Royal Hills Apartments - 2009 VA

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Application for Reservation

of Low Income Housing Tax Credits

Royal Hills ApartmentsFront Royal, VA

Applicant

Royal Hills Family, LP

212 W. Main St., Ste 301A

Salisbury, MD 21801

Contact

David Layfield

Green Street Housing, LLC

212 W. Main St., Ste 301A

Salisbury, MD 21801

410-334-3671



2009 Federal Low Income Housing

Tax Credit Program

Application For Reservation

Deadline for Submission

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

Virginia Housing Development Authority

601 South Belvidere Street

Richmond, 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 monthbefore the bonds are priced (if bonds issued by VHDA), or

75 days before the bonds are issued (if bonds are not issuedby VHDA)

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 CertificationA.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 (MANDATORY

Tab C: Virginia State Corporation Commission Certification (MANDATORY)

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

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

The following documents need not be submitted unless requested by VHDA:

-Nonprofit Articles of Incorporation-IRS Documentation of Nonprofit Status-Joint Venture Agreement (if applicable)-For-profit Consulting Agreement (if applicable)

Tab F: Architect's Certification (MANDATORY)

Tab H: PHA / Section 8 Notification LetterTab I: Local CEO Letter

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

Tab 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 Assistance

Tab 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 504

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

Please indicate if the following items are included with your application by checking the appropriate boxes. Yourassistance in organizing the submission in the following order, and actually using tabs to mark them as shown, willfacilitate review of your application. Please note that all mandatory items must be included for the application to beprocessed. The inclusion of other items may increase the number of points for which you are eligible under VHDA's pointsystem of ranking applications, and may assist VHDA in its determination of the appropriate amount of credits that it mayreserve for the development. You are therefore encouraged to submit as much requested information as is available, buttheir 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-109

I. General Information

All code "Section" references are to, and the term "IRC" shall be deemed to mean, 5/14/2009

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

A. Development Name and Location:

1. Name of Development Royal Hills Apartments

2. Address of Development 31 Royal Lane

(Street)Front Royal Virginia 22630

(City) (State) (Zip Code)

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

location on site your surveyor deems appropriate.

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

(Coordinates should be the same as those listed on pg 13, if applicable)

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

City/County of Warren County (ie; Richmond City, Chesterfield County; see application manual)

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

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

6. Is the development located in a Metropolitan Statistical Area? Yes No

7. Census Tract the development is located in: 51187020600

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

8. Is the development located in a Difficult Development Area? No

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

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

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

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

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

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

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

b. Applicant has obtained a waiver of this requirement from VHDA

prior to the application submission deadline. Yes n/a

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

rate <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 10 http://dlsgis.state.va.us/congress/2001PDFs/chap7Tab.pdf

Planning District 7 http://www.vapdc.org/aboutpdcs.htm#PDC%20Map

State Senate District 26 http://dlsgis.state.va.us/senate/2001PDFs/Chap2Tab.pdf

State House District 18 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.

Royal Hills Apartments is an existing 88 unit RD financed family apartment community located in Front Royal, VA. The property was built in two phases

in 1983 and 1987 and is in need of rehabilitation. Rehab will include adding four new units, replacement of siding, adding brick, new facades, Energy Star windows and appliances, high efficiency HVAC systems, new kitchen cabinets, new bathrooms, floor coverings, interior and exterior lighting, landscaping, playground equipment, and a new community building.

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) $921,937

2. Credits requested from:

9% Credits

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

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

Northern Virginia MSA Pool Small MSA/Micropolitan Pool

Richmond MSA Pool Rural Pool

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

Tax Exempt Bonds

new construction, or

rehabilitation, or

acquisition and rehabilitation.

Federal SubsidiesThe development will not receive federal subsidies.

This development will receive federal subsidies for:

all buildings or

some buildings.

D. Type(s) of Allocation/Allocation Year

1. Regular Allocation

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

in service this year. For those buildings the owner will, this year, request an

allocation of 2008 credits for new construction, or

rehabilitation, or

acquisition and rehabilitation.

2. Carryforward Allocation

All of the buildings in the development are expected to be placedin service within two years after the end of this calendar year, 2009, but the

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

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

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

new construction, or

rehabilitation, or

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

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

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

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

3. Federal Subsidies

The development will not receive federal subsidies.

This development will receive federal subsidies for:

all buildings or

some buildings.

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 the10% basis/ 15,000.00 rehab costs ( 10,000 for Tax Exempt Bonds) per unit requirement.

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

Subsection (II)

Subsection (III)

Subsection (IV)Subsection (V)

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

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

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

F. Rehabilitation Credit Information

: no cre ts are e ng requeste or re a tat on expen tures, so n cate an go

on to Section II. No Rehabilitation

Minimum Expenditure Requirements

All buildings in the development satisfy the rehab costs per unit requirement of IRCSection 42(e)(3)(A)(ii).

All buildings in the development qualify for the IRC Section 42(e)(3)(B) exception to the10% basis requirement (4% credit only).

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

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

2009 Page 3




II. OWNERSHIP INFORMATION

A. Owner Information:

Name Royal Hills Family, LP

Contact Person First: David Middle: Franklin Last: Layfield

Address 212 W. Main St., Ste 301A(Street)

Salisbury Maryland 21801(City) (State) (Zip Code)

Federal I. D. No. 26-4760590 (If not available, obtain prior to Allocation)Phone 410-334-3671 Fax 888-330-8115 Email address [email protected]

Type of entity: Limited Partnership Other

Individual(s) Corporation

Owner'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 % OwnershipRoyal Hills, LLC 410-334-3671 General Partner 100.00%

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 fillin 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 thoseinvolving 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 itssole discretion. IMPORTANT: The Owner name listed on this page must match exactly the owner name listed on the Virginia State Corporation Commission

Must be an individual or legally formed entity

David F. Layfield, Jr 4103343671 LLC Member 0.00%O. Palmer Gillis, III 4103343671 LLC Member 0.00%Dwight H. Miller 4103343671 LLC Member 0.00%James B. Barnes 4103343671 LLC Member 0.00%Bradley J. Gillis 4103343671 LLC Member 0.00%

0.00%

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

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

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

B. Seller Information:

Name Royal Hills Ltd Ptnrshp & Royal Hills Ph II Ltd Contact PersonRobert N. BradleyAddress PO Box 8187, 306 McClanahan St., SW, Ste FRoanoke, VA 24014 Phone 540-767-3108

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

If yes, complete the following:

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

Names Phone Type Ownership % Ownership

0.00%

0.00%

0.00%

0.00%

NOTE: VHDA may allocate credits only to the tax-paying entity which owns the development at the time of the allocation. The term "Owner" herein refers to that entity. Please fillin 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 thoseinvolving 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 itssole discretion. IMPORTANT: The Owner name listed on this page must match exactly the owner name listed on the Virginia State Corporation Commission

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: Richard M. Price Related Entity? Yes NoFirm Name: Nixon PeabodyAddress: 401 9th Street, NW, Suite 900, Washington, DC 20004

Phone: 202-585-8716 Fax: 202-585-8080

2. Tax Accountant: TBD Related Entity? Yes NoFirm Name:Address:

Phone: Fax:

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

Phone: Fax:

4. Management Entity (Contact): Lester Severe Related Entity? Yes NoFirm Name: TM Associates Mangement IncAddress: 15825 Shady Grove Road, Suite 55, Rockville, MD 20850

Phone: 240-683-0300 Fax: 240-683-0727

5. Contractor (Contact): Dwight Miller Related Entity? Yes NoFirm Name: Gillis Gilkerson, IncAddress: 212 W. Main St., Ste 305, Salisbury, MD 21801

Phone: 410-749-4821 Fax: 410-749-7934

6. Architect: Kevin B. Oldland Related Entity? Yes NoFirm Name: AWB Engineers, IncAddress: 1942 Northwood Drive, Salisbury, MD 21801

Phone: 410-742-7299 Fax: 410-742-0273

7. Real Estate Attorney: TBD Related Entity? Yes NoFirm Name:Address:

Phone: Fax:

8. Mortgage Banker: Craig Hacket Related Entity? Yes NoFirm Name: Bonneville MultifamilyAddress: 111 Broadway, Suite 1250, Salt Lake City, UT 84111

Phone: 801-323-1077 Fax: 801-323-1001

9. Other (Contact): Byron Waters Related Entity? Yes NoFirm Name: USDA Rural Development Role: LenderAddress: 1606 Santa Rosa Rd., Suite 238, Richmond, VA 23299

Phone: 804-287-15547 Fax: 804-287-1784

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, and

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

as a for-profit entity.

pp cants: To qualify for points under the ranking system, the nonprofit's involvement need not necessarily

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

1. Nonprofit Involvement (All Applicants)

If there is no nonprofit involvement in this development, please indicate by checking here:and go on to part III

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

Questionnaire attached (Mandatory TAB E)

3. Type of involvementNonprofit 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)

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.

The nonprofit organization involved in this development is:

the Owner

the Applicant (if different from Owner)

Other

(Name of nonprofit)

(Contact Person) (Street Address)

(City) (State) (Zip code)

(Phone) (Fax)

5. Percentage of Nonprofit Ownership (All nonprofit applicants)

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

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

2009 Page 6




III. DEVELOPMENT INFORMATION

A. Structure and Units:1. Total number of all units in development 92

Total number of rental units in development 92 bedrooms 186

Number of low-income rental units 92 bedrooms 186Percentage of rental units designated low-income 100.00%

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

Row House/Townhouse Detached Single-family

Garden Apartments Detached Two-family

Slab on Grade Basement

Crawl space Age of Structure: 25

Elevator Number of stories: 3

3. Number of new units 0 bedrooms 0Number of adaptive reuse units 0 bedrooms 0Number of rehab units 92 bedrooms 186

4. Total Floor Area For The Entire Development 99,712.50 (Sq. ft.)

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

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

(Not eligible for funding)

7. Total Usable Residential Heated Area 83,088.50 (Sq. ft.)

8. Number of Buildings (containing rental units) 8

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: New playground, New community building, Expanded maintenance & laundr

Exterior Finish: Brick & vinyl

Heating/AC System: Central HVAC

Architectural Style: Garden Apartments

2009 Page 7




C. Amenities:

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

Assisted Lvg 0.00 SF 1Bdrm Eld 0.00 SF 3-Bdrm Gar 1,049.70 SF1-Sty-Eff-Eld 0.00 SF 2Bdrm Eld 0.00 SF 4-Bdrm Gar 0.00 SF1-Sty 1BR-Eld 0.00 SF Eff-Gar 0.00 SF 2-Bdrm TH 0.00 SF1-Sty 2BR-Eld 0.00 SF 1-Bdrm Gar 681.50 SF 3-Bdrm TH 0.00 SFEff-Eld 0.00 SF 2-Bdrm Gar 922.73 SF 4-Bdrm TH 0.00 SF

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

83,088.50 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 theapplicant certifies that the proposed project budget, plans & specifications and work write-ups incorporateall necessary elements to fulfill these requirements.

. hec the o ow ng tems wh ch app y to the proposed pro ect:Documentation attached (TAB F Architect Certification) Mandatory

or any pro ec , upon comp e on o cons ruc on re a a on: p ona o n ems

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

55% 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 arat ng o . or more and a rat ng o . or more and a var ab e speed a r hand ng un t

(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






IV. TENANT INFORMATION

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

POINTS FOR THE BONUS POINT CATEGORY

Units Provided Per Household Type:

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

0 0.00% 40% Area Median 10 10.87% 40% Area Median92 100.00% 50% Area Median 82 89.13% 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

92 100.00% Total 92 100.00% Total

B. Special Housing Needs/Leasing Preference:

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

Income Levels Rent Levels

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 familysize (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-andincome-restricted units are known as low-income units. If you have more low-income units than required, you qualify for more credits. If youserve lower incomes than required, you receive more points under the ranking system.

Yes Elderly (age 55 or above)

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

2. Specify the number of low-income units that will serve individuals and families with children byproviding three or more bedrooms: Number of units 22% of total low-income units

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

displacement on those tenants be minimized, in which Owners agree to abide by the Authority's RelocationGuidelines for LIHTC properties.

