spring dale

8/7/2019 Spring Dale

1/290


2/290

v1.1.2011

2011 Federal Low I ncome HousingTax Credit Program

Application For Reservation

Virginia Housing Development Authority

601 South Belvidere Street

Richmond, Virginia 23220-6500

Deadline for Submission

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

2:00 PM Richmond, VA Time On March 11, 2011

Tax Exempt BondsApplications should be received at VHDA at least one monthbefore the bonds are priced(if bonds issued by VHDA), or

75 days before the bonds are issued(if bonds are not

issued by VHDA)


3/290

v1.1.2011 Submission Checklist

Low Income Housing Tax Credit Application for Reservation

Electronic Copy of the Microsoft Excel Based Application (MANDATORY)Scanned Copy of theSigned Tax Credit Application with Attachments (excluding market study and plans & specs) (MANDATOElectronic Copy of the Market Study (MANDATORY-Application will be disqualified if study not submitted with application)Electronic Copy of the Plans (MANDATORY)Electronic Copy of the Specif ications (MANDATORY)Electronic Copy of the Unit By Unit Work Wri teup (MANDATORY if rehab)$750 Application Fee (MANDATORY)

Tab A: Documentation of Development Location:

A.1 Qualified Census Tract Certi ficationA.2 Revitalization Area Certifi cation

Location MapSurveyor's Certi fication of Proximity To Public Transportation

Tab B: artners p or perat ng greement, nc u ng c art o owners p structure w t percentage o nterests (MANDATORTab C: rg n a tate orporat on omm ss on ert cat on (MANDATORY)Tab D: r nc pa s rev ous art c pat on ert cat on an esum (MANDATORY)Tab E: onpro t uest onna re (MANDATORY for points or pool)

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

Tab F: rc tect s ert cat on (MANDATORY)Tab G: e ocat on an (MANDATORY, re a )Tab H: PHA / Section 8 Notif ication LetterTab I: Local CEO LetterTab J: Homeownership Plan

Tab K: te ontro ocumentat on ost ecent ea state ax ssessment (MANDATORY)Tab L: Plan of Development Certifi cation LetterTab M: Zoning Certifi cation LetterTab N: Copies of 8609s To Certi fy Developer ExperienceTab O: (Reserved)Tab P: ans an pec cat ons an or r te- p (MANDATORY)Tab Q: Documentation of Rental AssistanceTab R: Documentation of Operating BudgetTab S: Documentation of Project BudgetTab T: Documentation of Financing SourcesTab U:

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

Documentation of site location in an urban development area as defined in 15.2-2223.1of the Code of Virginia

Documentation of the development participating in a locally adopted affordable housing dwelling unit program area asdescribed in either 15.2-2304 or 15.2-2305 of the Code of Vi rginia

Tab V: Nonprofit or LHA Purchase Option or Right of First RefusalTab W: ttorney s p n on (MANDATORY)Tab X: (Reserved)Tab Y: Marketing Plan for units meeting accessibil ity requirements of HUD section 504

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


4/290

v1.1.2011 Page 1

Low-Income Housing Tax Credit Appl ication For ReservationVHDA TRACKING NUMBER 2011-C-123

I. General InformationAll code "Section" references are to, and the term "IRC" shall be deemed to mean, 3/10/11

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

A. Development Name and Location:1. Name of Development Springdale Vill age Apartments

2. Address of Development 160 2nd Street

(Street)Bristol VA 24201

(City) (State) (Zip Code)

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

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

4. The Circuit Court Clerk's off ice in which the deed to the property is or wil l be recorded:City/County of Bristol 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. Census Tract the development is located in: 51520020300

Is this a Qual if ied Census Tract: Yes No (If yes, attach requi red form in TAB A)

7. Is the development located in a Dif ficult Development Area? No If no, applicant may request that the property be treated

as if it is located in a DDA. If so, indicate by checking this box: (Note: This provision is NOT applicable to tax exempt bond deals.)

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

9. Is the development an existing RD or HUD S8/236 development? Yes No (If yes, attach required form in TAB Q)Note to #9: If there is an identity of i nterest between the applicant and the seller i n this proposal, and the applicant is seeking points in

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

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

a. Applicant agrees to waive all rights to any developer's fee orother fees associated with acquisition and/or rehab. Yes n/a

b. Applicant has obtained a waiver of this requirement f rom VHDAprior to the appl ication submission deadl ine. Yes n/a

10. Is the development located in a census tract with a povertyrate


5/290

v1.1.2011 Page 2

Low Income Housing Tax Credit Appli cation For ReservationC. Reservation Request1. Total annual credit amount request (Must be the same as Part IX-D8) $876,573

2. Credits requested from:

9% CreditsNonprofit Set-Aside (All nonprofit owned developments which meet tests

described in Part II-D hereof may select this)Local Housing Authori ties Richmond MSA Pool

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

Northwest / North Central VA Area Pool Balance of State Pool (Remaining Geographi

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

Tax Exempt Bondsnew constructi on, or

rehabilitation, or

acquisition and rehabilitation.

Federal Subsidies

The development will not receive federal subsidies.

This development will receive federal subsidies for:

all buildings or

some buildings.

D. Type(s) of Al location/Allocation Year1. Regular Al location

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

in service this year. For those buil dings the owner will, this year, request anallocation of 2011 credits for new construction, or

rehabil itation, or

acquisition and rehabilitation.

2. Carryforward Al location

All of the buildings in the development are expected to be placedin service within two years after the end of this calendar year, 2011, but theowner will have more than 10% basis in the development before the end of twelvemonths following allocation of credits. For those buildings, the owner requestsa carryforward allocation of 2011 credits pursuant to Section 42(h)(1)(E) for:

new construction, or

rehabil itation, 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 2012 or 2013).

3. Federal Subsidies

The development will not receive federal subsidies.

This development will receive federal subsidies for:

all buildings or

some buildings.


6/290

v1.1.2011 Page 3

Low-Income Housing Tax Cr edit Appl ication For ReservationE. 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 CreditsAll buildings satisfy the 10-year look-back rule of IRC Section 42 (d)(2)(B), including the10% ass 15,000.00 re a costs 10,000 or ax xempt on s per un t requ rement.

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

Subsection (II)

Subsection (III)

Subsection (IV)u sect on

The 10-year rule in IRC Section 42 (d)(2)(B) for all buildings does not apply pursuant to IRC Section 42(d)(6).

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

F. Rehabilitation Credit I nformationNOTE: If no credits are being requested for rehabilitation expenditures, so indicate and go

on to Section II . No Rehabil itation

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

u ngs n t e eve opment qua y or t e ect on 42 e 3 except on to t e10% basis requirement (4% credit only).

