the gardens at almond creek

8/7/2019 The Gardens at Almond Creek

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2011 Federal Low Income Housing

Tax Credit Program

Application For Reservation

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

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 issuedby VHDA)

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Low Income Housing Tax Credit Application for Reservation

Electronic Copy of the Microsoft Excel Based Application (MANDATORY)

Scanned Copy of the Signed Tax Credit Application with Attachments (excluding market study and plans & specs) (MANDATO

Electronic 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 Specifications (MANDATORY)

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

$750 Application Fee (MANDATORY)

Tab A: Documentation of Development Location:

A.1 Qualified Census Tract CertificationA.2 Revitalization Area Certification

Location MapSurveyor's Certification of Proximity To Public Transportation

Tab B: Partnership or Operating Agreement, including chart of ownership structure with percentage of interests (MANDATOR

Tab C: Virginia State Corporation Commission Certification (MANDATORY)

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

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

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

Tab F: Architect's Certification (MANDATORY)

Please indicate if the following items are included with your application by checking the appropriate boxes. 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.

Tab G: Relocation Plan (MANDATORY, if rehab)

Tab H: PHA / Section 8 Notification LetterTab I: Local CEO LetterTab J: Homeownership Plan

Tab K: Site Control Documentation & Most Recent Real Estate Tax Assessment (MANDATORY)Tab L: Plan of Development Certification LetterTab M: Zoning Certification LetterTab N: Copies of 8609s To Certify Developer ExperienceTab O: (Reserved)Tab P: Plans and Specifications and Work Write-Up (MANDATORY)

Tab Q: Documentation of Rental AssistanceTab R: Documentation of Operating 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 Virginia

Tab V: Nonprofit or LHA Purchase Option or Right of First RefusalTab W: Attorney's Opinion (MANDATORY)

Tab X: (Reserved)Tab Y: Marketing Plan for units meeting accessibility 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.

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Low-Income Housing Tax Credit Application For Reservation

VHDA TRACKING NUMBER 2011-C-39

I. General Information

All code "Section" references are to, and the term "IRC" shall be deemed to mean, 3/7/11

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

A. Development Name and Location:

1. Name of Development The Gardens at Almond Creek

2. Address of Development 1401 Bickerstaff Road(Street)

Henrico County VA 23231

(City) (State) (Zip Code)

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

location on site your surveyor deems appropriate. 37.50214'N 77.39200'W

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

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

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

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

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

6. Census Tract the development is located in: 2015.01

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

7. Is the development located in a Difficult 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 interest between the applicant and the seller in this proposal, and the applicant is seeking points in

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

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

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

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

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

prior to the application submission deadline. Yes n/a

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

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Low Income Housing Tax Credit Application For Reservation

C. Reservation Request

1. Total annual credit amount request (Must be the same as Part IX-D8) $745,797

2. Credits requested from:

9% Credits

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

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

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

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

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

Tax Exempt Bonds

new construction, or

rehabilitation, or

acquisition and rehabilitation.

Federal Subsidies

The development will not receive federal subsidies.

This development will receive federal subsidies for:

all buildings or

some buildings.

. ype s o ocat on ocat on ear

1. Regular Allocation

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

in service this year. For those buildings the owner will, this year, request anallocation of 2011 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, 2011, but the

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

months 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

rehabilitation, or

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

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

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

work is "placed in service" in 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.

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E. Acquisition Credit Information

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

so indicate and go on to Part F: No Acquisition

Ten-Year Rule For Acquisition Credits

All buildings satisfy the 10-year look-back rule of IRC Section 42 (d)(2)(B), including the10% basis/ 15,000.00 rehab costs ( 10,000 for Tax Exempt Bonds) per unit requirement.

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

Subsection (II)

Subsection (III)

Subsection (IV)Subsection (V)

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

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 the10% basis requirement (4% credit only).

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

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

G. Request For Exception

The 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 13VAC10-180

Proposed 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)

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II. OWNERSHIP INFORMATION

A. Owner Information:

Name Almond Creek, L.P.

Contact Person First: Gary Middle: R. Last: Hammond, Jr.

Address 7000 Peachtree Dunwoody Road, Suite 4-100(Street)

Atlanta GA 30328(City) (State) (Zip Code)

Federal I. D. No. 38-3831834 (If not available, obtain prior to Allocation)Phone 770-481-0853 Fax 770-481-0854 Email address [email protected]

Type of entity: Limited Partnership Other

Individual(s) Corporation

Owner's organizational documents (e.g. Partnership agreements & ownership structure chart) 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 % OwnershipChase Northcutt 404-364-2900 100% of Managing Me 51.00%Gary R. Hammond, Jr. 770-481-0855 51.01% of Sole Membe 24.51%Stephen R. Munier 770-481-0855 49.99% of Sole Membe 24.49%Almond Creek Management, Inc. 0.00%

NOTE: VHDA may allocate credits only to the tax-paying entity which owns the development at the time of the allocation. The term "Owner" herein refers to that entity. Please fillin the legal name of the owner. The ownership entity must be formed prior to submitting this application. Any transfer, direct or indirect, of partnership interests (except thoseinvolving the admission of limited partners) prior to the placed-in-service date of the proposed development shall be prohibited, unless the transfer is consented to by VHDA in itssole discretion. IMPORTANT: The Owner name listed on this page must match exactly the owner name listed on the Virginia State Corporation Commission

