Seaboard Square II

8/7/2019 Seaboard Square II

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Low Income Housing Tax Credit Application for Reservation

Electronic Copy of the Microsoft Excel Based Application (MANDATORY)

Scanned Copy of the Signed Tax Credit Application with Attachments (excluding market study and pla

Electronic Copy of the Market Study (MANDATORY-Application will be disqualified if study not subm

Electronic Copy of the Plans (MANDATORY)Electronic Copy of the Specifications (MANDATORY)

Electronic Copy of the Unit By Unit Work Writeup (MANDATORY if rehab)

$750 Application Fee (MANDATORY)

Tab A: Documentation of Development Location:

A.1 Qualified Census Tract 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 Tab C: Virginia State Corporation Commission Certification (MANDATORY)

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

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

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

Tab F: Architect's Certification (MANDATORY)

Please indicate if the following items are included with your application by checking the appropriate boxes. Yorganizing the submission in the following order, and actually using tabs to mark them as shown, will facilitateapplication. Please note that all mandatory items must be included for the application to be processed. The may increase the number of points for which you are eligible under VHDA's point system of ranking applicatioVHDA in its determination of the appropriate amount of credits that it may reserve for the development.

Tab H: PHA / Section 8 Notification Letter

Tab I: Local CEO LetterTab J: Hom

eownership PlanTab K: Site Control Documentation & Most Recent Real Estate Tax Assessment (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 Budget

Tab S: Documentation of Project BudgetTab T: Documentation of Financing SourcesTab U:

Documentation To Request Exception To Restriction-Pools With Little/No Increase In Rent Bu

Documentation of site location in an urban development area as defined in 15.2-2223.1of the CDocumentation of the development participating in a locally adopted affordable housing dwellindescribed in either 15.2-2304 or 15.2-2305 of the Code of Virginia

Please indicate if the following items are included with your application by checking the appropriate boxes. Yorganizing the submission in the following order, and actually using tabs to mark them as shown, will facilitateapplication. Please note that all mandatory items must be included for the application to be processed. The may increase the number of points for which you are eligible under VHDA's point system of ranking applicatioVHDA in its determination of the appropriate amount of credits that it may reserve for the development.


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Low Income Housing Tax Credit Application For Reservation

C. Reservation Request

1. Total annual credit amount request (Must be the same as Part IX-D8) $1,00

2. Credits requested from:

9% Credits

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

described in Part II-D hereof may select this)

Local Housing Authorities Richmond MSA Pool

Planning District 8 (Inner Washington MSA) Pool Tidewater MSA Pool

Northwest / North Central VA Area Pool Balance of State Pool (Remainin

Non-Competitive Pool (Preservation) Non-Competitive Pool (Disabili

Tax Exempt Bonds

new construction, or

rehabilitation, or

acquisition and rehabilitation.

Federal Subsidies

The development will not receive federal subsidies.

This development will receive federal subsidies for:

all buildings or

some buildings.

. ype s o ocat on ocat on ear

1. Regular Allocation

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

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

allocation of 2010 credits for new construction, or

rehabilitation, or

acquisition and rehabilitation.

2. Carryforward Allocation

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

in service within two years after the end of this calendar year, 2010, but the

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

months following allocation of credits. For those buildings, the owner requestsa carryforward allocation of 2010 credits pursuant to Section 42(h)(1)(E) for:

new construction, or

rehabilitation or


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Low-Income Housing Tax Credit Application For Reservation

E. Acquisition Credit Information

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

so indicate and go on to Part F: No Acquisition

Ten-Year Rule For Acquisition Credits

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

The 10-year rule in IRC Section 42 (d)(2)(B) for all buildings does not apply pursuant to IRC S

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

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 t10% basis requirement (4% credit only).

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

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

G. Request For Exception

The proposed new construction development (including adaptive reuse and rehabilitation that c

space) is subject to an assessment of up to minus 20 points for being located in a pool identified

with little or no increase in rent burdened population. N/A - Does not apply to this propo

Applicant seeks an exception to this restriction in accordance with one of the following provisio

Proposed development is specialized housing designed to meet special needs that canno

utilizing existing residential structures. Documentation Attached (TAB U)


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II. OWNERSHIP INFORMATION

A. Owner Information:

Name Seaboard Square II, L.P.

Contact Person First: Kathy Middle: Last: Warren

Address 801 Water Street, 2nd Floor, PO OX 1098

(Street)Portsmouth VA (City) (State)

Federal I. D. No. 27-1858275 (If not available, obtain prior to AllocPhone 757-399-5261 Fax Email address

Type of entity: Limited Partnership Other

Individual(s) CorporationOwner's organizational documents (e.g. Partnership agreements & ownership structure chart) attache

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 % O100 Units, LLC 757-399-5261 GP of Seaboard Square Portsmouth Redevelopment & Housing Authority (PRHA) is the Sole Member of 100 Units, LLThe Executive Director of Portsmouth Redevelopment & Housing Authority is Harry L. Short

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 the legal name of the owner. The ownership entity must be formed prior to submitting this application. Any transfer, direct or indirect, of pa

involving the admission of limited partners) prior to the placed-in-service date of the proposed development shall be prohibited, unless the transfsole discretion. IMPORTANT: The Owner name listed on this page must match exactly the owner name listed on the Virginia S

Must be an individual or legally formed entity

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

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

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

B. Seller Information:Name Portsmouth Redevelopment & Housing Authorit Contact Person Kathy WarrenAddress 801 Water Street, 2nd Floor PO Box 1098Portsmouth, VA 23705 Phone

Is there an identity of interest between the seller and owner/applicant? Y

If yes complete the following:

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 the legal name of the owner. The ownership entity must be formed prior to submitting this application. Any transfer, direct or indirect, of pa

involving the admission of limited partners) prior to the placed-in-service date of the proposed development shall be prohibited, unless the transfsole discretion. IMPORTANT: The Owner name listed on this page must match exactly the owner name listed on the Virginia S

Must be an individual or legally formed entity


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C. Development Team Information:

Complete the following as applicable to your development team.

