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v12.31.09 Instructions

INSTRUCTIONS FOR THEVIRGINIA 2010 LIHTC APPLICATION FOR RESERVATIONThis application was prepared using Excel, Microsoft Office 2003. Please note that using the active Excel

workbook does not eliminate the need to submit the required PDF of the signed hardcopy of the application and

related documentation. A more detailed explanation of application submission requirements is provided

below and in the Application Manual.

An electronic copy of your completed appl ication is a mandatory submission i tem.

Applications For 9% Competitive Credi tsApplicants should submit an electronic copy of the application either on CD or by email, or both, prior to the

application deadline, which is 2:00 PM Richmond Virginia time on March 12, 2010. Failure to submit an electronic

copy of the application by the deadline wil l cause the application to be disqualified.

Applications For Tax Exempt Bond Credits

Applicants should submit an electronic copy of the application either on CD or by email, or both, at the at the time

of application submission. Applications will not be processed until an electronic copy is received.

Disclaimer:

VHDA assumes no responsibility for any problems incurred in using this spreadsheet or for the

accuracy of the calculations. Check your application for correctness and completeness before

submitting the application to VHDA.

Entering Data:

Enter numbers or text as appropriate in the blank spaces highlighted in yellow. All other cells are

protected and will not allow any changes. The format for cells has been set to accept text, currency,

percentages, etc. as appropriate. Enter any number without commas or dollar signs. Enter

percentages beginning with a decimal point. There is no text wrap-around feature, so care must be

taken to enter text so that it does not extend beyond the right margin of the page. Enter in only enough

text to fill one line and then drop to the first yellow cell of the next line. Each page of the appl ication is a

separate sheet in the spreadsheet. The spreadsheet contains numerous error checks which are

designed to assist you in identifying potential mistakes in your application. Please note that these may

appear as you enter data because many are dependent on entries later in the application. Do not be

concerned with these messages until all data has been entered. Also note that some cells contain

error messages such as "#DIV/0!" before you begin. These warnings will disappear as you enter

numbers necessary to complete the appl ication.

Assistance:

If you have any questions, please call Jim Chandler at (804) 343-5786, Dale Wittie at (804)

343-5876, Cara Wallo at (804) 343-5714, Jaynell McFarland at (804) 343-5733 or Debbie Griner

at (804) 343-5518. Please note that we cannot release the copy protection password.

Staff email addresses:[email protected] - [email protected]@vhda.com - [email protected] - [email protected]

NEW in 2010Applicants should submit all application materials in electronic format only beginning in 2010There should be 6 distinct files saved to 1 or more CDs and should include the following:1. Application For Reservation the active Microsoft Excel workbook2. A PDF file which includes the following:

- Application For Reservation Signed version of hardcopy

- All application attachments (i.e. tab documents, excluding market study and plans & specs)3. Market Study PDF or Microsoft Word format4. Plans - PDF or other readable electronic format5. Specifications - PDF or other readable electronic format (may be combined into the same file as the plans if

necessary)6. Unit-By-Unit work write up (rehab only) - PDF or other readable electronic format

Notes: -Do not submit any files on a flash drive.-Do not submit any application materials via [email protected] or to any email address

unless


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v12.31.09

2010 Federal Low Income HousingTax Credit Program

Application For Reservation

Virginia Housing Development Authority

601 South Belvidere Street

Richmond, Vi rginia 23220-6500

Deadline for Submission

9% Competitive CreditsApplications Must Be Received At VHDA No Later Than 2:00 PM

Richmond, VA Time On March 12, 2010

Tax Exempt BondsApplications should be received at VHDA at least one monthbefore the bonds are priced(if bonds issued by VHDA), or 75days before the bonds are issued(if bonds are not issued by

VHDA)


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v12.31.09 Submission Checklist

Low Income Housing Tax Credit Appl ication for Reservation

Electronic Copy of the Microsoft Excel Based Application (MANDATORY)Scanned Copy of the Signed Tax Credit Appli cation with Attachments (excluding market study and plans & specs) (MElectronic Copy of the Market Study (MANDATORY-Application will be disqualified if study not submitted with appElectronic Copy of the Plans (MANDATORY)Electronic Copy of the Specifi cations(MANDATORY)Electronic Copy of the Unit By Unit Work Writeup (MANDATORY i f rehab)$750 Application Fee (MANDATORY)

Tab A: Documentation of Development Location:

A.1 Qualified Census Tract Certi fi cationA.2 Revitalization Area Certi fi cationLocation MapSurveyor's Certi fi cation of Proximity To Publi c Transportation

Tab B: artners p or perat ng greement, nc u ng c art o owners p structure w t percentage o nterests (MANTab 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:-Nonprofit Articles of Incorporation -IRS Documentation of Nonprofi t Status-Joint Venture Agreement (i f applicable) -For-profi t Consulting Agreement (i f applicable)

Tab F: rc tect's ert cat on (MANDATORY)Tab H: PHA / Section 8 Notification LetterTab I: Local CEO LetterTab J: Homeownership PlanTab K: te ontro ocumentat on & ost ecent ea state ax ssessment (MANDATORY)Tab L: Plan of Development Certi fication LetterTab M: Zoning Certi fi cation LetterTab N: Copies of 8609s To Certify 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 Sources

Tab U:Documentation To Request Exception To Restriction-Pools With Little/No Increase In Rent Burdened Populati

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

Tab V: Nonprofi t 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. Yourassistance in organizing the submission in the following order, and actually using tabs to mark them as shown, willfacilitate review of your application. Please note that all mandatory items must be included for the application to beprocessed. The inclusion of other items may increase the number of points for which you are eligible under VHDA'spoint system of ranking applications, and may assist VHDA in its determination of the appropriate amount of credits that


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v12.31.09 Page 1

Low-Income Housing Tax Credit Appl ication For ReservationVHDA TRACKING NUMBER 2010-C-98

