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INSTRUCTIONS FOR THEVIRGINIA 2011 LIHTC APPLICATION FOR RESERVATION
This application was prepared using Excel, Microsoft Office 2003. Please note that using the active Excelworkbook does not eliminate the need to submit the required PDF of the signed hardcopy of the application andrelated documentation. A more detailed explanation of application submission requirements is providedbelow and in the Application Manual.
An electronic copy of your completed application is a mandatory submission item.
Applications For 9% Competitive CreditsApplicants should submit an electronic copy of the application package on a CD prior to theapplication deadline, which is 2:00 PM Richmond Virginia time on March 11, 2011 . Failure to submit an electroniccopy 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 theaccuracy of the calculations. Check your application for correctness and completeness beforesubmitting the application to VHDA.
Entering Data:Enter numbers or text as appropriate in the blank spaces highlighted in yellow. All other cells areprotected 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 betaken to enter text so that it does not extend beyond the right margin of the page. Enter in only enoughtext to fill one line and then drop to the first yellow cell of the next line. Each page of the application is aseparate sheet in the spreadsheet. The spreadsheet contains numerous error checks which aredesigned to assist you in identifying potential mistakes in your application. Please note that these mayappear as you enter data because many are dependent on entries later in the application. Do not beconcerned with these messages until all data has been entered. Also note that some cells containerror 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 Roweat (804) 343-5518. Please note that we cannot release the copy protection password.
Staff email addresses:jim.chandler@ vhda.com - dale.wittie@ vhda.comcara.wallo@ vhda.com - jaynell.pittman-shaw@ vhda.com - rebecca.rowe@ vhda.com
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 address unlessspecifically requested by the VHDA Allocation Department staff.
v1.1.2011 Instructions
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2011 Federal Low Income HousingTax Credit Program
Application For Reservation
Virginia Housing Development Authority601 South Belvidere StreetRichmond, Virginia 23220-6500
Deadline for Submission
9% Competitive CreditsApplications Must Be Received At VHDA No Later Than 2:00 PM
Richmond, VA Time On March 11, 2011
Tax Exempt BondsApplications should be received at VHDA at least one month
before the bonds are priced (if bonds issued by VHDA), or 75days before the bonds are issued (if bonds are not issued by
VHDA)
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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) (MANDATOElectronic Copy of the Market Study (MANDATORY-Application will be disqualified if study not submitted with application)Electronic Copy of the Plans (MANDATORY)Electronic Copy of the Specifications (MANDATORY)Electronic Copy of the Unit By Unit Work Writeup (MANDATORY if rehab)$750 Application Fee (MANDATORY )
Tab A: Documentation of Development Location:A.1 Qualified Census Tract CertificationA.2 Revitalization Area Certification
Location MapSurveyor's Certification of Proximity To Public Transportation
Tab B: Partnership or Operating Agreement, including chart of ownership structure with percentage of interests (MANDATORTab C: Virginia State Corporation Commission Certification (MANDATORY)Tab D: Principal's Previous Participation Certification and Resumé (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 PlanTab 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 PopulationDocumentation 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 VirginiaTab 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 in organizing thesubmission in the following order, and actually using tabs to mark them as shown, will facilitate review of your application. Please note that allmandatory items must be included for the application to be processed. The inclusion of other items may increase the number of points for whichyou are eligible under VHDA's point system of ranking applications, and may assist VHDA in its determination of the appropriate amount of credits that it may reserve for the development.
v1.1.2011 Submission Checklist
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Low-Income Housing Tax Credit Application For Reservation
VHDA TRACKING NUMBER 2011-C-62I. General Information
All code "Section" references are to, and the term "IRC" shall be deemed to mean, 3/8/11the Internal Revenue Code of 1986, as amended. (Date of Application)
A. Development Name and Location:1. Name of Development Clearview Manor2. Address of Development 1150 Vinyard Road
(Street)Vinton VA 24179
(City) (State) (Zip Code)
3. If complete address is not available, provide longitude and latitude coordinates (x,y) frolocation 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 recordedCity/County of Roanoke County (ie; Richmond City, Chesterfield County; see application manual
5. Does the site overlap one or more jurisdictional boundaries Yes NoIf yes, what other City/County is the site located in besides the one mentioned above
6. Census Tract the development is located in: 311
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 inthis category, then the applicant must either waive their rights to the developer's fee or other fees associated with acquisition and/orrehabilitation, 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 oother fees associated with acquisition and/or rehab. Yes n/a
b. Applicant has obtained a waiver of this requirement from VHDAprior to the application submission deadline. Yes n/a
10. Is the development located in a census tract with a povertyrate <10% with no tax credit units currently present? Yes No
11. Is the development listed on the RD 515 Rehabilitation Priority List Yes No
12. Is the proposed development located in an urban development area as defined in §15.2-2223.1of the Code of Virginia?Yes No (If yes, attach required form in TAB U )
13. Will the proposed development participate in a locally adopted affordable housing dwelling unit program area as described ineither §15.2-2304 or §15.2-2305 of the Code of Virginia? Yes No (If yes, attach required form in TAB U )
14. Congressional District 6 http:/ /dlsgis.state.va.us/ congress/ 2001PDFs/ chap7Tab.pdf
Planning District 5 http:/ /www.vapdc.org/ aboutpdcs.htm# PDC% 20Map
State Senate District 21 http:/ /dlsgis.state.va.us/ senate/ 2001PDFs/ Chap2Tab.pdf
State House District 11 http:/ /dlsgis.state.va.us/ House/ 2001HousePDFs/ Chap1Tab.pdf
15. Location Map Attached (TAB A)
B. Project Description:In the space provided below, give a brief description of the proposed project.Clearview Manor is an aging, existing 101 unit elderly apartment building which is covered by a Project Based Section 8 Contract.
The Project is in need of renovation in order to improve the quality of life of the residents, improve energy efficiency and bring the building up to date.
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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) $588,749
2. Credits requested from:
9% CreditsNonprofit Set-Aside (All nonprofit owned developments which meet tests
described in Part II-D hereof may select this)Local Housing Authorities Richmond MSA PoolPlanning District 8 (Inner Washington MSA) Pool Tidewater MSA Pool
Northwest / North Central VA Area Pool Balance of State Pool (Remaining Geographi
Non-Competitive Pool (Preservation) Non-Competitive Pool (Disability)
Tax Exempt Bonds
new construction, or
rehabilitation, or
acquisition and rehabilitation.
Federal SubsidiesThe 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 placedin service within two years after the end of this calendar year, 2011, but theowner will have more than 10% basis in the development before the end of twelvemonths following allocation of credits. For those buildings, the owner requestsa carryforward allocation of 2011 credits pursuant to Section 42(h)(1)(E) for:
new construction, or
rehabilitation, oracquisition and rehabilitation (even if you acquired a building this year and
"placed it in service" for the purpose of the acquisition credit, you cannot receivethe 8609 form for it until the rehab 8609 is issued for that building once the rehabwork is "placed in service" in 2012 or 2013).
3. Federal SubsidiesThe development will not receive federal subsidies.
This development will receive federal subsidies for:all buildings or
some buildings.
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Low-Income Housing Tax Credit Application For Reservation
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 goon 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 rentalspace) is subject to an assessment of up to minus 20 points for being located in a pool identified by the Authority as a powith 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 addressedutilizing existing residential structures. Documentation Attached (TAB U)
Proposed development is designed to serve as a replacement for housing being demolished throughredevelopment. Documentation Attached (TAB U)
Proposed development is housing that is an integral part of a neighborhood revitalization project sponsored bya local housing authority. Documentation Attached (TAB U)
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Low-Income Housing Tax Credit Application For Reservation
II. OWNERSHIP INFORMATION
A. Owner Information:Name Clearview Manor Preservation, L.P.Contact Person First: Matthew Middle: K. Last: FinkleAddress 60 Columbus Circle
(Street)New York NY 10023
(City) (State) (Zip Code)
Federal I. D. No. TBD (If not available, obtain prior to Allocation)Phone (212) 801-1073 Fax (212) 801-3731 Email address [email protected] of entity: Limited Partnership Other
Individual(s) CorporationOwner's organizational documents (e.g. Partnership agreements & ownership structure chart) attached (Mandatory TAB B)Certification from Virginia State Corporation Commission attached (Mandatory TAB C)
Principal(s) involved (e.g. general partners, LLC members, controlling shareholders, etc.)Names ** Phone Type Ownership % OwnershipStephen M. Ross 212-421-5333 Member of GP 68.30%Jeff T. Blau 212-421-5333 Member of GP 6.30%Michael J. Brenner 212-421-5333 Member of GP 0.80%Bruce Beal 212-421-5333 Member of GP 3.60%Mark E. Carbone 212-801-1068 Member of GP 16.00%Matthew Finkle 212-801-1073 Member of GP 5.00%
0.00%This should be 100% of the GP or managing member interest: 100.00%
** These should be the names of individuals who comprise the GP or managing members, not simply the names of separate partnerships or corporations which may comprise those components.
Principals' Previous Participation Certification attached (Mandatory TAB D) & resumé .
B. Seller Information:Name Clearview Manor Limited Partnership Contact Person Charles NimmoAddress 3130 Chapparal Drive, Suite 200Roanoke, VA 24018 Phone 540-774-1641
Is there an identity of interest between the seller and owner/applicant? Yes No
If yes, complete the following:
Principal(s) involved (e.g. general partners, controlling shareholders, etc.)Names Phone Type Ownership % Ownership
0.00%0.00%0.00%0.00%
NOTE: VHDA may allocate credits only to the tax-paying entity which owns the development at the time of the allocation. The term "Owner" herein refers to that entity. Please fill in the legalname of the owner. The ownership entity must be formed prior to submitting this application. Any transfer, direct or indirect, of partnership interests (except those involving the admission of limited partners) prior to the placed-in-service date of the proposed development shall be prohibited, unless the transfer is consented to by VHDA in its sole discretion. IMPORTANT: TheOwner name listed on this page must match exactly the owner name listed on the Virginia State Corporation Commission Certification.
Must be an individual or legally formed entity
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Low-Income Housing Tax Credit Application For Reservation
