Project Narrative Charles Hight/High Rise I Apartments ...This project would only acquire and rehab High Rise I. Total rehab work is priced at approximately $44,720/unit before contractor’s

Georgia Department of Community Affairs 2017 Funding Application Housing Finance and Development Division

2017 Project Narrative 2017-0xxHigRisCore.xlsx 1 of 2

Project NarrativeCharles Hight/High Rise I Apartments

Rome, Floyd County

Charles Hight/High Rise I, located at 906 North 5th Avenue, Rome, GA, is a 101-unit midrise age-restricted development owned and managed by the Northwest Georgia Housing Authority (NWGHA). The property is currently targeted asHousing for Older Persons (55+) but post-rehab will become an “Other” tenancy comporting with HUD’s 62+ Head of Household definition where all units will have a head of household age 62 and older. There are three senior towers inthe overall High Rise community that together total 303 units: High Rise I (101 units); High Rise II (101 units); and High Rise III (101 units). This project would only acquire and rehab High Rise I. Total rehab work is priced atapproximately $44,720/unit before contractor’s 14% profit, overhead, and general requirements.

Originally completed on April 30, 1967, High Rise I consists of a six-story mid-rise masonry structure laid out in a “T” configuration. Unlike its two sister buildings, High Rise I has a full basement that allows access to all utilities. The 101total units consist of 18 efficiencies, 72 one-bedroom units, 10 two-bedroom units, and 1 three-bedroom unit. The domestic water supply is in copper and the sewer is cast iron with lead joints. The structure contains two full-heightelevators. The structure is heated via radiant heat from boilers in the basement, and does not have any central air conditioning in the apartments.

All units currently receive project based housing voucher rental assistance (PBRA). The property carries existing debt comprised of a $723,416 CFFP loan and a $897,983 EPC loan. NWGHA has received a HUD CHAP award for RADrent vouchers on all 101 units, allowing the current PBRA to be invested in other developments. The project would consist of an acquisition/substantial rehab co-developed between NWGHA and Rea Ventures Group, LLC but 100% owned and managed by NWGHA. The land would be leased for a de minimis amount from NWGHAto a new ownership entity, Charles Hight HR1 RAD 2017, LP, while the improvements would be acquired by the new ownership entity. Rea Ventures Group would serve as the lead co-developer and financial guarantor throughconstruction completion and stabilization. NWGHA would be the 100% owner of the general partner, NWGHA Charles Hight HR1 RAD 2017, LLC, and serve as property manager.

The development work would be financed through a combination of tax credit equity, permanent HUD 221(d)4 debt, and a bridge construction loan. Boston Capital would be the federal tax credit investor. Monarch Private Capital wouldbe the state tax credit investor. Walker and Dunlop would be the HUD 221(d)4 MAP lender. Sterling Bank would provide the bridge construction loan. As a part of the development budget, the development would retire the existing EPCdebt. NWGHA would assume the remaining CFFP debt and allocate its repayment to other properties in its portfolio.

The development occupancy was managed down in anticipation of this rehab effort. Current occupancy is 54% (46 vacant units) but NWGHA maintains a waiting list for Park Homes of 80 families that is more than sufficient to fully leaseback up this property quickly upon completion of the work.


2017 Project Narrative 2017-0xxHigRisCore.xlsx 2 of 2

Project NarrativeCharles Hight/High Rise I Apartments

Rome, Floyd County

Charles Hight/High Rise I, located at 906 North 5th Avenue, Rome, GA, is a 101-unit midrise age-restricted development owned and managed by the Northwest Georgia Housing Authority (NWGHA). The property is currently targeted asHousing for Older Persons (55+) but post-rehab will become an “Other” tenancy comporting with HUD’s 62+ Head of Household definition where all units will have a head of household age 62 and older. There are three senior towers inthe overall High Rise community that together total 303 units: High Rise I (101 units); High Rise II (101 units); and High Rise III (101 units). This project would only acquire and rehab High Rise I. Total rehab work is priced atapproximately $44,720/unit before contractor’s 14% profit, overhead, and general requirements.

Originally completed on April 30, 1967, High Rise I consists of a six-story mid-rise masonry structure laid out in a “T” configuration. Unlike its two sister buildings, High Rise I has a full basement that allows access to all utilities. The 101total units consist of 18 efficiencies, 72 one-bedroom units, 10 two-bedroom units, and 1 three-bedroom unit. The domestic water supply is in copper and the sewer is cast iron with lead joints. The structure contains two full-heightelevators. The structure is heated via radiant heat from boilers in the basement, and does not have any central air conditioning in the apartments.

All units currently receive project based housing voucher rental assistance (PBRA). The property carries existing debt comprised of a $723,416 CFFP loan and a $897,983 EPC loan. NWGHA has received a HUD CHAP award for RADrent vouchers on all 101 units, allowing the current PBRA to be invested in other developments. The project would consist of an acquisition/substantial rehab co-developed between NWGHA and Rea Ventures Group, LLC but 100% owned and managed by NWGHA. The land would be leased for a de minimis amount from NWGHAto a new ownership entity, Charles Hight HR1 RAD 2017, LP, while the improvements would be acquired by the new ownership entity. Rea Ventures Group would serve as the lead co-developer and financial guarantor throughconstruction completion and stabilization. NWGHA would be the 100% owner of the general partner, NWGHA Charles Hight HR1 RAD 2017, LLC, and serve as property manager.

The development work would be financed through a combination of tax credit equity, permanent HUD 221(d)4 debt, and a bridge construction loan. Boston Capital would be the federal tax credit investor. Monarch Private Capital wouldbe the state tax credit investor. Walker and Dunlop would be the HUD 221(d)4 MAP lender. Sterling Bank would provide the bridge construction loan. As a part of the development budget, the development would retire the existing EPCdebt. NWGHA would assume the remaining CFFP debt and allocate its repayment to other properties in its portfolio.

The development occupancy was managed down in anticipation of this rehab effort. Current occupancy is 54% (46 vacant units) but NWGHA maintains a waiting list for Park Homes of 80 families that is more than sufficient to fully leaseback up this property quickly upon completion of the work.


2017-0xxHigRisCore.xlsx Part I-Project Information 1 of 4

Please note: Blue-shaded cells are unlocked for your use and do not contain references/formulas. DCA Use ONLY - Project Nbr:Green-shaded cells are unlocked for your use and do contain references/formulas that can be overwritten.Yellow cells - DCA Use ONLY

I. DCA RESOURCES LIHTC (auto-filled from later entries) DCA HOME (from Consent Form)II. TYPE OF APPLICATION -----> Pre-Application Number (if applicable) - use format 2017PA-###

Have any changes occurred in the project since pre-application?Was this project previously submitted to the Ga Department of Community Affairs? No If Yes, please provide the information requested below for the previously submitted project:Project Name previously used: DCA Project Nbr previously assignedHas the Project Team changed? If No, what was the DCA Qualification Determination for the Team in that review?

III. APPLICANT CONTACT FOR APPLICATION REVIEWName TitleAddress Direct LineCity FaxState GA Zip+4 CellularOffice Phone Ext. 703 E-mail(Enter phone numbers without using hyphens, parentheses, etc - ex: 1234567890)

IV. PROJECT LOCATIONProject Name Phased Project?Site Street Address (if known) DCA Project Nbr of previous phase:Nearest Physical Street Address * Scattered Site? No Nbr of SitesSite Geo Coordinates (##.######) Latitude: Longitude: AcreageCity 9-digit Zip** Census Tract NumberSite is predominantly located: County QCT? Yes DDA? No

In USDA Rural Area? No No Overall: Urban HUD SA: MSA * If street number unknown ** Must be verified by applicant using following websites:

Legislative Districts ** Zip CodesIf on boundary, other district: Legislative Districts:

Political Jurisdiction WebsiteName of Chief Elected Official TitleAddress CityZip+4 Phone Email

V. PROJECT DESCRIPTIONA. Type of Construction:

New Construction 0 Adaptive Reuse: Non-historic 0 Historic 0Substantial Rehabilitation 0 Historic Rehab 0Acquisition/Rehabilitation 101 ----------------------------> For Acquisition/Rehabilitation, date of original construction: 4/30/67

30161-0000 (706) 295-4006 [email protected]

City of Rome www.romefloyd.comJamie Doss Mayor, Ward Two Comm.601 Broad Street Rome

14 52 13 http://zip4.usps.com/zip4/welcome.jsphttp://votesmart.org/

Within City Limits FloydIn DCA Rural County? Rome

Congressional State Senate State House

34.262755 -85.176477Rome 30161-0000 13115001100

(404) 250-4093 [email protected]

Charles Hight/High Rise I Apartments No906 North 5th Avenue SW

30305-2119 (404) 273-1892

N/A - no pre-app

<< Select Designation >>

William J. Rea, Jr. Principal

906 North 5th Avenue SW

PART ONE - PROJECT INFORMATION - 2017-0 Charles Hight/High Rise I Apartments, Rome, Floyd County

2017-0

476,023$ -$ Tax Exempt Bond / 4% credit <<Enter Pre-App Nbr>>

2964 Peachtree Rd NW, Suite 200 (404) 273-1892Atlanta (404) 250-4091

May 4 Revision




B. Mixed Use NoC. Unit Breakdown PBRA D. Unit Area

Number of Low Income Units 101 101 Total Low Income Residential Unit Square Footage 75,272Number of 50% Units 0 0 Total Unrestricted (Market) Residential Unit Square Footage 0Number of 60% Units 101 101 Total Residential Unit Square Footage 75,272

Number of Unrestricted (Market) Units 0 Total Common Space Unit Square Footage 0Total Residential Units 101 Total Square Footage from Units 75,272Common Space Units 0Total Units 101

E. Buildings Number of Residential Buildings 1 Total Common Area Square Footage from Nonresidential areas 963Number of Non-Residential Buildings 0 Total Square Footage 76,235Total Number of Buildings 1

F. Total Residential Parking Spaces 23

VI. TENANCY CHARACTERISTICSA. Family or Senior (if Senior, specify Elderly or HFOP)

Family 0 Elderly 0HFOP 0 Other 101

B. Mobility Impaired Nbr of Units Equipped: 6 5.9% Required: 5%Roll-In Showers Nbr of Units Equipped: 3 % of Units for the Mobility-Impaired 50.0% Required: 40%

C. Sight / Hearing Impaired Nbr of Units Equipped: 3 3.0% Required: 2%

VII. RENT AND INCOME ELECTIONSA. Tax Credit ElectionB. DCA HOME Projects Minimum Set-Aside Requirement (Rent & Income) 20% of HOME-Assisted Units at 50% of AMI

VIII. SET ASIDESA. LIHTC: Nonprofit NoB. HOME: CHDO No (must be pre-qualified by DCA as CHDO)

IX. COMPETITIVE POOLX. TAX EXEMPT BOND FINANCED PROJECT

Issuer:Office Street AddressCity State Zip+4 T-E Bond $ Allocated:Contact Name Title E-mail10-Digit Office Phone Direct line Website

Sandra Hudson Executive Director [email protected](706) 378-7926

Inducement Date: June 28, 2017329 West 9th Street Applicable QAP: 2017Rome 7,400,000

If combining Other with Family or Sr, show # Units:

% of Total Units

% of Total Units

40% of Units at 60% of AMI

N/A - 4% Bond

Northwest Georgia Housing Authority

Other If Other, specify: 62+ Head of Household

(If no local zoning requirement: DCA minimum 1.5 spaces per unit for family projects, 1 per unit for senior projects)




XI. AWARD LIMITATIONS FOR CURRENT DCA COMPETITIVE ROUNDThe following sections apply to all direct and indirect Owners, Developers and Consultants (Entity and Principal) :

A. Number of Applications Submitted: N/AB. Amount of Federal Tax Credits in All Applications:C. Names of Projects in which an Owner, Developer and Consultant(s) and each of its principals has a direct or indirect Ownership interest:

Project Participant Name of Project Interest Project Participant Name of Project InterestDirectDirect

D.

