newman village apartments - 2009 va

2009 Federal Low Income Housing Tax Credit Program

Application For Reservation

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

Deadline for Submission

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

Richmond, VA Time On May 15, 2009

Tax Exempt BondsApplications should be received at VHDA at least one month

before the bonds are priced (if bonds issued by VHDA), or 75 days before the bonds are issued (if bonds are not issued by

VHDA)

2009 v1.4.2009

Low Income Housing Tax Credit Application for Reservation

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

Location MapSurveyor's Certification of Proximity To Public Transportation

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

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

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

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

2009 Submission Checklist

Low-Income Housing Tax Credit Application For Reservation

VHDA TRACKING NUMBER 2009-Z-084I. General Information

All code "Section" references are to, and the term "IRC" shall be deemed to mean, 5/12/09the Internal Revenue Code of 1986, as amended. (Date of Application)

A. Development Name and Location:1. Name of Development Newman Village Apartmens2. Address of Development 4053 Old Brook Road

(Street)Richmond VA 23227

(City) (State) (Zip Code)

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

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

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

6. Is the development located in a Metropolitan Statistical Area? Yes No7. Census Tract the development is located in: 103

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

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

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

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

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

13. Congressional District 7 http://dlsgis.state.va.us/congress/2001PDFs/chap7Tab.pdf

Planning District 15 http://www.vapdc.org/aboutpdcs.htm#PDC%20Map

State Senate District 9 http://dlsgis.state.va.us/senate/2001PDFs/Chap2Tab.pdf

State House District 71 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.

This aging affordable housing development will require significant rehabilitation and preservation

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) $597,705

2. Credits requested from:

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

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

Tax Exempt Bonds

new construction, or

rehabilitation, or

acquisition and rehabilitation.

Federal SubsidiesThe development will not receive federal subsidies.

This development will receive federal subsidies for:all buildings or

some buildings.

D. Type(s) of Allocation/Allocation Year

1. Regular Allocation

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

rehabilitation, or

acquisition and rehabilitation.

2. Carryforward Allocation

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

new construction, or

rehabilitation, or

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

3. Federal SubsidiesThe development will not receive federal subsidies.

This development will receive federal subsidies for:all buildings or

some buildings.

2009 Page 2


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

so indicate and go on to Part F: No Acquisition

Ten-Year Rule For Acquisition Credits

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

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

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

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

F. Rehabilitation Credit Information

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

Minimum Expenditure Requirements

All buildings in the development satisfy the rehab costs per unit requirement of IRCSection 42(e)(3)(A)(ii).All buildings in the development qualify for the IRC Section 42(e)(3)(B) exception to the 10% basis requirement (4% credit only).All buildings in the development qualify for the IRC Section 42(f)(5)(B)(ii)(II) exception.

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

2009 Page 3


II. OWNERSHIP INFORMATION

A. Owner Information:Name Newman Village Preservation, L.P.Contact Person First: Matthew Middle: K Last: FinkleAddress 60 Columbus Circle

(Street)New York NY 10023

(City) (State) (Zip Code)

Federal I. D. No. 27-0153851 (If not available, obtain prior to Allocation)Phone 212-801-1073 Fax 212-801-3731 Email address [email protected] of entity: Limited Partnership Other

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

Principal(s) involved (e.g. general partners, LLC members, controlling shareholders, etc.)Names ** Phone Type Ownership % OwnershipStephen M. Ross 212-421-5333 Member 59.69%Jeff T. Blau 212-421-5333 Member 5.52%Bruce A. Beal/Michael Brenner 212-421-5333 Member 3.80%Mark E. Carbone/Matthew Finkle 212-421-5333 Member 21.00%Akiim Kiambu Barber 212-421-5333 Member 5.10%Mark Lepselter/Drew Sheinman 212-421-5333 Member 3.68%Joseph A. Baratta/Arthur L. Aidala 212-421-5333 Member 1.23%

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

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

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

B. Seller Information:Name Newman Village Limited Partnership Contact Person Charles NimmoAddress 3130 Chaparral Drive SW, Suite 200Roanoke, VA 24018 Phone (540) 725-8101

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

Principal(s) involved (e.g. general partners, controlling shareholders, etc.)Names Phone Type Ownership % 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 fill in the legalname of the owner. The ownership entity must be formed prior to submitting this application. Any transfer, direct or indirect, of partnership interests (except those involving the admission oflimited partners) prior to the placed-in-service date of the proposed development shall be prohibited, unless the transfer is consented to by VHDA in its sole discretion. IMPORTANT: TheOwner name listed on this page must match exactly the owner name listed on the Virginia State Corporation Commission Certification.

Must be an individual or legally formed entity

2009 Page 4


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

1. Tax Attorney: H. David Embree Related Entity? Yes NoFirm Name: Williams MullenAddress: 1700 Dominion Tower, P.O. Box 3460, Norfolk, VA 23514Phone: 757-629-0608 Fax: 757-629-0660

2. Tax Accountant: Joseph Crivelli Related Entity? Yes NoFirm Name: Friedman, LLPAddress: 1700 Broadway, New York, NY 10019Phone: 212-842-7550 Fax: 212-265-4761

3. Consultant: None Related Entity? Yes NoFirm Name: Role:Address:Phone: Fax:

4. Management Entity (Contact): Charles Nimmo Related Entity? Yes NoFirm Name: F&W ManagementAddress: 3130 Chaparral Drive, Roanoke, VA24018Phone: 540-774-1641 Fax: 540-774-2488

5. Contractor (Contact): TBD Related Entity? Yes NoFirm Name:Address:Phone: Fax:

6. Architect: James Snowa Related Entity? Yes NoFirm Name: Edward Winks - James Snowa Architects P.C.Address: 2119 East Franklin Street, Suite 200, Richmond, Virginia 23223Phone: 804-643-6196 Fax: 804-643-6190

7. Real Estate Attorney: David Boccio Related Entity? Yes NoFirm Name: Michael, Levitt & Rubenstein, LLCAddress: 60 Columbus Circle, New York, NY 10023Phone: 212-801-3739 Fax: 212-801-3762

8. Mortgage Banker: Charles Wilson Related Entity? Yes NoFirm Name: Virginia Capital AdvisorsAddress: 1915 Pocahontas Trail, Suite B-5, Williamsburg, VA 23185Phone: (757) 220-3147 Fax: (757) 220-5746

9. Other (Contact): Michael Antonik Related Entity? Yes NoFirm Name: PresCon, LLC Role:Address: 60 Columbus Circle, New York, NY 10023Phone: 212-801-1067 Fax: 212-801-3731

2009 Page 5


D. Nonprofit Involvement:

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

1. Must "materially participate" in the development and operation of the project throughout the compliance period, 2. Must own all general partnership interests in the development .3. Must not be affiliated with or controlled by a for-profit organization.4. Must not have been formed for the principal purpose of competition in the nonprofit pool, and5. Must not have any staff member, or member of the nonprofit's board of directors materially participate in the proposed project

as a for-profit entity.

All Applicants: To qualify for points under the ranking system, the nonprofit's involvement need not necessarilysatisfy all of the requirements for participation in the nonprofit tax credit pool

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

and go on to part III

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

Questionnaire attached (Mandatory TAB E)

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

Nonprofit meets eligibility requirements for nonprofit pool and points

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

the Ownerthe Applicant (if different from Owner)Other

(Name of nonprofit)

(Contact Person) (Street Address)

(City) (State) (Zip code)

(Phone) (Fax)

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

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

2009 Page 6


III. DEVELOPMENT INFORMATION

A. Structure and Units:1. Total number of all units in development 99

Total number of rental units in development 99 bedrooms 222Number of low-income rental units 99 bedrooms 222Percentage of rental units designated low-income 100.00%

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

Row House/Townhouse Detached Single-familyGarden Apartments Detached Two-familySlab on Grade BasementCrawl space Age of Structure: 32Elevator Number of stories: 2

3. Number of new units 0 bedrooms 0Number of adaptive reuse units 0 bedrooms 0Number of rehab units 99 bedrooms 222

4. Total Floor Area For The Entire Development 103,104.98 (Sq. ft.)

5. Unheated Floor Area (Breezeways, Balconies, Storage) 3,023.56 (Sq. ft.)

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

(Not eligible for funding)

7. Total Usable Residential Heated Area 100,081.42 (Sq. ft.)

8. Number of Buildings (containing rental units) 17

9. Commercial Area Intended Use: N/A

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: Playground, Leasing Office, Laundry Room

Exterior Finish: T1-11 sidingHeating/AC System: Heat: Forced Hot Air (Heat Pumps), A/C: Split SystemArchitectural Style: Garden Style & Townhouse

2009 Page 7

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

1. Specify the average size per unit type: (Including pro rata share of heated common area) Assisted Lvg 0.00 SF 1Bdrm Eld 0.00 SF 3-Bdrm Gar 0.00 SF 1-Sty-Eff-Eld 0.00 SF 2Bdrm Eld 0.00 SF 4-Bdrm Gar 0.00 SF 1-Sty 1BR-Eld 0.00 SF Eff-Gar 0.00 SF 2-Bdrm TH 1,004.86 SF 1-Sty 2BR-Eld 0.00 SF 1-Bdrm Gar 646.26 SF 3-Bdrm TH 1,301.74 SF Eff-Eld 0.00 SF 2-Bdrm Gar 837.33 SF 4-Bdrm TH 0.00 SF

2. Total gross usable, heated square feet for the entire project less nonresidential commercial area: 100,081.42 Documentation attached (TAB F) Mandatory

(Sq. ft.)

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

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

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

0% a(1) Percentage of 2-bedroom units that have 1.5 bathrooms

0% a(2) Percentage of 3 or more bedroom units that have 2 bathrooms

b. A community/meeting room with a minimum of 749 square feet is provided

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

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

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

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

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

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

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

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

2009 Page 8

Low Income Housing Tax Credit Application For Reservation

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

a. All cooking ranges will have front controls

b. All units will have an emergency call system

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

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

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

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

Accessibility

Check one or none of the following point categories, as appropriate:

For any non-elderly property in which the greater of 5 or 10% of the units (i) provide federal project-based rent subsidies oequivalent assistance in order to ensure occupancy by extremely low-income persons; (ii) conform to HUD regulationinterpreting accessibility requirements of section 504 of the Rehabilitation Act; and (iii) are actively marketed to people witspecial needs in accordance with a plan submitted as part of the Application. (If special needs include mobility impairmentthe units described above must include roll-in showers and roll under sinks and front controls for ranges).

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

For any non-elderly property in which at least four percent (4%) of the units conform to HUD regulations interpretingaccessibility requirements of section 504 of the Rehabilitation Act and are actively marketed to people with mobilityimpairments in accordance with a plan submitted as part of the Application.