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

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

G. Request For ExceptionThe proposed new construction development (including adaptive reuse and rehabilitation that creates additional rental

space) is subject to an assessment of up to minus 20 points for being located in a pool identified by the Authority as a p

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

Applicant seeks an exception to this restriction in accordance with one of the following provisions under 13VAC10-180Proposed development is specialized housing designed to meet special needs that cannot readily be addressed

utilizing existing residential structures. Documentation Attached (TAB U)Proposed development is designed to serve as a replacement for housing being demolished through

redevelopment. Documentation Attached (TAB U)Proposed development is housing that is an integral part of a neighborhood revitalization project sponsored by

a local housing authority. Documentation Attached (TAB U)


7/290

v1.1.2011 Page 4

Low-Income Housing Tax Credit Application For ReservationII . OWNERSHIP INFORMATI ON

A. Owner Information:Name Springdale Affordable LLC

Contact Person First: Noah Middle: Last: NordheimerAddress 11200 Rockville Pike Suite 250

(Street)oc v e

(City) (State) (Zip Code)

Federal I . D. No. (I f not available, obtain prior to A llocation)Phone 301-998-0415 Fax 301-998-0487 Email address [email protected] of entity: Limited Partnership Other Limited Liabil ity Company

Individual(s) CorporationOwner's organizational documents (e.g. Partnership agreements & ownership structure chart) attached (Mandatory TAB B)

er ca on rom rg n a a e orpora on omm ss on a ac e (Mandatory TAB C)Principal(s) nvo ve e.g. genera partners, mem ers, contro ng s are o ers, etc. :Names ** Phone Type Ownership % OwnershipSpringdale Associates LLC 301-998-0415 Sole Member of Owner 100.00%Huntington Housing, Inc 301-998-0415 Sole Member of Spring 0.00%Eliot Reid, Huntington Housing, Inc. Preside 301-998-0460 Principal 0.00%Janet Charlton, Huntington Housing, Inc.Exe 301-998-0404 Principal 0.00%Susan Wilder, Huntington Housing, Inc. VP 301-998-0437 Principal 0.00%Noah Nordehimer, Huntington Housing Inc. 301-998-0415 Principal 0.00%

0.00%

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

** These should be the names of individuals who comprise the GP or managing members, not simply the names ofseparate partners ps or corporat ons w c may compr se t ose components.

r nc pas rev ous art c pat on ert cat on attac e (Mandatory TAB D) & resum .

B. Seller Information:Name Bristol Associates Limited Partnership Contact Person David HubbleAddress 800 Hethwood BoulevardBlacksburg, VA 24060 Phone (540) 552-3515

I s there an ident it y of interest between the seller and owner /appli cant? 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 fillin the legal name of the owner. The ownership entity must be formed prior to submitting this application. Any transfer, direct or indirect, of partnership interests (except thoseinvolving the admission of limited partners) prior to the placed-in-service date of the proposed development shall be prohibited, unless the transfer is consented to by VHDA in itssole discretion. IMPORTANT: The Owner name listed on this page must match exactly the owner name listed on the Virginia State Corporation CommissionCertification.

Must be an individual or legally formed entity
mailto:[email protected]:[email protected]


8/290

v1.1.2011 Page 5

Low-Income Housing Tax Credit Appl ication For ReservationC. Development Team Informat ion:

Complete the following as applicable to your development team.

1. Tax Attorney: David Raderman, Esq. Related Entity? Yes NoFirm Name: Gallagher Evelius & Jones LLPAddress: 218 N. Charles St, Suite 400, Baltimore, MD 21201

Phone: 410-347-1352 Fax: 410-468-2786

2. Tax Accountant: Deidre Dunnenfeld Related Entity? Yes NoFirm Name: Reznick Group, P.C.Address: 7700 Old Georgetown Rd, Suite 400, Bethesda, MD 20814

Phone: 301-280-1848 Fax: (301) 652-1848

3. Consultant: Ben Etheridge Related Entity? Yes NoFirm Name: Chesapeake Community Advisors, Inc. Role: Developer/ConsultantAddress: 33 South Gay St, Suite 200, Baltimore, MD 21202

Phone: 410-685-6005 Fax: 410-685-6677

4. Management Entity (Contact): Lester Severe Related Entity? Yes NoFirm Name: TM AssociatesAddress: 15825 Shady Grove Road, Suite 55, Rockvil le, MD 20850

Phone: 240-683-0300 x218 Fax: 240-683-0727

5. Contractor (Contact): Scott Troutman Related Entity? Yes NoFirm Name: Maryln Development CorporationAddress: 308 35th Street, Suite 301, Virginia Beach, VA 23451

Phone: (757) 437-1677 Fax: 757-437-5330

6. Architect: Lawrence W Kliewer, Jr. Related Entity? Yes NoFirm Name: Cox, Kl iewer & Company, P.C.Address: 2533 Vi rgina Beach Boulevard, Vi rginia Beach, VA 23452

Phone: 757-431-0033 Fax: 757-463-0380

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

Phone: Fax:

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

Phone: Fax:

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

Phone: Fax:


9/290

v1.1.2011 Page 6

Low-Income Housing Tax Credit Appl ication For ReservationD. Nonprofit Involvement:

Tax Credit Nonprofit Pool Applicants: To quali fy for the nonprofi t 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 compli ance period,2. Must own all general partnership interests in the development .

3. Must not be affil iated with or controlled by a for-profit organization.4. Must not have been formed for the principal purpose of competiti on in the nonprofit pool, and

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

as a for-profit entity.

Al l Applicants: o qua y or po nts un er t e ran ng system, t e nonpro t's nvo vement nee not necessar ysatisfy all of the requirements for participation in the nonprofit tax credit pool.

1. Nonprofi t 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 Questionnairet ere s nonpro t nvo vement, you must comp ete t e on- ro t uest onna re

uest onnare attac e (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 Nonprofi t (All nonprofit applicants)The nonprofi t organization involved in this development i s:

the Owner

the Applicant (i f dif ferent from Owner)

OtherHuntington Housing, Inc.

(Name of nonprofit)

oa or e mer 11200 Rockville Pike, Suite 250(Contact Person) (Street Address)

oc v e 20852(City) (State) (Zip code)

301-998-0415 301-998-0487(Phone) (Fax)

5. Percentage of Nonprofit Ownership (All nonprofit applicants)Specify the nonprofit enti ty's percentage ownership of the general partnership interest: 100.0%

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.


10/290

v1.1.2011 Page 7

Low-Income Housing Tax Credit Appl ication For ReservationII I. DEVELOPMENT INFORMATION

A. Structure and Units:1. Total number of all units in development 136

ota num er o rental un ts n eve opment 136 bedrooms 278Number of low-income rental uni ts 136 bedrooms 278Percentage of rental units designated low-income 100.00%

. e eve opmen s s ruc ura ea ures are c ec a a app y :

ow ouse own ouse etac e ng e- am y

Garden Apartments Detached Two-family

Slab on Grade Basement

Crawl space Age of Structure: 30

evator um er o stor es: 3

3. Number of new units 0 bedrooms 0Number of adaptive reuse units 0 bedrooms 0Number of rehab units 136 bedrooms 278

4. Total Floor Area For The Entire Development 125,538.00 (Sq. ft.)

5. n ea e oor rea (Breezeways, Balconies, Storage) 8,018.00 (Sq. ft.)

6. onres ent a ommerc a oor rea 0.00 (Sq. ft.)(Not eligible for funding)

7. Total Usable Residential Heated Area 117,520.00 (Sq. ft.)

8. um er o u ngs conta n ng renta un ts 14

9. ommerc a rea nten e se:

10. ro ect cons sts pr mar y o a u ng s w c s are (CHOOSE ONLY ONE)Low-Rise (1-5 stories with any structural elements made of wood)

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

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

11. a. Total Net Rental Square Feet 108,000.00

b. Percentage of Net Rentable Square Feet Deemed To Be New Rental Space 0.00%B. Building Systems:

Please describe each of the following in the space provided.

Community Facil ities: Community Building with leasing off ice, laundry facil ity and community room,

playground

Exterior Finish: Wood panel covered wood framed walls.

Heating/AC System: Spli t system heat pumps.

Architectural Style: Garden Style


11/290

v1.1.2011 Page 8

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 964.00 SF1-Sty-Eff-Eld 0.00 SF 2Bdrm Eld 0.00 SF 4-Bdrm Gar 1,366.00 SF1-Sty 1BR-Eld 0.00 SF Eff-Gar 0.00 SF 2+Sty 2BR TH 0.00 SF1-Sty 2BR-Eld 0.00 SF 1-Bdrm Gar 746.38 SF 2+Sty 3BR TH 0.00 SFEff-Eld 0.00 SF 2-Bdrm Gar 826.41 SF 2+Sty 4BR TH 0.00 SF

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

117,520.00 ocumentat on attac e Mandatory( q. t.)

