28th St Seniors

8/7/2019 28th St Seniors

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INSTRUCTIONS FOR THEVIRGINIA 2011 LIHTC APPLICATION FOR RESERVATION

This application was prepared using Excel, Microsoft Office 2003. Please note that using the active Excelworkbook does not eliminate the need to submit the required PDF of the signed hardcopy of the application andrelated documentation. A more detailed explanation of application submission requirements is providedbelow and in the Application Manual.

An electronic copy of your co mpleted application is a mandatory submissio n item.

Applications For 9% Competitive CreditsApplicants should submit an electronic copy of the application package on a CD prior to theapplication deadline, which is 2:00 PM Richmond Virginia time on March 11, 2011 . Failure to submit an copy of the application by the deadline will cause the application to be disqualified.

Disclaimer:VHDA assumes no responsibility for any problems incurred in using this spreadsheet or for theaccuracy of the calculations. Check your application for correctness and completeness beforesubmitting the application to VHDA.

Entering Data:Enter numbers or text as appropriate in the blank spaces highlighted in yellow. All other cells are

protected and will not allow any changes. The format for cells has been set to accept text, currency,percentages, etc. as appropriate. Enter any number without commas or dollar signs. Enterpercentages beginning with a decimal point. There is no text wrap-around feature, so care must betaken to enter text so that it does not extend beyond the right margin of the page. Enter in only enoughtext to fill one line and then drop to the first yellow cell of the next line. Each page of the application is aseparate sheet in the spreadsheet. The spreadsheet contains numerous error checks which aredesigned to assist you in identifying potential mistakes in your application. Please note that these may

Please Note:Applicants should submit all application materials in electronic format only.There should be distinct files saved to 1 or more CDs (as needed) which should include the following:1. Application For Reservation the active Microsoft Excel workbook2. A PDF file which includes the following:

- Application For Reservation Signed version of hardcopy- All application attachments (i.e. tab documents, excluding market study and plans & specs)

3. Market Study PDF or Microsoft Word format4. Plans - PDF or other readable electronic format5. Specifications - PDF or other readable electronic format (may be combined into the same file as the

plans if necessary)6. Unit-By-Unit work write up (rehab only) - PDF or other readable electronic format

Notes:-Do not submit any files on a flash or thumb drive.-Do not submit any application materials via [email protected] or to any email address unlessspecifically requested by the VHDA Allocation Department staff.


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2011 Federal Low I ncome Housing

Tax Credit Program

Application For Reservation

Virginia Housing Development Authority601 South Belvidere StreetRichmond Virginia 23220 6500

Deadline for Submission

9% Competitive CreditsApplications Must Be Received At VHDA No Later Than 2:00

PM Richmond, VA Time On March 11, 2011

Tax Exempt BondsApplications should be received at VHDA at least one month

before the bonds are priced (if bonds issued by VHDA), or 75days before the bonds are issued (if bonds are not issued by

VHDA)


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Low Income Housing Tax Cr edit Application for Reser vation

Electronic Copy of the Microsoft Excel Based Application (MANDATORY)Scanned Copy of the Signed Tax Credit Application with Attachments (excluding market study and plans & spElectronic Copy of the Market Study (MANDATORY-Application will be disqualified if study not submittedElectronic Copy of the Plans (MANDATORY)Electronic Copy of the Specif ications (MANDATORY)Electronic Copy of the Unit By Unit Work Wri teup (MANDATORY if rehab)$750 Application Fee (MANDATORY )

Tab A: Documentation of Development Location:A.1 Qualif ied Census Tract Certifi cationA.2 Revitalization Area Certifi cation

Location MapSurveyor's Certi fication of Proximity To Publi c Transportation

Tab B: Partnership or Operating Agreement, including chart of ownership structure with percentage of interestsTab 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:-Nonprofi t Articles of Incorporation -IRS Documentation of Nonprofit Status-Joint Venture Agreement (if applicable) -For-profi t Consulting Agreement (i f applicable)

Tab F:Architect's Certi fi cation (MANDATORY)

Tab G: Relocation Plan (MANDATORY, if rehab )Tab H: PHA / Section 8 Notif ication LetterTab I: Local CEO LetterTab J: Homeownership PlanTab K: Site Control Documentation & Most Recent Real Estate Tax Assessment (MANDATORY)Tab L: Plan of Development Certi fi cation LetterTab M: Zoning Certifi cation LetterTab N: Copies of 8609s To Certi fy Developer Experience

Tab 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:

Please indicate if the following items are included with your application by checking the appropriate boxes. Your assistaorganizing the submission in the following order, and actually using tabs to mark them as shown, will facilitate review of application. Please note that all mandatory items must be included for the application to be processed. The inclusion of

may increase the number of points for which you are eligible under VHDA's point system of ranking applications, and maVHDA in its determination of the appropriate amount of credits that it may reserve for the development.


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L ow-Income Housing Tax Credit A ppli cation For Reservation

V HDA T RA CK I NG NUM BER

I. General InformationAll code "Section" references are to, and the term "IRC" shall be deemed to mean, 3/10/the Internal Revenue Code of 1986, as amended. (Date of Ap

A. Development Name and Location:1. Name of Development 28th Street Senior Apartments2. Address of Development 1208 N 28th Street

(Street)Richmond VA 2322

(City) (State)

3. If complete address is not available, provide longitude and latitude coordinates (x,y) fromlocation on site your surveyor deems appropriate.

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

4. The Circuit Court Clerk's office in which the deed to the property is or will be recorded:City/County of Richmond City (ie; Richmond City, Chesterfield County; see application manual)

5. Does the site overlap one or more jurisdictional boundaries? Yes NoIf yes, what other City/County is the site located in besides the one mentioned above?

6. Census Tract the development is located in: 207

Is this a Qualified Census Tract: Yes No (If yes, attach required form in7. Is the development located in a Diffi cult Development Area? No If no, applicant may request that the property be tr

as if it is located in a DDA. If so, indicate by checking this box: (Note: This provision is NOT applicable to tax

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 QNote to #9: If there is an identity of interest between the appli cant and the seller in this proposal, and the applicant is seeki ng points in

this category, then the applicant must either waive their rights to the developer's fee or other fees associated with acquisition and/orrehabilitation, or obtain a waiver of this requirement from VHDA prior to application submission to receive these points.

a. Applicant agrees to waive all rights to any developer's fee orother fees associated with acquisition and/or rehab. Yes n/a

b. Applicant has obtained a waiver of this requirement from VHDAprior to the appl icati on submission deadl ine. Yes n/a

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


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Low Income Housing Tax Cr edit Appl ication For Reservation

C. Reservation Request

1. Total annual credit amount request (Must be the same as Part IX-D8) $371,088

2. Credits requested from:9% CreditsNonprofi t Set-Aside (All nonprofit owned developments which meet testsdescribed in Part II-D hereof may select this)

Local Housi ng Authori ti es Ri chmond M SA Pool

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

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

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 All ocation/Allocation Year

1. Regular Allocation

All of the buildings in the development are expected to be placedin service thi s year. For those buildings the owner will, this year, request anallocation of 2011 credits for new construction, or

rehabilitation, or

acquisition and rehabilitation.

