Global Mission Village

8/7/2019 Global Mission Village

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2010 Federal Low Income Housing

Tax Credit Program

Application For Reservation

v1/8/2010

Virginia Housing Development Authority

601 South Belvidere Street

Richmond, Virginia 23220-6500

Deadline for Submission

9% Competitive Credits

Applications Must Be Received At VHDA No Later Than 2:00

PM Richmond, VA Time On March 12, 2010

Tax Exempt Bonds

Applications should be received at VHDA at least one month

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

days before the bonds are issued (if bonds are not issued by

VHDA)


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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 pl

Electronic Copy of the Market Study (MANDATORY-Application will be disqualified if study not sub

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 oTab C: Virginia State Corporation Commission Certification (MANDATORY)

Tab D: Principal's Previous Participation Certification and Resum (MANDATORY)Tab E: Nonprofit Questionnaire (MANDATORY for points or pool)

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

Tab F: Architect's Certification (MANDATORY)Tab H: PHA / Section 8 Notification Letter

Tab 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 Assistance

Tab 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 B

Documentation of site location in an urban development area as defined in 15.2-2223.1of theDocumentation of the development participating in a locally adopted affordable housing dwell

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

submission in the following order, and actually using tabs to mark them as shown, will facilitate review of your applic

all mandatory items must be included for the application to be processed. The inclusion of other items may increase th

which you are eligible under VHDA's point system of ranking applications, and may assist VHDA in its determinationamount of credits that it may reserve for the development.


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Low-Income Housing Tax Credit Application For Reservation

VHDA TRACKING NUM

I. General Information

All code "Section" references are to, and the term "IRC" shall be deemed to mean, M

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

A. Development Name and Location:

1. Name of Development Global Mission Village

2. Address of Development 3899 Fair Ridge Drive(Street)

Fairfax VA

(City) (State)

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

location on site your surveyor deems appropriate.

Documentation from surveyor attached (TAB A) (Only necessary if street address or street inters

(Coordinates should be the same as those listed4. The Circuit Court Clerk's office in which the deed to the property is or will be recorded:

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

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

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

6. Census Tract the development is located in: 4826

Is this a Qualified Census Tract: Yes No (If yes, attach required

7. Is the development located in a Difficult Development Area? No

8. Is the development located in a revitalization area? Yes No (If yes, attach required

9. Is the development an existing RD or HUD S8/236 development? Yes No (If yes, attach required

Note to #9: If there is an identity of interest between the applicant and the seller in this proposal, and the applicant is seeki

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

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

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

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

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

prior to the application submission deadline. Yes n/a

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

rate


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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) $1,221

2. Credits requested from:

9% Credits

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

described in Part II-D hereof may select this)

Local Housing Authorities Richmond MSA Pool

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

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

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

Tax Exempt Bonds

new construction, or

rehabilitation, or

acquisition and rehabilitation.

Federal Subsidies

The development will not receive federal subsidies.

This development will receive federal subsidies for:

all buildings or

some buildings.

D. Type(s) of Allocation/Allocation Year

1. Regular Allocation

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

in service this year. For those buildings the owner will, this year, request an

allocation of 2010 credits for new construction, or

rehabilitation, or

acquisition and rehabilitation.

2. Carryforward Allocation

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

in service within two years after the end of this calendar year, 2010, but the

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

months following allocation of credits. For those buildings, the owner requests

kona

new construction, or

rehabilitation, or

i iti d h bilit ti ( if i d b ildi thi d


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E. Acquisition Credit Information

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

so indicate and go on to Part F: No Acquisition

Ten-Year Rule For Acquisition Credits

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

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

Subsection (II)

Subsection (III)

Subsection (IV)Subsection (V)

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

Different circumstances for different buildings: Attach a separate sheet and explain for each bui

F. Rehabilitation Credit Information

NOTE: If no credits are being requested for rehabilitation expenditures, so indicate and go

on to Section II. No Rehabilitation

Minimum Expenditure Requirements

All buildings in the development satisfy the rehab costs per unit requirement of IRCSection 42(e)(3)(A)(ii).

All buildings in the development qualify for the IRC Section 42(e)(3)(B) exception to th10% 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 andexplain for each building.

G. Request For Exception

The proposed new construction development (including adaptive reuse and rehabilitation that cre

space) is subject to an assessment of up to minus 20 points for being located in a pool identified bwith little or no increase in rent burdened population. N/A - Does not apply to this propos

Applicant seeks an exception to this restriction in accordance with one of the following provision

Proposed development is specialized housing designed to meet special needs that cannot

utilizing existing residential structures. Documentation Attached (TAB U)


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II. OWNERSHIP INFORMATION

A. Owner Information:

Name Global Mission Village, LP

Contact Person First: Brian Middle: Last: Kim

Address 3930 Knowles Avenue, Ste 206

(Street)Kensington MD

(City) (State)

Federal I. D. No. To be applied for (If not available, obtain prior to AlloPhone 240-773-9186 Fax Email address bri

Type of entity: Limited Partnership Other

Individual(s) CorporationOwner's organizational documents (e.g. Partnership agreements & ownership structure chart) attach

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 % OGlobal Mission Village I, LLC 703-591-6400 General Partner ** Global Mission Village I, LLC is 100% owned by Light Global Mission Church, the pastor of which and a trustee of which is Segyu Chang.

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

** These should be the names of individuals who comprise the GP or managing members, not separate partnerships or corporations which may comprise those components.

Principals' Previous Participation Certification attached (Mandatory TAB D) & resum.

B. Seller Information:

Name Light Global Mission Church Contact Person Segyu ChangAddress 3901 Fair Ridge DriveFairfax, VA 22033 Phone

I th id tit f i t t b t th ll d / li t? Y

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

name of the owner. The ownership entity must be formed prior to submitting this application. Any transfer, direct or indirect, of partnership interests (exce

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

The Owner 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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C. Development Team Information:

Complete the following as applicable to your development team.

