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TAB A(Documentation of Development Location)


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TAB A.1(Qualified Census Tract Certification)


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NOT

APPLICABLE


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TAB A.2(Revitalization Area Certification)


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NOT

APPLICABLE


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TAB A.2(Surveyors Certification of Proximity To Public Transportation)


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APPLICABLE


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TAB A.2(Location Map)


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TAB B(Partnership or Operating Agreement)


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Cosby Village

Manor LP, a

Virginia limited

partnership

General Partner:

LDG Cosby Village Manor

LLC (0.01%)(wholly owned by LDG

Development, LLC, which is

50% owned by each of Mark

Lechner and Chris Dischinger)

Initial Limited Partner:

Chris Dischinger


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TAB C(VA SCC Certification)


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TAB D(Principals Previous Participation Certification)


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CHRISTOPHER L. DISCHINGER, SEC

1473 S 4th

Street

Louisville, Ky 40208

502-639-8030

PROFESSIONAL:

Chris began his real estate career in 1988 while still in college. He went to work as a residential sales agent

and began acquiring rental properties for his own account. In 1990 Chris became the principle broker and

co-owner of Equity Solutions Realtors concentrating on commercial and project based marketing. In 1993

Chris sold his interest in Equity Solutions and formed Helm/Dischinger Property Management and placed

his real estate license with Re/Max Commercial Brokers. Chris eventually sold his interest in

Helm/Dischinger and became an independent real estate broker.

Chris purchased his first investment real estate in 1988 and has been involved in many different aspects of

the development/and investment business including owning commercial properties in 13 states.

In 1994 Chris co-founded LDG Development with partner Mark Lechner. They have built, developed or

rehabbed in excess of 1600 housing units since that time and currently plan to build an additional 2000

units in 2007/2008.

PROFESSIONAL ORGANIZATIONS

Society of Exchange Counselors Board of Governors 2005 -2007

- Membership Committee Chair

Kentucky Real Estate Exchangors - President 1993

- President 1994

- Currently Board of Directors

Kentuckiana Real Estate Investors Association - President 1993-1994

Indiana Real Estate Exchangors

Louisville Apartment Association President 2003

-President 2004

- Secretary/Treasurer 2006 - 2007

National Apartment Association Legislative Committee 2004

- Governance Task Force 2006

Lexington Apartment Association

Kentucky CCIM Chapter

CCIM Candidate

Better Business Bureau

Housing Credit Group - NAHBMayors Hometown Housing Policy Advisory Team (HPAT) (Louisville, KY)

International Council of Shopping Centers (ICSC)

Indiana Apartment Association


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EDUCATION

Graduate University of Louisville School of Business (Major in Finance)

Graduate St. Xavier High School Class of 1984

A-Pass-Weikel Real Estate Licensing Course

Auctioneer Licensing Course

Certified Commercial Investment Member Completed all courses necessary for CCIM Designation

Institute of Real Estate Management (IREM) Completed several courses

Completed all courses required to be awarded the Society of Exchange Counselors designation SEC

Equity Marketing, Counseling for Action, High Touch, Moderator Training, Broker Estate Building,

Investment Analysis and Creative Real Estate Techniques, Equity Marking Specialist (EMS Designation)

The Strategic Coach

Many other real estate and business related courses and seminars

AWARDS

Society of Exchange Counselors

2006 Cliff Weaver Award for Most Creative Transaction

Louisville Apartment Association

2004 -Government Affairs Award

2005 -Presidents Award

Kentucky Real Estate Exchangors

1990 Rookie Exchangor of the Year

1991 Exchange of the Year Russell Plaza Shopping Center

1993 Exchangor of the Year

1997 Exchange of the Year Louisville, Illinios, Indianapolis and Louisville

1998 Exchange of the Year Build to Suit Exchange 12 houses for a note on Lex Apt and cash2000 - Exchange of the Year Seven houses for Industrial Building

2001 Exchange of the Year 16 Houses in Lou/Lexington for commercial property in Georgia & Indiana

2001 - Exchangor of the Year

2001- Presidents Award

2003 - Exchange of the Year

2003 - Don Kessler Award


Kentuckiana Real Estate Investors Association

2002 - Ed Melton Award

SPEAKER/EDUCATOR

Kentucky Association of Realtors Annual Convention 1990 & 1991 The Basics of Exchanging

Success Development International Guerilla Marketing for Real Estate Entrepreneurs

Bellarmine College Investing in Residential Real Estate

WWKY Talk 790 Radio LDG Developments Wealth Building Radio Show

Featured Speaker Kentuckiana Real Estate Investors Association (Twice)

CREW Louisville Multifamily Properties


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EXPERIENCE/SIGNIFICANT PROJECTS

* Sold 120 Condos in eighteen months (Lakeview Condos)

* Bought and renovated 113,000+ square foot shopping center (Russell Plaza)

* Renovated, leased, and managed 62,000 square foot office building Went from 0% to 85% occupancy

in twelve months (Breckenridge Business Centre)