Must be an individual or legally formed entity

Bridgeland Almond Creek, GP, LLC 0.00%RHA/Housing, Inc. 0.00%Bridgeland GP Investments, LLC 0.00%

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

** These should be the names ofindividuals 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) & resum.

B. Seller Information:

Name Bickerstaff Townhomes, LLC Contact PersonStephen E. ScarceAddress 6802 Paragon Place, Suite 300Richmond, VA 23233 Phone 804-261-7308

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

If yes, complete the following:

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

Names Phone Type Ownership % Ownership

0.00%

0.00%

0.00%

0.00%

NOTE: VHDA may allocate credits only to the tax-paying entity which owns the development at the time of the allocation. The term "Owner" herein refers to that entity. Please fillin the legal name of the owner. The ownership entity must be formed prior to submitting this application. Any transfer, direct or indirect, of partnership interests (except thoseinvolving the admission of limited partners) prior to the placed-in-service date of the proposed development shall be prohibited, unless the transfer is consented to by VHDA in itssole discretion. IMPORTANT: The Owner name listed on this page must match exactly the owner name listed on the Virginia State Corporation Commission

Must be an individual or legally formed entity

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C. Development Team Information:

Complete the following as applicable to your development team.

1. Tax Attorney: Peter M. Wright, Esq. Related Entity? Yes NoFirm Name: Peter M. Wright, Esq.Address: 3060 Peachtree Road, NW, Suite 900, Atlanta, GA 30305

Phone: 404-760-3433 Fax: 404-760-3443

2. Tax Accountant: Timothy Kemper Related Entity? Yes NoFirm Name: Reznick Group, PCAddress: 2002 Summit Boulevard, Suite 1000, Atlanta, GA 30319

Phone: 404-847-7734 Fax: 404-847-7735

3. Consultant: Ryne Johnson Related Entity? Yes NoFirm Name: Astoria, LLC Role: LIHTC ConsultantAddress: 3450 Lady Marian Court, Midlothian, VA 23113

Phone: 804-320-0585 Fax:

4. Management Entity (Contact): M. Pinson Neal, III Related Entity? Yes NoFirm Name: Landmark Property Services, Inc.Address: 4901 Dickens Road, #119, Richmond, VA 23230

Phone: 804-673-0900 Fax: 804-673-0963

5. Contractor (Contact): William Park Related Entity? Yes NoFirm Name: Pinnacle ConstructionAddress: 1821 Avon Street, Suite 200, Charlottesville, VA 22902

Phone: 434-979-2900 Fax:

6. Architect: Ed Winks Related Entity? Yes NoFirm Name: Winks-Snowa Architects, Inc.Address: 2119 East Franklin Street, Suite 200, Richmond, VA 23223

Phone: 804-643-6196 Fax: 804-643-6190

7. Real Estate Attorney: R. Clay Powell Related Entity? Yes NoFirm Name: Coleman Talley, LLPAddress: 910 North Patterson Street, Valdosta, GA 31603

Phone: 229-671-8255 Fax: 229-333-0885

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

Phone: Fax:

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

Phone: Fax:

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D. Nonprofit Involvement:

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

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

1. Must "materially participate" in the development and operation of the project throughout the compliance period,2. Must own all general partnership interests in the development .

3. Must not be affiliated with or controlled by a for-profit organization.

4. Must not have been formed for the principal purpose of competition in the nonprofit pool, and

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

as a for-profit entity.

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

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

1. Nonprofit Involvement (All Applicants)

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

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

Questionnaire attached (Mandatory TAB E)

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

Nonprofit meets eligibility requirements for nonprofit pool and points.

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

the Owner

the Applicant (if different from Owner)

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

OtherRHA/Housing, Inc.

(Name of nonprofit)

Chase Northcutt 3060 Peachtree Road, Suite 900(Contact Person) (Street Address)

Atlanta GA 30305(City) (State) (Zip code)

404-364-2937 404-760-3443(Phone) (Fax)

5. Percentage of Nonprofit Ownership (All nonprofit applicants)

Specify the nonprofit entity's percentage ownership of the general partnership interest: 51.0%

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.

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III. DEVELOPMENT INFORMATION

A. Structure and Units:1. Total number ofall units in development 60

Total number ofrental units in development 60 bedrooms 127Number of low-income rental units 60 bedrooms 127Percentage of rental units designated low-income 100.00%

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

Row House/Townhouse Detached Single-family

Garden Apartments Detached Two-family

Slab on Grade Basement

Crawl space Age of Structure: 0

Elevator Number of stories: 0

3. Number of new units 60 bedrooms 127

Number of adaptive reuse units 0 bedrooms 0Number of rehab units 0 bedrooms 0

4. Total Floor Area For The Entire Development 72,030.50 (Sq. ft.)

5. n eate oor rea (Breezeways, Balconies, Storage) 8,122.50 (Sq. ft.)

