Transcript
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INSTRUCTIONS FOR THE
VIRGINIA 2010 LIHTC APPLICATION FOR RESERVATION
This application was prepared using Excel, Microsoft Office 2003. Please note that using the active Excel
workbook does not eliminate the need to submit the required PDF of the signed hardcopy of the application andrelated documentation. A more detailed explanation of application submission requirements is provided
below and in the Application Manual.
An electronic copy of your completed application is a mandatory submission item.
Applications For 9% Competitive CreditsApplicants should submit an electronic copy of the application either on CD or by email, or both, prior to theapplication deadline, which is 2:00 PM Richmond Virginia time on March 12, 2010. Failure to submit an electronic
copy of the application by the deadline will cause the application to be disqualified.
Applications For Tax Exempt Bond Credits
Applicants should submit an electronic copy of the application either on CD or by email, or both, at the at the timeof application submission. Applications will not be processed until an electronic copy is received.
Disclaimer:VHDA assumes no responsibility for any problems incurred in using this spreadsheet or for the
accuracy of the calculations. Check your application for correctness and completeness 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 enough
text 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 are
designed 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 be
concerned 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 McFarland at (804) 343-5733 or Debbie Grinerat (804) 343-5518. Please note that we cannot release the copy protection password.
Staff email addresses:jim.chandler@vhda.com - dale.wittie@vhda.com
cara.wallo@vhda.com - jaynell.pittman-shaw@vhda.com - debbie.griner@vhda.com
NEW in 2010
Applicants should submit all application materials in electronic format only beginning in 2010
There should be 6 distinct files saved to 1 or more CDs and should include the following:
1. Application For Reservation the active Microsoft Excel workbook
2. 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 format
4. Plans - PDF or other readable electronic format
5. Specifications - PDF or other readable electronic format (may be combined into the same file as the plans if
necessary)
6. Unit-By-Unit work write up (rehab only) - PDF or other readable electronic format
Notes: -Do not submit any files on a flash drive.
-Do not submit any application materials via TaxCreditApps@VHDA.com or to any email address
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2010 Federal Low Income Housing
Tax Credit Program
Application For Reservation
Virginia Housing Development Authority
601 South Belvidere Street
Richmond, Virginia 23220-6500
Deadline for Submission
9% Competitive 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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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) (MANDATO
Electronic Copy of the Market Study (MANDATORY-Application will be disqualified if study not submitted with application)
Electronic Copy of the Plans (MANDATORY)
Electronic Copy of the Specifications (MANDATORY)
Electronic Copy of the Unit By Unit Work Writeup (MANDATORY if rehab)
$750 Application Fee (MANDATORY)
Tab A: Documentation of Development Location:
A.1 Qualified Census Tract CertificationA.2 Revitalization Area Certification
Location MapSurveyor's Certification of Proximity To Public Transportation
Tab B: Partnership or Operating Agreement, including chart of ownership structure with percentage of interests (MANDATOR
Tab C: Virginia State Corporation Commission Certification (MANDATORY)
Tab D: Principal's Previous Participation Certification and Resum (MANDATORY)
Tab E: Nonprofit Questionnaire (MANDATORY for points or pool)
The following documents need not be submitted unless requested by VHDA:-Nonprofit Articles of Incorporation -IRS Documentation of Nonprofit Status-Joint Venture Agreement (if applicable) -For-profit Consulting Agreement (if applicable)
Tab F: Architect's Certification (MANDATORY)
Tab 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 Population
Documentation of site location in an urban development area as defined in 15.2-2223.1of the Code of VirginiaDocumentation of the development participating in a locally adopted affordable housing dwelling unit program area as
described 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 the
submission in the following order, and actually using tabs to mark them as shown, will facilitate review of your application. Please note that all
mandatory items must be included for the application to be processed. The inclusion of other items may increase the number of points for which
you 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.
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Low-Income Housing Tax Credit Application For Reservation
VHDA TRACKING NUMBER 2010-C-15
I. General InformationAll code "Section" references are to, and the term "IRC" shall be deemed to mean, 3/10/2010
the Internal Revenue Code of 1986, as amended. (Date of Application)
A. Development Name and Location:
1. Name of Development London Oaks Apartments
2. Address of Development 2680 High Street
(Street)Portsmouth VA 23707
(City) (State) (Zip Code)
3. If complete address is not available, provide longitude and latitude coordinates (x,y) from
location on site your surveyor deems appropriate.
Documentation from surveyor attached (TAB A) (Only necessary if street address or street intersections are not available.
(Coordinates should be the same as those listed on pg 13, if applicable)
4. The Circuit Court Clerk's office in which the deed to the property is or will be recorded:
City/County of Portsmouth City (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: 2105
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
8. Is the development located in a revitalization area? Yes No (If yes, attach required form in TAB A)
9. Is the development an existing RD or HUD S8/236 development? Yes No (If yes, attach required form in TAB Q)
Note to #9: If there is an identity of interest between the applicant and the seller in this proposal, and the applicant is seeking points in
this category, then the applicant must either waive their rights to the developer's fee or other fees associated with acquisition and/or
rehabilitation, or obtain a waiver of this requirement from VHDA prior to application submission to receive these points.
a. Applicant agrees to waive all rights to any developer's fee or
other fees associated with acquisition and/or rehab. Yes n/a
b. Applicant has obtained a waiver of this requirement from VHDA
prior to the application submission deadline. Yes n/a
10. Is the development located in a census tract with a poverty
rate
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C. Reservation Request
1. Total annual credit amount request (Must be the same as Part IX-D8) $1,627,272
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 Geographi
Non-Competitive Pool (Preservation) Non-Competitive Pool (Disability)
Tax Exempt Bonds
new construction, or
rehabilitation, or
acquisition and rehabilitation.
Federal Subsidies
The development will not receive federal subsidies.
This development will receive federal subsidies for:
all buildings or
some buildings.
D. Type(s) of Allocation/Allocation Year
1. Regular Allocation
All of the buildings in the development are expected to be placed
in service this year. For those buildings the owner will, this year, request anallocation of 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 six
months following allocation of credits. For those buildings, the owner requestsa carryforward allocation of 2010 credits pursuant to Section 42(h)(1)(E) for:
new construction, or
rehabilitation, or
acquisition and rehabilitation (even if you acquired a building this year and
"placed it in service" for the purpose of the acquisition credit, you cannot receive
the 8609 form for it until the rehab 8609 is issued for that building once the rehab
work is "placed in service" in 2011 or 2012).
3. Federal Subsidies
The development will not receive federal subsidies.