1. Tax Attorney: Jeffry S. Miller Related EntityFirm Name: Cooper Spong and DavisAddress: 200 High Street, Suite 500 Portsmouth, VA 23974

Phone: 757-397-3481 Fax:

2. Tax Accountant: Don Jump Related EntityFirm Name: Jump, Scutellaro & Co CPAAddress: 12 Lexington Ave. Toms River, NJ 08754

Phone: 732-240-7377 Fax:

3. Consultant: Kirk Gray Related EntityFirm Name: Cornerstone Housing, LLC Role: DeveloAddress: 5950 Symphony Woods Suite 301 Columbia, MD

Phone: 410-884-3410 Fax:

4. Management Entity (Contact): Delores Adams Related EntityFirm Name: Portmouth Redevelopment & Housing Authority

Address: 801 Water Street, Suite 200, PO Box 1098 Portsmouth, VA 23705Phone: 757-399-5261 Fax:

5. Contractor (Contact): Ken Jolley Related EntityFirm Name: Associated Contracting ServicesAddress: 3303 Airline Boulevard, Suite 1F Portsmouth, VA 23701

Phone: 757-465-1440 Fax:

6. Architect: Pedro Escario Related EntityFirm Name: Dills ArchitectsAddress: 1432 North Great Neck Road, Virginia Beach, VA

Phone: 757-496-4926 Fax:

7. Real Estate Attorney: Jeff Miller Related EntityFirm Name: Cooper, Spong and DavisAddress: 200 High Street, Suite 500 Portsmouth, VA 23974

Phone: 757-397-8167 Fax:

8. Mortgage Banker: N/A Related EntityFirm Name:Address:

Phone: Fax:

9 Oth (C t t) K th W R l t d E tit


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D. Nonprofit Involvement:

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

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

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 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 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)The nonprofit organization involved in this development is:

the Owner

the Applicant (if different from Owner)

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.

OtherPortsmouth Redevelopment & Housing Authority

(Name of nonprofit)Kathy Warren 801 Water Street, Suite 200, PO Box 1098

(Contact Person) (Street Address)

Porstmouth VA 23705(City) (State) (Zip code)

757-399-5261 757-399-8697(Phone) (Fax)

5. Percentage of Nonprofit Ownership (All nonprofit applicants)

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

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


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III. DEVELOPMENT INFORMATION

A. Structure and Units:1. Total number ofall units in development 100

Total number ofrental units in development 100 bedrooms 2Number of low-income rental units 100 bedrooms 2Percentage 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-family

Slab on Grade Basement

Crawl space Age of Structure: new

Elevator Number of stories: 2,3

3. Number of new units 100 bedrooms Number of adaptive reuse units bedrooms

Number of rehab units bedrooms

4. Total Floor Area For The Entire Development 116,690.00 (Sq. ft.)

5. n eate oor rea (Breezeways, Balconies, Storage) 4,23 .08 (Sq. ft.)

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

7. Total Usable Residential Heated Area 112,453.92 (Sq. ft.)

8. Number of Buildings (containing rental units) 26

9. Commercial Area Intended Use:

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

Low-Rise (1-5 stories with any structural elements made of wood)

Mid-Rise (5-7 stories with no structural elements made of wood)

High-Rise (8 or more stories with no structural elements made of wood)

11. a. Total Net Rental Square Feet 103,649.52

b. Percentage of Net Rentable Square Feet Deemed To Be New Rental Space 100

B Building Systems:


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C. Amenities:

1. Specify the average size per unit type: (Including pro rata share of heated common area)Assisted Lvg 0.00 SF 1Bdrm Eld 0.00 SF 3-Bdrm Gar

1-Sty-Eff-Eld 0.00 SF 2Bdrm Eld 0.00 SF 4-Bdrm Gar1-Sty 1BR-Eld 0.00 SF Eff-Gar 0.00 SF 2+Sty 2BR TH1-Sty 2BR-Eld 0.00 SF 1-Bdrm Gar 777.13 SF 2+Sty 3BR THEff-Eld 0.00 SF 2-Bdrm Gar 909.73 SF 2+Sty 4BR TH

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

112,453.92 Documentation attached (TAB F) Mandatory(Sq. ft.)

NOTE: All developments must meet VHDA's Minimum Design and Construction Requirem

By signing and submitting the Application For Reservation of Low Income Housing Tax Creapplicant certifies that the proposed project budget, plans & specifications and work write-upall 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 89% 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

c. ercentage o exter or wa s covere y r c exc u ng tr angu ar ga e en s,

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

f. Every unit in the development is heated and cooled with either (i) heat pump equ

SEER rating of 15.0 or more and a HSPF rating of 8.5 or more , or (ii) air conditwith a SEER rating of 15.0 or more, combined with gas furnaces with an AFUE 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 showerhea

i. Provide necessary infrastructure in all units for high speed cable, DSL or wireles

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

k E it i th d l t ill b h t d d l d ith th l h t


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

a. All cooking ranges will have front controls

b. All units will have an emergency call system

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

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

For all rehabilitation and adaptive reuse projects, upon completion of construction or

or rehabilitation: (Optional Point items)

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

Accessibility

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

For any non-elderly property in which the greater of 5 or 10% of the units will be subject to federal prosubsidies or equivalent assistance in order to ensure occupancy by extremely low-income persons; andunits or 10% of the units will conform to HUD regulations interpreting accessibility requirements of seRehabilitation Act; and be actively marketed to people with special needs in accordance with a plan suApplication. (All of the units described in (ii) above must include roll-in showers and roll under sinks ranges, unless agree to by the Authority prior to the applicant's submission of its application).