C. Development Team Information:Complete the following as applicable to your development team.
1. Tax Attorney: H. David Embree Related Entity? Yes NoFirm Name: Williams MullenAddress: 1700 Dominion Tower, P.O. Box 3460, Norfolk, VA 23514
Phone: 757-629-0608 Fax: 757-629-0660
2. Tax Accountant: Joseph Crivelli Related Entity? Yes NoFirm Name: Friedman, LLPAddress: 1700 Broadway, New York, NY 10019Phone: 212-842-7550 Fax: 212-265-4761
3. Consultant: None Related Entity? Yes NoFirm Name: Role:Address:Phone: Fax:
4. Management Entity (Contact): Charles Nimmo Related Entity? Yes NoFirm Name: F&W ManagementAddress: 3130 Chaparral Drive, Roanoke, VA24018Phone: 540-774-1641 Fax: 540-774-2488
5. Contractor (Contact): TBD Related Entity? Yes NoFirm Name:Address:Phone: Fax:
6. Architect: Donald R. Witt Related Entity? Yes NoFirm Name: Hughes Associates ArchitectsAddress: 656 Elm Ave, SW, P.O. Box 1034, Roanoke, VA 24005-1034Phone: 540-342-4002 Fax: 540-342-2060
7. Real Estate Attorney: David Boccio Related Entity? Yes NoFirm Name: Michael, Levitt & Rubenstein, LLCAddress: 60 Columbus Circle, New York, NY 10023Phone: 212-801-3739 Fax: 212-801-3762
8. Mortgage Banker: Charles Wilson Related Entity? Yes NoFirm Name: Virginia Capital Advisors, Inc.Address: 1915 Pocahontas Trail, Suite B-5, Williamsburg, VA 23185Phone: 757-220-3147 Fax: 212-801-3762
9. Other (Contact): Michael Antonik Related Entity? Yes NoFirm Name: PresCon, LLC Role: Construction ManagerAddress: 60 Columbus Circle, New York, NY 10023Phone: 212-801-1067 Fax: 212-801-3731
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Low-Income Housing Tax Credit Application For Reservation
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, and5. 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 necessarilysatisfy all of the requirements for participation in the nonprofit tax credit pool
1. Nonprofit Involvement (All Applicants)If there is no nonprofit involvement in this development, please indicate by checking here
and go on to part III
2. Mandatory QuestionnaireIf there is nonprofit involvement, you must complete the Non-Profit Questionnair
Questionnaire attached (Mandatory TAB E)
3. Type of involvementNonprofit meets eligibility requirement for points only, not pool o
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 Ownerthe Applicant (if different from Owner)Other
(Name of nonprofit)
(Contact Person) (Street Address)
(City) (State) (Zip code)
(Phone) (Fax)
5. Percentage of Nonprofit Ownership (All nonprofit applicants)Specify the nonprofit entity's percentage ownership of the general partnership interest: 0.0%
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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Low-Income Housing Tax Credit Application For Reservation
III. DEVELOPMENT INFORMATION
A. Structure and Units:1. Total number of all units in development 101
Total number of rental units in development 100 bedrooms 104Number of low-income rental units 100 bedrooms 104Percentage of rental units designated low-income 100.00%
2. The development's structural features are (check all that apply):
Row House/Townhouse Detached Single-familyGarden Apartments Detached Two-familySlab on Grade Basement
Crawl space Age of Structure: 32Elevator Number of stories: 4
3. Number of new units 0 bedrooms 0Number of adaptive reuse units 0 bedrooms 0Number of rehab units 101 bedrooms 104
4. Total Floor Area For The Entire Development 76,983.35 (Sq. ft.)
5. n eate oor rea (Breezeways, Balconies, Storage) 2,121.7 (Sq. ft.)
6. Nonresidential Commercial Floor Area 0.00 (Sq. ft.)
(Not eligible for funding)
7. Total Usable Residential Heated Area 74,861.59 (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 50,750.31
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: Community Room, Laundry Facility
Exterior Finish: Fluted Block Heating/AC System: Electric Heat Pump - Central A/CArchitectural Style: 4 story steel framed, elderly with eifis design
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Low-Income Housing Tax Credit Application For Reservation
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 734.63 SF 3-Bdrm Gar 0.00 SF1-Sty-Eff-Eld 0.00 SF 2Bdrm Eld 1,084.31 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:
74,861.59 Documentation attached (TAB F) Mandatory(Sq. ft.)
NOTE: All developments must meet VHDA's Minimum Design and Construction Requirements .By signing and submitting the Application For Reservation of Low Income Housing Tax Credits theapplicant certifies that the proposed project budget, plans & specifications and work write-ups incorporateall necessary elements to fulfill these requirements.
3. Check the following items which apply to the proposed project:Documentation attached (TAB F Architect Certification) Mandatory
For any project, upon completion of construction/rehabilitation: (Optional Point items)
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 provide
0.00% c. Percentage of exterior walls covered by brick (excluding triangular gable ends, doors and windows
d. All kitchen and laundry appliances meet the EPA's Energy Star qualified program requirement
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 bothSEER 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% omore
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 meet
EPA Energy Star qualified program requirements.l. The development will have a solar electric system that will remain unshaded year round, be oriente
to within 15 degrees of true south, and be angled horizontally within 15 degrees of latitude.
Expected Total Electrical Load (kilowatt hours per month): 0
Percent of Expected Load Offset By Solar Electric System: 0.00%
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Low Income Housing Tax Credit Application For Reservation
For all projects exclusively serving elderly and/or handicapped tenants, upon completionof construction/rehabilitation: (Optional Point items)
a. All cooking ranges will have front controls
b. All units will have an emergency call system
c. All bathrooms will have an independent or supplemental heat source
d. All entrance doors have two eye viewers, one at 48" and the other at standard height
For all rehabilitation and adaptive reuse projects, upon completion of construction oror rehabilitation: (Optional Point items)
The structure is listed individually in the National Register of Historic Places or islocated in a registered historic district and certified by the Secretary of the Interior asbeing of historical significance to the district, and the rehabilitation will be completedin such a manner as to be eligible for historic rehabilitation tax credits
Accessibility
Check one 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 of section 504 of the Rehabilitation Act; and be actively marketed to people with special needs in accordance with a plan submittedas part of the Application. (All of the units described in (ii) above must include roll-in showers and roll under sinks and front
controls for ranges, unless agree to by the Authority prior to the applicant's submission of its application). (50 points)For any non-elderly property, or any elderly rehabilitation property, in which the greater of 5 or 10% of the units (i) have rentswithin HUD’s 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
Earthcraft Certification - new construction development will be 20% more energy efficient than 2004 IECC.
Earthcraft Certification - rehabilitation development will be 40% more energy efficient post-rehabilitation
(45 Points)
LEED Platinum Certification
Earthcraft Certification - new construction development will be 25% more energy efficient than 2004 IECC.
Earthcraft Certification - rehabilitation development will be 50% more energy efficient post-rehabilitation
If seeking any points associated with LEED or Earthcraft certification, attach appropriate documentation at TAB F
Universal Design - Units Meeting Universal Design Standardsa. The architect of record certifies that units will be constructed to meet VHDA's Universal Design standards.
Yes No es, attac appropr ate ocumentat on at
b. Number of Rental Units constructed to meet VHDA's Universal Design standards:10 Units 10%
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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Low-Income Housing Tax Credit Application For Reservation
IV. TENANT INFORMATION
A. Set-Aside Election: UNITS SELECTED BELOW IN BOTH COLUMNS DETERMINEPOINTS FOR THE BONUS POINT CATEGORY
Units Provided Per Household Type:
# of Units % of Units # of Units % of Units
0 0.00% 40% Area Median 10 10.00% 40% Area Median100 100.00% 50% Area Median 90 90.00% 50% Area Median
0 0.00% 60% Area Median 0 0.00% 60% Area Median0 0.00% Non-LMI Units 0 0.00% Non-LMI Units
100 100.00% Total 100 100.00% Total
B. Special Housing Needs/Leasing Preference:
1. If 100% of the low-income units will be occupied by either or both of the following special needsgroups as defined by the United States Fair Housing Act, so indicate:
Yes Elderly (age 55 or above)Yes Physically or mentally disabled persons (must meet the requirements of the federal
Americans 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:
YesNoLocality has no such waiting list; If yes, provide the following information:
Organization which holds such waiting list: Roanoke Redevelopment and Housing AuthorityContact person (Name and Title) Helen Shampshire - Section 8 DirectorPhone Number 540-983-9218 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).
YesNo
Income Levels Rent Levels
0
Note: In order to qualify for any tax credits, a development must meet one of two minimum threshold occupancy tests. Either (i) at least 20% of the unitsmust be rent-restricted and occupied by persons whose incomes are 50% or less of the area median income adjusted for family size (this is called the 20/50test) 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 youhave more low-income units than required, you qualify for more credits. If you serve lower incomes than required, you receive more points under the rankinsystem.
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Low-Income Housing Tax Credit Application For Reservation
V. LOCAL NEEDS AND SUPPORT
Note: Please refer to the Application Manual for specific instructions and deadlines for pertaining to localitynotification of proposed Low income Housing Tax Credit developments.
A. Provide the name and the address of the chief executive officer (City Manager, Town Manager, orCounty Administrator) of the political jurisdiction in which the development will be located:
Chief Executive Officer's Name Chris LawrenceChief Executive Officer's Title Town ManagerStreet Address 311 S. Pollard St. Phone 540-983-0607City Vinton State VA Zip 24179
Name and title of local official you have discussed this project with who could answer questions for thlocal CEO: Anita J. McMillan, Director of Planning
If the property overlaps another jurisdiction please fill in the following:Chief Executive Officer's NameChief Executive Officer's TitleStreet Address PhoneCity State Zip
Name and title of local official you have discussed this project with who could answer questions for thlocal CEO:
B. Project Schedule
ACTUAL OR NAME OFACTIVITY ANTICIPATED PERSON
DATE RESPONSIBLESiteOption/Contract 9/11/2007 Mark CarboneSite Acquisition 11/15/2011 Mark CarboneZoning Approval naSite Plan Approval naFinancingA. Construction Loan
Loan Application 6/15/2011 David PearsonConditional Commitment 8/15/2011 David PearsonFirm Commitment 10/15/2011 David Pearson
B. Permanent Loan - First LienLoan Application 6/15/2011 David PearsonConditional Commitment 8/15/2011 David PearsonFirm Commitment 10/15/2011 David Pearson
C. Permanent Loan-Second LienLoan Application 6/15/2011 David PearsonConditional Commitment 8/15/2011 David PearsonFirm Commitment 10/15/2011 David Pearson
D. Other Loans & Grants
Type & Source, ListApplicationAward/Commitment
Formation of Owner 2/2/2011 David PearsonIRS Approval of Nonprofit Status naClosing and Transfer of Property to Owner 11/15/2011 David PearsonPlans and Specifications, Working Drawings 3/1/2011 Michael Antonik Building Permit Issued by Local Government 10/15/2011 Michael Antonik Start Construction 12/1/2011 Michael Antonik Begin Lease-up in place rehabComplete Construction 8/1/2012 Michael Antonik Complete Lease-Up in place rehabCredit Placed in Service Date 8/1/2012 David Pearson
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Low-Income Housing Tax Credit Application For Reservation
VI. SITE CONTROL
A. Type of Site Control by Owner:
Applicant controls site by (select one and attach document - Mandatory TAB K)Deed - attached
Long-term Lease - attached (expiration date: )
Option - attached (expiration date: )
Purchase Contract - attached (expiration date: 06/30/12 )
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.
Most recent property tax assessment - Mandatory TAB K
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 12/31/11
If more than one site for the development and more than one expected date of acquisition byOwner, please so indicate and attach separate sheet specifying each site, number of existingbuildings on the site, if any, and expected date of acquisition of each site by the Owner.
C. Market Study Data:
Obtain the following information from the Market Study conducted in connection with this tax credit application and enter below:
Project Wide Capture Rate - LIHTC UnitsProject Wide Capture Rate - Market UnitsProject Wide Capture Rate - All UnitsProject Wide Absorption Period (Months)
10.30%na
10.30%6
Note: Site control by the Owner identified herein is a mandatory precondition of review of this application. Documentary evidence of it,in the form of either a deed, option, purchase contract, or lease for a term longer than the period of time the property will be subject tooccupancy 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. Anticipated future transfersto the Owner are not sufficient. The Owner, as identified in Subpart II-A, must have site control at the time this Application issubmitted.
NOTE: If the Owner receives a reservation of credits, the property must be titled in the name of or leased by (pursuant to a long-termlease) the Owner before the allocation of credits is made this year.
Contact us before you submit this application if you have any questions about this requirement.