I. General InformationAll code "Section" references are to, and the term "IRC" shall be deemed to mean, March 11, 2010

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

A. Development Name and Location:1. Name of Development Clinch View Manor Apartments

2. Address of Development 134 Jay Street

(Street)Gate City Virginia 24251

(City) (State) (Zip Code)

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

location on site your surveyor deems appropriate.Documentation from surveyor attached (TAB A) (Only necessary if street address or street intersections are not availab

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

4. The Circuit Court Clerk's off ice in which the deed to the property is or wil l be recorded:

City/County of Scott County (ie; Richmond City, Chesterfield County; see appli cation 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? Town of Gate City

6. Census Tract the development is located in: 51 169 0301

Is this a Qual i fied Census Tract: Yes No (I f yes, attach required form in TAB A)

7. Is the development located in a Dif fi cult Development Area? No8. 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 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 or

other 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 poverty

rate


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CLINCH VIEW MANORDescriptionClinch View Manor is an existing Rural 515 42-unit elderly a t complex which hasproiect based rental assistance. Rehab of the community will include new roofs, new flooring, newCabinets and new star appliances, new hi heat oumos, new solarElectric power supplying 16% of the project demand and will result in EarthCraft certified units.


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v12.31.09 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) $233,579

2. Credits requested from:

9% CreditsNonprofi t Set-Aside (Al l 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) Po Tidewater MSA Pool

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

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

Tax Exempt Bondsnew construction, or

rehabilitation, or

acquisition and rehabil itation.

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 Allocation/Allocation Ye1. Regular Al location

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

in service this year. For those buildings the owner wi ll, this year, request anallocation of 2008 credits for new construction, or

rehabilitation, or

acquisition and rehabil itation.

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, 2009, but theowner will have more than 10% basis in the development before the end of sixmonths following allocation of credits. For those buildings, the owner requestsa carryforward allocation of 2009 credits pursuant to Section 42(h)(1)(E) for:

new construction, or

rehabilitation, or

acquisition and rehabil itation (even if you acquired a building this year and

"placed it i n 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 i s "placed in service" in 2010 or 2011).

3. Federal Subsidies

The development will not receive federal subsidies.

This development will receive federal subsidies for:

all buildings or

some buildings.


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v12.31.09 Page 3

Low-Income Housing Tax Credit 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 Acquisit ion CreditsAll buildings satisfy the 10-year look-back rule of IRC Section 42 (d)(2)(B), including the

10% as s 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),Subsection (I)

u sect on

u sect on

u sect onu 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 InformationNOTE: If no credits are being requested for rehabilitation expenditures, so indicate and go

on to Section II. No Rehabilitation

Minimum Expenditure Requir ementsu ngs n t e eve opment sat s y t e re a costs per un t requ rement o

ect on 42 e 3 .

u ngs n t e eve opment qua y or t e ect on 42 e 3 except on to t e10% as s requ rement 4% cre t on y .

u ngs n t e eveopment qua y or t e ect on 42 5 except on.

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 addition

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

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 13VProposed development is specialized housing designed to meet special needs that cannot readily be ad

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

redevelopment. Documentation At tached (TAB U)Proposed development is housing that is an integral part of a neighborhood revitalization project spons

a local housing authority. Documentation At tached (TAB U)


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v12.31.09 Page 4

Low-Income Housing Tax Credit Application For ReservationI I . OWNERSHIP INFORMATION

A. Owner I nformation:Name Clinch View Manor Apartments, L.L.C.

Contact Person First: Robert MiddleGlass Last: Goldsmith

Address 1173 West Main Street(Street)

ng on rg n a(City) (State) (Zip Code)

e era . . o. not yet ava a e not ava a e, o ta n pr or to ocat onone 276 623 9000 ax 276 628 2931 Email address rgo sm t peop e nc.net

Type of entity: Limited Partnership Other Limited Liability Company

n v ua s orporat onwners organ zat ona ocuments e.g. artners p agreements owners p structure c art attac e (Mandatory TAer ca on rom rg n a a e orpora on omm ss on a ac e (Mandatory TAB C)

Principal(s) involved (e.g. general partners, LLC members, controlling shareholders, etc.):ames ** Phone Type Ownership % Ownership

People Incorporated Housing Group 276 623 9000 Managing Member 90.00%Robert G. Goldsmith 0.00%

0.00%People Incorporated of Virginia 276 623 9000 Special Member 10.00%Robert G. Goldsmith 0.00%

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 namesseparate partners ps or corporat ons w c may compr se t ose components.

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

B. Seller Information:Name Clinch View Manor Limited Partnership Contact Person Bill HuntAddress 100 Abingdon Place; Abingdon, VA 24211

Phone 276 628 5000

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

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 thatentity. Please fill in the legal name of the owner. The ownership entity must be formed prior to submitting this application. Any transfer, direct or indirect, ofpartnership interests (except those involving 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 its sole discretion. IMPORTANT: The Owner name listed on this page must match exactly the owner

Must be an individual or legally formed entity


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v12.31.09 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: Tom Thorne-Thomsen Related Entity? Yes NoFirm Name: Applegate & Thorne-ThomsenAddress: 322 South Green Street, Suite 412; Chicago, IL 60607

Phone: (312) 491-3324 Fax: (312) 421-6162

2. Tax Accountant: Mike Vicars Related Entity? Yes NoFirm Name: Dooley and VicarsAddress: 429 Strawberry Street; Richmond, VA 23220

Phone: (804) 355-2508 Fax: (804) 359-3897

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

Phone: Fax:

4. Management Entity (Contact): Bill Hunt Related Entity? Yes NoFirm Name: Hunt & Associates Elderly Housing, Inc.Address: 100 Abingdon Place; Abingdon, VA 24211