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

7. Total Usable Residential Heated Area 63,908.00 (Sq. ft.)

8. Number of Buildings (containing rental units) 3

9. Commercial Area Intended Use:

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

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

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

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

11. a. Total Net Rental Square Feet 58,248.00

b. Percentage of Net Rentable Square Feet Deemed To Be New Rental Space 100.00%

B. Building Systems:Please describe each of the following in the space provided.

Community Facilities: Community Room, Fitness Center, Library/Kids Room, Business Center

Laundry Room, and On-Site Management Office

Exterior Finish: 80% brick finish

Heating/AC System: Heat Pump (SEER rating of 15.0 or more); AC (Seer Rating 15.0 or more)

Architectural Style: Arts and Crafts with some traditional detailing

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C. Amenities:

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

Assisted Lvg 0.00 SF 1Bdrm Eld 0.00 SF 3-Bdrm Gar 1,176.20 SF1-Sty-Eff-Eld 0.00 SF 2Bdrm Eld 0.00 SF 4-Bdrm Gar 0.00 SF1-Sty 1BR-Eld 0.00 SF Eff-Gar 0.00 SF 2+Sty 2BR TH 0.00 SF1-Sty 2BR-Eld 0.00 SF 1-Bdrm Gar 800.20 SF 2+Sty 3BR TH 0.00 SFEff-Eld 0.00 SF 2-Bdrm Gar 1,088.20 SF 2+Sty 4BR TH 0.00 SF

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

63,908.00 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 incorporateall necessary elements to fulfill these requirements.

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

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

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

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

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

80.00% 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 aSEER 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 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.

k. Every unit in the development will be heated and cooled with a geothermal heat pump that meets

EPA Energy Star qualified program requirements.

l. The development will have a solar electric system that will 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%

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Low Income Housing Tax Credit Application For Reservation

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

a. All cooking ranges will have front controls

b. All units will have an emergency call system

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

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

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

or rehabilitation: (Optional Point items)

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

Accessibility

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

For any non-elderly property, 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 Authority prior 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; (ii) conform to HUD regulations interpreting accessibilityrequirements 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 Application. (30 points)

For any non-elderly property, or any elderly rehabilitation property, in which at least four percent (4%) of the units conformto HUD regulations interpreting accessibility requirements of section 504 of the Rehabilitation Act and are activelymarketed to people with mobility impairments in accordance with a plan submitted as part of the Application. (15 points)

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 cer tification.

(15 Points)

LEED Silver Certification

Earthcraft Certification -new construction development will be 15% more energy efficient than 2004 IECC.

Earthcraft Certification -rehabilitation development will be 30% more energy efficient post-rehabilitation

(30 Points)

LEED Gold Certification



(45 Points)

LEED Platinum Certification



If seeking any points associated with LEED or Earthcraft certification, attach appropriate documentation at TAB F

Universal Design - Units Meeting Universal Design Standards

a. The architect of record certifies that units will be constructed to meet VHDA's Universal Design standards.Yes No es, attac appropr ate ocumentat on at

b. Number of Rental Units constructed to meet VHDA's Universal Design standards:18 Units 30%

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:

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IV. TENANT INFORMATION

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

POINTS FOR THE BONUS POINT CATEGORY

Units Provided Per Household Type:

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

0 0.00% 40% Area Median 6 10.00% 40% Area Median60 100.00% 50% Area Median 54 90.00% 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

60 100.00% Total 60 100.00% Total

B. Special Housing Needs/Leasing Preference:

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

Yes Elderly (age 55 or above)

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

Income Levels Rent Levels

Note: In order to qualify for any tax credits, a development must meet one of two minimum threshold occupancy tests. 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.

2. Specify the number of low-income units that will serve individuals and families with children byproviding three or more bedrooms: Number of units 28% of total low-income units

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

displacement on those tenants be minimized, in which Owners agree to abide by the Authority's RelocationGuidelines for LIHTC properties. Relocation Plan Documentation attached (TAB G)

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

Yes

No

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

Organization which holds such waiting list: Richmond Redevelopment and Housing Authority Section 8 ManagemContact person (Name and Title) Shawn Williams, Housing Choice Voucher Program Manager

Phone Number 804-780-4361 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 1 or less bedrooms).

Yes

No

17

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.

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V. LOCAL NEEDS AND SUPPORT

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

notification of proposed Low income Housing Tax Credit developments.

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

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

Chief Executive Officer's Name Mr. Virgil R. HazelettChief Executive Officer's Title County Manager

Street Address 4301 East Parham Road Phone 804-501-4206City Henrico County State VA Zip 23228

Name and title of local official you have discussed this project with who could answer questions for thlocal CEO: John Young, Community Development Manage

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

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

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

B. Project Schedule

ACTUAL OR NAME OF

ACTIVITY ANTICIPATED PERSON

DATE RESPONSIBLE

Site

Option/Contract 1/2011 Gary R. Hammond, Jr.

Site Acquisition 12/2011 Gary R. Hammond, Jr.

Zoning Approval Already Zoned Steve Munier

Site Plan Approval 3/2011 Steve MunierFinancing

A. Construction Loan

Loan Application 7/2011 Gary R. Hammond, Jr.