For any non-elderly property in which the greater of 5 or 10% of the units (i) have rents within HUDsVoucher (HCV) payment standard; (ii) conform to HUD regulations interpreting accessibility requirthe Rehabilitation Act; and (iii) are actively marketed to people with mobility impairments, including H

accordance with a plan submitted as part the Application.

For any non-elderly property in which at least four percent (4%) of the units conform to HUD regaccessibility requirements of section 504 of the Rehabilitation Act and are actively marketed to peimpairments 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 certificati

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

Universal Design - Units Meeting Universal Design Standards

a. The architect of record certifies that units will be constructed to meet VHDA's Universal Design standardYes No If Yes, attach appropriate documentation at TAB F


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IV. TENANT INFORMATION

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

POINTS FOR THE BONUS POINT CATEGORY

Units Provided Per Household Type:

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

10 10.00% 40% Area Median 10 10.00% 40% Area M90 90.00% 50% Area Median 90 90.00% 50% Area M

0.00% 60% Area Median 0 0.00% 60% Area M0 0.00% Non-LMI Units 0 0.00% Non-LMI U

100 100.00% Total 100 100.00% Total

B. Special Housing Needs/Leasing Preference:

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

Yes Elderly (age 55 or above)

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

Income Levels Rent Levels

Note: In order to qualify for any tax credits, a development must meet one of two minimum threshold occupancy tests.of the units must be rent-restricted and occupied by persons whose incomes are 50% or less of the area median incosize (this is called the 20/50 test) or (ii) at least 40% of the units must be rent-restricted and occupied by persons whosless of the area median income adjusted for family size (this is called the 40/60 test), all as described in Section 42income-restricted units are known as low-income units. If you have more low-income units than required, you qualify fserve lower incomes than required, you receive more points under the ranking system.

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 26% of total low-in3. If the development has existing tenants, VHDA policy requires that the impact of economic and/or phy

displacement on those tenants be minimized, in which Owners agree to abide by the Authority's RelocaGuidelines 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

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

Organization which holds such waiting list: Portsmouth Redevelopment & Housing AuthContact person (Name and Title) Delores Adams

Phone Number 757-399-5261 Required documentation attached (TAB H)

26

Note: In order to qualify for any tax credits, a development must meet one of two minimum threshold occupancy tests.of the units must be rent-restricted and occupied by persons whose incomes are 50% or less of the area median incosize (this is called the 20/50 test) or (ii) at least 40% of the units must be rent-restricted and occupied by persons whosless of the area median income adjusted for family size (this is called the 40/60 test), all as described in Section 42income-restricted units are known as low-income units. If you have more low-income units than required, you qualify fserve lower incomes than required, you receive more points under the ranking system.


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V. LOCAL NEEDS AND SUPPORT

Note: Please refer to the Application Manual for specific instructions and deadlines for per

notification of proposed Low income Housing Tax Credit developments.

A. Provide the name and the address of the chief executive officer (City Manager, Town Manager, or

County Administrator) of the political jurisdiction in which the development will be located:

Chief Executive Officer's Name Kenneth Chandler

Chief Executive Officer's Title City Manager

Street Address 801 Crawford Street Phone 757-393-8City Portsmouth State VA Zip 23704

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

local CEO: Paul Holt

If the property overlaps another jurisdiction please fill in the following:

Chief Executive Officer's NameChief Executive Officer's TitleStreet Address PhoneCity Portsmouth State VA Zip

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

local CEO: Paul Holt

B. Project Schedule

ACTUAL OR

ACTIVITY ANTICIPATED

DATE R

Site

Option/Contract 2/8/10 Jeff MillerSite Acquisition 2/8/10 - ground lease Kathy War

Zoning Approval 1/30/09 Kathy War

Site Plan Approval 5/13/09 Kathy War

Financing

A. Construction Loan

Loan Application 2/1/10 Kathy War

Conditional Commitment 2/15/10 Kathy War

Firm Commitment 2/15/10 Kathy War

B. Permanent Loan - First Lien


Conditional Commitment 2/15/10 Kathy WarFirm Commitment 2/15/10 Kathy War

C. Permanent Loan-Second Lien


Conditional Commitment 2/15/10 Kathy War

Firm Commitment 2/15/10 Kathy War

D. Other Loans & Grants

Type & Source, List


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VI. SITE CONTROL

A. Type of Site Control by Owner:

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

Deed - attachedLong-term Lease - attached (expiration date: Feb. 2109 )

Option - attached (expiration date: )

Purchase Contract - attached (expiration date: )

If more than one site for the development and more than one form of site control, please so indicate

Note: Site control by the Owner identified herein is a mandatory precondition of review of this application. Documevidence of it, in the form of either a deed, option, purchase contract, or lease for a term longer than the period of timproperty will be subject to occupancy restrictions must be included herewith. (9% Competitive Credits - An optcontract 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. Anticfuture transfers to the Owner are not sufficient. The Owner, as identified in Subpart II-A, must have site control time this Application is submitted.

NOTE: If the Owner receives a reservation of credits, the property must be titled in the name of or leased by (pursuan

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

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

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

ost recent property tax assessment - Mandatory T B K

B. Timing of Acquisition by Owner:Select one:

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

Owner is to acquire property by deed (or lease for period no shorter than period propertywill be subject to occupancy restrictions) no later than

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:

Note: Site control by the Owner identified herein is a mandatory precondition of review of this application. Documevidence of it, in the form of either a deed, option, purchase contract, or lease for a term longer than the period of timproperty will be subject to occupancy restrictions must be included herewith. (9% Competitive Credits - An optcontract 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. Anticfuture transfers to the Owner are not sufficient. The Owner, as identified in Subpart II-A, must have site control time this Application is submitted.

