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INSTRUCTIONS FOR THE

VIRGINIA 2011 LIHTC APPLICATION FOR RESERVATION

This 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 application is a mandatory submission item.

Applications For 9% Competitive Credits

Applicants should submit an electronic copy of the application package on a CD prior to the

application deadline, which is 2:00 PM Richmond Virginia time on March 11, 2011. Failure to submit an electroni

copy of the application by the deadline will cause the application to be disqualified.

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 application 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 application.

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 Pittman-Shaw at (804) 343-5733 or Rebecca Rowe

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

Staff email addresses:[email protected] - [email protected]

[email protected] - [email protected] - [email protected]

Please Note:Applicants should submit all application materials in electronic format only.There should be distinct files saved to 1 or more CDs (as needed) which 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 or thumb drive.-Do not submit any application materials via [email protected] or to any email addressunless specifically requested by the VHDA Allocation Department staff.

v1.1.2011 Instructions


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2011 Federal Low Income Housing

Tax Credit Program

Application For Reservation

Virginia Housing Development Authority

601 South Belvidere Street

Richmond, Virginia 23220-6500

Deadline for Submission

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

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

Tax Exempt BondsApplications should be received at VHDA at least onemonth before the bonds are priced(if bonds issued by

VHDA), or 75 days before the bonds are issued(if bonds

are not issued by VHDA)

011


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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) (MANDAT

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

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)

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 otheritems may increase the number of points for which you are eligible under VHDA's point system of ranking applications, and mayassist VHDA 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-91

I. General Information

All code "Section" references are to, and the term "IRC" shall be deemed to mean, 3/10/2011

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 292 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) from

location on site your surveyor deems appropriate.

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

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

City/County of Scott 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? Town of Gate City

6. Census Tract the development is located in: 51 169 030100

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) $285,551

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 Geograph

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.

D. Type(s) of Allocation/Allocation Year

1. Regular Allocation

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

in service this year. For those buildings the owner will, this year, request anallocation of 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 twelvemonths following allocation of credits. For those buildings, the owner requests

a 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 po

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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C. Development Team Information:

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 & Vicars, CPAsAddress: 21 South Sheppard Street; Richmond, Va 23221

Phone: 804 355 2508 Fax: 804 359 3897

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

Phone: Fax:

4. Management Entity (Contact): TBD - Third pary management to be hired Related Entity? Yes NoFirm Name:Address:

Phone: Fax:

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

Phone: 276 623 9000 Fax: 276 628 9000

6. Architect: D. Michael Weaver Related Entity? Yes NoFirm Name: People Incorporated of VirginiaAddress: 1173 West Main Street; Abingdon, VA 24210

Phone: 276 623 9000 Fax: 276 628 2931

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

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)

OtherPeople 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)Specify 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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III. DEVELOPMENT INFORMATION

A. Structure and Units:1. Total number ofall units in development 42

Total number ofrental units in development 42 bedrooms 42Number of low-income rental units 42 bedrooms 42Percentage of rental units designated low-income 100.00%

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

ow ouse own ouse etac e ng e- am y

Garden Apartments Detached Two-family

Slab on Grade Basement

Crawl space Age of Structure: 17

Elevator Number of stories: 2

3. Number of new units 0 bedrooms 0

Number of adaptive reuse units 0 bedrooms 0Number of rehab units 42 bedrooms 42

4. Total Floor Area For The Entire Development 32,788.04 (Sq. ft.)

5. n eate oor rea (Breezeways, Balconies, Storage) 1,327.94 (Sq. ft.)

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

7. Total Usable Residential Heated Area 31,460.10 (Sq. ft.)

8. Number of Buildings (containing rental units) 1

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 24,739.26

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

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

Community Facilities: On-site office, laundry, community room

Exterior Finish: Brick

Heating/AC System: Heat pump

Architectural Style: Garden

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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 749.05 SF 3-Bdrm Gar 0.00 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 0.00 SF 2+Sty 3BR TH 0.00 SFEff-Eld 0.00 SF 2-Bdrm Gar 0.00 SF 2+Sty 4BR TH 0.00 SF

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

31,460.10 ocumentat on attac e ( ) an atory(Sq. ft.)

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

By signing and submitting the Application For Reservation of Low Income Housing Tax Credits the

applicant certifies that the proposed project budget, plans & specifications and work write-ups incorporate

all necessary elements to fulfill these requirements.