1. Tax Attorney: Cameron Cosby Related EntityFirm Name: Hunton & Williams LLPAddress: 951 East Byrd Street Richmond, VA 23219

Phone: 804-788-8604 Fax:

2. Tax Accountant: Russ Phillips Related EntityFirm Name: Reznick GroupAddress: 7700 Old Georgetown Road, Ste 400 Bethesda, MD 20814

Phone: 301-280-3578 Fax:

3. Consultant: Tina Kim Related EntityFirm Name: Commercial Development & Investment Role: DeveloAddress: 12001 Sugarland Valley Drive Herndon, VA 20170

Phone: 703-742-0080 Fax:

4. Management Entity (Contact): Bill Geoffrion Related Entity

Firm Name: Equity ManagementAddress: 14504 Greenville Drive, Suite 510 Laurel, MD 20708

Phone: 301-953-2366 Fax:

5. Contractor (Contact): John Kim Related EntityFirm Name: Harkins BuildersAddress: 2201 Warkwick Way Marriottsville, MD 21104

Phone: 410-480-4277 Fax:

6. Architect: Logan Schutz Related EntityFirm Name: Grimm & Parker ArchitectsAddress: 11720 Beltsville Drive, Suite 600 Calverton, MD 20705

Phone: 301-595-1000 Fax:

7. Real Estate Attorney: David Kochanski Related EntityFirm Name: Shulman, Rogers, Gandel, Pordy & Ecker, PAAddress: 12505 Park Potomac Avenue, 6th Floor Potomac, MD 20854

Phone: 301-230-5200 Fax:

8. Mortgage Banker: David Donahoe Related EntityFirm Name: VHDAAddress: 601 S. Belvidere Street Richmond, VA 23220

Phone: 840-343-5668 Fax:


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D. Nonprofit Involvement:

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

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

1. Must "materially participate" in the development and operation of the project throughout the compliance period,

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

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

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

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

as a for-profit entity.

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

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

1. Nonprofit Involvement (All Applicants

If there is no nonprofit involvement in this development, please indicate by checking her

and go on to part III

2. Mandatory Questionnaire

If there is nonprofit involvement, you must complete the Non-Profit Questionnair

Questionnaire attached (Mandatory TAB E)

3. Type of involvement

Nonprofit 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 Owner

the 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:

Applications For 9% Credits - Must be completed in order to compete in the nonprofit tax credit pool.

All Applicants - Must be completed for points for nonprofit involvement under the ranking system.


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III. DEVELOPMENT INFORMATION

A. Structure and Units:1. Total number ofall units in development 92

Total number ofrental units in development 92 bedroomsNumber of low-income rental units 92 bedroomsPercentage 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-family

Slab on Grade Basement

Crawl space Age of Structure: new

Elevator Number of stories: 4

3. Number of new units 92 bedrooms Number of adaptive reuse units 0 bedrooms

Number of rehab units 0 bedrooms

4. Total Floor Area For The Entire Development 90,264.00 (Sq. ft.)

5. n eate oor rea (Breezeways, Balconies, Storage) 1,804.00 (Sq. ft.)

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

7. Total Usable Residential Heated Area 88,460.00 (Sq. ft.)

8. Number of Buildings (containing rental units) 1

9. Commercial Area Intended Use: N/A

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 62,980.00

b. Percentage of Net Rentable Square Feet Deemed To Be New Rental Space 100.0

B Building Systems:


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C. Amenities:

1. Specify the average size per unit type: (Including pro rata share of heated common area)Assisted Lvg 0.00 SF 1Bdrm Eld 910.00 SF 3-Bdrm Gar

1-Sty-Eff-Eld 0.00 SF 2Bdrm Eld 1,160.00 SF 4-Bdrm Gar1-Sty 1BR-Eld 0.00 SF Eff-Gar 0.00 SF 2+Sty 2BR TH1-Sty 2BR-Eld 0.00 SF 1-Bdrm Gar 0.00 SF 2+Sty 3BR THEff-Eld 0.00 SF 2-Bdrm Gar 0.00 SF 2+Sty 4BR TH

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

88,460.00 Documentation attached (TAB F) Mandatory(Sq. ft.)

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

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

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

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

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

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

35% c. Percentage of exterior walls covered by brick (excluding triangular gable ends, d

d. All kitchen and laundry appliances meet the EPA's Energy Star qualified program

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 equ

SEER rating of 15.0 or more and a HSPF rating of 8.5 or more , or (ii) air conditwith a SEER rating of 15.0 or more, combined with gas furnaces with an AFUE rmore

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 showerhea

i. Provide necessary infrastructure in all units for high speed cable, DSL or wireles

j. All water heaters meet the EPA's Energy Star qualified program requirements.


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

a. All cooking ranges will have front controls

b. All units will have an emergency call system

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

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

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

or rehabilitation: (Optional Point items)

The structure is listed individually in the National Register of Historic Places or 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

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

For any non-elderly property in which the greater of 5 or 10% of the units will be subject to federal projec

subsidies or equivalent assistance in order to ensure occupancy by extremely low-income persons; and (ii

units or 10% of the units will conform to HUD regulations interpreting accessibility requirements of secti

Rehabilitation Act; and be actively marketed to people with special needs in accordance with a plan submApplication. (All of the units described in (ii) above must include roll-in showers and roll under sinks and

ranges, unless agree to by the Authority prior to the applicant's submission of its application).

For any non-elderly property in which the greater of 5 or 10% of the units (i) have rents within HUDs Ho

Voucher (HCV) payment standard; (ii) conform to HUD regulations interpreting accessibility requiremthe Rehabilitation Act; and (iii) are actively marketed to people with mobility impairments, including HC

accordance with a plan submitted as part the Application.

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

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

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

Universal Design - Units Meeting Universal Design Standards

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


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IV. TENANT INFORMATION

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

POINTS FOR THE BONUS POINT CATEGORY

Units Provided Per Household Type:

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

0 0.00% 40% Area Median 0 0.00% 40% Area M92 100.00% 50% Area Median 92 100.00% 50% Area M0 0.00% 60% Area Median 0 0.00% 60% Area M0 0.00% Non-LMI Units 0 0.00% Non-LMI U92 100.00% Total 92 100.00% 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 federaAmericans 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-in

3. If the development has existing tenants, VHDA policy requires that the impact of economic and/or phdisplacement on those tenants be minimized, in which Owners agree to abide by the Authority's RelocGuidelines for LIHTC properties.