* Build to suit 9700 square foot office building (4511 Bardtown Road)

* Build to suit four (4) Hollywood Video Stores (One in Kentucky and Three in Ohio)

* Acquired seventeen (17) former Color Tile commercial buildings in ten states

* Acquired and renovated over 300 single family houses

* Built over 200 single family houses

* Helm Dischinger Housing Partners LIHTC Project

* Numerous 1031 tax deferred exchanges

* Total renovation of eighteen unit and sixteen unit apartment buildings with city of Louisville rehab loan

* Developed 34 lot subdivision (The Enclave)

* Renaissance Housing Ltd 27 unit Tax Credit Project Louisville Ky (Investor House Investments)

* Forest Drive Single Family Homes -24 unit Tax Credit Project (Sold)

* Strip Center Indianapolis, IN

* Commercial Buildings Akron, Ohio (2), Alton, Ill, Hammond, IN., Lincolnton, GA.* Crescent Hill Development, LLC Developed, built and sold 38 unit condo project

* Acquired 12,250 square foot office building in Louisville, KY

* Commercial Property Group Acquired 7,800 square foot office building in Frankfort, KY

* Overlook at Beargrass Creek developed and built 26 unit condo complex

* Cooper Chapel Properties developed and building 72 unit condo complex

* Glen Hill Manor II, Ltd 108 unit tax credit project in Louisville, Ky ( Investor MMA Financial)

* Elkhorn Creek Ltd 44 unit tax credit project in Georgetown Ky (Investor MMA Financial)

* Falcon Crest Patio Homes 14 units

* Falcon Crest Condos 64 units

* Falcon Crest Apartments (Louisville, KY) 208 unit apartment building

* Acquired and sold 15,500 square foot office building 1961 Bishops Lane Louisville, Ky

* Acquired, leased, built out 14,625 square foot office building 1601 Business Center Court Lou, KY

* Acquired 22,000 square foot office building in Riverport Industrial Park* Elkhorn Creek Phase II 48 unit tax credit apartment project

* Elk River Senior Housing 40 unit tax credit apartment project

* Cambridge Station Apartments (Indianapolis, IN) 200 unit apartment rehab project

* Gleneagles Apartments (Lexington, KY) 184 unit apartment project (new construction)

* Elmira NY Acquisition of 200,000 square foot office building and parking garage

* Carrizo Springs, Tx acquisition of commercial building leased to dialysis center

* Muskegon, MI Acquisition and sale of vacant land parcel

* Tyler, Tx acquisition, plat approval and sale of 45 acre business park

* Baton Rouge, La acquisition of 54,000 square foot office building

* Cambridge Station Phase II (Indianapolis, IN) 256 unit apartment rehab project

* Harris Branch Apartments (Austin, Tx) 248 unit new construction apartment project

* Whispering Woods Apartments (Louisville, KY) 48 new construction apartment project

* Park Place at Loyola Apartments (Austin, Tx) 252 unit new construction project


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2007 PROJECTS

Santora Villas Apartments (Austin, Tx) 192 unit new construction project The Villas at Shaver (Pasadena, Tx) 240 unit new construction project Lakeside Apartments (Texas City, Tx) 252 unit new construction project Inwood Crossings (Wichita, KS) 260 unit new construction apartment project The Villas at Lake Forest (New Orleans, LA) 230 unit mixed income apartment complex Burbank Village Apartments (Baton Rouge, LA) 300 units

Geographic Diversity of Projects

Louisville, KY

Georgetown, KY 3 apartment complexes

Lexington, KY - 184 Unit Apartment Complex

Lexington, KY Commercial Bldg (Sold)Indianapolis, IN 456 apartment units and shopping center

Hammond, IN Commercial Building

Akron, OH (2) Commercial Buildings

Alton, In Commercial Building

Lincolnton, GA Commercial Building

Carrizo Springs, Tx Dialysis Center

Tyler, Tx Industrial Park (sold)

Austin, Tx apartment complex

Muskegeon, MI land (sold)

Elmira, NY office building

Beumont, Tx Commercial Bldg (Sold)

Birmingham, Al Commercial Bldg (Sold)

Bowling Green, KY Commercial Bldg (Sold)

Gibsonia, PA - Commercial Bldg (Sold)Huntsville, Al Commercial Bldg (Sold)

Greenwood, IN Commercial Bldg (Sold)

Jacksonville, FL Commercial Bldg (Sold)

Knoxville, Tn Commercial Bldg (Sold)

Florance, KY- Commercial Bldg (Sold)

Montgomery, AL Commercial Bldg (Sold)

Jackson, TN Commercial Bldg (Sold)

Parkersburg, WV Commercial Bldg (Sold)

Birmingham, Al Commercial Bldg (Sold)

Planned Projects

Wichita, KSNew Orleans, LA

Baton Rouge, LA

Houston, Tx


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Mark A. Lechner1900 Rolling Hills Trail

Fisherville, Ky. 40023

502-639-8032

PROFESSIONAL:

Mark began his real estate career in 1985 with the purchase of his first home. He received his real estate

licence in 1987, and principal brokers licence in 1989. Mark personally purchased, renovated, sold and managed

more than 100 properties in his first 9 years. In 1994 Mark Co-founded LDG Development, LLC with partner

Chris Dischinger. They have built, developed, or rehabbed in excess of 3500 housing units since that time and

currently plan to construct an additional 1000 apartment units in 2010-2011. LDG also owns and manages commercial

properties in 13 states.