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Low-Income Housing Tax Credit Application For Reservation
C. Site Description
1. Exact area of site in acres 4.690
2. Has locality approved a final site plan or plan of development?Yes NoRequired documentation form attached (TAB L)
3. Is site properly zoned for the proposed development?Yes NoRequired documentation form attached (TAB M)
4. Will the proposal seek to qualify for points associated with proximity to public transportation?Yes NoRequired 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 placementb. 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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Low-Income Housing Tax Credit Application For Reservation
VII. OPERATING BUDGET
A. Rental Assistance1. Do or will any low-income units receive rental assistance?
Yes No2. 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 AssistanceOther:
3. Number of units receiving assistance: 101Number of years in rental assistance contract: 101Expiration date of contract: 08/01/19
Contract or other agreement attached (TAB Q)
B. Utilities1. 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 x Owner Tenant 0 0 0 0 0
Air Conditioning Electric x Owner Tenant 0 0 0 0 0
Cooking Electric x Owner Tenant 0 0 0 0 0
Lighting Electric x Owner Tenant 0 0 0 0 0
Hot Water Electric x Owner Tenant 0 0 0 0 0
Water Water x Owner Tenant 0 0 0 0 0
Sewer Sewer x Owner Tenant 0 0 0 0 0
Trash Trash x Owner Tenant 0 0 0 0 0
Total utility allowance for costs paid by tenant $0 $0 $0 $0 $0
2. Source of Utility Allowance Calculation (Attach Documentation TAB Q)
HUD
Utility Company (Estimate) Local PHA
Utility Company (Actual Survey) Other:
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Low-Income Housing Tax Credit Application For Reservation
C. Revenue1. Indicate the estimated monthly income for the Low-Income Units : **
Total Number of Total MonthlyTax Credit Units Rental Income
0 $096 $63,8404 $2,9480 $00 $0
100
Plus Other Income Source (list): Laundry & Tenant Charges $1,250Equals Total Monthly Income: $68,038Twelve Months x12Equals Annual Gross Potential Income $816,456Less Vacancy Allowance ( 7.0% ) $57,152Equals Annual Effective Gross Income (EGI) - Low Income Unit $759,304
** 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 MonthlyMarket Units Rental Income
0 $00 $0
0 $00 $00 $0
Total Number of Market Units 0
Plus Other Income Source (list): $0Equals Total Monthly Income: $0Twelve Months x12Equals Annual Gross Potential Income $0Less Vacancy Allowance ( 0.0% ) $0Equals Annual Effective Gross Income (EGI) - Market Rate Units $0
Documentation in Support of Operating Budget attached (TAB R)
List number of units by type: TOTAL UNITS
ASSISTED LVG EFF-ELD 1 BD RM-ELD 2 BD RM-ELD EFF-GAR 1 BD RM-GAR
0 0 96 4 0 0
2 BD RM- GAR 3 BD RM- GAR 4 BD RM-GAR 2+ St ory 2 BR-TH 2+ St ory 3 BR-TH 2+ Story 4 BR- TH
0 0 0 0 0 0
1 STY-EFF-ELD 1 STY-1 BR-ELD 1 STY-2 BR-ELD Note: Please be sure to enter the number of units in the
0 0 0 appropriateunit category. If not, you will find an error on
the scoresheet at 5a, 6a & 6b.
List number of units by type: TAX CREDIT UNITS
ASSISTED LVG EFF-ELD 1 BD RM-ELD 2 BD RM-ELD EFF-GAR 1 BD RM-GAR
0 0 96 4 0 0
2 BD RM- GAR 3 BD RM- GAR 4 BD RM-GAR 2+ St ory 2 BR-TH 2+ St ory 3 BR-TH 2+ Story 4 BR- TH
0 0 0 0 0 0
1 Story-EFF-ELD 1 Story-1 BR-ELD 1 Story-2 BR-ELD
0 0 0
Efficiency UnitsUnit Type / Net Rentable Monthly Rent Total
Rent Targeting Number Units Square Feet Per Unit Monthly Rent
Efficiency - 40% 0 0.00 -$ -$Efficiency - 40% 0 0.00 -$ -$Efficiency - 40% 0 0.00 -$ -$Efficiency - 40% 0 0.00 -$ -$
Efficiency Units
4 Bedroom Units
Unit Type
Unit Type
1 Bedroom Units2 Bedroom Units3 Bedroom Units
Total Number of Tax Credit Units
Efficiency Units
4 Bedroom Units
1 Bedroom Units
2 Bedroom Units3 Bedroom Units
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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 -$ -$Efficiency - Market 0 0.00 -$ -$Efficiency - Market 0 0.00 -$ -$Efficiency - Market 0 0.00 -$ -$Efficiency - Market 0 0.00 -$ -$Efficiency - Market 0 0.00 -$ -$Efficiency - Market 0 0.00 -$ -$Efficiency - Market 0 0.00 -$ -$Efficiency - Market 0 0.00 -$ -$Efficiency - Market 0 0.00 -$ -$Efficiency - Market 0 0.00 -$ -$Efficiency - Market 0 0.00 -$ -$Efficiency - Market 0 0.00 -$ -$Efficiency - Market 0 0.00 -$ -$Efficiency - Market 0 0.00 -$ -$
Total Efficiency
Market Units: 0 0.00 Total MonthlyEff. Market Rent: -$
Total Eff. Units: 0 Total Eff. Rent -$
1-Bedroom Units
Net Rentable Monthly Rent Total
Rent Targeting Number Units Square Feet Per Unit Monthly Rent
1 BR - 40% 3 523.94 665$ 1,995$v1.1.2011 Page 15
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2-Bedroom Units
Net Rentable Monthly Rent Total
Rent Targeting Number Units Square Feet Per Unit Monthly Rent
2 BR - 40% 1 740.67 737$ 737$
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% 3 740.67 737$ 2,211$
2 BR - 50% 0 0.00 -$ -$
2 BR - 50% 0 0.00 -$ -$
2 BR - 50% 0 0.00 -$ -$
2 BR - 50% 0 0.00 -$ -$2 BR - 50% 0 0.00 -$ -$
2 BR - 50% 0 0.00 -$ -$
2 BR - 50% 0 0.00 -$ -$
2 BR - 50% 0 0.00 -$ -$
2 BR - 50% 0 0.00 -$ -$
2 BR - 50% 0 0.00 -$ -$
2 BR - 50% 0 0.00 -$ -$
2 BR - 50% 0 0.00 -$ -$
2 BR - 50% 0 0.00 -$ -$
2 BR - 50% 0 0.00 -$ -$
2 BR - 60% 0 0.00 -$ -$
2 BR - 60% 0 0.00 -$ -$
2 BR - 60% 0 0.00 -$ -$
2 BR - 60% 0 0.00 -$ -$
2 BR - 60% 0 0.00 -$ -$
2 BR - 60% 0 0.00 -$ -$
2 BR - 60% 0 0.00 -$ -$
2 BR - 60% 0 0.00 -$ -$
2 BR - 60% 0 0.00 -$ -$
2 BR - 60% 0 0.00 -$ -$
2 BR - 60% 0 0.00 -$ -$
2 BR - 60% 0 0.00 -$ -$
2 BR - 60% 0 0.00 -$ -$
2 BR - 60% 0 0.00 -$ -$
2 BR - 60% 0 0.00 -$ -$
Total 2-BR Total Monthly 2-BR
Tax Credit Units: 4 2,962.68 Tax Credit Rent: 2,948$
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 -$ -$
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Total 2-BR
Market Units: 0 0.00 Total Monthly
2-BR Market Rent: -$
Total 2-BR Units: 4 Total 2-BR Rent 2,948$
3-Bedroom Units
Net Rentable Monthly Rent Total
Rent Targeting Number Units Square Feet Per Unit Monthly Rent
3 BR - 40% 0 0.00 -$ -$
3 BR - 40% 0 0.00 -$ -$
3 BR - 40% 0 0.00 -$ -$
3 BR - 40% 0 0.00 -$ -$
3 BR - 40% 0 0.00 -$ -$
3 BR - 40% 0 0.00 -$ -$
3 BR - 40% 0 0.00 -$ -$
3 BR - 40% 0 0.00 -$ -$
3 BR - 40% 0 0.00 -$ -$
3 BR - 40% 0 0.00 -$ -$
3 BR - 40% 0 0.00 -$ -$
3 BR - 40% 0 0.00 -$ -$
3 BR - 40% 0 0.00 -$ -$3 BR - 40% 0 0.00 -$ -$
3 BR - 40% 0 0.00 -$ -$
3 BR - 50% 0 0.00 -$ -$
3 BR - 50% 0 0.00 -$ -$
3 BR - 50% 0 0.00 -$ -$
3 BR - 50% 0 0.00 -$ -$
3 BR - 50% 0 0.00 -$ -$
3 BR - 50% 0 0.00 -$ -$
3 BR - 50% 0 0.00 -$ -$
3 BR - 50% 0 0.00 -$ -$
3 BR - 50% 0 0.00 -$ -$
3 BR - 50% 0 0.00 -$ -$
3 BR - 50% 0 0.00 -$ -$
3 BR - 50% 0 0.00 -$ -$3 BR - 50% 0 0.00 -$ -$
3 BR - 50% 0 0.00 -$ -$
3 BR - 50% 0 0.00 -$ -$
3 BR - 60% 0 0.00 -$ -$
3 BR - 60% 0 0.00 -$ -$
3 BR - 60% 0 0.00 -$ -$
3 BR - 60% 0 0.00 -$ -$
3 BR - 60% 0 0.00 -$ -$
3 BR - 60% 0 0.00 -$ -$
3 BR - 60% 0 0.00 -$ -$
3 BR - 60% 0 0.00 -$ -$
3 BR - 60% 0 0.00 -$ -$
3 BR - 60% 0 0.00 -$ -$
3 BR - 60% 0 0.00 -$ -$3 BR - 60% 0 0.00 -$ -$
3 BR - 60% 0 0.00 -$ -$
3 BR - 60% 0 0.00 -$ -$
3 BR - 60% 0 0.00 -$ -$
Total 3-BR Total Monthly 3-BR
Tax Credit Units: 0 0.00 Tax Credit Rent: -$
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 -$ -$
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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
Market Units: 0 0.00 Total Monthly
3-BR Market Rent: -$
Total 3-BR Units: 0 Total 3-BR Rent -$
4-Bedroom Units
Net Rentable Monthly Rent Total
Rent Targeting Number Units Square Feet Per Unit Monthly Rent
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 -$ -$
Total 4-BR Total Monthly 4-BR
Tax Credit Units: 0 0.00 Tax Credit Rent: -$
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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
Market Units: 0 0.00 Total Monthly
4-BR Market Rent: -$
Total 4-BR Units: 0 Total 4-BR Rent -$
Total Units 100 Net Rentabl e SF: TC Un it s 50,750.31
MKT Units 0.00
Total NR SF: 50,750.31
100.0000%Floor Space Fraction
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Low-Income Housing Tax Credit Application For Reservation
D. Operating ExpensesAdministrative:
1. Advertising/Marketing $1,8002. Office Salaries $7,3793. Office Supplies $5,6004. Office/Model Apartment (type______) $05. Management Fee $32,412
4.27% of EGI 324.12 Per Unit6. Manager Salaries $23,283
7. Staff Unit (s) (type______) $8,8448. Legal $2509. Auditing $10,000
10. Bookkeeping/Accounting Fees $011. Telephone & Answering Service $6,40012. Tax Credit Monitoring Fee $3,03013. Miscellaneous Administrative $2,500
Total Administrative $101,498Utilities
14. Fuel Oil $015. Electricity $119,00016. Water $13,00017. Gas $018. Sewer $10,000
Total Utility $142,000Operating:
19. Janitor/Cleaning Payroll $020. Janitor/Cleaning Supplies $1,50021. Janitor/Cleaning Contract $3,00022. Exterminating $2,90023. Trash Removal $5,40024. Security Payroll/Contract $025. Grounds Payroll $026. Grounds Supplies $2,50027. Grounds Contract $4,50028. Maintenance/Repairs Payroll $49,00029. Repairs/Material $5,90030. Repairs Contract $3,93531. Elevator Maintenance/Contract $2,00032. Heating/Cooling Repairs & Maintenance $50033. Pool Maintenance/Contract/Staff $034. Snow Removal $50035. Decorating/Payroll/Contract $3,00036. Decorating Supplie $037. Miscellaneous $1,000
Operating & Maintenance Totals $85,635Taxes & Insurance
38. Real Estate Taxes $53,06139. Payroll Taxes $6,50040. Miscellaneous Taxes/Licenses/Permit $041. Property & Liability Insuranc $27,00042. Fidelity Bond $043. Workman's Compensation $50044. Health Insurance & Employee Benefit $6,50045. Other Insurance $250
Total Taxes & Insurance $93,8116544
Total Operating Expense $422,944
D1. Total Oper. Ex. Per Unit $4,229 D2. Total Oper. Ex. As % EGI (from E3) 55.70%
Replacement Reserves (Total # Units X $300 or $250 New Const. Elderly Minimum) $30,300
Total Expenses $453,244
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Low-Income Housing Tax Credit Application For Reservation
E. Cash Flow (First Year)1. Annual EGI Low-Income Units from (C1) $759,304
2. Annual EGI Market Units (from C2) + $0
3. Total Effective Gross Income = $759,304
4. Total Expenses (from D) $453,244
5. Net Operating Income = $306,0606. Total Annual Debt Service (from Page 21 B2) - $267,221
