Settlers Point

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1/293v1.1.2011 Instructions

INSTRUCTIONS FOR THEVIRGINIA 2011 LIHTC APPLICATION FOR RESERVATION

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

An electronic copy of your completed application is a mandatory submiss ion item.

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

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

Entering Data:Enter numbers or text as appropriate in the blank spaces highlighted in yellow. All other cells areprotected and will not allow any changes. The format for cells has been set to accept text, currency,percentages, etc. as appropriate. Enter any number without commas or dollar signs. 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 mayappear as you enter data because many are dependent on entries later in the application. Do not beconcerned with these messages until all data has been entered. Also note that some cells containerror messages such as "#DIV/0!" before you begin. These warnings will disappear as you enternumbers necessary to complete the application.

Assistance:If you have any questions, please call Jim Chandler at (804) 343-5786, Dale Wittie at (804)343-5876, Cara Wallo at (804) 343-5714, Jaynell Pittman-Shaw at (804) 343-5733 or Rebecca Roweat (804) 343-5518. Please note that we cannot release the copy protection password.

Staff email addresses:jim.chand [email protected] - dale.witti [email protected]@vhda.com - [email protected] - [email protected]

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 addressunless specifically requested by the VHDA Allocation Department staff.


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2011 Federal Low I ncome HousingTax Credit Program

Application For Reservation

Virginia Housing Development Authority601 South Belvidere StreetRichmond, Virginia 23220-6500

Deadline for Submission

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

2:00 PM Richmond, VA Time On March 11, 2011

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

before the bonds are priced (if bonds issued by VHDA), or75 days before the bonds are issued (if bonds are not

issued by VHDA)


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v1.1.2011 Submission Checklist

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 & specs) (MANDATOElectronic Copy of the Market Study (MANDATORY-Application will be disqualified if study not submitted with application)Electronic Copy of the Plans (MANDATORY)Electronic Copy of the 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 Qualified Census Tract Certi ficationA.2 Revitalization Area Certifi cation

Location MapSurveyor's Certi fication of Proximity To Public Transportation

Tab B: artners p or perat ng greement, nc u ng c art o owners p structure w t percentage o nterests (MANDATORYTab C: rg n a tate orporat on omm ss on ert cat on (MANDATORY)Tab D: r nc pa s rev ous art c pat on ert cat on an esum (MANDATORY)Tab E: onpro t uest onna re (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 (if applicable)

Tab F: rc tect s ert cat on (MANDATORY)Tab G: e ocat on an (MANDATORY, re a )Tab H: PHA / Section 8 Notif ication LetterTab I: Local CEO LetterTab J: Homeownership PlanTab K: te ontro ocumentat on ost ecent ea state ax ssessment (MANDATORY)Tab L: Plan of Development Certifi cation LetterTab M: Zoning Certifi cation LetterTab N: Copies of 8609s To Certi fy Developer ExperienceTab O: (Reserved)Tab P: ans an pec cat ons an or r te- p (MANDATORY )Tab Q: Documentation of Rental AssistanceTab R: Documentation of Operating BudgetTab S: Documentation of Project BudgetTab T: Documentation of Financing SourcesTab U:

Documentation To Request Exception To Restriction-Pools With Little/No Increase In Rent Burdened PopulationDocumentation of site location in an urban development area as defined in 15.2-2223.1of the Code of Virginia

Documentation of the development participating in a locally adopted affordable housing dwelling unit program area asdescribed in either 15.2-2304 or 15.2-2305 of the Code of Vi rginiaTab V: Nonprofit or LHA Purchase Option or Right of First RefusalTab W: ttorney s p n on (MANDATORY)Tab X: (Reserved)Tab Y: Marketing Plan for units meeting accessibil ity requirements of HUD section 504

Please indicate if the following items are included with your application by checking the appropriate boxes. Your assistance inorganizing the submission in the following order, and actually using tabs to mark them as shown, will facilitate review of yourapplication. Please note that all mandatory items must be included for the application to be processed. The inclusion of other itemsmay increase the number of points for which you are eligible under VHDA's point system of ranking applications, and may assistVHDA in its determination of the appropriate amount of credits that it may reserve for the development.