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

YesNo

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

Organization which holds such waiting list: Fairfax County Redevelopment and HousingContact person (Name and Title) Russell Lee, Director of HCV Program

Phone Number 703 246 5280 Required documentation attached (TAB H)

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)

must be rent-restricted and occupied by persons whose incomes are 50% or less of the area median income adjusted for family siz

test) or (ii) at least 40% of the units must be rent-restricted and occupied by persons whose incomes are 60% or less of the area me

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

have more low-income units than required, you qualify for more credits. If you serve lower incomes than required, you receiv

ranking system.


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V. LOCAL NEEDS AND SUPPORT

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

notification of proposed Low income Housing Tax Credit developments.

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

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

Chief Executive Officer's Name Michael Frey

Chief Executive Officer's Title Sully District Supervisor

Street Address Sully District Government Center - 4900 Stonecroft Boulevard Phone 703-814-710

City Chantilly State VA Zip 20151

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

local CEO: Supervisor Frey

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

Chief Executive Officer's Name

Chief Executive Officer's Title

Street Address Phone

City State Zip

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

local CEO:

B. Project Schedule

ACTUAL OR NA

ACTIVITY ANTICIPATED P

DATE RESP

Site

Option/Contract N/A N/A

Site Acquisition N/A N/AZoning Approval 12/21/09 Clayton Tock,

Site Plan Approval 7/1/10 Clayton Tock,

Financing

A. Construction Loan

Loan Application 4/15/10 David Donaho

Conditional Commitment 6/15/10 David Donaho

Firm Commitment 7/15/10 David Donaho

B. Permanent Loan - First Lien

Loan Application 4/15/10 David Donaho

Conditional Commitment 6/15/10 David Donaho

Firm Commitment 7/15/10 David Donaho

C. Permanent Loan-Second Lien

Loan Application N/A N/A

Conditional Commitment N/A N/A

Firm Commitment N/A N/A

D. Other Loans & Grants

Type & Source, List

A li i 7/1/10 M ll N i


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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: 10/13/10 )

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 control

document 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 property

will be subject to occupancy restrictions) no later than 10/13/10

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

Note: Site control by the Owner identified herein is a mandatory precondition of review of this application. Documentary eviden

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 sub

occupancy restrictions must be included herewith. (9% Competitive Credits - An option or contract must extend beyon

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 tr

to the Owner are not sufficient. The Owner, as identified in Subpart II-A, must have site control at the time this Applica

submitted.

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

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


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C. Site Description

1. Exact area of site in acres 12.810

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

Yes No

Required documentation form attached (TAB L)

3. Is site properly zoned for the proposed development?

Yes No

Required documentation form attached (TAB M)

4. Will the proposal seek to qualify for points associated with proximity to public transportation?

Yes No

Required documentation form attached (TAB A)

D. Plans and Specifications

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

1. A location map with property clearly defined.

2. Sketch plan of the site showing overall dimensions of main building(s), major site elements(e.g., parking lots and location of existing utilities, and water, sewer, electric,

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

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

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

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

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

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

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

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


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VII. OPERATING BUDGET

A. Rental Assistance

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

Yes No2. If yes, indicate type of rental assistance:

Section 8 New Construction Substantial Rehabilitation

Section 8 Moderate Rehabilitation

Section 8 Certificates

Section 8 Project Based Assistance

RD 515 Rental Assistance

Section 8 Vouchers

State Assistance

Other:

3. Number of units receiving assistance: 0

Number of years in rental assistance contract: 0

Expiration date of contract:

Contract or other agreement attached (TAB Q)

B. Utilities

1. Monthly Utility Allowance Calculations

Utilities Type of Utility Utilities Enter Allowances

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

Heating Electric Owner X Tenant 0 24

Air Conditioning Electric Owner X Tenant 0 6

Cooking Electric Owner X Tenant 0 9

Lighting Electric Owner X Tenant 0 33

Hot Water Electric Owner X Tenant 0 19

Water X Owner Tenant 0 0

Sewer X Owner Tenant 0 0 Trash X Owner Tenant 0 0

Total utility allowance for costs paid by tenant $0 $91

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

Total Number of Tota

Tax Credit Units Rent

0

73

19

0

0

92

Plus Other Income Source (list): late and legal fees, cable income and pet fees

Equals Total Monthly Income:

Twelve Months

Equals Annual Gross Potential Income

Less Vacancy Allowance ( 7.0% )

Equals Annual Effective Gross Income (EGI) - Low Income Unit

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

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

Total Number of Tota

Market Units Rent

0

0

0

0

0

Total Number of Market Units 0

Plus Other Income Source (list):

Equals Total Monthly Income:

Twelve Months

Equals Annual Gross Potential Income

Less Vacancy Allowance ( 0.0% )

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

Documentation in Support of Operating Budget attached (TAB R)

List number of units by type: TOTAL UNITS

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

0 0 73 19 0

2 BD RM-GAR 3 BD RM-GAR 4 BD RM-GAR 2+Story 2 BR-TH 2+Story 3 BR-TH 2+Sto

0 0 0 0 0

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

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

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

0 0 73 19 0

2 BD RM-GAR 3 BD RM-GAR 4 BD RM-GAR 2+Story 2 BR-TH 2+Story 3 BR-TH 2+Sto

0 0 0 0 0

4 Bedroom Units

1 Bedroom Units

2 Bedroom Units

3 Bedroom Units

Efficiency Units

4 Bedroom Units

Unit Type

Unit Type

1 Bedroom Units

2 Bedroom Units

3 Bedroom Units

Total Number of Tax Credit Units

Efficiency Units


18/382

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 - 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 $ $