Project Participant Name of Project Project Participant Name of Project

XII. PRESERVATION NoA. Subsequent Allocation

Year of Original AllocationOriginal GHFA/DCA Project NumberFirst Year of Credit Period First Building ID Nbr in ProjectExpiring Tax Credit (15 Year) Last Building ID Nbr in ProjectDate all buildings will complete 15 yr Compliance pd

B. Expiring Section 8C. Expiring HUD

HUD funded affordable nonpublic housing project HUD funded affordable public housing project

GA-GA-

5 116 12

3 94 10

Names of Projects in which the Owner, Developer and Consultant(s) and each of its principals is partnering with an inexperienced unrelated entity for purposes of meeting DCA Experience Requirements:

1 72 8

5 116 12

3 94 10

Northwest Georgia Housing Authority Park Homes 7Northwest Georgia Housing Authority Charles Hight / High Rise I 8




XIII. ADDITIONAL PROJECT INFORMATIONA. PHA Units

Is proposed project part of a local public housing replacement program? NoNumber of Public Housing Units reserved and rented to public housing tenants: 101 % of Total Residential Units 100%Nbr of Units Reserved and Rented to: PHA Tenants w/ PBRA: 101 Households on Waiting List: 80 % of Total Residential Units 100% 79%Local PHA ContactStreet Address Direct lineCity Zip+4 CellularArea Code / Phone Email

B. Existing properties: currently an Extension of Cancellation Option? No

New properties: to exercise an Extension of Cancellation Option? No

C. Is there a Tenant Ownership Plan? No

D. Yes If Yes ----------------->: 10155

54.46%E. Waivers and/or Pre-Approvals - have the following waivers and/or pre-approvals been approved by DCA?

Amenities? No Qualification Determination? YesArchitectural Standards? Yes Payment and Performance Bond (HOME only)?Sustainable Communities Site Analysis Packet or Feasibility study? No Other (specify): NoHOME Consent? No State Basis Boost (extraordinary circumstances) NoOperating Expense? Yes If Yes, new Limit is -------------------------------------------->:Credit Award Limitation (extraordinary circumstances)? No If Yes, new Limit is -------------------------------------------->:

F. Projected Place-In-Service DateAcquisitionRehabNew Construction

XIV. APPLICANT COMMENTS AND CLARIFICATIONS XV. DCA COMMENTS - DCA USE ONLY

March 1, 2019

Number Occupied% Existing Occupied

$3,933

If yes, expiration year: Nbr yrs to forgo cancellation option:

If yes, expiration year: Nbr yrs to forgo cancellation option:

Is the Project Currently Occupied? Total Existing Units

326 West 9th Street (706) 378-3940Rome 30165-2764 (706) 252-4635

[email protected]

Northwest Georgia Housing Authority Sandra Hudson


2017-0xxHigRisCore.xlsx Part II-Development Team 1 of 4

Do NOT delete this tab from this workbook. Do NOT Copy from another workbook to "Paste" here . Use "Paste Special" and select "Values" instead.I. OWNERSHIP INFORMATION

A. OWNERSHIP ENTITY Name of PrincipalOffice Street Address Title of PrincipalCity Fed Tax ID: Direct lineState GA Zip+4 Org Type: Cellular10-Digit Office Phone / Ext. E-mail(Enter phone nbrs w/out using hyphens, parentheses, etc - ex: 1234567890) * Must be verified by applicant using following website:

B. PROPOSED PARTNERSHIP INFORMATION http://zip4.usps.com/zip4/welcome.jsp1. GENERAL PARTNER(S)

a. Managing Gen'l Partner Name of PrincipalOffice Street Address Title of PrincipalCity Website Direct lineState GA Zip+4 Cellular10-Digit Office Phone / Ext. E-mail

b. Other General Partner Name of PrincipalOffice Street Address Title of PrincipalCity Website Direct lineState GA Zip+4 Cellular10-Digit Office Phone / Ext. E-mail

c. Other General Partner Name of PrincipalOffice Street Address Title of PrincipalCity Website Direct lineState Zip+4 Cellular10-Digit Office Phone / Ext. E-mail

2. LIMITED PARTNERS (PROPOSED OR ACTUAL)a. Federal Limited Partner Name of Principal

Office Street Address Title of PrincipalCity Website Direct lineState MA Zip+4 Cellular10-Digit Office Phone / Ext. E-mail

b. State Limited Partner Name of PrincipalOffice Street Address Title of PrincipalCity Website Direct lineState MO Zip+4 Cellular10-Digit Office Phone / Ext. E-mail

3. NONPROFIT SPONSORNonprofit Sponsor Name of PrincipalOffice Street Address Title of PrincipalCity Website Direct lineState Zip+4 Cellular10-Digit Office Phone / Ext. E-mail

St. Louis www.monarchprivate.com63105-0000 (816) 914-5367


(617) 624-8625 [email protected] Private Capital Brent Hannah190 Carondelet Plaza, Suite 1250 Director of Acquisitions

(617) 624-862502108-0000

Boston Capital Peter Flynn

PART TWO - DEVELOPMENT TEAM INFORMATION - 2017-0 Charles Hight/High Rise I Apartments, Rome, Floyd County

Charles Hight HR1 RAD 2017, LP Sandra Hudson329 West 9th Street Executive DirectorRome TBD (706) 378-3940

Rome (706) 378-394030165-2764 (706) 252-4635


One Boston Place, 21st Floor Vice President, AcquisitionsBoston

30165-2764 For Profit (706) 252-4635(706) 378-3940 [email protected]

NWGHA Charles Hight HR1 RAD 2017, LLC Sandra Hudson

(706) 378-3940 [email protected] Rivers Housing and Development Corporation Sandra Hudson329 West 9th Street Executive Director

329 West 9th Street Executive DirectorRome www.nwgha.com (706) 378-3940

30165-2764 (706) 252-4635

www.bostoncapital.com



Do NOT delete this tab from this workbook. Do NOT Copy from another workbook to "Paste" here . Use "Paste Special" and select "Values" instead.PART TWO - DEVELOPMENT TEAM INFORMATION - 2017-0 Charles Hight/High Rise I Apartments, Rome, Floyd County

II. DEVELOPER(S)A. DEVELOPER Name of Principal

Office Street Address Title of PrincipalCity Website Direct lineState GA Zip+4 Cellular10-Digit Office Phone / Ext. 703 E-mail

B. CO-DEVELOPER 1 Name of PrincipalOffice Street Address Title of PrincipalCity Website Direct lineState GA Zip+4 Cellular10-Digit Office Phone / Ext. E-mail

C. CO-DEVELOPER 2 Name of PrincipalOffice Street Address Title of PrincipalCity Website Direct lineState Zip+4 Cellular10-Digit Office Phone / Ext. E-mail

D. DEVELOPMENT CONSULTANT Name of PrincipalOffice Street Address Title of PrincipalCity Website Direct lineState Zip+4 Cellular10-Digit Office Phone / Ext. E-mail

III. OTHER PROJECT TEAM MEMBERSA. OWNERSHIP CONSULTANT Name of Principal

Office Street Address Title of PrincipalCity Website Direct lineState Zip+4 Cellular10-Digit Office Phone / Ext. E-mail

B. GENERAL CONTRACTOR Name of PrincipalOffice Street Address Title of PrincipalCity Website Direct lineState GA Zip+4 Cellular10-Digit Office Phone / Ext. E-mail

C. MANAGEMENT COMPANY Name of PrincipalOffice Street Address Title of PrincipalCity Website Direct lineState GA Zip+4 Cellular10-Digit Office Phone / Ext. E-mail(706) 378-3940 [email protected]

329 West 9th Street Executive DirectorRome www.nwgha.com (706) 378-3940

30165-2764 (706) 252-4635

31602-2135 (229) 561-9997(229) 506-6876 [email protected]

Northwest Georgia Housing Authority Sandra Hudson

Great Southern, LLC Mike McGlamry2009 Springhill Drive ManagerValdosta www.greatsouthernllc.com (229) 561-9997

Rome www.nwgha.com (706) 378-394030165-2764 (706) 252-4635



Northwest Georgia Housing Authority Sandra Hudson329 West 9th Street Executive Director

2964 Peachtree RD NW, Suite 200 ManagerAtlanta www.reaventures.com (404) 273-1892

30305-2119 (404) 273-1892

Rea Ventures Group, LLC William J. Rea, Jr.




D. ATTORNEY Name of PrincipalOffice Street Address Title of PrincipalCity Website Direct lineState GA Zip+4 Cellular10-Digit Office Phone / Ext. E-mail

E. ACCOUNTANT Name of PrincipalOffice Street Address Title of PrincipalCity Website Direct lineState GA Zip+4 Cellular10-Digit Office Phone / Ext. E-mail

F. ARCHITECT Name of PrincipalOffice Street Address Title of PrincipalCity Website Direct lineState GA Zip+4 Cellular10-Digit Office Phone / Ext. E-mail

IV. OTHER REQUIRED INFORMATION (Answer each of the questions below for each participant listed below.)A. LAND SELLER (If applicable) Principal 10-Digit Phone / Ext.

Office Street Address CityState Zip+4 E-mail

B. IDENTITY OF INTERESTYes/No

1. Yes

2. Yes

3. No

4. No

5. No

6. No

7. No

8. Other

Syndicator and Developer?

Syndicator and Contractor?

Developer and Consultant?

Buyer and Seller of Land/Property?

Northwest Georgia Housing Authority, a co-developer of this rehab development, will continue to own the land and lease it through a long-term ground lease to partnership's ownership entity. The partnership will assume ownership of the improvements on the land.

Owner and Contractor?

Owner and Consultant?

Is there an ID of interest between: If Yes, explain relationship in boxes provided below, and use Comment box at bottom of this tab or attach additional pages as needed:Developer and Contractor?

William J. Rea, Jr. owns 45% interest in the Contractor and 58% of the Developer, Rea Ventures Group, LLC


Various - See Purchase and Sale Agmt

202 Broad Street, Suite 200 PartnerRome www.ceviandesign.com

30165-2764

30328-6132 (678) 362-0453(404) 898-8244 [email protected]

Cevian Design Mark Cochran

Aprio Frank GudgerFive Conourse Parkway, Suite 1000 PartnerAtlanta www.hawcpa.com (404) 898-8244

Rome www.brinson-askew.com (706) 295-056730162-5007


Brinson Askew Berry Stewart Duncan615 West First Street Partner




V. OTHER REQUIRED INFORMATION - Continued (Answer each of the questions below for each participant listed below.)C. ADDITIONAL INFORMATION

Yes/No Yes/NoNo No For Profit 0.0100% No

No No Nonprofit 0.0100% No

No No For Profit 99.9800% No

No No For Profit 0.0100% No

No No For Profit No

No No Nonprofit No

Total 100.0100%VI. APPLICANT COMMENTS AND CLARIFICATIONS VI. DCA COMMENTS - DCA USE ONLY

Co-Developer 2Owner Consultant

Developer

Co-Developer 1

Management Company

Developer ConsultantContractor

State Ltd PartnerNonProfit Sponsor

Other Genrl Prtnr 2Federal Ltd Partner

Managing Genrl PrtnrOther Genrl Prtnr 1

Participant 1. Has any person, principal, or agent for this entity ever been convicted of a felony (Yes or No)?