Phone: (276) 628-5000 Fax: 276 628 5010

5. Contractor (Contact): Robert G. Goldsmi th Related Enti ty? Yes NoFirm Name: People Incorporated of VirginiaAddress: 1173 West Main Street; Abingdon, VA 24210

Phone: (276) 623-9000 Fax: 276 628 2931

6. Architect: James C. Bundy Related Entity? Yes NoFirm Name: Bundy A& EAddress: 321 West Main Street; Abingdon, VA 24210

Phone: (276) 628-1067 Fax: (276) 698-3088

7. Real Estate Attorney: Peter Curcio Related Entity? Yes NoFirm Name: Curcio and Stout, P.C.Address: 600 Commonwealth Avenue; Bristol, VA 24202

Phone: (276) 466-3377 Fax: (276) 669-4032

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

Phone: Fax:

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

Phone: Fax:


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v12.31.09 Page 6

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

Tax Credit Nonprofit Pool Applicants: To qualif y 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 compliance period,

2. Must own all general partnership interests in the development .

3. Must not be aff il iated with or controlled by a for-profi t organization.

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

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

as a for-profit entity.

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

1. Nonprofi t Involvement (Al l Appli cants)If there is no nonprofit involvement in this development, please indicate by checking here:

and go on to part III

2. Mandatory Questionnaireere s nonpro nvo vemen , you mus comp e e e on- ro ues onnareues onna re a ac e (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 Nonprofi t (Al l nonprofi t applicants)The nonprofi t organization involved in this development is:

the Owner

the Applicant (if different from Owner)

Other

People Incorporated Housing Group (Name of nonprofit)Robert G. Goldsmith 1173 West Main Street

(Contact Person) (Street Address)

Abingdon Virginia 24210(City) (State) (Zip code)

276 623 9000 276 628 2931(Phone) (Fax)

5. Percentage of Nonprofit Ownership (All nonprofit applicants)Specif y the nonprofit entity'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.


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v12.31.09 Page 7

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

A. Str ucture and Units:1. ota num er o all un ts n eve opment 42

o a num er o rental un s n eve opmen 42 e room 42Number of low-income rental uni ts 42 bedroom 42ercentage o renta un ts es gnate ow- ncome 100.00%

2. e eve opment's structura eatures are c ec a t at app y :

ow ouse own ouse e ac e ng e- am y

Garden Apartments Detached Two-family

Slab on Grade Basement

Crawl space Age of Structure: 16evator um er o stor e 2

3. Number of new units 0 bedroom 0

um er o a apt ve reuse un ts 0 e room 0um er o re a un ts 42 e room 42

4. ota oor rea or e nt re eve opment 34,468.64 (Sq. ft.)

5. n ea e oor rea (Breezeways, Balconies, Storage) 3,363.86 (Sq. ft.)

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

7. Total Usable Residential Heated Area 31,104.78 (Sq. ft.)

8. um er o u ngs conta n ng renta un ts 1

9. ommerc a rea nten e se:

## Project consists primarily of a building(s) which is (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)

## a. Total Net Rental Square Feet 24,566.22

b. Percentage of Net Rentable Square Feet Deemed To Be New Rental S 0.00%

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

Community Facil ities: On site off ice, laundry

Exterior Finish: Brick

Heating/AC System: HVAC

Architectural Style: Garden


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v12.31.09 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 1Bdrm Eld 740.59 3-Bdrm Gar 0.001-Sty-Eff-Eld 0.00 SF 2Bdrm Eld 0.00 SF 4-Bdrm Gar 0.00 SF1-Sty 1BR-Eld 0.00 Eff-Gar 0.00 2+Sty 2BR T 0.001-Sty 2BR-Eld 0.00 SF 1-Bdrm Gar 0.00 SF 2+Sty 3BR T 0.00 SF

Eff-Eld 0.00 SF 2-Bdrm Gar 0.00 SF 2+Sty 4BR T 0.00 SF

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

31,104.78 ocumentat on attac e Mandatory(Sq. ft.)

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

. ec t e o ow ng tems w c app y to t e propose pro ect:Documentation attached (TAB F Architect Certification) Mandatory

For any project, upon completion of construction/rehabilitation: pt ona o nt tems

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

0% a 2 ercentage o 3 or more e room un ts t at ave 2 at rooms

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

100% c. ercentage o exter or wa s covere y r c exc u ng tr angu ar ga e en s, oors an w n o

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 bot

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

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

h. Each bathroom consists only of low-f low 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 sevic

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 meet

EPA Energy Star qualified program requirements.

l. The development wi ll have a solar electric system that will remain unshaded year round, be orie

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

Expected Total Electrical Load (kilowatt hours per month): 18,060

Percent of Expected Load Offset By Solar Electric System: 16.00%


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v12.31.09 Page 9

Low Income Housing Tax Cr edit Appl ication For ReservationFor all pr ojects exclusively serving elder ly and/or handicapped tenants, upon completionof construction/rehabilitation: (Optional Point items)

a. All cooking ranges wil l have front controls

b. All units wil l 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 rehabili tation and adaptive reuse projects, upon completion of constr uction oror r ehabili tation: (Optional Point i tems)The structure is listed individually in the National Register of Historic Places or islocated in a registered historic district and certi fied by the Secretary of the Interior asbeing of historical significance to the district, and the rehabil itation will be completedin such a manner as to be eligible for historic rehabil itation tax credits

Accessibilityec one or none o t e o ow ng po nt categor es, as appropr ate:

For any non-elderly property in which the greater of 5 or 10% of the units will be subject to federal project-based rentsubsidies or equivalent assistance in order to ensure occupancy by extremely low-income persons; and (ii) the greater of 5units or 10% of the units will conform to HUD regulations interpreting accessibility requirements of section 504 of theRehabilitation Act; and be actively marketed to people wi th special needs in accordance with a plan submitted as part of tApplication. (All of the units described in (ii) above must include roll-in showers and roll under sinks and front controls franges, unless agree to by the Authority prior to the applicant's submission of its application).