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Low-Income Housing Tax Credit Application For Reservation

VHDA TRACKING NUMBER 2011-C-126I. General Information

All code "Section" references are to, and the term "IRC" shall be deemed to mean,the Internal Revenue Code of 1986, as amended. (Date of Application)

A. Development Name and L ocation:1. Name of Development Settlers Point Apartments2. Address of Development 32140 Plymouth Court

(Street)Damascus VA 24236(City) (State) (Zip Code)

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 avail able)

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

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

6. Census Tract the development is located in: 51191010900

I s thi s a Qual if ied Census Tract: Yes No (If yes, attach requi red f orm i n TA B A )7. Is the development located in a Difficult Development Area? No If no, applicant may request that the property be treated

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

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

9. Is the development an existing RD or HUD S8/236 development? Yes No (If yes, attach required form in TAB Q)Note to #9: If there is an identity of i nterest between the applicant and the seller i n this proposal, and the applicant i s seeking points inthis category, then the applicant must either waive their rights to the developer's fee or other fees associated with acquisition and/orrehabilitation, or obtain a waiver of this requirement from VHDA prior to application submission to receive these points.

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

b. Applicant has obtained a waiver of this requirement from VHDApri or to the appl icati on submi ssi on 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 Credit Appli cation For Reservation

C. Reservation Request

1. Total annual credit amount request (Must be the same as Part IX-D8) $428,417

2. Credits requested from:

9% CreditsNonprofit Set-Aside (All nonprofit owned developments which meet tests

described in Part II-D hereof may select this)Local Housing Authori ti es Richmond MSA PoolPlanning District 8 (Inner Washington MSA) Pool Tidewater MSA PoolNorthwest / North Central VA Area Pool Balance of State Pool (Remaining Geographi

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

Tax Exempt Bonds

new constructi on, or

rehabilitation, or

acquisition and rehabilitation.

Federal SubsidiesThe development will not receive federal subsidies.

This development will receive federal subsidies for:all buildings or

some buildings.

D. Type(s) of Al location/Allocation Year

1. Regular Al location

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

rehabil itation, or

acquisition and rehabilitation.

2. Carryforward Al location

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

new construction, or

rehabil itation, oracquisition and rehabilitation (even if you acquired a building this year and

"placed it in service" for the purpose of the acquisition credit, you cannot receivethe 8609 form for it until the rehab 8609 is issued for that building once the rehabwork is "placed in service" in 2012 or 2013).

3. Federal SubsidiesThe development will not receive federal subsidies.

This development will receive federal subsidies for:all buildings or

some buildings.


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Low-Income Housing Tax Cr edit 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% ass 15,000.00 re a costs 10,000 or ax xempt on s per un t requ rement.

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

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

u sect on

The 10-year rule in IRC Section 42 (d)(2)(B) for all buildings does not apply pursuant to IRC Section 42(d)(6).

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

F. Rehabilitation Credit 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).

u ngs n t e eve opment qua y or t e ect on 42 e 3 except on to t e10% basis requirement (4% credit only).All buildings in the development qualify for the IRC Section 42(f)(5)(B)(ii)(II) exception.

Different circumstances for different buildings. Attach a separate sheet andexp a n or eac u ng.

G. Request For Exception

The proposed new construction development (including adaptive reuse and rehabilitation that creates additional rentalspace) is subject to an assessment of up to minus 20 points for being located in a pool identified by the Authority as a powith little or no increase in rent burdened population. N/A - Does not apply to this proposed development.

Applicant seeks an exception to this restriction in accordance with one of the following provisions under 13VAC10-180-

Proposed development is specialized housing designed to meet special needs that cannot readily be addressedutilizing existing residential structures. Documentation Attached (TAB U)

Proposed development is designed to serve as a replacement for housing being demolished throughredevelopment. Documentation Attached (TAB U)

Proposed development is housing that is an integral part of a neighborhood revitalization project sponsored bya local housing authority. Documentation Attached (TAB U)


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Low-Income Housing Tax Credit Applicati on For Reservation

II . OWNERSHIP INFORMATI ON

A. Owner Information:Name Settlers Point Affordable LLCContact Person First: Noah Middle: Last: NordheimerAddress 11200 Rockville Pike Suite 250

(Street)oc v e

(City) (State) (Zip Code)

Federal I . D. No. (I f not avail abl e, obtain prior to A llocation)Phone 301-998-0415 Fax 301-998-0487 Email address [email protected] of entity: Limited Partnership Other Limited Liability Company

Individual(s) CorporationOwner's organizational documents (e.g. Partnership agreements & ownership structure chart) attached (Mandatory TAB B)

er ca on rom rg n a a e orpora on omm ss on a ac e (Mandatory TAB C)

Principal(s) nvo ve e.g. genera partners, mem ers, contro ng s are o ers, etc. :Names ** Phone Type Ownership % OwnershipSettlers Point Housing Associates, LLC 301-998-0415 Sole Member of Owner 100.00%Huntington Housing, Inc 301-998-0415 Sole Member of Settler 0.00%Eliot Reid, Huntington Housing, Inc. Preside 301-998-0460 Principal 0.00%Janet Charlton, Huntington Housing, Inc.Exe 301-998-0404 Principal 0.00%Susan Wilder, Huntington Housing, Inc. VP 301-998-0437 Principal 0.00%Noah Nordehimer, Huntington Housing Inc. 301-998-0415 Principal 0.00%

0.00%This should be 100% of the GP or managing member interest: 100.00%

** These should be the names of individuals who comprise the GP or managing members, not simply the names ofseparate partners ps or corporat ons w c may compr se t ose components.

r nc pas rev ous art c pat on ert cat on attac e (Mandatory TAB D) & resum .