NOTE: If the Owner receives a reservation of credits, the property must be titled in the name of or leased by (pursuan

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

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


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C. Site Description

1. Exact area of site in acres 6.179

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 NoRequired documentation form attached (TAB A)

D. Plans and Specifications

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

1. A location map with property clearly defined.

2. Sketch plan of the site showing overall dimensions of main building(s), major site elements

(e.g., parking lots and location of existing utilities, and water, sewer, electric,

gas in the streets adjacent to the site). Contour lines and elevations are not required.

3. Sketch plans of main building(s) reflecting overall dimensions of:

a. Typical floor plan(s) showing apartment types and placement

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

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

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

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

4. Required documentation for rehabilitation properties: A unit-by-unit work write-up.


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VII. OPERATING BUDGET

A. Rental Assistance

1. 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 AssistanceOther: Annual Contributions Contract

3. Number of units receiving assistance: 100

Number of years in rental assistance contract: 40

Expiration date of contract: 08/11/51

Contract or other agreement attached (TAB Q)

B. Utilities

1. Monthly Utility Allowance Calculations

Utilities Type of Utility Utilities Enter Allowances

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

Heating Electric Owner X Tenant 0 6

Air Conditioning Owner X Tenant 0 7

Cooking Owner X Tenant 0 8

Lighting Owner X Tenant 0 31

Hot Water Electric Owner X Tenant 0 16

Water Owner X Tenant 0 49

Sewer Owner X Tenant 0 19

Trash X Owner Tenant 0 0

Total utility allowance for costs paid by tenant $0 $136

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

HUD

Utility Company (Estimate) Local PHA

Utility Company (Actual Survey) Other:


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

Total Number of Tota

Tax Credit Units Rent

0

22 52

26

0

100

Plus Other Income Source (list): Laundry

Equals Total Monthly Income:

Twelve Months

Equals Annual Gross Potential Income

Less Vacancy Allowance ( 7.0% )

Equals Annual Effective Gross Income (EGI) - Low Income Units

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

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

Total Number of Tota

Market Units Rent

0

0

0

0

0 Total Number of Market Units 0

Plus Other Income Source (list):

Equals Total Monthly Income:

Twelve Months

Equals Annual Gross Potential Income

Less Vacancy Allowance ( )

E uals Annual Effective Gross Income EGI - Market Rate Units

4 Bedroom Units

Unit Type

Unit Type

1 Bedroom Units2 Bedroom Units

3 Bedroom Units

Total Number of Tax Credit Units

Efficiency Units

4 Bedroom Units

1 Bedroom Units

2 Bedroom Units

3 Bedroom Units

Efficiency Units

-

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

0 0 0 0 0

2 BD RM-GAR 3 BD RM-GAR 4 BD RM-GAR 2+Story 2 BR-TH 2+Story 3 BR-TH 2+Sto

6 0 0 46 26

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

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

0 0 0 0 0

2 BD RM-GAR 3 BD RM-GAR 4 BD RM-GAR 2+Story 2 BR-TH 2+Story 3 BR-TH 2+Sto

6 0 0 46 26


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1 BR - 40% 1 740.00 373$ 373$

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% 3 740.00 450$ 1,350$

1 BR - 50% 17 661.00 450$ 7,650$

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: 22 14,858.00 Tax Credit Rent: 9,746$

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 -$ -$


20/231

2-Bedroom Units

Net Rentable Monthly Rent Total

Rent Targeting Number Units Square Feet Per Unit Monthly Rent

2 BR - 40% 3 803.36 419$ 1,257$

2 BR - 40% 3 1,075.76 419$ 1,257$2 BR - 40% 0 0.00 -$ -$

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% 43 1,075.76 532$ 22,876$

2 BR - 50% 3 803.36 532$ 1,596$

2 BR - 50% 0 0.00 -$ -$

2 BR - 50% 0 0.00 -$ -$

2 BR - 50% 0 0.00 -$ -$

2 BR - 50% 0 0.00 -$ -$

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

2 BR - 50% 0 0.00 -$ -$

2 BR - 50% 0 0.00 -$ -$

2 BR - 50% 0 0.00 -$ -$

2 BR - 50% 0 0.00 -$ -$

2 BR - 50% 0 0.00 -$ -$

2 BR - 50% 0 0.00 -$ -$

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

2 BR - 60% 0 0.00 -$ -$

2 BR - 60% 0 0.00 -$ -$2 BR - 60% 0 0.00 -$ -$

2 BR - 60% 0 0.00 -$ -$

2 BR - 60% 0 0.00 -$ -$

2 BR - 60% 0 0.00 -$ -$

2 BR - 60% 0 0.00 -$ -$

2 BR - 60% 0 0.00 -$ -$

2 BR - 60% 0 0.00 -$ -$

2 BR - 60% 0 0.00 -$ -$

2 BR - 60% 0 0.00 -$ -$

2 BR - 60% 0 0.00 -$ -$

2 BR - 60% 0 0.00 -$ -$

2 BR - 60% 0 0.00 -$ -$

2 BR - 60% 0 0.00 -$ -$

Total 2-BR Total Monthly 2-BR

Tax Credit Units: 52 54,305.12 Tax Credit Rent: 26,986$

2 BR - Market 0 0.00 -$ -$


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Total 2-BR

Market Units: 0 0.00 Total Monthly

2-BR Market Rent: -$

Total 2-BR Units: 52 Total 2-BR Rent 26,986$

3-Bedroom Units



3 BR - 40% 2 1,326.40 465$ 930$

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% 24 1,326.40 593$ 14,232$

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 - 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 -$ -$


22/231

3 BR - Market 0 0.00 -$ -$

3 BR - Market 0 0.00 -$ -$

3 BR - Market 0 0.00 -$ -$

3 BR - Market 0 0.00 -$ -$

3 BR - Market 0 0.00 -$ -$

3 BR - Market 0 0.00 -$ -$

3 BR - Market 0 0.00 -$ -$

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

Total 3-BR

Market Units: 0 0.00 Total Monthly

3-BR Market Rent: -$

Total 3-BR Units: 26 Total 3-BR Rent 15,162$

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 -$ -$


23/231


24/231


D. Operating Expenses

Administrative:

1. Advertising/Marketing

2. Office Salaries

3. Office Supplies

4. Office/Model Apartment (type______) 5. Management Fee

7.62% of EGI 450 Per Unit

6. Manager Salaries

7. Staff Unit (s) (type______)

8. Legal

9. Auditing

10. Bookkeeping/Accounting Fees

11. Telephone & Answering Service

12. Tax Credit Monitoring Fee

13. Miscellaneous Administrative

Total Administrative

Utilities14. Fuel Oil

15. Electricity

16. Water

17. Gas

18. Sewer

Total Utility

Operating:

19. Janitor/Cleaning Payroll

20. Janitor/Cleaning Supplies

21. Janitor/Cleaning Contract

22. Exterminating

23. Trash Removal

24. Security Payroll/Contract

25. Grounds Payroll

26. Grounds Supplies

27. Grounds Contract

28. Maintenance/Repairs Payroll

29. Repairs/Material

30. Repairs Contract

31. Elevator Maintenance/Contract

32. Heating/Cooling Repairs & Maintenance

33. Pool Maintenance/Contract/Staff

34. Snow Removal

35. Decorating/Payroll/Contract

36. Decorating Supplie 37. Miscellaneous

Operating & Maintenance Totals

Taxes & Insurance

38. Real Estate Taxes

39. Payroll Taxes

40. Miscellaneous Taxes/Licenses/Permit

41. Property & Liability Insuranc

42. Fidelity Bond

43. Workman's Compensation

44. Health Insurance & Employee Benefit

45. Other Insurance

Total Taxes & Insurance6544

Total Operating Expense

D1. Total Oper. Ex. Per Unit $4,821 D2. Total Oper. Ex. As % EGI (from E3) 81.67%

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


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E. Cash Flow (First Year)

1. Annual EGI Low-Income Units from (C1)

2. Annual EGI Market Units (from C2) +

3. Total Effective Gross Income =

4. Total Expenses (from D)

5. Net Operating Income =

6. Total Annual Debt Service (from Page 21 B2) -

7. Cash Flow Available for Distribution =

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

Stabilized

Year 1 Year 2 Year 3 Year 4

Eff. Gross Income 590,297 602,103 614,145 626,

Less Oper. Expenses 512,103 527,466 543,290 559,

Net Income 78,194 74,637 70,855 66,

Less Debt Service 0 0 0

Cash Flow 78,194 74,637 70,855 66,

Debt Coverage Ratio #DIV/0! #DIV/0! #DIV/0! #DIV/0


Eff. Gross Income 651,736 664,770 678,066 691,


Net Income 58,068 53,293 48,244 42,


Cash Flow 58,068 53,293 48,244 42,

Debt Coverage Ratio #DIV/0! #DIV/0! #DIV/0! #DIV/0


Eff. Gross Income 719,569 733,960 748,639 763,


Net Income 31,345 25,090 18,503 11,



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VIII. PROJECT BUDGET

A. Cost/Basis/Maximum Allowable Credit

Complete cost column and basis column(s) as appropriate through A12. Check if the following

documentation is attached at TAB S:Executed Construction ContractExecuted Trade Payment BreakdownAppraisalOther Cost DocumentationEnvironmental Studies

Amount of Cost up to 100% Includab

Eligible Basis--Use Applicable Colum

"30% Present Value Credit" (D

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

New Construction Va

1. Contractor Cost

A. Off-Site Improvements 0 0 0

B. Site Work 2,582,577 0 0 C. Geothermal System 0 0 0

D. Unit Structures (New) 8,631,810 0 0

E. Unit Structures (Rehab) 0 0 0

F. Solar Electric System 0 0 0

G. Asbestos Removal 0 0 0

H. Demolition 0 0

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

.

J. Structured Parking Garage 0 0 0

K. Subtotal A: (Sum 1A..1J) 11,214,387 0 0

L. General Requirements 653,086 0 0 M. Builder's Overhead 233,827 0 0

( 2.1% Contract)

N. Builder's Profit 631,700 0 0

( 5.6% Contract)

O. Bonding Fee 0 0 0

P. Other 0 0 0

Q. Contractor Cost

Subtotal (Sum 1K..1P) $12,733,000 $0 $0

2. Owner Costs

A. Building Permit 150,000 0 0

B. Arch./Engin. Design Fee 254,000 0 0

( 2,540 /Unit)

C. Arch. Supervision Fee 50,000 0 0

( 500 /Unit)

D Tap Fees 0 0 0

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


27/231


Amount of Cost up to 100% Inclu

Eligible Basis--Use Applicable Co

"30% Present Value Credit"

Item (A) Cost (B) Acquisition (C) Rehab/ New Construction

2. Owner Costs Continued

F. Construction Loan 0 0 0

Origination Fee

G. Construction Interest 0 0 0

( 0.0% for 0 months)

H. Taxes During Construction 10,214 0 0

I. Insurance During Construction 35,000 0 0

J. Cost Certification Fee 25,000 0 0 K. Title and Recording 76,000 0 0

L. Legal Fees for Closing 125,000 0 0

M. Permanent Loan Fee 0 0 0

( 0.0% )

N. Other Permanent Loan Fees 200,000 0 0

O. Credit Enhancement 0 0 0

P. Mortgage Banker 0 0 0

Q. Environmental Study 12,000 0 0

R. Structural/Mechanical Study 0 0 0

S. Appraisal Fee 6,000 0 0T. Market Study 4,611 0 0

U. Operating Reserve 256,000 0 0

V. Tax Credit Fee 70,750 0 0

W. OTHER $713,000 $0 $0

(SEE PAGE 19A)