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

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

Ear thcraft or LEED Development Cer tif icationApplicant agrees to obtain Earthcraft or LEED certif ication prior to issuance of IRS Form 8609. Architectcerti fies in the Architect Certi fication that the development's design wil l meet the criteria for such certi fication.

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

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

Yes No es, attac appropr ate ocumentat on at TAB Fb. Number of Rental Units constructed to meet VHDA's Universal Design standards:

42 Units 100%

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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v12.31.09 Page 10

Low-Income Housing Tax Credit Appl ication For ReservationIV.TENANT INFORMATIONA. 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% rea e an 0 0.00% 40% rea e an21 50.00% 50% Area Median 41 97.62% 50% Area Median21 50.00% 60% Area Median 1 2.38% 60% Area Median

0 0.00% on- n ts 0 0.00% on- n ts42 100.00% Total 42 100.00% Total

Note: Choosing 50% Rents/50% I ncome Wi ll Not Score Higher Than Choosing 50% Rents/60% IncomeB. Special Housing Needs/Leasing Preference:1. If 100% of the low-income units wil l be occupied by either or both of the fol lowing special needs

groups as defined by the United States Fair Housing Act, so indicate:

Yes Elderly (age 55 or above)

Yes Physically or mentally disabled persons (must meet the requirements of the federalmer cans w t sa t es ct

2. pec y t e num er o ow- ncome un ts t at w serve n v uas an am es w t c ren y

providing three or more bedrooms: Number of units 0% of total low-income units

3. If the development has existing tenants, VHDA policy requires that the impact of economic and/or physicalsp acement on t ose tenants e m n m ze , n w c wners agree to a e y t e ut or ty's e ocat onu e nes or propert es.

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:

rgan zat on w c o s suc wa t ng st: cott ounty e eveopment an ous ng ut or tyContact person (Name and Title) Virginia Roach - Director

one um er 276 431-2022 Required documentation attached (TAB H)5. If leasing preference wil l be given to individuals and famil ies with children.

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

Yes

No

Income Levels Rent Levels

0

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 family size (this is called the 20/50 test) or (ii) at least 40% of the units must be rent-restricted and occupiedby persons whose incomes are 60% or less of the area median income adjusted for family size (this is called the 40/60 test), allas described in Section 42 of the IRC. Rent-and income-restricted units are known as low-income units. If you have more low-income units than required, you qualify for more credits. If you serve lower incomes than required, you receive more points underthe ranking system.


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

Note: Please refer to the Application Manual for specific instructions and deadlines for per taining to locanoti fi cation of proposed Low income Housing Tax Credit developments.A. Provide the name and the address of the chief executive officer (City M anager, T own Manager, orCounty Administrator) of the polit ical jur isdiction in which the development wi ll be located:

Chief Executive Officer's Name Stephen TempletonChief Executive Officer's Title Town Manager

Street Address 156 E. Jackson Street Phone (276) 386-3831City Gate City State VA Zip 24251

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

If the property overlaps another jurisdiction please fill in the following:Chief Executive Officer's Name Rufus HoodChief Executive Officer's Title County AdministratorStreet Address 336 Water Street Phone (276) 386-6521City Gate City State VA Zip 24251

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

B. Project ScheduleACTUAL OR NAME OF

ACTIVITY ANTICIPATED PERSONDATE RESPONSIBLE

SiteOption/Contract March, 2010 Robert G. Goldsmith

Site Acquisition November, 2010 Robert G. Goldsmith

Zoning Approval February, 2010 Jen SurberSite Plan Approval March, 2010 James C. BundyFinancingA. Constr uction Loan

Loan Application August, 2010 Jen Surber

Conditional Commitment September, 2010 Jen Surber

Firm Commitment February, 2011 Jen SurberB. Permanent Loan - First LienLoan Application December, 2010 Jen Surber

Conditional Commitment January, 2011 Jen Surber

Firm Commitment March, 2011 Jen SurberC. Permanent Loan-Second LienLoan Application December, 2010 Jen Surber

Conditional Commitment January, 2011 Jen Surber

Firm Commitment February, 2011 Jen Surber

D. Other Loans & GrantsType & Source, List

Application July, 2010 Jen Surber

Award/Commitment February, 2011 Jen SurberFormation of Owner May, 2009 Pete CurcioIRS Approval of Nonprofit Status 2003 Robert G. GoldsmithClosing and Tr ansfer of Property to Owner November, 2010 Pete CurcioPlans and Specif icati ons, Worki ng Drawings January, 2011 James C. BundyBui ldi ng Permit I ssued by Local Government February, 2011 Bryan AileyStart Construction July, 2011 Bryan AileyBegin L ease-up October, 2012 Jul ia DyeComplete Constr uction October, 2012 Bryan AileyComplete Lease-Up October, 2012 Jul ia DyeCredit Placed in Service Date October, 2012 Mike Rush


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Low-Income Housing Tax Credit Application For Reservation

VI . SITE CONTROL

A. Type of Site Control by Owner:pp cant contro s s te y seect one an attac ocument - Mandatory TAB K)

ee - attac e

Long-term Lease - attached (expiration date: )

Option - attached (expiration date: 10/01/10 )

Purchase Contract - attached (expiration date: )

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

type of control of each site, and applicable expiration date of form of site control. A site controlocument s requ re or eac s te.

ost 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 t 11/01/10

If more than one site for the development and more than one expected date of acquisition byOwner, please so indicate and attach separate sheet specifying each site, number of existing

buildings on the site, if any, and expected date of acquisition of each site by the Owner.