This development will receive federal subsidies for:
all buildings or
some buildings.
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E. Acquisition Credit Information
NOTE: If no credits are being requested for existing buildings being acquired for the development,
so indicate and go on to Part F: No Acquisition
Ten-Year Rule For Acquisition Credits
All buildings satisfy the 10-year look-back rule of IRC Section 42 (d)(2)(B), including the10% basis/ 15,000.00 rehab costs ( 10,000 for Tax Exempt Bonds) per unit requirement.
All buildings qualify for an exception to the 10-year rule under IRC Section 42(d)(2)(D)(i),Subsection (I)
Subsection (II)
Subsection (III)
Subsection (IV)Subsection (V)
The 10-year rule in IRC Section 42 (d)(2)(B) for all buildings does not apply pursuant to IRC Section 42(d)(6).
Different circumstances for different buildings: Attach a separate sheet and explain for each building.
F. Rehabilitation Credit Information
NOTE: If no credits are being requested for rehabilitation expenditures, so indicate and go
on to Section II. No Rehabilitation
Minimum Expenditure Requirements
All buildings in the development satisfy the rehab costs per unit requirement of IRCSection 42(e)(3)(A)(ii).
All buildings in the development qualify for the IRC Section 42(e)(3)(B) exception to the10% basis requirement (4% credit only).
All buildings in the development qualify for the IRC Section 42(f)(5)(B)(ii)(II) exception.
Different circumstances for different buildings. Attach a separate sheet andexp a n or eac u ng.
G. Request For Exception
The proposed new construction development (including adaptive reuse and rehabilitation that creates additional rental
space) is subject to an assessment of up to minus 20 points for being located in a pool identified by the Authority as a p
with little or no increase in rent burdened population. N/A - Does not apply to this proposed development.
Applicant seeks an exception to this restriction in accordance with one of the following provisions under 13VAC10-180
Proposed development is specialized housing designed to meet special needs that cannot readily be addressed
utilizing existing residential structures. Documentation Attached (TAB U)
Proposed development is designed to serve as a replacement for housing being demolished through
redevelopment. Documentation Attached (TAB U)
Proposed development is housing that is an integral part of a neighborhood revitalization project sponsored by
a local housing authority. Documentation Attached (TAB U)
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Low-Income Housing Tax Credit Application For Reservation
II. OWNERSHIP INFORMATION
A. Owner Information:
Name London Oaks Preservation, L.P.
Contact Person First: Matthew Middle: K. Last: Finkle
Address 60 Columbus Circle(Street)
New York NY 10023(City) (State) (Zip Code)
Federal I. D. No. 26-1719203 (If not available, obtain prior to Allocation)Phone 212-801-1073 Fax 212-801-3731 Email address mfinkle@related.com
Type of entity: Limited Partnership Other
Individual(s) Corporation
Owner'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 A. Beal 212-421-5333 Member of GP 3.60%Mark E. Carbone 212-801-1068 Member of GP 16.00%Matthew K. 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 ofseparate partnerships or corporations which may comprise those components.
Principals' Previous Participation Certification attached (Mandatory TAB D) & resum.
B. Seller Information:
Name London Oaks LP Contact Person Charles NimmoAddress 3130 Chaparral 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 legal
name 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: 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: 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 10019
Phone: 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, VA 24018
Phone: 540-774-1641 Fax: 540-774-2488
5. Contractor (Contact): TBD Related Entity? Yes NoFirm Name:Address:
Phone: Fax:
6. Architect: Daniel J. deBettencourt Related Entity? Yes NoFirm Name: dBF Associates, ArchitectsAddress: 6821 Whittier Vae, Mclean, VA 22101
Phone: 703-356-2215 Fax: 703-356-4304
7. Real Estate Attorney: David Boccio Related Entity? Yes NoFirm Name: Michael, Levitt & Rubenstein, LLCAddress: 60 Columbus Circle, New York, NY 10023
Phone: 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 23185
Phone: 757-220-3147 Fax: 757-220-5764
9. Other (Contact): Michael Antonik Related Entity? Yes NoFirm Name: PresCon, LLC Role: Construction ManagerAddress: 60 Columbus Circle, New York, NY 10023
Phone: 212-801-1067 Fax: 212-801-3731
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D. Nonprofit Involvement:
Tax Credit Nonprofit Pool Applicants: To qualify for the nonprofit pool, an organization described in IRC Section 501
(c)(3) or 501 (c)(4) and exempt from taxation under IRC Section 501 (a), whose purposes include the fostering of low-income housing:
1. Must "materially participate" in the development and operation of the project throughout the compliance period,2. Must own all general partnership interests in the development .
3. Must not be affiliated with or controlled by a for-profit organization.
4. Must not have been formed for the principal purpose of competition in the nonprofit pool, and
5. Must not have any staff member, or member of the nonprofit's board of directors materially participate in the proposed project
as a for-profit entity.
pp cants: To qualify for points under the ranking system, the nonprofit's involvement need not 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 hereand 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 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: 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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III. DEVELOPMENT INFORMATION
A. Structure and Units:1. Total number ofall units in development 296
Total number ofrental units in development 296 bedrooms 678Number of low-income rental units 296 bedrooms 678Percentage of rental units designated low-income 100.00%
2. The development's structural features are (check all that apply):
Row House/Townhouse Detached Single-family
Garden Apartments Detached Two-family
Slab on Grade Basement
Crawl space Age of Structure: 33
Elevator Number of stories: 2
3. Number of new units 0 bedrooms 0
Number of adaptive reuse units 0 bedrooms 0Number of rehab units 296 bedrooms 678
4. Total Floor Area For The Entire Development 322,822.28 (Sq. ft.)
5. n eate oor rea (Breezeways, Balconies, Storage) 20,400.00 (Sq. ft.)