2. Carryforward Allocation

All of the buildings in the development are expected to be placedin service within two years after the end of this calendar year, 2011, but theowner will have more than 10% basis in the development before the end of twelvemonths followi ng allocation of credits. For those buildings, the owner requestsa carryforward all ocation of 2011 credits pursuant to Section 42(h)(1)(E) for:

new construction, or

rehabilitation, or


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Low-Income Housing Tax Credit Appl ication For Reservation

E. Acquisition Credit Information

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

so indicate and go on to Part F: No Acquisition

Ten-Year Rule For Acquisition Credits

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

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

Subsection (II)Subsection (III)Subsection (IV)Subsection (V)

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

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

F. Rehabilitation Credit I nformation

NOTE: If no credits are being requested for rehabilitation expenditures, so indicate and goon to Section II . No Rehabil itation

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 additispace) is subject to an assessment of up to minus 20 points for being located in a pool identified by the Authwith little or no increase in rent burdened population. N/A - Does not apply to this proposed develo

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


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Low-Income Housing Tax Credit Application For Reservation

I I. OWNERSHIP INFORMATION

A. Owner Information:Name 1208 North 28th Street, LLCContact Person First: Lee Middle: S. Last: AlfordAddress 23 W. Broad Street, Suite 100

(Street)Richmond VA

(City) (State)

Federal I. D. No. (I f not avail able, obtain prior to A llocation)Phone 804-644-0546 x 17 Fax 804-644-1057 Email address l.alford@Type of entity: Limited Partnership Other Limited Liability Corp

Individual(s) CorporationOwner's organizational documents (e.g. Partnership agreements & ownership structure chart) attachedCerti fication 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 % OwnePAD IX, Inc. (Sole Member of 1208 North 804-644-0546 Sole Member 100.028th Street, LLC) (100% of the stock of PAD 0IX, Inc. is owned by Better Housing Coalition 0(BHC), a nonstock Virgina corporation exempt from 0.

tax under Section 501 (c)(3) TK Somanath, CEO of BHC

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 simply theseparate partnerships or corporations which may comprise those components.

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

B. Seller Information:Name Richmond Affordable Housing Contact Person TK SomanathAddress 23 W. Broad Street, Suite 100Richmond, VA 23220 Phone 804-

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 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 intereinvolving 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 sole discretion. IMPORTANT: The Owner name listed on this page must match exactly the owner name listed on the Virginia State Corporation ComCertification.

Must be an individual or legally formed entity


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C. Development Team Informat ion:Complete the following as applicable to your development team.

1. Tax Attorney: Johnson Kanady Related Entity? Firm Name: Kanady and QuinnAddress: 9200 Forest Hil l Avenue, Suite CPhone: 804-282-8484 Fax: 80

2. Tax Accountant: Gary Romer Related Entity? Firm Name: Goodman & CompanyAddress: 4510 Cox Road, Suite 200 Glen Al len, VA 23060Phone: 804-282-7636 Fax: 80

3. Consultant: Related Entity?Firm Name: Role:Address:Phone: Fax:

4. Management Entity (Contact): Mary Kay Huss Related Entity? Firm Name: Better Housing Coalition ManagementAddress: PO Box 12117 Richmond, VA 23241Phone: 804-644-0546 x 31 Fax: 80

5. Contractor (Contact): Jeff Reynolds Related Entity? Firm Name: Better Homes IncorporatedAddress: PO Box 12117 Richmond, VA 23241Phone: 804-644-0546 x 29 Fax: 80

6. Architect: Mark Larson Related Entity? Firm Name: BaskervillAddress: PO Box 400 Richmond, VA 23218Phone: 804-343-1010 Fax: 80

7. Real Estate Attorney: Johnson Kanady Related Entity? Firm Name: Kanady and QuinnAddress: 9200 Forest Hil l Avenue, Suite CPhone: 804-282-8484 Fax: 80

8. Mortgage Banker: Related Entity? Firm Name:Address:


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Low-Income Housing Tax Cr edit Appl ication For Reservation

D. Nonprofit Involvement:

Tax Credit Nonprofit Pool Applicants: To qualify for the nonprofit pool, an organization described in IRC Section 501(c)(3) or 501 (c)(4) and exempt from taxation under IRC Section 501 (a), whose purposes include the fostering of low-income housing:

1. Must "materially participate" in the development and operation of the project throughout the compli ance period,2. Must own all general partnership interests in the development .3. Must not be affi li ated with or controlled by a for-profi t organization.4. Must not have been formed for the principal purpose of competition in the nonprofi t pool, and5. Must not have any staff member, or member of the nonprofit's board of di rectors materially participate in the proposed project

as a for-profit entity.

All Applicants: o qua y or po nts un er t e ran ng system, t e nonpro t's nvo vement nee not necessar ysatisfy all of the requirements for participation in the nonprofit tax credit pool.

1. Nonprofi t Involvement (Al l Appli cants)If there is no nonprofi t involvement in this development, please indicate by checking here:

and go on to part III

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

uest onna re attac e (Mandatory TAB E)

3. Type of involvementNonprofit meets eligibility requirement for points only, not pool or

Nonprofit meets eli gibili ty requirements for nonprofit pool and points.

4. Identity of Nonprofit (Al l nonprofi t appli cants)The nonprofit organization involved in this development is:

the Owner

the Applicant (if different from Owner)OtherBetter Housing Coali tion

(Name of nonprofit )Lee Alford 23 W. Broad Street Suite 100

(Contact Person) (Street Address)Richmond VA 23220

(City) (State) (Zip code)804-644-0546 x 17 804-644-1057

(Phone) (Fax)

5. Percentage of Nonprofi t Ownership (All nonprofit appli cants)Specify the nonprofi t enti ty'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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II I. DEVELOPMENT INFORMATI ON

A. Structure and Units:1. Total number of all units in development 39

ota num er o rental un ts n eve opment 39 bedrooms 49Number of l ow-i ncome rental units 39 bedrooms 49Percentage of rental units designated low-income 100.00%

2. e eve opment's structura eatures are c ec a t at app y :

ow ouse own ouse etac e ng e- am yGarden Apartments Detached Two-familySlab on Grade Basement

Crawl space Age of Structure: 0Elevator Number of stories: 3

3. Number of new units 39 bedrooms 49Number of adaptive reuse units 0 bedrooms 0

Number of rehab units 0 bedrooms 04. Total Floor Area For The Entire Development 37,751.55 (Sq. ft.)

5. n ea e oor rea (Breezeways, Balconies, Storage) 2,251.52 (Sq. ft.)

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

7. Total Usable Residential Heated Area 35,500.03 (Sq. ft.)

8. Number of Buildings (containing rental units) 2

9. Commercial Area Intended Use: n/a

10. Project consists primarily of a building(s) which is (ar (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 25,634.76

b. Percentage of Net Rentable Square Feet Deemed To Be New Rental Space 100.00

B Building Systems:


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C. Amenit ies:

1. Specify the average size per unit type: (Including pro rata share of heated common area)Assisted Lvg 0.00 SF 1Bdrm Eld 883.80 SF 3-Bdrm Gar1-Sty-Eff-Eld 0.00 SF 2Bdrm Eld 1,089.34 SF 4-Bdrm Gar1-Sty 1BR-Eld 737.58 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 area:

35,500.03 Documentation attached (TAB F) Mandatory(Sq. f t.)

NOTE: All developments must meet VHDA's Minimum Design and Constr uction Requir ementsBy signing and submitting the Application For Reservation of Low Income Housing Tax Credits theappli cant certi fies that the proposed project budget, plans & specifications and work wri te-ups incorporateall necessary elements to fulfill these requirements.