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

Project Wide Capture Rate - Market Units

Project Wide Capture Rate - All Units

Project Wide Absorption Period (Months)

25.00%

0.00%

25.00%

6

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

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

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

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


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Low-Income Housing Tax Cr edit Appl ication For Reservation

C. Site Description1. Exact area of site in acres 4.000

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

Yes NoRequir ed documentati on form attached (TAB L )3. Is site properly zoned for the proposed development?

Yes NoRequir ed documentati on form attached (TAB M)4. Will the proposal seek to quali fy for points associated with proximity to publi c transportation?

Yes NoRequir ed documentati on form attached (TAB A)

D. Plans and SpecificationsMinimum submission r equir ements for all proper ti es (new constr uction, r ehabili tati on and adapti ve 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 l ines 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 dwell ing unit(s);

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

Notes must i ndicate basic materials in structure, floor and exterior f inish.4. Required documentation for r ehabili tation pr oper ties: A unit-by-unit work wr ite-up.


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Low-Income Housing Tax Credit Appl ication For ReservationVI I . 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 RehabilitationSection 8 Moderate Rehabilitation

Section 8 Certificates

Section 8 Project Based Assistance

RD 515 Rental Assistance

Section 8 Vouchers

State Assistance

Other:

3. Number of units receiving assistance: 41

Number of years in rental assistance contract: 1

Expiration date of contract:

Contract or other agreement attached (TAB Q)B. Ut il it ies

1. 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 0 25 0 0

Air Conditioning Electric Owner x Tenant 0 0 0 0

Cooking Electric Owner x Tenant 0 6 0 0

Lighting Electric Owner x Tenant 0 18 0 0

Hot Water Electric Owner x Tenant 0 13 0 0

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 $62 $0 $0 $

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

Utility Company (Estimate) Local PHA

Utility Company (Actual Survey) Other:


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

1. Indicate the estimated monthly income for the Low-Income Unit s: **Total Number of Total Monthly

Tax Credi t Uni ts Rental Income

0 $0

42 $16,701

0 $0

0 $0

0 $0

42

Plus Other Income Source (li st): Subsidy Income - difference between unit rents and LIHTC m $1,107

Equals Total Monthly Income: $17,808

Twelve Months x12

Equals Annual Gross Potential Income $213,696

Less Vacancy Allowance ( 7.0% ) $14,959Equals Annual Eff ective Gross Income (EGI) - Low Income Unit s $198,737** Beginning at Row 75 enter the appropri ate data for both tax credit and market rate units in the yell ow shaded cel2. Indicate the estimated monthly income for the Mar ket Rate Units: **

Total Number of Total MonthlyMarket Units Rental Income

0 $0

0 $0

0 $0

0 $0

0 $0

Total Number of Market Uni ts 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

Equals Annual Effective 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 42 0 0 0

2 BD RM-GAR 3 BD RM-GAR 4 BD RM-GAR 2+Story 2 BR-TH 2+Story 3 BR-TH 2+Story 4 BR-TH0 0 0 0 0 0

1 ST Y-EFF-ELD 1 ST Y-1 BR-ELD 1 ST Y-2 BR-ELD Note: Please be sure to enter the number of unit s in the0 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 42 0 0 0

2 BD RM-GAR 3 BD RM-GAR 4 BD RM-GAR 2+Story 2 BR-TH 2+Story 3 BR-TH 2+Story 4 BR-TH0 0 0 0 0 0

1 Story-EFF-ELD 1 Story-1 BR-ELD 1 Story-2 BR-ELD0 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 Units

4 Bedroom Units

1 Bedroom Units

2 Bedroom Units

3 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


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v12.31.09 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



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v12.31.09 Page 15

Total 1-BR Units: 42 Total 1-BR Rent 16,701$

2-Bedroom Units



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 - 40% 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 - 50% 0 0.00 -$ -$

2 BR - 50% 0 0.00 -$ -$

2 BR - 60% 0 0.00 -$ -$

2 BR - 60% 0 0.00 -$ -$

2 BR - 60% 0 0.00 -$ -$

2 BR - 60% 0 0.00 -$ -$

2 BR - 60% 0 0.00 -$ -$

2 BR - 60% 0 0.00 -$ -$

2 BR - 60% 0 0.00 -$ -$

2 BR - 60% 0 0.00 -$ -$

2 BR - 60% 0 0.00 -$ -$

2 BR - 60% 0 0.00 -$ -$

2 BR - 60% 0 0.00 -$ -$

2 BR - 60% 0 0.00 -$ -$

2 BR - 60% 0 0.00 -$ -$

2 BR - 60% 0 0.00 -$ -$

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


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 -$ -$


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v12.31.09 Page 15

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 -$ -$

Total 2-BR


2-BR Market Rent: -$

Total 2-BR Units: 0 Total 2-BR Rent -$

3-Bedroom Units



3 BR - 40% 0 0.00 -$ -$

3 BR - 40% 0 0.00 -$ -$

3 BR - 40% 0 0.00 -$ -$

3 BR - 40% 0 0.00 -$ -$

3 BR - 40% 0 0.00 -$ -$

3 BR - 40% 0 0.00 -$ -$

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

3 BR - 40% 0 0.00 -$ -$

3 BR - 40% 0 0.00 -$ -$

3 BR - 40% 0 0.00 -$ -$

3 BR - 40% 0 0.00 -$ -$

3 BR - 40% 0 0.00 -$ -$

3 BR - 40% 0 0.00 -$ -$

3 BR - 40% 0 0.00 -$ -$

3 BR - 50% 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 - 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 -$ -$

Total 3-BR Total Monthly 3-BR



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v12.31.09 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 -$ -$

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 -$ -$


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v12.31.09 Page 15

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 -$ -$

Total 4-BR Total Monthly 4-BR


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 42 Net Rentable SF: TC Units 24,566.22