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

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

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

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

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

100.00% 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): 16,050

Percent of Expected Load Offset By Solar Electric System: 18.00%

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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 oror rehabilitation: (Optional Point items)

The structure is listed individually in the National Register of Historic Places or islocated in a registered historic d istrict 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 frontcontrols 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 certification.

(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



see ng any po nts assoc ate w t or art cra t cert cat on, attac appropr ate ocumentat on at

n versa es gn - n ts eet ng n versa es gn tan ar s

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

b. Number of Rental Units constructed to meet VHDA's Universal Design standards: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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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 5 11.90% 40% Area Median21 50.00% 50% Area Median 37 88.10% 50% Area Median21 50.00% 60% Area Median 0 0.00% 60% Area Median0 0.00% Non-LMI Units 0 0.00% Non-LMI Units

42 100.00% Total 42 100.00% Total

Note: Choosing 50% Rents/50% Income Will Not Score Higher Than Choosing 50% Rents/60% Income

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)

2. Specify the number of low-income units that will serve individuals and families with children byproviding 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 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: Scott County Redevelopment and Housing AuthorityContact person (Name and Title) Teresa D. Bentley - Housing Choice Voucher Manager

Phone Number 276 431 2022 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

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 least20% of the units must be rent-restricted and occupied by persons whose incomes are 50% or less of the area median income adjusted forfamily size (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-and income-restricted units are known as low-income units. If you have more low-income units than required, you qualify for morecredits. If you serve 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 Kathie NoeChief Executive Officer's Title County Administrator

Street Address 336 Water Street Phone 276 386 6521City Gate City State Virginia Zip 24251

Name and title of local official you have discussed this project with who could answer questions for thlocal CEO: Kathie Noe, Acting County Administrato

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

Chief Executive Officer's Name Mark JenkinsChief Executive Officer's Title Acting Town Manager, MayorStreet Address 176 E. Jackson Street Phone 276 386 3831City Gate City State Virginia Zip 24251

Name and title of local official you have discussed this project with who could answer questions for thlocal CEO: Mark Jenkins, Acting Town Manager, Mayor

B. Project Schedule

ACTUAL OR NAME OF

ACTIVITY ANTICIPATED PERSON

DATE RESPONSIBLE

Site

Option/Contract March, 2011 Robert G. Goldsmith

Site Acquisition June, 2012 Robert G. Goldsmith

Zoning Approval February, 2011 Jen Surber

Site Plan Approval March, 2011 D. Michael WeaverFinancing

A. Construction Loan

Loan Application March, 2012 Jen Surber

Conditional Commitment April, 2012 Jen Surber

Firm Commitment April, 2012 Jen Surber

B. Permanent Loan - First Lien

Loan Application December, 2011 Jen Surber

Conditional Commitment January, 2012 Jen Surber

Firm Commitment February, 2012 Jen Surber

C. Permanent Loan-Second Lien

Loan Application December, 2011 Jen Surber

Conditional Commitment January, 2012 Jen Surber

Firm Commitment February, 2012 Jen Surber

D. Other Loans & Grants

Type & Source, List

Application May, 2012 Jen Surber

Award/Commitment November, 2012 Jen Surber

Formation of Owner May, 2009 Pete Curcio

IRS Approval of Nonprofit Status June, 2003 Robert G. Goldsmith

Closing and Transfer of Property to Owner June, 2013 Pete Curcio

Plans and Specifications, Working Drawings February, 2012 D. Michael Weaver

Building Permit Issued by Local Government June, 2012 Bryan Ailey

Start Construction July, 2012 Daniel Wilson

Begin Lease-up October, 2013 TBD

Complete Construction October, 2013 Daniel Wilson

Complete Lease-Up October, 2013 TBD

Credit Placed in Service Date December, 2013 Jen Surber

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VI. SITE CONTROL

A. Type of Site Control by Owner:

pp cant contro s s te y se ect one an attac ocument - an atoryDeed - attached

Long-term Lease - attached (expiration date: )

Option - attached (expiration date: 12/16/11 )

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 controldocument is required for each site.

ost recent property tax assessment - an atory

B. Timing of Acquisition by Owner:Select one:

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

Owner is to acquire property by deed (or lease for period no shorter than period propertywill be subject to occupancy restrictions) no later than 06/01/12

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

C. Market Study Data:

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

Project Wide Capture Rate - LIHTC Units

Project Wide Capture Rate - Market Units

Project Wide Capture Rate - All Units

Project Wide Absorption Period (Months)

10.28%

0.00%

10.28%

4

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

contract must extend beyond the application deadline by a minimum of four months.)