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

For any pr oject, upon completion of constr uction/rehabili tation: (Optional Point ite

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

58.38% c. Percentage of exterior walls covered by brick (excluding triangular gable ends, doors and wi

d. All ki tchen and laundry appliances meet the EPA's Energy Star qualified program requirem

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 witSEER rating of 15.0 or more and a HSPF rating of 8.5 or more , or (ii) air conditioning equwith a SEER rating of 15.0 or more, combined with gas furnaces with an AFUE rating of 9more

g. Water expense is sub-metered (the tenant will pay monthly or bi-monthly bil l)

h. Each bathroom consists only of l ow-flow faucets (2.2 gpm max.) and showerheads (2.5gpm

i. Provide necessary infrastructure in all units for high speed cable, DSL or wireless internet se

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


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L ow Income Housing Tax Cr edit Appli cation For Reservati on

For al l pr ojects exclusively servin g elder ly and/or handicapped tenants, upon completionof construction/rehabilitation: (Optional Point i tems)

a. Al l cooking ranges wil l have front controls

b. Al l units wil l have an emergency call system

c. Al l bathrooms wil l have an independent or supplemental heat source

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

For all r ehabilit ation and adaptive r euse proj ects, upon completion of constr uction oror rehabilitation: (Optional Point i tems)

The structure is li sted individually i n the National Register of Historic Places or islocated in a registered historic district and certified by the Secretary of the Interior asbeing of historical signif icance to the district, and the rehabil itation wil l be completedin such a manner as to be eligible for historic rehabilitation tax credits

Accessibility

Check one or none of the following point categories, as appropriate:

For any non-elderly property, or any elderly rehabilitation property, in which the greater of 5 or 10% of the units will be subjectto federal project-based rent subsidies or equivalent assistance in order to ensure occupancy by extremely low-income persons;and (ii) the greater of 5 units or 10% of the units will conform to HUD regulations interpreting accessibility requirements ofsection 504 of the Rehabili tation Act; and be actively marketed to people with special needs in accordance with a plan submittedas part of the Application. (All of the units described in (ii) above must include roll-in showers and roll under sinks and frontcontrols for ranges, unless agree to by the Authority prior to the applicant's submission of its application). (50 points)

For any non-elderly property, or any elderly rehabilitation property, in which the greater of 5 or 10% of the units (i) have rentswithin HUD s Housing Choice Voucher ( HCV ) payment standard; (i i) conform to HUD regulations interpreting accessibil ityrequirements of section 504 of the Rehabilitation Act; and (iii) are actively marketed to people with mobility impairments,including HCV holders, in accordance with a plan submitted as part the Application. (30 points)

For any non-elderly property, or any elderly rehabil itation property, in which at l east four percent (4%) of the units conformto HUD regulations interpreting accessibility requirements of section 504 of the Rehabilitation Act and are activelymarketed to people with mobility impairments in accordance with a plan submitted as part of the Application. (15 points)

Earthcraft or LEED Development CertificationApplicant agrees to obtain Earthcraft or LEED certifi cation prior to issuance of IRS Form 8609. Architectcerti fi es in the Architect Certi fi cation that the development's design wil l meet the criteria for such certi fi cation.

(15 Points)

LEED Silver Certification

Earthcraft Certification - new construction development will be 15% more energy efficient than 2004 IECC.

Earthcraft Certification - rehabilitation development will be 30% more energy efficient post-rehabilitation

(30 Points)

LEED Gold Certification



(45 Points)LEED Platinum Certification



If seeking any points associated with LEED or Earthcraft certification, attach appropriate documentation at TAB F


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Low-Income Housing Tax Credit Appli cation For Reservation

V. LOCAL NEEDS AND SUPPORT

Note: Please r efer to the Appli cati on Manual for specific instr uctions and deadlines for per taining to locali

notif ication of proposed Low income Housing Tax Credit developments.

A. Provide the name and the address of the chief executive offi cer (Ci ty M anager , Town Manager , orCounty Administrator) of t he politi cal jur isdiction in which the development wil l be located:Chief Executive Officer's Name Byron C. MarshallChief Executive Officer's Title Chief Adminstrative OfficerStreet A ddress 900 E. Broad Street, Suite 201 Phone 804-646-7978City Richmond State VA Zip 23219

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

local CEO: Peter Chapman, Deputy Chief Administrative Officer of Economic and Community Development

I f the property overlaps another j ur isdiction please fi ll in t he 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 thelocal CEO:

B. Project Schedule

ACTUAL OR NACTIVITY ANTICIPATED P

DATE RESSiteOption/Contract March 2011 TK SomanathSite Acquisition November 2011 TK SomanathZoning Approval July 2008 Jeff EastmanSite Plan Approval June 2011 Jeff EastmanFinancingA. Constr uction Loan

Loan Application 5/20/11 Lee AlfordConditional Commitment 7/20/11 Lee AlfordFirm Commitment 9/20/11 Lee Alford

B. Permanent Loan - First L ien

Loan Appli cati on 5/20/11 Lee AlfordCondi tional Commitment 6/20/11 Lee AlfordFirm Commitment 8/20/11 Lee Alford

C. Permanent Loan-Second L ienLoan Application 5/20/11 Lee AlfordConditional Commitment 6/20/11 Lee AlfordFirm Commitment 8/20/11 Lee Alford

D. Other L oans& Grants


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VI . SITE CONTROL

A. Type of Site Control by Owner:

Appli cant 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: 11/04/11 )

If more than one site for the development and more than one form of site control, please so indicateand attach a separate sheet specif ying each site, number of existing buil dings 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 - M andatory 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 11/04/11

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

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

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

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

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


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C. Sit e Descripti on

1. Exact area of site in acres 0.972

2. Has locality approved a fi nal site plan or plan of development?Yes NoRequired documentation form attached (TAB L)

3. Is site properly zoned for the proposed development?Yes NoRequired documentation form attached (TAB M)

4. Will the proposal seek to quali fy for points associated with proximity to public transportation?Yes NoRequired documentation form attached (TAB A)

D. Plans and Specifications

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

1. A location map with property clearly defined.2. Sketch plan of the site showing overall dimensions of main building(s), major site elements

(e.g., parking lots and location of exi sting utili ties, and water, sewer, electri c,gas in the streets adjacent to the site). Contour lines and elevations are not required.

3. Sketch plans of main building(s) reflecting overall dimensions of:a. Typical floor plan(s) showing apartment types and placementb. Ground floor plan(s) showing common areas;c. Sketch floor plan(s) of typical dwell ing unit(s);d. Typical wall section(s) showing footing, foundation, wall and floor structure.

Notes must i ndicate basic materials in structure, f loor and exterior f inish.4. Required documentation for rehabilitation properties: A unit-by-unit work write-up.


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VI I . OPERATING BUDGET

A. Rental Assistance1. Do or will any low-income units receive rental assistance?

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

Section 8 New Construction Substantial Rehabilitation

Section 8 Moderate Rehabilitation

Section 8 Certif icates

Section 8 Project Based Assistance

RD 515 Rental Assistance

Section 8 VouchersState Assistance

Other:

3. Number of units receiving assistance: 0Number of years in rental assistance contract: 0Expiration date of contract:

Contract or other agreement attached (TAB Q)

B. Ut ili ti es1. Monthly Utility Al lowance Calculations

Utilities Type of Utility Utilities Enter Allowances by B(Gas, Electric, Oil, etc.) Paid by: 0-bdr 1-bdr 2-bdr

Heating Electric Owner X Tenant 0 7

Air Conditioning Electric Owner X Tenant 0 5

Cooking Electric Owner X Tenant 0 7

Lighting Electric Owner X Tenant 0 39

Hot Water Electric Owner X Tenant 0 15

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 $73 $93

2. Source of Utili ty Al lowance Calculation (Attach Documentation TAB Q)

HUD

Utility Company (Estimate) Local PHA

Utility Company (Actual Survey) Other:


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Low-Income Housing Tax Cr edit Appli cation For Reservation

C. Revenue1. Indicate the estimated monthly i ncome for the Low-Income Unit s : **

Total Number of Total MTax Credit Units Rental

0 29 10 0 0 39

Plus Other Income Source (list): Laundry, Misc. Fees Equals Total Monthly Income: Twelve Months

Equals Annual Gross Potential Income $2Less Vacancy Allowance ( 7.5% ) Equals Annual Eff ective Gross Income (EGI) - L ow Income Unit s

** Beginni ng at Row 75 enter the appropri ate data for both tax credit and market r ate units in the yell ow shaded cell s.