6. Nonresidential Commercial Floor Area 0.00 (Sq. ft.)(Not eligible for funding)
7. Total Usable Residential Heated Area 302,422.28 (Sq. ft.)
8. Number of Buildings (containing rental units) 43
9. Commercial Area Intended Use: NA
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 269,990.00
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: Playground, Leasing Office, Community Room, Laundry Room
Exterior Finish: Painted T1-11 siding
Heating/AC System: Heat: Forced Hot Air (Gas), A/C: Split System
Architectural Style: Traditional 2 story garden style apartments with pitched roof
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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 0.00 SF 3-Bdrm Gar 1,099.19 SF1-Sty-Eff-Eld 0.00 SF 2Bdrm Eld 0.00 SF 4-Bdrm Gar 0.00 SF1-Sty 1BR-Eld 0.00 SF Eff-Gar 0.00 SF 2+Sty 2BR TH 0.00 SF1-Sty 2BR-Eld 0.00 SF 1-Bdrm Gar 720.71 SF 2+Sty 3BR TH 1,349.38 SFEff-Eld 0.00 SF 2-Bdrm Gar 938.80 SF 2+Sty 4BR TH 1,493.20 SF
2. Total gross usable, heated square feet for the entire project less nonresidential commercial area:
302,422.28 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 provided
0% c. Percentage of exterior walls covered by brick (excluding triangular gable ends, doors and windows)
d. All kitchen and laundry appliances meet the EPA's Energy Star qualified program requirements
e. All windows meet the EPA's Energy Star qualified program requirements
f. Every unit in the development is heated and cooled with either (i) heat pump equipment with both a
SEER rating of 15.0 or more and a HSPF rating of 8.5 or more , or (ii) air conditioning equipmentwith a SEER rating of 15.0 or more, combined with gas furnaces with an AFUE rating of 90% ormore
g. Water expense is sub-metered (the tenant will pay monthly or bi-monthly bill)
h. Each bathroom consists only of low-flow faucets (2.2 gpm max.) and showerheads (2.5gpm max.)
i. Provide necessary infrastructure in all units for high speed cable, DSL or wireless internet sevice
j. All water heaters meet the EPA's Energy Star qualified program requirements.
k. Every unit in the development will be heated and cooled with a geothermal heat pump that meetsEPA Energy Star qualified program requirements.
l. The development will have a solar electric system that will remain unshaded year round, be oriented
to within 15 degrees of true south, and be angled horizontally within 15 degrees of latitude.
Expected Total Electrical Load (kilowatt hours per month): 0
Percent of Expected Load Offset By Solar Electric System: 0.00%
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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 project-based rentsubsidies or equivalent assistance in order to ensure occupancy by extremely low-income persons; and (ii) the greater of 5units or 10% of the units will conform to HUD regulations interpreting accessibility requirements of section 504 of theRehabilitation Act; and be actively marketed to people with special needs in accordance with a plan submitted as part of theApplication. (All of the units described in (ii) above must include roll-in showers and roll under sinks and front controls forranges, unless agree to by the Authority prior to the applicant's submission of its application).
For any non-elderly property in which the greater of 5 or 10% of the units (i) have rents within HUDs Housing ChoiceVoucher (HCV) payment standard; (ii) conform to HUD regulations interpreting accessibility requirements of section 504 ofthe Rehabilitation Act; and (iii) are actively marketed to people with mobility impairments, including HCV holders, inaccordance with a plan submitted as part the Application.
For any non-elderly property in which at least four percent (4%) of the units conform to HUD regulations interpretingaccessibility requirements of section 504 of the Rehabilitation Act and are actively marketed to people with mobilityimpairments 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 - LEED
If 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
b. Number of Rental Units constructed to meet VHDA's Universal Design standards:0 Units 0%
VHDA Certified Property Management AgentOwner agrees to use a VHDA Certified Property Management Agent to manage the property.
Yes No
Yes No N/A The market-rate units' amenities are substantially equivalent to those of thelow-income units. If no, explain differences:
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IV. TENANT INFORMATION
A. Set-Aside Election: UNITS SELECTED BELOW IN BOTH COLUMNS DETERMINE
POINTS FOR THE BONUS POINT CATEGORY
Units Provided Per Household Type:
# of Units % of Units # of Units % of Units
0 0.00% 40% Area Median 31 10.47% 40% Area Median296 100.00% 50% Area Median 265 89.53% 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
296 100.00% Total 296 100.00% 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 federalAmericans with Disabilities Act)
2. Specify the number of low-income units that will serve individuals and families with children byproviding three or more bedrooms: Number of units 35% 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.
4. If leasing preference will be given to applicants on public housing waiting list and/or Section 8waiting list, so indicate:
Yes
No
Locality has no such waiting list; If yes, provide the following information:
Organization which holds such waiting list: Portsmouth Redevelopment & Housing AuthorityContact person (Name and Title) Delores Adams, Director of Housing Management
Phone Number 757-399-5261 Required documentation attached (TAB H)
5. If leasing preference will be given to individuals and families with children.
(Less than or equal to 20% of the units must have 1 or less bedrooms).
Yes
No
Income Levels Rent Levels
104
Note: In order to qualify for any tax credits, a development must meet one of two minimum threshold occupancy tests. Either (i) at least 20% of the units
must be rent-restricted and occupied by persons whose incomes are 50% or less of the area median income adjusted for family size (this is called the 20/50
test) or (ii) at least 40% of the units must be rent-restricted and 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 rankin
system.
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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 locality
notification of proposed Low income Housing Tax Credit developments.
A. Provide the name and the address of the chief executive officer (City Manager, Town Manager, orCounty Administrator) of the political jurisdiction in which the development will be located:
Chief Executive Officer's Name Kenneth L. ChandlerChief Executive Officer's Title City Manager
Street Address 801 Crawford Street Phone 757-393-8641City Portsmouth State VA Zip 23704
Name and title of local official you have discussed this project with who could answer questions for thlocal CEO: Paul D. Holt, Deputy City Manager
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 OF
ACTIVITY ANTICIPATED PERSON
DATE RESPONSIBLE
Site
Option/Contract 9/11/2007 Mark Carbone
Site Acquisition 11/1/2010 Mark Carbone
Zoning Approval na
Site Plan Approval naFinancing
A. Construction Loan
Loan Application 7/15/2010 Matthew Finkle
Conditional Commitment 9/1/2010 Matthew Finkle
Firm Commitment 10/1/2010 Matthew Finkle
B. Permanent Loan - First Lien
Loan Application 7/15/2010 Matthew Finkle
Conditional Commitment 9/1/2010 Matthew Finkle
Firm Commitment 10/1/2010 Matthew Finkle
C. Permanent Loan-Second Lien
Loan Application 7/15/2010 Matthew Finkle
Conditional Commitment 9/1/2010 Matthew Finkle
Firm Commitment 10/1/2010 Matthew Finkle
D. Other Loans & Grants
Type & Source, ListApplication na
Award/Commitment na
Formation of Owner na
IRS Approval of Nonprofit Status 1/9/08
Closing and Transfer of Property to Owner 11/1/2010 Matthew Finkle
Plans and Specifications, Working Drawings 3/1/2010 Michael Antonik
Building Permit Issued by Local Government 10/1/2010 Michael Antonik
Start Construction 12/1/2010 Michael Antonik
Begin Lease-up in-place rehab
Complete Construction 8/1/2011 Michael Antonik
Complete Lease-Up in-place rehab
Credit Placed in Service Date 11/1/2011 Matthew Finkle
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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: 01/01/11 )
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 12/31/10
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.