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

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

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

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C. Site Description

1. Exact area of site in acres 4.000

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: 41

Number of years in rental assistance contract: 1

Expiration date of contract: 08/01/11

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 - All categories combined Owner x Tenant 0 45 0 0 0

Air Conditioning electric Owner x Tenant 0 0 0 0 0

Cooking electric Owner x Tenant 0 0 0 0 0

Lighting electric Owner x Tenant 0 0 0 0 0

Hot Water electric Owner x Tenant 0 0 0 0 0

Water x Owner Tenant 0 0 0 0 0

Sewer x Owner Tenant 0 0 0 0 0

Trash x Owner Tenant 0 0 0 0 0

Total utility allowance for costs paid by tenant $0 $45 $0 $0 $0

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

HUD

Utility Company (Estimate) Local PHA

Utility Company (Actual Survey) Other: USDA Rural Development

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

Total Number of Total Monthly

Tax Credit Units Rental Income

0 $0

42 $17,091

0 $0

0 $0

0 $0

42

Plus Other Income Source (list): Laundry and RD Rental Assistance $3,488

Equals Total Monthly Income: $20,579

Twelve Months x12

Equals Annual Gross Potential Income $246,948

Less Vacancy Allowance ( 7.0% ) $17,286

Equals Annual Effective Gross Income (EGI) - Low Income Units $229,662

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

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

Total Number of Total Monthly

Market Units Rental 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

Equals Annual Effective Gross Income (EGI) - Market Rate Units $0

Documentation in Support of Operating Budget attached (TAB R)

List number of units by type: TOTAL UNITS

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

0 0 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-TH

0 0 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 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-TH

0 0 0 0 0 0

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

0 0 0

Efficiency Units

Unit Type / Net Rentable Monthl y Rent Total

Rent Targeting Number Units Square Feet Per Unit Monthly Rent

Efficiency - 40% 0 0.00 -$ -$

Efficiency - 40% 0 0.00 -$ -$

Efficiency - 40% 0 0.00 -$ -$

Efficiency - 40% 0 0.00 -$ -$

4 Bedroom Units

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

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 -$ -$

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% 5 589.03 325$ 1,625$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% 37 589.03 418$ 15,466$

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: 42 24,739.26 Tax Credit Rent: 17,091$

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: 42 Total 1-BR Rent 17,091$

v1.1.2011 Page 15


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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 -$ -$



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



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 -$ -$



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 -$ -$



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 Units 42 Net Rentable SF: TC Units 24,739.26

MKT Units 0.00

Total NR SF: 24,739.26

100.0000%Floor Space Fraction

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D. Operating Expenses

Administrative:

1. Advertising/Marketing $500

2. Office Salaries $0

3. Office Supplies $1,750

4. Office/Model Apartment (type______) $0

5. Management Fee $27,216

11.85% of EGI 648 Per Unit

6. Manager Salaries $14,900

7. Staff Unit (s) (type______) $08. Legal $300

9. Auditing $4,700

10. Bookkeeping/Accounting Fees $0

11. Telephone & Answering Service $1,300

12. Tax Credit Monitoring Fee $840

13. Miscellaneous Administrative $1,510

Total Administrative $53,016

Utilities

14. Fuel Oil $0

15. Electricity $7,050

16. Water $7,500

17. Gas $0

18. Sewer $7,500

Total Utility $22,050

Operating:

19. Janitor/Cleaning Payroll $0

20. Janitor/Cleaning Supplies $0

21. Janitor/Cleaning Contract $022. Exterminating $0

23. Trash Removal $2,800

24. Security Payroll/Contract $0

25. Grounds Payroll $7,150

26. Grounds Supplies $2,200

27. Grounds Contract $0

28. Maintenance/Repairs Payroll $11,000

29. Repairs/Material $4,500

30. Repairs Contract $6,100

31. Elevator Maintenance/Contract $3,500

32. Heating/Cooling Repairs & Maintenance $0

33. Pool Maintenance/Contract/Staff $0

34. Snow Removal $500

35. Decorating/Payroll/Contract $0

36. Decorating Supplie $2,000

37. Miscellaneous $750

Operating & Maintenance Totals $40,500

Taxes & Insurance

38. Real Estate Taxes $15,000

39. Payroll Taxes $3,400

40. Miscellaneous Taxes/Licenses/Permit $700

41. Property & Liability Insuranc $6,200

42. Fidelity Bond $50

43. Workman's Compensation $550

44. Health Insurance & Employee Benefit $3,500

45. Other Insurance $14,634

Total Taxes & Insurance $44,034

6544

Total Operating Expense $159,600

D1. Total Oper. Ex. Per Unit $3,800 D2. Total Oper. Ex. As % EGI (from E3) 69.49%

Replacement Reserves (Total # Units X $300 or $250 New Const. Elderly Minimum) $12,600

Total Expenses $172,200

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E. Cash Flow (First Year)

1. Annual EGI Low-Income Units from (C1) $229,662

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

3. Total Effective Gross Income = $229,662

4. Total Expenses (from D) $172,200

5. Net Operating Income = $57,4626. Total Annual Debt Service (from Page 21 B2) - $40,518

7. Cash Flow Available for Distribution = $16,943

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 229,662 234,255 238,940 243,719 248,593

Less Oper. Expenses 172,200 177,366 182,687 188,168 193,813

Net Income 57,462 56,889 56,253 55,551 54,781

Less Debt Service 40,518 40,518 40,518 40,518 40,518

Cash Flow 16,943 16,370 15,735 15,033 14,262

Debt Coverage Ratio 1.42 1.40 1.39 1.37 1.35


Eff. Gross Income 253,565 258,636 263,809 269,085 274,467


Net Income 53,938 53,021 52,025 50,947 49,785Less Debt Service 40,518 40,518 40,518 40,518 40,518

Cash Flow 13,420 12,502 11,506 10,429 9,267



Eff. Gross Income 279,956 285,555 291,266 297,092 303,034


Net Income 48,534 47,190 45,750 44,210 42,566

Less Debt Service 40,518 40,518 40,518 40,518 40,518

Cash Flow 8,015 6,672 5,232 3,692 2,047


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 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) 1,326,000 0 0 1,326,000

F. Solar Electric System 180,000 0 0 180,000

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 0

K. Subtotal A: (Sum 1A..1J) 1,506,000 0 0 1,506,000

L. General Requirements 70,560 0 0 70,560

M. Builder's Overhead 69,720 0 0 69,720

( 4.6% Contract)N. Builder's Profit 70,560 0 0 70,560

( 4.7% Contract)

O. Bonding Fee 0 0 0 0

P. Other 0 0 0 0

Q. Contractor Cost

Subtotal (Sum 1K..1P) $1,716,840 $0 $0 $1,716,840

2. Owner Costs

A. Building Permit 0 0 0 0

B. Arch./Engin. Design Fee 20,000 0 0 20,000

( 476 /Unit)

C. Arch. Supervision Fee 20,000 0 0 20,000

( 476 /Unit)

D. Tap Fees 0 0 0 0E. Soil Borings 0 0 0 0

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

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2. Owner Costs Continued

F. Construction Loan 10,000 0 0 10,000Origination 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 7,500 0 0 0

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

L. Legal Fees for Closing 60,000 25,000 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 0

P. Mortgage Banker 0 0 0 0

Q. Environmental Study 2,500 0 0 2,500R. Structural/Mechanical Study 0 0 0 0

S. Appraisal Fee 3,500 0 0 3,500

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

U. Operating Reserve 106,359 0 0 0

V. Tax Credit Fee 20,739 0 0 0

W. OTHER $32,000 $0 $0 $22,000

(SEE PAGE 19A)

X. Owner Cost

Subtotal (Sum 2A..2W) $416,098 $25,000 $0 $221,500

Subtotal 1 + 2 $2,132,938 $25,000 $0 $1,938,340

(Owner + Contractor Costs)

3. Developer's Fees 507,000 0 0 507,000

4. Owner's Acquisition Costs

Land 160,000

Existing Improvements 1,688,000 1,688,000

Subtotal 4: $1,848,000 $1,688,000

5. Total Development Costs

Subtotal 1+2+3+4: $4,487,938 $1,713,000 $0 $2,445,340

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 0 0 0 0(Rehab or Adaptive Reuse only)