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

Total Number of Total MMarket Units Rental

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) - M arket Rate Unit s

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-G

0 0 22 10 0

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

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 unit s in theappr opri ateunit category I f not youwill find an err or on

4 Bedroom Units

1 Bedroom Units2 Bedroom Units3 Bedroom Units

Efficiency Units

4 Bedroom Units

Unit Type

Unit Type

1 Bedroom Units2 Bedroom Units3 Bedroom Units

Total Number of Tax Credit Units

Efficiency Units


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Efficiency Units

Uni t 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 - 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 - 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.


20/184

Efficiency - Market 0 0.00 -$ -$





Total Efficiency

Market Units: 0 0.00 Total Monthly

Eff. Market Rent: -$

Total Eff. Units: 0 Total Eff. Rent -$

1-Bedroom Units

Net Rentable Monthly Rent Total


1 BR - 40% 4 550.05 475$ 1,900$

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% 12 550.05 545$ 6,540$

1 BR - 50% 2 646.57 560$ 1,120$

1 BR - 50% 3 639.69 560$ 1,680$

1 BR - 50% 1 682.93 560$ 560$

1 BR - 50% 4 650.95 580$ 2,320$

1 BR - 50% 1 648.92 580$ 580$

1 BR - 50% 2 664.29 580$ 1,160$

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 $ $


21/184

1 BR - 60% 0 0.00 -$ -$

Total 1-BR Total Monthly 1-BR

Tax Credit Units: 29 17,277.24 Tax Credit Rent: 15,860$

1 BR - Market 0 0.00 -$ -$

1 BR - Market 0 0.00 -$ -$

1 BR - Market 0 0.00 -$ -$1 BR - Market 0 0.00 -$ -$

1 BR - Market 0 0.00 -$ -$

1 BR - Market 0 0.00 -$ -$

1 BR - Market 0 0.00 -$ -$

1 BR - Market 0 0.00 -$ -$

1 BR - Market 0 0.00 -$ -$

1 BR - Market 0 0.00 -$ -$

1 BR - Market 0 0.00 -$ -$

1 BR - Market 0 0.00 -$ -$

1 BR - Market 0 0.00 -$ -$

1 BR - Market 0 0.00 -$ -$

1 BR - Market 0 0.00 -$ -$

Total 1-BR


1-BR Market Rent: -$

Total 1-BR Units: 29 Total 1-BR Rent 15,860$

2-Bedroom Units

Net Rentable Monthly Rent Total


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% 3 829.52 660$ 1,980$

2 BR - 50% 3 827.55 660$ 1,980$

2 BR - 50% 2 841 15 660$ 1 320$


22/184


23/184

3 BR - 40% 0 0.00 -$ -$

3 BR - 50% 0 0.00 -$ -$

3 BR - 50% 0 0.00 -$ -$

3 BR - 50% 0 0.00 -$ -$

3 BR - 50% 0 0.00 -$ -$

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

3 BR - 50% 0 0.00 -$ -$

3 BR - 50% 0 0.00 -$ -$

3 BR - 50% 0 0.00 -$ -$

3 BR - 50% 0 0.00 -$ -$

3 BR - 50% 0 0.00 -$ -$

3 BR - 50% 0 0.00 -$ -$

3 BR - 50% 0 0.00 -$ -$

3 BR - 50% 0 0.00 -$ -$

3 BR - 50% 0 0.00 -$ -$

3 BR - 60% 0 0.00 -$ -$

3 BR - 60% 0 0.00 -$ -$

3 BR - 60% 0 0.00 -$ -$

3 BR - 60% 0 0.00 -$ -$

3 BR - 60% 0 0.00 -$ -$

3 BR - 60% 0 0.00 -$ -$

3 BR - 60% 0 0.00 -$ -$

3 BR - 60% 0 0.00 -$ -$

3 BR - 60% 0 0.00 -$ -$

3 BR - 60% 0 0.00 -$ -$

3 BR - 60% 0 0.00 -$ -$

3 BR - 60% 0 0.00 -$ -$

3 BR - 60% 0 0.00 -$ -$

3 BR - 60% 0 0.00 -$ -$

3 BR - 60% 0 0.00 -$ -$


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

3 BR - Market 0 0.00 -$ -$

3 BR - Market 0 0.00 -$ -$

3 BR - Market 0 0.00 -$ -$

3 BR - Market 0 0.00 -$ -$

3 BR - Market 0 0.00 -$ -$

3 BR - Market 0 0.00 -$ -$

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 -$ -$


24/184

4 BR - 40% 0 0.00 -$ -$

4 BR - 40% 0 0.00 -$ -$

4 BR - 40% 0 0.00 -$ -$

4 BR - 40% 0 0.00 -$ -$

4 BR - 40% 0 0.00 -$ -$

4 BR - 40% 0 0.00 -$ -$4 BR - 40% 0 0.00 -$ -$

4 BR - 40% 0 0.00 -$ -$

4 BR - 40% 0 0.00 -$ -$

4 BR - 40% 0 0.00 -$ -$

4 BR - 40% 0 0.00 -$ -$

4 BR - 40% 0 0.00 -$ -$

4 BR - 40% 0 0.00 -$ -$

4 BR - 40% 0 0.00 -$ -$

4 BR - 40% 0 0.00 -$ -$

4 BR - 50% 0 0.00 -$ -$

4 BR - 50% 0 0.00 -$ -$

4 BR - 50% 0 0.00 -$ -$

4 BR - 50% 0 0.00 -$ -$

4 BR - 50% 0 0.00 -$ -$

4 BR - 50% 0 0.00 -$ -$

4 BR - 50% 0 0.00 -$ -$

4 BR - 50% 0 0.00 -$ -$

4 BR - 50% 0 0.00 -$ -$

4 BR - 50% 0 0.00 -$ -$

4 BR - 50% 0 0.00 -$ -$

4 BR - 50% 0 0.00 -$ -$

4 BR - 50% 0 0.00 -$ -$

4 BR - 50% 0 0.00 -$ -$

4 BR - 50% 0 0.00 -$ -$

4 BR - 60% 0 0.00 -$ -$

4 BR - 60% 0 0.00 -$ -$4 BR - 60% 0 0.00 -$ -$

4 BR - 60% 0 0.00 -$ -$

4 BR - 60% 0 0.00 -$ -$

4 BR - 60% 0 0.00 -$ -$

4 BR - 60% 0 0.00 -$ -$

4 BR - 60% 0 0.00 -$ -$

4 BR - 60% 0 0.00 -$ -$

4 BR - 60% 0 0.00 -$ -$

4 BR - 60% 0 0.00 -$ -$

4 BR - 60% 0 0.00 -$ -$

4 BR - 60% 0 0.00 -$ -$

4 BR - 60% 0 0.00 -$ -$

4 BR - 60% 0 0.00 -$ -$


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


25/184

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


4-BR Market Rent: -$

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

Total Units 39 Net Rentable SF: TC Units 25,634.76

MKT Units 0.00

Total NR SF: 25,634.76

100.0000%Floor Space Fraction


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D. Operating ExpensesAdministrative:

1. Advertising/Marketing 2. Office Salaries 3. Office Supplies 4. Office/Model Apartment (type______) 5. Management Fee

6.22% of EGI 400 Per Unit6. Manager Salaries 7. Staff Unit (s) (type______) 8. Legal 9. Auditing

10. Bookkeeping/Accounting Fees 11. Telephone & Answering Service 12. Tax Credit Monitoring Fee 13. Miscellaneous Administrative

Total Administr ativeUtilities

14. Fuel Oil 15. Electricity 16. Water 17. Gas 18. Sewer

Total UtilityOperating:

19. Janitor/Cleaning Payroll 20. Janitor/Cleaning Supplies 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. Mi scell aneous