Conditional Commitment 8/2011 Gary R. Hammond, Jr.

Firm Commitment 10/2011 Gary R. Hammond, Jr.

B. Permanent Loan - First Lien

Loan Application 7/2011 Gary R. Hammond, Jr.

Conditional Commitment 8/2011 Gary R. Hammond, Jr.

Firm Commitment 10/2011 Gary R. Hammond, Jr.

C. Permanent Loan-Second Lien

Loan Application

Conditional Commitment

Firm Commitment

D. Other Loans & Grants

Type & Source, ListApplication

Award/Commitment

Formation of Owner 2/2011 Chase Northcutt

IRS Approval of Nonprofit Status 3/1995 Chase Northcutt

Closing and Transfer of Property to Owner 12/2011 Gary R. Hammond, Jr.

Plans and Specifications, Working Drawings 9/2011 Steve Munier

Building Permit Issued by Local Government 12/2011 Steve Munier

Start Construction 1/2012 Steve Munier

Begin Lease-up 10/2012 Steve Munier

Complete Construction 1/2013 Steve Munier

Complete Lease-Up 6/2013 Gary R. Hammond, Jr.

Credit Placed in Service Date 1/2013 Steve Munier

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C. Site Description

1. Exact area of site in acres 5.070

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. Plans and Specifications

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

1. A location map with property clearly defined.

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

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

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

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

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

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

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

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

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

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

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VII. OPERATING BUDGET

A. Rental Assistance

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

Yes No

2. If yes, indicate type of rental assistance:

Section 8 New Construction Substantial Rehabilitation

Section 8 Moderate RehabilitationSection 8 Certificates

Section 8 Project Based Assistance

RD 515 Rental Assistance

Section 8 Vouchers

State Assistance

Other:

3. Number of units receiving assistance: 0

Number of years in rental assistance contract: 0

Expiration date of contract:

Contract or other agreement attached (TAB Q)

B. Utilities

1. Monthly Utility Allowance Calculations

Utilities Type of Utility Utilities Enter Allowances by Bedroom Size

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

Heating Electric Owner X Tenant 12 16 20 24 30

Air Conditioning Electric Owner X Tenant 3 4 5 7 8

Cooking Electric Owner X Tenant 2 2 3 3 4

Lighting Electric Owner X Tenant 9 11 15 17 21

Hot Water Electric Owner X Tenant 5 7 9 11 14

Water Owner X Tenant 8 11 14 17 21

Sewer Owner X Tenant 10 13 17 21 27

Trash X Owner Tenant 0 0 0 0 0

Total utility allowance for costs paid by tenant $49 $64 $83 $100 $125

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

HUD

Utility Company (Estimate) Local PHA

Utility Company (Actual Survey) Other: VHDA

v1.1.2011 Page 14


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

Total Number of Total Monthly

Tax Credit Units Rental Income

0 $0

10 $6,142

33 $24,186

17 $14,236

0 $0

60

Plus Other Income Source (list): Laundry, Vending, App. Fees, etc. $891

Equals Total Monthly Income: $45,455

Twelve Months x12

Equals Annual Gross Potential Income $545,463

Less Vacancy Allowance ( 7.0% ) $38,182

Equals Annual Effective Gross Income (EGI) - Low Income Units $507,281

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

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

Total Number of Total Monthly

Market Units Rental Income

0 $0

0 $0

0 $00 $0

0 $0

Total Number of Market Units 0

Plus Other Income Source (list): $0

Equals Total Monthly Income: $0

Twelve Months x12

Equals Annual Gross Potential Income $0

Less Vacancy Allowance ( 0.0% ) $0

E uals Annual Effective Gross Income EGI - Market Rate Units 0

4 Bedroom Units

Unit Type

Unit Type

1 Bedroom Units

2 Bedroom Units

3 Bedroom Units

Total Number of Tax Credit Units

Efficiency Units

4 Bedroom Units

1 Bedroom Units

2 Bedroom Units3 Bedroom Units

Efficiency Units

-

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 10

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-TH

33 17 0 0 0 0

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

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

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

List number of units by type: TAX CREDIT UNITS

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

0 0 0 0 0 10

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-TH

33 17 0 0 0 0

1 Story-EFF-ELD 1 Story-1 BR-ELD 1 Story-2 BR-ELD

0 0 0

Efficiency Units

Uni t 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 -$ -$v1.1.2011 Page 15


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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 -$ -$

Total Efficiency Total Monthly Eff.