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

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

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

Yes No If Yes, attach appropriate documentation at TAB F

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

Yes No If Yes, attach appropriate documentation at TAB F

b. Number of Rental Units constructed to meet VHDA's Universal Design standards:0 Units 0%

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

Yes No

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

2009 Page 9


IV. TENANT INFORMATION

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

Units Provided Per Household Type:

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

0 0.00% 40% Area Median 10 10.10% 40% Area Median99 100.00% 50% Area Median 89 89.90% 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

99 100.00% Total 99 100.00% Total

B. Special Housing Needs/Leasing Preference:

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

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

Americans with Disabilities Act)

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

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

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

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

Organization which holds such waiting list: Richmond Redevelopment & Housing AuthorityContact person (Name and Title) Sharon Valentine, Program Eligibility SupervisorPhone Number (804) 780-4375 Required documentation attached (TAB H)

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

YesNo

Income Levels Rent Levels

32

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

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 Christopher L. BeschlerChief Executive Officer's Title Chief Administrative OfficerStreet Address 900 E. Broad St., Suite 201 Phone (804) 646-7970City Richmond State VA Zip 23219

Name and title of local official you have discussed this project with who could answer questions for thelocal CEO: Bradley A. Gamlin, Senior Planner, Department of Community Developmen

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

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

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

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

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

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

B. Project Schedule

ACTUAL OR NAME OFACTIVITY ANTICIPATED PERSON

DATE RESPONSIBLESiteOption/Contract 9/11/07 Mark CarboneSite Acquisition 11/1/09 Mark CarboneZoning Approval N/ASite Plan Approval N/AFinancingA. Construction Loan

Loan Application 7/15/09 Matthew FinkleConditional Commitment 9/1/09 Matthew FinkleFirm Commitment 10/1/09 Matthew Finkle

B. Permanent Loan - First LienLoan Application 7/15/09 Matthew FinkleConditional Commitment 9/1/09 Matthew FinkleFirm Commitment 10/1/09 Matthew Finkle

C. Permanent Loan-Second LienLoan Application 7/15/09 Matthew FinkleConditional Commitment 9/1/09 Matthew FinkleFirm Commitment 10/1/09 Matthew Finkle

D. Other Loans & GrantsType & Source, ListApplication 5/15/09 Matthew FinkleAward/Commitment 8/5/09 Matthew Finkle

Formation of Owner 5/1/09 Mark CarboneIRS Approval of Nonprofit Status N/AClosing and Transfer of Property to Owner 11/1/09 Matthew FinklePlans and Specifications, Working Drawings 5/1/09 Mike Antonik Building Permit Issued by Local Government 10/1/09 Mike Antonik Start Construction 12/1/09 Mike Antonik Begin Lease-up in-place rehabComplete Construction 8/1/10 Mike Antonik Complete Lease-Up in-place rehabCredit Placed in Service Date 1/1/10 Matthew Finkle 2009 Page 11


VI. SITE CONTROL

A. Type of Site Control by Owner:

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

Deed - attached

Long-term Lease - attached (expiration date: )

Option - attached (expiration date: )

Purchase Contract - attached (expiration date: 01/01/11 )

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

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

B. Timing of Acquisition by Owner:Select one:

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

Owner is to acquire property by deed (or lease for period no shorter than period property will be subject to occupancy restrictions) no later than 11/01/09 (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 existing buildings on the site, if any, and expected date of acquisition of each site by the Owner.

C. Market Study Data:

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

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

4.40%N/A

4.40%8

Note: Site control by the Owner identified herein is a mandatory precondition of review of this application. Documentary evidence of it,in the form of either a deed, option, purchase contract, or lease for a term longer than the period of time the property will be subject tooccupancy restrictions must be included herewith. (9% Competitive Credits - An option or contract must extend beyond theapplication deadline by a minimum of four months.)

Warning: Site control by an entity other than the Owner, even if it is a closely related party, is not sufficient. Anticipated future transfersto the Owner are not sufficient. The Owner, as identified in Subpart II-A, must have site control at the time this Application issubmitted.

NOTE: If the Owner receives a reservation of credits, the property must be titled in the name of or leased by (pursuant to a long-termlease) the Owner before the allocation of credits is made this year.

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

2009 Page 12


C. Site Description

1. Exact area of site in acres 9.100

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

Required documentation form attached (TAB L)

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

Required documentation form attached (TAB M)

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

D. Photographs

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

E. Plans and Specifications

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

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

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

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

In addition: required documentation for rehabilitation properties

A unit-by-unit work write-up.

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

2009 Page 13


VII. OPERATING BUDGET

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

Yes No2. If yes, indicate type of rental assistance:

Section 8 New Construction Substantial Rehabilitation Section 8 Moderate Rehabilitation Section 8 Certificates Section 8 Project Based Assistance RD 515 Rental Assistance Section 8 Vouchers State Assistance Other: Section 236 Project Based Rental Assistance Contract

3. Number of units receiving assistance: 48Number of years in rental assistance contract: 40Expiration date of contract: 08/10/17

Contract or other agreement attached (TAB Q)

B. Utilities1. Monthly Utility Allowance Calculations

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

Heating Electric Owner X Tenant 0 0 0 0 0

Air Conditioning Electric Owner X Tenant 0 72 99 114 0

Cooking Electric Owner X Tenant 0 0 0 0 0

Lighting Electric Owner X Tenant 0 0 0 0 0

Hot Water Electric Owner X Tenant 0 0 0 0 0

Water Water X Owner Tenant 0 0 0 0 0

Sewer Sewer X Owner Tenant 0 0 0 0 0

Trash Trash X Owner Tenant 0 0 0 0 0

Total utility allowance for costs paid by tenant $0 $72 $99 $114 $0

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

HUD

Utility Company (Estimate) Local PHA

Utility Company (Actual Survey) Other:

2009 Page 14


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

Total Number of Total MonthlyTax Credit Units Rental Income

0 $08 $3,08059 $24,87632 $14,5280 $099

Plus Other Income Source (list): Laundry, Tenant Charges & Retained Excess Income $2,892Equals Total Monthly Income: $45,376Twelve Months x12Equals Annual Gross Potential Income $544,508Less Vacancy Allowance ( 7.0% ) $38,116Equals Annual Effective Gross Income (EGI) - Low Income Units $506,392

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

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

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

Total Number of Market Units 0

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

Documentation in Support of Operating Budget attached (TAB R)

List number of units by type: TOTAL UNITS

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

0 0 0 0 0 8

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

36 0 0 23 32 0

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

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

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

0 0 0 0 0 8

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

36 0 0 23 32 0

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

0 0 0

Efficiency UnitsUnit Type / Net Rentable Monthly Rent Total

Rent Targeting Number Units Square Feet Per Unit Monthly Rent

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

4 Bedroom Units

1 Bedroom Units2 Bedroom Units3 Bedroom Units

Efficiency Units

4 Bedroom Units

Unit Type

Unit Type

1 Bedroom Units2 Bedroom Units3 Bedroom Units

Total Number of Tax Credit Units

Efficiency Units

2009 Page 15

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

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

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

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

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

Total EfficiencyMarket Units: 0 0.00 Total Monthly

Eff. Market Rent: -$

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

1-Bedroom UnitsNet Rentable Monthly Rent Total


1 BR - 40% 1 590.78 385$ 385$ 2009 Page 15

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

1 BR - 50% 7 590.78 385$ 2,695$ 1 BR - 50% 0 0.00 -$ -$ 1 BR - 50% 0 0.00 -$ -$ 1 BR - 50% 0 0.00 -$ -$ 1 BR - 50% 0 0.00 -$ -$ 1 BR - 50% 0 0.00 -$ -$ 1 BR - 50% 0 0.00 -$ -$ 1 BR - 50% 0 0.00 -$ -$ 1 BR - 50% 0 0.00 -$ -$ 1 BR - 50% 0 0.00 -$ -$ 1 BR - 50% 0 0.00 -$ -$ 1 BR - 50% 0 0.00 -$ -$ 1 BR - 50% 0 0.00 -$ -$ 1 BR - 50% 0 0.00 -$ -$ 1 BR - 50% 0 0.00 -$ -$

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

Tax Credit Units: 8 4,726.24 Tax Credit Rent: 3,080$

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

Total 1-BRMarket Units: 0 0.00 Total Monthly

1-BR Market Rent: -$

Total 1-BR Units: 8 Total 1-BR Rent 3,080$

2009 Page 15



2 BR - 40% 4 779.15 415$ 1,660$ 2 BR - 40% 2 937.84 432$ 864$ 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% 32 779.15 415$ 13,280$ 2 BR - 50% 21 937.84 432$ 9,072$ 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 - 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






3 BR - 40% 3 1,224.42 454$ 1,362$ 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% 29 1,224.42 454$ 13,166$ 3 BR - 50% 0 0.00 -$ -$ 3 BR - 50% 0 0.00 -$ -$ 3 BR - 50% 0 0.00 -$ -$ 3 BR - 50% 0 0.00 -$ -$ 3 BR - 50% 0 0.00 -$ -$ 3 BR - 50% 0 0.00 -$ -$ 3 BR - 50% 0 0.00 -$ -$ 3 BR - 50% 0 0.00 -$ -$ 3 BR - 50% 0 0.00 -$ -$ 3 BR - 50% 0 0.00 -$ -$ 3 BR - 50% 0 0.00 -$ -$ 3 BR - 50% 0 0.00 -$ -$ 3 BR - 50% 0 0.00 -$ -$ 3 BR - 50% 0 0.00 -$ -$



3 BR - 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 -$ -$






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 -$ -$


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

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



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

Total Units 99 Net Rentable SF: TC Units 93,527.40MKT Units 0.00

Total NR SF: 93,527.40

100.0000%Floor Space Fraction

2009 Page 15


D. Operating ExpensesAdministrative:

1. Advertising/Marketing $7752. Office Salaries $2003. Office Supplies $11,5004. Office/Model Apartment (type______) $05. Management Fee $26,064

5.15% of EGI 263.2696566 Per Unit6. Manager Salaries $30,8617. Staff Unit (s) (type______) $08. Legal $7259. Auditing $15,000

10. Bookkeeping/Accounting Fees $011. Telephone & Answering Service $012. Tax Credit Monitoring Fee $013. Miscellaneous Administrative $250

Total Administrative $85,374Utilities

14. Fuel Oil $015. Electricity $16,90016. Water $20,32517. Gas $3,55518. Sewer $36,850

Total Utility $77,630Operating:

19. Janitor/Cleaning Payroll $26,44420. Janitor/Cleaning Supplies $8,80521. Janitor/Cleaning Contract $6,06322. Exterminating $023. Trash Removal $8,97524. Security Payroll/Contract $18,50025. Grounds Payroll $026. Grounds Supplies $027. Grounds Contract $028. Maintenance/Repairs Payroll $26,44429. Repairs/Material $6,80530. Repairs Contract $4,56331. Elevator Maintenance/Contract $032. Heating/Cooling Repairs & Maintenance $1,10033. Pool Maintenance/Contract/Staff $034. Snow Removal $035. Decorating/Payroll/Contract $036. Decorating Supplies $037. Miscellaneous $1,000

Operating & Maintenance Totals $108,697Taxes & Insurance

38. Real Estate Taxes $40,10039. Payroll Taxes $22,45640. Miscellaneous Taxes/Licenses/Permits $25041. Property & Liability Insurance $30,59542. Fidelity Bond $043. Workman's Compensation $044. Health Insurance & Employee Benefits $045. Other Insurance $0

Total Taxes & Insurance $93,4016544

Total Operating Expense $365,103

D1. Total Oper. Ex. Per Unit $3,688 D2. Total Oper. Ex. As % EGI (from E3) 72.10%

Replacement Reserves (Total # Units X $300 or $250 New Const. Elderly Minimum) $29,700

Total Expenses $394,803

2009 Page 16


E. Cash Flow (First Year)1. Annual EGI Low-Income Units from (C1) $506,392

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

3. Total Effective Gross Income = $506,392

4. Total Expenses (from D) $394,803

5. Net Operating Income = $111,589

6. Total Annual Debt Service (from Page 21 B2) - $80,701

7. Cash Flow Available for Distribution = $30,888

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

StabilizedYear 1 Year 2 Year 3 Year 4 Year 5

Eff. Gross Income 506,392 521,584 537,232 553,349 569,949Less Oper. Expenses 394,803 410,595 427,019 444,100 461,864Net Income 111,589 110,989 110,213 109,249 108,086Less Debt Service 80,701 80,701 80,701 80,701 80,701Cash Flow 30,888 30,288 29,512 28,548 27,384Debt Coverage Ratio 1.38 1.38 1.37 1.35 1.34

Year 6 Year 7 Year 8 Year 9 Year 10Eff. Gross Income 587,048 604,659 622,799 641,483 660,727Less Oper. Expenses 480,338 499,552 519,534 540,315 561,928Net Income 106,709 105,107 103,265 101,168 98,800Less Debt Service 80,701 80,701 80,701 80,701 80,701Cash Flow 26,008 24,406 22,564 20,466 18,098Debt Coverage Ratio 1.32 1.30 1.28 1.25 1.22