Mark has been well served with his business degree from the Krannert School of Management at Purdue

University, as well as sales & management experience with 3 separate companies before he went intothe real estate business.

EDUCATION: BSIM (Bachelor of Science in Industrial Management)

Purdue University, 1982

CCIM- (CCI-100, CCI-101, CCI-102, CCI-103, CCI-104, CCI-105)

GRI, (Graduate Realtors Institute)

SDI, Real Estate Conferences and Boot Camps as an

Attendee and Instructor

Mark O' Haroldson National Investment Seminars

Mark O' Haroldson Millionaire Training Retreat

Robert Allen National Investment SeminarGraduate, A-Pass Weikel Real Estate School

Real Estate Principal, Real Estate Law, Low Income Seminars

Multiple Tax Credit Seminars

Wade Cook Financial Clinic

Graduate, Jasper High School, Jasper, Indiana

Various Regional & National Seminars

PRESENT POSITION: Developer/Investor/Builder

Real Estate Broker, Mark Lechner Company Realtors

Co-owner, LDG Development, LLC; Xpert Design

and Construction, LLC; LDG Multifamily, LLC; and am a member/manager

in approx. 80 other LLC's and LTD's.

PAST POSITIONS: Sales Representative, Job Rentals & Sales/ Raymond

Equipment Inc. (1984-1987)

Sales Representative, Jasper Engines & Transmissions,

Inc. (1982-1985)

Sales Representative, Southwestern Co. 1981


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PROFESSIONAL

ORGANIZATIONS: National Association of Realtors (NAR)

Kentucky Association of Realtors (KAR)Kentucky CCIM Chapter

Kentuckiana Real Estate Investor Association (KREIA)

President 1994-1996

Vice Presiden 1993-1994

Board of Dire 1992-1993, 1997, 1999-2004

Graduate Realtors Institute (GRI)

Kentucky Real Estate Exchangers, Director, 1995-1996

Director 2001-present

Indiana Real Estate Exchangors

Kentucky CCIM Chapter

Louisville Board of Realtors

Lexington Apartment Association

Louisville Apartment Association

Indiana Apartment Association

National Apartment Association

Better Business Bureau

Honorable Member, Kentucky Colonels

Sir Knight: Fourth Degree Knights of Colombus

AWARDS: Kentuckiana Real Estate Investors Association

1992 - Best Deal 1st Place

1993 - Best Deal 3rd Place

2002 - Best Deal 2nd Place

1996 - Presidents Award

1998 - Inaugural Ed Melton Award

Kentucky Real Estate Exchangors

1996 - Exchange of the Year - 16 Houses in Lou/Lexington

for commercial property in Georgia & Indiana

1997 - Exchange of the Year - Louisville, Illinois, Indianapolis and Louisville

1998 - Exchange of the Year - Build to suit Exchange 12 houses for note

on Lexington Apartments and cash

2000 - Exchange of the Year - 7 houses for Industrial Building

2000 - President's Award

2001 - Exchange of the Year - 16 houses in Lou/Lexington for commercial

property in Georgia & Indiana



2007 - Exchange of the Year - 20 houses for Florida condo

2008 - Exchange of the Year - Madison Land - 29 Indianapolis condos


SPEAKER/EDUCATOR Success Development International - Guerilla Marketing for Real Estate Ent.

WWKY Talk 790 Radio - LDG Development's Wealth Building Radio Show

Featured and Panel Speaker - Kentuckiana Real Estate Investor Association


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EXPERIENCE/SIGNIFICANT PROJECTS

* Acquired and renovated over 400 single family homes

* Built over 200 single family houses

* Lechner Scattered Sites - LIHTC Project* Numerous 1031 tax deferred exchanges

* Total Renovation of eighteen unit and sixteen unit apartment buildings with city of Louisville rehab loans

* Developed 34 lot subdivision (The Enclave) in Louisville

* Renaisance Housing Ltd. - 27 unit Tax Credit Project - Louisville, Ky. (Investor - House Investments)

* Forrest Drive Single Family Homes - 24 unit Tax Credit Project - (Sold)

* Strip Center - Indianapolis, Indiana

* Commercial Buildings - Akron, Ohio (2), Alton, Ill, Hammond, In., Lincolnton, GA.

* Cresent Hill Development, LLC - Developed, built, and sold 38 unit condo project

* Acquired 12,250 sq ft office building in Louisville, Ky

* Commercial Property Group - Acquired 7,800 square foot office building in Frankfort, Ky.