B. Seller Information:Name Settlers Point Associates Limited Partnership Contact Person David HubbleAddress 800 Hethwood BoulevardBlacksburg, VA 24060 Phone (540) 552-3515

I s t her e an i dent it y of int er est between the sell er and owner /appli cant ? Yes NoIf yes, complete the following:

Principal(s) involved (e.g. general partners, controlling shareholders, etc.)Names Phone Type Ownership % Ownership

0.00%0.00%0.00%0.00%

NOTE: VHDA may allocate credits only to the tax-paying entity which owns the development at the time of the allocation. The term "Owner" herein refers to that entity. Please fillin the legal name of the owner. The ownership entity must be formed prior to submitting this application. Any transfer, direct or indirect, of partnership interests (except thoseinvolving the admission of limited partners) prior to the placed-in-service date of the proposed development shall be prohibited, unless the transfer is consented to by VHDA in itssole discretion. IMPORTANT: The Owner name listed on this page must match exactly the owner name listed on the Virginia State Corporation CommissionCertification.

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: David Raderman, Esq. Related Entity? Yes NoFirm Name: Gallagher Evelius & Jones LLPAddress: 218 N. Charles St, Suite 400, Baltimore, MD 21201

Phone: 410-347-1352 Fax: 410-468-27862. Tax Accountant: Deidre Dunnenfeld Related Entity? Yes No

Firm Name: Reznick Group, P.C.Address: 7700 Old Georgetown Rd, Suite 400, Bethesda, MD 20814Phone: 301-280-1848 Fax: (301) 652-1848

3. Consultant: Ben Etheridge Related Entity? Yes NoFirm Name: Chesapeake Community Advisors, Inc. Role: Developer/ConsultantAddress: 33 South Gay St, Suite 200, Baltimore, MD 21202Phone: 410-685-6005 Fax: 410-685-6677

4. Management Entity (Contact): Lester Severe Related Entity? Yes NoFirm Name: TM AssociatesAddress: 15825 Shady Grove Road, Suite 55, Rockville, MD 20850Phone: 240-683-0300 x218 Fax: 240-683-0727

5. Contractor (Contact): Scott Troutman Related Entity? Yes NoFirm Name: Maryln Development CorporationAddress: 308 35th Street, Suite 301, Virginia Beach, VA 23451Phone: (757) 437-1677 Fax: 757-437-5330

6. Architect: Lawrence W. Kliewer, Jr. Related Entity? Yes NoFirm Name: Cox, Kl iewer & Company, P.C.Address: 2533 Vi rgina Beach Boulevard, Vi rginia Beach, VA 23452Phone: 757-431-0033 Fax: 757-463-0380

7. Real Estate Attorney: Related Entity? Yes NoFirm Name:Address:Phone: Fax:

8. Mortgage Banker: Related Entity? Yes NoFirm Name:Address:Phone: Fax:

9. Other (Contact): Related Entity? Yes NoFirm Name: Role:Address:Phone: Fax:


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Low-Income Housing Tax Cr edit Application For Reservation

D. Nonprofit Involvement:

Tax Credit Nonprofit Pool Applicants: To quali fy for the nonprofi t 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 affil iated with or controlled by a for-profit organization.4. Must not have been formed for the principal purpose of competiti on in the nonprofit pool, and5. Must not have any staff member, or member of the nonprofit's board of directors materially parti cipate 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 (All Applicants)If there is no nonprofit 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 orNonprofit meets eligibility requirements for nonprofit pool and points.

4. Identity of Nonprofi t (All nonprofit applicants)The nonprofi t organization involved in this development i s:

the Ownerthe Applicant (if different from Owner)Other

Huntington Housing, Inc.(Name of nonprofit)

oa or e mer 11200 Rockville Pike, Suite 250(Contact Person) (Street Address)

oc v e 20852(City) (State) (Zip code)

301-998-0415 301-998-0487(Phone) (Fax)

5. Percentage of Nonprofit Ownership (All nonprofit applicants)Specify the nonprofit enti ty's percentage ownership of the general partnership interest: 100.0%

Applications For 9% Credits - Must be completed in order to compete in the nonprofit tax credit pool.All Applicants - Must be completed for points for nonprofit involvement under the ranking system.