Year 11 Year 12 Year 13 Year 14 Year 15Eff. Gross Income 680,549 700,966 721,995 743,654 765,964Less Oper. Expenses 584,405 607,781 632,092 657,376 683,671Net Income 96,144 93,185 89,902 86,278 82,293Less Debt Service 80,701 80,701 80,701 80,701 80,701Cash Flow 15,443 12,483 9,201 5,577 1,592Debt Coverage Ratio 1.19 1.15 1.11 1.07 1.02Estimated Annual Percentage Increase in Revenue 3.00% (Must be < 3%)Estimated Annual Percentage Increase in Expenses 4.00% (Must be > 4%)

2009 Page 17


VIII. PROJECT BUDGET

A. Cost/Basis/Maximum Allowable Credit

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

Executed Construction ContractExecuted Trade Payment BreakdownAppraisalOther Cost DocumentationEnvironmental Studies

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

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

New Construction Value Credit"

1. Contractor Cost

A. Off-Site Improvements 0 0 0 0B. Site Work 0 0 0 0C. Other: 0 0 0 0D. Unit Structures (New) 0 0 0 0E. Unit Structures (Rehab) 2,690,800 0 0 2,690,800F. Accessory Building (s) 0 0 0 0G. Asbestos Removal 0 0 0 0H. Demolition 0 0 0 0I. Commercial Space Costs 0 0 0 0J. Structured Parking Garage 0 0 0 0K. Subtotal A: (Sum 1A..1J) 2,690,800 0 0 2,690,800L. General Requirements 161,448 0 0 161,448M. Builder's Overhead 53,816 0 0 53,816

( 2.0% Contract)N. Builder's Profit 161,448 0 0 161,448

( 6.0% Contract)O. Bonding Fee 0 0 0 0P. Other: Completion LOC 2,964 0 0 2,964Q. Contractor Cost

Subtotal (Sum 1K..1P) $3,070,476 $0 $0 $3,070,476

2. Owner CostsA. Building Permit 5,000 0 0 5,000B. Arch./Engin. Design Fee 75,000 0 0 75,000

( 758 /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 eligible basis, typeof credit and numerical calculations of this Part VIII.

2009 Page 18




New Construction Value Credit"2. Owner Costs Continued

F. Construction Loan 0 0 0 0

Origination FeeG. Construction Interest 0 0 0 0

( 0.0% for 0 months)H. Taxes During Construction 22,946 0 0 0I. Insurance During Construction 30,075 0 0 0J. Cost Certification Fee 45,000 0 0 45,000K. Title and Recording 32,000 11,500 0 17,001L. Legal Fees for Closing 100,000 20,000 0 0M. Permanent Loan Fee 0 0 0 0

( 0.0% )N. Other Permanent Loan Fees 14,250 0 0 0O. Credit Enhancement 0 0 0 0P. Mortgage Banker 21,804 5,451 0 5,451Q. Environmental Study 15,000 0 0 15,000R. Structural/Mechanical Study 0 0 0 0S. Appraisal Fee 2,500 0 0 2,500T. Market Study 2,500 0 0 2,500U. Operating Reserve 222,902 0 0 0V. Tax Credit Fee 42,589 0 0 0W. OTHER $1,034,807 $0 $0 $463,954

(SEE PAGE 19A)X. Owner Cost

Subtotal (Sum 2A..2W) $1,666,374 $36,951 $0 $631,406

Subtotal 1 + 2 $4,736,850 $36,951 $0 $3,701,882(Owner + Contractor Costs)

3. Developer's Fees 1,010,582 190,104 0 820,479

4. Owner's Acquisition CostsLand 560,000Existing Improvements 1,864,088 1,864,088Subtotal 4: $2,424,088 $1,864,088

5. Total Development CostsSubtotal 1+2+3+4: $8,171,521 $2,091,143 $0 $4,522,361

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

(Attach documentation at Tab K) $0 Building

2009 Page 19




New Construction Value Credit"W. OTHER OWNER COSTS

Contingency Reserve 326,859 0 0 326,859(Rehab or Adaptive Reuse only)LIST ADDITIONAL ITEMSCivil Engineer 11,500 0 0 11,500Survey 13,500 0 0 13,500Travel Expenses 5,000 0 0 0Organizational/Filing Fees 8,000 0 0 0Office Expenses/Copies 5,000 0 0 1,500Tenant Relocation 50,000 0 0 50,000Extra Security/Temp Labor 50,000 0 0 25,000PSA LOC 5,000 0 0 0Replacement Reserves 74,250 0 0 0VHDA Application Fee 41,831 0 0 0Earthcraft Certification 35,595 0 0 35,595TCAP/TCEP Admin Fee: 29,885 0 0 0Capitalized Monitoring Fees 2,475 0 0 0Purchase of Reserves 375,912 0 0 0

0 0 0 00 0 0 0

Subtotal (Other Owner Costs) $1,034,807 $0 $0 $463,954

2009 Page 19A



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

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

5. Total Development Costs Subtotal 1+2+3+4 8,171,521 2,091,143 0 4,522,361

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) 2,091,143 0 4,522,361

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

(i) For Earthcraft or LEED Certification AND 60 Bonus Points 0 226,118(ii) For QCT or DDA (Eligible Basis x 30%) 0 1,130,590

Total Adjusted Eligible basis 0 5,879,069

9. Applicable Fraction 100.0000% 100.0000% 100.0000%

10. Total Qualified Basis (Same as Part IX-C) 2,091,143 0 5,879,069(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 $68,589 $0 $529,116(Qualified Basis x Applicable Percentage)(Same as Part IX-C and equal to or more than $597,706credit amount requested) Combined 30% & 70% P. V. Credit

2009 Page 20


B. Sources of Funds

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

Date of Date of Amount of

Source of Funds Application Commitment Funds Name of Contact Person

1. Assumed VHDA Loan 07/15/09 $1,230,435

2. SPARC Deferred Loan 07/15/09 $950,000

3. Existing Reserves 07/15/09 $375,912 VHDA - John Hastings

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

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

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

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

1. $0 $0 0.00% 30 0

2. Assumed VHDA Loan 07/15/09 $1,230,435 $80,701 1.00% 40 40

3. SPARC Deferred Loan 07/15/09 $950,000 $0 0.00% 1000 0

4. Existing Reserves 07/15/09 $375,912 $0 0.00% 1000 0

5. $0 $0 0.00% 1000 0

6. $0 $0 0.00% 1000 0

Totals: $2,556,347 $80,701


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 $725,000

Total Permanent Grants: $725,000


2009 Page 21


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

6. Equity that Sponsor will Fund:Cash Investment $0Contributed Land/Building $0 Assessment Attached (TAB S)Deferred Developer Fee $707,076Other: $0

Equity Total $707,0767. Total of All Sources (B2 + B3 + B4 + B5 + B6) $3,988,423

(not including syndication proceeds except for historic tax credits)

8. Total Development Cost $8,171,521(From VIII-A5)

9. Less Total Sources of Funds (From B7 above) $3,988,423

10. Equals equity gap to be funded with low-income tax credit proceeds (must equal IX-D3) $4,183,098

C. Syndication Information (If Applicable)

1. Actual or Anticipated Name of Syndicator TBD2. Contact Person Phone3. Street Address

City State Zip

4. a. Total to be paid by anticipated users of credit (e.g., limited partners) $4,183,098b. Equity Dollars Per Credit (e.g., $0.85 per dollar of credit) $0.70c. Percent of ownership entity (e.g., 99% or 99.9%) 99.98%d. Net credit amount anticipated by user of credits $597,585e. 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) $4,183,098

6. Amount of annual credit required for above amounts(same amount as Part IX-D6) $597,705

7. Net Equity Factor [C5 / (C6 X 10)] (same amount as Part IX-D4) Must be equal to or greater than 85% 69.99%

8. Syndication: Public or Private

9. Investors: Individual or Corporate

Syndication commitment or letter of intent attached (TAB U)

2009 Page 22


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

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

Below-Market Loans Market-Rate Loans

Tax Exempt Bonds $0 Taxable Bonds $0RD 515 $0 Section 220 $0Section 221(d)(3) $0 Section 221(d)(3) $0Section 312 $0 Section 221(d)(4) $0Section 236 $1,230,435 Section 236 $0VHDA SPARC/REACH $950,000 Section 223(f) $0HOME Funds $0 Other: $0Other: $0Other: $0

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

Other: TCAP $725,000

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

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

Source of Funds Commitment date Funds1. $02. $03. $04. $05. $0

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

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

4. Other Subsidies Documentation Attached (TAB Q)Section 8 Rent Supplement or Rental Assistance PaymentTax AbatementOther Section 236 Project Based Rental Assistance Contract

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

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

2009 Page 23


IX. ADDITIONAL INFORMATION

A. Extended Use Restriction

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

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

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

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

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

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

Homeownership Plan Attached (TAB J)

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

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

2009 Page 24


C. Building-by-Building Information Must CompleteQualified basis must be determined on a building-by building basis. Complete the section below. Building street addresses are required by the IRS (must have them by the time of allocation request).

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

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

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

1. 6 0 4001, 4003, 4005, 4007, 4009, 4011 Old Brook Rd. $164,084 3.28% 5,382 $0 0.00% 0 $461,308 9.00% 41,5182. 4 0 4013, 4015, 4017, 4019 Old Brook Rd. $109,389 3.28% 3,588 $0 0.00% 0 $307,538 9.00% 27,6783. 6 0 4021, 4023, 4025, 4027, 4029, 4031 Old Brook Rd. $164,084 3.28% 5,382 $0 0.00% 0 $461,308 9.00% 41,5184. 6 0 4033, 4035, 4037, 4039, 4041, 4043 Old Brook Rd. $164,084 3.28% 5,382 $0 0.00% 0 $461,308 9.00% 41,5185. 4 0 4045, 4047, 4049, 4051 Old Brook Rd. $109,389 3.28% 3,588 $0 0.00% 0 $307,538 9.00% 27,6786. 6 0 4101, 4103, 4105, 4107, 4109, 4011 Old Brook Rd. $125,957 3.28% 4,131 $0 0.00% 0 $354,118 9.00% 31,8717. 6 0 4113, 4115, 4117, 4119, 4121,4123 Old Brook Rd. $164,084 3.28% 5,382 $0 0.00% 0 $461,308 9.00% 41,5188. 5 0 4125, 4127, 4129, 4131, 4133 Old Brook Rd. $104,964 3.28% 3,443 $0 0.00% 0 $295,098 9.00% 26,5599. 4 0 4135, 4137, 4139, 4141 Old Brook Rd. $83,971 3.28% 2,754 $0 0.00% 0 $236,079 9.00% 21,247

10. 4 0 4143, 4145, 4147, 4149 Old Brook Rd. $83,971 3.28% 2,754 $0 0.00% 0 $236,079 9.00% 21,24711. 4 0 4151, 4153, 4155, 4157 Old Brook Rd. $83,971 3.28% 2,754 $0 0.00% 0 $236,079 9.00% 21,24712. 12 0 4000, 4002, 4004, 4006, 4008, 4010 Old Brook Rd. $208,885 3.28% 6,851 $0 0.00% 0 $587,261 9.00% 52,85413. 8 0 4012, 4014, 4016, 4018 Old Brook Rd. $139,256 3.28% 4,568 $0 0.00% 0 $391,508 9.00% 35,23614. 8 0 4020, 4022, 4024, 4026 Old Brook Rd. $139,256 3.28% 4,568 $0 0.00% 0 $391,508 9.00% 35,23615. 8 0 4028, 4030, 4032, 4034 Old Brook Rd. $139,256 3.28% 4,568 $0 0.00% 0 $391,508 9.00% 35,23616. 4 0 4100, 4102 Old Brook Rd. $53,270 3.28% 1,747 $0 0.00% 0 $149,763 9.00% 13,479

$2,037,873 $0 $5,729,305

$66,842 $0 $515,637Qualified Basis Totals (must agree with VIII-A10)