2. Is entity a MBE/ WBE?

3. Org Type (FP,NP, CHDO)

4. Project Ownership Percentage

5. Does this entity or a member of this entity have a conflict of interest with any member, officer, or employee of an entity that partners or contracts with the Applicant? If yes, explain briefly in boxes below and use Comment box at the bottom of this

tab or attach explanation.If yes, explain briefly in boxes below and either use Comment

box or attach explanation. Brief Explanation


2017-0xxHigRisCore.xlsx Part III-Sources of Funds 1 of 2

I. GOVERNMENT FUNDING SOURCES (check all that apply)

Yes Tax Credits No FHA Risk Share No Georgia TCAP *No Historic Rehab Credits Yes FHA Insured Mortgage No USDA 515Yes Tax Exempt Bonds: $ No Replacement Housing Funds No USDA 538No Taxable Bonds No McKinney-Vento Homeless No USDA PBRANo CDBG No FHLB / AHP * No Section 8 PBRANo HUD 811 Rental Assistance Demonstration (RAD) No NAHASDA Yes Other PBRA - Source:No DCA HOME * -- Amt $ No Neigborhood Stabilization Program * No National Housing Trust FundNo Other HOME * -- Amt $ No HUD CHOICE Neighborhoods No

Other HOME - Source

*This source may possibly trigger Uniform Relocation Act and/or HUD 104(d) reqmts. Check with source. For DCA HOME, refer to Relocation Manual. DCA HOME amount from DCA Consent Ltr.

II. CONSTRUCTION FINANCING

Financing Type

Other Type (specify)Other Type (specify)Other Type (specify)Total Construction Financing:Total Construction Period Costs from Development Budget:Surplus / (Shortage) of Construction funds to Construction costs:

State Housing Credit Equity Monarch Private Capital 797,132

Deferred Developer FeesFederal Housing Credit Equity Boston Capital 1,859,976

10,387,48910,387,489

0

6.000% 24Mortgage C

Mortgage A Walker & Dunlop HUD 221(d)(4) 3,277,400 4.500% 12Mortgage B Sterling Bank Bridge Construction Loan 4,452,981

Federal GrantState, Local, or Private Grant

Specify Other HOME Source here Specify Administrator of Other Funding Type here

Name of Financing Entity Amount Effective Interest Rate Term (In Months)

PART THREE - SOURCES OF FUNDS - 2017-0 Charles Hight/High Rise I Apartments, Rome, Floyd County

7,280,000

RAD

Other Type of Funding - describe type/program here


2017-0xxHigRisCore.xlsx Part III-Sources of Funds 2 of 2

PART THREE - SOURCES OF FUNDS - 2017-0 Charles Hight/High Rise I Apartments, Rome, Floyd County

III. PERMANENT FINANCINGEffective Term Amort.

Financing Type Int Rate (Years) (Years)4.500% 40 402.600% 35 35

Other:Foundation or charity funding*

Deferred Devlpr Fee 2.98%Total Cash Flow for Years 1 - 15:DDF Percent of Cash Flow (Yrs 1-15)

TC Equity% of TDC

37%22%

Invstmt Earnings: T-E Bonds 59%Invstmt Earnings: Taxable BondsIncome from OperationsOther:Other:Other:Total Permanent Financing:Total Development Costs from Development Budget:Surplus/(Shortage) of Permanent funds to development costs:

*Foundation or charity funding to cover costs exceeding DCA cost limit (see Appendix I, Section II).

IV. APPLICANT COMMENTS AND CLARIFICATIONS IV. DCA COMMENTS - DCA USE ONLYProject will be financed with federal and state tax credit equity, a HUD 221(d)4 construction/permanent loan, and a cash flow note from Northwest Georgia Housing Authority repayable over 35 years at AFR (currently 2.6%) from available cash flow.

13,056,69413,056,694

0

Federal GrantState, Local, or Private Grant Equity Check + / -Federal Housing Credit Equity Boston Capital 4,829,955 4,879,236 -49,280.75State Housing Credit Equity Monarch Private Capital 2,832,337 2,832,337 0.15Historic Credit Equity

Amortizing

Charles Hight HR1 RAD 2017, LP 49,50927,125

Cash flow covers DDF P&I? Yes182.522% 182.522%

Mortgage B (Lien Position 2) NWGHA Cash Flow Note 2,067,493 90,030

Annual Debt Service in Year One Name of Financing Entity Principal Amount Loan Type

AmortizingMortgage C (Lien Position 3)

Mortgage A (Lien Position 1) Walker & Dunlop HUD 221(d)(4) 3,277,400 176,808


2017-0xxHigRisCore.xlsx Part IV-A-Uses of Funds 1 of 5

I. DEVELOPMENT BUDGET

PRE-DEVELOPMENT COSTS PRE-DEVELOPMENT COSTSProperty AppraisalMarket StudyEnvironmental Report(s)Soil BoringsBoundary and Topographical SurveyZoning/Site Plan FeesOther:Other:Other:

SubtotalACQUISITION ACQUISITIONLandSite DemolitionAcquisition Legal Fees (if existing structures)Existing Structures

SubtotalLAND IMPROVEMENTS LAND IMPROVEMENTSSite Construction (On-site) Per acre:Site Construction (Off-site)

SubtotalSTRUCTURES STRUCTURESResidential Structures - New ConstructionResidential Structures - RehabAccessory Structures (ie. community bldg, maintenance bldg, etc.) - New ConstrAccessory Structures (ie. community bldg, maintenance bldg, etc.) - Rehab

SubtotalCONTRACTOR SERVICES 14.000% CONTRACTOR SERVICESBuilder Profit: 6.000% 314,029 6.000%Builder Overhead 2.000% 104,676 2.000%General Requirements* 6.000% 314,029 6.000%*See QAP: General Requirements policy 14.000% 732,735 SubtotalOTHER CONSTRUCTION HARD COSTS (Non-GC work scope items done by Owner) OTHER CONSTRUCTION HARD COSTS (Non-GC work scope items done by Owner)Other:

Total Construction Hard Costs 59,074.80 per Res'l unit79.27 per Res'l unit SF

CONSTRUCTION CONTINGENCY CONSTRUCTION CONTINGENCYConstruction Contingency 7.00% 417,658 -

5,966,554.80 79.27 per unit sq ft

417,658

Average TCHC: 59,074.80 per unit 78.27 per total sq ft

<< Enter description here; provide detail & justification in tab Part IV-b >>

- 732,735 - - 732,735 -

104,676 104,676 - 314,029 314,029

DCA Limit314,029 314,029 -

5,233,820 - - 5,233,820 -

5,233,820 5,233,820 -

- - - - -

3,000,000 - 3,000,000 3,000,000 - 3,000,000

77,158 - - 77,158 - << Enter description here; provide detail & justification in tab Part IV-b >> -

- HUD 221(d)4 Third Party Reports 43,658 43,658 -

- PCA 7,500 7,500

6,500 - 4,500 4,500

-

PART FOUR - USES OF FUNDS - 2017-0 Charles Hight/High Rise I Apartments, Rome, Floyd County

New Construction Basis Acquisition Basis Rehabilitation

BasisAmortizable or Non-Depreciable BasisTOTAL COST

-

- 15,000 15,000 -

6,500




I. DEVELOPMENT BUDGET (cont'd)

CONSTRUCTION PERIOD FINANCING CONSTRUCTION PERIOD FINANCINGBridge Loan FeeBridge Loan InterestConstruction Loan FeeConstruction Loan InterestConstruction Legal FeesConstruction Period Inspection FeesConstruction Period Real Estate TaxConstruction InsuranceTitle and Recording FeesPayment and Performance bondsOther:Other:

SubtotalPROFESSIONAL SERVICES PROFESSIONAL SERVICESArchitectural Fee - DesignArchitectural Fee - SupervisionGreen Building Consultant Fee Max: 20,000Green Building Program Certification Fee (LEED or Earthcraft)Accessibility Inspections and Plan ReviewConstruction Materials TestingEngineeringReal Estate AttorneyAccountingAs-Built SurveyOther:

SubtotalLOCAL GOVERNMENT FEES Avg per unit: 499 LOCAL GOVERNMENT FEESBuilding PermitsImpact FeesWater Tap Fees waived? NoSewer Tap Fees waived? No

SubtotalPERMANENT FINANCING FEES PERMANENT FINANCING FEESPermanent Loan FeesPermanent Loan Legal FeesTitle and Recording FeesBond Issuance PremiumCost of Issuance / Underwriter's DiscountOther:

Subtotal

-

- - -

- - -

-

50,392 - - 50,392 -

278,422 - - 278,422 -

50,392 50,392 -

- - - -

- -

<< Enter description here; provide detail & justification in tab Part IV-b >> -

30,000 30,000 - 10,000 10,000 -

- - - - -

50,000 50,000 -

50,000 50,000 -

7,500 7,500 - -

968,881 - - 641,639 327,241

130,922 130,922 -

- -

50,000 23,508 26,492

95,867 HUD Loan Fees 193,887 - 193,887

47,939 47,939 - Cost of Issuance & Neg Arbitrage - Bonds 191,735 95,867

14,000 14,000 - 35,682 35,682 -

10,000 10,000 15,000 15,000 - 20,000

46,138 46,138 -

TOTAL COST

354,500 353,505 995


BasisAmortizable or Non-Depreciable Basis




I. DEVELOPMENT BUDGET (cont'd)

DCA-RELATED COSTS DCA-RELATED COSTSDCA HOME Loan Pre-Application Fee ($1000 FP/JV, $500 NP)Tax Credit Application Fee ($6500 ForProf/JntVent, $5500 NonProf)DCA Waiver and Pre-approval FeesLIHTC Allocation Processing FeeLIHTC Compliance Monitoring FeeDCA HOME Front End Analysis Fee (when ID of Interest; $3000)DCA Final Inspection Fee (Tax Credit only - no HOME; $3000)Other:Other:

SubtotalEQUITY COSTS EQUITY COSTSPartnership Organization FeesTax Credit Legal OpinionSyndicator Legal FeesOther:

SubtotalDEVELOPER'S FEE DEVELOPER'S FEEDeveloper's Overhead 0.000%Consultant's Fee 0.000%Guarantor Fees 0.000%Developer's Profit 100.000%

SubtotalSTART-UP AND RESERVES START-UP AND RESERVESMarketingRent-Up Reserves 105,292Operating Deficit Reserve: 298,989Replacement ReserveFurniture, Fixtures and Equipment Proposed Avg Per Unit: 248Other:

SubtotalOTHER COSTS OTHER COSTSRelocationOther:

SubtotalTOTAL DEVELOPMENT COST (TDC)Average TDC Per: Unit: Square Foot:

II. TAX CREDIT CALCULATION - BASIS METHOD

129,274.20 171.27

New Construction Basis

4% Acquisition Basis

Rehabilitation Basis

<< Enter description here; provide detail & justification in tab Part IV-b >>11,985 - -

13,056,694 - 3,450,000 8,682,742 1,373,952

11,985 11,985

11,985 -

25,000 469,829 494,829 - -

-

25,000

-

1,663,933 - 450,000 1,213,933 450,000 1,663,933 450,000 1,213,933 450,000

HUD Working Capital Reserve in Excess of Rent-Up Reserve 65,548 65,548

105,292 105,292 298,989 298,989

25,000

<< Enter description here; provide detail & justification in tab Part IV-b >>- -

80,800 80,800

5,000 5,000

3,000 3,000

126,882 126,882

<< Enter description here; provide detail & justification in tab Part IV-b >><< Enter description here; provide detail & justification in tab Part IV-b >>


BasisAmortizable or Non-Depreciable BasisTOTAL COST

38,082 38,082 38,082 80,800




Subtractions From Eligible Basis

Amount of federal grant(s) used to finance qualifying development costsAmount of nonqualified nonrecourse financingCosts of Nonqualifying units of higher qualityNonqualifying excess portion of higher quality unitsHistoric Tax Credits (Residential Portion Only)OtherTotal Subtractions From Basis:Eligible Basis CalculationTotal BasisLess Total Subtractions From Basis (see above)Total Eligible BasisEligible Basis Adjustment (DDA/QCT Location or State Designated Boost) Type:Adjusted Eligible BasisMultiply Adjusted Eligible Basis by Applicable FractionQualified BasisMultiply Qualified Basis by Applicable Credit PercentageMaximum Tax Credit AmountTotal Basis Method Tax Credit Calculation

III. TAX CREDIT CALCULATION - GAP METHODEquity Gap CalculationProject Cost Limit (PCL) - Explain in Comments if Applicant's PCL calculation > QAP PCL.