LIST ADDITIONAL ITEMS

Leaseup Reserve 10,000 0 0 0

EarthCraft 17,000 0 0 17,000

Temporary Relocation 5,000 0 0 5,000

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) $32,000 $0 $0 $22,000

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

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

New "70 % Present

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

5. Total Development Costs

Subtotal 1+2+3+4 4,487,938 1,713,000 0 2,445,340

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) 1,713,000 0 2,445,340

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 0 244,534

Total Adjusted Eligible basis 0 2,689,874

9. Applicable Fraction 100.0000% 100.0000% 100.0000%

10. Total Qualified Basis (Same as Part IX-C) 1,713,000 0 2,689,874

(Eligible Basis x Applicable Fraction)

11. Applicable Percentage 3.33% 0.00% 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 $57,043 $0 $242,089

(Qualified Basis x Applicable Percentage)

(Same as Part IX-C and equal to or more than $299,132

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. Branch Banking and Trus 08/01/11 02/01/12 $1,170,000 Larry Shaver

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 of

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

1. $0 $0 1.00% 1000 0

2. USDA Rural Devlopment assumed Debt 02/01/12 $1,360,000 $38,245 1.00% 49 30

3. HOME 12/31/11 02/01/12 $227,329 $2,273 1.00% 1000 20

4. FHLB AHP 07/01/11 11/01/11 $349,121 $0 0.00% 30 30

5. $0 $0 0.00% 1000 0

6. $0 $0 0.00% 1000 0

Totals: $1,936,450 $40,518

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

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

Date of Date of Amount of

Source of Funds Application Commitment Funds Name of Contact Person

1. $0

2. $0

3. $0

4. $0

5. $0

6. $0

Total Permanent Grants: $0

omm tments or etter s o ntent attac e (TAB T)

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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 $253,032Other: $0

Equity Total $253,0327. Total of All Sources (B2 + B3 + B4 + B5 + B6) $2,189,482

(not including syndication proceeds except for historic tax credits)

8. Total Development Cost $4,487,938(From VIII-A5)

9. Less Total Sources of Funds (From B7 above) $2,189,482

10. Equals equity gap to be funded with low-income tax creditproceeds (must equal IX-D3) $2,298,456

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) $2,298,456

b. Equity Dollars Per Credit (e.g., $0.85 per dollar of credit) $0.81

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

d. Net credit amount anticipated by user of credits $285,522

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) $2,298,456

6. Amount of annual credit required for above amounts

(same amount as Part IX-D6) $285,551

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

(same amount as Part IX-D4) 80.49%

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 $1,360,000 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 $227,329 Other: $0

Other: FHLBA AHP $349,121

Other:

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.

Option or Right of First Refusal in Recordable Form Attached (TAB V)

Enter name of qualified nonprofit: People Incorporated Housing Group

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. 42 292 Jay Street; Gate City, VA 24251 $1,713,000 10/31/13 3.33% 57,043 $0 0.00% 0

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

3. $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

$1,713,000 $0

$57,043 $0 Qualified Basis Totals (must agree with VIII-A10)

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

NUMBER

OF

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TAX MARKET





17. 42 $0 3.33% 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

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


NUMBER

OF

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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) $4,487,938

2. Less Total Sources of Funds (from VIII-B7 page 22) $2,189,482

3. Equals Equity Gap $2,298,456

4. Divided by Net Equity Factor (VIII-C7 page 22) 80.49%(Percent of 10-year credit expected to be raised as equity investment)

5. Equals Ten-Year Credit Amount Needed to Fund Gap $2,855,510

Divided by ten years 10

6. Equals Annual Tax Credit Required to Fund the Equity Gap $285,551

7. The Maximum Allowable Credit Amount $299,132(from VIII-A12-combined figure)

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

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

Credit per Unit 6,799 Combined 30% & 70% PV Credit

Credit per Bedroom 6,799 $285,551

Comprised of

$57,443 and $228,10830% PV Credit 70% PV Credit

(Based on same relative percentages as VIII-A12)

E. Attorneys OpinionAttached in Mandatory TAB W)

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

reservation may differ significantly from the amount you compute below.

Goal Seek FunctionIf you incur the error message that your reservation amount is not equal

to the equity gap amount you may use the goal seek function wi

clinch view

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