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

NUMBEROF

2009 Page 25






17. 4 0 4104, 4106 Old Brook Road $53,270 3.28% 1,747 $0 0.00% 0 $149,763 9.00% 13,47918. $0 0.00% 0 $0 0.00% 0 $0 0.00% 019. $0 0.00% 0 $0 0.00% 0 $0 0.00% 020. $0 0.00% 0 $0 0.00% 0 $0 0.00% 021. $0 0.00% 0 $0 0.00% 0 $0 0.00% 022. $0 0.00% 0 $0 0.00% 0 $0 0.00% 023. $0 0.00% 0 $0 0.00% 0 $0 0.00% 024. $0 0.00% 0 $0 0.00% 0 $0 0.00% 025. $0 0.00% 0 $0 0.00% 0 $0 0.00% 026. $0 0.00% 0 $0 0.00% 0 $0 0.00% 027. $0 0.00% 0 $0 0.00% 0 $0 0.00% 028. $0 0.00% 0 $0 0.00% 0 $0 0.00% 029. $0 0.00% 0 $0 0.00% 0 $0 0.00% 030. $0 0.00% 0 $0 0.00% 0 $0 0.00% 031. $0 0.00% 0 $0 0.00% 0 $0 0.00% 032. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0

$53,270 $0 $149,763

$1,747 $0 $13,479Qualified Basis Totals (must agree with VIII-A10)


NUMBEROF

2009 Page 25 (2)






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

$0 $0 $0

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


NUMBEROF

2009 Page 25 (3)


D. Determination of Reservation Amount Needed

1. Total Development Costs (from VIII-A5, Column A page 20) $8,171,521

2. Less Total Sources of Funds (from VIII-B7 page 22) $3,988,423

3. Equals Equity Gap $4,183,098

4. Divided by Net Equity Factor (VIII-C7 page 22) 69.99%(Percent of 10-year credit expected to be raised as equity investment)

5. Equals Ten-Year Credit Amount Needed to Fund Gap $5,977,050

Divided by ten years 10

6. Equals Annual Tax Credit Required to Fund the Equity Gap $597,705

7. The Maximum Allowable Credit Amount $597,706(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 6,037 Combined 30% & 70% PV Credit

Credit per Bedroom 2,692 $597,705Comprised of

$68,589 and $529,116 30% PV Credit 70% PV Credit

(Based on same relative percentages as VIII-A12)

E. Attorney’s OpinionAttached in Mandatory TAB W)

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

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

2009 Page 26


F. Statement of Owner

The undersigned hereby acknowledges the following:

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

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

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

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

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

6. that, for the purposes of reviewing this application, VHDA is entitled to rely upon representations of the undersigned as to the inclusion of costs in eligible basis and as to all of the figures and calculations relativeto the determination of qualified basis for the development as a whole and/or each building therein individually as well as the amounts and types of credit applicable thereof, but that the issuance of a reservation based on such representation in no way warrants their correctness or compliance with IRCrequirements.

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

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

2009 Page 27

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

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

Total: 40.00

2. HOUSING NEEDS CHARACTERISTICS: a. VHDA notification letter to CEO Y 0 or -50 0.00 b. Local CEO letter (Y,NC,N) Y 0 or 25 or 50 50.00 c. Location in a revitalization area N 0 or 30 0.00 d. Location in a Qualified Census Tract Y 0 or 5 0.00 e. Sec 8 or PHA waiting list preference Y 0 or 10 10.00 f. Subsidized funding commitments 0.00% Up to 40 0.00 g. Existing RD, HUD Section 8 or 236 program Y 0 or 20 20.00 h. Tax abatement or new project based rental subsidy (HUD or RD) N 0 or 10 0.00 i. Census tract with <10% poverty rate, no tax credit units N 0 or 25 0.00 j. Development listed on the Rural Development Rehab Priority List N 0 or 15 0.00

Total 80.00

3. DEVELOPMENT CHARACTERISTICS: a. Unit size (See calculations below) Up to 100 89.87 b. Amenities (See calculations below) Up to 60 24.00 c. Project subsidies/HUD 504 accessibility for 5 or 10% of units N 0 or 50 0.00or d. HCV payment standard/HUD 504 accessibility for 5 or 10% of units N 0 or 30 0.00or e. HUD 504 accessibility for 4% of units Y 0 or 15 15.00 f. Proximity to public transportation Y10 0, 10 or 20 10.00 g. Development will be Earthcraft or LEED certified Y 0 or 30 30.00 h. VHDA Certified Property Management Agent Y 0 or 25 25.00 i. Units constructed to meet VHDA's Universal Design standards 0% Up to 15 0.00 j. Developments with less than 100 units Up to 20 0.40

Total 194.27

4. TENANT POPULATION CHARACTERISTICS: a. <= 20% of units having 1 or less bedrooms Y 0 or 15 15.00 b. Percent of units with 3 or more bedrooms 32.32% Up to 15 15.00

Total 30.00

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

Total 60.00

6. EFFICIENT USE OF RESOURCES: a. Credit per unit If #N/A or #REF! appears in the score column of these point Up to 180 102.63 b. Cost per unit categories check spelling of Clerk's Office on pg 1. It must match Up to 75 43.20

2009 LIHTC SELF SCORE SHEET:

Self Scoring Process

This worksheet is intended to provide you with an estimate of your application score based on the selection criteria described in theQAP. Most of the data used in the scoring process is automatically entered below as you fill in the application. Other items,denoted below in the green shaded cells, are items that are typically evaluated by VHDA’s staff during the application review andfeasibility analysis. For purposes of self scoring, it will be necessary for you to make certain decisions and assumptions about yourapplication and enter the appropriate responses in the green shaded cells of this score sheet. All but two require yes/no responses,in which case enter Y or N as appropriate. Item 2b pertaining to the Local CEO Letter will require one of the following responses: Y– the letter indicates unconditional support; N – the letter indicates opposition to the project; NC – no comment from the locality, orany other response which is neither unconditional support nor opposition. Item 5e1 requires a numeric value to be entered. Pleaseremember that the score is only an estimate based on the selection criteria using the reservation application data and theresponses you’ve entered on this score sheet. VHDA reserves the right to change application data and/or score sheet responseswhere appropriate, which may change the final score.

2009

Total exactly with the Jurisdiction names listed in the Application Manual. 145.83

7. BONUS POINTS: Locality AMI State AMI a. Units with rents at or below 40% of AMI $69,300 $50,600 10% Up to 10 10.00 b. Units with rent and income at or below 50% of AMI 100% Up to 50 50.00or c. Units with rents at or below 50% rented to tenants at or below 60% of AMI 100% Up to 25 0.00or d. Units in Low Income Jurisdictions with rents <= 50% rented to tenants with <= 60% of AMI 100% Up to 50 0.00 e. Extended compliance 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: 660.10475 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 0 Low Sq.Ft. / BDRM 0 500 675 0 Project Sq.Ft. / BDRM 0 646 837 0 Percentage of Units 0.00% 8.08% 36.36% 0.00% Points per Bedroom 0.00 8.08 26.24 0.00

F-4 BDRM-G F-2 BDRM-TH F-3 BDRM-TH F-4 BDRM-TH High Sq.Ft. / BDRM 0 995 1,175 0 Low Sq.Ft. / BDRM 0 775 925 0 Project Sq.Ft. / BDRM 0 1,005 1,302 0 Percentage of Units 0.00% 23.23% 32.32% 0.00% Points per Bedroom 0.00 23.23 32.32 0.00

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

adapt or rehab only. Combinations do Total Unit Size Points: 89.87 not calculate correctly.

Amenities:All units have:

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

Total 24.00All elderly units have:

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

Total 0.00

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

Total amenities: 24.00

2009

$/SF = $73.83 Credits/SF = $6.82 Const $/unit = $31,015

TYPE OF PROJECT FAMILY = 11000; ELDERLY = 12000 11000 If an ERROR message appears here checkLOCATION BELT=100; NVM=110; NVNM=200; RIC=300; TID=400; SMA=500; SMA-C=510; RUR=600 300 spelling of Clerk's Office on pg 1. It mustTYPE OF CONSTRUCTION N C=1; ADPT=2;REHAB(25,000+)=3; REHAB(15,000-25,000)=4 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 0NUMBER OF UNITS 0 0 0 0 0 0 0

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

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

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

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

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

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

AVG UNIT SIZE 0 646 837 0 0 1,005 1,302 0NUMBER OF UNITS 0 8 36 0 0 23 32 0

PARAMETER-(COSTS=>25,000) 0 119,659 155,238 0 0 176,597 207,992 0PARAMETER-(COSTS<25,000) 0 0 0 0 0 0 0 0

COST PARAMETER 0 119,659 155,238 0 0 176,597 207,992 0PROJECT COST PER UNIT 0 47,711 61,817 0 0 74,185 96,102 0

PARAMETER-(CREDITS=>25,000) 0 10,319 13,387 0 0 16,790 19,775 0PARAMETER-(CREDITS<25,000) 0 0 0 0 0 0 0 0

CREDIT PARAMETER 0 10,319 13,387 0 0 16,790 19,775 0PROJECT CREDIT PER UNIT 0 4,410 5,714 0 0 6,858 8,884 0

COST PER UNIT POINTS 0.00 3.64 16.41 0.00 0.00 10.10 13.04 0.00CREDIT PER UNIT POINTS 0.00 8.33 37.51 0.00 0.00 24.74 32.04 0.00

TOTAL COST PER UNIT POINTS 43.20

TOTAL CREDIT PER UNIT POINTS 102.63

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

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

Adjusted Cost Parameter

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

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

Adjusted Credit Parameter

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

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


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


Adjusted Credit Parameter 0 16,790 19,775 00 10,319 13,387 00 0 0 00 0 0 00 0 0 00 0 0 00 16,790 19,775 00 10,319 13,387 0

0 0 00 0 0 000 0 0 00

0

0 0

0 00 0 0

0 176,597 207,992 00 119,659 155,238 0

00 0 0 0 0 0 0

0 0 0 000

0 00 176,597 207,992 00 119,659 155,238 0

0 0 0 0

0

00 0 0 00 0 00 0

0 0 0 0 0

000 0

0 0 0 0

0 0

0 00 0

0

2009

$/SF = $73.83 Credits/SF = $6.82 Const $/unit = $31,015

TYPE OF PROJECT FAMILY = 11000; ELDERLY = 12000 11000 If an ERROR message appears here checkLOCATION BELT=100; NVM=110; NVNM=200; RIC=300; TID=400; SMA=500; SMA-C=510; RUR=600 300 spelling of Clerk's Office on pg 1. It mustTYPE OF CONSTRUCTION N C=1; ADPT=2;REHAB(25,000+)=3; REHAB(10,000-25,000)=4 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 0NUMBER OF UNITS 0 0 0 0 0 0 0

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

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

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

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

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

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

AVG UNIT SIZE 0 646 837 0 0 1,005 1,302 0NUMBER OF UNITS 0 8 36 0 0 23 32 0

PARAMETER-(COSTS=>25,000) 0 119,659 155,238 0 0 176,597 207,992 0PARAMETER-(COSTS<25,000) 0 0 0 0 0 0 0 0

COST PARAMETER 0 119,659 155,238 0 0 176,597 207,992 0PROJECT COST PER UNIT 0 47,711 61,817 0 0 74,185 96,102 0

PARAMETER-(CREDITS=>25,000) 0 10,319 13,387 0 0 16,790 19,775 0PARAMETER-(CREDITS<25,000) 0 0 0 0 0 0 0 0

CREDIT PARAMETER 0 10,319 13,387 0 0 16,790 19,775 0PROJECT CREDIT PER UNIT 0 4,410 5,714 0 0 6,858 8,884 0

COST PER UNIT POINTS 0.00 3.64 16.41 0.00 0.00 10.10 13.04 0.00CREDIT PER UNIT POINTS 0.00 8.33 37.51 0.00 0.00 24.74 32.04 0.00

TOTAL COST PER UNIT POINTS 43.20

TOTAL CREDIT PER UNIT POINTS 102.63

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

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


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



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

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


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



0 0

0 00 0

0

0 0 0 00

0 0 0 0 0

000 0

0

00 0 0 00 0 00

0 0 0 0

0 119,659 155,238 0 0 176,597 207,992 00 00

00 0 00 0 0 0 0 0 0

0 0

0 119,659 155,238 0 0 176,597 207,992 0

0

0

0 0

0 00 0 0

0 0 0 00 0 0

0 0 0 00

0 10,319 13,387 0 0 16,790 19,775 00 0 0 0 0 0 0 00 0 0 0 0 0 0 00 10,319 13,387 0 0 16,790 19,775 0

2009

TAB A (Documentation of Development Location)

TAB A.1 (Qualified Census Tract Certification)

Qualified Census Tract Certification

Development Name: Newman Village Apartments Tracking #: 2009-Z-084

1. General Instructions

• This Certification must be included with the Application (by Application Deadline, 5/15/09).