C. Market Study Data:
Obtain the following information from the Market Study conducted in connection with this tax credit application and enter below:
Project Wide Capture Rate - LIHTC Units
Project Wide Capture Rate - Market Units
Project Wide Capture Rate - All Units
Project Wide Absorption Period (Months)
9.10%
na
9.10%
12
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 to
occupancy restrictions must be included herewith. (9% Competitive Credits - An option or contract must extend beyond the
application deadline by a minimum of four months.)
Warning: Site control by an entity other than the Owner, even if it is a closely related party, is not sufficient. Anticipated future transfers
to the Owner are not sufficient. The Owner, as identified in Subpart II-A, must have site control at the time this Application is
submitted.
NOTE: If the Owner receives a reservation of credits, the property must be titled in the name of or leased by (pursuant to a long-term
lease) the Owner before the allocation of credits is made this year.
Contact us before you submit this application if you have any questions about this requirement.
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Low-Income Housing Tax Credit Application For Reservation
C. Site Description
1. Exact area of site in acres 24.682
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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Low-Income Housing Tax Credit Application For Reservation
VII. OPERATING BUDGET
A. Rental Assistance
1. Do or will any low-income units receive rental assistance?
Yes No
2. If yes, indicate type of rental assistance:
Section 8 New Construction Substantial Rehabilitation
Section 8 Moderate RehabilitationSection 8 Certificates
Section 8 Project Based Assistance
RD 515 Rental Assistance
Section 8 Vouchers
State Assistance
Other:
3. Number of units receiving assistance: 296
Number of years in rental assistance contract: 40
Expiration date of contract: 09/06/17
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 Gas X Owner Tenant 0 0 0 0 0
Air Conditioning Electric Owner X Tenant 0 65 78 98 108
Cooking Electric Owner X Tenant 0 0 0 0 0
Lighting Electric Owner X Tenant 0 0 0 0 0
Hot Water Gas 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 $65 $78 $98 $108
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 Monthly
Tax Credit Units Rental Income
0 $0
48 $28,608
144 $98,352
74 $64,750
30 $29,250
296
Plus Other Income Source (list): Laundry, Vending, Tenant Charges $1,596
Equals Total Monthly Income: $222,556
Twelve Months x12
Equals Annual Gross Potential Income $2,670,672
Less Vacancy Allowance ( 7.0% ) $186,947
Equals Annual Effective Gross Income (EGI) - Low Income Unit $2,483,725
** Beginning at Row 75 enter the appropriate data for both tax credit and market rate units in the yellow shaded cells.
2. Indicate the estimated monthly income for the Market Rate Units: **
Total Number of Total Monthly
Market Units Rental Income
0 $0
0 $0
0 $00 $0
0 $0
Total Number of Market Units 0
Plus Other Income Source (list): $0
Equals Total Monthly Income: $0
Twelve Months x12
Equals Annual Gross Potential Income $0
Less Vacancy Allowance ( 0.0% ) $0
Equals Annual Effective Gross Income (EGI) - Market Rate Units $0
Documentation in Support of Operating Budget attached (TAB R)
List number of units by type: TOTAL UNITS
ASSISTED LVG EFF-ELD 1 BD RM-ELD 2 BD RM-ELD EFF-GAR 1 BD RM-GAR
0 0 0 0 0 48
2 BD RM-GAR 3 BD RM-GAR 4 BD RM-GAR 2+Story 2 BR-TH 2+Story 3 BR-TH 2+Story 4 BR-TH
144 48 0 0 26 30
1 STY-EFF-ELD 1 STY-1 BR-ELD 1 STY-2 BR-ELD Note: Please be sure to enter the number of units in the
0 0 0 appropriate unit category. If not, you will find an error on
the scoresheet at 5a, 6a & 6b.
List number of units by type: TAX CREDIT UNITS
ASSISTED LVG EFF-ELD 1 BD RM-ELD 2 BD RM-ELD EFF-GAR 1 BD RM-GAR
0 0 0 0 0 48
2 BD RM-GAR 3 BD RM-GAR 4 BD RM-GAR 2+Story 2 BR-TH 2+Story 3 BR-TH 2+Story 4 BR-TH
144 48 0 0 26 30
1 Story-EFF-ELD 1 Story-1 BR-ELD 1 Story-2 BR-ELD
0 0 0
Efficiency Units
Unit Type / Net Rentable Monthly Rent Total
Rent Targeting Number Units Square Feet Per Unit Monthly Rent
Efficiency - 40% 0 0.00 -$ -$
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 Units
2 Bedroom Units
3 Bedroom Units
Total Number of Tax Credit Units
Efficiency Units
4 Bedroom Units
1 Bedroom Units
2 Bedroom Units3 Bedroom Units
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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 Monthly
Eff. 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
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1 BR - 40% 0 0.00 -$ -$
1 BR - 40% 0 0.00 -$ -$
1 BR - 40% 0 0.00 -$ -$
1 BR - 40% 0 0.00 -$ -$
1 BR - 40% 0 0.00 -$ -$
1 BR - 40% 0 0.00 -$ -$
1 BR - 40% 0 0.00 -$ -$
1 BR - 40% 0 0.00 -$ -$
1 BR - 40% 0 0.00 -$ -$
1 BR - 40% 0 0.00 -$ -$
1 BR - 40% 0 0.00 -$ -$
1 BR - 40% 0 0.00 -$ -$1 BR - 40% 0 0.00 -$ -$
1 BR - 40% 0 0.00 -$ -$
1 BR - 50% 43 639.00 596$ 25,628$
1 BR - 50% 0 0.00 -$ -$
1 BR - 50% 0 0.00 -$ -$
1 BR - 50% 0 0.00 -$ -$
1 BR - 50% 0 0.00 -$ -$
1 BR - 50% 0 0.00 -$ -$
1 BR - 50% 0 0.00 -$ -$
1 BR - 50% 0 0.00 -$ -$
1 BR - 50% 0 0.00 -$ -$
1 BR - 50% 0 0.00 -$ -$
1 BR - 50% 0 0.00 -$ -$
1 BR - 50% 0 0.00 -$ -$1 BR - 50% 0 0.00 -$ -$
1 BR - 50% 0 0.00 -$ -$
1 BR - 50% 0 0.00 -$ -$
1 BR - 60% 0 0.00 -$ -$
1 BR - 60% 0 0.00 -$ -$
1 BR - 60% 0 0.00 -$ -$
1 BR - 60% 0 0.00 -$ -$
1 BR - 60% 0 0.00 -$ -$
1 BR - 60% 0 0.00 -$ -$
1 BR - 60% 0 0.00 -$ -$
1 BR - 60% 0 0.00 -$ -$
1 BR - 60% 0 0.00 -$ -$
1 BR - 60% 0 0.00 -$ -$
1 BR - 60% 0 0.00 -$ -$
1 BR - 60% 0 0.00 -$ -$
1 BR - 60% 0 0.00 -$ -$
1 BR - 60% 0 0.00 -$ -$
1 BR - 60% 0 0.00 -$ -$
Total 1-BR Total Monthly 1-BR
Tax Credit Units: 48 30,672.00 Tax Credit Rent: 28,608$
1 BR - Market 0 0.00 -$ -$
1 BR - Market 0 0.00 -$ -$