Total Development Cost (TDC, PCL, or TDC less Foundation Funding; explain in Comments if TDC > PCL)

Subtract Non-LIHTC (excluding deferred fee) Source of FundsEquity Gap Hist DesigDivide Equity Gap by 10Annual Equity Required Enter Final Federal and State Equity Factors (not including GP contribution) = +Total Gap Method Tax Credit Calculation

TAX CREDIT PROJECT MAXIMUM - Lower of Basis Method, Gap Method or DCA Limit:

TAX CREDIT REQUEST - Cannot exceed Tax Credit Project Maximum, but may be lower:

IV. TAX CREDIT ALLOCATION - Lower of Tax Credit Request and Tax Credit Project Maximum

13,300,448 If TDC > QAP Total PCL, provide amount of funding from foundation or charitable organization to cover the cost

exceeding the PCL:

0 3,450,000 11,287,5643.23%

State1.6200 1.0250 0.5950476,037

476,023

If proposed project has Historic Designation, indicate below (Y/N):

13,056,6945,344,8937,711,801 Funding Amount 0

/ 10771,180 Federal

476,023

476,023

DDA/QCT 130.00%

100.00% 100.00% 100.00%

0 111,435 364,588

0 00 3,450,000 8,682,742

3.23%

0 3,450,000 11,287,564

0 3,450,000 8,682,742

476,023

New Construction Basis

4% Acquisition Basis

Rehabilitation Basis

0<Enter detailed description here; use Comments section if needed>

0




V. APPLICANT COMMENTS AND CLARIFICATIONS VI. DCA COMMENTS - DCA USE ONLYRehab costs were determined based on review of plans with general contractor. Soft costs determined based on actual costs incurred plus 3rd party projections. Financing costs based on term sheets.


2017-0xxHigRisCore.xlsx Part IV-B-Other Items 1 of 4

Description/Nature of Cost Basis Justification

PRE-DEVELOPMENT COSTS

Total Cost 7,500 Total Basis 7,500


Total Cost - Total Basis -

HUD 221(d)4 Third Party Reports


PART FOUR (b) - OTHER COSTS - 2017-0 - Charles Hight/High Rise I Apartments - Rome - Floyd, County

DCA requires the Applicant provide a narrative for all "Other" development costs listed on Part IV-Uses of Funds. For any amounts shown below the Applicant needsto provide an explanation of the cost incurred by the development. The narrative should be a brief description for DCA intended to justify its inclusion as a validdevelopment cost. Further, if the "Other" cost is included into eligible basis, a second narrative is required describing its justification into tax credit basis. Expand rowsize as needed to show text.

DEVELOPMENT COST SCHEDULESection NameSection's Other Line Item

PCA



Description/Nature of Cost Basis JustificationDEVELOPMENT COST SCHEDULESection NameSection's Other Line Item

OTHER CONSTRUCTION HARD COSTS


CONSTRUCTION PERIOD FINANCING


Total Cost 193,887 Total Basis -

PROFESSIONAL SERVICES


HUD Loan Fees



Cost of Issuance & Neg Arbitrage - Bonds




PERMANENT FINANCING FEES

Total Cost -

DCA-RELATED COSTS

Total Cost -

Total Cost -

EQUITY COSTS

Total Cost -

0







START-UP AND RESERVES

Total Cost 65,548 Total Basis -

OTHER COSTS



HUD Working Capital Reserve in Excess of Rent-Up Reserve HUD Requires two reserves. Initial Operating Deficit Reserve (3% of Principal or 6 months debt service) and Working Capital Reserve (4% of Principal). While DCA and the Investor already require an Operating Deficit Reserve greater than the Initial Operating Reserve required by HUD, the Rent Up Reserve required by DCA is lower than the Working Capital Reserve Required by HUD. This additional reserve is not in basis and no developer fee is being applied to this reserve. Additionally, there is deferred developer fee in excess of this additional reserve. As a result, there is no financial effect on the developer fee or credit calculation by adding this additional required reserve.


2017-0xxHigRisCore.xlsx Part V-Utility Allowances 1 of 1

DCA Utility Region for project: North

Note: Elderly allowances cannot be used except at properties that have 100% HUD PBRA and satisfy the DCA definition of "elderly"

I. UTILITY ALLOWANCE SCHEDULE #1 Source of Utility AllowancesDate of Utility Allowances Structure

Utility Fuel Tenant Owner Efficiency 1 2 3 4Heat XCooking XHot Water XAir Conditioning Electric XRange/Microwave Electric XRefrigerator Electric XOther Electric Electric X 0 0 0 0Water & Sewer Submetered*? Yes XRefuse Collection XTotal Utility Allowance by Unit Size 0 0 0 0 0

II. UTILITY ALLOWANCE SCHEDULE #2 Source of Utility AllowancesDate of Utility Allowances Structure

Utility Fuel Tenant Owner Efficiency 1 2 3 4HeatCookingHot WaterAir Conditioning ElectricRange/Microwave ElectricRefrigerator ElectricOther Electric ElectricWater & Sewer Submetered*? <Select>Refuse CollectionTotal Utility Allowance by Unit Size 0 0 0 0 0

*New Construction units MUST be sub-metered.APPLICANT COMMENTS AND CLARIFICATIONS

DCA COMMENTS

ElectricElectric

Property will provide Range/Microwave and Refrigerator. Utility allowance based on 2017 CHAP Award from HUD.

Paid By (check one) Tenant-Paid Utility Allowances by Unit Size (# Bdrms)

<<Select Fuel >><<Select Fuel >><<Select Fuel >>

Electric Heat Pump

PART FIVE - UTILITY ALLOWANCES - 2017-0 Charles Hight/High Rise I Apartments, Rome, Floyd County

HUD CHAP AwardApril 11, 2017 3+ Story

Paid By (check one) Tenant-Paid Utility Allowances by Unit Size (# Bdrms)


2017-0xxHigRisCore.xlsx Part VI-Revenues & Expenses 1 of 4

I. RENT SCHEDULE Do NOT cut, copy or paste cells in this tab. Complete ALL columns. For Common Space (non-income producing) units, select "N/A-CS" for Rent Type and "Common Space" for Employee Unit.

HOME projects - Fixed or Floating units: Utility PBRA MSA/NonMSA: AMIAre 100% of units HUD PBRA? Max Allowance Provider or 48,600

Gross OperatingRent Nbr of No. of Unit Unit Rent Gross Subsidy *** Employee Building Type ofType Bdrms Baths Count Area Limit Rent (See note below) Per Unit Total Unit Design Type Activity

0 0 01 60% AMI Efficiency 1.0 18 530 599 538 0 RAD 538 9,684 3+ Story Acquisition/Rehab No

0 0 01 60% AMI 1 1.0 72 771 720 542 0 RAD 542 39,024 3+ Story Acquisition/Rehab No

0 0 01 60% AMI 2 1.0 10 911 831 732 0 RAD 732 7,320 3+ Story Acquisition/Rehab No

0 0 01 60% AMI 3 1.0 1 1,110 927 905 0 RAD 905 905 3+ Story Acquisition/Rehab No

0 0 0<<Select>> 0 0 0<<Select>> 0 0 0<<Select>> 0 0 0<<Select>> 0 0 0<<Select>> 0 0 0<<Select>> 0 0 0<<Select>> 0 0 0<<Select>> 0 0 0<<Select>> 0 0 0<<Select>> 0 0 0<<Select>> 0 0 0<<Select>> 0 0 0<<Select>> 0 0 0<<Select>> 0 0 0<<Select>> 0 0 0<<Select>> 0 0 0<<Select>> 0 0 0<<Select>> 0 0 0<<Select>> 0 0 0<<Select>> 0 0 0<<Select>> 0 0 0<<Select>> 0 0 0<<Select>> 0 0 0<<Select>> 0 0 0<<Select>> 0 0 0<<Select>> 0 0 0<<Select>> 0 0 0<<Select>> 0 0 0<<Select>> 0 0 0

4 TOTAL 101 75,272 MONTHLY TOTAL 56,933 ANNUAL TOTAL 683,196

(UA Sched 1 UA, so over-write if UA Sched

2 used)

*** NOTE: When selecting "PHA Operating Subsidy" in the "PBRA Provider or Operating Subsidy" column above, please also then enter a zero in the "Proposed Gross Rent" column above AND include the PHA operating subsidy amount in the "III. Ancillary and Other Income" section below. Also refer to the Application Instructions provided separately.

Pro-posed Rome

Monthly Net Rent

Fini

sh R

ow!

PART SIX - PROJECTED REVENUES & EXPENSES - 2017-0 Charles Hight/High Rise I Apartments, Rome, Floyd County

Certified Historic/ Deemed Historic? (See QAP)



II. UNIT SUMMARYUnits: Efficiency 1BR 2BR 3BR 4BR Total

Low-Income 60% AMI 18 72 10 1 0 10150% AMI 0 0 0 0 0 0Total 18 72 10 1 0 101

Unrestricted 0 0 0 0 0 0Total Residential 18 72 10 1 0 101Common Space 0 0 0 0 0 0 (no rent charged)Total 18 72 10 1 0 101

PBRA-Assisted 60% AMI 18 72 10 1 0 101(included in LI above) 50% AMI 0 0 0 0 0 0

Total 18 72 10 1 0 101

60% AMI 0 0 0 0 0 050% AMI 0 0 0 0 0 0

(included in LI above) Total 0 0 0 0 0 0

New Construction Low Inc 0 0 0 0 0 0Unrestricted 0 0 0 0 0 0Total + CS 0 0 0 0 0 0

Acq/Rehab Low Inc 18 72 10 1 0 101Unrestricted 0 0 0 0 0 0Total + CS 18 72 10 1 0 101Low Inc 0 0 0 0 0 0Unrestricted 0 0 0 0 0 0Total + CS 0 0 0 0 0 0

Adaptive Reuse 0Historic Adaptive Reuse 0

Historic 0 0 0 0 0 0

Multifamily 18 72 10 1 0 1011-Story 0 0 0 0 0 0Historic 0 0 0 0 0 02-Story 0 0 0 0 0 0Historic 0 0 0 0 0 02-Story Wlkp 0 0 0 0 0 0Historic 0 0 0 0 0 03+-Story 18 72 10 1 0 101Historic 0 0 0 0 0 0

SF Detached 0 0 0 0 0 0Historic 0 0 0 0 0 0

Townhome 0 0 0 0 0 0Historic 0 0 0 0 0 0

Duplex 0 0 0 0 0 0Historic 0 0 0 0 0 0

Manufactured home 0 0 0 0 0 0Historic 0 0 0 0 0 0

Building Type: (for Utility Allowance and other purposes)

(Includes inc-restr mgr units)

NOTE TO APPLICANTS: If the numbers compiled in this Summary do not appear to match what was entered in the Rent Chart above, please verify that all applicable columns were completed in the rows used in the Rent Chart above.

