Box: 301 King St

Suite/Room # (if applicable): Ste 3500City: AlexandriaState: VAZip: 22314

Salutation: Mr.

B. Mayor or Chairman of the Board of Supervisors Information

Name:William D EuilleFirst Name Middle Initial Last Name

Job Title: Mayor

Local Jurisdiction: City of AlexandriaMailing Address/P.O. Box: 301 King St

Suite/Room # (if applicable): Room 2300City: AlexandriaState: VAZip: 22314

Salutation: The Honorable

e.g. "The Honorable", "Mr.", "Mrs.", "Ms.", "Rev.", etc.

"Mayor" or "Chairman of the Board of Supervisors"

This zip code must correspond to the P.O. Box or street address that you are using. Note: Zip codes for P.O. boxes are usually different from the zip codes for the street addresses.

e.g. "The Honorable", "Mr.", "Mrs.", "Ms.", "Rev.", etc.

This is the mailing address for the Mayor or Chairman of the Board of Supervisors. May be different from CEO address. Please double check the address before entering.

Be sure the zip code you pick up corresponds to the P.O. Box or street address that you are using. Note: Zip codes for P.O. boxes are usually different from the zip codes for the street addresses.

e.g. "City Manager", "Town Manager", "County Administrator", "Executive Officer", "Chief Administrative Officer", etc.

e.g. "City of…", "Town of…" or "[ ] County"

This is the mailing address of the CEO and may not always be the same as the physical address of the courthouse, town hall, municipal building, city hall, etc. Please double check the address before entering.

This is the full name of the City Manager, Town Manager, County Administrator, Chief Administrative Officer, Executive Officer, etc.



C. Jurisdiction Detail

Circuit Court Clerk's office in which the deed to the property is or will be recorded: Alexandria/City of AlexandCity/County of

Does the site overlap one or more jurisdictional boundaries? Yes No If yes, add the names of the other jurisdiction(s) here:

City/County of City/County of

Development is located in a Metropolitan Statistical Area (MSA)? Yes NoDevelopment's Census Tract: 2018.01

Census Tract Number

Is this a Qualified Census Tract? Yes NoIs the development located in a Difficult Development Area? Yes NoIs the development located in a revitalization area? Yes No

Congressional District 8 http://dlsgis.state.va.us/congress/2001PDFs/chap7Tab.pdfPlanning District PDC 8 http://www.vapdc.org/aboutpdcs.htm#PDC%20MapState Senate District 30 http://dlsgis.state.va.us/senate/2001PDFs/Chap2Tab.pdfState House District 45 http://dlsgis.state.va.us/House/2001HousePDFs/Chap1Tab.pdf

Local Planning/Zoning Contact Info:

Best Person to Contact: Jeffrey Farner

Job Title: Deputy Director Department of Planning and Zoning

Contact Phone: (703) 838-4666 x315

PART III - DEVELOPMENT INFORMATION

Proposed Development Name: James Bland Apartments IThis is the marketing name of your development

Proposed Development Address: 808 Madison St Alexandria VA 22314Street Address City State Zip

VHDA Tax Credit Pool: LHA

In the space below, give a brief description of the proposed development.

Development Type: (Family or Elderly) FamilyDescribe Architectural Style:Describe Exterior Finish:Describe Community Facilities:

1. Units:Number of low-income units 18 # bedrooms 42% Low-Income Units 100%Number of new units 18 # bedrooms 42Number of adaptive reuse units 0 # bedrooms 0Number of rehabilitation units 0 # bedrooms 0Total number of all units 18 Total # bedrooms 42

2. Floor Area:Gross Residential Floor Area 19870Commercial Floor Area 0Low-Income Floor Area 19870% Low-Income Unit Floor Area 100%

3. Number/Age of BuildingsNumber of Buildings 6Age of Building(s) NC Number of stories: 3

4. Structural Features (check all that apply):Row House/Townhouse Garden Apartments Slab on GradeDetached Single-family Detached Two-family Basement Elevator Crawl Space

5. Building Systems:Describe Heating/AC System:

James Bland I is the first of a five phase redevelopment of the existing and obsolite public housing in the heart of Old Town Alexandria. This redevelopment will be a mixed income project incorporating public housing with market rate housing.

e.g., "Director of Planning", "Planning Administrator", "Zoning Administrator", etc

This is the person with whom you've previously spoken about the development and whom can answer anticipated questions from the CEO.

ColonialHardy Plank SidingN/A

Electric heat pump OR gas heat / electric A/C



PART IV - OWNER & SELLER INFORMATION

A. Owner Information

Owner Name: ARHA Phone: (703) 549-7115 x218Best Person to Contact: Roy PriestStreet Address: 600 N Fairfax StCity, State & Zip: Alexandria VA 22314

City State Zip

Type of entity: Limited Partnership Other: Public body corporate & politicIndividual(s) Corporation

Names Phone Type of Ownership % OwnershipRoy Priest (703) 549-7115 x218 Executive Director N/A

B. Seller Information:

Seller Name: ARHASeller Phone: (703) 549-7115 x218Street Address: 600 N Fairfax StCity, State & Zip: Alexandria VA 22314

City State Zip

Is there an identity of interest between the seller and owner/applicant? Yes No If yes, completethe following:

Nature of Identity of Interest (1): ARHA is both the seller and the GP of the Applicant LP.e.g. general partner, managing member, controlling shareholder, etc.

Name ARHAStreet Address 600 N Fairfax StCity, State & Zip: Alexandria VA 22314

City State Zip

Nature of Identity of Interest (2):e.g. general partner, managing member, controlling shareholder, etc.

NameStreet AddressCity, State & Zip:

City State Zip

6. If Any Person that Directly or Indirectly Controls or Has the Power to Control a Principal

1. If Partnership (owner or otherwise) - all GPs, regardless of % interest in GP

3. If a Corporation (public or private), Organization or Governmental Entity - officers who are directly responsible to the Board of Directors (or equivalent) and any stockholder having a 25% or more interest

2. If an LLC - all members regardless of % interest

4. If a Trust - all persons having a 25% or more beneficial ownership interest in the assets of the trust

5. If an Individual (owner or otherwise) - anyone having a 25% or more ownership interest of the named individual

List of Principals. Use the following as a guide to listing principals.


Documents

James Bland I - 2009 VA