NOTE: All developments must meet VHDA's MinimumDesign and Constructi on Requirements.By signing and submitting the Application For Reservation of Low Income Housing Tax Credits theapplicant certifies that the proposed project budget, plans & specif ications and work write-ups incorporateall necessary elements to fulfill these requirements.

. ec e o ow ng ems w c app y o e propose pro ec :ocumentat on attac e rc tect ert cat on Mandatory

For any pr oject, upon completion of constr uction/rehabili tation: (Optional Point items)

87% a(1) Percentage of 2-bedroom units that have 1.5 bathrooms

100% a(2) Percentage of 3 or more bedroom units that have 2 bathrooms

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

0.00% 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 cooled with either (i) heat pump equipment with both a

SEER rating of 15.0 or more and a HSPF rating of 8.5 or more , or (ii) air conditioning equipmentwith a SEER rating of 15.0 or more, combined with gas furnaces with an AFUE rating of 90% ormore

g. Water expense is sub-metered (the tenant wil l 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.

. very un t n t e eve opment w e eate an coo e w t a geot erma eat pump t at meetsEPA Energy Star qualified program requirements.

l. The development will have a solar electric system that wil l remain unshaded year round, be oriented

to within 15 degrees of true south, and be angled horizontally within 15 degrees of latitude.

Expected Total Electrical Load (kilowatt hours per month): 0

Percent of Expected Load Offset By Solar Electric System: 0.00%


12/290

v1.1.2011 Page 9

Low Income Housing Tax Credit Appli cation For ReservationFor all pr ojects exclusively serving elderly and/or handicapped tenants, upon completionof construction/rehabilitation: (Optional Point items)

a. Al l cooking ranges wil l have front controls

b. Al l units wil l have an emergency call system

c. Al l bathrooms wil l have an independent or supplemental heat source

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

For all rehabili tation and adaptive reuse projects, upon completion of constr uction oror r ehabil itation: (Optional Point items)The structure is listed individually in the National Register of Historic Places or islocated in a registered historic district and certified by the Secretary of the Interior asbeing of historical significance to the district, and the rehabilitation will be completedin such a manner as to be eligible for historic rehabilitation tax credits

Accessibilityec one or none o e o ow ng po n ca egor es, as appropr ae:

For any non-elderly property, or any elderly rehabilitation property, in which the greater of 5 or 10% of the units will be subjectto federal project-based rent subsidies or equivalent assistance in order to ensure occupancy by extremely low-income persons;and (ii) the greater of 5 units or 10% of the units will conform to HUD regulations interpreting accessibility requirements ofsection 504 of the Rehabilitation Act; and be actively marketed to people with special needs in accordance with a plan submittedas part of the Application. (All of the units described in (ii) above must include roll-in showers and roll under sinks and front

controls for ranges, unless agree to by the Authori ty pri or to the applicant's submission of its application). (50 points)

For any non-elderly property, or any elderly rehabilitation property, in which the greater of 5 or 10% of the units (i) have rentswithin HUDs Housing Choice Voucher (HCV ) payment standard; (i i) conform to HUD regulations interpreting accessibi li tyrequirements of section 504 of the Rehabilitation Act; and (iii) are actively marketed to people with mobility impairments,including HCV holders, in accordance with a plan submitted as part the Appli cation. (30 points)

or any non-e er y proper y, or any e er y re a a on proper y, n w c a eas our percen ( ) o e un s con ormo regu a ons n erpre ng access y requ remen s o sec on o e e a a on c an are ac ve y

mar e e o peop e w mo y mparmen s n accor ance w a p an su m e as par o e pp ca on. ( po n s)

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.

(15 Points)

LEED Silver CertificationEarthcraft Certifi cation -new construction development wi ll be 15% more energy eff ici ent than 2004 IECC.Earthcraft Certifi cation -rehabilitation development will be 30% more energy efficient post-rehabilitation(30 Points)

LEED Gold CertificationEarthcraft Certifi cation -new construction development wi ll be 20% more energy eff ici ent than 2004 IECC.Earthcraft Certifi cation -rehabilitation development will be 40% more energy efficient post-rehabilitation(45 Points)

LEED Platinum CertificationEarthcraft Certifi cation -new construction development wi ll be 25% more energy eff ici ent than 2004 IECC.Earthcraft Certifi cation -rehabilitation development will be 50% more energy efficient post-rehabilitation

see ng any po n s assoc a e w or ar cra cer ca on, a ac appropr a e ocumen a on a TAB F

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

Yes No es, a ac appropr ae ocumen a on a TAB Fb. Number of Rental Units constructed to meet VHDA's Universal Design standards:

n s

VHDA Cer ti fi ed Property M anagement Agentwner agrees o use a er e roper y anagemen gen o manage e proper y.

Yes No

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


13/290

v1.1.2011 Page 10

Low-Income Housing Tax Credit Appl ication For ReservationIV . TENANT INFORMATI ONA. 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

14 10.29% 40% Area Median 14 10.29% 40% Area Median. rea e an . rea e an

122 89.71% 60% Area Median 0 0.00% 60% Area Median. on- n ts . on- n ts

136 100.00% Total 136 100.00% Total

B. Special Housing Needs/Leasing Preference:1. If 100% of the low-income units wil l be occupied by either or both of the following special needs

groups as e ne y t e n te tates a r ousng ct, so n cate:

Yes Elderly (age 55 or above)

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

2. Specify the number of low-income units that will serve indivi duals and famil ies with children byproviding three or more bedrooms: Number of units 26% 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 Relocation

u e nes or propert es. Relocation Plan Documentation attached (TAB G). eas ng pre erence w e g ven to app cants on pu c ous ng wa t ng st an or ect on

waiting list, so indicate:

Yes

No

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

Organization which holds such waiting li st: Bristol Redevelopment and Housing AuthorityContact person (Name and Title) David Baldwin, Executi ve Director

Phone Number 276-821-6255 Requir ed documentation attached (TAB H). eas ng pre erence w e g ven to n v ua s an am es w t c ren.(Less than or equal to 20% of the units must have 1 or less bedrooms).

Yes

No

Income Levels Rent Levels

36

Note: In order to qualify for any tax credits, a development must meet one of two minimum threshold occupancy tests. Either (i) at least 20%of the units must be rent-restricted and occupied by persons whose incomes are 50% or less of the area median income adjusted for familysize (this is called the 20/50 test) or (ii) at least 40% of the units must be rent-restricted and occupied by persons whose incomes are 60% or

less of the area median income adjusted for family size (this is called the 40/60 test), all as described in Section 42 of the IRC. Rent-andincome-restricted units are known as low-income units. If you have more low-income units than required, you qualify for more credits. If youserve lower incomes than required, you receive more points under the ranking system.


14/290

v1.1.2011 Page 11

Low-Income Housing Tax Credit Appl ication For ReservationV. LOCAL NEEDS AND SUPPORT

Note: Please refer to the Appl ication Manual for specific instr uctions and deadlines for per taining to localit ynoti fication of proposed Low income Housing Tax Credit developments.