X. Owner Cost

.. , ,

Subtotal 1 + 2 $14,720,575 $0 $0

(Owner + Contractor Costs)

3. Developer's Fees 1,647,645 0 0

4. Owner's Acquisition Costs

Land 500,000

Existing Improvements 0 0

Subtotal 4: $500,000 $0

5. Total Development Costs

Subtotal 1+2+3+4: $16,868,220 $0 $0

If this application seeks rehab credits only, in which there is no acquisition and no change in ownership, enter the

appraised value or tax assessment value here: $0 Land(Attach documentation at Tab K) $0 Building

L I H i T C dit A li ti F R ti


28/231


Amount of Cost up to 100% Inclu

Eligible Basis--Use Applicable Co

"30% Present Value Credit"

Item (A) Cost (B) Acquisition (C) Rehab/ New Construction

W. OTHER OWNER COSTS

Contingency Reserve 0 0 0

(Rehab or Adaptive Reuse only)

LIST ADDITIONAL ITEMS

Construction Management 133,000 0 0

Marketing 5,000 0 0

Survey 5,000 0 0

Rent Up Reserve 25,000 0 0Virginia Power and Light 210,000 0 0

Civil Engineering 310,000 0 0

City Inspection 25,000 0 0

0 0 0

0 0 0

0 0 0

0 0 0

0 0 0

0 0 0

0 0 00 0 0

0 0 0

Subtotal (Other Owner Costs) $713,000 $0 $0



29/231


Amount of Cost up to 100% In

Eligible Basis--Use Applicable

"30 % Present Value Credit"

(C) Rehab/

New

Item (A) Cost (B) Acquisition Construction

5. Total Development CostsSubtotal 1+2+3+4 16,868,220 0

6. Reductions in Eligible Basis

Subtract the following:

A. Amount of federal grant(s) used to finance 0 qualifying development costs

B. Amount of nonqualified, nonrecourse financing 0

C. Costs of nonqualifying units of higher quality 0

(or excess portion thereof)

D. Historic Tax Credit (residential portion) 0

7. Total Eligible Basis (5 minus 6 above) 0

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

(i) For Earthcraft or LEED Certification AND 60 Bonus Points ( Eligible For Increase)

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

Total Adjusted Eligible basis

9. Applicable Fraction 100.0000% 100.0000

10. Total Qualified Basis (Same as Part IX-C) 0

(Eligible Basis x Applicable Fraction)

11. Applicable Percentage 0.00% 0.00

(For 2010 9% competitive credits, use the March 2010 applicable percentages for acq.)

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

12. Maximum Allowable Credit under IRC 42 $0 $(Qualified Basis x Applicable Percentage)

(Same as Part IX-C and equal to or more than $1,832,54

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



30/231


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 Perso

1. PRHA HOPE VI 01/01/10 03/01/10 $1,592,000 Kathy Warren

2. PRHA Capital Funds/RH 01/01/10 03/01/10 $7,318,950 Kathy Warren

3. PRHA CIP 01/01/10 03/01/10 $358,000 Kathy Warren

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 Am

Date of Date of Amount of Annual Debt Rate of P

Source of Funds Application Commitment Funds Service Cost Loan IN

1. $0

2. PRHA HOPE VI 01/01/10 02/15/10 $1,592,000 $0 0.05%

3. PRHA Capital Funds/RH 01/01/10 02/15/10 $7,318,950 $0 0.05% 4. PRHA CIP 01/01/10 02/15/10 $358,000 $0 0.05%

5. PRHA Sales Proceeds 01/01/10 02/15/10 $300,000 $0 0.05%

6.

Totals: $9,568,950 $0


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

Date of Date of Amount of

Source of Funds Application Commitment Funds Name of Contact Perso

1. $0

2. $0

3. $0

4. $0

5. $0

6. $0

Total Permanent Grants: $0




31/231


4. Portion of Syndication Proceeds Attributable to Historic Tax Credit

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

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

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

7. Total of All Sources (B2 + B3 + B4 + B5 + B6)

(not including syndication proceeds except for historic tax credits)

8. Total Development Cost

(From VIII-A5)

9. Less Total Sources of Funds (From B7 above)

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

proceeds (must equal IX-D3)

C. Syndication Information (If Applicable)

1. Actual or Anticipated Name of Syndicator Fulton Financial Corp.

2. Contact Person Jeff Peeling Phone

3. Street Address 1 Penn Square

City Lancaster State PA

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

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

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

d. Net credit amount anticipated by user of credits

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

5. Net amount which will be used to pay for Total Development Cost (4a-4e)

as listed in Part VIII-A5 (same amount as Part IX-D3)

6. Amount of annual credit required for above amounts

(same amount as Part IX-D6)

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

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

8. Syndication: Public or Private9. Investors: Individual or Corporate

W i ht d A C dit P i C l l ti



32/231

g pp

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 indirectwith Federal, State, or Local Government Funds? Yes No

If yes, then check the type and list the amount of money involved.

Below-Market Loans Market-Rate Loans

Tax Exempt Bonds $0 Taxable Bonds

RD 515 $0 Section 220

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

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

Section 236 $0 Section 236

VHDA SPARC/REACH $0 Section 223(f) HOME Funds $0 Other:

Other: PRHA Capital Funds/RHF $7,318,950

Other: PRHA HOPE VI $1,592,000

Grants Grants

CDBG $0 State

UDAG $0 Local

Other:

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 Fu

1. PRHA Capital Funds/RHFF 02/15/10

2.

3.

4.

5.

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 Annual Contributions Contract

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

Yes No



33/231

g pp

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 aearly 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 aearly termination of the extended use provision is waived for 35 additional years after the 15-year compliance period for a total of 50 years. Do not select if IX.B is checked below.