* Overlook at Beargrass Creek - Developed and built 26 unit condo complex

* Cooper Chapel Properties - Developed and built 72 unit condo complex

* Glenn Hill Manor II, Ltd - 108 unit tax credit project in Louisville, Ky. (Investor - MMA Financial)

* Elkhorn Creek Ltd 44 unit tax credit project in Georgetown, Ky. (Investor - MMA Financial)

* Falcon Crest Patio Homes - 14 units

* Falcon Crest Condos - 64 units

* Falcon Crest Apartments (Louisville, Ky.) - 208 unit apartment complex

* Acquired and sold 15,500 sq ft office building - 1961 Bishops Lane Louisville, Ky

* Acquired 22,000 square foot office building in Riverport Industrial Park

* Elkhorn Creek Pahse II - 48 unit tax credit apartment project

* Elk River Senior Housing - 40 unit tax credit apartment project

* Cambridge Station Apartments (Indianapolis, In) - 200 unit apartment rehab project

* Gleneagles Apartments (Lexington, Ky.) - 184 unit apartment project (new construction)

* Elmira NY - Acquisition of 200,000 square foot office building and parking garage

* Carrizo Springs, Tx - acquisition of commercial building leased to dialysis center

* Muskegon, MI - Acquisition and sale of vacant land parcel

* Tyler, Tx. - acquisition, plat approval and sale of 45 acre business park

* Baton Rouge, La - acquisition of 54,000 sq ft office building

* Cambridge Station Phase II (Indianapolis, In) - 256 unit apartment rehab project

* Harris Branch Apartments (Austin, Tx.) - 248 unit new construction apartment project

* Whispering Woods Apartments (Louisville, Ky.) - 48 unit new construction apartment project

* Santora Villas Apartments (Austin, Tx) - 192 unit new construction project

* The Villas at Shaver (Pasadena, Tx) - 240 unit new construction project

* Park Place Apartments (Austin, Tx) - 252 unit new construction project

* Inwood Crossings (Wichita, KS) - 260 unit new construction project

* The Muses - Phase I (New Orleans, La) - 211 unit new construction project

* Whispering Woods Apartments (Louisville, Ky.) Phase II - 50 unit new construction apartment project

* Melbourne Sr (Alvin, Tx) - 110 unit Senior project under construction 2010

* The Muses - Phase II (New Orleans, La) - 52 unit project under construction 2010

Planned ProjectsNew Orleans & Baton Rouge, LA

Houston & Dallas, Tx

Louisville, Elizabethtown, & Shelbyville, Ky


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Geographic Diversity of ProjectsLexington, Ky - purchases several lots and constructed homes

Louisville, Ky - numerous single family, apartment complex, and condominium projectsGeorgetown, Ky - 3 apartment projects

Lexington, Ky - 184 unit apartment complex

Indianapolis, In - 456 apartment units

Hammond, In - Commercial building

Akron, Oh - (2) Commercial buildings

Alton, Ill - Commercial building

Lincolnton, GA - Commercial building

Carrizo Springs, Tx. - Dialysis Center

Tyler, Tx - Industrial Park (purchased, platted and sold)

Houston, Tx - Apartment complexes

New Orleans, La. - Apartment complex

Austin, Tx. - Three Apartment complexes

Pasadena, Tx - Apartment ComplexElmira, NY - office building

Ashville, NC - Value Place Hotel

Wichita, KS - Apartment Complex

Lincoln, Nebraska - Value Place Hotel

Alvin, Tx _Apartment complex

Baton Rouge, La - Apartment complexes

Elizabethtown, Ky - Apartment complex

Shelbyville, Ky - Commercial and apartment ground


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TAB E

(Nonprofit Questionnaire)


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NOT

APPLICABLE


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TAB F(Architects Certification)


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TAB H(PHA/Section 8 Notification Letter)


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1

Michael Haas

From: [email protected]: Wednesday, March 02, 2011 12:46 PMTo: Michael HaasSubject: FedEx Shipment 794474448744 Delivered

________________________________________________________________________________

This tracking update has been requested by:

Name: 'not provided by requestor'

E-mail: [email protected]

________________________________________________________________________________

Our records indicate that the following shipment has been delivered:

Ship (P/U) date: Mar 1, 2011

Delivery date: Mar 2, 2011 11:31 AMSign for by: A.COLEMAN

Delivery location: MECHANICSVILLE, VA

Delivered to: Receptionist/Front Desk

Service type: FedEx Standard Overnight

Packaging type: FedEx Envelope

Number of pieces: 1

Weight: 0.50 lb.

Special handling/Services: Deliver Weekday

Tracking number: 794474448744

Shipper Information

LouisvilleKY

US

Recipient Information

ChesterfieldVA

US

Please do not respond to this message. This email was sent from an unattended

mailbox. This report was generated at approximately 11:42 AM CST

on 03/02/2011.

To learn more about FedEx Express, please visit our website at fedex.com.

All weights are estimated.

To track the latest status of your shipment, click on the tracking number above,

or visit us at fedex.com.