7. Cash Flow Available for Distribution = $38,839
F. Projections for Financial Feasibility - 15 Year Projections of Cash Flow
StabilizedYear 1 Year 2 Year 3 Year 4 Year 5
Eff. Gross Income 759,304 774,490 789,980 805,780 821,895Less Oper. Expenses 453,244 466,841 480,847 495,272 510,130Net Income 306,060 307,649 309,133 310,508 311,765Less Debt Service 267,221 267,221 267,221 267,221 267,221Cash Flow 38,839 40,428 41,913 43,287 44,544Debt Coverage Ratio 1.15 1.15 1.16 1.16 1.17
Year 6 Year 7 Year 8 Year 9 Year 10
Eff. Gross Income 838,333 855,100 872,202 889,646 907,439Less Oper. Expenses 525,434 541,197 557,433 574,156 591,381
Net Income 312,899 313,903 314,769 315,490 316,058Less Debt Service 267,221 267,221 267,221 267,221 267,221Cash Flow 45,678 46,682 47,548 48,269 48,837Debt Coverage Ratio 1.17 1.17 1.18 1.18 1.18
Year 11 Year 12 Year 13 Year 14 Year 15
Eff. Gross Income 925,587 944,099 962,981 982,241 1,001,886Less Oper. Expenses 609,122 627,396 646,218 665,604 685,572Net Income 316,465 316,703 316,764 316,637 316,313Less Debt Service 267,221 267,221 267,221 267,221 267,221Cash Flow 49,245 49,483 49,543 49,416 49,093Debt Coverage Ratio 1.18 1.19 1.19 1.18 1.18Estimated Annual Percentage Increase in Revenue 2.00% (Must be < 2%)Estimated Annual Percentage Increase in Expenses 3.00% (Must be > 3%)
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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 inEligible Basis--Use Applicable Column(s):
"30% Present Value Credit" (D)Item (A) Cost (B) Acquisit ion (C) Rehab/ "70 % Present
New Construction Value Credit"
1. Contractor Cost
A. Off-Site Improvements 0 0 0 0B. Site Work 0 0 0 0C. Geothermal System 0 0 0 0D. Unit Structures (New) 0 0 0 0E. Unit Structures (Rehab) 2,712,275 0 0 2,712,275F. Solar Electric System 0 0 0 0G. Asbestos Removal 0 0 0 0H. Demolition 0 0 0 0I. Commercial Space Costs 0 0 0 0J. Structured Parking Garage 0 0 0 0K. Subtotal A: (Sum 1A..1J) 2,712,275 0 0 2,712,275L. General Requirements 162,736 0 0 162,736M. Builder's Overhead 54,245 0 0 54,245
( 2.0% Contract)N. Builder's Profit 162,736 0 0 162,736
( 6.0% Contract)O. Bonding Fee 0 0 0 0P. Other 0 0 0 0Q. Contractor Cost
Subtotal (Sum 1K..1P) $3,091,992 $0 $0 $3,091,992
2. Owner CostsA. Building Permit 5,000 0 0 5,000B. Arch./Engin. Design Fee 25,000 0 0 25,000
( 250 /Unit)C. Arch. Supervision Fee 5,000 0 0 5,000
( 50 /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 eligible basis, typeof credit and numerical calculations of this Part VIII.
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Amount of Cost up to 100% Includable inEligible Basis--Use Applicable Column(s):
"30% Present Value Credit" (D)Item (A) Cost (B) Acquisition (C) Rehab/ "70 % Present
New Construction Value Credit"2. Owner Costs Continued
F. Construction Loan 0 0 0 0Origination Fee
G. Construction Interest 0 0 0 0( 0.0% for 0 months)
H. Taxes During Construction 39,796 0 0 0I. Insurance During Construction 21,750 0 0 0J. Cost Certification Fee 45,000 0 0 45,000K. Title and Recording 40,000 22,500 0 15,000L. Legal Fees for Closing 70,000 25,000 0 0M. Permanent Loan Fee 36,000 0 0 0
( 0.0% )N. Other Permanent Loan Fees 0 0 0 0O. Credit Enhancement 0 0 0 0P. Mortgage Banker 18,000 5,000 0 5,000Q. Environmental Study 10,000 0 0 10,000R. Structural/Mechanical Study 0 0 0 0S. Appraisal Fee 5,000 0 0 5,000T. Market Study 3,500 0 0 3,500U. Operating Reserve 363,000 0 0 0V. Tax Credit Fee 42,000 0 0 0W. OTHER $2,081,080 $0 $0 $384,045
(SEE PAGE 19A)X. Owner Cost
Subtotal (Sum 2A..2W) $2,810,126 $52,500 $0 $502,545
Subtotal 1 + 2 $5,902,118 $52,500 $0 $3,594,537(Owner + Contractor Costs)
3. Developer's Fees 1,115,056 270,000 0 845,056
4. Owner's Acquisition CostsLand 480,000Existing Improvements 2,660,015 2,660,015Subtotal 4: $3,140,015 $2,660,015
5. Total Development CostsSubtotal 1+2+3+4: $10,157,189 $2,982,515 $0 $4,439,593
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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Amount of Cost up to 100% Includable inEligible Basis--Use Applicable Column(s):
"30% Present Value Credit" (D)Item (A) Cost (B) Acquisition (C) Rehab/ "70 % Present
New Construction Value Credit"W. OTHER OWNER COSTS
Contingency Reserve 313,045 0 0 313,045(Rehab or Adaptive Reuse only)LIST ADDITIONAL ITEMSSurvey 10,000 0 0 10,000Mgmt Rehab 5,000 0 0 5,000Relocation 10,000 0 0 10,000Travel 2,500 0 0 0Organizational 3,500 0 0 0LIHTC App Fee 750 0 0 0Replacement Reserve 30,300 0 0 0Earthcraft Supervision 30,000 0 0 30,000Completion LOC 15,000 0 0 15,000Copies/Prints/prostage 1,000 0 0 1,000Reserve Purchase 1,659,985 0 0 0
0 0 0 00 0 0 00 0 0 00 0 0 00 0 0 0
Subtotal (Other Owner Costs) $2,081,080 $0 $0 $384,045
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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 % PresentItem (A) Cost (B) Acquisition Construction Value Credit"
5. Total Development CostsSubtotal 1+2+3+4 10,157,189 2,982,515 0 4,439,593
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) 2,982,515 0 4,439,593
8. Adjustment(s) to Eligible Basis (For non-acquisition costs in eligible basis)
(i) For QCT or DDA (Eligible Basis x 30%) 0 1,331,878(ii) For Earthcraft or LEED Certification 0 0
Total Adjusted Eligible basis 0 5,771,471
9. Applicable Fraction 100.0000% 100.0000% 100.0000%
10. Total Qualified Basis (Same as Part IX-C) 2,982,515 0 5,771,471(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 bon ds, use the most recently published rates)
12. Maximum Allowable Credit under IRC §42 $99,318 $0 $519,432(Qualified Basis x Applicable Percentage)(Same as Part IX-C and equal to or more than $618,750credit 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. Taxable Increase $800,000 John Hastings
2. Assumed Mortgage $1,119,663 John Hastings
3. SPARC Deferred $950,000 John Hastings
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. Taxable Increase $800,000 $66,207 7.36% 30 30
2. Assumed Mortgage $1,119,663 $201,014 7.55% 30 7
3. SPARC Deferred $950,000 $0 6.75% 18 25
4. Assumed Reserves $1,659,985 $0 0.00% 1000 0
5. $0 $0 0.00% 1000 0
6. $0 $0 0.00% 1000 0
Totals: $4,529,648 $267,221
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
Commitments or letter(s) of intent attached (TAB T)
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4. Portion of Syndication Proceeds Attributable to Historic Tax CreditAmount of Federal historic credits $0 x Equity % $0.00 $0Amount 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 $624,175Other:
Equity Total $624,1757. Total of All Sources (B2 + B3 + B4 + B5 + B6) $5,153,823
(not including syndication proceeds except for historic tax credits)
8. Total Development Cost $10,157,189(From VIII-A5)
9. Less Total Sources of Funds (From B7 above) $5,153,823
10. Equals equity gap to be funded with low-income tax creditproceeds (must equal IX-D3) $5,003,366
C. Syndication Information (If Applicable)
1. Actual or Anticipated Name of Syndicator TBD2. Contact Person Phone3. Street Address
City State Zip
4. a. Total to be paid by anticipated users of credit (e.g., limited partners) $5,003,366b. Equity Dollars Per Credit (e.g., $0.85 per dollar of credit) $0.85c. Percent of ownership entity (e.g., 99% or 99.9%) 99.98%d. Net credit amount anticipated by user of credits $588,631e. 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) $5,003,366
6. Amount of annual credit required for above amounts(same amount as Part IX-D6) $588,749
7. Net Equity Factor [C5 / (C6 X 10)](same amount as Part IX-D4) 84.98%
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 $800,000RD 515 $0 Section 220 $0Section 221(d)(3) $0 Section 221(d)(3) $0Section 312 $0 Section 221(d)(4) $0Section 236 $0 Section 236 $0VHDA SPARC/REACH $950,000 Section 223(f) $0HOME Funds $0 Other: Assumed $1,119,663Other: $0Other: $0
Grants GrantsCDBG $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 thelisted grants, please list it in the appropriate loan column as "other" and describe the applicable grant programwhich funded it.
2. Subsidized Funding: list all sources of funding for points. Documentation Attached (TAB T)
Source of Funds Commitment date Funds1. $0
2. $03. $04. $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 thisapplication, the portion of the aggregate basis of buildings and land financed withtax-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:
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 as required by theIRC 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 CompleteQualified basis must be determined on a building-by building basis. Complete the section below. Building street addresses are required by the IRS (must have themallocation request).
30% Present Value 30% Present ValueCredit 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 Quing # Address Basis Date Percentage Amount Basis Date Percentage Amount
1. 101 1150 Vinyard Rd. $2,982,515 01/01/12 3.33% 99,318 $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 $2,982,515 $0
$99,318 $0 Qualified Basis Totals (must agree with VIII-A10)
Credit Amount Totals (must agree with VIII-A-12)
NUMBEROF
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C. Building-by-Building Information Must CompleteQualified basis must be determined on a building-by building basis. Complete the section below. Building street addresses are required by the IRS (must have themallocation request).
30% Present Value 30% Present ValueCredit 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 Quing # Address Basis Date Percentage Amount Basis Date Percentage Amount
17. $0 0.00% 0 $0 0.00% 0
18. $0 0.00% 0 $0 0.00% 0
19. $0 0.00% 0 $0 0.00% 0
20. $0 0.00% 0 $0 0.00% 0
21. $0 0.00% 0 $0 0.00% 0
22. $0 0.00% 0 $0 0.00% 0
23. $0 0.00% 0 $0 0.00% 0
24. $0 0.00% 0 $0 0.00% 0
25. $0 0.00% 0 $0 0.00% 0
26. $0 0.00% 0 $0 0.00% 0
27. $0 0.00% 0 $0 0.00% 0
28. $0 0.00% 0 $0 0.00% 0
29. $0 0.00% 0 $0 0.00% 0
30. $0 0.00% 0 $0 0.00% 0
31. $0 0.00% 0 $0 0.00% 0
32. $0 0.00% 0 $0 0.00% 0 $0 $0
$0 $0Qualified Basis Totals (must agree with VIII-A10)
Credit Amount Totals (must agree with VIII-A-12)
NUMBEROF
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C. Building-by-Building Information Must CompleteQualified basis must be determined on a building-by building basis. Complete the section below. Building street addresses are required by the IRS (must have themallocation request).