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

Efficiency - Market 0 0.00 -$ -$















Total Efficiency

Market Units: 0 0.00 Total Monthly

Eff. Market Rent: -$

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

1-Bedroom Units

Net Rentable Monthly Rent Total


1 BR - 40% 1 713.80 490$ 490$v1.1.2011 Page 15


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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% 9 713.80 628$ 5,652$

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: 10 7,138.02 Tax Credit Rent: 6,142$

1 BR - Market 0 0.00 -$ -$

1 BR - Market 0 0.00 -$ -$

1 BR - Market 0 0.00 -$ -$

1 BR - Market 0 0.00 -$ -$

1 BR - Market 0 0.00 -$ -$

1 BR - Market 0 0.00 -$ -$

1 BR - Market 0 0.00 -$ -$

1 BR - Market 0 0.00 -$ -$

1 BR - Market 0 0.00 -$ -$

1 BR - Market 0 0.00 -$ -$

1 BR - Market 0 0.00 -$ -$

1 BR - Market 0 0.00 -$ -$

1 BR - Market 0 0.00 -$ -$

1 BR - Market 0 0.00 -$ -$

1 BR - Market 0 0.00 -$ -$

Total 1-BR


1-BR Market Rent: -$

Total 1-BR Units: 10 Total 1-BR Rent 6,142$

v1.1.2011 Page 15


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2-Bedroom Units



2 BR - 40% 3 992.47 582$ 1,746$

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% 30 992.47 748$ 22,440$

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 -$ -$

2 BR - Market 0 0.00 -$ -$

2 BR - Market 0 0.00 -$ -$

2 BR - Market 0 0.00 -$ -$v1.1.2011 Page 15


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Total 2-BR




3-Bedroom Units



3 BR - 40% 2 1,079.91 668$ 1,336$

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% 15 1,079.91 860$ 12,900$

3 BR - 50% 0 0.00 -$ -$

3 BR - 50% 0 0.00 -$ -$

3 BR - 50% 0 0.00 -$ -$

3 BR - 50% 0 0.00 -$ -$

3 BR - 50% 0 0.00 -$ -$

3 - 50% 0 0.00 - -

3 BR - 50% 0 0.00 -$ -$

3 BR - 50% 0 0.00 -$ -$

3 BR - 50% 0 0.00 -$ -$

3 BR - 50% 0 0.00 -$ -$

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

3 BR - 50% 0 0.00 -$ -$

3 BR - 50% 0 0.00 -$ -$

3 BR - 60% 0 0.00 -$ -$

3 BR - 60% 0 0.00 -$ -$

3 BR - 60% 0 0.00 -$ -$

3 BR - 60% 0 0.00 -$ -$

3 BR - 60% 0 0.00 -$ -$

3 BR - 60% 0 0.00 -$ -$

3 BR - 60% 0 0.00 -$ -$

3 BR - 60% 0 0.00 -$ -$

3 BR - 60% 0 0.00 -$ -$

3 BR - 60% 0 0.00 -$ -$

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

3 BR - 60% 0 0.00 -$ -$

3 BR - 60% 0 0.00 -$ -$

3 BR - 60% 0 0.00 -$ -$



3 BR - Market 0 0.00 -$ -$

3 BR - Market 0 0.00 -$ -$

3 BR - Market 0 0.00 -$ -$

3 BR - Market 0 0.00 -$ -$

3 BR - Market 0 0.00 -$ -$

3 BR - Market 0 0.00 -$ -$

v1.1.2011 Page 15


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3 BR - Market 0 0.00 -$ -$

3 BR - Market 0 0.00 -$ -$

3 BR - Market 0 0.00 -$ -$

3 BR - Market 0 0.00 -$ -$

3 BR - Market 0 0.00 -$ -$

3 BR - Market 0 0.00 -$ -$

3 BR - Market 0 0.00 -$ -$

3 BR - Market 0 0.00 -$ -$

3 BR - Market 0 0.00 -$ -$

Total 3-BR




4-Bedroom Units



4 BR - 40% 0 0.00 -$ -$

4 BR - 40% 0 0.00 -$ -$

4 BR - 40% 0 0.00 -$ -$

4 BR - 40% 0 0.00 -$ -$

4 BR - 40% 0 0.00 -$ -$

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

4 BR - 40% 0 0.00 -$ -$

4 BR - 40% 0 0.00 -$ -$

4 BR - 40% 0 0.00 -$ -$

4 BR - 40% 0 0.00 -$ -$

4 BR - 40% 0 0.00 -$ -$

4 BR - 40% 0 0.00 -$ -$

4 BR - 40% 0 0.00 -$ -$

4 BR - 40% 0 0.00 -$ -$

4 BR - 50% 0 0.00 -$ -$

4 BR - 50% 0 0.00 -$ -$

4 BR - 50% 0 0.00 -$ -$

4 BR - 50% 0 0.00 -$ -$

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

4 BR - 50% 0 0.00 -$ -$

4 BR - 50% 0 0.00 -$ -$

4 BR - 50% 0 0.00 -$ -$

4 BR - 50% 0 0.00 -$ -$

4 BR - 50% 0 0.00 -$ -$

4 BR - 50% 0 0.00 -$ -$

4 BR - 50% 0 0.00 -$ -$

4 BR - 50% 0 0.00 -$ -$

4 BR - 50% 0 0.00 -$ -$

4 BR - 60% 0 0.00 -$ -$

4 BR - 60% 0 0.00 -$ -$

4 BR - 60% 0 0.00 -$ -$

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

4 BR - 60% 0 0.00 -$ -$

4 BR - 60% 0 0.00 -$ -$

4 BR - 60% 0 0.00 -$ -$

4 BR - 60% 0 0.00 -$ -$

4 BR - 60% 0 0.00 -$ -$

4 BR - 60% 0 0.00 -$ -$

4 BR - 60% 0 0.00 -$ -$

4 BR - 60% 0 0.00 -$ -$

4 BR - 60% 0 0.00 -$ -$

4 BR - 60% 0 0.00 -$ -$


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

v1.1.2011 Page 15


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4 BR - Market 0 0.00 -$ -$

4 BR - Market 0 0.00 -$ -$

4 BR - Market 0 0.00 -$ -$

4 BR - Market 0 0.00 -$ -$

4 BR - Market 0 0.00 -$ -$

4 BR - Market 0 0.00 -$ -$

4 BR - Market 0 0.00 -$ -$

4 BR - Market 0 0.00 -$ -$

4 BR - Market 0 0.00 -$ -$

4 BR - Market 0 0.00 -$ -$

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