PHA Operating Subsidy-Assisted

Type of Construction Activity

Substantial Rehab Only



Detached / SemiDetached 0 0 0 0 0 0Historic 0 0 0 0 0 0

Row House 0 0 0 0 0 0Historic 0 0 0 0 0 0

Walkup 0 0 0 0 0 0Historic 0 0 0 0 0 0

Elevator 18 72 10 1 0 101Historic 0 0 0 0 0 0

Unit Square Footage:Low Income 60% AMI 9,540 55,512 9,110 1,110 0 75,272

50% AMI 0 0 0 0 0 0Total 9,540 55,512 9,110 1,110 0 75,272

Unrestricted 0 0 0 0 0 0Total Residential 9,540 55,512 9,110 1,110 0 75,272Common Space 0 0 0 0 0 0Total 9,540 55,512 9,110 1,110 0 75,272

III. ANCILLARY AND OTHER INCOME (annual amounts)Ancillary Income Laundry, vending, app fees, etc. Actual pct of PGI: 2.00%Other Income (OI) by Year:Included in Mgt Fee: 1 2 3 4 5 6 7 8 9 10Operating SubsidyOther:

Total OI in Mgt Fee - - - - - - - - - - NOT Included in Mgt Fee:Property Tax AbatementOther:

Total OI NOT in Mgt Fee - - - - - - - - - - Included in Mgt Fee: 11 12 13 14 15 16 17 18 19 20Operating SubsidyOther:


Total OI NOT in Mgt Fee - - - - - - - - - - Included in Mgt Fee: 21 22 23 24 25 26 27 28 29 30Operating SubsidyOther:


Total OI NOT in Mgt Fee - - - - - - - - - - Included in Mgt Fee: 31 32 33 34 35Operating SubsidyOther:

Total OI in Mgt Fee - - - - - NOT Included in Mgt Fee:Property Tax AbatementOther:

Total OI NOT in Mgt Fee - - - - -

Building Type:(for Cost Limit purposes)

13,664



IV. ANNUAL OPERATING EXPENSE BUDGET

On-Site Staff Costs On-Site Security Taxes and InsuranceManagement Salaries & Benefits Contracted Guard Real Estate Taxes (Gross)* 0Maintenance Salaries & Benefits Electronic Alarm System Insurance** 14,688Support Services Salaries & Benefits Subtotal

Subtotal 14,688Subtotal

On-Site Office Costs Professional Services Management Fee: 37,536Office Supplies & Postage Legal 399.62 Average per unit per year

Telephone Accounting 33.30 Average per unit per month

Travel Advertising (Mgt Fee - see Pro Forma, Sect 1, Operating Assumptions)

Leased Furniture / EquipmentActivities Supplies / Overhead Cost Subtotal TOTAL OPERATING EXPENSES 421,170

Average per unit 4,170.00

Subtotal Total OE Required 3,933

Maintenance Expenses Utilities (Avg$/mth/unit) Replacement Reserve (RR) 35,350Contracted Repairs Electricity 63 Proposed averaga RR/unit amount: 350

General Repairs Natural Gas 33Grounds Maintenance Water&Swr 14 Unit Type Units x RR Min Total by Type

Extermination Trash Collection MultifamilyMaintenance Supplies Rehab 101 units x $350 = 35,350

Elevator Maintenance Subtotal New Constr 0 units x $250 = 0

Redecorating SF or Duplex 0 units x $420 = 0

Historic Rhb 0 units x $420 = 0

Subtotal Totals 101 35,350

TOTAL ANNUAL EXPENSES 456,520V. APPLICANT COMMENTS AND CLARIFICATIONS VI. DCA COMMENTS

6,062 137,1196,275

Miscellaneous 51,349100,467

Minimum Replacement Reserve Calculation

Sundry Costs (Dues, Memberships, Etc.) 5,82114,846

5,000 76,48739,741

Project holds 2017 CHAP Award of rental assistance to 100% of units. Operating expenses determined by the greater of historical expense analysis from NWGHA, appraiser's estimate of operating expenses, or additional input requesting expense increases from investor financial analysis.

4,118 3,500561

3,500 16,3673,281 4,524

25,000

21,615 0 Other (describe here) - Plug Number

Supportive Services 5,525109,300

7,214

50,96031,200

Applicant Screening 1,428

4,346 2,286

0


2017-0xxHigRisCore.xlsx Part VII-Pro Forma 1 of 5

I. OPERATING ASSUMPTIONS Please Note: Green-shaded cells are unlocked for your use and contain references/formulas that may be overwritten if needed.

Revenue Growth 2.00% 2,500 Yr 1 Asset Mgt Fee Percentage of EGI: -0.39%Expense Growth 3.00%Reserves Growth 3.00% Property Mgt Fee Growth Rate (choose one): Yr 1 Prop Mgt Fee Percentage of EGI: 5.79%Vacancy & Collection Loss 7.00% Expense Growth Rate (3.00%) Yes --> If Yes, indicate Yr 1 Mgt Fee Amt: 37,536Ancillary Income Limit 2.00% Percent of Effective Gross Income No --> If Yes, indicate actual percentage:

II. OPERATING PRO FORMAYear 1 2 3 4 5 6 7 8 9 10Revenues 683,196 696,860 710,797 725,013 739,513 754,304 769,390 784,777 800,473 816,482 Ancillary Income 13,664 13,937 14,216 14,500 14,790 15,086 15,388 15,696 16,009 16,330 Vacancy (48,780) (49,756) (50,751) (51,766) (52,801) (53,857) (54,934) (56,033) (57,154) (58,297) Other Income (OI) - - - - - - - - - - OI Not Subject to Mgt Fee - - - - - - - - - - Expenses less Mgt Fee (383,634) (395,143) (406,997) (419,207) (431,783) (444,737) (458,079) (471,821) (485,976) (500,555) Property Mgmt (37,536) (38,662) (39,822) (41,017) (42,247) (43,515) (44,820) (46,165) (47,549) (48,976) Reserves (35,350) (36,411) (37,503) (38,628) (39,787) (40,980) (42,210) (43,476) (44,780) (46,124) NOI 191,560 190,826 189,940 188,896 187,685 186,300 184,735 182,978 181,024 178,860 Mortgage A (176,808) (176,808) (176,808) (176,808) (176,808) (176,808) (176,808) (176,808) (176,808) (176,808) Mortgage BMortgage C - - - - - - - - - - D/S Other Source,not DDF - - - - - - - - - - DCA HOME Cash Resrv.Asset Mgmt (2,500) (2,500) (2,500) (2,500) (2,500) (2,500) (2,500) (2,500) (2,500) (2,500) Cash Flow 12,252 11,518 10,633 9,588 8,378 6,993 5,427 3,670 1,716 (447) DCR Mortgage A 1.08 1.08 1.07 1.07 1.06 1.05 1.04 1.03 1.02 1.01 DCR Mortgage BDCR Mortgage CDCR Other SourceTotal DCR 1.08 1.08 1.07 1.07 1.06 1.05 1.04 1.03 1.02 1.01 Oper Exp Coverage Ratio 1.42 1.41 1.39 1.38 1.37 1.35 1.34 1.33 1.31 1.30Mortgage A BalanceMortgage B Balance 2,121,893 2,177,724 2,235,025 2,293,833 2,354,189 2,416,132 2,479,706 2,544,952 2,611,915 2,680,640 Mortgage C BalanceOther Source Balance

PART SEVEN - OPERATING PRO FORMA - 2017-0 Charles Hight/High Rise I Apartments, Rome, Floyd County

Asset Management Fee Amount (include total charged by all lenders/investors)





II. OPERATING PRO FORMA



Year 11 12 13 14 15 16 17 18 19 20 Revenues 832,812 849,468 866,458 883,787 901,463 919,492 937,882 956,639 975,772 995,288 Ancillary Income 16,656 16,989 17,329 17,676 18,029 18,390 18,758 19,133 19,515 19,906 Vacancy (59,463) (60,652) (61,865) (63,102) (64,364) (65,652) (66,965) (68,304) (69,670) (71,064) Other Income (OI) - - - - - - - - - - OI Not Subject to Mgt Fee - - - - - - - - - - Expenses less Mgt Fee (515,572) (531,039) (546,970) (563,379) (580,280) (597,689) (615,620) (634,088) (653,111) (672,704) Property Mgmt (50,445) (51,959) (53,517) (55,123) (56,777) (58,480) (60,234) (62,041) (63,903) (65,820) Reserves (47,507) (48,933) (50,401) (51,913) (53,470) (55,074) (56,726) (58,428) (60,181) (61,986) NOI 176,481 173,875 171,034 167,945 164,600 160,987 157,095 152,911 148,423 143,619 Mortgage A (176,808) (176,808) (176,808) (176,808) (176,808) (176,808) (176,808) (176,808) (176,808) (176,808) Mortgage BMortgage C - - - - - - - - - - D/S Other Source,not DDF - - - - - - - - - - DCA HOME Cash Resrv.Asset Mgmt (2,500) (2,500) (2,500) (2,500) (2,500) (2,500) (2,500) (2,500) (2,500) (2,500) Cash Flow (2,826) (5,433) (8,274) (11,362) (14,708) (18,321) (22,213) (26,397) (30,885) (35,688) DCR Mortgage A 1.00 0.98 0.97 0.95 0.93 0.91 0.89 0.86 0.84 0.81 DCR Mortgage BDCR Mortgage CDCR Other SourceTotal DCR 1.00 0.98 0.97 0.95 0.93 0.91 0.89 0.86 0.84 0.81 Oper Exp Coverage Ratio 1.29 1.28 1.26 1.25 1.24 1.23 1.21 1.20 1.19 1.18Mortgage A BalanceMortgage B Balance 2,751,173 2,823,562 2,897,856 2,974,105 3,052,359 3,132,673 3,215,101 3,299,696 3,386,518 3,475,625 Mortgage C BalanceOther Source Balance