This tracking update has been sent to you by FedEx on the behalf of the

Requestor noted above. FedEx does not validate the authenticity of the

requestor and does not validate, guarantee or warrant the authenticity of the

request, the requestor's message, or the accuracy of this tracking update. For

tracking results and fedex.com's terms of use, go to fedex.com.

Thank you for your business.


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TAB I(Local CEO Letter)


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LOCALITY CEO SUPPORT LETTER

Letter will be delivered to VHDA by the April, 1, 2011 deadline.


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TAB J(Homeownership Plan)


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NOT

APPLICABLE


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TAB K(Site Control Documentation-

Documentation of Most Recent Real Estate

Tax Assessment Acq. Rehab. Only)


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TAB L(Plan of Development Certification Letter)


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APPLICABLE


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TAB M(Zoning Certification Letter)


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TAB N(Copies of 8609s To Certify Developer Experience)


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LDG DEVELOPMENT, LLC

SUMMARY OF SIX (6) 8609S FROM PROPERTIES WITH AT LEAST 108 UNITS

Falcon Crest Apartments, Louisville, KY 208 units placed in service on 4/20/2005.

Cambridge Station, Indianapolis, IN 200 units placed in service on 7/22/2005.

Fox Run (Cambridge Station Phase II), Indianapolis, IN 256 units placed in service on6/11/2007.

Harris Branch Apartments, Austin, TX 248 units placed in service on 9/24/2007.

Overlook Terraces, Louisville, KY 144 units placed in service on 5/4/2009.

The Villas at Shaver, Pasadena, TX 240 units placed in service on 1/23/2009.


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TAB Q(Documentation of Rental Assistance)


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APPLICABLE


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TAB R(Documentation of Operating Budget)


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Operating Budget

Total Number of Total Monthly

Tax Credit Units Rental Income

0 $0

8 $4,200

56 $36,705

44 $34,980

0 $0

108

Plus Other Income Source (list): Other Income PUPM, Garages $2,205

Equals Total Monthly Income: $78,090

Twelve Months x12

Equals Annual Gross Potential Income $937,080

Less Vacancy Allowance ( 7.0% ) $65,596

Equals Annual Effective Gross Income (EGI) - Low Income Units $871,484

Administrative:

1. Advertising/Marketing $7,500

2. Office Salaries $0

3. Office Supplies $1,1004. Office/Model Apartment (type______) $0

5. Management Fee $49,191

5.64% of EGI 455.47222 Per Unit

6. Manager Salaries $86,400

7. Staff Unit (s) (type______) $0

8. Legal $2,500

9. Auditing $2,500

10. Bookkeeping/Accounting Fees $2,500

11. Telephone & Answering Service $500

12. Tax Credit Monitoring Fee $13,980

13. Miscellaneous Administrative $32,000

Total Administrative $198,171

Utilities

14. Fuel Oil $0

15. Electricity $27,000

16. Water $2,70017. Gas $10,800

18. Sewer $10,800

Total Utility $51,300

Operating:

19. Janitor/Cleaning Payroll $0

20. Janitor/Cleaning Supplies $500

21. Janitor/Cleaning Contract $4,500

22. Exterminating $2,000

23. Trash Removal $3,500

24. Security Payroll/Contract $3,500

25. Grounds Payroll $0

26. Grounds Supplies $3,500

27. Grounds Contract $6,000

28. Maintenance/Repairs Payroll $2,000

29. Repairs/Material $2,000

30. Repairs Contract $3,50031. Elevator Maintenance/Contract $0

32. Heating/Cooling Repairs & Maintenance $3,500

33. Pool Maintenance/Contract/Staff $2,500

34. Snow Removal $4,500

35. Decorating/Payroll/Contract $500

36. Decorating Supplies $500

37. Miscellaneous $11,500

Operating & Maintenance Totals $54,000

Total Number of Tax Credit Units

Efficiency Units

EXPENSES

REVENUE

Cosby Village Manor, Chesterfield, VA

4 Bedroom Units

Unit Type

1 Bedroom Units

2 Bedroom Units

3 Bedroom Units


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Taxes & Insurance

38. Real Estate Taxes $75,000

39. Payroll Taxes $5,000

40. Miscellaneous Taxes/Licenses/Permits $3,715

41. Property & Liability Insurance $22,500

42. Fidelity Bond $0

43. Workman's Compensation $2,500

44. Health Insurance & Employee Benefits $0

45. Other Insurance $5,000

Total Taxes & Insurance $113,715

6544Total Operating Expense $417,186

D1. Total Oper. Ex. Per Unit $3,863 D2. Total Oper. Ex. As % EGI (fr 47.87%

Replacement Reserves (Total # Units X $300 for New Const. Minimum) $32,400

Total Expenses $449,586

$871,484 VARIABLES

$449,586 Debt Service Coverage 1.22

Loan Amount $3,808,000

Interest Rate 8.25%

Debt Service $343,299 Amortization (months) 360

Net Revenue

less Total Expenses

equals Net Operating Income $421,898

CALCULATIONS


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TAB S(Documentation of Project Budget)


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Cosby Village Manor Project Budget 3/4/2011Chesterfield, VA