19/382

1 BR - 40% 0 0.00 -$ -$

1 BR - 40% 0 0.00 -$ -$

1 BR - 40% 0 0.00 -$ -$

1 BR - 40% 0 0.00 -$ -$

1 BR - 40% 0 0.00 -$ -$

1 BR - 40% 0 0.00 -$ -$

1 BR - 40% 0 0.00 -$ -$

1 BR - 40% 0 0.00 -$ -$

1 BR - 40% 0 0.00 -$ -$

1 BR - 40% 0 0.00 -$ -$

1 BR - 40% 0 0.00 -$ -$

1 BR - 40% 0 0.00 -$ -$

1 BR - 40% 0 0.00 -$ -$

1 BR - 40% 0 0.00 -$ -$

1 BR - 40% 0 0.00 -$ -$

1 BR - 50% 49 605.00 865$ 42,385$

1 BR - 50% 9 641.00 865$ 7,785$

1 BR - 50% 4 662.00 865$ 3,460$

1 BR - 50% 4 674.00 865$ 3,460$

1 BR - 50% 3 728.00 865$ 2,595$

1 BR - 50% 4 816.00 865$ 3,460$

1 BR - 50% 0 0.00 -$ -$

1 BR - 50% 0 0.00 -$ -$

1 BR - 50% 0 0.00 -$ -$

1 BR - 50% 0 0.00 -$ -$

1 BR - 50% 0 0.00 -$ -$

1 BR - 50% 0 0.00 -$ -$

1 BR - 50% 0 0.00 -$ -$1 BR - 50% 0 0.00 -$ -$

1 BR - 50% 0 0.00 -$ -$

1 BR - 60% 0 0.00 -$ -$

1 BR - 60% 0 0.00 -$ -$

1 BR - 60% 0 0.00 -$ -$

1 BR - 60% 0 0.00 -$ -$

1 BR - 60% 0 0.00 -$ -$

1 BR - 60% 0 0.00 -$ -$

1 BR - 60% 0 0.00 -$ -$

1 BR - 60% 0 0.00 -$ -$

1 BR - 60% 0 0.00 -$ -$

1 BR - 60% 0 0.00 -$ -$

1 BR - 60% 0 0.00 -$ -$

1 BR - 60% 0 0.00 -$ -$

1 BR - 60% 0 0.00 -$ -$

1 BR - 60% 0 0.00 -$ -$

1 BR - 60% 0 0.00 -$ -$

Total 1-BR Total Monthly 1-BR

Tax Credit Units: 73 46,206.00 Tax Credit Rent: 63,145$

1 BR - Market 0 0.00 -$ -$

1 BR - Market 0 0.00 -$ -$

1 BR - Market 0 0.00 -$ -$

1 BR - Market 0 0.00 -$ -$

1 BR - Market 0 0.00 -$ -$

1 BR - Market 0 0.00 -$ -$

1 BR M k t 0 0 00 $ $


20/382

2-Bedroom Units

Net Rentable Monthly Rent Total

Rent Targeting Number Units Square Feet Per Unit Monthly Rent

2 BR - 40% 0 0.00 -$ -$

2 BR - 40% 0 0.00 -$ -$

2 BR - 40% 0 0.00 -$ -$

2 BR - 40% 0 0.00 -$ -$

2 BR - 40% 0 0.00 -$ -$

2 BR - 40% 0 0.00 -$ -$

2 BR - 40% 0 0.00 -$ -$

2 BR - 40% 0 0.00 -$ -$

2 BR - 40% 0 0.00 -$ -$

2 BR - 40% 0 0.00 -$ -$

2 BR - 40% 0 0.00 -$ -$

2 BR - 40% 0 0.00 -$ -$

2 BR - 40% 0 0.00 -$ -$

2 BR - 40% 0 0.00 -$ -$

2 BR - 40% 0 0.00 -$ -$

2 BR - 50% 15 886.00 1,038$ 15,570$

2 BR - 50% 4 871.00 1,038$ 4,152$

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 -$ -$


Tax Credit Units: 19 16,774.00 Tax Credit Rent: 19,722$


21/382

2 BR - Market 0 0.00 -$ -$

2 BR - Market 0 0.00 -$ -$

Total 2-BR

Market Units: 0 0.00 Total Monthly

2-BR Market Rent: -$

Total 2-BR Units: 19 Total 2-BR Rent 19,722$

3-Bedroom Units



3 BR - 40% 0 0.00 -$ -$

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

3 BR - 40% 0 0.00 -$ -$

3 BR - 40% 0 0.00 -$ -$

3 BR - 40% 0 0.00 -$ -$

3 BR - 40% 0 0.00 -$ -$

3 BR - 40% 0 0.00 -$ -$

3 BR - 40% 0 0.00 -$ -$

3 BR - 40% 0 0.00 -$ -$

3 BR - 40% 0 0.00 -$ -$

3 BR - 40% 0 0.00 -$ -$

3 BR - 40% 0 0.00 -$ -$

3 BR - 40% 0 0.00 -$ -$

3 BR - 40% 0 0.00 -$ -$

3 BR - 50% 0 0.00 -$ -$

3 BR - 50% 0 0.00 -$ -$

3 BR - 50% 0 0.00 -$ -$

3 BR - 50% 0 0.00 -$ -$

3 BR - 50% 0 0.00 -$ -$

3 BR - 50% 0 0.00 -$ -$

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

3 BR - 50% 0 0.00 -$ -$

3 BR - 50% 0 0.00 -$ -$

3 BR - 50% 0 0.00 -$ -$

3 BR - 50% 0 0.00 -$ -$

3 BR - 50% 0 0.00 -$ -$

3 BR - 50% 0 0.00 -$ -$

3 BR - 50% 0 0.00 -$ -$

3 BR - 60% 0 0.00 -$ -$

3 BR - 60% 0 0.00 -$ -$

3 BR - 60% 0 0.00 -$ -$

3 BR - 60% 0 0.00 -$ -$

3 BR - 60% 0 0.00 -$ -$

3 BR - 60% 0 0.00 -$ -$

3 BR - 60% 0 0.00 -$ -$

3 BR - 60% 0 0.00 -$ -$


22/382

3 BR - Market 0 0.00 -$ -$

3 BR - Market 0 0.00 -$ -$

3 BR - Market 0 0.00 -$ -$

3 BR - Market 0 0.00 -$ -$

3 BR - Market 0 0.00 -$ -$

3 BR - Market 0 0.00 -$ -$

3 BR - Market 0 0.00 -$ -$

3 BR - Market 0 0.00 -$ -$3 BR - Market 0 0.00 -$ -$

3 BR - Market 0 0.00 -$ -$

3 BR - Market 0 0.00 -$ -$

Total 3-BR



Total 3-BR Units: 0 Total 3-BR Rent -$

4-Bedroom Units



4 BR - 40% 0 0.00 -$ -$

4 BR - 40% 0 0.00 -$ -$

4 BR - 40% 0 0.00 -$ -$

4 BR - 40% 0 0.00 -$ -$

4 BR - 40% 0 0.00 -$ -$

4 BR - 40% 0 0.00 -$ -$

4 BR - 40% 0 0.00 -$ -$

4 BR - 40% 0 0.00 -$ -$

4 BR - 40% 0 0.00 -$ -$

4 BR - 40% 0 0.00 -$ -$