Operati ng & M aintenance TotalsTaxes & Insurance

38. Real Estate Taxes 39. Payroll Taxes 40. Miscellaneous Taxes/Licenses/Permits 41. Property & Liability Insurance 42. Fidelity Bond 43. Workman's Compensation 44. Health Insurance & Employee Benefits 45. Other Insurance

Total T axes & I nsurance6544

Total Operat ing Expense

D1. Total Oper. Ex. Per Uni t $3,873 D2. Total Oper. Ex. As % EGI (f rom E3) 60.19%


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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 Feasibi li ty - 15 Year Projections of Cash Flow

StabilizedYear 1 Year 2 Year 3 Year 4

Eff. Gross Income 250,971 255,990 261,110 266,332

Less Oper . Expenses 162,761 168,051 173,512 179,152Net I ncome 88,210 87,940 87,598 87,181Less Debt Servi ce 76,284 76,284 76,284 76,284Cash Flow 11,926 11,656 11,314 10,897Debt Cover age Ratio 1.16 1.15 1.15 1.14

Year 6 Year 7 Year 8 Year 9

Eff. Gross Income 277,092 282,634 288,287 294,053Less Oper . Expenses 190,986 197,193 203,601 210,218Net I ncome 86,107 85,441 84,685 83,834Less Debt Servi ce 76,284 76,284 76,284 76,284Cash Flow 9,823 9,157 8,401 7,55Debt Cover age Ratio 1.13 1.12 1.11 1.10

Year 11 Year 12 Year 13 Year 14

Eff. Gross Income 305,932 312,051 318,292 324,658Less Oper . Expenses 224,105 231,388 238,908 246,673N t I 81 828 80 663 79 384 77 985


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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 BreakdownAppraisalOther Cost DocumentationEnvironmental Studies

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

"30% Present Value Credit" (D)Item (A) Cost (B) Acquisition (C) Rehab/ "70

New Construction Val

1. Contractor Cost

A. Off-Site Improvements 0 0 0 B. Site Work 325,000 0 0 C. Geothermal System 0 0 0 D. Unit Structures (New) 2,825,901 0 0 E. Unit Structures (Rehab) 0 0 0 F. Solar Electric System 368,584 0 0 G. Asbestos Removal 0 0 0 H. Demolition 40,000 0 0 I. Commercial Space Costs 0 0 0 J. Structured Parking Garage 0 0 0 K. Subtotal A: (Sum 1A..1J) 3,559,485 0 0 L. General Requirements 129,405 0 0 M. Builder's Overhead 48,000 0 0

( 1.3% Contract)N. Builder's Profit 175,000 0 0

( 4.9% Contract)O. Bonding Fee 35,595 0 0 P. Other 0 0 0 Q. Contractor Cost

Subtotal (Sum 1K..1P) $3,947,485 $0 $0

2. Owner CostsA. Building Permit 20,000 0 0 B. Arch./Engin. Design Fee 44,400 0 0

( 1,138 /Unit)C Arch Supervision Fee 45 600 0 0

NOTE: Attorney must opine, among other things, as to correctness of the inclusion of each cost item in e

basis, type of credit and numerical calculations of this Part VIII.

L I H i T C di A li i F R i


29/184


Amount of Cost up to 100% IncludabEligible Basis--Use Applicable Colum

"30% Present Value Credit" (DItem (A) Cost (B) Acquisition (C) Rehab/

New Construction2. Owner Costs Continued

F. Construction Loan 33,900 0 0 Origination Fee

G. Construction Interest 71,129 0 0 ( 4.8% for 10 months)

H. Taxes During Construction 23,000 0 0 I. Insurance During Construction 23,000 0 0 J. Cost Certification Fee 6,000 0 0 K. Title and Recording 32,000 0 0 L. Legal Fees for Closing 62,000 0 0 M. Permanent Loan Fee 4,750 0 0

( 0.5% )N. Other Permanent Loan Fees 3,525 0 0 O. Credit Enhancement 0 0 0 P. Mortgage Banker 0 0 0 Q. Environmental Study 2,500 0 0

R. Structural/Mechanical Study 0 0 0 S. Appraisal Fee 5,500 0 0 T. Market Study 3,000 0 0 U. Operating Reserve 119,522 0 0 V. Tax Credit Fee 26,726 0 0 W. OTHER $111,000 $0 $0

(SEE PAGE 19A)X. Owner Cost

Subtotal (Sum 2A..2W) $677,552 $0 $0

Subtotal 1 + 2 $4,625,037 $0 $0 (Owner + Contractor Costs)

3. Developer' s Fees 250,000 0 0

4. Owner 's Acquisit ion CostsLand 300,000Existing Improvements 0 0Subtotal 4: $300,000 $0

5. Total Development CostsSubtotal 1+2+3+4: $5,175,037 $0 $0

If t his application seeks rehab credit s only, in which there is no acquisiti on and no change in ownership, enter the greater of

Low Income Housing Tax Credit Application For Reservation


30/184


Amount of Cost up to 100% IncludabEligible Basis--Use Applicable Colum

"30% Present Value Credit" (DItem (A) Cost (B) Acquisi tion (C) Rehab/

New ConstructionW. OTHER OWNER COSTS

Contingency Reserve 0 0 0 (Rehab or Adaptive Reuse only)LI ST ADDITI ONAL I TEMSSurveys and Reports 12,000 0 0 Zoning Costs 5,000 0 0

Soft Cost Contingency 15,000 0 0 0 0 0FFE 30,000 0 0 Misc. Soft Costs 5,000 0 0 Earthcraft 14,000 0 0 Dominion VA Fee 20,000 0 0 Cable/Phone Utility Fee 10,000 0 0

0 0 00 0 00 0 00 0 00 0 00 0 00 0 0

Subtotal (Other Owner Costs) $111,000 $0 $0

L ow-IncomeHousing Tax Credit Appl ication For Reservation


31/184

L ow-Income Housing Tax Credit Appl ication For Reservation

Amount of Cost up to 100% IncluEligible Basis--Use Applicable C

"30 % Present Value Credit"

(C) Rehab/ New Item (A) Cost (B) Acqui siti on Constructi on

5. Total Development CostsSubtotal 1+2+3+4 5,175,037 0 0

6. Reductions in Eligible Basis

Subtract the following:A. Amount of federal grant(s) used to fi nance 0 0

qualifying development costs

B. Amount of nonqualified, nonrecourse financing 0 0

C. Costs of nonqualifying units of higher quality 0 0 (or excess portion thereof)

D. Historic Tax Credit (residential portion) 0 0

7. Total Eli gible Basis (5 minus 6 above) 0

8. Adj ustment(s) to Eligible Basis (For non-acquisiti on costs in eligible basis)

(i) For QCT or DDA (Eligible Basis x 30%) 0(ii) For Earthcraft or LEED Certification

Total Adjusted Eligible basis

9. Applicable Fraction 100.0000% 100.0000%

10. Total Qualified Basis (Same as Part I X-C) 0 (Eligible Basis x Applicable Fraction)

11. Appli cable Per centage 0.00% 0.00%(For 2011 9% competitive credits, use the March 2011 applicable percentages for acq.)