4 BR - Market 0 0.00 -$ -$

4 BR - Market 0 0.00 -$ -$

4 BR - Market 0 0.00 -$ -$

Total 4-BR



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

Total Units 60 Net Rentable SF: TC Units 58,248.00

MKT Units 0.00

Total NR SF: 58,248.00

100.0000%Floor Space Fraction

v1.1.2011 Page 15


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D. Operating Expenses

Administrative:

1. Advertising/Marketing $3,300

2. Office Salaries

3. Office Supplies $1,800

4. Office/Model Apartment (type______) $0

5. Management Fee $30,437

6.00% of EGI 507.2833333 Per Unit

6. Manager Salaries $34,780

7. Staff Unit (s) (type______) $08. Legal $1,800

9. Auditing $6,500

10. Bookkeeping/Accounting Fees $0

11. Telephone & Answering Service $3,600

12. Tax Credit Monitoring Fee $1,800

13. Miscellaneous Administrative $2,165

Total Administrative $86,182

Utilities

14. Fuel Oil $0

15. Electricity $10,200

16. Water $2,250

17. Gas

18. Sewer $2,250

Total Utility $14,700

Operating:

19. Janitor/Cleaning Payroll $0

20. Janitor/Cleaning Supplies $0

21. Janitor/Cleaning Contract $022. Exterminating $2,410

23. Trash Removal $4,500

24. Security Payroll/Contract $1,200

25. Grounds Payroll $0

26. Grounds Supplies $0

27. Grounds Contract $18,000

28. Maintenance/Repairs Payroll $23,400

29. Repairs/Material $6,000

30. Repairs Contract $4,500

31. Elevator Maintenance/Contract $0

32. Heating/Cooling Repairs & Maintenance $0

33. Pool Maintenance/Contract/Staff $0

34. Snow Removal $0

35. Decorating/Payroll/Contract $9,000

36. Decorating Supplie $0

37. Miscellaneous $300

Operating & Maintenance Totals $69,310

Taxes & Insurance

38. Real Estate Taxes $33,888

39. Payroll Taxes $7,476

40. Miscellaneous Taxes/Licenses/Permit $0

41. Property & Liability Insuranc $12,620

42. Fidelity Bond $0

43. Workman's Compensation $1,634

44. Health Insurance & Employee Benefit $7,200

45. Other Insurance $0

Total Taxes & Insurance $62,817

6544

Total Operating Expense $233,009

D1. Total Oper. Ex. Per Unit $3,883 D2. Total Oper. Ex. As % EGI (from E3) 45.93%

Replacement Reserves (Total # Units X $300 or $250 New Const. Elderly Minimum) $18,000

Total Expenses $251,009

v1.1.2011 Page 16


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E. Cash Flow (First Year)

1. Annual EGI Low-Income Units from (C1) $507,281

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

3. Total Effective Gross Income = $507,281

4. Total Expenses (from D) $251,009

5. Net Operating Income = $256,2716. Total Annual Debt Service (from Page 21 B2) - $219,550

7. Cash Flow Available for Distribution = $36,721

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

Stabilized

Year 1 Year 2 Year 3 Year 4 Year 5

Eff. Gross Income 507,281 517,426 527,775 538,330 549,097

Less Oper. Expenses 251,009 258,540 266,296 274,285 282,513

Net Income 256,271 258,887 261,479 264,046 266,584

Less Debt Service 219,550 219,550 219,550 219,550 219,550

Cash Flow 36,721 39,337 41,929 44,496 47,034

Debt Coverage Ratio 1.17 1.18 1.19 1.20 1.21


Eff. Gross Income 560,079 571,280 582,706 594,360 606,247


Net Income 269,090 271,562 273,996 276,389 278,737Less Debt Service 219,550 219,550 219,550 219,550 219,550

Cash Flow 49,540 52,012 54,446 56,839 59,187



Eff. Gross Income 618,372 630,740 643,354 656,222 669,346


Net Income 281,037 283,284 285,475 287,606 289,672

Less Debt Service 219,550 219,550 219,550 219,550 219,550

Cash Flow 61,487 63,734 65,925 68,056 70,122


Estimated Annual Percentage Increase in Revenue 2.00% (Must be < 2%)

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

v1.1.2011 Page 17


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VIII. PROJECT BUDGET

A. Cost/Basis/Maximum Allowable Credit

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

Executed Construction ContractExecuted Trade Payment Breakdown

AppraisalOther Cost DocumentationEnvironmental Studies

Amount of Cost up to 100% Includable in

Eligible Basis--Use Applicable Column(s):

"30% Present Value Credit" (D)

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

New Construction Value Credit"

1. Contractor Cost

A. Off-Site Improvements 0 0 0

B. Site Work 1,333,320 0 0 1,244,820

C. Geothermal System 0 0 0 0

D. Unit Structures (New) 3,923,360 0 0 3,923,360

E. Unit Structures (Rehab) 0 0 0 0

F. Solar Electric System 0 0 0 0

G. Asbestos Removal 0 0 0 0

H. Demolition 0 0 0 0

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

.