MKT Units 0.00

Total NR SF: 24,566.22

100.0000%Floor Space Fraction


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v12.31.09 Page 16

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

Administrative:1. Advertising/Marketing $5002. Office Salaries $03. Office Supplies $7504. Office/Model Apartment (type______) $0

5. Management Fee $23,940

12.05% of EGI 570 Per Unit

6. Manager Salaries $14,0007. Staff Unit (s) (type______) $08. Legal $3009. Auditing $4,500

10. Bookkeeping/Accounting Fees $011. Telephone & Answering Service $95012. Tax Credit Monitoring Fee $013. Miscellaneous Administrative $800Total Administrative $45,740Utilities14. Fuel Oil $015. Electricity $5,40016. Water $8,70017. Gas $018. Sewer $8,800

Total Utility $22,900Operating:19. Janitor/Cleaning Payroll $12,200

20. Janitor/Cleaning Supplies $5,00021. Janitor/Cleaning Contract $5,60022. Exterminating $023. Trash Removal $3,20024. Security Payroll/Contract $025. Grounds Payroll $6,80026. Grounds Supplies $1,60027. Grounds Contract $028. Maintenance/Repairs Payroll $029. Repairs/Material $030. Repairs Contract $031. Elevator Maintenance/Contract $3,20032. Heating/Cooling Repairs & Maintenance $033. Pool Maintenance/Contract/Staff $034. Snow Removal $500

35. Decorating/Payroll/Contract $1,50036. Decorating Supplies $037. Miscellaneous $750Operati ng & Maintenance Totals $40,350Taxes & Insurance38. Real Estate Taxes $14,50039. Payroll Taxes $2,70040. Miscellaneous Taxes/Licenses/Permits $041. Property & Liability Insurance $4,80042. Fidelity Bond $22,51043. Workman's Compensation $50044. Health Insurance & Employee Benefits $3,50045. Other Insurance $2,100Total Taxes & Insurance $50,610

6544Total Operating Expense $159,600D1. Total Oper. Ex. Per Unit $3,800 D2. Total Oper. Ex. As % EGI (from E3) 80.31%

Replacement Reserves (Total # Units X $300 or $250 New Const. Elderly Minimum) $0Total Expenses $159,600

ERROR - REPLACEMENT RESERVES AMOUNT IS LESS THAN $300 PER UNIT MINIMUM


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v12.31.09 Page 17

Low-Income Housing Tax Credit Application For ReservationE. Cash Flow (Fir st Year)

1. Annual EGI Low-Income Units from (C1) $198,737

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

3. Total Effective Gross Income = $198,737

4. Total Expenses (from D) $159,600

5. Net Operating Income = $39,137

6. Total Annual Debt Service (f rom Page 21 B2) - $35,724

7. Cash Flow Available for Distribution = $3,413

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 198,737 202,712 206,766 210,902 215,120Less Oper. Expenses 159,600 164,388 169,320 174,399 179,631Net I ncome 39,137 38,324 37,447 36,502 35,488Less Debt Service 35,724 35,724 35,724 35,724 35,724Cash Flow 3,413 2,600 1,722 778 -236Debt Coverage Ratio 1.10 1.07 1.05 1.02 0.99

Year 6 Year 7 Year 8 Year 9 Year 10Eff. Gross Income 219,422 223,810 228,287 232,852 237,509Less Oper. Expenses 185,020 190,571 196,288 202,177 208,242Net I ncome 34,402 33,240 31,999 30,676 29,268Less Debt Service 35,724 35,724 35,724 35,724 35,724Cash Flow -1,323 -2,485 -3,726 -5,049 -6,457Debt Coverage Ratio 0.96 0.93 0.90 0.86 0.82

Year 11 Year 12 Year 13 Year 14 Year 15Eff. Gross Income 242,260 247,105 252,047 257,088 262,230Less Oper. Expenses 214,489 220,924 227,551 234,378 241,409Net I ncome 27,771 26,181 24,495 22,710 20,820Less Debt Service 35,724 35,724 35,724 35,724 35,724Cash Flow -7,954 -9,543 -11,229 -13,015 -14,904Debt Coverage Ratio 0.78 0.73 0.69 0.64 0.58Estimated Annual Percentage Increase in Revenue 2.00% (Must be < 2%)

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


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v12.31.09 Page 18

Low-Income Housing Tax Credit Appl ication For ReservationVI I I . PROJECT BUDGETA. Cost/Basis/Maximum Allowable Credit

Complete cost column and basis column(s) as appropriate through A12. Check if the followingocumentat on s attac e at TAB S:

Executed Construction Contract

Executed Trade Payment BreakdownAppraisalOther Cost DocumentationEnvironmental Studies

Amount of Cost up to 100% Includable inEligible Basis--Use Appli cable 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 0 0 0 0

C. Geothermal System 0 0 0 0

D. Unit Structures (New) 0 0 0 0

E. Unit Structures (Rehab) 1,152,846 0 0 1,152,846

F. Solar Electric System 0 0 0 0

G. Asbestos Removal 0 0 0 0

H. Demolition 0 0 0 0

I. Commercial Space Costs 0 0 0 0

J. Structured Parking Garage 0 0 0 0K. Subtotal A: (Sum 1A..1J) 1,152,846 0 0 1,152,846

L. General Requirements 50,000 0 0 50,000

M. Builder's Overhead 50,000 0 0 50,000

( 4.3% Contract)

N. Builder's Profit 50,000 0 0 50,000

( 4.3% Contract)

O. Bonding Fee 0 0 0 0

P. Other 0 0 0 0

Q. Contractor Cost

Subtotal (Sum 1K..1P) $1,302,846 $0 $0 $1,302,846

2. Owner CostsA. Building Permit 0 0 0 0B. Arch./Engin. Design Fee 15,000 0 0 15,000

( 357 /Unit)

C. Arch. Supervision Fee 15,000 0 0 15,000

( 357 /Unit)