Year 21 22 23 24 25 26 27 28 29 30 Revenues 1,015,193 1,035,497 1,056,207 1,077,331 1,098,878 1,120,855 1,143,273 1,166,138 1,189,461 1,213,250 Ancillary Income 20,304 20,710 21,124 21,547 21,978 22,417 22,865 23,323 23,789 24,265 Vacancy (72,485) (73,934) (75,413) (76,921) (78,460) (80,029) (81,630) (83,262) (84,927) (86,626) Other Income (OI) - - - - - - - - - - OI Not Subject to Mgt Fee - - - - - - - - - - Expenses less Mgt Fee (692,885) (713,672) (735,082) (757,134) (779,848) (803,244) (827,341) (852,161) (877,726) (904,058) Property Mgmt (67,794) (69,828) (71,923) (74,081) (76,303) (78,592) (80,950) (83,378) (85,880) (88,456) Reserves (63,846) (65,761) (67,734) (69,766) (71,859) (74,015) (76,236) (78,523) (80,878) (83,305) NOI 138,487 133,011 127,179 120,975 114,385 107,393 99,982 92,136 83,838 75,070 Mortgage A (176,808) (176,808) (176,808) (176,808) (176,808) (176,808) (176,808) (176,808) (176,808) (176,808) Mortgage BMortgage C - - - - - - - - - - D/S Other Source,not DDF - - - - - - - - - - DCA HOME Cash Resrv.Asset Mgmt (2,500) (2,500) (2,500) (2,500) (2,500) (2,500) (2,500) (2,500) (2,500) (2,500) Cash Flow (40,821) (46,296) (52,129) (58,333) (64,923) (71,915) (79,326) (87,171) (95,470) (104,237) DCR Mortgage A 0.78 0.75 0.72 0.68 0.65 0.61 0.57 0.52 0.47 0.42 DCR Mortgage BDCR Mortgage CDCR Other SourceTotal DCR 0.78 0.75 0.72 0.68 0.65 0.61 0.57 0.52 0.47 0.42 Oper Exp Coverage Ratio 1.17 1.16 1.15 1.13 1.12 1.11 1.10 1.09 1.08 1.07Mortgage A BalanceMortgage B Balance 3,567,076 3,660,933 3,757,260 3,856,121 3,957,583 4,061,716 4,168,588 4,278,272 4,390,842 4,506,375 Mortgage C BalanceOther Source Balance








Year 31 32 33 34 35 Revenues 1,237,515 1,262,265 1,287,511 1,313,261 1,339,526 Ancillary Income 24,750 25,245 25,750 26,265 26,791 Vacancy (88,359) (90,126) (91,928) (93,767) (95,642) Other Income (OI) - - - - - OI Not Subject to Mgt Fee - - - - - Expenses less Mgt Fee (931,180) (959,115) (987,889) (1,017,525) (1,048,051) Property Mgmt (91,110) (93,843) (96,658) (99,558) (102,545) Reserves (85,804) (88,378) (91,029) (93,760) (96,573) NOI 65,813 56,049 45,757 34,916 23,505 Mortgage A (176,808) (176,808) (176,808) (176,808) (176,808) Mortgage BMortgage C - - - - - D/S Other Source,not DDF - - - - - DCA HOME Cash Resrv.Asset Mgmt (2,500) (2,500) (2,500) (2,500) (2,500) Cash Flow (113,495) (123,259) (133,551) (144,392) (155,802) DCR Mortgage A 0.37 0.32 0.26 0.20 0.13 DCR Mortgage BDCR Mortgage CDCR Other SourceTotal DCR 0.37 0.32 0.26 0.20 0.13 Oper Exp Coverage Ratio 1.06 1.05 1.04 1.03 1.02Mortgage A Balance (180,500) (369,293) (566,758) (773,295) (989,321) Mortgage B Balance 4,624,947 4,746,639 4,871,533 4,999,713 5,131,266 Mortgage C BalanceOther Source Balance








III. Applicant Comments & Clarifications IV. DCA Comments

Project has requested a waiver for 5% vacancy allowance, in keeping with HUD requirements. Cash flow note will be paid out of available cash flow.


2017-0xxHigRisCore.xlsx Part VIII-Threshold Criteria 1 of 11

DCA USE

FINAL THRESHOLD DETERMINATION (DCA Use Only)DCA's Overall Comments / Approval Conditions:

1 PROJECT FEASIBILITY, VIABILITY ANALYSIS, AND CONFORMANCE WITH PLAN Pass?

Threshold Justification per Applicant

DCA's Comments:

The Applicant has submitted an proposal which conforms to the QAP. All costs for Development and Construction have been carefully underwritten by experienced estimators. Federal ($1.025) and State ($0.595) Equity Pricing are competitive and worked out with experinced Syndicators and are appropriate for their yields. Operating Costs have been proposed by the experienced Management Company, Northwest Georgia Housing Authority, which has operated this property successfully at comparable costs for many years. Rents and utility allowances have been set by HUD as a part of the RAD CHAP award. Total Developer Fee and Deferred Developer Fee are within QAP limits. The Housing Authority maintains an extensive waiting list that is more than sufficient to fully lease the property upon completion of the renovations.

14.)15.) 16.)17.)18.)19.)20.)

6.)7.)8.) 9.)10.)11.)12.)13.)

1.)

2.)

3.)

4.)

5.)

PART EIGHT - THRESHOLD CRITERIA - 2017-0 Charles Hight/High Rise I Apartments, Rome, Floyd County

Preliminary Rating: Incomplete Applicant ResponseDisclaimer: DCA Threshold and Scoring section reviews pertain only to the corresponding funding round and have no effect on

subsequent or future funding round scoring decisions.



DCA USE

FINAL THRESHOLD DETERMINATION (DCA Use Only)



subsequent or future funding round scoring decisions.2 COST LIMITS Pass?

Is this Criterion met? Yes

Unit Type Nbr Units Nbr UnitsEfficiency 0 0 117,818 x 0 units = 0 0 129,599 x 0 units = 01 BR 1 0 154,420 x 0 units = 0 0 169,862 x 0 units = 02 BR 2 0 187,511 x 0 units = 0 0 206,262 x 0 units = 03 BR 3 0 229,637 x 0 units = 0 0 252,600 x 0 units = 04 BR 4 0 270,341 x 0 units = 0 0 297,375 x 0 units = 0

Subotal 0 0 0 0Efficiency 0 0 110,334 x 0 units = 0 0 121,367 x 0 units = 01 BR 1 0 144,909 x 0 units = 0 0 159,399 x 0 units = 02 BR 2 0 176,506 x 0 units = 0 0 194,156 x 0 units = 03 BR 3 0 217,443 x 0 units = 0 0 239,187 x 0 units = 04 BR 4 0 258,414 x 0 units = 0 0 284,255 x 0 units = 0

Subotal 0 0 0 0Walkup Efficiency 0 0 91,210 x 0 units = 0 0 100,331 x 0 units = 0

1 BR 1 0 125,895 x 0 units = 0 0 138,484 x 0 units = 02 BR 2 0 159,553 x 0 units = 0 0 175,508 x 0 units = 03 BR 3 0 208,108 x 0 units = 0 0 228,918 x 0 units = 04 BR 4 0 259,274 x 0 units = 0 0 285,201 x 0 units = 0

Subotal 0 0 0 0Elevator Efficiency 0 18 95,549 x 18 units = 1,719,882 0 105,103 x 0 units = 0

1 BR 1 72 133,769 x 72 units = 9,631,368 0 147,145 x 0 units = 02 BR 2 10 171,988 x 10 units = 1,719,880 0 189,186 x 0 units = 03 BR 3 1 229,318 x 1 units = 229,318 0 252,249 x 0 units = 04 BR 4 0 286,647 x 0 units = 0 0 315,311 x 0 units = 0

Subotal 101 13,300,448 0 0Total Per Construction Type 101 13,300,448 0 0

Threshold Justification per Applicant DCA's Comments:

3 TENANCY CHARACTERISTICS This project is designated as: Pass?Threshold Justification per Applicant DCA's Comments:

4 REQUIRED SERVICES Pass?

A. Applicant certifies that they will designate the specific services and meet the additional policies related to services. Does Applicant agree? AgreeB. Specify at least 2 basic ongoing services from at least 2 categories below for Family projects, or at least 4 basic ongoing services from at least 3 categories below for Senior projects:

1) Social & recreational programs planned & overseen by project mgr Specify:2) On-site enrichment classes Specify:3) On-site health classes Specify:4) Other services approved by DCA Specify:

C. For applications for rehabilitation of existing congregate supportive housing developments:Name of behavioral health agency, continuum of care or service provider for which MOU is included: C.

Threshold Justification per Applicant DCA's Comments:Tenants will also be encouraged to utilize the community spaces for daily functions in addition to the above programs and enrichment classes.

Semi-Monthly Birthday Parties, Bingo Arts and CraftsNutrition Classes, Healthy Cooking

Note: if a PUCL Waiver has been approved by DCA, that amount would supercede the amounts

shown at left.

The property is a six story building with an elevator. Hard costs were determined with an exp contractor.

Other

Application is for Other (Senior 62+ Head of Household) as directed by correspondence from Laurel.

Historic Preservation Pts0

Community Transp Opt Pts0

Project Cost Limit (PCL)

13,300,448

Tot Development Costs:Row House 13,056,694

Cost Waiver Amount:

Unit Cost Limit total by Unit Type Unit Cost Limit total by Unit TypeDetached/Semi-Detached MSA for Cost Limit

purposes:

Valdosta

NOTE: Unit counts are linked to Rent Chart in Part VI Revenues & Expenses Tab. Cost Limit Per Unit totals by unit type are auto-calculated.

New Construction and Historic Rehab or Transit-Oriented DevlpmtAcquisition/Rehabilitation qualifying for Historic Preservation or TOD pt(s)



DCA USE




subsequent or future funding round scoring decisions.5 MARKET FEASIBILITY Pass?

A. Provide the name of the market study analyst used by applicant: A.B. Project absorption period to reach stabilized occupancy B.C. Overall Market Occupancy Rate C.D. Overall capture rate for tax credit units D.E.

Project Nbr Project Name Project Nbr Project Name Project Nbr Project Name1 funded 1992 3 2014 52 funded 2010 4 6

F. Does the unit mix/rents and amenities included in the application match those provided in the market study? F. YesThreshold Justification per Applicant

DCA's Comments:

6 APPRAISALS Pass?

A. Is there is an identity of interest between the buyer and seller of the project? A. YesB. Is an appraisal included in this application submission? B. Yes

If an appraisal is included, indicate Appraiser's Name and answer the following questions: Appraiser's Name:1) 1) Yes2) 2) Yes3) Does the appraisal conform to USPAP standards? 3) Yes4) 4) No

C. If an identity of interest exists between the buyer and seller, did the seller purchase this property within the past three (3) years? C. NoD. Has the property been: D.

1) Rezoned? 1) No2) Subdivided? 2) Yes3) Modified? 3) No


DCA's Comments:

For LIHTC projects involving DCA HOME funds, does the total hard cost of the project exceed 90% of the as completed unencumbered appraised value of the property?

The Northwest Georgia Housing Authority (NWGHA) owns the land which contains three senior residential towers, of which the proposed project would renovate on of those towers. NWGHA will ground lease the building to the partnership, leaving the remaining property in its ownership for the other two senior towers. NWGHA would be the 100% managing general partner of the new ownership entity.

Most recent funded LIHTC property is Highland Estates, which is undergoing lease up and at which all vacant units are located in the market area. Overall vacancy rate for LIHTC senior communities is 5.7%. While the project's capture rate of 34.0% appears high, with the inclusion of RAD vouchers on 100% units, as is proposed, capture rate drops to 11.2%. Projected absorption of 3-4 months would begin before construction completion, as units would be renovated in blocks and residents returned once an area is ready to reoccupy. The Housing Authority maintains an extensive waiting list for this property that is more than sufficient to lease all of its units. The property is currently about 50% occupied due to the Housing Authority's intentional managed reduction of occupied units so as to minimize the relocations necessary once rehabilitation of the property begins.

Everson, Huber & Associates, LCDoes it provide a land value?Does it provide a value for the improvements?

34.0% without PBRA; 11.2% with PBRAList DCA tax credit projects in close proximity to properties funded in 2014 or 2015. Include DCA project number and project name in each case.

Greystone Apartments (built 1994) Highland Estates (built 2016)Etowah Terrace (built 2012)

Real Property Research GroupThree-Four Months94.30%



DCA USE




subsequent or future funding round scoring decisions.7 ENVIRONMENTAL REQUIREMENTS Pass?