30% Present Value 30% Present ValueCredit 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 Quing # Address Basis Date Percentage Amount Basis Date Percentage Amount
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
$0 $0Qualified Basis Totals (must agree with VIII-A10)
Credit Amount Totals (must agree with VIII-A-12)
NUMBEROF
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C. Building-by-Building Information Must CompleteQualified basis must be determined on a building-by building basis. Complete the section below. Building street addresses are required by the IRS (must have themallocation request).
30% Present Value 30% Present ValueCredit 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 Quing # Address Basis Date Percentage Amount Basis Date Percentage Amount
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
$0 $0Qualified Basis Totals (must agree with VIII-A10)
Credit Amount Totals (must agree with VIII-A-12)
NUMBEROF
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C. Building-by-Building Information Must CompleteQualified basis must be determined on a building-by building basis. Complete the section below. Building street addresses are required by the IRS (must have themallocation request).
30% Present Value 30% Present ValueCredit 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 Quing # Address Basis Date Percentage Amount Basis Date Percentage Amount
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
$0 $0Qualified Basis Totals (must agree with VIII-A10)
Credit Amount Totals (must agree with VIII-A-12)
NUMBEROF
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C. Building-by-Building Information Must CompleteQualified basis must be determined on a building-by building basis. Complete the section below. Building street addresses are required by the IRS (must have themallocation request).
30% Present Value 30% Present ValueCredit 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 Quing # Address Basis Date Percentage Amount Basis Date Percentage Amount
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
$0 $0Qualified Basis Totals (must agree with VIII-A10)
Credit Amount Totals (must agree with VIII-A-12)
NUMBEROF
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D. Determination of Reservation Amount Needed
1. Total Development Costs (from VIII-A5, Column A page 20) $10,157,189
2. Less Total Sources of Funds (from VIII-B7 page 22) $5,153,823
3. Equals Equity Gap $5,003,366
4. Divided by Net Equity Factor (VIII-C7 page 22) 84.98%(Percent of 10-year credit expected to be raised as equity investment)
5. Equals Ten-Year Credit Amount Needed to Fund Gap $5,887,490
Divided by ten years 10
6. Equals Annual Tax Credit Required to Fund the Equity Gap $588,749
7. The Maximum Allowable Credit Amount $618,750(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 5,887 Combined 30% & 70% PV Credit
Credit per Bedroom 5,661 $588,749
Comprised of
$99,317 and $489,43230% PV Credit 70% PV Credit
(Based on same relative percentages as VIII-A12)
E. Attorney’s 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 by VHDA todetermine, as required by the IRC, the amount of credits which may be allocated for the development. However, VHDA at all times retains theright to substitute such information and assumptions as are determined by VHDA to be reasonable for the information and assumptionsprovided herein as to costs (including development fees, profits, etc.), sources for funding, expected equity, etc. Accordingly, if thedevelopment 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 within the Excelspreadsheet to eliminate the error message. To use the “Goal Seek” function firstplace the curser box on cell V28. Using the mouse arrow, point and click on“Tools” on the top line and then click on the “Goal Seek” option. A box willappear with the V28 cell shown in the top space, place the cursor in the middlebox and type in the new amount that you want the equity gap to be which shouldbe the reservation amount below, then place the cursor in the bottom space and atthe bottom of the page click on page 22. Then place the cursor on cell N15(Deferred Developer Fee) and click on “OK”. A message should then appear that
a solution has been found and if the amount is correct click “OK”. If the amountsare now equal the error message will disappear.
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Low-Income Housing Tax Credit Application For Reservation
F. Statement of Owner
The undersigned hereby acknowledges the following:
1. that, to the best of its knowledge and belief, all factual information provided herein or in connectionherewith is true and correct, and all estimates are reasonable.
2. that it will at all times indemnify and hold harmless VHDA and its assigns against all losses, costs,damages, VHDA's expenses, and liabilities of any nature directly or indirectly resulting from, arising out of,or relating to VHDA's acceptance, consideration, approval, or disapproval of this reservation request andthe issuance or nonissuance of an allocation of credits, grants and/or loan funds in connection herewith.
3. that points will be assigned only for representations made herein for which satisfactory documentation issubmitted herewith and that no revised representations may be made in connection with this applicationonce the deadline for applications has passed.
4. that this application form, provided by VHDA to applicants for tax credits, including all sections hereinrelative to basis, credit calculations, and determination of the amount of the credit necessary to make the
development financially feasible, is provided only for the convenience of VHDA in reviewing reservationrequests; that completion hereof in no way guarantees eligibility for the credits or ensures that the amountof credits applied for has been computed in accordance with IRC requirements; and that any notationsherein describing IRC requirements are offered only as general guides and not as legal authority.
5. that the undersigned is responsible for ensuring that the proposed development will be comprised of qualified low-income buildings and that it will in all respects satisfy all applicable requirements of federaltax law and any other requirements imposed upon it by VHDA prior to allocation, should one be issued.
6. that, for the purposes of reviewing this application, VHDA is entitled to rely upon representations of theundersigned as to the inclusion of costs in eligible basis and as to all of the figures and calculations relativeto the determination of qualified basis for the development as a whole and/or each building therein
individually as well as the amounts and types of credit applicable thereof, but that the issuance of areservation based on such representation in no way warrants their correctness or compliance with IRCrequirements.
7. that VHDA may request or require changes in the information submitted herewith, may substitute its ownfigures which it deems reasonable for any or all figures provided herein by the undersigned and may reservecredits, if any, in an amount significantly different from the amount requested.
8. that reservations of credits are not transferable without prior written approval by VHDA at its solediscretion.
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MANDATORY ITEMS: Scorea. Signed, completed application Y Y or N 0b. Duplicate copy of application Y Y or N 0c. Partnership agreement Y Y or N 0d. SCC Certification Y Y or N 0e. Previous participation form Y Y or N 0f. Site control document Y Y or N 0g. Architect's Certification Y Y or N 0h. Attorney's opinion Y Y or N 0i. Nonprofit questionnaire (if NP) N/ A Y, N, N/ A 0
0.001. READINESS:
a. Plan of development N 0 or 40 0.00b. Zoning approval Y 0 or 40 40.00
Total: 40.00
2. HOUSING NEEDS CHARACTERISTICS:a. VHDA notification letter to CEO Y 0 or -50 0.00b. Local CEO letter (Y,NC,N) Y 0 or 25 or 50 50.00c. Location in a revitalization area Y 0 or 30 30.00d. Location in a Qualified Census Tract and revitalization area N 0 or 5 0.00e. Sec 8 or PHA waiting list preference Y 0 or 10 10.00f. Subsidized funding commitments 0.00% Up to 40 0.00g. Existing RD, HUD Section 8 or 236 program Y 0 or 20 20.00h. Tax abatement or new project based rental subsidy (HUD or RD) Y 0 or 10 10.00
i. Census tract with < 10% poverty rate, no tax credit units N 0 or 25 0.00j. Development listed on the Rural Development Rehab Priority List N 0 or 15 0.00k. Dev. located in area with little or no increase in rent burdened population Up to -20 0.00l. Dev. located in area with increasing rent burdened population Up to 20 0.00
Total 120.00
3. DEVELOPMENT CHARACTERISTICS:a. Unit size (See calculations below) Up to 100 100.00b. Amenities (See calculations below) Up to 70 29.00c. Project subsidies/ HUD 504 accessibility for 5 or 10% of units Y 0 or 50 50.00
or d. HCV payment standard/ HUD 504 accessibility for 5 or 10% of units N 0 or 30 0.00or e. HUD 504 accessibility for 4% of units N 0 or 15 0.00
f. Proximity to public transportation Y10 0, 10 or 20 10.00g. Development will be Earthcraft or LEED certified 0,15,30,45 30.00h. VHDA Certified Property Management Agent Y 0 or 25 25.00i. Units constructed to meet VHDA's Universal Design standards 10% Up to 15 0.00
j. Developments with less than 100 units Up to 20 0.00Total 244.00
4. TENANT POPULATION CHARACTERISTICS:a. < = 20% of units having 1 or less bedrooms Y 0 or 15 0.00b. Percent of units with 3 or more bedrooms 0.00% Up to 15 0.00
Total 0.00
5. SPONSOR CHARACTERISTICS:a. Developer exper ience - 3 developments with 3 x units or 6 developments with 1 x units Y 0 or 50 50.00
or b. Developer experience - 1 development with 1 x units N 0 or 10 0.00c. Developer experience - uncorrected hazard N 0 or -50 0.00
d. Developer experience - noncompliance Enter Total Negative N 0 or -15 0.00e1. Developer experience - did not build as represented Points Here: 0 0 or -x 0.00e2. Developer experience - termination of credits by VHDA N 0 or -10 0.00
2011 LIHTC SELF SCORE SHEET:
Self Scoring Process
This worksheet is intended to provide you with an estimate of your application score based on the selection criteria described in theQAP. Most of the data used in the scoring process is automatically entered below as you fill in the application. Other items,denoted below in the green shaded cells, are items that are typically evaluated by VHDA’ s staff during the application review andfeasibility analysis. For purposes of self scoring, it will be necessary for you to make certain decisions and assumptions about your application and enter the appropriate responses in the green shaded cells of this score sheet. All but two require yes/ no responses,in which case enter Y or N as appropriate. Item 2b pertaining to the Local CEO Letter will require one of the following responses: Y– the letter indicates unconditional support; N – the letter indicates opposition to the project; NC – no comment from the locality, or any other response which is neither unconditional support nor opposition. Item 5e1 requires a numeric value to be entered. Pleaseremember that the score is only an estimate based on the selection criteria using the reservation application data and theresponses you’ ve entered on this score sheet. VHDA reserves the right to change application data and/ or score sheet responseswhere appropriate, which may change the final score.
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f. Management company rated unsatisfactory N 0 or -25 0.00Total 50.00
6. EFFICIENT USE OF RESOURCES:a. Credit per unit If # N/A or # REF! appears in the score column of these point Up to 180 64.66b. Cost per unit categories check spelling of Clerk's Office on pg 1. It must match Up to 75 14.37
Total exactly with the Jurisdiction names listed in the Application Manual. 79.03
7. BONUS POINTS: Locality AMI State AMIa. Units with rents at or below 40% of AMI $ 62,800 $ 53,300 10% Up to 10 10.00b. Units with rent and income at or below 50% of AMI 100% Up to 50 50.00
or c. Units with rents at or below 50% rented to tenants at or below 60% of AMI 100% Up to 25 0.00or d. Units in Low Income Jurisdictions with rents < = 50% rented to tenants with < = 60% of AMI 100% Up to 50 0.00e. Extended compliance 35 Years 40 or 50 50.00
or f. Nonprofit or LHA purchase option N 0 or 60 0.00or g. Nonprofit or LHA Home Ownership option N 0 or 5 0.00
Total 110.00
500 Point Threshold - 9% Credits TOTAL SCORE: 643.03475 Point Threshold - Tax Exempt Bond Credits
Unit Size Calculations:E-AS LVG E-EFF E-1 BDRM E-2 BDRM
High Sq.Ft. / BDRM 0 0 565 750
Low Sq.Ft. / BDRM 0 0 500 700Project Sq.Ft. / BDRM 0 0 735 1,084
Percentage of Units 0.00% 0.00% 96.00% 4.00%
Points per Bedroom 0.00 0.00 96.00 4.00
F-EFF-G F-1 BDRM-G F-2 BDRM-G F-3 BDRM-G
High Sq.Ft. / BDRM 0 0 0 0
Low Sq.Ft. / BDRM 0 0 0 0
Project Sq.Ft. / BDRM 0 0 0 0Percentage of Units 0.00% 0.00% 0.00% 0.00%
Points per Bedroom 0.00 0.00 0.00 0.00
F-4 BDRM-G F-2 BDRM-TH F-3 BDRM-TH F-4 BDRM-THHigh Sq.Ft. / BDRM 0 0 0 0
Low Sq.Ft. / BDRM 0 0 0 0
Project Sq.Ft. / BDRM 0 0 0 0
Percentage of Units 0.00% 0.00% 0.00% 0.00%Points per Bedroom 0.00 0.00 0.00 0.00
1 ST ELD-EFF 1 ST ELD-1 BDRM 1 ST ELD-2 BDRM If you do not receive a numeric pHigh Sq.Ft. / BDRM 0 0 0 in the unit size calculations, pleas
Low Sq.Ft. / BDRM 0 0 0 check the values entered on page
Project Sq.Ft. / BDRM 0 0 0 These must be whole number nu
Percentage of Units 0.00% 0.00% 0.00% values only. Also check page 7, itPoints per Bedroom 0.00 0.00 0.00 the number of units must be eithe
adapt or rehab only. CombinatioTotal Unit Size Points: 100.00 not calculate correctly.