D. Tap Fees 0 0 0 0

E. Soil Borings 0 0 0 0

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


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Low-Income Housing Tax Credit Appl ication For Reservation

Amount of Cost up to 100% Includable in

Eligible Basis--Use Applicable Column(s):



New Construction Value Credit"2. Owner Costs Continued

F. Construction Loan 10,000 0 0 10,000

Origination Fee

G. Construction Interest 70,000 0 0 70,000

( 4.0% for 18 months)

H. Taxes During Construction 7,500 0 0 7,500

I. Insurance During Construction 7,500 0 0 7,500

J. Cost Certification Fee 6,000 0 0 0

K. Title and Recording 45,000 0 0 45,000

L. Legal Fees for Closing 60,000 0 0 10,000

M. Permanent Loan Fee 0 0 0 0

( 0.0% )

N. Other Permanent Loan Fees 0 0 0 0

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

Q. Environmental Study 2,200 0 0 2,200

R. Structural/Mechanical Study 0 0 0 0

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

T. Market Study 3,500 0 0 3,500

U. Operating Reserve 106,716 0 0 0

V. Tax Credit Fee 17,101 0 0 0

W. OTHER $30,000 $0 $0 $20,000(SEE PAGE 19A)X. Owner Cost

Subtotal (Sum 2A..2W) $400,517 $0 $0 $210,700

Subtotal 1 + 2 $1,703,363 $0 $0 $1,513,546(Owner + Contractor Costs)

3. Developer' s Fees 449,000 0 0 449,0004. Owner 's Acquisit ion Costs

Land 90,000

Existing Improvements 1,700,000 1,700,000

Subtotal 4: $1,790,000 $1,700,000

5. Total Development CostsSubtotal 1+2+3+4: $3,942,363 $1,700,000 $0 $1,962,546

I f thi s application seeks rehab credits only, in which there is no acquisit ion and no change in ownership, enter the greater ofappraised value or tax assessment value here: $0 Land

(Attach documentation at Tab K) $0 Building


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v12.31.09 Page 19A


Amount of Cost up to 100% Includable in

Eligible Basis--Use Applicable Column(s):



New Construction Value Credit"

W. OTHER OWNER COSTS

Contingency Reserve 0 0 0 0

(Rehab or Adaptive Reuse only)LI ST ADDITI ONAL I TEMSLeaseup Reserve 10,000 0 0

EarthCraft 10,000 0 0 10,000

Temporary Relocation 10,000 0 0 10,000

0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

Subtotal (Other Owner Costs) $30,000 $0 $0 $20,000


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Low-Income Housing Tax Credit Appl ication For ReservationAmount 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) Acquisi tion Construction Value Credi t"

5. Total Development CostsSubtotal 1+2+3+4 3,942,363 1,700,000 0 1,962,546

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 nonquali fied, nonrecourse fi nancing 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) 1,700,000 0 1,962,5468. Adj ustment(s) to Eligible Basis (For non-acquisition costs in eligible basis)

(i) For Earthcraft or LEED Certification AND 60 Bonus Point 0 0

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

Total Adjusted Eligible basis 0 1,962,546

9. Applicable Fraction 100.0000% 100.0000% 100.0000%10. Total Qualif ied Basis (Same as Par t IX-C) 1,700,000 0 1,962,546

(Eligible Basis x Applicable Fraction)

11. Appli cable Percentage 3.35% 3.35% 9.00%(For 2010 9% competitive credits, use the March 2010 applicable percentages for acq.)

(For 9% non-competit ive & tax exempt bonds, use the most recently publi shed rates)

12. Maximum Allowable Credit under IRC 42 $56,950 $0 $176,629(Qualified Basis x Applicable Percentage)

(Same as Part IX-C and equal to or more than $233,579credit amount requested) Combined 30% & 70% P. V. Credit


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

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

Date of Date of A mount of

Source of Funds Appl ication Commi tment Funds Name of Contact Person

1. The First Bank and Tru 08/01/10 02/01/11 $1,170,000 Mark Nelson

2. $0

3. $0

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 Appl ication Commitment Funds Service Cost Loan IN YEARS Loan (years)

1. USDA Rural Developm assumed debt 02/01/11 $1,350,000 $35,424 1.00% 48 31

2. DHCD HOME 12/31/10 02/01/11 $30,000 $300 1.00% 1000 20

3. FHLB AHP 07/01/09 02/01/10 $211,521 $0 0.00% 30 30

4. Sponsor Loan 07/01/10 02/01/11 $264,600 $0 0.00% 30 30

5. $0 $0 0.00% 1000 0

6. $0 $0 0.00% 1000 0

Totals: $1,856,121 $35,724

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

Date of Date of A mount of

Source of Funds Appl ication 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)


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v12.31.09 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 Virginia historic credi ts $0 x Equi ty % $0.00 $0

6. Equity that Sponsor wil l Fund:

Cash Investment $0Contributed Land/Building $0 Assessment Attached (TAB S)Deferred Developer Fee $287,864Other: $0

Equity Total $287,8647. Total of All Sources (B2 + B3 + B4 + B5 + B6) $2,143,985

(not including syndication proceeds except for historic tax credits)

8. Total Development Cost $3,942,363(From VII I-A5)

9. Less Total Sources of Funds (From B7 above) $2,143,985

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

proceeds (must equal IX-D3) $1,798,378

C. Syndication Information (If Applicable)1. Actual or Anticipated Name of Syndicator Virginia Community Development Corporation

2. Contact Person Chris Sterling Phone 804-343-1200

3. Street Address 1840 West Broad Street, Suite 200

City Richmond State VA Zip 23227

4. a. Total to be paid by anticipated users of credit (e.g., limited partners) $1,798,378b. Equity Dollars Per Credit (e.g., $0.85 per dollar of credit) $0.77c. Percent of ownership entity (e.g., 99% or 99.9%) 99.99%

d. Net credit amount anticipated by user of credits $233,556e. Syndication costs not included in VIII-A5 (e.g., advi sory 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) $1,798,378