4 BR - 40% 0 0.00 -$ -$

4 BR - 40% 0 0.00 -$ -$

4 BR - 40% 0 0.00 -$ -$

4 BR - 40% 0 0.00 -$ -$

4 BR - 40% 0 0.00 -$ -$

4 BR - 50% 0 0.00 -$ -$

4 BR - 50% 0 0.00 -$ -$

4 BR - 50% 0 0.00 -$ -$

4 BR - 50% 0 0.00 -$ -$

4 BR - 50% 0 0.00 -$ -$

4 BR - 50% 0 0.00 -$ -$

4 BR - 50% 0 0.00 -$ -$

4 BR - 50% 0 0.00 -$ -$

4 BR - 50% 0 0.00 -$ -$

4 BR - 50% 0 0.00 -$ -$

4 BR - 50% 0 0.00 -$ -$

4 BR - 50% 0 0.00 -$ -$

4 BR - 50% 0 0.00 -$ -$

4 BR - 50% 0 0.00 -$ -$

4 BR - 50% 0 0.00 -$ -$

4 BR - 60% 0 0.00 -$ -$


23/382


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

4 BR - Market 0 0.00 -$ -$

4 BR - Market 0 0.00 -$ -$

4 BR - Market 0 0.00 -$ -$

4 BR - Market 0 0.00 -$ -$

4 BR - Market 0 0.00 -$ -$

4 BR - Market 0 0.00 -$ -$

4 BR - Market 0 0.00 -$ -$

4 BR - Market 0 0.00 -$ -$

4 BR - Market 0 0.00 -$ -$

4 BR - Market 0 0.00 -$ -$

4 BR - Market 0 0.00 -$ -$

4 BR - Market 0 0.00 -$ -$

4 BR - Market 0 0.00 -$ -$

4 BR - Market 0 0.00 -$ -$

4 BR - Market 0 0.00 -$ -$

Total 4-BR



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

Total Units 92 Net Rentable SF: TC Units 62,980.00

MKT Units 0.00

Total NR SF: 62,980.00

100.0000%Floor Space Fraction


24/382


D. Operating Expenses

Administrative:

1. Advertising/Marketing

2. Office Salaries

3. Office Supplies

4. Office/Model Apartment (type______) 5. Management Fee

0.00% of EGI 0 Per Unit

6. Manager Salaries

7. Staff Unit (s) (type______)

8. Legal

9. Auditing

10. Bookkeeping/Accounting Fee

11. Telephone & Answering Servic

12. Tax Credit Monitoring Fee

13. Miscellaneous Administrativ

Total Administrative

Utilities

14. Fuel Oil

15. Electricity

16. Water

17. Gas

18. Sewer

Total Utility

Operating:

19. Janitor/Cleaning Payroll

20. Janitor/Cleaning Supplie

21. Janitor/Cleaning Contract

22. Exterminating

23. Trash Removal 24. Security Payroll/Contract

25. Grounds Payroll

26. Grounds Supplies

27. Grounds Contract

28. Maintenance/Repairs Payroll

29. Repairs/Material

30. Repairs Contract

31. Elevator Maintenance/Contract

32. Heating/Cooling Repairs & Maintenance

33. Pool Maintenance/Contract/Staff

34. Snow Removal

35. Decorating/Payroll/Contract 36. Decorating Supplies

37. Miscellaneous

Operating & Maintenance Totals

Taxes & Insurance

38. Real Estate Taxes

39. Payroll Taxes

40. Miscellaneous Taxes/Licenses/Permit

41. Property & Liability Insuranc

42. Fidelity Bond

43. Workman's Compensation

44. Health Insurance & Employee Benefit

45. Other Insurance

Total Taxes & Insurance

6544

Total Operating Expense

D1. Total Oper. Ex. Per Unit $5,028 D2. Total Oper. Ex. As % EGI (from E3) 48.00%

R l t R (T t l # U it X $300 $250 N C t Eld l Mi i )


25/382


E. Cash Flow (First Year)

1. Annual EGI Low-Income Units from (C1)

2. Annual EGI Market Units (from C2) +3. Total Effective Gross Income =

4. Total Expenses (from D)

5. Net Operating Income =

6. Total Annual Debt Service (from Page 21 B2) -

7. Cash Flow Available for Distribution =

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

Stabilized

Year 1 Year 2 Year 3 Year 4

Eff. Gross Income 963,856 983,133 1,002,795 1,022,

Less Oper. Expenses 485,603 502,599 520,190 538,

Net Income 478,253 480,534 482,605 484,

Less Debt Service 414,315 414,315 414,315 414,

Cash Flow 63,938 66,219 68,290 70,

Debt Coverage Ratio 1.15 1.16 1.16 1


Eff. Gross Income 1,064,175 1,085,458 1,107,167 1,129,Less Oper. Expenses 576,744 596,930 617,823 639,

Net Income 487,431 488,528 489,345 489,

Less Debt Service 414,315 414,315 414,315 414,

Cash Flow 73,116 74,213 75,030 75,

Debt Coverage Ratio 1.18 1.18 1.18 1


Eff. Gross Income 1,174,935 1,198,433 1,222,402 1,246,

Less Oper. Expenses 684,991 708,966 733,779 759,

Net Income 489,944 489,468 488,623 487,

L D bt S i 414 315 414 315 414 315 414


26/382


27/382


Amount of Cost up to 100% Inclu

Eligible Basis--Use Applicable Co

"30% Present Value Credit"