J. Structured Parking Garage 0 0 0 0

K. Subtotal A: (Sum 1A..1J) 5,256,680 0 0 5,168,180

L. General Requirements 315,401 0 0 315,401

M. Builder's Overhead 105,134 0 0 105,134

( 2.0% Contract)N. Builder's Profit 315,401 0 0 315,401

( 6.0% Contract)

O. Bonding Fee 52,567 0 0 52,567

P. Other 0 0 0 0

Q. Contractor Cost

Subtotal (Sum 1K..1P) $6,045,182 $0 $0 $5,956,682

2. Owner Costs

A. Building Permit 24,221 0 0 24,221

B. Arch./Engin. Design Fee 71,700 0 0 71,700

( 1,195 /Unit)

C. Arch. Supervision Fee 39,715 0 0 39,715

( 662 /Unit)

D. Tap Fees 516,000 0 0 516,000E. Soil Borings 7,500 0 0 7,500

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.

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2. Owner Costs Continued

F. Construction Loan 40,000 0 0 40,000Origination Fee

G. Construction Interest 228,038 0 0 111,920

( 6.0% for 24 months)

H. Taxes During Construction 16,944 0 0 16,944

I. Insurance During Construction 12,000 0 0 12,000

J. Cost Certification Fee 20,000 0 0 20,000

K. Title and Recording 30,000 0 0 28,500

L. Legal Fees for Closing 67,500 0 0 52,500

M. Permanent Loan Fee 27,500 0 0 0

( 0.0% )

N. Other Permanent Loan Fees 0 0 0 0

O. Credit Enhancement 0 0 0 0

P. Mortgage Banker 0 0 0 0

Q. Environmental Study 11,700 0 0 11,700R. Structural/Mechanical Study 0 0 0 0

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

T. Market Study 6,000 0 0 6,000

U. Operating Reserve 226,280 0 0 0

V. Tax Credit Fee 52,956 0 0 0

W. OTHER $510,284 $0 $0 $461,784

(SEE PAGE 19A)

X. Owner Cost

.. , , , ,

Subtotal 1 + 2 $7,958,520 $0 $0 $7,382,166

(Owner + Contractor Costs)

3. Developer's Fees 811,058 0 0 811,058

4. Owner's Acquisition Costs

Land 240,000

Existing Improvements 0 0

Subtotal 4: $240,000 $0

5. Total Development Costs

Subtotal 1+2+3+4: $9,009,578 $0 $0 $8,193,224

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

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W. OTHER OWNER COSTS

Contingency Reserve 262,834 0 0 262,834(Rehab or Adaptive Reuse only)

LIST ADDITIONAL ITEMS

Boundary & Topo Survey 7,500 0 0 7,500

Zoning & Site Plan Fees 2,500 0 0 2,500

Electric Service and Site Lighting 100,000 0 0 100,000

Engineering 31,450 0 0 31,450

As Built Survey 2,500 0 0 2,500

Partnership Org Fees 1,000 0 0 0

Tax Credit Legal Opinion 5,000 0 0 0

Start-Up Marketing 15,000 0 0 0

Rent Up Reserves 27,500 0 0 0

FF&E 55,000 0 0 55,000

0 0 0 0

0 0 0 00 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

Subtotal (Other Owner Costs) $510,284 $0 $0 $461,784

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"30 % Present Value Credit"

(C) Rehab/ (D)

New "70 % Present

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

5. Total Development Costs

Subtotal 1+2+3+4 9,009,578 0 0 8,193,224

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) 0 0 8,193,224

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

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

(ii) For Earthcraft or LEED Certification 0 819,322

Total Adjusted Eligible basis 0 9,012,546

9. Applicable Fraction 100.0000% 100.0000% 100.0000%

10. Total Qualified Basis (Same as Part IX-C) 0 0 9,012,546

(Eligible Basis x Applicable Fraction)

11. Applicable Percentage 3.33% 3.33% 9.00%

(For 2011 9% competitive credits, use the March 2011 applicable percentages for acq.)