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

Yes

No

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

Organization which holds such waiting list: Shenandoah County Dept of Social ServicesContact person (Name and Title) Sue Gill

Phone Number 540-459-6226 Required documentation attached (TAB H)

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

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

Yes

No

20

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 familysize (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-andincome-restricted units are known as low-income units. If you have more low-income units than required, you qualify for more credits. If youserve lower incomes than required, you receive more points under the ranking 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 M. Graham

Chief Executive Officer's Title Town Manager

Street Address PO Box 1560 Phone 540-635-8007

City Front Royal State Virginia Zip 22630

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

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 NameChief 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 the

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

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

B. Project Schedule

ACTUAL OR NAME OF

ACTIVITY ANTICIPATED PERSON

DATE RESPONSIBLE

Site

Option/Contract 2/16/2009 David Layfield

Site Acquisition 11/1/2009 David Layfield

Zoning Approval 7/19/1982 N/ASite Plan Approval 4/29/2009 David Layfield

Financing

A. Construction Loan

Loan Application 6/1/2009 David Layfield

Conditional Commitment 7/1/2009 David Layfield

Firm Commitment 8/1/2009 David Layfield

B. Permanent Loan - First Lien




C. Permanent Loan-Second Lien




D. Other Loans & GrantsType & Source, List

Application

Award/Commitment

Formation of Owner 4/16/2009 David Layfield

IRS Approval of Nonprofit Status

Closing and Transfer of Property to Owner 11/1/2009 David Layfield

Plans and Specifications, Working Drawings 8/1/2009 Kevin Oldland

Building Permit Issued by Local Government 10/20/2009 David Layfield

Start Construction 11/15/2009 Dwight Miller

Begin Lease-up 3/1/2010 Lester Severe

Complete Construction 11/30/2010 Dwight Miller

Complete Lease-Up 12/31/2010 Lester Severe

Credit Placed in Service Date 12/31/2010 David Layfield2009 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: )

Note: Site control by the Owner identified herein is a mandatory precondition of review of this application. Documentaryevidence of it, in the form of either a deed, option, purchase contract, or lease for a term longer than the period of time theproperty 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. Anticipatedfuture transfers to the Owner are not sufficient. The Owner, as identified in Subpart II-A, must have site control at thetime 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 along-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.

Purchase Contract - attached (expiration date: 07/ 31/10 )

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

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

B. Timing of Acquisition by Owner:

Select one:

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

Owner is to acquire property by deed (or lease for period no shorter than period propertywill be subject to occupancy restrictions) no later than 11/01/09 (must be prior to November 6, 2009).

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

C. Market Study Data:

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

Project Wide Capture Rate - LIHTC Units

Project Wide Capture Rate - Market Units

Project Wide Capture Rate - All Units

Project Wide Absorption Period (Months)

32.00%

0.00%

32.00%

48

Note: Site control by the Owner identified herein is a mandatory precondition of review of this application. Documentaryevidence of it, in the form of either a deed, option, purchase contract, or lease for a term longer than the period of time theproperty 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. Anticipatedfuture transfers to the Owner are not sufficient. The Owner, as identified in Subpart II-A, must have site control at thetime 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 along-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.

2009 Page 12




C. Site Description

1. Exact area of site in acres 9.000

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 placement

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

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

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

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

In addition: required documentation for rehabilitation properties

A unit-by-unit work write-up.

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

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

2009 Page 13




VII. OPERATING BUDGET

A. Rental Assistance

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

Yes No

2. If yes, indicate type of rental assistance:

Section 8 New Construction Substantial Rehabilitation

Section 8 Moderate RehabilitationSection 8 Certificates

Section 8 Project Based Assistance

RD 515 Rental Assistance

Section 8 Vouchers

State Assistance

Other:

3. Number of units receiving assistance: 8

Number of years in rental assistance contract: 2

Expiration date of contract: 05/01/09

Contract or other agreement attached (TAB Q)

B. Utilities

1. Monthly Utility Allowance Calculations

Utilities Type of Utility Utilities Enter Allowances by Bedroom Size

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

Heating Electric Owner X Tenant 0 17 21 30 0

Air Conditioning Electric Owner X Tenant 0 17 21 30 0

Cooking Electric Owner X Tenant 0 10 13 18 0

Lighting Electric Owner X Tenant 0 13 17 24 0

Hot Water Electric Owner X Tenant 0 10 13 18 0

Water X Owner Tenant 0 0 0 0 0

Sewer X Owner Tenant 0 0 0 0 0

Trash X Owner Tenant 0 0 0 0 0

Total utility allowance for costs paid by tenant $0 $66 $85 $121 $0

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

HUD

Utility Company (Estimate) Local PHA

Utility Company (Actual Survey) Other: USDA Rural Development

2009 Page 14




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

Total Number of Total Monthly

Tax Credit Units Rental Income

0 $0

18 $9,956

54 $35,670

20 $15,376

0 $0

92

Plus Other Income Source (list): Laundry/Vend, Tenant Charges, Fees, & Interest $375

Equals Total Monthly Income: $61,377

Twelve Months x12

Equals Annual Gross Potential Income $736,524

Less Vacancy Allowance ( 7.0% ) $51,557

Equals Annual Effective Gross Income (EGI) - Low Income Units $684,967

** 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 theMarket Rate Units: **

Total Number of Total Monthly

Market Units Rental Income

0 $0

0 $0

0 $00 $0

0 $0

Total Number of Market Units 0

Plus Other Income Source (list): $0

Equals Total Monthly Income: $0

4 Bedroom Units

Unit Type

Unit Type

1 Bedroom Units

2 Bedroom Units

3 Bedroom Units

Total Number of Tax Credit Units

Efficiency Units

4 Bedroom Units

1 Bedroom Units

2 Bedroom Units3 Bedroom Units

Efficiency Units

Twelve Months x12

Equals Annual Gross Potential Income $0

Less Vacancy Allowance ( 0.0% ) $0

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

Documentation in Support of Operating Budget attached (TAB R)

List number of units by type: TOTAL UNITS

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

0 0 0 0 0 18

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

54 20 0 0 0 0

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

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

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

List number of units by type: TAX CREDIT UNITS

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

0 0 0 0 0 18

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

54 20 0 0 0 0

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

0 0 0

Efficiency Units

Unit Type / Net Rentable Monthly Rent Total

Rent Targeting Number Units Square Feet Per Unit Monthly Rent

Efficiency - 40% 0 0.00 -$ -$

Efficiency - 40% 0 0.00 -$ -$

Efficiency - 40% 0 0.00 -$ -$

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















Total Efficiency

Market Units: 0 0.00 Total Monthly

Eff. Market Rent: -$

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

1-Bedroom Units

Net Rentable Monthly Rent Total


1 BR - 40% 2 685.50 459$ 918$2009 Page 15



1 BR - 40% 2 685.50 459$ 918$

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% 8 685.50 580$ 4,640$

1 BR - 50% 6 673.50 580$ 3,480$

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: 18 12,267.00 Tax Credit Rent: 9,956$