Item (A) Cost (B) Acquisition (C) Rehab/

New Construction

2. Owner Costs Continued

F. Construction Loan 94,314 0 0

Origination Fee

G. Construction Interest 247,575 0 0

( 3.5% for 18 months)

H. Taxes During Construction 152,533 0 0

I. Insurance During Construction 26,500 0 0 J. Cost Certification Fee 45,000 0 0

K. Title and Recording 0 0 0

L. Legal Fees for Closing 205,000 0 0

M. Permanent Loan Fee 47,157 0 0

( 1.0% )

N. Other Permanent Loan Fees 0 0 0

O. Credit Enhancement 0 0 0

P. Mortgage Banker 0 0 0

Q. Environmental Study 22,250 0 0

R. Structural/Mechanical Study 150,000 0 0

S. Appraisal Fee 0 0 0

T. Market Study 10,000 0 0

U. Operating Reserve 495,688 0 0

V. Tax Credit Fee 86,241 0 0

W. OTHER $490,375 $0 $0

(SEE PAGE 19A)

X. Owner Cost

Subtotal (Sum 2A..2W) $3,236,483 $0 $0

Subtotal 1 + 2 $14,867,126 $0 $0

(Owner + Contractor Costs)

3. Developer's Fees 1,619,000 0 0

4. Owner's Acquisition Costs

Land 0

Existing Improvements 0 0

Subtotal 4: $0 $0

5. Total Development Costs

Subtotal 1+2+3+4: $16,486,126 $0 $0

L I H i T C dit A li ti F R ti


28/382


Amount of Cost up to 100% Inclu

Eligible Basis--Use Applicable Co

"30% Present Value Credit"

Item (A) Cost (B) Acquisition (C) Rehab/

New Construction

W. OTHER OWNER COSTS

Contingency Reserve 0 0 0

(Rehab or Adaptive Reuse only)

LIST ADDITIONAL ITEMS

Permit Expeditor 9,000 0 0

Utility Consultant 20,000 0 0

IT Consultant 25,000 0 0Utility Locator 5,000 0 0

FF&E 250,000 0 0

Soft Cost Contingency 101,375 0 0

Marketing and Lease-up 80,000 0 0

0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

0 0 0

0 0 0

Subtotal (Other Owner Costs) $490,375 $0 $0

Lo Income Ho sing Ta Credit Application For Reser ation


29/382


Amount of Cost up to 100% In

Eligible Basis--Use Applicable

"30 % Present Value Credit"

(C) Rehab/ New

Item (A) Cost (B) Acquisition Construction

5. Total Development Costs

Subtotal 1+2+3+4 16,486,126 0

6. Reductions in Eligible Basis

Subtract the following:

A. Amount of federal grant(s) used to finance 0

qualifying development costs

B. Amount of nonqualified, nonrecourse financing 0

C. Costs of nonqualifying units of higher quality 0

(or excess portion thereof)

D. Historic Tax Credit (residential portion) 0

7. Total Eligible Basis (5 minus 6 above) 0

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

(i) For Earthcraft or LEED Certification AND 60 Bonus Points

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

Total Adjusted Eligible basis

9. Applicable Fraction 100.0000% 100.0000

10. Total Qualified Basis (Same as Part IX-C) 0

(Eligible Basis x Applicable Fraction)

11. Applicable Percentage 0.00% 0.00

(For 2010 9% competitive credits, use the March 2010 applicable percentages for acq.)

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

12. Maximum Allowable Credit under IRC 42 $0 $

(Qualified Basis x Applicable Percentage)

(Same as Part IX-C and equal to or more than $1,370,97

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



30/382


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 Perso

1. Mortgage 04/15/10 06/15/10 $5,805,216 David Donahoe

2. $0

3. $0

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

2. Permanent Financing: List individually the sources of all permanent financing in order of lien position:

Interest Am

Date of Date of Amount of Annual Debt Rate of P

Source of Funds Application Commitment Funds Service Cost Loan IN

1. Mortgage 04/15/10 06/15/10 $4,715,708 $414,315 8.30%

2. $0 $0 0.00%

3. $0 $0 0.00%

4. $0 $0 0.00%

5. $0 $0 0.00%

6. $0 $0 0.00%

Totals: $4,715,708 $414,315

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 Perso

1. Penny Fund 07/01/10 10/01/10 $1,089,508 Molly Norris

2. $0

3. $0

4. $0

5. $0

6. $0

Total Permanent Grants: $1,089,508

C i l ( ) f i h d (TAB T)



31/382


4. Portion of Syndication Proceeds Attributable to Historic Tax Credit

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

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

6. Equity that Sponsor will Fund:

Cash Investment $1,000,000

Contributed Land/Building $0 Assessment Attached (TAB S)

Deferred Developer Fee $644,800

Other: Reserve Funding via Developer Fee $495,688

Equity Total

7. Total of All Sources (B2 + B3 + B4 + B5 + B6)

(not including syndication proceeds except for historic tax credits)

8. Total Development Cost

(From VIII-A5)

9. Less Total Sources of Funds (From B7 above)

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

proceeds (must equal IX-D3)

C. Syndication Information (If Applicable)

1. Actual or Anticipated Name of Syndicator Centerline Capital Group

2. Contact Person Eric M. Trucksess Phone 212-521-6392

3. Street Address 625 Madison Avenue

City New Yrok State New York

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

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

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

d. Net credit amount anticipated by user of credits

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

5. Net amount which will be used to pay for Total Development Cost (4a-4e)

as listed in Part VIII-A5 (same amount as Part IX-D3)

6. Amount of annual credit required for above amounts

(same amount as Part IX-D6)

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

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

8. Syndication: Public or Private

9. Investors: Individual or Corporate

W i ht d A C dit P i C l l ti



32/382


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 indirec

with Federal, State, or Local Government Funds? Yes No

If yes, then check the type and list the amount of money involved.

Below-Market Loans Market-Rate Loans

Tax Exempt Bonds $0 Taxable Bonds

RD 515 $0 Section 220

Section 221(d)(3) $0 Section 221(d)(3)

Section 312 $0 Section 221(d)(4)

Section 236 $0 Section 236

VHDA SPARC/REACH $0 Section 223(f)

HOME Funds $0 Other:

Other: $0

Other: $0

Grants Grants

CDBG $0 State

UDAG $0 Local $

Other:

This means grants to the partnership. If you received a loan financed by a locality which received one of the

listed grants, please list it in the appropriate loan column as "other" and describe the applicable grant program

which funded it.