1 BR - Market 0 0.00 -$ -$
1 BR - Market 0 0.00 -$ -$
1 BR - Market 0 0.00 -$ -$
1 BR - Market 0 0.00 -$ -$
1 BR - Market 0 0.00 -$ -$
1 BR - Market 0 0.00 -$ -$
1 BR - Market 0 0.00 -$ -$
1 BR - Market 0 0.00 -$ -$
1 BR - Market 0 0.00 -$ -$
1 BR - Market 0 0.00 -$ -$
1 BR - Market 0 0.00 -$ -$
1 BR - Market 0 0.00 -$ -$
1 BR - Market 0 0.00 -$ -$
Total 1-BR
Market Units: 0 0.00 Total Monthly
1-BR Market Rent: -$
Total 1-BR Units: 48 Total 1-BR Rent 28,608$
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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% 15 837.00 683$ 10,245$
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% 129 837.00 683$ 88,107$
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: 144 120,528.00 Tax Credit Rent: 98,352$
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: 144 Total 2-BR Rent 98,352$
3-Bedroom Units
Net Rentable Monthly Rent Total
Rent Targeting Number Units Square Feet Per Unit Monthly Rent
3 BR - 40% 5 979.00 862$ 4,310$
3 BR - 40% 3 1,213.00 899$ 2,697$
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% 43 979.00 862$ 37,066$
3 BR - 50% 23 1,213.00 899$ 20,677$
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: 74 78,530.00 Tax Credit Rent: 64,750$
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: 74 Total 3-BR Rent 64,750$
4-Bedroom Units
Net Rentable Monthly Rent Total
Rent Targeting Number Units Square Feet Per Unit Monthly Rent
4 BR - 40% 3 1,342.00 975$ 2,925$
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% 27 1,342.00 975$ 26,325$
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: 30 40,260.00 Tax Credit Rent: 29,250$
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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: 30 Total 4-BR Rent 29,250$
Total Units 296 Net Rentable SF: TC Units 269,990.00
MKT Units 0.00
Total NR SF: 269,990.00
100.0000%Floor Space Fraction
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Low-Income Housing Tax Credit Application For Reservation
D. Operating Expenses
Administrative:
1. Advertising/Marketing $3,200
2. Office Salaries $49,960
3. Office Supplies $23,000
4. Office/Model Apartment (type______) $0
5. Management Fee $101,000
4.07% of EGI 341.2162162 Per Unit
6. Manager Salaries $43,368
7. Staff Unit (s) (type______) $9,6248. Legal $7,500
9. Auditing $12,000
10. Bookkeeping/Accounting Fees $0
11. Telephone & Answering Service $6,400
12. Tax Credit Monitoring Fee $8,880
13. Miscellaneous Administrative $3,000
Total Administrative $267,932
Utilities
14. Fuel Oil $0
15. Electricity $30,000
16. Water $130,000
17. Gas $100,000
18. Sewer $140,000
Total Utility $400,000
Operating:
19. Janitor/Cleaning Payroll $0
20. Janitor/Cleaning Supplies $4,125
21. Janitor/Cleaning Contract $1,15022. Exterminating $11,100
23. Trash Removal $46,350
24. Security Payroll/Contract $100,000
25. Grounds Payroll $19,000
26. Grounds Supplies $2,500
27. Grounds Contract $37,530
28. Maintenance/Repairs Payroll $136,000
29. Repairs/Material $47,050
30. Repairs Contract $13,500
31. Elevator Maintenance/Contract $0
32. Heating/Cooling Repairs & Maintenance $1,000
33. Pool Maintenance/Contract/Staff $0
34. Snow Removal $100
35. Decorating/Payroll/Contract $0
36. Decorating Supplie $4,000
37. Miscellaneous $5,000
Operating & Maintenance Totals $428,405
Taxes & Insurance
38. Real Estate Taxes $201,600
39. Payroll Taxes $65,000
40. Miscellaneous Taxes/Licenses/Permit $0
41. Property & Liability Insuranc $75,000
42. Fidelity Bond $0
43. Workman's Compensation $0
44. Health Insurance & Employee Benefit $0
45. Other Insurance $5,275
Total Taxes & Insurance $346,875
6544
Total Operating Expense $1,443,212
D1. Total Oper. Ex. Per Unit $4,876 D2. Total Oper. Ex. As % EGI (from E3) 58.11%
Replacement Reserves (Total # Units X $300 or $250 New Const. Elderly Minimum) $88,800
Total Expenses $1,532,012
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E. Cash Flow (First Year)
1. Annual EGI Low-Income Units from (C1) $2,483,725
2. Annual EGI Market Units (from C2) + $0
3. Total Effective Gross Income = $2,483,725
4. Total Expenses (from D) $1,532,012
5. Net Operating Income = $951,7136. Total Annual Debt Service (from Page 21 B2) - $829,052
7. Cash Flow Available for Distribution = $122,661
F. Projections for Financial Feasibility - 15 Year Projections of Cash Flow
Stabilized
Year 1 Year 2 Year 3 Year 4 Year 5
Eff. Gross Income 2,483,725 2,533,399 2,584,067 2,635,749 2,688,464
Less Oper. Expenses 1,532,012 1,577,972 1,625,312 1,674,071 1,724,293
Net Income 951,713 955,427 958,756 961,678 964,171
Less Debt Service 829,052 829,052 829,052 829,052 829,052
Cash Flow 122,661 126,375 129,704 132,626 135,119
Debt Coverage Ratio 1.15 1.15 1.16 1.16 1.16
Year 6 Year 7 Year 8 Year 9 Year 10
Eff. Gross Income 2,742,233 2,797,078 2,853,019 2,910,080 2,968,281
Less Oper. Expenses 1,776,022 1,829,302 1,884,182 1,940,707 1,998,928
Net Income 966,211 967,775 968,838 969,373 969,353Less Debt Service 829,052 829,052 829,052 829,052 829,052
Cash Flow 137,159 138,723 139,786 140,321 140,301
Debt Coverage Ratio 1.17 1.17 1.17 1.17 1.17
Year 11 Year 12 Year 13 Year 14 Year 15
Eff. Gross Income 3,027,647 3,088,200 3,149,964 3,212,963 3,277,222
Less Oper. Expenses 2,058,896 2,120,663 2,184,283 2,249,811 2,317,306
Net Income 968,751 967,537 965,681 963,152 959,917
Less Debt Service 829,052 829,052 829,052 829,052 829,052
Cash Flow 139,699 138,485 136,629 134,100 130,865
Debt Coverage Ratio 1.17 1.17 1.16 1.16 1.16
Estimated 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 in
Eligible 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 0
B. Site Work 0 0 0 0
C. Geothermal System 0 0 0 0
D. Unit Structures (New) 0 0 0 0
E. Unit Structures (Rehab) 7,650,000 0 0 7,650,000
F. Solar Electric System 0 0 0 0