1 BR - Market 0 0.00 -$ -$

1 BR - Market 0 0.00 -$ -$

1 BR - Market 0 0.00 -$ -$

1 BR - Market 0 0.00 -$ -$

1 BR - Market 0 0.00 -$ -$

1 BR - Market 0 0.00 -$ -$

1 BR - Market 0 0.00 -$ -$

1 BR - Market 0 0.00 -$ -$

1 BR - Market 0 0.00 -$ -$

1 BR - Market 0 0.00 -$ -$

1 BR - Market 0 0.00 -$ -$

1 BR - Market 0 0.00 -$ -$

1 BR - Market 0 0.00 -$ -$

1 BR - Market 0 0.00 -$ -$

1 BR - Market 0 0.00 -$ -$

Total 1-BR


1-BR Market Rent: -$

Total 1-BR Units: 18 Total 1-BR Rent 9,956$

2009 Page 15



2-Bedroom Units



2 BR - 40% 6 931.25 545$ 3,270$

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% 47 921.25 675$ 31,725$

2 BR - 50% 1 941.25 675$ 675$

2 BR - 50% 0 0.00 -$ -$

2 BR - 50% 0 0.00 -$ -$

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

2 BR - 50% 0 0.00 -$ -$

2 BR - 50% 0 0.00 -$ -$

2 BR - 50% 0 0.00 -$ -$

2 BR - 50% 0 0.00 -$ -$

2 BR - 50% 0 0.00 -$ -$

2 BR - 50% 0 0.00 -$ -$

2 BR - 50% 0 0.00 -$ -$

2 BR - 50% 0 0.00 -$ -$

2 BR - 50% 0 0.00 -$ -$

2 BR - 60% 0 0.00 -$ -$

2 BR - 60% 0 0.00 -$ -$

2 BR - 60% 0 0.00 -$ -$

2 BR - 60% 0 0.00 -$ -$

2 BR - 60% 0 0.00 -$ -$

2 BR - 60% 0 0.00 -$ -$

2 BR - 60% 0 0.00 -$ -$

2 BR - 60% 0 0.00 -$ -$

2 BR - 60% 0 0.00 -$ -$

2 BR - 60% 0 0.00 -$ -$

2 BR - 60% 0 0.00 -$ -$

2 BR - 60% 0 0.00 -$ -$

2 BR - 60% 0 0.00 -$ -$

2 BR - 60% 0 0.00 -$ -$

2 BR - 60% 0 0.00 -$ -$



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




3-Bedroom Units



3 BR - 40% 0 0.00 -$ -$

3 BR - 40% 0 0.00 -$ -$

3 BR - 40% 0 0.00 -$ -$

3 BR - 40% 0 0.00 -$ -$

3 BR - 40% 0 0.00 -$ -$

3 BR - 40% 0 0.00 -$ -$

3 BR - 40% 0 0.00 -$ -$

3 BR - 40% 0 0.00 -$ -$

3 BR - 40% 0 0.00 -$ -$

3 BR - 40% 0 0.00 -$ -$

3 BR - 40% 0 0.00 -$ -$

3 BR - 40% 0 0.00 -$ -$

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

3 BR - 40% 0 0.00 -$ -$

3 BR - 50% 14 1,033.50 775$ 10,850$

3 BR - 50% 4 1,087.50 775$ 3,100$

3 BR - 50% 2 1,087.50 713$ 1,426$

3 BR - 50% 0 0.00 -$ -$

3 BR - 50% 0 0.00 -$ -$

3 BR - 50% 0 0.00 -$ -$

3 BR - 50% 0 0.00 -$ -$

3 BR - 50% 0 0.00 -$ -$

3 BR - 50% 0 0.00 -$ -$

3 BR - 50% 0 0.00 -$ -$

3 BR - 50% 0 0.00 -$ -$

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

3 BR - 50% 0 0.00 -$ -$

3 BR - 50% 0 0.00 -$ -$

3 BR - 60% 0 0.00 -$ -$

3 BR - 60% 0 0.00 -$ -$

3 BR - 60% 0 0.00 -$ -$

3 BR - 60% 0 0.00 -$ -$

3 BR - 60% 0 0.00 -$ -$

3 BR - 60% 0 0.00 -$ -$

3 BR - 60% 0 0.00 -$ -$

3 BR - 60% 0 0.00 -$ -$

3 BR - 60% 0 0.00 -$ -$

3 BR - 60% 0 0.00 -$ -$

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

3 BR - 60% 0 0.00 -$ -$

3 BR - 60% 0 0.00 -$ -$

3 BR - 60% 0 0.00 -$ -$



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




4-Bedroom Units



4 BR - 40% 0 0.00 -$ -$

4 BR - 40% 0 0.00 -$ -$

4 BR - 40% 0 0.00 -$ -$

4 BR - 40% 0 0.00 -$ -$

4 BR - 40% 0 0.00 -$ -$

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

4 BR - 40% 0 0.00 -$ -$

4 BR - 40% 0 0.00 -$ -$

4 BR - 40% 0 0.00 -$ -$

4 BR - 40% 0 0.00 -$ -$

4 BR - 40% 0 0.00 -$ -$

4 BR - 40% 0 0.00 -$ -$

4 BR - 40% 0 0.00 -$ -$

4 BR - 40% 0 0.00 -$ -$

4 BR - 50% 0 0.00 -$ -$

4 BR - 50% 0 0.00 -$ -$

4 BR - 50% 0 0.00 -$ -$

4 BR - 50% 0 0.00 -$ -$

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

4 BR - 50% 0 0.00 -$ -$

4 BR - 50% 0 0.00 -$ -$

4 BR - 50% 0 0.00 -$ -$

4 BR - 50% 0 0.00 -$ -$

4 BR - 50% 0 0.00 -$ -$

4 BR - 50% 0 0.00 -$ -$

4 BR - 50% 0 0.00 -$ -$

4 BR - 50% 0 0.00 -$ -$

4 BR - 50% 0 0.00 -$ -$

4 BR - 60% 0 0.00 -$ -$

4 BR - 60% 0 0.00 -$ -$

4 BR - 60% 0 0.00 -$ -$

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

4 BR - 60% 0 0.00 -$ -$

4 BR - 60% 0 0.00 -$ -$

4 BR - 60% 0 0.00 -$ -$

4 BR - 60% 0 0.00 -$ -$

4 BR - 60% 0 0.00 -$ -$

4 BR - 60% 0 0.00 -$ -$

4 BR - 60% 0 0.00 -$ -$

4 BR - 60% 0 0.00 -$ -$

4 BR - 60% 0 0.00 -$ -$

4 BR - 60% 0 0.00 -$ -$


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

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



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

Total Units 92 Net Rentable SF: TC Units 83,088.50

MKT Units 0.00

Total NR SF: 83,088.50

100.0000%Floor Space Fraction

2009 Page 15




D. Operating Expenses

Administrative:

1. Advertising/Marketing $650

2. Office Salaries

3. Office Supplies $8,606

4. Office/Model Apartment (type______)

5. Management Fee $48,256

7.05% of EGI 524.5217391 Per Unit

6. Manager Salaries $26,000

7. Staff Unit (s) (type______)8. Legal $832

9. Auditing $6,500

10. Bookkeeping/Accounting Fees $2,172

11. Telephone & Answering Service $5,174

12. Tax Credit Monitoring Fee $1,380

13. Miscellaneous Administrative $4,992

Total Administrative $104,562

Utilities

14. Fuel Oil

15. Electricity $11,726

16. Water $35,048

17. Gas

18. Sewer $38,740

Total Utility $85,514

Operating:

19. Janitor/Cleaning Payroll

20. Janitor/Cleaning Supplies

21. Janitor/Cleaning Contract22. Exterminating $2,720

23. Trash Removal $12,272

24. Security Payroll/Contract

25. Grounds Payroll

26. Grounds Supplies

27. Grounds Contract $5,460

28. Maintenance/Repairs Payroll $46,176

29. Repairs/Material $12,818

30. Repairs Contract $8,424

31. Elevator Maintenance/Contract

32. Heating/Cooling Repairs & Maintenance

33. Pool Maintenance/Contract/Staff

34. Snow Removal $1,404

35. Decorating/Payroll/Contract $8,403

36. Decorating Supplie

37. Miscellaneous

Operating & Maintenance Totals $97,677

Taxes & Insurance

38. Real Estate Taxes $19,740

39. Payroll Taxes $5,971

40. Miscellaneous Taxes/Licenses/Permit

41. Property & Liability Insuranc $13,809

42. Fidelity Bond $0

43. Workman's Compensation $653

44. Health Insurance & Employee Benefit $4,420

45. Other Insurance

Total Taxes & Insurance $44,593

6544

Total Operating Expense $332,346

D1. Total Oper. Ex. Per Unit $3,612 D2. Total Oper. Ex. As % EGI (from E3) 48.52%

Replacement Reserves (Total # Units X $300 or $250 New Const. Elderly Minimum) $46,000

Total Expenses $378,346

2009 Page 16




E. Cash Flow (First Year)

1. Annual EGI Low-Income Units from (C1) $684,967

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

3. Total Effective Gross Income = $684,967

4. Total Expenses (from D) $378,346

5. Net Operating Income = $306,621

6. Total Annual Debt Service (from Page 21 B2) - $255,752

7. Cash Flow Available for Distribution = $50,869

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

Stabilized

Year 1 Year 2 Year 3 Year 4 Year 5

Eff. Gross Income 684,967 705,516 726,682 748,482 770,937

Less Oper. Expenses 378,346 393,480 409,219 425,588 442,611

Net Income 306,621 312,036 317,463 322,894 328,325

Less Debt Service 255,752 255,752 255,752 255,752 255,752

Cash Flow 50,869 56,284 61,711 67,142 72,573

Debt Coverage Ratio 1.20 1.22 1.24 1.26 1.28


Eff. Gross Income 794,065 817,887 842,423 867,696 893,727


Net Income 333,749 339,158 344,546 349,903 355,223Less Debt Service 255,752 255,752 255,752 255,752 255,752

Cash Flow 77,997 83,406 88,794 94,151 99,471



Eff. Gross Income 920,539 948,155 976,600 1,005,898 1,036,075


Net Income 360,494 365,709 370,855 375,924 380,902

Less Debt Service 255,752 255,752 255,752 255,752 255,752

Cash Flow 104,742 109,957 115,103 120,172 125,150


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 followingdocumentation is attached at TAB S:

Executed Construction ContractExecuted Trade Payment Breakdown

AppraisalOther Cost DocumentationEnvironmental Studies

Amount of Cost up to 100% Includable in

Eligible Basis--Use Applicable Column(s):

"30% Present Value Credit" (D)

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

New Construction Value Credit"

1. Contractor Cost

A. Off-Site Improvements 0 0 0 0

B. Site Work 0 0 0 0

C. Other: 0 0 0 0

D. Unit Structures (New) 0 0 0 0

E. Unit Structures (Rehab) 5,250,000 0 0 5,250,000

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

F. Accessory Building (s) 0 0 0 0

G. Asbestos Removal 0 0 0 0

H. Demolition 0 0 0 0

I. Commercial Space Costs 0 0 0 0

J. Structured Parking Garage 0 0 0 0

K. Subtotal A: (Sum 1A..1J) 5,250,000 0 0 5,250,000

L. General Requirements 315,000 0 0 315,000

M. Builder's Overhead 105,000 0 0 105,000

( 2.0% Contract)N. Builder's Profit 315,000 0 0 315,000

( 6.0% Contract)

O. Bonding Fee 59,850 0 0 59,850

P. Other: 0 0 0 0

Q. Contractor Cost

Subtotal (Sum 1K..1P) $6,044,850 $0 $0 $6,044,850

2. Owner Costs

A. Building Permit 80,000 0 0 80,000

B. Arch./Engin. Design Fee 190,000 0 0 190,000

( 2,065 /Unit)

C. Arch. Supervision Fee 0 0 0 0

( 0 /Unit)

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

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

2009 Page 18









2. Owner Costs Continued

F. Construction Loan 56,500 0 0 56,500Origination Fee

G. Construction Interest 100,000 0 0 100,000

( 7.0% for 15 months)

H. Taxes During Construction 0 0 0 0

I. Insurance During Construction 34,665 0 0 34,665

J. Cost Certification Fee 20,000 0 0 0

K. Title and Recording 60,000 0 0 60,000

L. Legal Fees for Closing 195,000 0 0 195,000

M. Permanent Loan Fee 0 0 0 0

( 0.0% )

N. Other Permanent Loan Fees 0 0 0 0

O. Credit Enhancement 0 0 0 0

P. Mortgage Banker 0 0 0 0

Q. Environmental Study 3,000 0 0 3,000

R. Structural/Mechanical Study 3,000 0 0 3,000

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

T. Market Study 5,000 0 0 5,000

U. Operating Reserve 317,049 0 0 0

V. Tax Credit Fee 65,300 0 0 0

W. OTHER $887,569 $5,235 $0 $667,910

(SEE PAGE 19A)

X. Owner Cost

Subtotal (Sum 2A..2W) $2,022,083 $5,235 $0 $1,400,075

Subtotal 1 + 2 $8,066,933 $5,235 $0 $7,444,925

(Owner + Contractor Costs)