2. Subsidized Funding: list all sources of funding for points. Documentation Attached (TAB T)

Source of Funds Commitment date Fu

1.

2.

3.

4.

5.

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)

Section 8 Rent Supplement or Rental Assistance Payment

Tax Abatement

Other



33/382

g pp

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 anearly 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 anearly 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. Such debt must be limited to the original mortgage(s) unless any refinanciis approved by the nonprofit. 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 whoincomes 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 agreem

IRC governing the use of the development for low-income housing for at least 30 years. However

in certain circumstances, such extended use period may be terminated early.


34/382



35/382

C. Building-by-Building Information Must Complete

Qualified basis must be determined on a building-by building basis. Complete the section below. Building street addres

allocation request).

30% Present Value 30% Pres

Credit for Acquisition Credit for C

TAX MARKETCREDIT RATE Actual or Actual or

UNITS UNITS Estimate Anticipated Estimate Anticipated

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

ing # Address Basis Date Percentage Amount Basis Date

17. $0 0.00% 0 $0

18. $0 0.00% 0 $0

19. $0 0.00% 0 $0

20. $0 0.00% 0 $0

21. $0 0.00% 0 $0

22. $0 0.00% 0 $0

23. $0 0.00% 0 $0

24. $0 0.00% 0 $0

25. $0 0.00% 0 $0

26. $0 0.00% 0 $0

27. $0 0.00% 0 $0

28. $0 0.00% 0 $0

29. $0 0.00% 0 $0

30. $0 0.00% 0 $0

31. $0 0.00% 0 $0

32. $0 0.00% 0 $0

$0 $0

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

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

NUMBER

OF

v12.31.09



36/382










33. $0 0.00% 0 $0

34. $0 0.00% 0 $0

35. $0 0.00% 0 $0

36. $0 0.00% 0 $0

37. $0 0.00% 0 $0

38. $0 0.00% 0 $0

39. $0 0.00% 0 $0

40. $0 0.00% 0 $0

41. $0 0.00% 0 $0

42. $0 0.00% 0 $0

43. $0 0.00% 0 $0

44. $0 0.00% 0 $0

45. $0 0.00% 0 $0

46. $0 0.00% 0 $0

47. $0 0.00% 0 $0

48. $0 0.00% 0 $0

$0 $0



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49. $0 0.00% 0 $0

50. $0 0.00% 0 $0

51. $0 0.00% 0 $0

52. $0 0.00% 0 $0

53. $0 0.00% 0 $0

54. $0 0.00% 0 $0

55. $0 0.00% 0 $0

56. $0 0.00% 0 $0

57. $0 0.00% 0 $0

58. $0 0.00% 0 $0

59. $0 0.00% 0 $0

60. $0 0.00% 0 $0

61. $0 0.00% 0 $0

62. $0 0.00% 0 $0

63. $0 0.00% 0 $0

64. $0 0.00% 0 $0

$0 $0



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65. $0 0.00% 0 $0

66. $0 0.00% 0 $0

67. $0 0.00% 0 $0

68. $0 0.00% 0 $0

69. $0 0.00% 0 $0

70. $0 0.00% 0 $0

71. $0 0.00% 0 $0

72. $0 0.00% 0 $0

73. $0 0.00% 0 $0

74. $0 0.00% 0 $0

75. $0 0.00% 0 $0

76. $0 0.00% 0 $0

77. $0 0.00% 0 $0

78. $0 0.00% 0 $0

79. $0 0.00% 0 $0

80. $0 0.00% 0 $0

$0 $0



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TAX MARKET

CREDIT RATE Actual or Actual or




81. $0 0.00% 0 $0

82. $0 0.00% 0 $0

83. $0 0.00% 0 $0

84. $0 0.00% 0 $0

85. $0 0.00% 0 $0

86. $0 0.00% 0 $0

87. $0 0.00% 0 $0

88. $0 0.00% 0 $0

89. $0 0.00% 0 $0

90. $0 0.00% 0 $0

91. $0 0.00% 0 $0

92. $0 0.00% 0 $0

93. $0 0.00% 0 $0

94. $0 0.00% 0 $0

95. $0 0.00% 0 $0

96. $0 0.00% 0 $0

$0 $0



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D. Determination of Reservation Amount Needed

1. Total Development Costs (from VIII-A5, Column A page 20) $16,486,126

2. Less Total Sources of Funds (from VIII-B7 page 22) $7,945,704

3. Equals Equity Gap $8,540,422

4. Divided by Net Equity Factor (VIII-C7 page 22) 69.93%(Percent of 10-year credit expected to be raised as equity investment)

5. Equals Ten-Year Credit Amount Needed to Fund Gap $12,212,815

Divided by ten years 10

6. Equals Annual Tax Credit Required to Fund the Equity Gap $1,221,282

7. The Maximum Allowable Credit Amount $1,370,971

(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 13,275 Combined 30% & 70% PV Credit

Credit per Bedroom #DIV/0! $1,221,282

Comprised of

$0 and30% PV Credit

(Based on same relative percentages as VIII-A

E. Attorneys Opinion

Attached in Mandatory TAB W)

The following calculation of the amount of credits needed is substantially the same as the calculation which will

determine, as required by the IRC, the amount of credits which may be allocated for the development. However, VHD

right to substitute such information and assumptions as are determined by VHDA to be reasonable for the informprovided herein as to costs (including development fees, profits, etc.), sources for funding, expected equity, e

development is selected by VHDA for a reservation of credits, the amount of such reservation may differ significant

compute below.