Amenities:All units have:
a. 1.5 or 2 Bathrooms 0.00% 0.00b. Community Room 5.00c. Brick Walls 0.00% 0.00d. Kitchen/ Laundry Appl-Energy Star 5.00e. Windows-Energy Star 5.00
f. Heat/ AC-SEER-AFUE 10.00g. Sub-metered water expense 0.00h. Low flow faucets & showerheads 3.00i. High speed cable, DSL, wireless internet 1.00j. Water heaters meet EPA Energy Star requirements 0.00k. Geothermal Heat Pump - EPA Energy Star requirements 0.00l. Solar Electric System - EPA Energy Star requirements 0.00
Total 29.00All elderly units have:
a. Front-control ranges 0.00b. Emergency call system 0.00c. Independent/ suppl. heat source 0.00d. Two eye viewers 0.00
Total 0.00
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b. Historic structure 0.00
Total amenities: 29.00
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$ /SF = $ 124.42 Credits/ SF = $ 7.86 Const $ / unit = $ 30,920
TYPE OF PROJECT FAMILY = 11000; ELDERLY = 12000 12000 If an ERROR message appears here checkLOCATION BELT= 100; NVM= 110; NVNM= 200; RIC= 300; TID= 400; SMA= 500; SMA-C= 510; RUR= 600 500 spelling of Clerk's Office on pg 1. It must 5TYPE OF CONSTRUCTION = ; = ; , + = ; * , - , = 4 match exactly with the Jurisdiction name
*REHABS LOCATED IN BELTWAY ($ 15,000-$ 50,000) See Below listed in the Application Manual.ELDERLY
AS LVG EFF-E 1 BR-E 2 BR-E EFF-E-1 ST 1 BR-E-1 ST 2 BR-E-1 STAVG UNIT SIZE 0 0 735 1,084 0 0 0NUMBER OF UNITS 0 0 96 4 0 0 0
PARAMETER-(COSTS= > 35,000) 0 0 131,497 171,344 0 0 0
PARAMETER-(COSTS< 35,000) 0 0 43,922 63,146 0 0 0
PARAMETER-(COSTS= > 50,000) 0 0 131,497 171,344 0 0 0PARAMETER-(COSTS< 50,000) 0 0 43,922 63,146 0 0 0
COST PARAMETER 0 0 113,631 149,271 0 0 0PROJECT COST PER UNIT 0 0 91,402 134,909 0 0 0
PARAMETER-(CREDITS= > 35,000) 0 0 10,374 13,517 0 0 0PARAMETER-(CREDITS< 35,000) 0 0 3,952 5,149 0 0 0
PARAMETER-(CREDITS= > 50,000) 0 0 10,374 13,517 0 0 0PARAMETER-(CREDITS< 50,000) 0 0 3,952 5,149 0 0 0
CREDIT PARAMETER 0 0 9,064 11,810 0 0 0PROJECT CREDIT PER UNIT 0 0 5,777 8,528 0 0 0
COST PER UNIT POINTS 0.00 0.00 14.09 0.29 0.00 0.00 0.00CREDIT PER UNIT POINTS 0.00 0.00 62.65 2.00 0.00 0.00 0.00
FAMILYEFF-G 1 BR-G 2 BR-G 3 BR-G 4 BR-G 2 BR-TH 3 BR-TH 4 BR-TH
AVG UNIT SIZE 0 0 0 0 0 0 0 0NUMBER OF UNITS 0 0 0 0 0 0 0 0
PARAMETER-(COSTS= > 35,000) 0 0 0 0 0 0 0 0PARAMETER-(COSTS< 35,000) 0 0 0 0 0 0 0 0
PARAMETER-(COSTS= > 50,000) 0 0 0 0 0 0 0 0PARAMETER-(COSTS< 50,000) 0 0 0 0 0 0 0 0
COST PARAMETER 0 0 0 0 0 0 0 0PROJECT COST PER UNIT 0 0 0 0 0 0 0 0
PARAMETER-(CREDITS= > 35,000) 0 0 0 0 0 0 0 0PARAMETER-(CREDITS< 35,000) 0 0 0 0 0 0 0 0
PARAMETER-(CREDITS= > 50,000) 0 0 0 0 0 0 0 0PARAMETER-(CREDITS< 50,000) 0 0 0 0 0 0 0 0
CREDIT PARAMETER 0 0 0 0 0 0 0 0PROJECT CREDIT PER UNIT 0 0 0 0 0 0 0 0
COST PER UNIT POINTS 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00CREDIT PER UNIT POINTS 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
TOTAL COST PER UNIT POINTS 14.37
TOTAL CREDIT PER UNIT POINTS 64.66
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$ /SF = $ 124.42 Credits/ SF = $ 7.86 Const $ / unit = $ 30,920
TYPE OF PROJECT FAMILY = 11000; ELDERLY = 12000 12000 If an ERROR message appears here checkLOCATION BELT= 100; NVM= 110; NVNM= 200; RIC= 300; TID= 400; SMA= 500; SMA-C= 510; RUR= 600 500 spelling of Clerk's Office on pg 1. It must 5TYPE OF CONSTRUCTION = ; = ; , + = ; * , - , = 4 match exactly with the Jurisdiction name
*REHABS LOCATED IN BELTWAY ($ 10,000-$ 50,000) See Below listed in the Application Manual.ELDERLY
AS LVG EFF-E 1 BR-E 2 BR-E EFF-E-1 ST 1 BR-E-1 ST 2 BR-E-1 STAVG UNIT SIZE 0 0 735 1,084 0 0 0NUMBER OF UNITS 0 0 96 4 0 0 0
PARAMETER-(COSTS= > 35,000) 0 0 131,497 171,344 0 0 0
PARAMETER-(COSTS< 35,000) 0 0 43,922 63,146 0 0 0
PARAMETER-(COSTS= > 50,000) 0 0 131,497 171,344 0 0 0PARAMETER-(COSTS< 50,000) 0 0 43,922 63,146 0 0 0
COST PARAMETER 0 0 117,204 153,686 0 0 0PROJECT COST PER UNIT 0 0 91,402 134,909 0 0 0
PARAMETER-(CREDITS= > 35,000) 0 0 10,374 13,517 0 0 0PARAMETER-(CREDITS< 35,000) 0 0 3,952 5,149 0 0 0
PARAMETER-(CREDITS= > 50,000) 0 0 10,374 13,517 0 0 0PARAMETER-(CREDITS< 50,000) 0 0 3,952 5,149 0 0 0
CREDIT PARAMETER 0 0 9,326 12,151 0 0 0PROJECT CREDIT PER UNIT 0 0 5,777 8,528 0 0 0
COST PER UNIT POINTS 0.00 0.00 15.85 0.37 0.00 0.00 0.00CREDIT PER UNIT POINTS 0.00 0.00 65.75 2.15 0.00 0.00 0.00
FAMILYEFF-G 1 BR-G 2 BR-G 3 BR-G 4 BR-G 2 BR-TH 3 BR-TH 4 BR-TH
AVG UNIT SIZE 0 0 0 0 0 0 0 0NUMBER OF UNITS 0 0 0 0 0 0 0 0
PARAMETER-(COSTS= > 35,000) 0 0 0 0 0 0 0 0PARAMETER-(COSTS< 35,000) 0 0 0 0 0 0 0 0
PARAMETER-(COSTS= > 50,000) 0 0 0 0 0 0 0 0PARAMETER-(COSTS< 50,000) 0 0 0 0 0 0 0 0
COST PARAMETER 0 0 0 0 0 0 0 0PROJECT COST PER UNIT 0 0 0 0 0 0 0 0
PARAMETER-(CREDITS= > 35,000) 0 0 0 0 0 0 0 0PARAMETER-(CREDITS< 35,000) 0 0 0 0 0 0 0 0
PARAMETER-(CREDITS= > 50,000) 0 0 0 0 0 0 0 0PARAMETER-(CREDITS< 50,000) 0 0 0 0 0 0 0 0
CREDIT PARAMETER 0 0 0 0 0 0 0 0PROJECT CREDIT PER UNIT 0 0 0 0 0 0 0 0
COST PER UNIT POINTS 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00CREDIT PER UNIT POINTS 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
TOTAL COST PER UNIT POINTS 16.22
TOTAL CREDIT PER UNIT POINTS 67.90
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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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Qualified Ce nsus Trac t Ce rtific a tion
Develop ment Name: Clearview Mano rTrac king # : 2011-C-62
1. Gene ral Instruc tions• This Ce rtifica tion must b e include d with the Ap plic at ion (b y App lic at ion Dea dline,
3/ 12/ 11).
• The Ow ner/Deve lope r co mp lete s this Ce rtifica tion.
• Any c ha ng e in this form ma y result in a red uc tion of p oints und er the sc oring syste m. Ifyou ha ve a ny q uestions, plea se c a ll Jim C ha nd ler at VHDA (804) 343-5786.
2. Definition of Qua lified Census Trac t
Pursua nt to §42(d)(5)(C)(ii) of the IRC, a q ua lified c ensus trac t is, “ (I) Any c ensus trac t
whic h is d esigna ted b y the Sec reta ry of Housing a nd Urb a n Develop me nt a nd , forthe m ost rec ent yea r for whic h c ensus d ata are a vailab le o n household inc om e insuch tract, either in which 50% or more of the households have an income which isless tha n 60% of the a rea me d ia n g ross inco me (AMG I) for suc h yea r or which ha s ap ove rty rate of a t lea st 25%. If the Sec reta ry of Housing a nd Urb a n Deve lop me ntdetermines that sufficient data for any period are not available to apply this clauseon the b a sis of c ensus trac ts, suc h Sec ret a ry sha ll a p p ly this c lause fo r suc h p eriod onthe b a sis of e num era tion d istric ts. (II) The p ortion o f a me trop olitan sta tistica l a rea(MSA) which ma y be de signa ted shall not e xc ee d an a rea having 20% of thep op ulation o f suc h MSA. (III) Ea c h MSA sha ll be trea ted a s a sep a ra te a rea a nd a llnon-me trop olita n area s in a Sta te sha ll b e trea ted a s one a rea .”
3. Ce nsus Trac t #(s):
51161031100
To d ete rmine the d evelop me nt’ s c ensus trac t, go to http://map.sba.gov/hubzone/init.asp a ndp ut in the d eve lopm ent a dd ress or co unty. The c ensus tra c t numb er will be reve aleda fter p ressing the “ sea rc h” b utton. On a ra re oc c asion, whe n a d eve lopm ent sp ansmo re tha n one c ensus trac t, this we bsite m ay show incom plete information. IF thesub jec t d eve lop me nt is a c ross c ensus trac ts, p lea se list ea c h c ensus trac t b y numb erand provide supp orting d oc umentation.