A. Provide the name and the address of the chief executive offi cer (Ci ty Manager, Town Manager, orCounty Administr ator) of the poli tical j ur isdiction in which the development wil l be located:Chief Executive Officer's Name Dewey P CashwellChief Executive Officer's Title City Manager

Street Address 300 Lee St Phone 276-645-7333City Bristol City State VA Zip 24201

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

I f t he property overlaps another j ur isdiction please fi ll in the following:Chief Executive Off icer's NameChief Executive Offi cer'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:

B. Project ScheduleACTUAL OR NAME OF

ACTIVITY ANTICIPATED PERSONDATE RESPONSIBLE

SiteOption/Contract January 2011 Eliot Reid

Site Acquisition August 2011 Eliot Reid

Zoning Approval February 2011 Eliot ReidSite Plan Approval March 2011 Eliot ReidFinancingA. Constr uction LoanLoan Application March 2011 Eliot Reid

Conditional Commitment March 2011 Eliot Reid

Firm Commitment April 2011 Eliot ReidB. Permanent Loan - First L ienLoan Appl ication March 2011 El iot Reid

Conditional Commitment March 2011 Eliot Reid

Firm Commitment March 2011 Eliot ReidC. Permanent Loan-Second L ienLoan Application

Conditional Commitment

Firm CommitmentD. Other L oans & GrantsType & Source, List

Application

Award/CommitmentFormation of Owner January 2011 Susan Wi lderIRS Approval of Nonprofit Status January 1995 Susan Wi lderClosing and Tr ansfer of Proper ty t o Owner August 2011 Eliot ReidPlans and Specifi cations, Working Dr awings February 2011 Duf f K liewerBuilding Permit Issued by L ocal Government N/AStart Construction August 2011 Scott TroutmanBegin L ease-up N/AComplete Construction December 2012 Scott TroutmanComplete Lease-Up N/ACredit Placed in Service Date December 2012 El iot Reid


15/290

v1.1.2011 Page 12

Low-Income Housing Tax Credit Appl ication For Reservation

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: 08/30/11 )

If more than one site for the development and more than one form of site control, please so indicateand attach a separate sheet specif ying 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.

Most recent property tax assessment - Mandatory TAB KB. Timing of Acquisition by Owner:

Select one:

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

Owner is to acquire property by deed (or lease for period no shorter than period propertywill be subject to occupancy restrictions) no later than 08/30/11

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

C. Market Study Data:Obtain the following information from the Market Study conducted in connection with this tax credit application and enter below:Project Wide Capture Rate - LIHTC Units

Project Wide Capture Rate - Market Units

Project Wide Capture Rate - All Units

Project Wide Absorption Period (Months)

24.60%

0.00%

24.60%

N/A

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

Warning: Site control by an entity other than the Owner, even if it is a closely related party, is not sufficient. Anticipatedfuture transfers to the Owner are not sufficient. The Owner, as identified in Subpart II-A, must have site control at thetime this Application is submitted.

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

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


16/290

v1.1.2011 Page 13

Low-Income Housing Tax Credit Applicati on For Reservation

C. Site Description1. Exact area of site in acres 11.019

2. Has locali ty approved a fi nal site plan or plan of development?

Yes No

Requir ed documentation form attached (TAB L )3. Is site properly zoned for the proposed development?

Yes No

Requir ed documentation form attached (TAB M)4. Will the proposal seek to qualify for points associated with proximity to public transportation?

Yes NoRequir ed documentation form attached (TAB A)

D. Plans and Specifi cationsMinimum submission r equir ements for all properties (new constr uction, r ehabili tation and adaptive reuse)

1. A location map with property clearly defined.

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

(e.g., parking lots and location of existing uti li ties, and water, sewer, electric,

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

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

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

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

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

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

Notes must indicate basic materials in structure, f loor and exterior f ini sh.

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


17/290

v1.1.2011 Page 14

Low-Income Housing Tax Credit Appl ication For ReservationVII . OPERATING BUDGETA. Rental Assistance

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

Yes No

2. If yes, indicate type of rental assistance:

Section 8 New Construction Substantial Rehabilitation

Section 8 Moderate RehabilitationSection 8 Certi ficates

Section 8 Project Based Assistance

RD 515 Rental Assistance

Section 8 Vouchers

State Assistance

Other:

3. Number of units receiving assistance: 136

Number of years in rental assistance contract: 14

Expiration date of contract: 07/31/25Contract or other agreement attached (TAB Q)

B. Ut il it ies1. Monthly Util ity Al lowance 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 10 17 20 3

Air Conditioning Electric Owner x Tenant 0 2 4 4

Cooking Electric Owner x Tenant 0 4 6 6

Lighting Electric Owner x Tenant 0 15 23 24 3

Hot Water Electric Owner x Tenant 0 8 13 14 2

Water x Owner Tenant 0 0 0 0

Sewer x Owner Tenant 0 0 0 0

Trash x Owner Tenant 0 0 0 0

Total utility allowance for costs paid by tenant $0 $39 $63 $68 $10

2. Source of Utility Allowance Calculation (At tach Documentation TAB Q)HUD

Utility Company (Estimate) Local PHA

Utility Company (Actual Survey) Other:


18/290

v1.1.2011 Page 15

Low-Income Housing Tax Cr edit Appl ication For ReservationC. Revenue

1. Indicate the estimated monthly i ncome for theLow-Income Units: **Total Number of Total Monthly

Tax Credit Units Rental Income

0 $0

38 $16,226

62 $31,496

28 $15,876

8 $5,208

136

Plus Other Income Source (list): Laundry/Late/Misc $450

Equals Total Monthly Income: $69,256

Twelve Months x12

Equals Annual Gross Potential Income $831,072

Less Vacancy Allowance ( 7.0% ) $58,175Equals Annual Eff ecti ve Gross Income (EGI) - L ow Income Unit s $772,897** Beginning at Row 75 enter the appropri ate data for both tax credit and market rate units in the yell ow shaded cell s.2. Indicate the estimated monthly i ncome for theMarket Rate Units: **

Total Number of Total MonthlyMarket Units Rental Income

0 $0

0 $0

0 $00 $0

0 $0

Total Number of Market Units 0

Plus Other Income Source (list): $0

Equals Total Monthly Income: $0

Twelve Months x12

Equals Annual Gross Potential Income $0

Less Vacancy Allowance ( ) $0

Equals Annual Effecti ve Gross Income (EGI) - Market Rate Unit s $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-GAR0 0 0 0 0 38

2 BD RM-GAR 3 BD RM-GAR 4 BD RM-GAR 2+Story 2 BR-TH 2+Story 3 BR-TH 2+Story 4 BR-TH62 28 8 0 0 0

1 STY-EFF-ELD 1 STY-1 BR-ELD 1 STY-2 BR-ELD Note: Please be sure to enter the number of uni ts in t he0 0 0 appropri ate unit category. If not, you will f ind an err or 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-GAR0 0 0 0 0 38

2 BD RM-GAR 3 BD RM-GAR 4 BD RM-GAR 2+Story 2 BR-TH 2+Story 3 BR-TH 2+Story 4 BR-TH62 28 8 0 0 0

1 St or y-EFF-EL D 1 St or y-1 BR-EL D 1 St ory -2 BR-EL D0 0 0

Efficiency Units

Unit Type / Net Rentable Monthly Rent Total

Rent Targeting Number Units Square Feet Per Unit Monthly Rent

Efficiency - 40% 0 0.00 -$ -$

Efficiency - 40% 0 0.00 -$ -$

Efficiency - 40% 0 0.00 -$ -$

Efficiency Units

4 Bedroom Units

1 Bedroom Units

2 Bedroom Units3 Bedroom Units

4 Bedroom Units

Unit Type

Unit Type

1 Bedroom Units

2 Bedroom Units

3 Bedroom Units

Total Number of Tax Credit Units

Efficiency Units


19/290

v1.1.2011 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 - 40% 0 0.00 -$ -$