3. Developer's Fees 1,472,000 227,643 0 1,244,357

4. Owner's Acquisition Costs

Land 650,000

Existing Improvements 2,840,301 2,840,301

Subtotal 4: $3,490,301 $2,840,301

5. Total Development Costs

Subtotal 1+2+3+4: $13,029,234 $3,073,179 $0 $8,689,282

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









W. OTHER OWNER COSTS

Contingency Reserve 299,250 0 0 299,250(Rehab or Adaptive Reuse only)

LIST ADDITIONAL ITEMS

Draw & Monitoring Fees 18,000 0 0 18,000

USDA Fees 17,577 0 0 0

TC Application Fee 750 0 0 0

Transfer Taxes 5,235 5,235 0 0

Electric During Const 19,800 0 0 19,800

Relocation 350,000 0 0 300,000

EarthCraft Fees 30,860 0 0 30,860

Overburden Reserve 100,000 0 0 0

Allocation Fee 46,097 0 0 0

0 0 0 0

0 0 0 0

0 0 0 00 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

Subtotal (Other Owner Costs) $887,569 $5,235 $0 $667,910

2009 Page 19A






"30 % Present Value Credit"

(C) Rehab/ (D)

New "70 % Present

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

5. Total Development Costs

Subtotal 1+2+3+4 13,029,234 3,073,179 0 8,689,282

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) 3,073,179 0 8,689,282

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

(i) For Earthcraft or LEED Certification AND 60 Bonus Points 0 434,464

(ii) For QCT or DDA (Eligible Basis x 30%) 0 0

Total Adjusted Eligible basis 0 9,123,746

9. Applicable Fraction 100.0000% 100.0000% 100.0000%

10. Total Qualified Basis (Same as Part IX-C) 3,073,179 0 9,123,746

(Eligible Basis x Applicable Fraction)

11. Applicable Percentage 3.28% 3.28% 9.00%

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

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

12. Maximum Allowable Credit under IRC §42 $100,800 $0 $821,137

(Qualified Basis x Applicable Percentage)

(Same as Part IX-C and equal to or more than $921,937

credit 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 such

loans financed through grant sources:

Date of Date of Amount of

Source of Funds Application Commitment Funds Name of Contact Person

1. Bonneville Multifamily 06/01/09 07/01/09 $2,665,000 Craig Hackett

2. Const Lender 06/01/09 07/01/09 $1,550,000 TBD

3. USDA Sec 515 Asmpt 06/01/09 08/01/09 $2,258,301 Byron Waters

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

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

Interest Amortization Term

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

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

1. USDA Sec 538 06/01/09 07/01/09 $2,665,000 $187,229 6.50% 40 38

2. USDA Sec 515 Asmpt 06/01/09 08/01/09 $2,258,301 $68,523 1.00% 40 30

3.

4.

5.

.

Totals: $4,923,301 $255,752


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

Date of Date of Amount of

Source of Funds Application Commitment Funds Name of Contact Person

1. $0

2. $0

3. $0

4. $0

5. $0

6. TCAP N/A N/A $1,099,912

Total Permanent Grants: $1,099,912


2009 Page 21




4. Portion of Syndication Proceeds Attributable to Historic Tax Credit

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

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

6. Equity that Sponsor will Fund:

Cash Investment $0

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

Deferred Developer Fee $0

Other: $0

Equity Total $0

7. Total of All Sources (B2 + B3 + B4 + B5 + B6) $6,023,213

(not including syndication proceeds except for historic tax credits)

8. Total Development Cost $13,029,234

(From VIII-A5)

9. Less Total Sources of Funds (From B7 above) $6,023,213

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

proceeds (must equal IX-D3) $7,006,021

C. Syndication Information (If Applicable)

1. Actual or Anticipated Name of Syndicator Boston Capital

2. Contact Person Corine Sheridan Phone 410-451-7309

3. Street Address 1802 Lang Drive

4. a. Total to be paid by anticipated users of credit (e.g., limited partners) $7,006,021

b. Equity Dollars Per Credit (e.g., $0.85 per dollar of credit) $0.76

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

d. Net credit amount anticipated by user of credits $921,845

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

5. Net amount which will be used to pay for Total Development Cost (4a-4e)as listed in Part VIII-A5 (same amount as Part IX-D3) $7,006,021

6. Amount of annual credit required for above amounts

(same amount as Part IX-D6) $921,937

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

(same amount as Part IX-D4) Must be equal to or greater than 85% 75.99%

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 indirectlywith 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 $0

RD 515 $2,258,301 Section 220 $0

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

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

Section 236 $0 Section 236 $0

VHDA SPARC/REACH Section 223(f) $0

HOME Funds $0 Other: Sec 538 $2,665,000

Other:

Other: $0

Grants Grants

CDBG $0 State $0

UDAG $0 Local $0Other: TCAP $1,099,912

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

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

which funded it.

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

Source of Funds Commitment date Funds

1. $0

2. $0

3. $0

4. $0

5. $0

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

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

4. Other Subsidies Documentation Attached (TAB Q)

Section 8 Rent Supplement or Rental Assistance Payment

Tax Abatement

Other

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

Yes No

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

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

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

tax-exempt funds is: N/A

2009 Page 23




IX. ADDITIONAL INFORMATION

A. Extended Use Restriction

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

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

This development will be subject to an extended use agreement in which the owner's right to 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

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.

attached nonprofit questionnaire, or local housing authority will have the option to purchaseor the right of first refusal to acquire the development for a price not to exceed the outstandingdebt and exit taxes. Such debt must be limited to the original mortgage(s) unless any refinancingis approved by the nonprofit. Do not select if extended compliance is selected in IX.A above.

Option or Right of First Refusal in Recordable Form Attached (TAB V)

Enter name of qualified nonprofit:

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

Homeownership Plan Attached (TAB J)

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

NOTE: Each recipient of an allocation of credits will be required to record an extended use agreement as

required by the IRC governing the use of the development for low-income housing for at least 30 years.However, the IRC provides that, in certain circumstances, such extended use period may be terminated early.

2009 Page 24




C. Building-by-Building Information Must Complete

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

allocation request).