G. Asbestos Removal 0 0 0 0
H. Demolition 0 0 0 0
I. Commercial Space Costs 0 0 0 0
J. Structured Parking Garage 0 0 0 0
K. Subtotal A: (Sum 1A..1J) 7,650,000 0 0 7,650,000
L. General Requirements 459,000 0 0 459,000
M. Builder's Overhead 153,000 0 0 153,000
( 2.0% Contract)N. Builder's Profit 459,000 0 0 459,000
( 6.0% Contract)
O. Bonding Fee 50,000 0 0 50,000
P. Other 0 0 0 0
Q. Contractor Cost
Subtotal (Sum 1K..1P) $8,771,000 $0 $0 $8,771,000
2. Owner Costs
A. Building Permit 25,000 0 0 25,000
B. Arch./Engin. Design Fee 100,000 0 0 100,000
( 338 /Unit)
C. Arch. Supervision Fee 75,000 0 0 75,000
( 253 /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, type
of credit and numerical calculations of this Part VIII.
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Amount of Cost up to 100% Includable in
Eligible Basis--Use Applicable Column(s):
"30% Present Value Credit" (D)
Item (A) Cost (B) Acquisition (C) Rehab/ "70 % Present
New Construction Value Credit"
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 151,200 0 0 37,800
I. Insurance During Construction 56,250 0 0 14,063
J. Cost Certification Fee 45,000 0 0 45,000
K. Title and Recording 66,000 26,400 0 31,680
L. Legal Fees for Closing 95,000 30,000 0 0
M. Permanent Loan Fee 71,850 0 0 0
( 0.0% )
N. Other Permanent Loan Fees 0 0 0 0
O. Credit Enhancement 0 0 0 0
P. Mortgage Banker 65,617 16,404 0 16,404
Q. Environmental Study 20,000 0 0 20,000R. Structural/Mechanical Study 15,000 0 0 15,000
S. Appraisal Fee 12,500 0 0 12,500
T. Market Study 5,000 0 0 5,000
U. Operating Reserve 1,183,200 0 0 0
V. Tax Credit Fee 115,000 0 0 0
W. OTHER $5,032,917 $0 $0 $899,417
(SEE PAGE 19A)
X. Owner Cost
Subtotal (Sum 2A..2W) $7,134,534 $72,804 $0 $1,296,864
Subtotal 1 + 2 $15,905,534 $72,804 $0 $10,067,864
(Owner + Contractor Costs)
3. Developer's Fees 2,348,043 694,280 0 1,653,762
4. Owner's Acquisition Costs
Land 1,200,000
Existing Improvements 6,870,000 6,870,000
Subtotal 4: $8,070,000 $6,870,000
5. Total Development Costs
Subtotal 1+2+3+4: $26,323,577 $7,637,084 $0 $11,721,626
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 in
Eligible Basis--Use Applicable Column(s):
"30% Present Value Credit" (D)
Item (A) Cost (B) Acquisition (C) Rehab/ "70 % Present
New Construction Value Credit"
W. OTHER OWNER COSTS
Contingency Reserve 849,417 0 0 849,417(Rehab or Adaptive Reuse only)
LIST ADDITIONAL ITEMS
Survey 15,000 0 0 15,000
Travel Expenses 7,500 0 0 0
Organizational/Filing Fees 2,000 0 0 0
Office Expesnes/Copies/Postage: 10,000 0 0 2,500
Tenant Relocation 25,000 0 0 25,000
Security/Mgmt expenses during Const. 15,000 0 0 7,500
PSA LOC 8,000 0 0 0
Replacement Reserves 88,800 0 0 0
VHDA Application Fee 750 0 0 0
VHDA Allocation Fee 81,450 0 0 0
Purchase of Reserves 3,930,000 0 0 0
0 0 0 00 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
Subtotal (Other Owner Costs) $5,032,917 $0 $0 $899,417
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Amount of Cost up to 100% Includable in
Eligible Basis--Use Applicable Column(s):
"30 % Present Value Credit"
(C) Rehab/ (D)
New "70 % Present
Item (A) Cost (B) Acquisition Construction Value Credit"
5. Total Development Costs
Subtotal 1+2+3+4 26,323,577 7,637,084 0 11,721,626
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) 7,637,084 0 11,721,626
8. Adjustment(s) to Eligible Basis (For non-acquisition costs in eligible basis)
(i) For Earthcraft or LEED Certification AND 60 Bonus Points ( Eligible For Increase) 0 0
(ii) For QCT or DDA (Eligible Basis x 30%) 0 3,516,488
Total Adjusted Eligible basis 0 15,238,114
9. Applicable Fraction 100.0000% 100.0000% 100.0000%
10. Total Qualified Basis (Same as Part IX-C) 7,637,084 0 15,238,114
(Eligible Basis x Applicable Fraction)
11. Applicable Percentage 3.35% 0.00% 9.00%
(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 $255,842 $0 $1,371,430
(Qualified Basis x Applicable Percentage)
(Same as Part IX-C and equal to or more than $1,627,273
credit amount requested) Combined 30% & 70% P. V. Credit
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B. Sources of Funds
1. Construction Financing: List individually the sources of construction financing, including any such
loans financed through grant sources:
Date of Date of Amount of
Source of Funds Application Commitment Funds Name of Contact Person
1. VHDA Taxable Mortgag 07/15/10 $2,880,000 John Hastings - VHDA
2. VHDA Assumed Mortga 07/15/10 $3,740,302 John Hastings - VHDA
3. VHDA SPARC 07/15/10 $950,000 John Hastings - VHDA
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. VHDA Taxable Mortgag 07/15/10 $2,880,000 $247,592 7.75% 30 30
2. VHDA Assumed Mortga 07/15/10 $3,740,302 $581,460 9.16% 40 40
3. VHDA SPARC 07/15/10 $950,000 $0 7.66% 24 30
4. Project Reserves $3,930,000 $0 0.00% 1000 0
5. $0 0.00% 1000 0
6. $0 $0 0.00% 1000 0
Totals: $11,500,302 $829,052
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 Credit
Amount of Federal historic credits $0 x Equity % $0.00 $0
Amount of Virginia historic credits $0 x Equity % $0.00 $0
6. Equity that Sponsor will Fund:
Cash Investment $0
Contributed Land/Building $0 Assessment Attached (TAB S)Deferred Developer Fee $2,165,631
Other: $0
Equity Total $2,165,631
7. Total of All Sources (B2 + B3 + B4 + B5 + B6) $13,665,933
(not including syndication proceeds except for historic tax credits)
8. Total Development Cost $26,323,577
(From VIII-A5)
9. Less Total Sources of Funds (From B7 above) $13,665,933
10. Equals equity gap to be funded with low-income tax credit
proceeds (must equal IX-D3) $12,657,644
C. Syndication Information (If Applicable)
1. Actual or Anticipated Name of Syndicator TBD
2. Contact Person Phone
3. Street Address
City State Zip
4. a. Total to be paid by anticipated users of credit (e.g., limited partners) $12,657,644