Attac h a ma p showing c ensus trac t b ounda ries and the d evelopme nt’s loc ation!
4. Property Description
Atta c h a p rop erty desc rip tion, e.g. building a dd ress, leg al d esc ription, etc.
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DETERMINATION OF WHETHER AN ADDRESS IS IN A HUBZONE
1150 Vinyard Rd, Vinton VA, 24179 is located in Census Tract "51161031100" which IS NOT HUBZone qualified.
The map below shows the relationship of this address (marked with a star) to qualified HUBZone areas. Below the map, youmay find information on why the address was found not to be in a HUBZone Area.
BASIS OF HUBZONE DETERMINATION
U.S. Map Address-Town-CountySearch Help Text-Only
Version
User can also definedisplay area by employingthe dragging function of the mouse/cursor.Dragging can be used torecenter the map.
Is the address located in a Metropolitan Area? YES
Is the address located in a qualified or redesignated census tract? NOIs the address located in a BRAC Commission-closed former military base? NO
Is the address located in a Difficult Development Area? NO
Is the address located in an Indian Country area? NO
Or enter an ADDRESS, TOWN or COUNTY to Search
Page 1 of 2SBA HUBZone Locator
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Address (include either City & State or ZIP Code - omitaddress to zoom map to a city or ZIP code area)
Street Address:
City & State:
ZIP Code:
Search Reset
County
County:
State:
Search Rese t
Page 2 of 2SBA HUBZone Locator
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TAB A.2
(Revitalization Area Certification)
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TAB A.2
(Surveyor’s Certification of Proximity To Public Transportation)
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TAB A.2
(Location Map)
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© 2011 Google - Map data © 2011 Google -
A. Clearview Manor Apartments1150 Vinyard Road, Vinton, VA -
5690-342 540)(
Page 1 of 2Google Maps
2/26/2011http://maps.google.com/maps?hl=en&ie=UTF8&q=1150+Vinyard+Rd,+Vinton,+VA+241 ...
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2/26/2011http://maps.google.com/maps?hl=en&ie=UTF8&q=1150+Vinyard+Rd,+Vinton,+VA+241 ...
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TAB B
(Partnership or Operating Agreement)
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Jeffrey wr Bulloa,secmtary astate
AUTHEN TION: 8536789
Delaware PAGE I
The F irst State
I , JEFFREY W. BULLOCK, SECRETARY OF STATE OF THE STATE OF
DELAWARE, DO HEREBY CERTIFY THE ATTACHED IS A TRUE AND CORRECT
COPY OF THE CERTIFICATE O F LIMITED PARTNERSHIP OF "CLEARVIEW
MANOR PRESERVATION , L.P." , FILED IN THIS OFFICE ON THE SECOND
DAY OF FEBRUARY, A.D. 2011, AT 5:16 O'CLOCK P.M.
4935314 8100 , .? - 28 -..6 . . 4 , ` "
110110350 A t A w S ' z ' &
You may verify this certificate online - - -
at corp. delaware . g ov/authver . s h t m l
DATE: 02-02-11
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S t a t e o f D e l a w a r eS e c r e t a r y o f S t a t e
D i v i s i o n o f C o r p o r a t i o n sD e l i v e r e d 0 5 : 4 3 P M 0 2 / 0 2 / 2 0 11
F I L E D 0 5 : 1 6 P M 0 2 / 0 2 / 2 0 11RV 11 0 11 0 3 5 0 - 4 9 3 5 3 1 4 F I L E
CERTIFICATE OF LIMITED PARTNERSHIP
OF
CLEARVIEW M ANOR PRESERVA TION, L.P.
1. Name. The name of the Partnership is Clearview Manor Preservation,L.P.
2. Registered Office and Registered Agent. The registered office of thePartnership in the State of Delaware is located at Corporation Service Company, 2711Centerville Road, Suite 400, City of Wilmington, County of New Castle, Delaware198 08. The nam e of the registered agent of the Partnership for service of process at suchaddress is the Corporation Service Company.
3. Name and Address of the General Partner. The name and business
address of each G eneral Partner of the Partnership is as follows:
Clearview Manor Preservation GP, L L C60 Columbus Circle
New York, New York 10023
IN WITNESS WHEREOF, the undersigned have duly executed this Certificateas of this 2nd day of February, 2011.
Clearview Manor Preservation G P, L L C,a general partner
By: 1-14-J 04--""Name: Michael H. OrbisonTitle: Authorized Person
61094_V I
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2/26/ 2011
Clearview Manor Preservation, L.P.
Clearview Manor Preservation, L.P.
Clearview Manor Preservation GP, LLC.01% General Partner
Clearview Manor Preservation GP, LLC.01% General Partner 99.99% 99.99%
MRAP, LLC16% Member MRAP, LLC
16% Member Affordable Holdings, LLC
5% Member Affordable Holdings, LLC
5% Member RAP, LLC
69% Member RAP, LLC
69% Member
The Related Companies, LP100% Member
The Related Companies, LP100% Member
Stephen Ross86.5% Member Stephen Ross
86.5% Member Jeff Blau
8% Member Jeff Blau
8% Member Bruce Beal
4.5% Member Bruce Beal
4.5% Member
Mark E. Carbone100% Member
Mark E. Carbone100% Member
Matthew Finkle100% Member
Matthew Finkle100% Member
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TAB C
(VA SCC Certification)
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TAB D
(Principal’s Previous Participation Certification)
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TAB F
(Architect’s Certification)
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TAB G
(Relocation Assistance Guidelines)
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Clearview ManorTemporary Relocation Plan
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This plan has been prepared in order to inform current residents of the intendedrenovation of Clearview Manor and of measures planned by the owner of the property tominimize the impact of this renovation on residents. This plan is believed and intended tomeet all requirements of the Virginia Housing Development Authority (“Authority”) andshall be amended where necessary if found deficient by the Authority. The plan is
organized in the following five sections:1) Contact information for the owner/developer and management company;2) Scope of the renovation work;3) Temporary relocation assistance and services to be offered;4) Anticipated rents and rental policies after the renovation; and5) Other measures planned to minimize construction impact
1) Contact Information
Owner/DeveloperName Clearview Manor Preservation, L.P.Contact Person David PearsonAddress 60 Columbus Circle
New York, NY 10023Phone 212-801-3515
Management CompanyName F&W Management CorporationContact Person Melissa ParsonsAddress 1150 Vinyard Rd.
Vinton, VA 24179Phone 540-342-5690
2) Scope of the RenovationThe property will undergo a comprehensive renovation that will result in improvedcomfort, safety and convenience for all residents. Some of the more significant work tobe performed to exterior and common areas will include: replacement of existing roof;installation of new windows; elevator modernization; resurfacing of parking area;additional lighting throughout property; improved landscaping.
Individual apartments will also be significantly improved with such items as new kitchenand bathroom cabinetry and countertops, painting of unit interiors, installation of newlight fixtures and replacement of windows. Replacement of existing kitchen andbathroom cabinetry will require each resident to remove all of their belongings from theirkitchen and bathrooms prior to work beginning on their apartment. Furniture andbelongings from rooms other than the kitchen and bathroom need not be packed ormoved. Packed-up kitchen and bathroom items may be kept in unaffected rooms and
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closets for easy unpacking once work is completed. Renovations in most apartmentsshould take no more than four days to complete, with potential punch-list work to follow.Management staff will inform each resident well in advance of the date when theirapartment is to be renovated to allow ample time for packing up belongings.
Renovations of individual apartments are scheduled to begin in Early 2012. Work shallprogress a floor at a time, with all apartments completed on a floor within three to fourweeks. All apartments in all buildings are scheduled for completion by end of 2013.
3) Temporary Relocation Assistance and Services to be Offered
Clearview Manor will not be vacated during renovation since the apartments will belivable throughout the entirety of the construction. While specific apartments undergorenovation during the day, the community room will be open to those tenants.Construction will not proceed into the night.
Clearview Manor will also assist its residents in the packing of their kitchen andbathrooms by providing packing materials such as cardboard boxes, tape, wrappingpaper, etc.
Management staff will be available throughout this process to answer questions andprovide any assistance.
4) Anticipated Rents and Rental Policies After RenovationThe owner of Clearview Manor intends to maintain the affordability of the apartments byremaining in the section 8 program administered by the Virginia Housing DevelopmentAuthority. Upon renovation, rents are anticipated to remain the same, which areapproximately $665 for a one bedroom and $737 for a two bedroom apartment. However,the resident-paid portion of the rent will remain limited by the resident’s income pursuantto the section 8 program; thus, it is not anticipated that the resident-paid portion of therent will increase due to the renovation of the property. There are no anticipated changesto rental policies after renovation of the property has been completed.
5) Other Measures Planned to Minimize Construction ImpactTo minimize disturbance and any anxiety residents may feel, management will endeavorto keep all residents informed throughout the process. To address the needs of non-English speaking residents, literature will be made available to them in the appropriatelanguage and interpreters will be provided. All affected residents will receive copies of this renovation and relocation plan, current work will be highlighted in monthlynewsletters sent to all residents, and staff will be on site and available to assist residentswith questions or complaints as needed.
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Construction crews will be responsible for maintaining a clean, safe site as they performtheir work. Construction work, particularly that which is loud or disturbing, will bescheduled between 8AM-5PM and ample notice will be provided to all residents prior todoing any work that requires access to their unit or otherwise affects them.
We will work to ensure that the renovation of the property causes as little inconvenienceto each resident as possible and are confident that each resident will be very happy withthe new Clearview Manor.
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TAB H
(PHA/Section 8 Notification Letter)
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TAB I
(Local CEO Letter)
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TAB K
(Site Control Documentation-Documentation of Most Recent Real Estate
Tax Assessment – Acq. Rehab. Only)
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County of Roanoke,Virginia
Parcel Id: 061.17-02-07.00-0000 Card Number: 001 of 001Property Address: 1150 VINYARD RD Unit# Jurisdiction: VINTON Magisterial District: VintonBuilding Name: CLEARVIEW MANOR Census Block: 511610311002003
Owner Name: CLEARVIEW MANOR
Billing Address: C/O VHDA HOUSING MGT DIV223123 Deeded Acre (AC) or Lot (LT): 4.69 AC Calculated Acreage: 4.75626283
601 SOUTH BELVEDERE ST RICHMOND VA 23220 In Land Use: NLegal Description: LAKE DRIVE SUBDNeighborhood: J014 Use Model: HOMES / AGEDAppraiser: J Year Built (Est): 1978 Style: 2.5 OR MORE Utilities: Billing Type Class:Click here for contact information
2011 Land Value: 5148002011 Building Value: 36811002011 Total Market Value: 4195900
Flood Certificate:
Zoning: GB
Zoning Conditions:
Transfers Instrument References
Year/Month Sales Price Type Number
00 PLAT 108000479
0 DEED 010800477
0
0
0
Bed Rooms: Lower 0, Base 0, Upper 0, Total 0
Full Baths: Total 0
Half Baths: Total 0
Sub Area Description Sq. Ft. BASE 19216PRCH-ENC FIN 714UPPER STY-FI 56730
Foundation: SPECIAL FOOTING
Sub Floor: STRUCTURAL SLAB
Floor Cover #1: CARPET
Floor Cover #2:
Interior Wall #1: DRYWALL
Interior Wall #2:
Exterior Wall #1: CONCRETE BLOCK
Exterior Wall #2: STUCCO ON CONCRETE BLOCK
Commercial Structure Frame:
Fire Place Description:
Roof Structure: BAR JOIST
Roof Cover: RUBBER
Heat Fuel: ELECTRIC
Heat Type: AIR-NOT DUCTED
Air Condition Type: CENTRAL
# Apartment Units:
NOTICE: Every effort is made to produce and publish the most current and accurate information possible. No warranties, expressed or implied, are provided for the data herein, its use or itsinterpretation. In all instances the official county records shall be consulted for verification of data.