30% Present Value 30% Present Value

Credit for Acquisition Credit for Construction

TAX MARKET

CREDIT RATE Actual or Actual or

UNITS UNITS Estimate Anticipated Estimate Anticipated

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

ing # Address Basis Date Percentage Amount Basis Date Percentage Amount

1. 12 0 2700 Royal Lane, Front Royal, VA $400,849 3.28% 13,148 $0 0.00% 0








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

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

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

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

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

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

NUMBER

OF

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

16. $0 0.00% 0 $0 0.00% 0$3,073,179 $0

$100,800 $0Qualified Basis Totals (must agree with VIII-A10)

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

2009




D. Determination of Reservation Amount Needed

1. Total Development Costs (from VIII-A5, Column A page 20) $13,029,234

2. Less Total Sources of Funds (from VIII-B7 page 22) $6,023,213

3. Equals Equity Gap $7,006,021

4. Divided by Net Equity Factor (VIII-C7 page 22) 75.99%(Percent of 10-year credit expected to be raised as equity investment)

5. Equals Ten-Year Credit Amount Needed to Fund Gap $9,219,371

Divided by ten years 10

6. Equals Annual Tax Credit Required to Fund the Equity Gap $921,937

7. The Maximum Allowable Credit Amount $921,937

The following calculation of the amount of credits needed is substantially the same as the calculation which will be made byVHDA to determine, as required by the IRC, the amount of credits which may be allocated for the development. However, VHDAat all times retains the right to substitute such information and assumptions as are determined by VHDA to be reasonable for theinformation 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.

(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 10,021 Combined 30% & 70% PV Credit

Credit per Bedroom 4,957 $921,937

Comprised of

$112,762 and $809,17530% 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 byVHDA to determine, as required by the IRC, the amount of credits which may be allocated for the development. However, VHDAat all times retains the right to substitute such information and assumptions as are determined by VHDA to be reasonable for theinformation and assumptions provided herein as to costs (including development fees, profits, etc.), sources for funding,expected equity, etc. Accordingly, if the development is selected by VHDA for a reservation of credits, the amount of such

reservation may differ significantly from the amount you compute below.

Goal Seek FunctionIf 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 shouldbe 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 and

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

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

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

once the deadline for applications has passed.

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

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

development financially feasible, is provided only for the convenience of VHDA in reviewing reservationrequests; that completion hereof in no way guarantees eligibility for the credits or ensures that the amount

of credits applied for has been computed in accordance with IRC requirements; and that any notations

herein describing IRC requirements are offered only as general guides and not as legal authority.

5. that the undersigned is responsible for ensuring that the proposed development will be comprised of

qualified low-income buildings and that it will in all respects satisfy all applicable requirements of federal

tax law and any other requirements imposed upon it by VHDA prior to allocation, should one be issued.

6. that, for the purposes of reviewing this application, VHDA is entitled to rely upon representations of the

undersigned as to the inclusion of costs in eligible basis and as to all of the figures and calculations relative

to the determination of qualified basis for the development as a whole and/or each building therein

individually as well as the amounts and types of credit applicable thereof, but that the issuance of areservation based on such representation in no way warrants their correctness or compliance with IRC

requirements.

7. that VHDA may request or require changes in the information submitted herewith, may substitute its own

figures which it deems reasonable for any or all figures provided herein by the undersigned and may reserve

credits, if any, in an amount significantly different from the amount requested.

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

discretion.

2009 Page 27





MANDATORY ITEMS: Score

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

0.00

1. READINESS:a. Plan of development Y 0 or 40 40.00b. Zoning approval Y 0 or 40 40.00

Total: 80.00

2. HOUSING NEEDS CHARACTERISTICS:a. VHDA notification letter to CEO Y 0 or -50 0.00b. Local CEO letter (Y,NC,N) Y 0 or 25 or 50 50.00

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 f inal score.

c. Location in a revitalization area Y 0 or 30 30.00d. Location in a Qualified Census Tract N 0 or 5 0.00e. Sec 8 or PHA waiting list preference Y 0 or 10 10.00f. Subsidized funding commitments 0.00% Up to 40 0.00g. Existing RD, HUD Section 8 or 236 program Y 0 or 20 20.00h. Tax abatement or new project based rental subsidy (HUD or RD) N 0 or 10 0.00i. Census tract with <10% poverty rate, no tax credit units N 0 or 25 0.00j. Development listed on the Rural Development Rehab Priority List N 0 or 15 0.00

Total 110.00

3. DEVELOPMENT CHARACTERISTICS:a. Unit size (See calculations below) Up to 100 100.00b. Amenities (See calculations below) Up to 60 60.00c. Project subsidies/HUD 504 accessibility for 5 or 10% of units N 0 or 50 0.00

or d. HCV payment standard/HUD 504 accessibility for 5 or 10% of units Y 0 or 30 30.00or e. HUD 504 accessibility for 4% of units N 0 or 15 0.00

f. Proximity to public transportation Y20 0, 10 or 20 20.00g. Development will be Earthcraft or LEED certified Y 0 or 30 30.00h. VHDA Certified Property Management Agent Y 0 or 25 25.00i. Units constructed to meet VHDA's Universal Design standards 0% Up to 15 0.00j. Developments with less than 100 units Up to 20 3.20

Total 268.20

4. TENANT POPULATION CHARACTERISTICS:a. <= 20% of units having 1 or less bedrooms Y 0 or 15 15.00b. Percent of units with 3 or more bedrooms 21.74% 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 N 0 or 50 0.00

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

Total 10.00

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 19.98b. Cost per unit categories check spelling of Clerk's Office on pg 1. It must match Up to 75 11.91

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 f inal score.

2009



Total exactly with the Jurisdiction names listed in the Application Manual. 31.89

7. BONUS POINTS: Locality AMI State AMIa. Units with rents at or below 40% of AMI $65,300 $50,600 11% Up to 10 10.00b. Units with rent and income at or below 50% of AMI 100% Up to 50 50.00

or c. Units with rents at or below 50% rented to tenants at or below 60% of AMI 100% Up to 25 0.00or 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 35 Years 40 or 50 50.00or f. Nonprofit or LHA purchase option N 0 or 60 0.00or g. Nonprofit or LHA Home Ownership option N 0 or 5 0.00

Total 110.00

500 Point Threshold - 9% Credits TOTAL SCORE: 640.09475 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 0 625 900 1,000

Low Sq.Ft. / BDRM 0 500 675 800

Project Sq.Ft. / BDRM 0 682 923 1,050



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



1 ST ELD-EFF 1 ST ELD-1 BDRM 1 ST ELD-2 BDRM If you do not receive a numeric point value

High Sq.Ft. / BDRM 0 0 0 in the unit size calculations, please

Low Sq.Ft. / BDRM 0 0 0 check the values entered on page 8, C1.

Project Sq.Ft. / BDRM 0 0 0 These must be whole number numeric

Percentage of Units 0.00% 0.00% 0.00% values only. Also check page 7, item 3,

Points per Bedroom 0.00 0.00 0.00 the number of units must be either new,

adapt or rehab only. Combinations do

Total Unit Size Points: 100.00 not calculate correctly.