• The Owner/Developer completes this Certification. • Any change in this form may result in a reduction of points under the scoring system. If

you have any questions, please call Jim Chandler at VHDA (804) 343-5786. 2. Definition of Qualified Census Tract

Pursuant to §42(d)(5)(C)(ii) of the IRC, a qualified census tract is, “(I) Any census tract which is designated by the Secretary of Housing and Urban Development and, for the most recent year for which census data are available on household income in such tract, either in which 50% or more of the households have an income which is less than 60% of the area median gross income (AMGI) for such year or which has a poverty rate of at least 25%. If the Secretary of Housing and Urban Development determines that sufficient data for any period are not available to apply this clause on the basis of census tracts, such Secretary shall apply this clause for such period on the basis of enumeration districts. (II) The portion of a metropolitan statistical area (MSA) which may be designated shall not exceed an area having 20% of the population of such MSA. (III) Each MSA shall be treated as a separate area and all non-metropolitan areas in a State shall be treated as one area.”

3. Census Tract #(s):

103

To determine the development’s census tract, go to http://map.sba.gov/hubzone/init.asp and put in the development address or county. The census tract number will be revealed after pressing the “search” button. On a rare occasion, when a development spans more than one census tract, this website may show incomplete information. IF the subject development is across census tracts, please list each census tract by number and provide supporting documentation.

Attach a map showing census tract boundaries and the development’s location!

4. Legal Description

Attach a copy of the development’s legal description; the legal description should correspond to the site control document in the Application.

DETERMINATION OF WHETHER AN ADDRESS IS IN A HUBZONE

4053 Old Brook Road, Richmond VA is located in Census Tract "51760010300" which IS HUBZone qualified.

The map below shows the relationship of this address (marked with a star) to qualified HUBZone areas. Below the map, you may find information on why the address was found to be in a HUBZone Area.

BASIS OF HUBZONE DETERMINATION

If your firm's principal office is located in this area which is qualified as a HUBZone (Principal office means the location where the greatest number of the concern's employees at any one location perform their work.,13 CFR PART 126.103), you are encouraged to apply for the HUBZone Empowerment Contracting Program.

U.S. Map Address-Town-County

SearchHelp

Text-Only Version

User can also define display area by employing the dragging function of the mouse/cursor. Dragging can be used to recenter the map.

Is the address located in a Metropolitan Area? YES

Is the address located in a qualified or redesignated census tract? YES

Is the address located in a BRAC Commission-closed former military base?

NO

Is the address located in a Difficult Development Area? NO

Is the address located in an Indian Country area? NO

Page 1 of 2SBA HUBZone Locator

5/12/2009http://map.sba.gov/hubzone/hzqry.asp

Location Map

Address 4053 Old Brook Rd Richmond, VA 23227

©2009 Google - Map data ©2009 Tele Atlas - Terms of Use

Page 1 of 14053 Old Brook Road, Richmond VA 24416 - Google Maps

5/12/2009http://maps.google.com/maps?source=ig&hl=en&q=4053+Old+Brook+Road,+Richmond+...

Surveyor’s Certification of Proximity To Public Transportation

TAB B

(Partnership or Operating Agreement)

5/12/2009

Newman Village Preservation, L.P.Newman Village Preservation, L.P.

Newman Village Preservation GP, LLC.01% General Partner


Mark Carbone99.99% Limited Partner


Jeff T. Blau8 % MemberJeff T. Blau

8 % MemberMichael Brenner

1% MemberMichael Brenner

1% MemberStephen M. Ross86.5% Member

Stephen M. Ross86.5% Member

Bruce A. Beal4.5% MemberBruce A. Beal4.5% Member

MRAP, LLC16% MemberMRAP, LLC

16% MemberAffordable Holdings, LLC


5% MemberRelated Apartment Preservation, LLC

69% Member

Related Apartment Preservation, LLC

69% MemberTiki Ventures VA1, LLC


10% Member

Mark E. Carbone100% Member


Mark Lepselter24.5% MemberMark Lepselter24.5% Member

Matthew Finkle100% Member


The Related Companies, L.P.100% Member


Drew Sheinman12.25% MemberDrew Sheinman12.25% Member

Akiim Kiambu Barber51% Member


Joseph A Baratta6.125 % Member


Arthur L. Aidala6.125% MemberArthur L. Aidala6.125% Member

TAB C

(VA SCC Certification)

TAB D

(Principal’s Previous Participation Certification)

Newman Village ApartmentsNewman Village Preservation, L.P.Newman Village Preservation GP, LLC

INSTRUCTIONS:1

2

34

5

DEFINITIONS:

1.

2.

3.

4.

5.

6.

In the case of any other person that is a principal (whether as the owner or otherwise), all persons having a 25% or more ownership interest in such other person are also considered principals; and

Any person that directly or indirectly controls, or has the power to control, a principal shall also be considered a principal.

Previous Participation Certification

Development Name: Name of Applicant:

Controlling General Partner:

Attach a resume for each principal of the general partnership (GP) or limited liability company (LLC) and an organization chart for the limited partnership (LP) and LLC.A Schedule A is required for each principal of the GP.

Failure to disclose information about properties which have been found to be out of compliance or any material mis-representations are grounds for rejection of an application and prohibition against future applications.

For each property listed as "non-compliance found," please attach a detailed explanation of the nature of the non-compliance, stating whether or not it has been resolved.

For the purpose of this Certification, the following definitions shall apply:

Development shall mean the proposed multifamily rental housing development identified above.

Participants shall mean the principals who will participate in the ownership of the development.

This certification must be signed by an individual who is, or is authorized to act on behalf of the Controlling General Partner (if LP) or Managing Member (if LLC) of the Applicant, as designated in the Application. VHDA will accept an authorization document, which gives signatory authorization to sign on behalf of the principals.

The date of this certification must be no more than 30 days prior to submission of the Application.

Principal shall mean any person (including any individual, joint venture, partnership, limited liability company, corporation, nonprofit organization, trust, or any other public or private entity) that (i) with respect to the proposed development, will own or participate in the ownership of the proposed development or (ii) with respect to an existing multifamily rental project, has owned or participated in the ownership of such project, all as more fully described hereinbelow. The person who is the owner of the proposed development or multifamily rental project is considered a principal. In determining whether any other person is a principal, the following guidelines shall govern:

In the case of a partnership which is a principal (whether as the owner or otherwise), all general partners are also considered principals, regardless of the percentage interest of the general partner;

In the case of a public or private corporation or organization or governmental entity that is a principal (whether as the owner or otherwise), principals also include the president, vice president, secretary, and treasurer and other officers who are directly responsible to the board of directors or any equivalent governing body, as well as all directors or other members of the governing body and any stockholder having a 25% or more interest;

In the case of a limited liability company (LLC) that is a principal (whether as the owner or otherwise), all members are also considered principals, regardless of the percentage interest of the member;

In the case of a trust that is a principal (whether as the owner or otherwise), all persons having a 25% or more beneficial ownership interest in the assets of such trust;

Schedule A: List of all Tax Credit Developments for Each Principal to this Certification

YPrincipal's Name: Y or N

Development Name/LocationName of Ownership Entity and Phone

Number

Controlling General

Partner? (Y/N)Total Units

Low Income

UnitsPlaced in

Service Date 8609 Date

Non-compliance Found? Y/N (Explain Yes)

1 211 West 105th Street, New York, NYWest 105th Street IH Associate, LLC(212) 801-1000 Y 11 11 8/25/2000 not dated N

2 321 East 21st Street, New York, NY 321 East 21st Street Associates, LLC(212) 801-1000 Y 22 22 5/3/2007 2/20/2008 N

3 95th Street Apartments, New York, NY 95th IH Associates, LLC(212) 801-1000 Y 19 19 5/18/2000 5/3/2001 N

4 Alice Court, Oakland, CA Laguna Housing Partners, L.P.(212) 801-1000 Y 27 27 1/27/2004 10/8/2004 N

5 Amber Manor, DeKalb, ILAmber Manor Limited Partnership(212) 801-1000 Y 228 228 5/1/1997 4/3/1998 N

6 Armory Plaza, White Plains, NY Armory Plaza Preservation, L.P.(212) 801-1000 Y 52 52 12/1/2007 12/30/2008 N

7 Bayview Landing, Newport Beach, CA Newport Housing Partners, L.P.(212) 801-1000 Y 120 120 12/21/2005 7/28/2006 N

8 Biscayne Woods Apartments, Leisure City FLBiscayne Apartments Associates, Ltd(212) 801-1000 Y 114 114 8/23/1994 12/5/1994 N

9 Campbell Terrace Apartments, Chicago, IL CT Associates of Illinois, L.P.(212) 801-1000 Y 249 249 3/30/2004 12/31/2004 N

10 Carousel Park, North Tonawanda, NYCarousel Park Preservation, L.P.(212) 801-1000 Y 162 162 5/1/2005 2/1/2006 N

11 Cedarwood Apartments, Rochester, NY Cedarwood Associates of New York, L.P.(212) 801-1000 Y 206 206 6/25/2003 12/1/2003 N

12 Colony Lakes, Homestead, FLHomestead III Associates, Ltd(212) 801-1000 Y 220 220 3/16/1995 10/20/1995 N

13 Coronado Terrace, San Diego, CA Coronado Terrace Preservation, L.P.(212) 801-1000 Y 312 312 5/15/2002 2/19/2004 N

14 Coyote Creek, La Mirada, CA Coyote Creek Housing Partners, L.P.(212) 801-1000 Y 161 161 4/29/1999 12/27/1999 N

15 Crescent Cove, San Fransisco, CA Mission Bay Housing Partners, L.P.(212) 801-1000 Y 236 236 6/1/2007 12/21/2007 N

16 Cutler Hammock, Miami, FLCutler Hammock Preservation, L.P.(212) 801-1000 N 262 262 2/7/2007 11/9/2007 N

17 Cutler Vista, Miami, FLCutler Vista Preservation, L.P.(212) 801-1000 Y 216 216 8/31/2006 3/23/2007 N

18 Ebony Gardens, Mt. Vernon, NY Ebony Gardens Preservation, L.P.(212) 801-1000 Y 144 144 11/16/2004 4/1/2005 N

19 El Rancho Verde, San Jose, CA El Rancho Verde Preservation, L.P.(212) 801-1000 Y 700 700 7/31/2000 7/30/2002 N

20 Elmwood Square Apartments, Buffalo, NY Elmwood Square Preservation, L.P.(212) 801-1000 Y 144 144 11/1/2004 6/1/2005 N

21 Fillmore Marketplace, San Francisco, CA Fillmore Marketplace, L.P.(212) 801-1000 Y 120 120 12/28/1995 12/30/1997 N

22 Fountains at Sierra, Fontana, CAFontana II Housing Partners, L.P.(212) 801-1000 Y 93 93 3/23/2005 12/16/2005 N

23 Gardens at Sierra, Fontana, CAFontana III Housing Partners, L.P.(212) 801-1000 Y 93 93 5/31/2005 9/20/2006 N

24 Gerard Court, Bronx, NY Gerard Court Associate, LLC(212) 801-1000 Y 126 126 6/1/2000 2/26/2001 N

25Golfside Villas, Miami, FL Related Club West Housing Assoicates, Ltd.