b. Equity Dollars Per Credit (e.g., $0.85 per dollar of credit) $0.78
c. Percent of ownership entity (e.g., 99% or 99.9%) 99.98%
d. Net credit amount anticipated by user of credits $1,626,947
e. Syndication costs not included in VIII-A5 (e.g., advisory fees) $0
5. Net amount which will be used to pay for Total Development Cost (4a-4e)as listed in Part VIII-A5 (same amount as Part IX-D3) $12,657,644
6. Amount of annual credit required for above amounts
(same amount as Part IX-D6) $1,627,272
7. Net Equity Factor [C5 / (C6 X 10)]
(same amount as Part IX-D4) Must be equal to or greater than 85% 77.78%
8. Syndication: Public or Private
9. Investors: Individual or Corporate
Weighted Average Credit Price Calculation
Exchange Component 40% $0.85 $0.34
Market Component 60% $0.73 $0.44
Weighted Average Credit Price: $0.78
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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 $2,880,000
RD 515 $0 Section 220 $0
Section 221(d)(3) $0 Section 221(d)(3) $0
Section 312 $0 Section 221(d)(4) $0
Section 236 $0 Section 236 $0
VHDA SPARC/REACH $950,000 Section 223(f) $0
HOME Funds $0 Other: Assumed Loan $3,740,302
Other: $0
Other: $0
Grants Grants
CDBG $0 State $0
UDAG $0 Local $0Other: $0
This means grants to the partnership. If you received a loan financed by a locality which received one of the
listed grants, please list it in the appropriate loan column as "other" and describe the applicable grant program
which funded it.
2. Subsidized Funding: list all sources of funding for points. Documentation Attached (TAB T)
Source of Funds Commitment date Funds
1. $0
2. $0
3. $0
4. $0
5. $0
3. Does any of your financing have any credit enhancement? Yes No
If yes, list which financing and describe the credit enhancement:
4. Other Subsidies Documentation Attached (TAB Q)
Section 8 Rent Supplement or Rental Assistance Payment
Tax Abatement
Other
5. Is HUD approval for transfer of physical asset required?
Yes No
E. For Transactions Using Tax-Exempt Bonds Seeking 4% Credits:
For purposes of the 50% Test, and based only on the data entered to this
application, the portion of the aggregate basis of buildings and land financed with
tax-exempt funds is: N/A
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IX. ADDITIONAL INFORMATION
A. Extended Use Restriction
This development will be subject to the standard extended use agreement which permits earlytermination (after the mandatory 15-year compliance period) of the extended use period.
This development will be subject to an extended use agreement in which the owner's right to anyearly termination of the extended use provision is waived for 25 additional years after the 15-year compliance period for a total of 40 years. Do not select if IX.B is checked below.
This development will be subject to an extended use agreement in which the owner's right to anyearly termination of the extended use provision is waived for 35 additional years after the 15-year compliance period for a total of 50 years. Do not select if IX.B is checked below.
B. Nonprofit/Local Housing Authority Purchase Option/Right of First Refusal
1. After the mandatory 15-year compliance period, a qualified nonprofit as identified in theattached nonprofit questionnaire, or local housing authority will have the option to purchaseor the right of first refusal to acquire the development for a price not to exceed the outstandingdebt and exit taxes. Such debt must be limited to the original mortgage(s) unless any refinancingis 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 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 the
IRC governing the use of the development for low-income housing for at least 30 years. However, the IRC provides
that, in certain circumstances, such extended use period may be terminated early.
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C. Building-by-Building Information Must Complete
Qualified basis must be determined on a building-by building basis. Complete the section below. Building street addresses are required by the IRS (must h
allocation request).
30% Present Value 30% Present Value
Credit for Acquisition Credit for Construction
TAX MARKET
CREDIT RATE Actual or Actual or
UNITS UNITS Estimate Anticipated Estimate Anticipated
Build Street Qualified In-Service Applicable Credit Qualified In-Service Applicable Credit
ing # Address Basis Date Percentage Amount Basis Date Percentage Amount
1. 4 2600-2606 High Street $137,246 3.35% 4,598 $0 0.00% 0
2. 4 2608-2614 High Street $137,246 3.35% 4,598 $0 0.00% 0
3. 6 2616-2626 High Street $227,763 3.35% 7,630 $0 0.00% 0
4. 6 2628-2638 High Street $205,869 3.35% 6,897 $0 0.00% 0
5. 4 2640-2646 High Street $151,842 3.35% 5,087 $0 0.00% 0
6. 4 2648-2654 High Street $151,842 3.35% 5,087 $0 0.00% 0
7. 4 2656-2662 High Street $151,842 3.35% 5,087 $0 0.00% 0
8. 4 2664-2670 High Street $151,842 3.35% 5,087 $0 0.00% 0
9. 4 2700-2706 High Street $137,246 3.35% 4,598 $0 0.00% 0
10. 4 2708-2714 High Street $151,842 3.35% 5,087 $0 0.00% 0
11. 4 2716-2722 High Street $137,246 3.35% 4,598 $0 0.00% 0
12. 4 2724-2730 High Street $151,842 3.35% 5,087 $0 0.00% 0
13. 4 2732-2738 High Street $137,246 3.35% 4,598 $0 0.00% 0
14. 8 1100A-1100H Virginia Avenue $167,004 3.35% 5,595 $0 0.00% 0
15. 8 1101A-1101H Virginia Avenue $167,004 3.35% 5,595 $0 0.00% 0
16. 8 1102A-1102H Virginia Avenue $167,004 3.35% 5,595 $0 0.00% 0
$2,531,929 $0
$84,820 $0 Qualified Basis Totals (must agree with VIII-A10)
Credit Amount Totals (must agree with VIII-A-12)
NUMBER
OF
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C. Building-by-Building Information Must Complete
Qualified basis must be determined on a building-by building basis. Complete the section below. Building street addresses are required by the IRS (must h
allocation request).