Page 1 of 1Roanoke County Real Estate Data
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TAB L
(Plan of Development Certification Letter)
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TAB N
(Copies of 8609’s To Certify Developer Experience)
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Home »Departments and Divisions »Real Estate Valuation »Tax Relief and Incentives
Reh abil i tation Tax Credits
Rehabilitation Tax Credits
Substantial relief from real estate taxes is available to property owners who rescue, repair and rehabilitate qualified older buildings.Subject to the following qualifications, real estate tax is deferred on the value of the improvements to the property.
Eligibility of residential real property:
Residential use shall include single-family dwellings, duplexes, multi-family dwelling units, & townhouses; and Structure be no less than fourty (40) years of age; andIf structure is assessed at less than $ 10,000, said structure can be demolished if not a registered Virginia Landmark or isdetermined by the Department of Historic Resources not to have contributory significance if in a registered historic district. If demolished, the replacement structure must be a single-family residence with an assessed value of at least 120% of themedian value of other dwelling units in the neighborhood; andAssessed value must be increased by at least forty (40) percent, be designed for residential use after completion of improvement, and be improved without increasing the number of living units; and Increasing the total square footage of structure will have no restrictions on size, as long the increases comply with Cityzoning ordiances.
Eligibility of commercial real property:
Be no less than twenty-five (25) years of age; and Be improved so as to increase the assessed value of the structure by no less than sixty (60) percent; and Be improved without increasing the total square footage of such structure by more than one hundred percent (100% ); and Be designed for and suitable for commercial or industrial use after completion of such improvement.
*Note: If an exemption is granted for commercial or industrial properties, no other exemption, including ones pertaining to enterprise zones, will be granted, even if the use of the property changes.
Application Requirements
The application form must be filed with Real Estate Valuation by the owner of the building prior to the commencement of any rehabilitation work.The application fee is $ 50.00. In those cases where new tax numbers are created, the fee is $ 50 for each new number created under this program.An "on site" inspection and appraisal must be conducted by an appraiser from the Office of Real Estate Valuation prior tothe commencement of any rehabilitation work and immediately following such work.No exemption shall be granted if access to the entire property is denied to the Office of Real Estate Valuation for either inspection or appraisal.All appropriate building permits must be obtained prior to the commencement of any work.
Effective Date/ Amount/ Duration of Exemption
The exemption for a qualifying structure commences on July 1 of the tax year following the completion date.The amount of the exemption shall be a fixed amount equal to the difference in the appraised value immediately beforecommencement of substantial rehabilitation and the appraised value immediately after completion of substantialrehabilitation, as determined by the Office of Real Estate valuation.Only one exemption per structure is applicable at any point in time.The exemption shall run with the real estate for a period of five consecutive years, except exemptions in the H-1 & H-2Historical Districts and the Conservation/Rehabilitation Districts shall run for a period of ten consecutive years, with anadditional 4 year period applying to those residential structures that will have at least a 50% net reduction in the number of dwelling units after the rehabilitation.If the residential structure has an assessed value, prior to rehabilitation, equal to or greater than $ 300,000, the exemption
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shall begin on July 1st of the tax year following completion of the rehabilitation, renovation, or replacement and shall onlyrun with the real estate for three years. This will apply regardless of its historic designation, its location, or the percent netreduction in number of dwelling units after rehabilitation.
Tax Exemption for Use of Certified Solar Energy Equipment
As a result of an amendment to Sections 32-103.5 through 32-103.17 of the code of the City of Roanoke, addition of new Division8, owners of real estate to which certified energy equipment, facilities, or devices are attached can apply for tax exemption asfollows:
Amount of the exemption will be determined by applying the tax rate to the value of the certified solar equipment, facilities,or devices and subtracting that amount from the total real estate property tax due on the real property to which suchequipment, facilities, or devices are attached, or if such equipment, facilities, or devices are taxable as machinery and tools,from the total machinery and tool tax due on such equipment, facilities, or devices, at the electon of the taxpayer.The exemption shall be effective for five years, and can apply to properties installing new solar equipment, facilities, ordevices as well as to properties with existing solar equipment, facilities, or devices.The exemption will be administered by the Department of Planning, Building, and Development, the Department of RealEstate Valuation, the Commissioner of the Revenue's Office, and the City Treasurer's Office.An application can be printed from here or may be picked up at the Real Estate Valuation's Office during normal businesshours
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Clearview ManorProposed Scope/Budget
February 28, 2011 Unit
Item Quantity Cost Sub-TotalApartment
Building InteriorBathroom
1 Tub Replacement 30 $1,200 $36,000Additional Tubs 15 $1,200 $18,000
2 New Medicin Cabinets 101 $200 $20,2003 New Lighting 101 $75 $7,575
Kitchens4 Cabinet Replacements 101 $2,400 $242,4005 Counters 101 $300 $30,3006 Refrigerators 101 $500 $50,500
GFI Outlets 303 $75 $22,7257 Ranges 15 $350 $5,250
Dishwashers 101 $350 $35,3508 Lighting Replacement 101 $75 $7,5759 Sinks 101 $75 $7,575
10 Faucets 101 $75 $7,57511 VCT Flooring 101 $250 $25,250
General Interior (BR/LR/DR12 Closet door replacment, remove sliders install hinged 303 $300 $90,900
13 Replace P-Tac Units with new mini splits 101 $6,500 $656,500ADA Units 10 $12,000 $120,000Replace Outlets 101 $200 $20,200Paint touch up/repairs 101 $750 $75,750Earthcraft 101 $1,000 $101,000
14 Replace Unit Lighting 202 $75 $15,150
Common Area15 Elevator Modernization 2 $150,000 $300,000
Replace Entrance Doors 12 $800 $9,600Replace Carpets 14 $850 $11,900
16 Hot Water Heater Replacement 1 $65,000 $65,00017 Community Room Furnishings & Fix tures Lump Sum $55,000 $55,00018 Office Upgrade (reconf igure, furnitu re) Lump Sum $40,000 $40,00019 Hallway Finishes 4 $45,000 $180,000
Site Improvement20 Landscape Upgrades Lump Sum $15,000 $15,00021 Repair walks, curbs, ramp Lump Sum $5,000 $5,00022 Asphalt Parking Lot Repairs and Seal coat/Stripe Lump Sum $20,000 $20,00023 Exterior Lighting Upgrades Lump Sum $15,000 $15,00024 Signage Lump Sum $25,000 $25,000
Building Envelope25 Roof Replacement Lump Sum $225,000 $225,000
Façade Lump Sum $75,000 $75,00026 Windows 250 $300 $75,000
101 $26,854.21 $2,712,275
Cost Breakdown per unit (101)Building Interiors $15,800 $1,595,775
Common Areas $6,550 $661,500Site Improvements $792 $80,000Building Envelope $3,713 $375,000
$26,854 $2,712,275
Prepared by MPA 3/ 8/2011 Page 1
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TAB R
(Documentation of Operating Budget)
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TAB S
(Documentation of Project Budget)
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Clearview ManorProposed Scope/Budget
February 28, 2011 Unit
Item Quantity Cost Sub-TotalApartment
Building InteriorBathroom
1 Tub Replacement 30 $1,200 $36,000Additional Tubs 15 $1,200 $18,000
2 New Medicin Cabinets 101 $200 $20,2003 New Lighting 101 $75 $7,575
Kitchens4 Cabinet Replacements 101 $2,400 $242,4005 Counters 101 $300 $30,3006 Refrigerators 101 $500 $50,500
GFI Outlets 303 $75 $22,7257 Ranges 15 $350 $5,250
Dishwashers 101 $350 $35,3508 Lighting Replacement 101 $75 $7,5759 Sinks 101 $75 $7,575
10 Faucets 101 $75 $7,57511 VCT Flooring 101 $250 $25,250
General Interior (BR/LR/DR12 Closet door replacment, remove sliders install hinged 303 $300 $90,900
13 Replace P-Tac Units with new mini splits 101 $6,500 $656,500ADA Units 10 $12,000 $120,000Replace Outlets 101 $200 $20,200Paint touch up/repairs 101 $750 $75,750Earthcraft 101 $1,000 $101,000
14 Replace Unit Lighting 202 $75 $15,150
Common Area15 Elevator Modernization 2 $150,000 $300,000
Replace Entrance Doors 12 $800 $9,600Replace Carpets 14 $850 $11,900
16 Hot Water Heater Replacement 1 $65,000 $65,00017 Community Room Furnishings & Fix tures Lump Sum $55,000 $55,00018 Office Upgrade (reconf igure, furnitu re) Lump Sum $40,000 $40,00019 Hallway Finishes 4 $45,000 $180,000
Site Improvement20 Landscape Upgrades Lump Sum $15,000 $15,00021 Repair walks, curbs, ramp Lump Sum $5,000 $5,00022 Asphalt Parking Lot Repairs and Seal coat/Stripe Lump Sum $20,000 $20,00023 Exterior Lighting Upgrades Lump Sum $15,000 $15,00024 Signage Lump Sum $25,000 $25,000
Building Envelope25 Roof Replacement Lump Sum $225,000 $225,000
Façade Lump Sum $75,000 $75,00026 Windows 250 $300 $75,000
101 $26,854.21 $2,712,275
Cost Breakdown per unit (101)Building Interiors $15,800 $1,595,775
Common Areas $6,550 $661,500Site Improvements $792 $80,000Building Envelope $3,713 $375,000
$26,854 $2,712,275
Prepared by MPA 3/ 8/2011 Page 1
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TAB W (Original Attorney’s Opinion)
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TAB Y(Marketing Plan for units meeting accessibility
requirements of HUD section 504)
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CLEARVIEW APARTMENTS
MARKETING PLAN FOR HANDICAPPED UNITS
To carry out the goals set forth under this Plan, it is necessary to attract qualifiedresidents from varied social and economic levels for these specially adaptedunits. Attraction of prospective residents will be accomplished by using a widevariety of advertising techniques, which may include broadcasting media,newspaper advertisements (Roanoke Times), brochures, signs, modelapartments, open houses, etc. All marketing attempts will include theappropriate Equal Housing logo, slogan, or statement. Any qualified individualwill have the opportunity to apply for an apartment. Applications will be acceptedand processed in a reasonable, prompt, and courteous manner, without regard torace, color, religion, national origin, sex, elderliness, familial status, or handicap.
Special marketing to a number of local agencies should help to attract thequalified applicants necessary for the handicapped-adapted units available after rehabilitation of the property.
Agencies to be contacted by personal visit, delivery of brochure and applicationsand/ or through mailing:
Director of National Accessible Apartment Clearinghouse201 N. Union Street, Suite 200Alexandria, VA 22314703-518-6141
Ellen Craddock
League of Older Americans206 9 th StreetRoanoke, VA 24016540-345-0452
Jennette LoweRoanoke County Department of Social ServicesP. O. Box 1127Salem, VA 24153540-387-6087
Director of ON OUR OWN of Roanoke Valley429 Elm AvenueRoanoke, VA 24013540-362-0061
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Gale BurrussBlue Ridge Community Services Board611 McDowell AvenueRoanoke, VA 24011540-342-6003
Family Services of Roanoke Valley360 Campbell AvenueRoanoke, VA 24016540-563-5316
Earl Reynolds, Director Total Action Against Poverty540 Campbell AvenueRoanoke, VA 24011540-345-6781
Director of Virginia Department of Veterans Services270 Franklin RoadRoanoke, VA 24011540-857-7102
Director of Salem Veterans Affairs Medical Center 1970 Roanoke BoulevardSalem, VA 24153540-982-2463
Director of Rescue Mission402 4 th StreetRoanoke, VA 24013540-343-7227
Director of Mental Health Services of the Roanoke Valley1345 Clarke AvenueRoanoke, VA 24016540-342-2915
Director of Council of Community Services502 Campbell AvenueRoanoke, VA 24016540-985-0131
Director of Blue Ridge Independent Living Center 1502 Williamson RoadRoanoke, VA 24012540-342-1231
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