(For 9% non-competi tive & tax exempt bonds, use the most recently published rates)12. M aximum Allowable Credit under IRC 42 $0 $0

(Qualified Basis x Applicable Percentage)(Same as Part IX-C and equal to or more than $528,106credit amount requested) Combined 30% & 70% P. V. Credit



32/184

Low Income Housing Tax Credit Application For Reservation

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 ofSource of Funds Appli cation Commi tment Funds Name of Contact Person

1. Bank of America $3,390,000 Priya Jayachandran

2. $0

3. $0

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

2. Permanent Financing: List i ndividually the sources of all permanent f inancing in order of l ien position:

Interest AmoDate of Date of Amount of Annual Debt Rate of P

Source of Funds Appli cati on Commi tment Funds Servi ce Cost Loan IN

1. VHDA (REACH) $950,000 $56,081 4.25%

2. VHDA Taxable $235,000 $20,203 7.75%

3. $0 $0 0.00%

4. $0 $0 0.00%

5. $0 $0 0.00%

6. $0 $0 0.00%

Totals: $1,185,000 $76,284

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

3. Grants : Li st all grants provided for the development:

Date of Date of Amount of

Source of Funds Appli cation Commi tment Funds Name of Contact Person

1. HOME 01/14/11 $250,000 Bill Martin, City of Richmond

2. Renewable Energy Grant $110,575 Section 48 of the IRC

3. Private fundraising by sponsor $240,000

4.

5.

6.

Total Permanent Grants: $600 575

L ow-Income Housing Tax Credit Appl ication For Reservation


33/184

g pp

4. Portion of Syndication Proceeds Attributable to Historic Tax CreditAmount of Federal hi stori c credi ts $0 x Equi ty % $0.00 Amount of Virgini a hi storic credi ts $0 x Equi ty % $0.00

6. Equity that Sponsor wil l Fund:Cash Investment $0Contributed Land/Building $0 Assessment Attached (TAB S)Deferred Developer Fee $50,000Other: $0

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

(not i ncluding syndication proceeds except for historic tax credits)

8. Total Development Cost (From VIII-A5)

9. Less Total Sources of Funds (From B7 above) $1

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

C. Syndication Information (If Applicable)

1. Actual or Anticipated Name of Syndicator Bank of America Merrill Lynch2. Contact Person Priya Jayachandran Phone 202-442-75303. Street Address 730 15th Street, NW

City Washington State DC

4. a. Total to be paid by anticipated users of credit (e.g., l imited partners) $3,3b. 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 creditse. Syndication costs not included in VIII-A5 (e.g., advisory fees)

5. Net amount which wil l 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)

8. Syndication: Public or Private

9. Investors: Individual or Corporate



34/184

D. Recap of Federal, State, and Local Funds/Any Cr edit Enhancements

1. Are any portions of the sources of funds described above for the development f inanced 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 $23RD 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 $950,000 Section 223(f) HOME Funds $0 Other: Other: $0Other: $0

Grants GrantsCDBG $0 State UDAG $0 Local

Other: Renewable Energ

This means grants to the partnership. If you received a loan financed by a locali ty which received one of thelisted grants, please list it in the appropriate loan column as "other" and describe the applicable grant programwhich funded it.

2. Subsidized Funding: li st all sources of f unding for points. Documentation At tached (TAB T)

Source of Funds Commitment date Funds1. HOME Funds 01/14/11

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)Real Estate Tax Abatement on the increase in the value of the development.

New project based subsidy from HUD or Rural Development for the greater of 5 or 10% of the units in the development.

Other Subsidies



35/184

IX. ADDITIONAL INFORMATION

A. Extended Use Restr iction

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. Nonprofi t/L ocal Housing Authority Purchase Option/Right of Fir st Refusal

1. Af ter the mandatory 15-year compliance period, a qualifi ed nonprofi t as identif ied in theattached nonprofit questionnaire, or local housing authority will have the option to purchaseor the right of first refusal to acquire the development for a price not to exceed the outstandingdebt and exit taxes. Do not select if extended compliance is selected in IX.A above.

Option or Right of First Refusal in Recordable Form Attached (TAB V)Enter name of qualified nonprofit: Better Housing Coalition

2. A qualifi ed nonprofit or local housing authority submits a homeownership plan committi ng 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.

Homeowner ship Plan At tached (TAB J)

NOTE: Each recipient of an allocation of credits will be required to record an extended use agrrequired by the IRC governing the use of the development for low-income housing for at leasHowever, the IRC provides that, in certain circumstances, such extended use period may be terminat

Low-I ncome Housing Tax Cr edit Appl ication For Reservati on

C. Building-by-Building Information Must Complete


36/184

v1.1.2011

C. u d g by u d g o at o ust Co p eteQualif ied basis must be determined on a buildi ng-by building basis. Complete the section below. Buildi ng street addresses are required by the IRS (must have them by the time ofallocation request).

30% Present Value 30% Present ValueCredit for Acquisition Credit for Construction 7

TAX MARKET

CREDIT RATE Actual or Actual or UNITS UNITS Estimate Anticipated Estimate Anticipated Estimate An

Build Street Qualified In-Service Applicable Credit Qualified In-Service Applicable Credit Qualified In-Sering # Address Basis Date Percentage Amount Basis Date Percentage Amount Basis Date

1. 32 0 1208 N 28th Street $0 0.00% 0 $0 0.00% 0 $4,814,641 11

2. 7 0 1209 N 28th Street $0 0.00% 0 $0 0.00% 0 $1,053,203 06

3. $0 0.00% 0 $0 0.00% 0 $0

4. $0 0.00% 0 $0 0.00% 0 $0

5. $0 0.00% 0 $0 0.00% 0 $0

6. $0 0.00% 0 $0 0.00% 0 $0

7. $0 0.00% 0 $0 0.00% 0 $0

8. $0 0.00% 0 $0 0.00% 0 $0

9. $0 0.00% 0 $0 0.00% 0 $0

10. $0 0.00% 0 $0 0.00% 0 $0

11. $0 0.00% 0 $0 0.00% 0 $0

12. $0 0.00% 0 $0 0.00% 0 $0

13. $0 0.00% 0 $0 0.00% 0 $0

14. $0 0.00% 0 $0 0.00% 0 $0

15. $0 0.00% 0 $0 0.00% 0 $0

16. $0 0.00% 0 $0 0.00% 0 $0

$0 $0 $5,867,844

$0 $0 Qualified Basis Totals (must agree with VII I-A 10)

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

NUMBEROF




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Qualif ied basis must be determined on a buildi ng-by building basis. Complete the section below. Buildi ng street addresses are required by the IRS (must have them by the time ofallocation request).


TAX MARKET



17. $0 0.00% 0 $0 0.00% 0 $0

18. $0 0.00% 0 $0 0.00% 0 $0

19. $0 0.00% 0 $0 0.00% 0 $0

20. $0 0.00% 0 $0 0.00% 0 $0

21. $0 0.00% 0 $0 0.00% 0 $0

22. $0 0.00% 0 $0 0.00% 0 $0

23. $0 0.00% 0 $0 0.00% 0 $0

24. $0 0.00% 0 $0 0.00% 0 $0

25. $0 0.00% 0 $0 0.00% 0 $0

26. $0 0.00% 0 $0 0.00% 0 $0

27. $0 0.00% 0 $0 0.00% 0 $0

28. $0 0.00% 0 $0 0.00% 0 $0

29. $0 0.00% 0 $0 0.00% 0 $0

30. $0 0.00% 0 $0 0.00% 0 $0

31. $0 0.00% 0 $0 0.00% 0 $0

32. $0 0.00% 0 $0 0.00% 0 $0

$0 $0 $0



NUMBEROF




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TAX MARKET



33. $0 0.00% 0 $0 0.00% 0 $0

34. $0 0.00% 0 $0 0.00% 0 $0

35. $0 0.00% 0 $0 0.00% 0 $0

36. $0 0.00% 0 $0 0.00% 0 $0

37. $0 0.00% 0 $0 0.00% 0 $0

38. $0 0.00% 0 $0 0.00% 0 $0

39. $0 0.00% 0 $0 0.00% 0 $0

40. $0 0.00% 0 $0 0.00% 0 $0

41. $0 0.00% 0 $0 0.00% 0 $0

42. $0 0.00% 0 $0 0.00% 0 $0

43. $0 0.00% 0 $0 0.00% 0 $0

44. $0 0.00% 0 $0 0.00% 0 $0

45. $0 0.00% 0 $0 0.00% 0 $0

46. $0 0.00% 0 $0 0.00% 0 $0

47. $0 0.00% 0 $0 0.00% 0 $0

48. $0 0.00% 0 $0 0.00% 0 $0

$0 $0 $0



NUMBEROF


C. Building-by-Building Information Must CompleteQ lif i d b i b d i d b ildi b b ildi b i C l h i b l B ildi dd i d b h IRS ( h h b h i f