Goal Seek Function

If you incur the error message that your reser

to the equity gap amount you may use the goal seek

spreadsheet to eliminate the error message. To use the

place the curser box on cell V28. Using the mouse

Tools on the top line and then click on the Goal

appear with the V28 cell shown in the top space, plac

box and type in the new amount that you want the equ

be the reservation amount below, then place the cursor

the bottom of the page click on page 22. Then pla

(Deferred Developer Fee) and click on OK. A messa

l i h b f d d if h i



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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 o

or relating to VHDA's acceptance, consideration, approval, or disapproval of this reservation request and

the 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 is

submitted 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 herein

relative 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 reservation

requests; that completion hereof in no way guarantees eligibility for the credits or ensures that the amount

of credits applied for has been computed in accordance with IRC requirements; and that any notations

herein 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 federal

tax 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 the

undersigned as to the inclusion of costs in eligible basis and as to all of the figures and calculations relativ

to 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 a

reservation based on such representation in no way warrants their correctness or compliance with IRC

requirements.

7. that VHDA may request or require changes in the information submitted herewith, may substitute its own

figures which it deems reasonable for any or all figures provided herein by the undersigned and may reserv

credits, 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 sole

discretion.



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9.

10.

11.

12.

13.

In Witness Whereof, the undersigned, being authorized, has caused this document to be

name on this day of , 2010.

Legal Name of Owner:

By:

Its:

(Title)

that the requirements for applying for the credits and the terms of any reservation or a

are subject to change at any time by federal or state law, federal, state or VHDA reg

binding authority.

that reservations may be made subject to certain conditions to be satisfied prior to all

in all cases be contingent upon the receipt of a nonrefundable application fee

nonrefundable reservation fee equal to 7% of the annual credit amount reserved.

that a true, exact, and complete copy of this application, including all the supportinenclosed herewith, has been provided to the tax attorney who has provided the req

opinion accompanying this submission, and

that the applicant has provided a complete list of all residential real estate developme

general partner(s) has (have) or had a controlling ownership interest and, in the case

allocated credits under Section 42 of the IRC, complete information on the status of

Section 42 and an explanation of any noncompliance. The applicant hereby authorCredit Agencies of states in which these projects are located to share compliance info

Authority.

that the information in this application may be disseminated to others for purposes o

other purposes consistent with the Virginia Freedom of Information Act. However, all

be maintained, used or disseminated in accordance with the Government DataDissemination Practices Act. The applicant may refuse to supply the information req

such refusal will result in VHDA's inability to process the application. The origina

application may be retained by VHDA, even if tax credits are not allocated t


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2010 LIHTC SELF SCORE SHEET:


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MANDATORY ITEMS:

a. Signed, completed application Y Y or N

b. Duplicate copy of application Y Y or N c. Partnership agreement Y Y or N

d. SCC Certification Y Y or N

e. Previous participation form Y Y or N

f. Site control document Y Y or N

g. Architect's Certification Y Y or N

h. Attorney's opinion Y Y or N i. Nonprofit questionnaire (if NP) Y Y, N, N/A

1. READINESS:

a. Plan of development N 0 or 40

b. Zoning approval Y 0 or 40 Total:

2. HOUSING NEEDS CHARACTERISTICS:

a. VHDA notification letter to CEO Y 0 or -50

b. Local CEO letter (Y,NC,N) Y 0 or 25 or 50

c. Location in a revitalization area N 0 or 30

d. Location in a Qualified Census Tract N 0 or 5

e. Sec 8 or PHA waiting list preference Y 0 or 10

f. Subsidized funding commitments 0.00% Up to 40

g. Existing RD, HUD Section 8 or 236 program N 0 or 20

h. Tax abatement or new project based rental subsidy (HUD or RD) N 0 or 10

i. Census tract with


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b. Cost per unit categories check spelling of Clerk's Office on pg 1. It must match Up to 75

Total exactly with the Jurisdiction names listed in the Application Manual.

7. BONUS POINTS: Locality AMI State AMI

a. Units with rents at or below 40% of AMI $102,700 $53,100 0% Up to 10

b. Units with rent and income at or below 50% of AMI 100% Up to 50 or c. Units with rents at or below 50% rented to tenants at or below 60% of AMI 100% Up to 25

or d. Units in Low Income Jurisdictions with rents


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$/SF = $177.66 Credits/SF = $13.80 Const $/unit = $126,420

TYPE OF PROJECT FAMILY = 11000; ELDERLY = 12000 12000 If an ERROR message appea

LOCATION BELT=100; NVM=110; NVNM=200; RIC=300; TID=400; SMA=500; SMA-C=510; RUR=600 110 spelling of Clerk's Office on pTYPE OF CONSTRUCTION N C=1; ADPT=2;REHAB(35,000+)=3; REHAB(15,000-35,000)= 1 match exactly with the Jurisd

listed in the Application Manu

ELDERLYAS LVG EFF-E 1 BR-E 2 BR-E EFF-E-1 ST 1 BR-E-1 ST 2 BR

AVG UNIT SIZE 0 0 910 1,160 0 0

NUMBER OF UNITS 0 0 73 19 0 0

PARAMETER-(COSTS=>35,000) 0 0 212,231 276,544 0 0

PARAMETER-(COSTS35,000) 0 0 19,649 25,604 0 0

PARAMETER-(CREDITS35,000) 0 0 0 0 0 0

PARAMETER-(COSTS35,000) 0 0 0 0 0 0

PARAMETER-(CREDITS


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$/SF = $177.66 Credits/SF = $13.80 Const $/unit = $126,420

TYPE OF PROJECT FAMILY = 11000; ELDERLY = 12000 12000 If an ERROR message appea

LOCATION BELT=100; NVM=110; NVNM=200; RIC=300; TID=400; SMA=500; SMA-C=510; RUR=600 110 spelling of Clerk's Office on pTYPE OF CONSTRUCTION N C=1; ADPT=2;REHAB(35,000+)=3; REHAB(10,000-35,000)= 1 match exactly with the Jurisd

listed in the Application Manu

ELDERLYAS LVG EFF-E 1 BR-E 2 BR-E EFF-E-1 ST 1 BR-E-1 ST 2 BR

AVG UNIT SIZE 0 0 910 1,160 0 0

NUMBER OF UNITS 0 0 73 19 0 0

PARAMETER-(COSTS=>35,000) 0 0 206,456 269,019 0 0

PARAMETER-(COSTS35,000) 0 0 19,953 25,999 0 0

PARAMETER-(CREDITS35,000) 0 0 0 0 0 0

PARAMETER-(COSTS35,000) 0 0 0 0 0 0

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