Efficiency - 50% 0 0.00 -$ -$

Efficiency - 50% 0 0.00 -$ -$

Efficiency - 50% 0 0.00 -$ -$

Efficiency - 50% 0 0.00 -$ -$

Efficiency - 50% 0 0.00 -$ -$

Efficiency - 50% 0 0.00 -$ -$

Efficiency - 50% 0 0.00 -$ -$

Efficiency - 50% 0 0.00 -$ -$

Efficiency - 50% 0 0.00 -$ -$

Efficiency - 50% 0 0.00 -$ -$

Efficiency - 50% 0 0.00 -$ -$

Efficiency - 50% 0 0.00 -$ -$

Efficiency - 50% 0 0.00 -$ -$

Efficiency - 50% 0 0.00 -$ -$

Efficiency - 50% 0 0.00 -$ -$

Efficiency - 60% 0 0.00 -$ -$

Efficiency - 60% 0 0.00 -$ -$

Efficiency - 60% 0 0.00 -$ -$

Efficiency - 60% 0 0.00 -$ -$

Efficiency - 60% 0 0.00 -$ -$

Efficiency - 60% 0 0.00 -$ -$

Efficiency - 60% 0 0.00 -$ -$

Efficiency - 60% 0 0.00 -$ -$

Efficiency - 60% 0 0.00 -$ -$

Efficiency - 60% 0 0.00 -$ -$

Efficiency - 60% 0 0.00 -$ -$

Efficiency - 60% 0 0.00 -$ -$

Efficiency - 60% 0 0.00 -$ -$

Efficiency - 60% 0 0.00 -$ -$

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

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

Efficiency - Market 0 0.00 -$ -$















Total Efficiency

Market Units: 0 0.00 Total Monthly

Eff. Market Rent: -$

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

1-Bedroom Units

Net Rentable Monthly Rent Total



20/290

v1.1.2011 Page 15

1 BR - 40% 4 675.00 427$ 1,708$

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% 34 675.00 427$ 14,518$

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: 38 25,650.00 Tax Credit Rent: 16,226$

1 BR - Market 0 0.00 -$ -$

1 BR - Market 0 0.00 -$ -$

1 BR - Market 0 0.00 -$ -$

1 BR - Market 0 0.00 -$ -$

1 BR - Market 0 0.00 -$ -$

1 BR - Market 0 0.00 -$ -$

1 BR - Market 0 0.00 -$ -$

1 BR - Market 0 0.00 -$ -$

1 BR - Market 0 0.00 -$ -$

1 BR - Market 0 0.00 -$ -$

1 BR - Market 0 0.00 -$ -$

1 BR - Market 0 0.00 -$ -$

1 BR - Market 0 0.00 -$ -$

1 BR - Market 0 0.00 -$ -$

1 BR - Market 0 0.00 -$ -$

Total 1-BR


1-BR Market Rent: -$


21/290

v1.1.2011 Page 15

Total 1-BR Units: 38 Total 1-BR Rent 16,226$

2-Bedroom Units



2 BR - 40% 6 755.00 508$ 3,048$

2 BR - 40% 0 0.00 -$ -$

2 BR - 40% 0 0.00 -$ -$

2 BR - 40% 0 0.00 -$ -$

2 BR - 40% 0 0.00 -$ -$

2 BR - 40% 0 0.00 -$ -$

2 BR - 40% 0 0.00 -$ -$

2 BR - 40% 0 0.00 -$ -$

2 BR - 40% 0 0.00 -$ -$

2 BR - 40% 0 0.00 -$ -$

2 BR - 40% 0 0.00 -$ -$

2 BR - 40% 0 0.00 -$ -$

2 BR - 40% 0 0.00 -$ -$

2 BR - 40% 0 0.00 -$ -$

2 BR - 40% 0 0.00 -$ -$

2 BR - 50% 56 755.00 508$ 28,448$

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 - 50% 0 0.00 -$ -$

2 BR - 60% 0 0.00 -$ -$

2 BR - 60% 0 0.00 -$ -$

2 BR - 60% 0 0.00 -$ -$

2 BR - 60% 0 0.00 -$ -$

2 BR - 60% 0 0.00 -$ -$

2 BR - 60% 0 0.00 -$ -$

2 BR - 60% 0 0.00 -$ -$

2 BR - 60% 0 0.00 -$ -$

2 BR - 60% 0 0.00 -$ -$

2 BR - 60% 0 0.00 -$ -$

2 BR - 60% 0 0.00 -$ -$

2 BR - 60% 0 0.00 -$ -$

2 BR - 60% 0 0.00 -$ -$

2 BR - 60% 0 0.00 -$ -$

2 BR - 60% 0 0.00 -$ -$



2 BR - Market 0 0.00 -$ -$

2 BR - Market 0 0.00 -$ -$

2 BR - Market 0 0.00 -$ -$

2 BR - Market 0 0.00 -$ -$

2 BR - Market 0 0.00 -$ -$

2 BR - Market 0 0.00 -$ -$

2 BR - Market 0 0.00 -$ -$

2 BR - Market 0 0.00 -$ -$

2 BR - Market 0 0.00 -$ -$

2 BR - Market 0 0.00 -$ -$

2 BR - Market 0 0.00 -$ -$

2 BR - Market 0 0.00 -$ -$


22/290

v1.1.2011 Page 15

2 BR - Market 0 0.00 -$ -$

2 BR - Market 0 0.00 -$ -$

2 BR - Market 0 0.00 -$ -$

Total 2-BR




3-Bedroom Units



3 BR - 40% 3 905.00 567$ 1,701$

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% 25 905.00 567$ 14,175$

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 - 60% 0 0.00 -$ -$

3 BR - 60% 0 0.00 -$ -$

3 BR - 60% 0 0.00 -$ -$

3 BR - 60% 0 0.00 -$ -$

3 BR - 60% 0 0.00 -$ -$

3 BR - 60% 0 0.00 -$ -$

3 BR - 60% 0 0.00 -$ -$

3 BR - 60% 0 0.00 -$ -$

3 BR - 60% 0 0.00 -$ -$

3 BR - 60% 0 0.00 -$ -$

3 BR - 60% 0 0.00 -$ -$

3 BR - 60% 0 0.00 -$ -$

3 BR - 60% 0 0.00 -$ -$

3 BR - 60% 0 0.00 -$ -$

3 BR - 60% 0 0.00 -$ -$



3 BR - Market 0 0.00 -$ -$

3 BR - Market 0 0.00 -$ -$

3 BR - Market 0 0.00 -$ -$


23/290

v1.1.2011 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 -$ -$

3 BR - Market 0 0.00 -$ -$

3 BR - Market 0 0.00 -$ -$

3 BR - Market 0 0.00 -$ -$

Total 3-BR




4-Bedroom Units



4 BR - 40% 1 1,275.00 651$ 651$

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% 7 1,275.00 651$ 4,557$

4 BR - 50% 0 0.00 -$ -$

4 BR - 50% 0 0.00 -$ -$

4 BR - 50% 0 0.00 -$ -$

4 BR - 50% 0 0.00 -$ -$

4 BR - 50% 0 0.00 -$ -$

4 BR - 50% 0 0.00 -$ -$

4 BR - 50% 0 0.00 -$ -$

4 BR - 50% 0 0.00 -$ -$

4 BR - 50% 0 0.00 -$ -$

4 BR - 50% 0 0.00 -$ -$

4 BR - 50% 0 0.00 -$ -$

4 BR - 50% 0 0.00 -$ -$

4 BR - 50% 0 0.00 -$ -$

4 BR - 50% 0 0.00 -$ -$

4 BR - 60% 0 0.00 -$ -$

4 BR - 60% 0 0.00 -$ -$

4 BR - 60% 0 0.00 -$ -$

4 BR - 60% 0 0.00 -$ -$

4 BR - 60% 0 0.00 -$ -$

4 BR - 60% 0 0.00 -$ -$

4 BR - 60% 0 0.00 -$ -$

4 BR - 60% 0 0.00 -$ -$

4 BR - 60% 0 0.00 -$ -$

4 BR - 60% 0 0.00 -$ -$

4 BR - 60% 0 0.00 -$ -$

4 BR - 60% 0 0.00 -$ -$

4 BR - 60% 0 0.00 -$ -$

4 BR - 60% 0 0.00 -$ -$


24/290

v1.1.2011 Page 15

4 BR - 60% 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 -$ -$

4 BR - Market 0 0.00 -$ -$

Total 4-BR




Total Units 136 Net Rentable SF: TC Units 108,000.00

MKT Units 0.00

Total NR SF: 108,000.00

100.0000%Floor Space Fraction


25/290

v1.1.2011 Page 16

Low-Income Housing Tax Credit Application For ReservationD. Operating Expenses

Administrative:1. Advertising/Marketing $6342. Office Salaries $49,9993. Office Supplies $12,4624. Office/Model Apartment (type______) $0