A. Name of Company that prepared the Phase I Assessment in accordance with ASTM 1527-13: A.B. Is a Phase II Environmental Report included? B. NoC. Was a Noise Assessment performed? C. No

1) If "Yes", name of company that prepared the noise assessment? 1)2) If "Yes", provide the maximum noise level on site in decibels over the 10 year projection: 2)3) If "Yes", what are the contributing factors in decreasing order of magnitude?

D. Is the subject property located in a: D.1) Brownfield? 1) No2) 100 year flood plain / floodway? 2) No

If "Yes": a) Percentage of site that is within a floodplain: a)b) Will any development occur in the floodplain? b)c) Is documentation provided as per Threshold criteria? c)

3) Wetlands? 3) NoIf "Yes": a) Enter the percentage of the site that is a wetlands: a)

b) Will any development occur in the wetlands? b)c) Is documentation provided as per Threshold criteria? c)

4) State Waters/Streams/Buffers and Setbacks area? 4) NoE. Has the Environmental Professional identified any of the following on the subject property:

1) Lead-based paint? Yes 5) Endangered species? No 9) Mold? No2) Noise? No 6) Historic designation? No 10) PCB's? No3) Water leaks? No 7) Vapor intrusion? No 11) Radon? Yes4) Lead in water? No 8) Asbestos-containing materials? Yes

12) Other (e.g., Native American burial grounds, etc.) - describe in box below:

F. Is all additional environmental documentation required for a HOME application included, such as:1) Eight-Step Process for Wetlands and/or Floodplains required and included? 1) No2) Has Applicant/PE completed the HOME and HUD Environmental Questionnaire? 2) No3) Owner agrees that they must refrain from undertaking any activities that could have an adverse effect on the subject property? 3) No

G. If HUD approval has been previously granted, has the HUD Form 4128 been included? G. N/AProjects involving HOME funds must also meet the following Site and Neighborhood Standards:

H. H.

I. List all contiguous Census Tracts: I.J. Is Contract Addendum included in Application? J.


DCA's Comments:

The property is located within 3,000 feet of busy road and railroad but noise levels were not observed to be excessive and no further study was recommended. The site is not located in a 100-year floodplain or wetland area. Due to the age of the property, lead based paint was listed as in potential existence though no testing was performed. Suspected asbestos was observed but design drawings were not available for review. This site is in a Radon Zone 2 area. Test cannisters were deployed but could not be retrieved and analyzed.

The Census Tract for the property is characterized as [Choose either Minority concentration (50% or more minority), Racially mixed (25% - 49% minority), or Non-minority (less than 25% minority)]:

<<Select>> <<Select>>

EMG



DCA USE




subsequent or future funding round scoring decisions.8 SITE CONTROL Pass?

A. Is site control provided through November 30, 2017? Expiration Date: A. YesB. Form of site control: B.C. Name of Entity with site control: C.D. Is there any Identity of Interest between the entity with site control and the applicant? D. Yes


DCA's Comments:

9 SITE ACCESS Pass?

A. A.Yes

B. B.No

C. C.No

D. D.No


DCA's Comments:

10 Pass?

A. Is Zoning in place at the time of this application submission? A. YesB. Does zoning of the development site conform to the site development plan? B. YesC. Is the zoning confirmed, in writing, by the authorized Local Government official? C. Yes

If "Yes": 1) Is this written confirmation included in the Application? 1) Yes2) Does the letter include the zoning and land use classification of the property? 2) Yes3) 3) Yes

4) Is the letter accompanied by all conditions of these zoning and land use classifications? 4) Yes5) 5) Yes

D. D.Yes

E. Are all issues and questions surrounding the zoning and land use classification clearly defined prior to this application submission? E. YesThreshold Justification per Applicant

DCA's Comments:

Is the letter accompanied by a clear explanation of the requirements (include a copy of the applicable sections of the zoning ordinance highlighted for the stated classification)?

If project is requesting HOME or HUD funds, does Local Government official also comment on whether project will include development of prime or unique farmland?

Is documentation provided (on the Architectural Site Conceptual Development Plan either graphically or in written form) that demonstrates that the site layout conforms to any moratoriums, density, setbacks or other requirements?

Site is properly zoned as M-R (Multi-Family Residential), which allows for the intended use post-renovation.

If the road is going to be paved by the applicant, are these costs documented in the submitted electronic application binder and reflected in the development budget provided in the core application?If use of private drive proposed, is site control of private drive documented by proof of ownership or by a properly executed easement on private drive, and are the plans for paving private drive, including associated development costs, adequately addressed in Application?

Site is accessible by paved, public roads. North 5th Avenue borders the site to the west. West 10th Street borders the site to the north.

SITE ZONING

Charles Hight HR1 RAD 2017, LP

The ownership entity holds a valid purchase option agreement with Northwest Georgia Housing Authority for the proposed improvements to be improved as well as a lease right to the underlying land.

Does this site provide a specified entrance that is legally accessible by paved roads and are the appropriate drawings, surveys, photographs and other documentation reflecting such paved roads included in the electronic application binder?If access roads are not in place, does the application contain documentation evidencing local government approval to pave the road, a commitment for funding, and the timetable for completion of such paved roads?

12/31/18Ground lease/Option <<Select>>



DCA USE




subsequent or future funding round scoring decisions.11 OPERATING UTILITIES Pass?

A. 1) Gas 1) NoThreshold Justification per Applicant 2) Electric 2) Yes

DCA's Comments:

12 PUBLIC WATER/SANITARY SEWER/STORM SEWER Pass?

A. 1) Is there a Waiver Approval Letter From DCA included in this application for this criterion as it pertains to single-family detached Rural projects? A1) No2) If Yes, is the waiver request accompanied by an engineering report confirming the availability of water and the percolation of the soil? 2) No

B. 1) Public water B1) Yes2) Public sewer 2) Yes


DCA's Comments:

13 REQUIRED AMENITIES Pass?

Is there a Pre-Approval Form from DCA included in this application for this criterion? NoA. Applicant agrees to provide following required Standard Site Amenities in conformance with DCA Amenities Guidebook (select one in each category): A. Agree

1) Community area (select either community room or community building): A1)2) Exterior gathering area (if "Other", explain in box provided at right): A2)3) On site laundry type: A3)

B. Applicant agrees to provide the following required Additional Site Amenities to conform with the DCA Amenities Guidebook. B. AgreeThe nbr of additional amenities required depends on the total unit count: 1-125 units = 2 amenities, 126+ units = 4 amenities

Additional Amenities (describe in space provided below) Guidebook Met? DCA Pre-approved? Additional Amenities (describe below) Guidebook Met? DCA Pre-approved?1) 3)2) 4)

C. Applicant agrees to provide the following required Unit Amenities: C. Agree1) HVAC systems 1) Yes2) Energy Star refrigerators 2) Yes3) Energy Star dishwashers (not required in senior USDA or HUD properties) 3) Yes4) Stoves 4) Yes5) Microwave ovens 5) Yes6) a. Powder-based stovetop fire suppression canisters installed above the range cook top, OR 6a) Yes

b. Electronically controlled solid cover plates over stove top burners 6b) NoD. If proposing a Senior project or Special Needs project, Applicant agrees to provide the following additional required Amenities: D. Agree

1) Elevators are installed for access to all units above the ground floor. 1) Yes2) Buildings more than two story construction have interior furnished gathering areas in several locations in the lobbies and/or corridors 2) Yes3) a. 100% of the units are accessible and adaptable, as defined by the Fair Housing Amendments Act of 1988 3a) Yes

b. If No, was a DCA Architectural Standards waiver granted? 3b)Threshold Justification per Applicant

DCA's Comments:

14 REHABILITATION STANDARDS (REHABILITATION PROJECTS ONLY) Pass?

A. Type of rehab (choose one): A. Substantial Gut Rehab <<Select>>

The amenities are appropriatly geared towards a senior ("Other" 62+ head of household) tenancy.

RoomCovered Porch If "Other", explain hereOn-site laundry

Additional Amenities

Check all that are available to the site and enter provider name: Rome Water and Sewer DivisionRome Water and Sewer Division

Rome Water and Sewer System provides both public water and sewer service to the subject property. Water lines and sewer lines are existing at the subject property as shown on the property survey.

Check applicable utilities and enter provider name: NAGeorgia Power

No Gas will be utilitzed on the subject development. A letter from Georgia Power is included in the application to verify electricity service and capacity.



DCA USE




subsequent or future funding round scoring decisions.B. Date of Physical Needs Assessment (PNA): B.

Name of consultant preparing PNA:Is 20-year replacement reserve study included? Yes

C. Performance Rpt indicates energy audit completed by qualified BPI Building Analyst? C. YesName of qualified BPI Building Analyst or equivalent professional:

D. DCA’s Rehabilitation Work Scope form is completed, included in PNA tab,and clearly indicates percentages of each item to be either "demoed" or replaced: D.1. All immediate needs identified in the PNA. 1)2. All application threshold and scoring requirements 2)3. All applicable architectural and accessibility standards. 3)4. All remediation issues identified in the Phase I Environmental Site Assessment. 4)

E. E.Agree


DCA's Comments:

15 SITE INFORMATION AND CONCEPTUAL SITE DEVELOPMENT PLAN Pass?

A. A. Yes

Are all interior and exterior site related amenities required and selected in this application indicated on the Conceptual Site Development Plan? YesB. Location/Vicinity map delineates location point of proposed property (site geo coordinates) & shows entire municipality area (city limits, etc.)? B. YesC. Ground level color photos of proposed property & adjacent surrounding properties & structures are included, numbered, dated & have brief descriptions? C. Yes

Site Map delineates the approximate location point of each photo? YesD. Aerial color photos are current, have high enough resolution to clearly identify existing property & adjacent land uses, and delineate property boundaries? D. Yes


DCA's Comments:

16 BUILDING SUSTAINABILITY Pass?

A. A.Agree

B. B.Agree


DCA's Comments:

Applicant agrees that the final construction documents must clearly indicate all components of the building envelope and all materials and equipment that meet therequirements set forth in the QAP and DCA Architectural Manual?

The applicant will prioritize the sustainability of the affordable housing development.

Is Conceptual Site Development Plan included in application and has it been prepared in accordance with all instructions set forth in the DCA Architectural Manual?

Site plan shows all relevant information required by QAP and includes the full design plan set as produced by Cevian.

Applicant agrees that this proposed property must achieve a minimum standard for energy efficiency and sustainable building practices upon construction completion asset forth in the QAP and DCA Architectural Manual?

Kevin M. Lantry, PE, CEM

DCA Rehabilitation Work Scope form referenced above clearly addresses:

Applicant understands that in addition to proposed work scope, the project must meet state and local building codes, DCA architectural requirements as set forth in the QAP and Manuals, and health and safety codes and requirements. Applicant agrees?

The property will be improved in a manner that meets or exceeds the recommendations of the Physical Conditions Assessment and in line with current code and DCA requirements.

March 7, 2017EMG



DCA USE




subsequent or future funding round scoring decisions.17 ACCESSIBILITY STANDARDS Pass?