Amenities:All units have:

a. 1.5 or 2 Bathrooms 100.00% 15.00

b. Community Room 5.00

c. Brick Walls 55.00% 11.00

d. Kitchen/Laundry Appl-Energy Star 5.00

e. Windows-Energy Star 5.00

f. Heat/AC-SEER-AFUE 10.00

g. Sub-metered water expense 0.00

h. Low flow faucets & showerheads 3.00

i. High speed cable, DSL, wireless internet 1.00. ater eaters meet nergy tar requ rements 5.00

Total 60.00

All elderly units have:

a. Front-control ranges 0.00

b. Emergency call system 0.00

c. 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: 60.00

2009



$/SF = $145.17 Credits/SF = $12.65 Const $/unit = $65,705

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

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

listed in the Application Manual.

ELDERLY

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

NUMBER OF UNITS 0 0 0 0 0 0 0

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

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

COST PARAMETER 0 0 0 0 0 0 0

PROJECT COST PER UNI 0 0 0 0 0 0 0

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

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

CREDIT PARAMETER 0 0 0 0 0 0 0

PROJECT 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 0.00

CREDIT PER UNIT POINTS 0.00 0.00 0.00 0.00 0.00 0.00 0.00

FAMILY

EFF-G 1 BR-G 2 BR-G 3 BR-G 4 BR-G 2 BR-TH 3 BR-TH 4 BR-THAVG UNIT SIZE 0 682 923 1,050 0 0 0 0NUMBER OF UNITS 0 18 54 20 0 0 0 0

PARAMETER-(COSTS=>25,000) 0 121,032 157,019 183,500 0 0 0 0

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

COST PARAMETER 0 121,032 157,019 183,500 0 0 0 0

PROJECT COST PER UNI 0 98,935 133,955 152,388 0 0 0 0

PARAMETER-(CREDITS=>25,000) 0 9,982 12,950 15,134 0 0 0 0

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

CREDIT PARAMETER 0 9,982 12,950 15,134 0 0 0 0

PROJECT CREDIT PER UNIT 0 8,623 11,676 13,282 0 0 0 0

COST PER UNIT POINTS 0.00 2.68 6.47 2.76 0.00 0.00 0.00 0.00

CREDIT PER UNIT POINTS 0.00 4.79 10.40 4.79 0.00 0.00 0.00 0.00

2009

TOTAL COST PER UNIT POINTS 11.91

TOTAL CREDIT PER UNIT POINTS 19.98

Cost Parameters - Elderly

AS LVG EFF-E 1 BR-E 2 BR-E EFF-E-1 ST 1 BR-E-1 ST 2 BR-E-1 ST

Standard Cost Parameter - low rise

Parameter Adjustment - mid rise

Parameter Adjustment - high riseAdjusted Cost Parameter

Credit Parameters - Elderly


Standard Credit Parameter - low rise


Parameter Adjustment - high rise

Adjusted Credit Parameter

Cost Parameters - Family

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

Standard Parameter - low rise



Adjusted Cost Parameter

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


Parameter Adjustment - mid riseParameter Adjustment - high rise


0 0

0 0

0 0

00

0

0 0 0 0 0

0 0 00

0

00 0 0 0

0 0 0 0

0 00 00 0 0

0 121,032 157,019 183,500 0 0 0

0

0

0

0 00

0

0 0 0

0 0 0 0 0 0 0

0 0

0 121,032 157,019 183,500 0 0 0 0

0

0

0 0

0 0

0 0

0 0 0

0 0 0

0 0 0 0

0

0 9,982 12,950 15,134 0 0 0 0

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

0 00 9,982 12,950 15,134 0 0

2009



$/SF = $145.17 Credits/SF = $12.65 Const $/unit = $65,705

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

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

listed in the Application Manual.

ELDERLY

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

NUMBER OF UNITS 0 0 0 0 0 0 0

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

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

COST PARAMETER 0 0 0 0 0 0 0

PROJECT COST PER UNI 0 0 0 0 0 0 0

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

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

CREDIT PARAMETER 0 0 0 0 0 0 0

PROJECT 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 0.00

CREDIT PER UNIT POINTS 0.00 0.00 0.00 0.00 0.00 0.00 0.00

FAMILY

EFF-G 1 BR-G 2 BR-G 3 BR-G 4 BR-G 2 BR-TH 3 BR-TH 4 BR-THAVG UNIT SIZE 0 682 923 1,050 0 0 0 0NUMBER OF UNITS 0 18 54 20 0 0 0 0

PARAMETER-(COSTS=>25,000) 0 121,032 157,019 183,500 0 0 0 0

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

COST PARAMETER 0 121,032 157,019 183,500 0 0 0 0

PROJECT COST PER UNI 0 98,935 133,955 152,388 0 0 0 0

PARAMETER-(CREDITS=>25,000) 0 9,982 12,950 15,134 0 0 0 0

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

CREDIT PARAMETER 0 9,982 12,950 15,134 0 0 0 0

PROJECT CREDIT PER UNIT 0 8,623 11,676 13,282 0 0 0 0

COST PER UNIT POINTS 0.00 2.68 6.47 2.76 0.00 0.00 0.00 0.00

CREDIT PER UNIT POINTS 0.00 4.79 10.40 4.79 0.00 0.00 0.00 0.00

2009

TOTAL COST PER UNIT POINTS 11.91

TOTAL CREDIT PER UNIT POINTS 19.98

Cost Parameters - Elderly


Standard Cost Parameter - low rise


Parameter Adjustment - high riseAdjusted Cost Parameter

Credit Parameters - Elderly






Cost Parameters - Family

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

Standard Parameter - low rise



Adjusted Cost Parameter

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


Parameter Adjustment - mid riseParameter Adjustment - high rise

Adjusted Credit Parameter 0 0 0 00 9,982 12,950 15,134

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

0 0 0 00 9,982 12,950 15,134

0 0 0

0 0 0 0

0

0 0 0 00

0

0 0

0 0

0 0 0

0 0 0

0 0

0 0

00 121,032 157,019 183,500

0

0 0 0 0 0

0 0 0 00

0

0 0

0 00 121,032 157,019 183,500

0 0

0

00 0 0 0

0 0

0 0 0 0 0

0 0

0

0 00 0

0 0

0 0 0

0

0 0

0 0

0 0

0

2009





















































































































































































































































































































































TAB Q

(Documentation of Rental Assistance)























































































































































Documents

Royal Hills Apartments - 2009 VA