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

12. Maximum Allowable Credit under IRC 42 $0 $0 $811,129

(Qualified Basis x Applicable Percentage)

(Same as Part IX-C and equal to or more than $811,129

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

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B. Sources of Funds

1. Construction Financing: List individually the sources of construction financing, including any such

loans financed through grant sources:

Date of Date of Amount of

Source of Funds Application Commitment Funds Name of Contact Person

1. Boston Capital 03/03/11 $4,000,000 Sean Curry (617) 624-8932; [email protected]

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 of

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

1. Boston Capital 03/03/11 $2,750,000 $219,550 7.00% 30 15

2. $0 0.00% 1000 0

3. $0 0.00% 1000 0

4. $0 0.00% 1000 0

5. $0 0.00% 1000 0

6. $0 0.00% 1000 0

Totals: $2,750,000 $219,550


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. $0

Total Permanent Grants: $0


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4. Portion of Syndication Proceeds Attributable to Historic Tax Credit

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

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

6. Equity that Sponsor will Fund:

Cash Investment $0

Contributed Land/Building $0 Assessment Attached (TAB S)Deferred Developer Fee $144,657

Other: $0

Equity Total $144,657

7. Total of All Sources (B2 + B3 + B4 + B5 + B6) $2,894,657

(not including syndication proceeds except for historic tax credits)

8. Total Development Cost $9,009,578

(From VIII-A5)

9. Less Total Sources of Funds (From B7 above) $2,894,657

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

proceeds (must equal IX-D3) $6,114,920

C. Syndication Information (If Applicable)

1. Actual or Anticipated Name of Syndicator Boston Capital

2. Contact Person Scott M. Arrighi Phone 617-624-8867

3. Street Address One Boston Place

City Boston State MA Zip 02108

4. a. Total to be paid by anticipated users of credit (e.g., limited partners) $6,114,924

b. Equity Dollars Per Credit (e.g., $0.85 per dollar of credit) $0.82

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

d. Net credit amount anticipated by user of credits $745,722

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

5. Net amount which will be used to pay for Total Development Cost (4a-4e)as listed in Part VIII-A5 (same amount as Part IX-D3) $6,114,924

6. Amount of annual credit required for above amounts

(same amount as Part IX-D6) $745,797

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

(same amount as Part IX-D4) 81.99%

8. Syndication: Public or Private

9. Investors: Individual or Corporate

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

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

Below-Market Loans Market-Rate Loans

Tax Exempt Bonds $0 Taxable Bonds $0

RD 515 $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: Boston Capital $2,750,000

Other: $0

Other: $0

Grants Grants

CDBG $0 State $0

UDAG $0 Local $0Other: $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. $0

2. $0

3. $0

4. $0

5. $0

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

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

4. Other Subsidies Documentation Attached (TAB Q)

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

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

Yes No

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

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

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

tax-exempt funds is: N/A

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IX. ADDITIONAL INFORMATION

A. Extended Use Restriction

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

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

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

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

1. After the mandatory 15-year compliance period, a qualified nonprofit as identified in theattached nonprofit questionnaire, or local housing authority will have the option to purchaseor the right of first refusal to acquire the development for a price not to exceed the outstandingdebt and exit taxes. Do not select if extended compliance is selected in IX.A above.

NOTE: Each recipient of an allocation of credits will be required to record an 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.

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

Enter name of qualified nonprofit: RHA/Housing, Inc.

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

Homeownership Plan Attached (TAB J)

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.

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C. Building-by-Building Information Must Complete

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

allocation request).

30% Present Value 30% Present Value

Credit for Acquisition Credit for Construction

TAX MARKET

CREDIT RATE Actual or Actual or

UNITS UNITS Estimate Anticipated Estimate Anticipated

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

ing # Address Basis Date Percentage Amount Basis Date Percentage Amount

1. 24 0 1401 Bickerstaff Road, Bldg. 1 $0 0.00% 0 $0 0.00% 0



4. $0 0.00% 0 $0 0.00% 0

5. $0 0.00% 0 $0 0.00% 0

6. $0 0.00% 0 $0 0.00% 0

7. $0 0.00% 0 $0 0.00% 0

8. $0 0.00% 0 $0 0.00% 0

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

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

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

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

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

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

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

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

NUMBER

OF

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

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

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TAX MARKET





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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

NUMBER

OF

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


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TAX MARKET





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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

NUMBER

OF



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TAX MARKET





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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

NUMBER

OF



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TAX MARKET





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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

NUMBER

OF



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TAX MARKET





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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

NUMBER

OF



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D. Determination of Reservation Amount Needed

1. Total Development Costs (from VIII-A5, Column A page 20) $9,009,578

2. Less Total Sources of Funds (from VIII-B7 page 22) $2,894,657

3. Equals Equity Gap $6,114,920

4. Divided by Net Equity Factor (VIII-C7 page 22) 81.99%(Percent of 10-year credit expected to be raised as equity investment)

5. Equals Ten-Year Credit Amount Needed to Fund Gap $7,457,966

Divided by ten years 10

6. Equals Annual Tax Credit Required to Fund the Equity Gap $745,797

7. The Maximum Allowable Credit Amount $811,129(from VIII-A12-combined figure)

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

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

reservation may differ significantly from the amount you compute below.

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

Credit per Unit 12,430 Combined 30% & 70% PV Credit

Credit per Bedroom 5,872 $745,797

Comprised of

$0 and $745,79730% PV Credit 70% PV Credit

(Based on same relative percentages as VIII-A12)

E. Attorneys OpinionAttached in Mandatory TAB W)

The following calculati

the gardens at almond creek

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