A. 1) A1). Yes

2) 2) Yes

3) 3) No

4) 4) YesB. 1)

Nbr of Units Percentage1) a. Mobility Impaired 6 6 5% B1)a. Yes

1) b. Roll-In Showers 3 3 40% b. Yes

2) 2) Sight / Hearing Impaired 3 3 2% 2) Yes

C. C.Yes

The DCA qualified consultant will perform the following: Name of Accessibility Consultant1) C1). Yes

2) 2). Yes3) 3). Yes

4) 4). Yes


DCA's Comments:

A final inspection of the property after completion of construction to determine that the property has been constructed in accordance with all accessibilityrequirements. DCA must receive a copy of the report issued by the consultant as well as documentation that all issues, if any, have been resolved prior to submissionof the project cost certification.

Accessibility and Fair Housing for disabled tenants continues to be an important role and focus of our development team. The development will be in full compliance with ADA requirements and standards.

Will least an additional 2% of the total units (but no less than one unit) be equipped for hearing and sight-impaired residents?

Applicant will retain a DCA qualified consultant to monitor the project for accessibility compliance who will not be a member of the proposed Project Team nor have an Identify of Interest with any member of the proposed Project Team?

Zeffert & AssociatesA pre-construction plan and specification review to determine that the proposed property will meet all required accessibility requirements. The Consultant report mustbe included with the Step 2 construction documents submitted to DCA. At a minimum, the report will include the initial comments from the consultant, all documentsrelated to resolution of identified accessibility issues and a certification from the consultant that the plans appear to meet all accessibility requirements.

At least two training sessions for General Contractor and Subcontractors regarding accessibility requirements. One training must be on site.An inspection of the construction site after framing is completed to determine that the property is following the approved plans and specifications as to accessibility.DCA must receive a copy of the report issued by the consultant as well as documentation that all issues, if any, have been resolved.

Owner claims that property is eligible for any of the stated statutory exemptions for any applicable federal, state, and local accessibility law? If so, support the claimwith a legal opinion placed where indicted in Tabs Checklist.Does this project comply with applicable DCA accessibility requirements detailed in the 2016 Architectural and Accessibility Manuals?a. Will at least 5% of the total units (but no less than one unit) be equipped for the mobility disabled, including wheelchair restricted residents?

Nbr of UnitsEquipped:

Minimum Required:

b. Roll-in showers will be incorporated into 40% of the mobility equipped units (but no fewer than one unit)?

Upon completion, will this project comply with all applicable Federal and State accessibility laws including but not limited to: The Fair Housing Amendments Act of1988, Americans with Disabilities Act, Section 504 of the Rehabilitation Act of 1973, Georgia Fair Housing Law and Georgia Access Law as set forth in the 2015Accessibility Manual? (When two or more accessibility standards apply, the applicant is required to follow and apply both standards so that a maximum accessibilityis obtained.)

Owner understands that DCA requires the Section 504 accessibility requirements to be incorporated into the design and construction of ALL new constructionand/or rehabilitation projects selected under the 2017 Qualified Allocation Plan, regardless of whether or not the project will receive federal debt financing assistance(e.g., HOME). This constitutes a higher standard of accessibility than what may be required under federal laws. This means that all projects, including thosefinanced with tax exempt bonds which receive an allocation of 4% tax credits and 9% tax credits-only projects, must incorporate at a minimum the requirements ofthe Uniform Federal Accessibility Standards into the design and construction of the project.



DCA USE




subsequent or future funding round scoring decisions.18 ARCHITECTURAL DESIGN & QUALITY STANDARDS Pass?

Is there a Waiver Approval Letter From DCA included in this application for this criterion? NoDoes this application meet the Architectural Standards contained in the Application Manual for quality and longevity? YesA. Constructed and Rehabilitation Construction Hard Costs - are the following minimum review standards for rehabilitation projects met or exceeded by this project?

A.

B. B.1) Exterior Wall Finishes (select one) 1) Yes

2) 2) Yes

C.C.

1) 1) No2) 2) No


DCA's Comments:

19 QUALIFICATIONS FOR PROJECT TEAM (PERFORMANCE) Pass?

A. Did the Certifying Entity meet the experience requirement in 2016? A. YesB. Is there a pre-application Qualification of Project Team Determination from DCA included in this application for this criterion? B. YesC. Has there been any change in the Project Team since the initial pre-application submission? C. NoD. Did the project team request a waiver or waiver renewal of a Significant Adverse Event at pre-application? D. NoE. DCA's pre-application Qualification of Project's Team Determination indicated a status of (select one): E.F. DCA Final Determination F.


DCA's Comments:

20 COMPLIANCE HISTORY SUMMARY Pass?

A. A. YesB. B. NoC. C.

Yes


DCA's Comments:

Was a pre-application submitted for this Determination at the Pre-Application Stage?If 'Yes", has there been any change in the status of any project included in the CHS form? Has the Certifying Entity and all other project team members completed all required documents as listed in QAP Threshold Section XIX Qualifications for Project Participants?

Northwest Georiga Housing Authority has been determined "Partnering with Qualified Entity" naming Rea Ventures Group, LLC as the qualified entity. Rea Ventures has been deemed experienced 2008-2017.

The architectural design of the project represents a type used successfully on numerous prior developments and which has been received well in markets across the state of Georgia. Exterior will be brick and cementitious siding with an attrative, visually appealing design.

Certifying General Partner<< Select Designation >>

Qualification Determination was made by DCA for project team. See Qualification Determination in Tab 19 for Information.

Exterior wall faces will have an excess of 40% brick or stone on each total wall surface

Major Bldg Component Materials & Upgrades (select one)

Fiber cement siding or other 30 year warranty product installed on all exterior wall surfaces not already required to be brick

Additional Design Options - not listed above, proposed by Applicant prior to Application Submittal in accordance with Exhibit A DCA Pre-application and Pre-Award Deadlines and Fee Schedule, and subsequently approved by DCA.

Rehabilitation projects will be considered for funding only if the per unit rehabilitation hard costs exceed $25,000. The costs of furniture, fixtures, construction orrehabilitation of community buildings and common area amenities are not included in these amounts.

Standard Design Options for All Projects



DCA USE




subsequent or future funding round scoring decisions.21 ELIGIBILITY FOR CREDIT UNDER THE NON-PROFIT SET-ASIDE Pass?

A. Name of Qualified non-profit: A.B. Non-profit's Website: B.C. C.

D. D.

E. Does the qualified non-profit own at least 51% of the GP's interest in the project and is the managing general partner of the ownership entity? E.F. F.

G. G.1) CHDOS Only: If the nonprofit entity is also a CHDO, is it a DCA-certified CHDO which must own 100% of the General Partnership entity?

H. H.

I. I.


DCA's Comments:

22 ELIGIBILITY FOR HOME LOANS UNDER THE CHDO SET-ASIDE Pass?

A. Name of CHDO:B. Is a copy of the CHDO pre-qualification letter from DCA included in the Application? B.C.

C.

D. CHDO has been granted a DCA HOME consent? DCA HOME Consent amount: D.Threshold Justification per Applicant

DCA's Comments:

23 REQUIRED LEGAL OPINIONS State legal opinions included in application using boxes provided. Pass?

A. Credit Eligibility for Acquisition A. YesB. Credit Eligibility for Assisted Living Facility B. NoC. Non-profit Federal Tax Exempt Qualification Status C. NoD. Scattered Site Developments [as defined in Section 42(g)(7) of the Code and this QAP] D. NoE. Other (If Yes, then also describe): E. No


DCA's Comments:A legal opinion for eligibility for acquisition credits is included in the application folders (Tab 23).

Name of CHDO Managing GP:

Is the CHDO either the sole general partner of the ownership entity or the managing member of the LLC general partner of the ownership entity (the CHDO must also exercise effective control of the project)?

0

Property is not requesting a HOME loan or CHODO Set-Aside

All Applicants: Does the non-profit receive a percentage of the developer fee greater than or equal to its percentage of its ownership interest?

Is a copy of the GP joint venture agreement or GP operating agreement that provides the non-profit’s GP interest and the Developer Fee amount included in the application?

Is a an opinion of a third party attorney who specializes in tax law on the non-profit’s current federal tax exempt qualification status included in the Application? If such an opinion has been previously obtained, this requirement may be satisfied by submitting the opinion with documentation demonstrating that the non-profit’s bylaws have not changed since the legal opinion was issued.

Project is not requesting the Non-Profit Set-Aside

Is the organization a qualified non-profit, defined as a 501(c)(3) or 501(c)(4) organization, which is not affiliated with or controlled by a for-profit organization and has included the fostering of low income housing as one of its tax-exempt purposes?Will the qualified non-profit materially participate in the development and operation of the project as described in IRC Section 469(h) throughout the compliance period?

Is this entity a corporation with 100 percent of the stock of such corporation held by one or more qualified non-profit organizations at all times during the period such corporation is in existence?



DCA USE




subsequent or future funding round scoring decisions.

24 RELOCATION AND DISPLACEMENT OF TENANTS Pass?

A. Does the Applicant anticipate displacing or relocating any tenants? A. YesB. 1) Are any of the other sources (not DCA HOME) considered to be Federal Funding? B1) Yes

If Yes, applicant will need to check with the source of these funds to determine if this project will trigger the Uniform Relocation Act or 104(d).2) If tenants will be displaced, has Applicant received DCA written approval and placed a copy where indicated in the Tabs Checklist? 2) No3) Will any funding source used trigger the Uniform Relocation Act or HUD 104 (d) requirements? 3) Yes

C. C. YesD. Provide summary data collected from DCA Relocation Displacement Spreadsheet:

1) Number of Over Income Tenants 2 4) Number of Down units 02) Number of Rent Burdened Tenants 44 5) Number of Displaced Tenants 463) Number of Vacancies 55

E. Indicate Proposed Advisory Services to be used (see Relocation Manual for further explanation):1) Individual interviews Yes 3) Written Notifications Yes2) Meetings Yes 4) Other - describe in box provided:


DCA's Comments:

25 AFFIRMATIVELY FURTHERING FAIR HOUSING (AFFH) Pass?

If selected, does the Applicant agree to prepare and submit an AFFH Marketing plan that: A. A. Agree

B. B. AgreeC. C. AgreeD. D. Agree

E. E. AgreeF. F. AgreeG. G. AgreeH. H. Agree


DCA's Comments:

26 OPTIMAL UTILIZATION OF RESOURCES Pass?


DCA's Comments:

Our team including Northwest Georgia Housing Authority has and will continue to facilitie AFFH.

The development would be an excellent opportunity to leverage resources to meet the housing needs of Rome, Georgia.

Has a strategy that affirmatively markets to persons with disabilities and the homeless?Has a strategy that establishes and maintains relationships between the management agent and community service providers?Includes a referral and screening process that will be used to refer tenants to the projects, the screening criteria that will be used, and makes reasonable accommodationsto facilitate the admittance of persons with disabilities or the homeless into the project?Includes marketing of properties to underserved populations 2-4 months prior to occupancy?Includes making applications for affordable units available to public locations including at least one that has night hours?

If selected, does the Applicant agree to provide reasonable accommodation for these tenants in the Property Management’s tenant application? Leasing criteria mustclearly facilitate admission and inclusion of targeted population tenants and must not violate federal or state fair housing laws.

Includes outreach to Limited English Proficiency groups for languages identified as being prevalent in the surrounding market area?

Is sufficient comparable replacement housing identified in the relocation plan according to DCA relocation requirements?

Total of 46 occupied units will require relocation. Please see Relocation Survey and detailed Relocation Plan.

Incorporates outreach efforts to each service provider, homeless shelter or local disability advocacy organization in the county in which the project is located?

Project Narrative Charles Hight/High Rise I Apartments ...This project would only acquire and rehab High Rise I. Total rehab work is priced at approximately $44,720/unit before contractor’s

Documents