5. Management Fee $57,967

7.50% of EGI 426.2279412 Per Unit

6. Manager Salaries

7. Staff Unit (s) (type______)8. Legal $6,1299. Auditing $5,423

10. Bookkeeping/Accounting Fees $011. Telephone & Answering Service $012. Tax Credit Monitoring Fee $013. Miscellaneous Administrative $75,748

Total Administrative $208,362Utilities

14. Fuel Oil $015. Electricity $15,45216. Water $30,51717. Gas $018. Sewer $0

Total Utilit y $45,969Operating:

19. Janitor/Cleaning Payroll $16,96220. Janitor/Cleaning Supplies $8,641

21. Janitor/Cleaning Contract $022. Exterminating $3,66223. Trash Removal $8,50524. Security Payroll/Contract $025. Grounds Payroll $026. Grounds Supplies $16,81227. Grounds Contract $028. Maintenance/Repairs Payroll $24,01929. Repairs/Material $74,31730. Repairs Contract $031. Elevator Maintenance/Contract $032. Heating/Cooling Repairs & Maintenance $20,73933. Pool Maintenance/Contract/Staff $034. Snow Removal $035. Decorating/Payroll/Contract $036. Decorating Supplies $037. Miscellaneous $4,577

Operating & M aintenance Totals $178,232Taxes & Insurance

38. Real Estate Taxes $33,69039. Payroll Taxes $8,74640. Miscellaneous Taxes/Licenses/Permits $4641. Property & Liability Insurance $23,80042. Fidelity Bond43. Workman's Compensation44. Health Insurance & Employee Benefits $18,03445. Other Insurance $0

Total Taxes & Insurance $84,3176544

Total Operating Expense $516,880D1. Total Oper. Ex. Per Uni t $3,801 D2. Total Oper. Ex. As % EGI (f rom E3) 66.88%

Replacement Reserves (Total # Units X $300 or $250 New Const. Elderly Minimum) $40,800Total Expenses $557,680


26/290

v1.1.2011 Page 17

Low-Income Housing Tax Credit Appl ication For ReservationE. Cash Flow (First Year)

1. Annual EGI Low-Income Units from (C1) $772,897

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

3. Total Effective Gross Income = $772,897

4. Total Expenses (from D) $557,680

5. Net Operating Income = $215,2176. Total Annual Debt Service (from Page 21 B2) - $110,873

7. Cash Flow Available for Distribution = $104,344

F. Projections for Financial Feasibi li ty - 15 Year Projections of Cash FlowStabilized

Year 1 Year 2 Year 3 Year 4 Year 5Eff. Gross Income 772,897 788,355 804,122 820,204 836,609Less Oper. Expenses 557,680 574,410 591,642 609,392 627,673Net I ncome 215,217 213,945 212,480 210,813 208,935Less Debt Service 110,873 110,873 110,873 110,873 110,873Cash Flow 104,344 103,072 101,607 99,940 98,062Debt Coverage Ratio 1.94 1.93 1.92 1.90 1.88

Year 6 Year 7 Year 8 Year 9 Year 10Eff. Gross Income 853,341 870,408 887,816 905,572 923,683Less Oper. Expenses 646,503 665,899 685,876 706,452 727,645Net I ncome 206,837 204,509 201,940 199,120 196,038Less Debt Service 110,873 110,873 110,873 110,873 110,873Cash Flow 95,964 93,636 91,067 88,247 85,165Debt Coverage Ratio 1.87 1.84 1.82 1.80 1.77

Year 11 Year 12 Year 13 Year 14 Year 15Eff. Gross Income 942,157 961,000 980,220 999,825 1,019,821Less Oper. Expenses 749,475 771,959 795,118 818,971 843,540Net I ncome 192,682 189,041 185,102 180,853 176,281Less Debt Service 110,873 110,873 110,873 110,873 110,873Cash Flow 81,809 78,168 74,229 69,980 65,408Debt Coverage Ratio 1.74 1.71 1.67 1.63 1.59Estimated Annual Percentage Increase in Revenue 2.00% (Must be < 2%)

Estimated Annual Percentage Increase in Expenses 3.00% (Must be > 3%)


27/290

v1.1.2011 Page 18

Low-Income Housing Tax Credit Application For ReservationVII I. PROJECT BUDGETA. Cost/Basis/Maximum Allowable Credit

Complete cost column and basis column(s) as appropriate through A12. Check if the followingocumen a on s a ac e a TAB S:

xecute onstruct on ontractExecuted Trade Payment Breakdown

AppraisalOther 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 CostA. Off-Site Improvements 0 0 0 0

B. Site Work 264,000 0 0 264,000

C. Geothermal System 0 0

D. Unit Structures (New) 0 0

E. Unit Structures (Rehab) 3,806,212 0 0 3,806,212

F. Solar Electric System 0 0 0 0

G. Asbestos Removal 0 0 0 0

H. Demolition 118,000 0 0 118,000

I. Commercial Space Costs 0 0 0 0

J. Structured Parking Garage 0 0 0 0

K. Subtotal A: (Sum 1A..1J) 4,188,212 0 0 4,188,212

L. General Requirements 209,411 0 0 209,411

M. Builder's Overhead 83,764 0 0 83,764

( 2.0% Contract)N. Builder's Profit 293,175 0 0 293,175

( 7.0% Contract)

O. Bonding Fee 0 0 0 0

P. Other 0 0 0 0

Q. Contractor Cost

Subtotal (Sum 1K..1P) $4,774,562 $0 $0 $4,774,562

2. Owner CostsA. Building Permit 15,000 0 0 15,000

B. Arch./Engin. Design Fee 173,175 0 0 173,175

( 1,273 /Unit)

C. Arch. Supervision Fee 23,120 0 0 23,120

( 170 /Uni t)

D. Tap Fees 0 0 0 0E. Soil Borings 5,000 0 0 5,000

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


28/290

1.1.2011 Page 19


Amount of Cost up to 100% Includable in

Eligible Basis--Use Applicable Column(s):