30% Present Value 30% Present Value
Credit for Acquisition Credit for Construction
TAX MARKET
CREDIT RATE Actual or Actual or
UNITS UNITS Estimate Anticipated Estimate Anticipated
Build Street Qualified In-Service Applicable Credit Qualified In-Service Applicable Credit
ing # Address Basis Date Percentage Amount Basis Date Percentage Amount
17. 8 1103A-1103H Mt. Vernon Avenue $167,004 3.35% 5,595 $0 0.00% 0
18. 8 1104A-1104H Mt. Vernon Avenue $167,004 3.35% 5,595 $0 0.00% 0
19. 8 1105A-1105H Mt. Vernon Avenue $167,004 3.35% 5,595 $0 0.00% 0
20. 8 1106A-1106H Virginia Avenue $167,004 3.35% 5,595 $0 0.00% 0
21. 8 1107A-1107H Mt Vernon Avenue $167,004 3.35% 5,595 $0 0.00% 0
22. 8 1108A-1108H Virginia Avenue $205,473 3.35% 6,883 $0 0.00% 0
23. 8 1109A-1109H Mt. Vernon Avenue $205,473 3.35% 6,883 $0 0.00% 0
24. 8 1110A-1110H Virginia Avenue $189,407 3.35% 6,345 $0 0.00% 0
25. 8 1111A-1111H Mt. Vernon Avenue $189,407 3.35% 6,345 $0 0.00% 0
26. 8 1112A-1112H Virginia Avenue $205,473 3.35% 6,883 $0 0.00% 0
27. 8 1113A-1113H Mt. Vernon Avenue $205,473 3.35% 6,883 $0 0.00% 0
28. 8 1114A-1114H Virginia Avenue $189,407 3.35% 6,345 $0 0.00% 0
29. 8 1115A-1115H Mt. Vernon Avenue $205,473 3.35% 6,883 $0 0.00% 0
30. 8 1116A-1116H Virginia Avenue $205,473 3.35% 6,883 $0 0.00% 0
31. 8 1117A-1117H Mt. Vernon Avenue $189,407 3.35% 6,345 $0 0.00% 0
32. 8 1118A-1118H Virginia Avenue $205,473 3.35% 6,883 $0 0.00% 0 $3,030,960 $0
$101,537 $0 Qualified Basis Totals (must agree with VIII-A10)
Credit Amount Totals (must agree with VIII-A-12)
NUMBER
OF
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C. Building-by-Building Information Must Complete
Qualified basis must be determined on a building-by building basis. Complete the section below. Building street addresses are required by the IRS (must h
allocation request).
30% Present Value 30% Present Value
Credit for Acquisition Credit for Construction
TAX MARKET
CREDIT RATE Actual or Actual or
UNITS UNITS Estimate Anticipated Estimate Anticipated
Build Street Qualified In-Service Applicable Credit Qualified In-Service Applicable Credit
ing # Address Basis Date Percentage Amount Basis Date Percentage Amount
33. 8 1119A-1119H Mt. Vernon Avenue $205,473 3.35% 6,883 $0 0.00% 0
34. 8 1120A-1120H Virginia Avenue $189,407 3.35% 6,345 $0 0.00% 0
35. 8 1121A-1121H Mt. Vernon Avenue $189,407 3.35% 6,345 $0 0.00% 0
36. 8 1122A-1122H Virginia Avenue $167,004 3.35% 5,595 $0 0.00% 0
37. 8 1124A-1124H Virginia Avenue $167,004 3.35% 5,595 $0 0.00% 0
38. 8 1126A-1126H Virginia Avenue $205,473 3.35% 6,883 $0 0.00% 0
39. 8 1128A-1128H Virginia Avenue $167,004 3.35% 5,595 $0 0.00% 0
40. 8 1130A-1130H Virginia Avenue $205,473 3.35% 6,883 $0 0.00% 0
41. 8 1132A-1132H Virginia Avenue $205,473 3.35% 6,883 $0 0.00% 0
42. 8 1134A-1134H Virginia Avenue $167,004 3.35% 5,595 $0 0.00% 0
43. 8 1136A-1136H Virginia Avenue $205,473 3.35% 6,883 $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 $2,074,196 $0
$69,486 $0 Qualified Basis Totals (must agree with VIII-A10)
Credit Amount Totals (must agree with VIII-A-12)
NUMBER
OF
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C. Building-by-Building Information Must Complete
Qualified basis must be determined on a building-by building basis. Complete the section below. Building street addresses are required by the IRS (must h
allocation request).
30% Present Value 30% Present Value
Credit for Acquisition Credit for Construction
TAX MARKET
CREDIT RATE Actual or Actual or
UNITS UNITS Estimate Anticipated Estimate Anticipated
Build Street Qualified In-Service Applicable Credit Qualified In-Service Applicable Credit
ing # Address Basis Date Percentage Amount Basis Date Percentage Amount
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)
NUMBER
OF
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Low-Income Housing Tax Credit Application For Reservation
C. Building-by-Building Information Must Complete
Qualified basis must be determined on a building-by building basis. Complete the section below. Building street addresses are required by the IRS (must h
allocation request).
30% Present Value 30% Present Value
Credit for Acquisition Credit for Construction
TAX MARKET
CREDIT RATE Actual or Actual or
UNITS UNITS Estimate Anticipated Estimate Anticipated
Build Street Qualified In-Service Applicable Credit Qualified In-Service Applicable Credit
ing # Address Basis Date Percentage Amount Basis Date Perc
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