(212) 801-1000N 194 194 7/1/1999 2/16/2000 N

26 Gurnee Housing Apartments, Haverstraw, NYGurnee Housing Preservation, L.P.(212) 801-1000 Y 97 97 7/25/2007 7/10/2008 N

27 Hainlin Mill, Cutler Ridge, FL Hainlin Mill Apartments Associates, Ltd(212) 801-1000 Y 144 144 12/15/1995 7/26/1996 N

28 Harbor Village, Harbor City, CA Normont Terrace, L.P.(212) 801-1000 Y 400 400 4/28/1998 12/29/1999 N

29 Hermosa Village, CA Anaheim Revitalization Partners, L.P.(212) 801-1000 Y 463 463 12/1/2000 7/16/2002 N

30 Highgate, Atlantic City, NJ Highgate Associates, L.P.(212) 801-1000 Y 161 107 11/1/1993 4/27/1995 N

31 Highlands Tudor Manor, Chicago, IL Jackson Park Limited Partnership(212) 801-1000 Y 87 87 1/1/2001 3/25/2002 N

32 Hikari, Los Angeles, CA Related/LL Second & Central, LLC(212) 801-1000 Y 130 26 12/5/2006 3/17/2008 N

33 Hillview Glen, San Jose, CA Hillview Glen L.P.(212) 801-1000 Y 138 138 7/5/1994 7/18/1995 Y - Corrected

34 Humboldt Ridge I, Chicago, IL Humboldt Ridge I L.P.(212) 801-1000 Y 50 50 10/31/2001 10/25/2002 N

35 Humboldt Ridge II, Chicago, IL Humboldt Ridge II L.P.(212) 801-1000 Y 50 50 12/24/2001 11/1/2002 N

36 Jean C. McKinney Manor, San Diego CA St. Stephens Housing Partners, L.P.(212) 801-1000 Y 50 50 1/21/2005 12/21/2005 N

37 Lake of Deerfield, Deerfield Beach, FLSawgrass Pines Associates, Ltd(212) 801-1000 N 212 212 10/28/1994 2/7/1996 N

38 Las Brisas, Cudahy, CA Cudahy Gardens Preservation, L.P.(212) 801-1000 Y 100 100 3/1/1999 3/22/2000 N

39 Linden Manor, Riverside, CA Riverside Gardens Preservation, L.P.(212) 801-1000 Y 192 192 3/1/1999 3/22/2000 N

40 Lions Creek Crossing, Oakland, CA Oakland Coliseum Housing Partners, L.P.(212) 801-1000 Y 115 115 12/20/2005 3/7/2007 N

41 Madison Park Place, Springfield, IL Madison Park Place Limited Partnership(212) 801-1000 Y 150 150 3/31/2000 7/27/2001 N

42 Madison Renaissance, Chicago, IL Madison Renaissance Development Ltd(212) 801-1000 N 30 30 12/31/1998 2/10/2000 N

43 Marina Vista Apartments, Buffalo, NYWatergate II Properties, L.P.(212) 801-1000 Y 195 195 3/11/2004 7/31/2004 &

12/31/2004 N

44 McCarthy Manor, Syracuse, NY McCarthy Manor Preservation, L.P.(212) 801-1000 Y 176 176 10/4/2007 7/20/2008 N

45 Noble Tower, Oakland, CA Noble Tower Preservation, L.P.(212) 801-1000 Y 195 195 2/20/2003 10/18/2005 N

46 Northpointe Apartments, Fresno, CA Fresno Northpointe Limited, L.P.(212) 801-1000 Y 406 406 8/1/1998 12/10/2000 N

47 Oak Park Apartments, Roselle, NJ Oak Park Preservation, L.P.(212) 801-1000 Y 254 254 12/15/2005 8/1/2006 Y - Corrected

48 Oak Village, Oakland CA Oak Village Preservation, L.P.(212) 801-1000 Y 117 117 12/31/2004 11/4/2005 N

49 Ocean Park Apartments, Far Rockaway, NY Ocean Park Acquisition, L.P.(212) 801-1000 Y 600 600 2/1/2005 12/31/2005 N

50 One Carnegie Hill, NY, NY Upper East Lease Associates, LLC(212) 801-1000 Y 455 53 6/1/2006 12/26/2007 N

Complete the following, using separate page(s) as needed, for each principal. List all developments that have received allocations of tax credits under Section 42 of the IRC.

Stephen M. Ross Controlling G. P. of Proposed Project?

51 Overlook Apts., Middletown, NY Middletown Overlook Preservation, L.P.(212) 801-1000 Y 100 100 12/9/2007 11/10/2008 N

52 Parkside Glen, San Jose, CA Parkside Glen, L.P.(212) 801-1000 Y 180 180 10/29/1998 12/28/1999 N

53 Paseo Village, Anaheim, CA South of Romneya Housing Partners, L.P.(212) 801-1000 Y 176 176 5/29/1997 2/5/1999 N

54 Pilgrim Woods Apartments, Middletown, NYPilgrim Woods Preservation, L.P.(212) 801-1000 Y 150 150 11/17/2004 12/1/2005 N

55 Poplar Place, Springfield, IL Union Square Limited Partnership(212) 801-1000 Y 284 284 12/31/2000 9/9/2002 N

56Pueblo Del Sol, Los Angelos, CA

Aliso Village Housing Partners, L.P.Aliso Village II Housing Partners, L.P.(212) 801-1000

Y 377 377 3/18/20037/25/2003

3/22/200410/18/2005 N

57 Residences at Ninth Square, New Haven, CTNinth Square Project L.P.(212) 801-1000 Y 335 193 11/24/1993 12/30/1993 N

58 River Court, Bronx, NY River Court Associates, LLC(212) 801-1000 Y 126 126 1/1/2000 3/13/2001 N

59 River Pointe Apts., Riverhead, NY Riverhead Village Preservation, L.P.(212) 801-1000 Y 135 135 8/1/2006 3/26/2007 N

60 Riverwalk I Apartments, Miami, FLRiverwalk I Preservation, L.P.(212) 801-1000 N 123 123 3/20/2008 3/17/2009 N

61 Riverwalk II, Homestead, FL Homestead Apartments Associates II, Ltd.(212) 801-1000 N 112 112 9/1/1993 12/21/1993 N

62 Riverwest, Peoria, IL New Southtown Limited Partnership(212) 801-1000 Y 153 153 4/23/2001 3/28/2003 N

63 Roosevelt Square, Chicago, IL Roosevelt Square I, L.P.(212) 801-1000 Y 184 184 12/22/2005 10/11/2006 N

64 Royal Coast, Miami, FL Royal Coast Apartments Associates, Ltd(212) 801-1000 Y 174 174 6/13/1995 1/30/1996 N

65 Sagamore, New York, NY KBF Related Amsterdam, L.P.(212) 801-1000 Y 265 53 3/11/1998 6/2/1999 N

66 Santa Clara Apartments, Miami, FL Santa Clara Apartments, Ltd.(212) 801-1000 N 208 208 10/2/2003 11/5/2004 N

67 Sheridan Park Apartments, Chicago, ILSheridan Park Partners, L.P.(212) 801-1000 Y 102 102 1/1/1996 5/5/1997 N

68 Shiloh Village Apartments, Dallas TX Shiloh Village Associates, L.P.(212) 801-1000 Y 168 168 1/13/2004 12/15/2005 N

69 South Main Apartments, Port Chester, NYSouth Port Mews Preservation, L.P.(212) 801-1000 Y 65 65 12/22/2004 11/1/2005 N

70Southern Hills Apartments / Orlando Apartments , Decatur, IL

Decatur Properties of Illinois, L.P.(212) 801-1000 Y 212 212 3/30/2004 12/17/2004 N

71 Summercrest, National City, CA Plaza Manor Preservation, L.P.(212) 801-1000 Y 372 372 3/22/2001 11/15/2002 N

72 Sunset Bay, Miami, FLMiami Sunset Bay Apartments, L.P.(212) 801-1000 N 308 308 10/12/2001 8/22/2002 N

73 Sycamore Green, Rochester, NYIrondequoit Preservation, L.P.(212) 801-1000 Y 195 195 7/18/2007 8/20/2008 N

74 The Congress, Miami, FLCongress Associates, Ltd(212) 801-1000 N 129 129 2/4/1997 11/10/1999 N

75 The Crossings, Rialto CA Rialto Housing Partners, L.P,(212) 801-1000 Y 100 100 8/16/2000 10/25/2001 N

76 The Lyric, New York, NYRelated Broadway Development, LLC(212) 801-1000 Y 285 71 12/1/2000 7/22/2004 N

77 The Monterey, New York, NY Related 96th Street Associates, L.P.(212) 801-1000 Y 522 105 9/15/1992 9/12/1992 N

78 The Sierra, New York, NY Armory Place, LLC(212) 801-1000 Y 213 44 5/1/2002 8/31/2004 N

79 The Strathmore, New York, NY 400 East 84th Street Associates, L.P.(212) 801-1000 Y 180 36 4/1/1997 6/24/1998 N

80 The Tate, New York, NY 23rd Chelsea Associates, LLC(212) 801-1000 Y 313 63 8/13/2002 8/2/2004 N

81 The Westminster, New York, NY 20th and 7th Associates, LLC(212) 801-1000 Y 254 52 2/1/2002 6/9/2003 N

82 The Westport, New York, NY 55th Clinton Associates, L.L.C.(212) 801-1000 Y 371 77 3/4/2004 3/28/2006 N

83 Tiffany Mews, Brooklyn, NY Related Tiffany, L.P.(212) 801-1000 Y 70 70 10/1/1994 3/14/1995 N

84 Tribeca Park, New York, NY BPC Associates, L.P.(212) 801-1000 Y 396 81 5/31/1999 6/19/2000 N

85 Tribeca Tower, New York, NY Tribeca Equity Partners, L.P.(212) 801-1000 Y 440 88 12/31/1994 7/31/1995 N

86 Union Square South, New York, NY 14th Street Associates, L.P.(212) 801-1000 Y 240 52 7/1/1998 5/10/2000 N

87 Universal City Apartments, Chicago, IL UC Associates of Illinois, L.P.(212) 801-1000 Y 160 160 12/15/2004 12/31/2005 N

88 Vila Paseo Senior Residences, Paso Robles, CA Vila Paseo Senior Residences, L.P.(212) 801-1000 Y 110 110 1/1/2001 1/23/2008 N

89 Village Heights, Santa Ana Heights, CA Santa Ana Heights Housing Project, L.P.(212) 801-1000 Y 75 75 4/30/1999 12/21/1999 N

90 Villages of West Haverstraw, Rockland County, NYWest Haverstraw Preservation, L.P.(212) 801-1000 Y 180 180 7/25/2007 8/5/2008 N

91 Villas of Capri, Naples, FLEastridge Partners, Ltd(212) 801-1000 Y 235 235 6/12/1997 12/19/1997 N

92 Vista Angelina, Los Angeles, CA Temple Edgeware Partners, L.P.(212) 801-1000 Y 108 108 12/5/1995 1/6/1998 N

93 Vista Terrace, San Ysidro, CA Vista Terrace Hills Preservation, L.P.(212) 801-1000 Y 262 262 12/12/2000 8/22/2002 N

94 Walden Pond, Miami, FL Walden Pond Associates, Ltd(212) 801-1000 Y 290 290 10/20/1994 12/30/1994 N

95 Walker Mews, Baltimore, MD Walker Mews Preservation, L.P.(212) 801-1000 Y 167 167 5/1/2008 2/10/2009 N

96 Walnut Hill Apartments, Haverstraw, NY Walnut Hill Preservation, L.P.(212) 801-1000 Y 180 180 5/22/2003 12/1/2003 &

1/31/2004 N

97 West 135 Street, New York, NY 135th Street associates, L.P.(212) 801-1000 Y 9 9 2/4/1997 7/7/1998 N

98 West Brickell, Miami, FL West Brickell Apartments, Ltd.(212) 801-1000 Y 130 130 4/30/1997 2/23/1998 N

99 Willow Glen, San Jose, CAWillow Glen Housing Partners, L.P.(212) 801-1000 Y 135 135 2/5/2002 3/13/2003 N

100 Winchester Gardens, Homestead, FL Winchester Gardens, Ltd(212) 801-1000 Y 117 117 4/10/1996 7/22/1996 N

101 Windsor Court Stratford Place, Westminster, CA Westminster Housing Partners, L.P.(212) 801-1000 Y 86 86 5/31/2005 10/2/2006 N

102 Woodlake Apts., West Palm Beach, FL Golden Lake Housing Associates, Ltd.(212) 801-1000 Y 224 224 5/8/1998 11/25/1998 N

103 Woodsdale Oaks, Lauderdale Lakes, FLLauderdale Lakes Associates, Ltd(212) 801-1000 N 172 172 12/20/1991 11/17/1992 N

2nd PAGE TOTAL: 19,855 16,396

GRAND TOTAL: 19,855 16,396 83%LIHTC as % of

Total Unit



Development Name/Location Name of Ownership Entity and Phone Number

Controlling General


Low Income

UnitsPlaced in

























(212) 801-1000 N 194 194 7/1/1999 2/16/2000 N


















12/31/2004 N








Jeff T. Blau Controlling G. P. of Proposed Project?