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

New Construction Value Credit"2. Owner Costs Continued

F. Construction Loan 0 0 0Origination Fee

G. Construction Interest 203,865 0 0 40,773( 0.0% for 0 months)

H. Taxes During Construction 0 0 0 0

I. Insurance During Construction 30,000 0 0 30,000J. Cost Certification Fee 25,000 0 0 25,000

K. Title and Recording 70,000 0 0 70,000

L. Legal Fees for Closing 0 0 0 0

M. Permanent Loan Fee 0 0 0( )

N. Other Permanent Loan Fees 0 0 0

O. Credit Enhancement 0 0 0 0P. Mortgage Banker 0 0 0

Q. Environmental Study 10,000 0 0 10,000R. Structural/Mechanical Study 5,000 0 0 5,000S. Appraisal Fee 6,000 0 0 6,000

T. Market Study 6,500 0 0 6,500

U. Operating Reserve 1,135,081 0 0 0

V. Tax Credit Fee 62,110 0 0 0W. OTHER $354,742 $0 $0 $228,500(SEE PAGE 19A)X. Owner Cost

Subtotal (Sum 2A..2W) $2,124,593 $0 $0 $638,068

Subtotal 1 + 2 $6,899,155 $0 $0 $5,412,630(Owner + Contractor Costs)

3. Developer' s Fees 1,269,459 0 0 1,269,4594. Owner 's Acquisition Costs

Land 757,634

Existing Improvements 2,845,900 2,845,900

Subtotal 4: $3,603,534 $2,845,900

5. Total Development CostsSubtotal 1+2+3+4: $11,772,148 $2,845,900 $0 $6,682,089

I f t his application seeks rehab credits only, in which there is no acquisiti on and no change in ownership, enter the greater ofappr aised value or tax assessment value here: $0 Land

(Attach documentation at Tab K ) $0 Building


29/290

v1.1.2011 Page 19A

Low-Income Housing Tax Cr edit Appl ication For Reservation

Amount of Cost up to 100% Includable in

Eligible Basis--Use Applicable Column(s):

"30% Present Value Credit" (D)

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

New Construction Value Credit"

W. OTHER OWNER COSTS

Contingency Reserve 0 0 0 0(Rehab or Adaptive Reuse only)LI ST ADDITI ONAL I TEMSDeveloper Legagal 100,000 0 0 65,000

Survey 10,000 0 0 10,000

Soft Contingency 50,000 0 0 25,000

Civil Engineering 20,000 0 0 20,000

Rent Comp 6,000 0 0 6,000

TPA Expense 37,500 0 0 37,500

Marketing 26,242 0 0 0

Legal for Syndication 40,000 0 0 0

Relocation 65,000 0 0 65,000

0 0

0 0

0 0 00 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

Subtotal (Other Owner Costs) $354,742 $0 $0 $228,500


30/290

v1.1.2011 Page 20


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

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

New "70 % Present

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

5. Total Development CostsSubtotal 1+2+3+4 11,772,148 2,845,900 0 6,682,089

6. Reductions in Eligible BasisSubtract 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 El igible Basis (5 minus 6 above) 2,845,900 0 6,682,0898. Adjustment(s) to Eligible Basis (For non-acquisition costs in eligible basis)

(i) For QCT or DDA (Eligible Basis x 30%) 0 2,004,627

(ii) For Earthcraft or LEED Certification 0 0

Total Adj usted Eligible basis 0 8,686,716

9. Applicable Fraction 100.0000% 100.0000% 100.0000%10. Total Qualif ied Basis (Same as Par t I X-C) 2,845,900 0 8,686,716

(Eligible Basis x Applicable Fraction)

11. Appl icable Percentage 3.33% 0.00% 9.00%(For 2011 9% competitive credits, use the March 2011 applicable percentages for acq.)

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

12. Maximum Allowable Credit under IRC 42 $94,768 $0 $781,804(Qualified Basis x Applicable Percentage)

(Same as Part IX-C and equal to or more than $876,573

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


31/290

v1.1.2011 Page 21

Low-Income Housing Tax Credit Application For ReservationB. Sources of Funds

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

Date of Date of Amount of

Source of Funds Appli cati on Commi tment Funds Name of Contact Person

1. Citi Corp $5,500,000 Brett MacCleod

2.

3.

Commitments or letter(s) of intent attached (TAB T)2. Permanent Financing: List individually the sources of all permanent financing in order of lien position:

Interest Amortization Term

Date of Date of Amount of Annual Debt Rate of Period ofSource of Funds Appli cati on Commi tment Funds Servi ce Cost Loan IN YEARS Loan (years)

1. HUD-1st Mortgage Existing Loan $1,750,912 $110,873 4.85% 30 30

2. HUD-2nd Mortgage Existing Loan $1,053,773 0.00% 0 30

3. HUD-3rd Mortgage Existing Loan $583,849 0.00% 0 30

4. $0 0.00% 1000 0

5. $0 $0 0.00% 1000 0

6. $0 $0 0.00% 1000 0

Totals: $3,388,534 $110,873

Commitments or letter(s) of intent attached (TAB T)3. Grants: List all grants provided for the development:

Date of Date of Amount of

Source of Funds Appli cati on Commi tment Funds Name of Contact Person

1. $0

2. $0

3. $0

4. $0

5. $0

6. $0

Total Permanent Grants: $0

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


32/290

v1.1.2011 Page 22

Low-Income Housing Tax Credit Appl ication For Reservation4. Portion of Syndication Proceeds Attributable to Historic Tax Credit

Amount of Federal historic credi ts $0 x Equi ty % $0.00 $0

Amount of V irginia hi storic credi ts $0 x Equity % $0.00 $0

6. Equity that Sponsor wil l Fund:Cash Investment $0

Contributed Land/Building Assessment Attached (TAB S)Deferred Developer FeeOther: Reserves $1,135,081

Equity Total $1,135,0817. Total of All Sources (B2 + B3 + B4 + B5 + B6) $4,523,615

(not including syndication proceeds except for historic tax credits)

8. Total Development Cost $11,772,148(From VII I-A5)

9. Less Total Sources of Funds (From B7 above) $4,523,615

10. Equals equity gap to be funded with low-income tax creditproceeds (must equal IX-D3) $7,248,533

C. Syndication Information (If Applicable)1. Actual or Anticipated Name of Syndicator Boston Financial

2. Contact Person Steven Napolitano Phone (617) 488-3524

3. Street Address 101 Arch Street

City Boston State MA Zip 02110

4. a. Total to be paid by anticipated users of credit (e.g., l imited partners) $7,248,534b. Equity Dollars Per Credit (e.g., $0.85 per dollar of credit) $0.83c. Percent of ownership entity (e.g., 99% or 99.9%) 99.99%d. Net credit amount anticipated by user of credits $876,485e. Syndication costs not included in VIII-A5 (e.g., advisory fees) $0

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

as listed in Part VIII-A5 (same amount as Part IX-D3) $7,248,534

6. Amount of annual credit required for above amounts

(same amount as Part IX-D6) $876,573

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

(same amount as Part IX-D4) 82.69%

8. Syndication: Public or Private

9. Investors: Individual or Corporate


33/290

v1.1.2011 Page 23

Low-Income Housing Tax Credit Appl ication For ReservationD. Recap of Federal, State, and Local Funds/Any Cr edit Enhancements

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

Below-Market Loans Market-Rate Loans

Tax Exempt Bonds $0 Taxable Bonds $0

RD 515 $0 Section 220 $0

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

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

Section 236 $0 Section 236 $0

VHDA SPARC/REACH $0 Section 223(f) $0

HOME Funds $0 Other: $0

Other: Section 223(a)7 $3,388,534

Other: $0

Grants Grants

CDBG $0 State $0

UDAG $0 Local $0

Other: $0

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

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

which funded it.

2. Subsidized Funding: list all sources of funding for points. Documentation Attached (TAB T)Source of Funds Commitment date Funds

1.

2. $0

3. $0

4. $0

5. $0

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

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

4. Other Subsidies Documentation Attached (TAB Q)Real Estate Tax Abatement on the increase in the value of the development.