6. Amount of annual credit required for above amounts

(same amount as Part IX-D6) $233,579

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

(same amount as Part IX-D4) Must be equal to or greater than 85% 76.99%

8. Syndication: Public or Private

9. Investors: Individual or Corporate

Weighted Average Credit Price CalculationExchange Component 40% $0.85 $0.34Market Component 60% $0.72 $0.43

Weighted Average Credit Price: $0.77


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v12.31.09 Page 23

Low-Income Housing Tax Credit Appl ication For ReservationD. 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 $1,350,000 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 $30,000 Other: $0

Other: FHLBA AHP $211,521

Other: Sponsor Loan $264,600

Grants GrantsCDBG $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. FHLB AHP 02/01/10 $211,521

2. $03. $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 At tached (TAB Q)Section 8 Rent Supplement or Rental Assistance Payment

Tax AbatementOther

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

Yes No

E. For T ransactions 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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v12.31.09 Page 24

Low-Income Housing Tax Credit Application For ReservationIX. ADDITIONAL I NFORMATIONA. Extended Use Restr iction

s eve opment w e su ect to t e stan ar exten e use agreement w c perm ts ear yterm nat on a ter t e man atory 15-year comp ance per o o t e exten e use per o .

s eve opment w e su ect to an exten e use agreement n w c t e owner's r g t to any

ear y term nat on o t e exten e use prov s on s wa ve or 25 a t ona years a ter t e 15-year comp ance per o or a tota o 40 years. o not se ect . s c ec e e ow.

s eve opment w e su ect to an exten e use agreement n w c t e owner's r g t to any

ear y term nat on o t e exten e use prov s on s wa ve or 35 a t ona years a ter t e 15-year comp ance per o or a tota o 50 years. o not se ect . s c ec e e ow.

B. Nonprofit /Local Housing Authority Purchase Option/Right of First Refusal1. ter t e man atory 15-year comp ance per o , a qua e nonpro t as ent e n t e

attac e nonpro t quest onnare, or oca ous ng aut or ty w ave t e opt on to purc aseor the right of first refusal to acquire the development for a price not to exceed the outstandinge t an ex t taxes. uc e t must e m te to t e or g na mortgage s un ess any re nanc ngs approve y t e nonpro t. o not se ect exten e comp ance s se ecte n . a ove.Option or Right of Fir st Refusal in Recordable Form Attached (TAB V)

Enter name of qualif ied nonprofit People Incorporated Housing Group2. A qualified nonprofi t or local housing authority submits a homeownership plan committing to

se t e un ts n t e eve opment a ter t e man atory 15-year comp ance per o to tenants w osencomes s a not excee t e app ca e ncome m t at t e t me o t e r n t a 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 useagreement as required by the IRC governing the use of the development for low-income housing for

at least 30 years. However, the IRC provides that, in certain circumstances, such extended useperiod may be terminated early.


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v12.31.09 Page25

Low-I ncome Housing Tax Credit Appli cation For Reservati onC. Building-by-Building Information Must Complete

Quali fi ed basis must be determined on a building-by building basis. Complete the section below. Buildi ng street addresses are required by the IRS (must have them by the ti me 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

Bui ld Street Qual if ied In-Servi ce Appl icabl e Credi t Qual if ied In-Servi ce Appl icabl e Credi t Qual if ied In-Servi ce Appl icabl e Credi t

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

1. 42 0 134 Jay Street; Gate City, VA 242 $1,700,000 10/31/12 3.35% 56,950 $0 0.00% 0 $1,962,546 10/31/12 9.00% 176,629

2. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0

3. $0 0.00% 0 $0 0.00% 0 $0 0.00% 04. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0

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

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

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

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

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

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

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

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

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

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

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

$1,700,000 $0 $1,962,546

$56,950 $0 $176,629Quali fi ed Basis Totals (must agree with V III-A 10)

Credit Amount Totals (must agree with VII I-A-12)

NUMBER

OF


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v12.31.09 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% 020. $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 $0Quali fi ed Basis Totals (must agree with V III-A 10)


NUMBER

OF


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v12.31.09 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% 036. $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


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v12.31.09 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% 052. $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


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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% 068. $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


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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% 084. $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


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v12.31.09 Page 26


D. Determination of Reservation Amount Needed

1. Total Development Costs (from VIII-A5, Column A page 20) $3,942,363

2. Less Total Sources of Funds (from VI II-B7 page 22) $2,143,985

3. Equals Equity Gap $1,798,378

4. Divided by Net Equity Factor (VIII-C7 page 22) 76.99%(Percent of 10-year credit expected to be raised as equity investment)

5. Equals Ten-Year Credi t Amount Needed to Fund Gap $2,335,789

Divided by ten years 10

6. Equals Annual Tax Credit Required to Fund the Equity Gap $233,579

7. The Maximum Allowable Credit Amount $233,579(from VIII -A12-combined fi gure)

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

8. Reservation Amount (Lesser of 6 or 7 above)Credi t per Unit 5,561 Combined 30% & 70% PV Credit

Credit per Bedroom 5,561 $233,579

Comprised of

$56,950 and $176,62930% PV Credit 70% PV Credit

(Based on same relative percentages as VII I-A12)

E. Attorneys Opinionttac e n Mandatory TAB W

The following calculation of the amount of credits needed is substantially the same as the calculation which will bemade by VHDA to determine, as required by the IRC, the amount of credits which may be allocated for thedevelopment. However, VHDA at all times retains the right to substitute such information and assumptions as aredetermined by VHDA to be reasonable for the information and assumptions provided herein as to costs (including

deve

clinch view manor

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