DEPR ECI AT ION AM OR TI ZAT ION

PER PER SITE PERSONAL LOAN ORGINI-

USES OF FUNDS AMOUNT UNIT NRSF % ELIGIBLE INELIGIBLE BUILDING WORK PROPERY COSTS ZATION EXPENSE OT

LAND 1,000,000 9,259 8.45$ 6.5% - 1,000,000 1

Profers ($17,674/unit) 1,908,792 17,674 16.12$ 12.4% 1,908,792 - 1,908,792

Tap on Fees($6,677/unit) 721,116 6,677 6.09$ 4.7% 721,116 - 721,116

SITE WORK 9,081,630 1,512,000 14,000 12.77$ 9.8% 1,512,000 - 1,512,000

CONST RUCTION - BUILDINGS & CLUBHOUSE 74,186 5,940,000 55,000 50.18$ 38.7% 5,940,000 - 5,940,000 - -

GARAGES 187,500 1,736 1.58$ 1.2% - 187,500

CARPORTS 7,639,500 - - -$ 0.0% - - - -

CONSTRUCTION CONTINGENCY(5%) 8,012,100 372,600 3,450 3.15$ 2.4% 372,600 - 372,600

GENERAL REQUIREMENTS (6%) 5.72% 458,370 4,244 3.87$ 3.0% 458,370 - 458,370 - - - - -

CONTRACTOR OVERHEAD (2%) 1.91% 152,790 1,415 1.29$ 1.0% 152,790 - 152,790 - - - - -

CONTRACTOR PROFIT (6%) 6.00% 458,370 4,244 3.87$ 3.0% 458,370 - 458,370 - - - - -

LENDER ORIGINATION FEES - CONSTRUCTION (1%) 36,950 342 0.31$ 0.2% 36,950 - 36,950 - - - - -

LENDER ORIGINATION FEES - PERM (1%) 36,950 342 0.31$ 0.2% - 36,950 - - - - - -

LENDER COUNSEL FEES 35,000 324 0.30$ 0.2% 35,000 - 35,000 - - - - -

BORROWER COUNSEL FEES - - -$ 0.0% - - - - - - - -

FINANCIAL CONSULTANT FEES - - -$ 0.0% - - - - - - - -

APPLICATION FEE 750 7 0.01$ 0.0% - 750 - - - - - -

IN RESERVATION FEES (6.5%) 84,500 782 0.71$ 0.6% - 84,500 - - - - - -

ACCOUNTING FEES 10,000 93 0.08$ 0.1% - 10,000 - - - - - -

ADVERTISING / MARKETING 10,000 93 0.08$ 0.1% - 10,000 - - - - - -

APPRAISAL FEE - - -$ 0.0% - - - - - - - -

ARCHITECT & ENGINEERING FEES 4.00% 320,484 2,967 2.71$ 2.1% 320,484 - 320,484 - - - - -

DEVELOPER FEES (MAX = 15%) 1,009,180 1,002,000 9,278 8.46$ 6.5% 1,002,000 - 1,002,000 - - - - -

ENVIRONMENTAL REPORTS 5,000 46 0.04$ 0.0% 5,000 - 5,000 - - - - -

FURNITURE, FIXTURE & EQUIPMENT - - -$ 0.0% - - - - - - - -

INSURANCE - BUILDER RISK 30,000 278 0.25$ 0.2% 30,000 - 30,000 - - - - -

INSURANCE - PROPERTY - - -$ 0.0% - - - - - - - -

LENDER INSPECTION FEES 10,000 93 0.08$ 0.1% 10,000 - 10,000 - - - - -

MARKET STUDY FEE 4,500 42 0.04$ 0.0% 3,600 900 3,600 - - - - -

PERMIT / TAP / IMPACT FEES - - -$ 0.0% - - - - - - - -

REAL ESTATE TAXES - CONSTRUCTION PERIOD 10,000 93 0.08$ 0.1% 10,000 - 10,000 - - - - -

SOILS REPORT - - -$ 0.0% - - - - - - - -

SURVEY COSTS 10,000 93 0.08$ 0.1% 10,000 - 10,000 - - - - -

TITLE & RECORDING FEES 20,000 185 0.17$ 0.1% 20,000 - 20,000 - - - - -

CONSTRUCTION PERIOD INTEREST 609,675 5,645 5.15$ 4.0% 609,675 - 609,675 - - - - -

RENT-UP RESERVES - -$ 0.0% - - - - - - - -

OPERATING DEFICIT RESERVES 392,490 3,634 3.32$ 2.6% 392,490 - - - - - -

SOFT COST CONTINGENCY 19,426 180 0.16$ 0.1% - 19,426 - - - - - -

REPLACEMENT RESERVES - - -$ 0.0% - - - - - - - -

OTHER - - -$ 0.0% - - - - - - - -

- - -$ 0.0% - - - - - - - -

TOTAL USES OF FUNDS 15,359,263 142,215 129.75$ 100.0% 13,616,747 1,742,516 9,474,839 4,141,908 - - - - 1

QCT ADJUSTMENT 130.0% 17,701,771 -

9.00% CREDIT RATE

Eligible Costs without Dev. Fee 12,614,747 1,593,159$ MAX. CREDIT (on basis) 14,700$