New project based subsidy from HUD or Rural Development for the greater of 5 or 10% of the units in the development.Other Subsidies Existing HAP Contract

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

Yes No

E. For Tr ansactions Using Tax-Exempt Bonds Seeking 4% Credits:For purposes of the 50% Test, and based only on the data entered to this

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

tax-exempt funds is: N/A


34/290

v1.1.2011 Page 24

Low-Income Housing Tax Cr edit Appl ication For ReservationIX. ADDITIONAL INFORMATIONA. Extended Use Restr iction

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

This development will be subject to an extended use agreement in which the owner's right to anyearly termination of the extended use provision is waived for 25 additional years after the 15-year comp ance per o or a tota o 40 years. o not se ect . s c ec e e ow.

This development will be subject to an extended use agreement in which the owner's right to anyear y term nat on o t e exten e use prov son s wa ve or 35 a t ona years a ter t e 15-year compliance period for a total of 50 years. Do not select if IX.B is checked below.

B. Nonprofi t/L ocal Housing Authority Purchase Option/Right of Fir st Refusal1. ter t e man atory 15-year comp ance per o , a qua e nonpro t as ent e n t e

attached nonprofit questionnaire, or local housing authority will have the option to purchaseor the right of first refusal to acquire the development for a price not to exceed the outstandingdebt and exit taxes. 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: Huntington Housing, Inc.

2. A qualified nonprofit or local housing authority submits a homeownership plan committi ng tose t e un ts n t e eve opment a ter t e man atory 15-year comp ance per o to tenants w oseincomes 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 At tached (TAB J)

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


35/290

v1.1.2011 Page25

Low-Income Housing Tax Credit Appli cation For ReservationC. Building-by-Building Information Must Complete

Qualif ied basis must be determined on a building-by buildi ng basis. Complete the section below. Buil ding street addresses are required by the IRS (must have them by the time of

allocation request).

30% Present Value 30% Present Value

Credit for Acquisition Credit for Construction 70% Present Value Credit

TAX MARKET

CREDIT RATE Actual or Actual or Actual or

UNITS UNITS Estimate Anticipated Estimate Anticipated Estimate Anticipated

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

ing # Address Basis Date Percentage Amount Basis Date Percentage Amount Basis Date Percentage Amount

1. 8 0 162 2nd Street $167,406 08/01/12 3.33% 5,575 $0 0.00% 0 $510,983 08/01/12 9.00% 45,988

2. 10 0 164 2nd Street $209,257 08/01/12 3.33% 6,968 $0 0.00% 0 $638,729 08/01/12 9.00% 57,486

3. 10 0 166 2nd Street $209,257 09/01/12 3.33% 6,968 $0 0.00% 0 $638,729 09/01/12 9.00% 57,486

4. 10 0 168 2nd Street $209,257 09/01/12 3.33% 6,968 $0 0.00% 0 $638,729 09/01/12 9.00% 57,486

5. 10 0 170 2nd Street $209,257 09/01/12 3.33% 6,968 $0 0.00% 0 $638,729 09/01/12 9.00% 57,486

6. 10 0 172 2nd Street $209,257 10/01/12 3.33% 6,968 $0 0.00% 0 $638,729 10/01/12 9.00% 57,486

7. 10 0 171 2nd Street $209,257 10/01/12 3.33% 6,968 $0 0.00% 0 $638,729 10/01/12 9.00% 57,486

8. 10 0 173 2nd Street $209,257 10/01/12 3.33% 6,968 $0 0.00% 0 $638,729 10/01/12 9.00% 57,486

9. 10 0 175 2nd Street $209,257 11/01/12 3.33% 6,968 $0 0.00% 0 $638,729 11/01/12 9.00% 57,486

10. 10 0 177 2nd Street $209,257 11/01/12 3.33% 6,968 $0 0.00% 0 $638,729 11/01/12 9.00% 57,486

11. 10 0 170 2nd Street $209,257 11/01/12 3.33% 6,968 $0 0.00% 0 $638,729 11/01/12 9.00% 57,486

12. 8 0 181 2nd Street $167,406 12/01/12 3.33% 5,575 $0 0.00% 0 $510,983 12/01/12 9.00% 45,988

13. 10 0 183 2nd Street $209,257 12/01/12 3.33% 6,968 $0 0.00% 0 $638,729 12/01/12 9.00% 57,486

14. 10 0 185 2nd Street $209,257 12/01/12 3.33% 6,968 $0 0.00% 0 $638,729 12/01/12 9.00% 57,486

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

16. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0

$2,845,900 $0 $8,686,716

$94,768 $0 $781,804Qualified Basis Totals (must agree with V III -A10)

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

NUMBER

OF


36/290

v1.1.2011 Page 25 (2)






TAX MARKET





17. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0

18. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0

19. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0

20. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0

21. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0

22. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0

23. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0

24. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0

25. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0

26. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0

27. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0

28. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0

29. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0

30. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0

31. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0

32. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0

$0 $0 $0

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


NUMBER

OF


37/290

v1.1.2011 Page 25 (3)






TAX MARKET





33. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0

34. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0

35. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0

36. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0

37. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0

38. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0

39. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0

40. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0

41. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0

42. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0

43. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0

44. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0

45. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0

46. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0

47. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0

48. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0

$0 $0 $0



NUMBER

OF


38/290

v1.1.2011 Page 25 (3)






TAX MARKET





49. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0

50. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0

51. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0

52. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0

53. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0

54. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0

55. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0

56. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0

57. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0

58. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0

59. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0

60. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0

61. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0

62. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0

63. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0

64. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0

$0 $0 $0



NUMBER

OF


39/290

v1.1.2011 Page 25 (3)






TAX MARKET





65. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0

66. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0

67. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0

68. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0

69. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0

70. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0

71. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0

72. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0

73. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0

74. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0

75. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0

76. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0

77. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0

78. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0

79. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0

80. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0

$0 $0 $0



NUMBER

OF


40/290

v1.1.2011 Page 25 (3)






TAX MARKET





81. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0

82. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0

83. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0

84. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0

85. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0

86. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0

87. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0

88. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0

89. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0

90. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0

91. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0

92. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0

93. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0

94. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0

95. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0

96. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0

$0 $0 $0



NUMBER

OF


41/290

v1.1.2011 Page 26


D. Determination of Reservat ion Amount Needed

1. Total Development Costs (from VIII-A5, Column A page 20) 11,772,148

2. Less Total Sources of Funds (from VI II-B7 page 22) $4,523,615

3. Equals Equity Gap $7,248,533

4. Divided by Net Equity Factor (VIII-C7 page 22) 82.69%(Percent of 10-year credit expected to be raised as equity investment)

5. Equal s Ten-Year Credi t Amount Needed to Fund Gap $8,765,729

Divided by ten years 10

6. Equals Annual Tax Credi t Requi red to Fund the Equi ty Gap 876,573

7. The Maximum Allowable Credit Amount 876,573(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 6,445 Combined 30% & 70% PV Credit

Credit per Bedroom 3,153 $876,573

Comprised of

$94,769 and $781,80430% PV Credit 70% PV Credit

(Based on same relative percentages as VI II -A12)

E. Attorneys Opinionac e n Mandatory TAB W)

The following calculation of the amount of credits needed is substantially the same as the calculation which will be made byVHDA to determine, as required by the IRC, the amount of credits which may be allocated for the development. However,VHDA at all times retains the right to substitute such information and assumptions as are determined by VHDA to be reasonablefor the information and assumptions provided herein as to costs (including development fees, profits, etc.), sources for funding,expected equity, etc. Accordingly, if the development is selected by VHDA for a reservation of credits, the amount of such

reservation may differ significantly from the amount you compute below.

Goal Seek Function

If you incur the error message that your reservati

spring dale

Documents