Y 377 377 3/18/20037/25/2003

3/22/200410/18/2005 N


















67 The Monterey, New York, NY Related 96th Street Associates, L.P.(212) 801-1000 Y 522 105 9/15/1992 9/12/1992 N




















1/31/2004 N






2nd PAGE TOTAL: 18,044 14,585


Total Unit




Controlling General


Low Income

UnitsPlaced in



















17 Ebony Gardens, Mt. Vernon, NY Ebony Gardens Preservation, L.P.(212) 801-1000 Y 144 144 11/16/2004 4/1/2005 N


19 Elmwood Square Apartments, Buffalo, NY Elmwood Square Preservation, L.P.(212) 801-1000 Y 144 144 11/1/2004 6/1/2005 N






(212) 801-1000 N 194 194 7/1/1999 2/16/2000 N


















12/31/2004 N






Bruce A. Beal Controlling G. P. of Proposed Project?







52 Pilgrim Woods Apartments, Middletown, NYPilgrim Woods Preservation, L.P.(212) 801-1000 Y 150 150 11/17/2004 12/1/2005 N



Y 377 377 3/18/20037/25/2003

3/22/200410/18/2005 N











64 South Main Apartments, Port Chester, NYSouth Port Mews Preservation, L.P.(212) 801-1000 Y 65 65 12/22/2004 11/1/2005 N



























1/31/2004 N






2nd PAGE TOTAL: 18,025 14,983


Total Unit




Controlling General


Low Income

UnitsPlaced in
























(212) 801-1000 N 194 194 7/1/1999 2/16/2000 N


















12/31/2004 N






Michael Brenner Controlling G. P. of Proposed Project?








Y 377 377 3/18/20037/25/2003

3/22/200410/18/2005 N




































1/31/2004 N






2nd PAGE TOTAL: 17,036 13,994


Total Unit


NPrincipal's Name: Y or N


Controlling General

Partner? (Y/N) Total Units

Low Income

UnitsPlaced in



1 Biscayne Woods Apartments, Leisure City FLBiscayne Apartment Associates, Ltd(212) 801-1000 N 114 114 8/23/1994 12/5/1994 N

2 Cutler Hammock, Miami, FLCutler Hammock Preservation, L.P.(212) 801-1000 N 262 262 2/7/2007 11/9/2007 N

3 Cutler Vista, Miami, FLCutler Vista Preservation, L.P.(212) 801-1000 N 216 216 8/31/2006 3/23/2007 N

4 Overlook Apts., Middletown, NY Middletown Overlook Preservation, L.P.(212) 801-1000 N 100 100 12/9/2007 11/10/2008 N

5 Pilgrim Woods Apartments, Middletown, NYPilgrim Woods Preservation, L.P.(212) 801-1000 N 150 150 11/17/2004 12/1/2005 N

6 Sycamore Green, Rochester, NYIrondequoit Preservation, L.P.(212) 801-1000 N 195 195 7/18/2007 8/20/2008 N

7 Villages of West Haverstraw, Rockland County, NYWest Haverstraw Preservation, L.P.(212) 801-1000 N 180 180 7/25/2007 8/5/2008 N

8 Walnut Hill Apartments, Haverstraw, NY Walnut Hill Preservation, L.P.(212) 801-1000 N 180 180 5/22/2003 12/1/2003 &

1/31/2004 N

2nd PAGE TOTAL: 1,397 1,397


Total Unit


Mark E. Carbone Controlling G. P. of Proposed Project?



Development Name/LocationName of Ownership Entity and Phone

Number

Controlling General


Low Income

UnitsPlaced in



1 Armory Plaza, White Plains, NY Armory Plaza Preservation, L.P.(212) 801-1000 N 52 52 12/1/2007 12/30/2008 N

2 Cutler Vista, Miami, FLCutler Vista Preservation, L.P.(212) 801-1000 N 216 216 8/31/2006 3/23/2007 N

3 Riverwalk I Apartments, Miami, FLRiverwalk I Preservation, L.P.(212) 801-1000 N 123 123 3/20/2008 3/17/2009 N

2nd PAGE TOTAL: 391 391

GRAND TOTAL: 391 391 100%LIHTC as % of

Total Unit


Matthew Finkle Controlling G. P. of Proposed Project?

Schedule A: List of All Tax Credit Developments for Each Principal to this Certification


Development Name/LocationName of Ownership Entity and

Phone Number

Controlling General Partner?

(Y/N)Total Dev.

Units

Total Low Income

UnitsPlaced in

Service Date8609(s) Issue

Date


1 None N/A N/A N/A N/A N/A N/A N/A23456789

101112131415161718192021222324252627282930313233343536373839404142434445

1st PAGE TOTAL: 0 0 #DIV/0!LIHTC as % of

Total Units


Controlling G. P. of Proposed Project?Akiim Kiambu Barber




Phone Number


(Y/N)Total Dev.

Units

Total Low Income

UnitsPlaced in


Date



101112131415161718192021222324252627282930313233343536373839404142434445


Total Units


Controlling G. P. of Proposed Project?Mark Lepselter




Phone Number


(Y/N)Total Dev.

Units

Total Low Income

UnitsPlaced in


Date



101112131415161718192021222324252627282930313233343536373839404142434445


Total Units


Controlling G. P. of Proposed Project?Drew Sheinman




Phone Number


(Y/N)Total Dev.

Units

Total Low Income

UnitsPlaced in


Date



101112131415161718192021222324252627282930313233343536373839404142434445


Total Units


Controlling G. P. of Proposed Project?Joseph A. Baratta




Phone Number


(Y/N)Total Dev.

Units

Total Low Income

UnitsPlaced in


Date



101112131415161718192021222324252627282930313233343536373839404142434445


Total Units


Controlling G. P. of Proposed Project?Arthur L. Aidala

5/12/2009

Newman Village Preservation, L.P.Newman Village Preservation, L.P.





Jeff T. Blau8 % MemberJeff T. Blau

8 % MemberMichael Brenner

1% MemberMichael Brenner

1% MemberStephen M. Ross86.5% Member

Stephen M. Ross86.5% Member

Bruce A. Beal4.5% MemberBruce A. Beal4.5% Member

MRAP, LLC16% MemberMRAP, LLC



5% MemberRelated Apartment Preservation, LLC

69% Member

Related Apartment Preservation, LLC



10% Member



Mark Lepselter24.5% MemberMark Lepselter24.5% Member





Drew Sheinman12.25% MemberDrew Sheinman12.25% Member





Arthur L. Aidala6.125% MemberArthur L. Aidala6.125% Member

TAB F

(Architect’s Certification)

Relocation Assistance Plan

Newman Village Apartments Temporary Relocation Plan

This plan has been prepared in order to inform current residents of the intended renovation of Newman Village Apartments and of measures planned by the owner of the property to minimize the impact of this renovation on residents. This plan is believed and intended to meet all requirements of the Virginia Housing Development Authority (“Authority”) and shall be amended where necessary if found deficient by the Authority. The plan is organized in the following five sections:

1) Contact information for the owner/developer and management company; 2) Scope of the renovation work; 3) Temporary relocation assistance and services to be offered; 4) Anticipated rents and rental policies after the renovation; and 5) Other measures planned to minimize construction impact

1) Contact Information

Owner/Developer Name Newman Village Preservation, L.P. Contact Person Matthew Finkle Address 60 Columbus Circle

New York, NY 10023 Phone 212-801-1073

Management Company Name F&W Management Corporation Contact Person Gayle Williams Address 4053 Old Brook Road

Richmond, VA 24017 Phone 804-329-7432

2) Scope of the Renovation The property will undergo a comprehensive renovation that will result in improved comfort, safety and convenience for all residents. Some of the more significant work to be performed to exterior and common areas will include: roof repairs, installation of HardiPlank siding; installation of new windows; pool repair; resurfacing of parking area; additional lighting throughout property; improved landscaping; Individual apartments will also be significantly improved with such items as new kitchen and bathroom cabinetry and countertops, installation of new light fixtures, new appliances, new HVAC systems, new flooring, and painting. Replacement of existing kitchen and bathroom cabinetry will require each resident to remove all of their belongings from their kitchen and bathrooms prior to work beginning on their apartment. Furniture and belongings from rooms other than the kitchen and bathroom need not be packed or moved. Packed-up kitchen and bathroom items may be kept in unaffected rooms and closets for easy unpacking once work is completed. Renovations in most

apartments should take no more than four days to complete. Management staff will inform each resident well in advance of the date when their apartment is to be renovated to allow ample time for packing up belongings . Renovations of individual apartments are scheduled to begin in Early 2010. Work shall progress a building at a time, with all apartments completed in a building within two to three weeks. All apartments in all buildings are scheduled for completion by end of 2010. 3) Temporary Relocation Assistance and Services to be Offered Newman Village will not be vacated during renovation since the apartments will be livable throughout the entirety of the construction. While specific apartments undergo renovation during the day, the community room will be open to those tenants. Construction will not proceed into the night. Newman Village will also assist its residents in the packing of their kitchen and bathrooms by providing packing materials such as cardboard boxes, tape, wrapping paper, etc. Management staff will be available throughout this process to answer questions and provide any assistance. 4) Anticipated Rents and Rental Policies After Renovation The owner of Newman Village intends to maintain the affordability of the apartments by remaining in the section 8 program administered by the Virginia Housing Development Authority. Upon renovation, rents are anticipated remain level, which are approximately $385 for a one bedroom, $415-$432 for a two bedroom and $454 for a four bedroom apartment. There are no anticipated changes to rental policies after renovation of the property has been completed. 5) Other Measures Planned to Minimize Construction Impact To minimize disturbance and any anxiety residents may feel, management will endeavor to keep all residents informed throughout the process. To address the needs of non-English speaking residents, literature will be made available to them in the appropriate language and interpreters will be provided. All affected residents will receive copies of this renovation and relocation plan, current work will be highlighted in monthly newsletters sent to all residents, and staff will be on site and available to assist residents with questions or complaints as needed. Construction crews will be responsible for maintaining a clean, safe site as they perform their work. Construction work, particularly that which is loud or disturbing, will be scheduled between 8AM-5PM and ample notice will be provided to all residents prior to doing any work that requires access to their unit or otherwise affects them.

We will work to ensure that the renovation of the property causes as little inconvenience to each resident as possible and are confident that each resident will be very happy with the new Newman Village.

TAB H

(PHA/Section 8 Notification Letter)

TAB I

(Local CEO Letter)

The CEO Support Letter will be provided by the locality by June 1, 2009.