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TAX MARKET



49. $0 0.00% 0 $0 0.00% 0 $0

50. $0 0.00% 0 $0 0.00% 0 $0

51. $0 0.00% 0 $0 0.00% 0 $0

52. $0 0.00% 0 $0 0.00% 0 $0

53. $0 0.00% 0 $0 0.00% 0 $0

54. $0 0.00% 0 $0 0.00% 0 $0

55. $0 0.00% 0 $0 0.00% 0 $0

56. $0 0.00% 0 $0 0.00% 0 $0

57. $0 0.00% 0 $0 0.00% 0 $0

58. $0 0.00% 0 $0 0.00% 0 $0

59. $0 0.00% 0 $0 0.00% 0 $0

60. $0 0.00% 0 $0 0.00% 0 $0

61. $0 0.00% 0 $0 0.00% 0 $0

62. $0 0.00% 0 $0 0.00% 0 $0

63. $0 0.00% 0 $0 0.00% 0 $0

64. $0 0.00% 0 $0 0.00% 0 $0

$0 $0 $0



NUMBEROF


C. Building-by-Building Information Must CompleteQualif ied basis must be determined on a buildi ng by building basis Complete thesection below Buildi ng street addresses arerequired by the IRS (must havethem by the time of


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TAX MARKET



65. $0 0.00% 0 $0 0.00% 0 $0

66. $0 0.00% 0 $0 0.00% 0 $0

67. $0 0.00% 0 $0 0.00% 0 $0

68. $0 0.00% 0 $0 0.00% 0 $0

69. $0 0.00% 0 $0 0.00% 0 $0

70. $0 0.00% 0 $0 0.00% 0 $0

71. $0 0.00% 0 $0 0.00% 0 $0

72. $0 0.00% 0 $0 0.00% 0 $0

73. $0 0.00% 0 $0 0.00% 0 $0

74. $0 0.00% 0 $0 0.00% 0 $0

75. $0 0.00% 0 $0 0.00% 0 $0

76. $0 0.00% 0 $0 0.00% 0 $0

77. $0 0.00% 0 $0 0.00% 0 $0

78. $0 0.00% 0 $0 0.00% 0 $0

79. $0 0.00% 0 $0 0.00% 0 $0

80. $0 0.00% 0 $0 0.00% 0 $0

$0 $0 $0



NUMBEROF


C. Building-by-Building Information Must CompleteQualif ied basis must be determined on a buildi ng-by building basis. Complete thesection below. Buildi ng street addresses arerequired by the IRS (must havethem by the time of


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Qualif ied basis must be determined on a buildi ng by building basis. Complete the section below. Buildi ng street addresses are required by the IRS (must have them by the time ofallocation request).


TAX MARKET



81. $0 0.00% 0 $0 0.00% 0 $0

82. $0 0.00% 0 $0 0.00% 0 $0

83. $0 0.00% 0 $0 0.00% 0 $0

84. $0 0.00% 0 $0 0.00% 0 $0

85. $0 0.00% 0 $0 0.00% 0 $0

86. $0 0.00% 0 $0 0.00% 0 $0

87. $0 0.00% 0 $0 0.00% 0 $0

88. $0 0.00% 0 $0 0.00% 0 $0

89. $0 0.00% 0 $0 0.00% 0 $0

90. $0 0.00% 0 $0 0.00% 0 $0

91. $0 0.00% 0 $0 0.00% 0 $0

92. $0 0.00% 0 $0 0.00% 0 $0

93. $0 0.00% 0 $0 0.00% 0 $0

94. $0 0.00% 0 $0 0.00% 0 $0

95. $0 0.00% 0 $0 0.00% 0 $0

96. $0 0.00% 0 $0 0.00% 0 $0

$0 $0 $0



NUMBEROF



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D. Determination of Reservat ion Amount Needed

1. Total Development Costs (from VIII-A5, Column A page 20) $5,175,037

2. Less Total Sources of Funds (from VII I-B7 page 22) $1,835,575

3. Equals Equity Gap $3,339,462

4. Divided by Net Equity Factor (VIII-C7 page 22) 89.99%(Percent of 10-year credit expected to be raised as equity investment)

5. Equal s Ten-Year Credi t A mount Needed to Fund Gap $3,710,884

Divided by ten years 10

6. Equals Annual Tax Credi t Requi red to Fund the Equi ty Gap $371,088

7. The Maximum Allowable Credit Amount $528,106(from VIII-A 12-combined figure)

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

8. Reservati on Amount (Lesser of 6 or 7 above)

Credit per Unit 9,515 Combined 30% & 70% PV CreditCredit per Bedroom 7,573 $371,088

Comprised of

$0 and30% PV Credit

(Based on same relative percentages as VI II -A12)

E. Attorneys OpinionAttached in Mandatory TAB W )

The following calculation of the amount of credits needed is substantially the same as the calculation which will bVHDA to determine, as required by the IRC, the amount of credits which may be allocated for the development. Howeat all times retains the right to substitute such information and assumptions as are determined by VHDA to be reasonabinformation and assumptions provided herein as to costs (including development fees, profits, etc.), sources foexpected equity, etc. Accordingly, if the development is selected by VHDA for a reservation of credits, the amoreservation may differ significantly from the amount you compute below.

Goal Seek FunctionIf you incur the error message that your reservatio

to the equity gap amount you may use the goal seek funcspreadsheet to eliminate the error message. To use the Goplace the curser box on cell V28. Using the mouse arroTools on the top line and then click on the Goal Seekappear with the V28 cell shown in the top space, place thebox and type in the new amount that you want the equity gabe the reservation amount below, then place the cursor in ththe bottom of the page click on page 22 Then place th



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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 of,or relating to VHDA's acceptance, consideration, approval, or disapproval of this reservation request andthe issuance or nonissuance of an allocation of credits, grants and/or loan funds in connection herewith.

3. that points wil l be assigned only for representations made herein for which satisfactory documentation issubmitted herewith and that no revised representations may be made in connection with this applicationonce the deadline for appli cations has passed.

4. that this application form, provided by VHDA to applicants for tax credits, including all sections hereinrelative to basis, credit calculations, and determination of the amount of the credit necessary to make thedevelopment financially feasible, is provided only for the convenience of VHDA in reviewing reservationrequests; that completion hereof in no way guarantees eligibility for the credits or ensures that the amountof credits appli ed for has been computed in accordance with IRC requirements; and that any notationsherein describing IRC requirements are offered only as general guides and not as legal authority.

5. that the undersigned is responsible for ensuring that the proposed development will be comprised ofqualified low-income buildings and that i t will in all respects satisfy all applicable requirements of federaltax law and any other requirements imposed upon it by VHDA prior to allocation, should one be issued.

6. that, for the purposes of reviewing this application, VHDA is entitled to rely upon representations of theundersigned as to the inclusion of costs in eligible basis and as to all of the figures and calculations relativeto the determination of qualified basis for the development as a whole and/or each building thereinindividually as well as the amounts and types of credit applicable thereof, but that the issuance of areservation based on such representation in no way warrants their correctness or compliance with IRCrequirements.

7. that VHDA may request or require changes in the information submitted herewith, may substitute its ownfigures which it deems reasonable for any or all figures provided herein by the undersigned and may reservecredits, if any, in an amount significantly different from the amount requested.