Development Fee @ 8% 1,009,180 1,300,000$ CREDIT ALLOCATION 12,037$

601,200.0 99.99% % TO ILP

SOURCES OF FUNDS AMOUNT PER UNIT PER SQ. FT. 1,299,870$ ANNUAL CREDIT

EQUITY CONTRIBUTION 11,178,882 103,508 94.43$ 72.8% 0.860$ PRE CREDIT DOLLAR

GP CONTRIBUTION - - -$ 0.0%

DEFERRED DEVELOPMENT FEE - No limit of deferred fee in VA 516,619 485,381 4,494 4.10$ 3.2% PAY-IN SCHEDULE

NET C/F FROM OPERATIONS 0.480965849 - - -$ 0.0% # % AMOUNT BENCHMARK

ARRA-TCAP - - -$ 1 10.0% 1,117,888$ Admission

HOME FUNDS - - -$ 0.0% 2 10.0% 1,117,888$ 50% Completion

- - -$ 3 30.0% 3,353,665$ 100% Completion

- - -$ 0.0% 4 40.0% 4,471,553$ Conversion

5 10.0% 1,117,888$ 3 Months DSCR

MORTGAGE LOAN 3,695,000 34,213 31.21$ 24.1% 100.0% 11,178,882$

TOTAL SOURCES 15,359,263 142,215 129.75$ 100.0%

SURPLUS/(SHORTFALL) (0) 0.0%

Page 1


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TAB T

(Documentation of Financing Sources)


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TAB U(Documentation include any as applicable to development:)

To Request Exception To Restriction-Pools With Little/No Increase In RentBurdened Population

Of site location in an urban development area as defined in 15.2-2223.1 of theCode of Virginia

Of the development participating in a locally adopted affordable housingdwelling unit program area as described in either 15.2-2304 or 15.2-2305 of

the Code of Virginia


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NOT

APPLICABLE


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TAB V

(Nonprofit or LHA Purchase Option or Right of First Refusal)


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NOT

APPLICABLE


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TAB W

(Original Attorneys Opinion)


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TAB Y(Marketing Plan for units meeting accessibility

requirements of HUD section 504)


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Resources for Independent Living, Inc. (804-353-6503) Virginia Board for People with Disabilities (804-786-0016) Virginia Vocational and Rehabilitation Agency (804-662-7000) Centers for Independent Living

- Disability Resource Center (540-373-2559)- Access Independence (540-662-4452)

Virginia Rehab Association (804-662-7075)

2. Print Media

Print media sources will also be identified in the Chesterfield area that cater to people withdisabilities as well as the public at large. These sources may include, but are not limited to, rentalmagazines such as the Apartment Shoppers Guide, Apartments For Rent, local newspapers, etc... Alladvertising materials related to the project will contain the Equal Housing Opportunity logotype, slogan orstatement, in compliance with the Fair Housing Act, as well as the fact the units for people with disabilitiesare available.

3. Resident Referrals

An effective Resident Referral program will be set up, in which current residents are rewarded forreferring friends, coworkers, and others who may have disabilities to the property. These referrals aregenerally the best form of advertising as it attracts friends who will want to reside together, thus binding thecommunity. Residents will be offered incentives, to be determined, for referring qualified applicants whorent at the property. Flyers will be distributed to residents along with the project newsletter announcingthe tenant referral program.

4. Marketing Materials

Additional marketing materials are needed in order to further support the specific marketing effort

to people with disabilities. All printed marketing materials will include the EHO logo. The marketing will

also emphasize the physical and administrative compliance with Americans with Disabilities Act.

These marketing materials include:

Brochures A simple, two color brochures can be produced at low cost which will effectivelysell the apartments and community. This brochure will include the floor plans, a listing of featuresand amenities. The floor plans should be printed in as large a format as possible.

Flyers - As mentioned earlier, a flyer campaign can be used effectively to market thecommunity. Each flyer should incorporate graphics as well as a small amount of copy and shouldbe designed to generate traffic.


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Resident Referral - The least expensive form of advertising is through Resident Referrals. Aflyer should be created and distributed to all residents. ($50 per referral, paid upon move in). Inaddition to being distributed to all residents, the referral flyer should be left in the Managementoffice and should be included in the move in packet. (People are most inclined to refer theirfriends in the first few weeks of their tenancy.) The flyers should be changed several times eachyear to reflect the season or any type of special referral program.

III. Public and Community Relations

Equal Housing Opportunity promotions - all Site Signage containing the EHO logo and Fair

Housing posters are displayed in English and Spanish in the Rental Office. LCF encourages and supports

an affirmative marketing program in which there are no barriers to obtaining housing because of race,

color, religion, national origin, sex, elderliness, marital status, personal appearance, sexual orientation,

family responsibilities, physical or mental handicap, political affiliation, source of income, or place of

residence or business.