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

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

NOTE: Each recipient of an allocation of credits will be required to record an extenderequired by the IRC governing the use of the development for low-income housing foHowever, the IRC provides that, in certain circumstances, such extended use period may

p on or g o rs e usa n ecor a e orm ac e

Enter name of qualified nonprofit: Portsmouth Redevelopment & Housing Authority

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 whoincomes 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)

NOTE: Each recipient of an allocation of credits will be required to record an extenderequired by the IRC governing the use of the development for low-income housing foHowever, the IRC provides that, in certain circumstances, such extended use period may



34/231

C. Building-by-Building Information Must Complete

Qualified basis must be determined on a building-by building basis. Complete the section below. Building street addre

allocation request).

30% Present Value 30% Pres

Credit for Acquisition Credit for C

TAX MARKETCREDIT RATE Actual or Actual or

UNITS UNITS Estimate Anticipated Estimate Anticipated

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

ing # Address Basis Date Percentage Amount Basis Date

1. 3 0 TBD $0 0.00% 0 $0

2. 3 0 TBD $0 0.00% 0 $0

3. 3 0 TBD $0 0.00% 0 $0

4. 3 0 TBD $0 0.00% 0 $0

5. 3 0 TBD $0 0.00% 0 $0

6. 4 0 TBD $0 0.00% 0 $0

7. 4 0 TBD $0 0.00% 0 $0

8. 4 0 TBD $0 0.00% 0 $0

9. 4 0 TBD $0 0.00% 0 $0

10. 5 0 TBD $0 0.00% 0 $0

11. 5 0 TBD $0 0.00% 0 $0

12. 5 0 TBD $0 0.00% 0 $0

13. 5 0 TBD $0 0.00% 0 $0

14. 5 0 TBD $0 0.00% 0 $0

15. 2 0 TBD $0 0.00% 0 $0

16. 2 0 TBD $0 0.00% 0 $0

$0 $0

NUMBER

OF

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

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

v12.31.09



35/231










17. 2 0 TBD $0 0.00% 0 $0

18. 2 0 TBD $0 0.00% 0 $0

19. 2 0 TBD $0 0.00% 0 $0

20. 2 0 TBD $0 0.00% 0 $0

21. 2 0 TBD $0 0.00% 0 $0

22. 2 0 TBD $0 0.00% 0 $0

23. 4 0 TBD $0 0.00% 0 $0

24. 6 0 TBD $0 0.00% 0 $0

25. 6 0 TBD $0 0.00% 0 $0

26. 12 0 TBD $0 0.00% 0 $0

27. $0 0.00% 0 $0

28. $0 0.00% 0 $0

29. $0 0.00% 0 $0

30. $0 0.00% 0 $0

31. $0 0.00% 0 $0

32. $0 0.00% 0 $0

$0 $0

NUMBER

OF



v12.31.09



36/231










33. $0 0.00% 0 $0

34. $0 0.00% 0 $0

35. $0 0.00% 0 $0

36. $0 0.00% 0 $0

37. $0 0.00% 0 $0

38. $0 0.00% 0 $0

39. $0 0.00% 0 $0

40. $0 0.00% 0 $0

41. $0 0.00% 0 $0

42. $0 0.00% 0 $0

43. $0 0.00% 0 $0

44. $0 0.00% 0 $0

45. $0 0.00% 0 $0

46. $0 0.00% 0 $0

47. $0 0.00% 0 $0

48. $0 0.00% 0 $0

$0 $0

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OF



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49. $0 0.00% 0 $0

50. $0 0.00% 0 $0

51. $0 0.00% 0 $0

52. $0 0.00% 0 $0

53. $0 0.00% 0 $0

54. $0 0.00% 0 $0

55. $0 0.00% 0 $0

56. $0 0.00% 0 $0

57. $0 0.00% 0 $0

58. $0 0.00% 0 $0

59. $0 0.00% 0 $0

60. $0 0.00% 0 $0

61. $0 0.00% 0 $0

62. $0 0.00% 0 $0

63. $0 0.00% 0 $0

64. $0 0.00% 0 $0

$0 $0

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65. $0 0.00% 0 $0

66. $0 0.00% 0 $0

67. $0 0.00% 0 $0

68. $0 0.00% 0 $0

69. $0 0.00% 0 $0

70. $0 0.00% 0 $0

71. $0 0.00% 0 $0

72. $0 0.00% 0 $0

73. $0 0.00% 0 $0

74. $0 0.00% 0 $0

75. $0 0.00% 0 $0

76. $0 0.00% 0 $0

77. $0 0.00% 0 $0

78. $0 0.00% 0 $0

79. $0 0.00% 0 $0

80. $0 0.00% 0 $0

$0 $0

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81. $0 0.00% 0 $0

82. $0 0.00% 0 $0

83. $0 0.00% 0 $0

84. $0 0.00% 0 $0

85. $0 0.00% 0 $0

86. $0 0.00% 0 $0

87. $0 0.00% 0 $0

88. $0 0.00% 0 $0

89. $0 0.00% 0 $0

90. $0 0.00% 0 $0

91. $0 0.00% 0 $0

92. $0 0.00% 0 $0

93. $0 0.00% 0 $0

94. $0 0.00% 0 $0

95. $0 0.00% 0 $0

96. $0 0.00% 0 $0

$0 $0

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D. Determination of Reservation Amount Needed

1. Total Development Costs (from VIII-A5, Column A page 20) $16,868,220

2. Less Total Sources of Funds (from VIII-B7 page 22) $9,568,950

3. Equals Equity Gap $7,299,270

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

5. Equals Ten-Year Credit Amount Needed to Fund Gap $10,000,000

Divided by ten years 10

6. Equals Annual Tax Credit Required to Fund the Equity Gap $1,000,000

7. The Maximum Allowable Credit Amount $1,832,542(from VIII-A12-combined figure)

(This amount must be equal to or more than 6 above)

The following calculation of the amount of credits needed is substantially the same as the calculation wVHDA to determine, as required by the IRC, the amount of credits which may be allocated for the developm

at all times retains the right to substitute such information and assumptions as are determined by VHDA to information and assumptions provided herein as to costs (including development fees, profits, etc.), expected equity, etc. Accordingly, if the development is selected by VHDA for a reservation of creditsreservation may differ significantly from the amount you compute below.