8. that reservations of credits are not transferable without prior written approval by VHDA at its solediscretion.


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2011 LIHTC SELF SCORE SHEET:


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MANDATORY ITEMS:a. Signed, completed application Y Y or Nb. Duplicate copy of application Y Y orc. Partnership agreement Y Y ord. SCC Certification Y Y oe. Previous participation form Y Y orf. Site control document Y Y org. Architect's Certification Y Y oh. Attorney's opinion Y Y o

i. Nonprofit questionnaire (if NP) Y Y, N

1. READINESS:a. Plan of development N 0 orb. Zoning approval Y 0 or

Total:

2. HOUSING NEEDS CHARACTERISTICS:a. VHDA notification letter to CEO Y 0 orb. Local CEO letter (Y,NC,N) y 0 orc. Location in a revitalization area Y 0 ord. Location in a Qualified Census Tract and revitalization area Y 0 or 5 e. Sec 8 or PHA waiting list preference Y 0 or 1f. Subsidized funding commitments 4.83% Up tog. Existing RD, HUD Section 8 or 236 program N 0 or 2h. Tax abatement or new project based rental subsidy (HUD or RD) N 0 or 10 i. Census tract with


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5. SPONSOR CHARACTERISTICS:a. Developer exper ience - 3 developments with 3 x uni ts or 6 developments wi th 1 x units y 0 or 50

or b. Developer experience - 1 development with 1 x units N 0 or 10c. Developer experience - uncorrected hazard N 0 or -50

d. Developer experience - noncompliance Enter Total Negative N 0

e1. Developer experience - did not build as represented Points Here: 0 0e2. Developer experience - termination of credits by VHDA N 0 or -10f. Management company rated unsatisfactory N 0 or -25

Total

6. EFFICIENT USE OF RESOURCES:a. Credit per unit If #N/A or #REF! appears in the score column of these point Ub. Cost per unit categories check spelling of Clerk's Office on pg 1. It must match U

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

7. BONUS POINTS: Locality AMI State AMIa. Units with rents at or below 40% of AMI $73,900 $53,300 10% Up to 1b. Units with rent and income at or below 50% of AMI 100% Up to 5

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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f. Heat/AC-SEER-AFUE 10.00g. Sub-metered water expense 0.00h. Low flow faucets & showerheads 3.00i. High speed cable, DSL, wireless internet 1.00j. Water heaters meet EPA Energy Star requirements 0.00k. Geothermal Heat Pump - EPA Energy Star requirements 0.00l. Solar Electric System - EPA Energy Star requirements 8.47

Total 64.14

All elderly units have:a. Front-control ranges 1.00b. Emergency call system 3.00c. Independent/suppl. heat source 1.00d. Two eye viewers 1.00

Total 6.00

All rehab or adaptive reuse units:b. Historic structure 0.00

Total amenities: 70.14

$/SF = $122.59 Credits/SF = $9.52 Const $/unit = $91,767


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TYPE OF PROJECT FAMILY = 11000; ELDERLY = 12000 12000 If an ERROR message apLOCATION BELT=100; NVM=110; NVNM=200; RIC=300; TID=400; SMA=500; SMA-C=510; RUR=600 300 spelling of Clerk's OfficeTYPE OF CONSTRUCTION N C=1; ADPT=2;REHAB(35,000+)=3; REHAB *(15,000-35,000)=4 1 match exactly with the Ju

*REHABS LOCATED IN BELTWAY ($15,000-$50,000) See Below listed in the Application ELDERLY

AS LVG EFF-E 1 BR-E 2 BR-E EFF-E-1 ST 1 BR-E-1 ST 2AVG UNIT SIZE 0 0 884 1,089 0 738 NUMBER OF UNITS 0 0 22 10 0 7

PARAMETER-(COSTS=>35,000) 0 0 179,372 233,727 0 153,418 PARAMETER-(COSTS50,000) 0 0 179,372 233,727 0 153,418 PARAMETER-(COSTS35,000) 0 0 13,542 17,646 0 13,545 PARAMETER-(CREDITS50,000) 0 0 13,542 17,646 0 13,545 PARAMETER-(CREDITS35,000) 0 0 0 0 0 0 PARAMETER-(COSTS50,000) 0 0 0 0 0 0 PARAMETER-(COSTS35,000) 0 0 0 0 0 0 PARAMETER-(CREDITS50,000) 0 0 0 0 0 0 PARAMETER-(CREDITS


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TYPE OF PROJECT FAMILY = 11000; ELDERLY = 12000 12000 If an ERROR message apLOCATION BELT=100; NVM=110; NVNM=200; RIC=300; TID=400; SMA=500; SMA-C=510; RUR=600 300 spelling of Clerk's OfficeTYPE OF CONSTRUCTION N C=1; ADPT=2;REHAB(35,000+)=3; REHAB *(10,000-35,000)=4 1 match exactly with the Ju

*REHABS LOCATED IN BELTWAY ($10,000-$50,000) See Below listed in the Application ELDERLY

AS LVG EFF-E 1 BR-E 2 BR-E EFF-E-1 ST 1 BR-E-1 ST 2AVG UNIT SIZE 0 0 884 1,089 0 738 NUMBER OF UNITS 0 0 22 10 0 7

PARAMETER-(COSTS=>35,000) 0 0 179,372 233,727 0 153,418 PARAMETER-(COSTS50,000) 0 0 179,372 233,727 0 153,418 PARAMETER-(COSTS35,000) 0 0 13,542 17,646 0 13,545 PARAMETER-(CREDITS50,000) 0 0 13,542 17,646 0 13,545 PARAMETER-(CREDITS35,000) 0 0 0 0 0 0 PARAMETER-(COSTS50,000) 0 0 0 0 0 0 PARAMETER-(COSTS35,000) 0 0 0 0 0 0 PARAMETER-(CREDITS50,000) 0 0 0 0 0 0 PARAMETER-(CREDITS


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28th Street Senior Apartm


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28th Street Senior Apartm1208 N. 28th Street Richmond, Virg


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(Non-Tax Credit)

NAME OF OWNER

AffordableResidences inChesterfield

ARCNon-Profit

501c3

Affordable Residencesin Chesterfield, II

ARC IINon-Profit

501c3

RichmondUrban SeniorHousing, Inc.

RUSHINon-Profit

501c3

RichmondAffordable Housing

RAHNon-Profit

501c3

NAME OF SPONSOR BHC Sponsor BHC Sponsor BHC Sponsor Cary 20008 homes completed

Future homeownershipopportunities planned

Better Housing CoalitionAFFILIATE NONPROFIT ENTITIES


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NUMBER OF UNITS82 UnitsSenior

240 Townhouses13,000 s.f.

Childcare Center

71 UnitsSenior

East End Transformation72 homes completedbetween 2000-2005

NAME OF PROJECTRockwood Village

Age 62+ Winchester GreensMonarch Woods

Age 62+45 houses

proposed 2006-2007

LOCATION Price Club Blvd.Chesterfield

off Jeff. Davis Hwy.Chesterfield

Jahnke & GermanSchool Rds.

Winchester GreensSingle Family

STATUS Occupied Occupied OccupiedWinchester Greens

Commercial

BankOfficesRetail

PROGRAM HUD Section 202HUD Grant

501(c)(3) BondsCDBG

HUD Section 202BHI

(General Contracting)PAD South, Managing Member

COMMUNITYPARTNERS

RockwoodResident Advisory

Council

Winchester GreensResident CouncilJeff. Davis Hwy.Business Council

Bensley Civic Assoc.

Jahnke RoadCommunity

Development Assoc.

RAH, owner of100% of PAD South stock

Winchester Commons, LLCWinchester Commons, II, LLCWinchester Commons, III. LLC


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28th St Seniors

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