Additionally, a public relations program will be instituted to create a strong relationship between

management and local disability organizations, neighborhood civic organizations, churches, mosques, andsynagogues, city officials, and other sources of potential qualified residents still to be identified.

IV. Tenant Selection and Orientation

The first contact with the management operations is an important one in attracting qualifiedresidents; therefore the management/leasing offices should convey a sense of professionalism, efficiency,and cleanliness. The management/leasing office is designed to provide a professional leasing atmosphere,with space set aside specifically for resident interviews and application assistance. The leasing interviewswill be used to emphasize the respect afforded to the resident and the responsibilities which the residentwill be expected to assume.

Times of Operation - the Management Office will be open Monday through Thursday from 8:30A.M. to 4:30 P.M. Applicants will be processed at the Management Office in accordance with approvedcriteria. Move-in process and orientation to property - applicants meet with the Housing Manager ordesignated staff to discuss programs available on the property and will be supplied relevant information toassist them in their move.

On-site staff will check previous landlord and personal references verify income, performcriminal/sex offender and credit background checks for each application taken. Tenant Selection willinclude minimum income limits assigned by the Owner. New tenants will be given an orientation to theproperty including a review of the rules and regulations, information on the area, proper use of appliances,move-out procedures, maintenance procedures, rent payment procedures, energy conservation, grievanceprocedures and a review of the Lease documents.

Tenant Selection Criteria

Tenant Selection will include maximum income standards under the Low-Income Tax Credit andSection 8 programs. New tenants will be given an orientation to the property including a review of therules and regulations, information on the area, proper use of appliances, move-out procedures, maintenanceprocedures, rent payment procedures, energy conservation, grievance procedures and a review of the Leasedocuments.


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Application Processing

Application processing will be done by the housing staff at the Management Office, well versed inFair Credit Law. As stated before, the processing will include a review of prior landlord references,personal references, criminal/sex offender and credit reporting and income verification. The on-site staffwill make further review for inaccuracies in the application.

The annual income and family composition are the key factors for determining eligibility. However, theProperty Manager will also use the following criteria in selecting applicants for occupancy:

Applicants must be individuals, not agencies or groups. Applicants must meet the current eligibility income limits for tax credits and any other program

requirements.

Note- If the applicant's denial is based upon a credit report, the applicant will be advised of thesource of the credit report in accordance with the Federal Fair Reporting Act. Guidelinespublished by the Federal Trade Commission suggest that apartment managers fall under theprovisions of the Act and are obligated to advise the person refused an apartment for creditreasons, the name and address of the credit reporting firm in writing. The credit report will not beshown to the applicant, nor will specific information be revealed.

We will process the Rental Applications through a credit bureau to determine the credit worthinessof each applicant. If the score is below your threshold, but you have determined the applicant hasno bad credit andno negative rental history andno criminal history and enough income to qualify,then you can conditionally approve the application after you have contacted the prior landlord. Inthese cases, the application must be reviewed by the Associate Director before final approval.

We will process the Rental Application through a credit bureau to determine any possible criminalconduct. Convictions will be considered, regardless of whether "adjudication" was withheld. Acriminal background check will be used as part of the qualifying criteria. An applicant willautomatically be denied if;

There is a conviction for the manufacture, sale, distribution, or possession with the intent tomanufacture, sell or distribute a controlled substance within the past five years.

There is evidence in the criminal history that reveals that the applicant has developed a pattern ofcriminal behavior, and such behavior presents a real or potential threat to residents and/or property.

The application will be suspended if an applicant or member of the applicant's family hasbeen arrested for a crime but has not yet been tried. The application will be reconsidered,

within the above guidelines, after such legal proceedings have been concluded.

Applicants must provide complete and accurate verification of all income of all family members.The households annual income may not exceed the applicable limit and the household must meetthe subsidy or assisted Income Limits as established for the area in which Lynchburg HighApartments is located. The annual income is compared to the areas Income Limits to determineeligibility.

Family composition must be compatible for units available on the property. Applicants must receive satisfactory referrals from all previous Landlords.


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Applicants must provide verification of full-time student status for all individuals listed on the

application as full-time student for tax credit units.

Applicants must not receive a poor credit rating from the Credit Bureau and other credit reportingagencies and must demonstrate an ability to pay rent on time.

Applicants must provide a doctor's statement and/or other proof of any handicap or disability ifrequired.

Applicants must provide a birth certificate or other acceptable HUD approved forms ofdocumentation for all household members.

Applicants must fill out the Application for Lease and all verification forms truthfully. Applicants must provide all information required by current Federal regulations and policies. Applicants must have the demonstrated ability to maintain acceptable housekeeping standards. Applicants must have the demonstrated ability to pay the rent for the proposed unit, without

spending a disproportionate amount of income for rent.

Applicants must meet current Federal program eligibility requirements for tax credits and anyother programs.

Preference will be given to those households whose family members are handicapped or disabledfor housing in the units specifically designated for the handicapped or disabled

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