8. Reservation Amount (Lesser of 6 or 7 above)

Credit per Unit 10,000 Combined 30% & 70% PV Credit

Credit per Bedroom 4,902 $1,000,000

Comprised of

and

30% PV Credit

(Based on same relative percentages as VIII-A

E. Attorneys OpinionAttached in Mandatory TAB W)

The following calculation of the amount of credits needed is substantially the same as the calculation wVHDA to determine, as required by the IRC, the amount of credits which may be allocated for the developm

at all times retains the right to substitute such information and assumptions as are determined by VHDA to information and assumptions provided herein as to costs (including development fees, profits, etc.), expected equity, etc. Accordingly, if the development is selected by VHDA for a reservation of creditsreservation may differ significantly from the amount you compute below.

Goal Seek FunctionIf you incur the error message that your reser

to the equity gap amount you may use the goal seek spreadsheet to eliminate the error message. To use the

place the curser box on cell V28. Using the mouse Tools on the top line and then click on the Goal appear with the V28 cell shown in the top space, placbox and type in the new amount that you want the eqube the reservation amount below, then place the cursor the bottom of the page click on page 22. Then pla(Deferred Developer Fee) and click on OK. A messa solution has been found and if the amount is correct c



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F. Statement of Owner

The undersigned hereby acknowledges the following:

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

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

2. that it will at all times indemnify and hold harmless VHDA and its assigns against all losses, costs,

damages, VHDA's expenses, and liabilities of any nature directly or indirectly resulting from, arising out o

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

once the deadline for applications has passed.

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

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

development financially feasible, is provided only for the convenience of VHDA in reviewing reservation

requests; that completion hereof in no way guarantees eligibility for the credits or ensures that the amount

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

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

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

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

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

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

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

to the determination of qualified basis for the development as a whole and/or each building thereinindividually as well as the amounts and types of credit applicable thereof, but that the issuance of a

reservation based on such representation in no way warrants their correctness or compliance with IRC

requirements.

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

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

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

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

discretion.


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2010 LIHTC SELF SCORE SHEET:


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MANDATORY ITEMS:

a. Signed, completed application Y Y or N b. Duplicate copy of application Y Y or N

c. Partnership agreement Y Y or N d. SCC Certification Y Y or N e. Previous participation form Y Y or N f. Site control document Y Y or N g. Architect's Certification Y Y or N h. Attorney's opinion Y Y or N i. Nonprofit questionnaire (if NP) Y Y, N, N/A

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

Total:

2. HOUSING NEEDS CHARACTERISTICS:a. VHDA notification letter to CEO Y 0 or -50 b. Local CEO letter (Y,NC,N) Y 0 or 25 or 50c. Location in a revitalization area Y 0 or 30 d. Location in a Qualified Census Tract Y 0 or 5 e. Sec 8 or PHA waiting list preference Y 0 or 10 f. Subsidized funding commitments 43.39% Up to 40

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 VHDAs 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 Letterwill 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 youve 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.

g. Existing RD, HUD Section 8 or 236 program N 0 or 20 h. Tax abatement or new project based rental subsidy (HUD or RD) Y 0 or 10 i. Census tract with


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7. BONUS POINTS: Locality AMI State AMIa. Units with rents at or below 40% of AMI $67,900 $53,100 10% Up to 10 b. Units with rent and income at or below 50% of AMI 100% Up to 50

or c. Units with rents at or below 50% rented to tenants at or below 60% of AMI 100% Up to 25 or d. Units in Low Income Jurisdictions with rents


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$/SF = $143.28 Credits/SF = $8.77 Const $/unit = $127,330

TYPE OF PROJECT FAMILY = 11000; ELDERLY = 12000 11000 If an ERROR message appear

LOCATION BELT=100; NVM=110; NVNM=200; RIC=300; TID=400; SMA=500; SMA-C=510; RUR=600 400 spelling of Clerk's Office on pTYPE OF CONSTRUCTION N C=1; ADPT=2;REHAB(35,000+)=3; REHAB(15,000-35,000)= 1 match exactly with the Jurisd

listed in the Application Manu

ELDERLY

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

NUMBER OF UNITS 0 0 0 0 0 0 0

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

PARAMETER-(COSTS35,000) 0 0 0 0 0 0

PARAMETER-(CREDITS35,000) 0 168,175 227,850 0 0 218,531 257

PARAMETER-(COSTS35,000) 0 12,491 16,923 0 0 18,743 22

PARAMETER-(CREDITS


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$/SF = $143.28 Credits/SF = $8.77 Const $/unit = $127,330

TYPE OF PROJECT FAMILY = 11000; ELDERLY = 12000 11000 If an ERROR message appear

LOCATION BELT=100; NVM=110; NVNM=200; RIC=300; TID=400; SMA=500; SMA-C=510; RUR=600 400 spelling of Clerk's Office on pTYPE OF CONSTRUCTION N C=1; ADPT=2;REHAB(35,000+)=3; REHAB(10,000-35,000)= 1 match exactly with the Jurisd

listed in the Application Manu

ELDERLY

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

NUMBER OF UNITS 0 0 0 0 0 0 0

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

PARAMETER-(COSTS35,000) 0 0 0 0 0 0

PARAMETER-(CREDITS35,000) 0 149,188 202,125 0 0 221,484 260

PARAMETER-(COSTS35,000) 0 14,159 19,184 0 0 21,538 25

PARAMETER-(CREDITS


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Documents

Seaboard Square II