TAB K

(Site Control Documentation)

TAB M

(Zoning Certification Letter)

TAB N

(Copies of 8609’s To Certify Developer Experience)

TAB Q

(Documentation of Rental Assistance)

TAB R

(Documentation of Operating Budget)

TAB S

(Documentation of Project Budget)

UnitItem Quantity Cost Sub‐TotalBathrooms Vanity/CM top/low flow faucet 1 1/2 at Garden) 131 $425 $55,675Lighting upgrade‐fluorescent 131 $100 $13,100Replaces Exhaust Fan 131 $125 $16,375New Medicine Cabinets 99 $175 $17,325New GFI 131 $75 $9,825Tubs & Surrounds 15 $1,000 $15,000New Low Flow Shower Head 99 $75 $7,425Painting 131 $100 $13,100New VCT / Limolium Floor 131 $250 $32,750

Kitchens Cabinet Replacements 99 $2,600 $257,400Counters 99 $300 $29,700Refrigerators‐EnergyStar 99 $425 $42,075Stoves 99 $400 $39,600Range Hood 99 $125 $12,375Dishwashers 99 $750 $74,250Lighting Replacement 99 $100 $9,900New GFI Outlet 297 $75 $22,275Sinks‐single stainless steel sink 99 $150 $14,850Faucets‐single lever, low flow 99 $125 $12,375New VCT flooring w/reducer strip 99 $250 $24,750Painting 99 $100 $9,900

General Interior (BR/LR/DR‐4 plan types) Hot Water Heaters 99 $700 $69,300Replace Unit Lighting‐Hallway 131 $100 $13,100Flooring Replacement 20 $3,500 $70,000Replace Unit Lighting ‐ Dining 99 $100 $9,900Door Replacement 4 $800 $3,200Hard Wire Smoke Detector ‐ Town Houses 23 $135 $3,105AC Replacement incl. Electric Heat Pump1BR‐SEER 14 8 $3,300 $26,4002BR‐SEER 14 36 $3,300 $118,8003BR Townhouse‐SEER 14 23 $3,300 $75,9003BR‐SEER 14 32 $3,300 $105,600ADA Upgrades at Units (4%) 4 $15,000 $60,000Replace lamps at all BRs & closets ‐ Fluorescent 222 $10 $2,220

Common Areas Office Upgrade‐Paint, Furniture ‐ ADA Ramps 1 $46,500 $46,500Computer Center 1 $12,000 $12,000Laundry Room upgrades 1 $14,000 $14,000Repair Pool Decking ‐ new start up 1 $45,000 $45,000

Newman Village Apartments ‐ Richmond, VAProposed Rehab Budget

UnitItem Quantity Cost Sub‐Total

Newman Village Apartments ‐ Richmond, VAProposed Rehab Budget

Building Envelope (20 bldgs) Breezeway Repairs‐stairs, decks 11 $2,800 $30,800Aluminum Fascia Boards 17 $1,800 $30,600Gutters & Leaders 17 $1,500 $25,500Attic Insulation (so) 450 $45 $20,250HardiPlank Siding (sq) 920 $550 $506,000Window Replacement 600 $350 $210,000Sliding Door Replacement 78 $700 $54,600Roof Repairs 17 $3,000 $51,000Extend Roof Lines 20 $2,500 $50,000Breezeway Lights 80 $150 $12,000Replace existing building mounted lights 40 $425 $17,000New Building Mounted Lighting 10 $600 $6,000

Site Improvements Landscaping Lump Sum $65,000 $65,000Dumpster Enclosures Lump Sum $10,000 $10,000Site Drainage / Re‐grading Lump Sum $25,000 $25,000Railing Replacement / Repairs Lump Sum $10,000 $10,000Site Signage Lump Sum $32,000 $32,000Playground Lump Sum $60,000 $60,000Parking Lot‐Repair Fill Pot Holes ‐ Top Coat Lump Sum $50,000 $50,000Concrete‐repair damaged walks and curbs 2000 $10 $20,000

TOTAL 99 $27,180 $2,690,800

Cost Breakdown per unit (99)Building Interiors $13,006 $1,287,550Common Areas $1,187 $117,500Site Improvements $2,747 $272,000Building Envelope $10,240 $1,013,750TOTAL $27,180 $2,690,800

Full Rehabilitation Budget per unit (99)Hard Costs $27,180 $2,690,800General Conditions (6%) $1,631 $161,448Overhead (6%) $1,631 $161,448Profit (2%) $544 $53,816Contingency (10%) $2,718 $269,080

TOTAL $33,703 $3,336,592

TAB W

(Original Attorney’s Opinion)

TAB Y (Marketing Plan for units meeting accessibility

requirements of HUD section 504)

NEWMAN VILLAGE APARTMENTS

MARKETING PLAN FOR HANDICAPPED UNITS

To carry out the goals set forth under this Plan, it is necessary to attract qualified residents from varied social and economic levels for these specially adapted units. Attraction of prospective residents will be accomplished by using a wide variety of advertising techniques, which may include broadcasting media, newspaper advertisements (Richmond Times Dispatch), brochures, signs, model apartments, open houses, etc. All marketing attempts will include the appropriate Equal Housing logo, slogan, or statement. Any qualified individual will have the opportunity to apply for an apartment. Applications will be accepted and processed in a reasonable, prompt, and courteous manner, without regard to race, color, religion, national origin, sex, elderliness, familial status, or handicap.

Special marketing to a number of local agencies should help to attract the qualified applicants necessary for the handicapped-adapted units available after rehabilitation of the property.

Agencies to be contacted by personal visit, delivery of brochure and applications and/or through mailing:

Director of National Accessible Apartment Clearinghouse 201 N. Union Street, Suite 200 Alexandria, VA 22314 703-518-6142 Director of Capital Area Agency on Aging Community Resources—Ages 60+ 24 E. Cary Street Richmond, VA 23220 804-343-3044 Director of Richmond Redevelopment and Housing Authority 901 Chamberlayne Parkway Richmond, VA 23220 804-780-4200 Director of Department of Social Services City of Richmond 900 E. Marshall Street Richmond, VA 23219 804-646-7000

Richmond Times Dispatch Advertising Department 300 E. Franklin Street Richmond, VA 23219 804-643-4414 Director of Easter Seal Society of Virginia 9291 Laurel Grove Mechanicsville, VA 23116 804-746-1007 Director of Goodwill Industries 6301 Midlothian Turnpike Richmond, VA 23225 804-745-6300 Director of Sheltering Arms 8254 Atlee Road Mechanicsville, VA 23116 804-764-7054 Director of The Salvation Army 2 West Grace Street Richmond, VA 23220 804-225-7470 Director of American Red Cross 420 East Cary Street P. O. Box 655 Richmond, VA 23219 804-780-2250 Director of Senior Discount Program 24 East Cary Street Richmond, VA 23219 804-343-3000 Director of Adult Care Services 8030 Staples Mill Road Richmond, VA 23228 804-261-0205

Director of Circle Center Adult Day Services 3900 W. Broad Street, Building #20 Richmond, VA 23230 804-355-5717 Director of Richmond Community Senior Center 1 Brenton Street Richmond, VA 23222 804-329-7272 Director of Information Referral Center of United Way of Greater Richmond P. O. Box 12209 Richmond, VA 23241 804-275-2000 Director of Community Services Board 10299 Woodman Road Glen Allen, VA 23060 804-261-8500 Director of Virginia Department of Rehabilitative Services 2930 West Broad Street Richmond, VA 23230 804-662-7000

VHDA Locality Notification Information Form

Newman Village Apartments / Richmond

PART I - INSTRUCTIONS:

New in 2009!

50-Point Penalty:

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

via regular mail (on CD) to:

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

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

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

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

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

Locality Notification Information Form

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

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

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

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

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



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

A. Chief Executive Officer (CEO) Information

Name of CEO:Christopher L. BeschlerFirst Name Middle Initial Last Name

Job Title: Chief Administrative Officer

Local Jurisdiction: City of Richmond

Mailing Address/P.O. Box: 900 E. Broad St.

Suite/Room # (if applicable): 201City: RichmondState: VAZip: 23219

Salutation: Mr.

B. Mayor or Chairman of the Board of Supervisors Information

Name:Dwight C. JonesFirst Name Middle Initial Last Name

Job Title: Mayor

Local Jurisdiction: City of RichmondMailing Address/P.O. Box: 900 E. Broad St.

Suite/Room # (if applicable): 201City: RichmondState: VAZip: 23219

Salutation: The Honorable

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

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

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

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

This is the street address for the Admnistrator. May be different from CEO address. Please double check the address before entering.

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

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

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

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

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



C. Jurisdiction Detail

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

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

City/County of City/County of

Development is located in a Metropolitan Statistical Area (MSA)? Yes NoDevelopment's Census Tract: 0103.0000

Census Tract Number

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

Congressional District 7 http://dlsgis.state.va.us/congress/2001PDFs/chap7Tab.pdfPlanning District 15 http://www.vapdc.org/aboutpdcs.htm#PDC%20MapState Senate District 9 http://dlsgis.state.va.us/senate/2001PDFs/Chap2Tab.pdfState House District 71 http://dlsgis.state.va.us/House/2001HousePDFs/Chap1Tab.pdf

Local Planning/Zoning Contact Info:

Best Person to Contact: Bradley A. Gamlin

Job Title: Senior Planner, Department of Community Development

Contact Phone: (804) 646-6374

PART III - DEVELOPMENT INFORMATION

Proposed Development Name: Newman Village ApartmentsThis is the marketing name of your development

Proposed Development Address: 4053 Old Brook Road Richmond VA 23227Street Address City State Zip

VHDA Tax Credit Pool: Richmond MSA

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

Development Type: (Family or Elderly) FamilyDescribe Architectural Style: Garden style, wood frame constructionDescribe Exterior Finish: T1-11 sidingDescribe Community Facilities: Playground

1. Units:Number of low-income units 99 # bedrooms 222% Low-Income Units 100%Number of new units # bedroomsNumber of adaptive reuse units # bedroomsNumber of rehabilitation units 99 # bedrooms 222Total number of all units 99 Total # bedrooms 222

2. Floor Area:Gross Residential Floor Area 100,081.42Commercial Floor AreaLow-Income Floor Area 100,081.42% Low-Income Unit Floor Area 100%

3. Number/Age of BuildingsNumber of Buildings 20Age of Building(s) 32 years Number of stories: 2

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

5. Building Systems:Describe Heating/AC System: Heat: Forced Hot Air (Heat Pumps), A/C: Split System

This aging affordable housing development will require significant rehabilitation and preservation.

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

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



PART IV - OWNER & SELLER INFORMATION

A. Owner Information

Owner Name: Newman Village Preservation, L.P. Phone: (212) 801 - 1073Best Person to Contact: Matthew FinkleStreet Address: 60 Columbus CircleCity, State & Zip: New York NY 10023

City State Zip

Type of entity: Limited Partnership Other:Individual(s) Corporation

Names Phone Type of Ownership % OwnershipNewman Village Preservation GP, LLC (212) 801-1073 General Partner 0.01% Stephen M. Ross (212) 421-5333 Member 86.5% of GP Jeff T. Blau (212) 421-5333 Member 8.0% of GP Bruce A. Beal (212) 421-5333 Member 4.5% of GP Michael J. Brenner (212) 421-5333 Member 1.0% of GP

B. Seller Information:

Seller Name: Newman Village Limited PartnershipSeller Phone: (540) 725-8101Street Address: 3130 Chaparral Drive SWCity, State & Zip: Roanoke VA 24018

City State Zip

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

Nature of Identity of Interest (1):e.g. general partner, managing member, controlling shareholder, etc.

NameStreet AddressCity, State & Zip:

City State Zip

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

NameStreet AddressCity, State & Zip:

City State Zip

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

5. If an Individual (owner or otherwise) - anyone having a 25% or more ownership interest of the named individual6. If Any Person that Directly or Indirectly Controls or Has the Power to Control a Principal

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

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

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

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


newman village apartments - 2009 va

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