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II I. DEVELOPMENT INFORMATION

A. Str ucture and Units:1. Total number of all units in development 62

ota num er o rental un ts n eve opment 62 bedrooms 151Number of l ow-income rental units 62 bedrooms 151Percentage of rental units designated low-income 100.00%

. e eve opmen s s ruc ura ea ures are c ec a a app y :

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

Crawl space Age of Structure: 29evator um er o stor es: 3

3. Number of new units 0 bedrooms 0Number of adaptive reuse units 0 bedrooms 0Number of rehab units 62 bedrooms 151

4. Total Floor Area For The Entire Development 72,109.00 (Sq. ft.)

5. n ea e oor rea (Breezeways, Balconies, Storage) 3,675.00 (Sq. ft.)

6. onres ent a ommerc a oor rea 0.00 (Sq. ft.)(Not eligible for funding)

7. Total Usable Residential Heated Area 68,434.00 (Sq. ft.)

8. um er o u ngs conta n ng renta un ts 6

9. ommerc a rea nten e se:

10. ro ect cons sts pr mar y o a u ng s w c s are (CHOOSE ONL Y 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 59,531.00

b. Percentage of Net Rentable Square Feet Deemed To Be New Rental Space 0.00%

B. Building Systems:Please describe each of the following in the space provided.Community Facil ities: Community Building with leasing office, laundry facility and community room,playgroundExterior Finish: Wood panel covered wood framed wallsHeating/AC System: Split system heat pumps.Architectural Style: Garden Apartments


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Low-Income Housing Tax Credit Applicati on For Reservation

C. Amenities:

1. Specify the average size per unit type: (Including pro rata share of heated common area)Assisted Lvg 0.00 SF 1Bdrm Eld 0.00 SF 3-Bdrm Gar 1,243.21 SF1-Sty-Eff-Eld 0.00 SF 2Bdrm Eld 0.00 SF 4-Bdrm Gar 1,362.21 SF1-Sty 1BR-Eld 0.00 SF Eff-Gar 0.00 SF 2+Sty 2BR TH 0.00 SF1-Sty 2BR-Eld 0.00 SF 1-Bdrm Gar 816.21 SF 2+Sty 3BR TH 0.00 SFEff-Eld 0.00 SF 2-Bdrm Gar 1,023.21 SF 2+Sty 4BR TH 0.00 SF

2. Total gross usable, heated square feet for the entire project less nonresidential commercial area:68,434.00 ocumentat on attac e Mandatory

( q. t.)

NOTE: All developments must meet VHDA's Minimum Design and Constructi on Requirements .By signing and submitting the Application For Reservation of Low Income Housing Tax Credits theapplicant certifies that the proposed project budget, plans & specif ications and work write-ups incorporateall necessary elements to fulfill these requirements.

. ec e o ow ng ems w c app y o e propose pro ec :ocumentat on attac e rc tect ert cat on Mandatory

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

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

100% a(2) Percentage of 3 or more bedroom units that have 2 bathrooms

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

0.00% c. Percentage of exterior walls covered by brick (excluding triangular gable ends, doors and windows)

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

e. All windows meet the EPA's Energy Star qualified program requirements

f. Every unit in the development is heated and cooled with either (i) heat pump equipment with both aSEER rating of 15.0 or more and a HSPF rating of 8.5 or more , or (ii) air conditioning equipmentwith a SEER rating of 15.0 or more, combined with gas furnaces with an AFUE rating of 90% ormore

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

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

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

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

. very un t n t e eve opment w e eate an coo e w t a geot erma eat pump t at meetsEPA Energy Star qualified program requirements.

l. The development will have a solar electric system that wil l remain unshaded year round, be orientedto within 15 degrees of true south, and be angled horizontally within 15 degrees of latitude.

Expected Total Electrical Load (kilowatt hours per month): 0

Percent of Expected Load Offset By Solar Electric System: 0.00%


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Low Income Housing T ax Credit A ppli cation For Reservation

For al l pr ojects exclusively serving elderly and/or handicapped tenants, upon completionof construction/rehabilitation: (Optional Point items)

a. All cooking ranges wil l have front controls

b. All 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 rehabili tati on and adapti ve reuse projects, upon completion of constr uction oror r ehabil itation: (Optional Point items)

The structure is listed individually in the National Register of Historic Places or islocated in a registered historic district and certified by the Secretary of the Interior asbeing of historical significance to the district, and the rehabilitation will be completedin such a manner as to be eligible for historic rehabilitation tax credits

Accessibility

ec one or none o e o ow ng po n ca egor es, as appropr ae:

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

controls for ranges, unless agree to by the Authori ty pri or 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 HUDs Housing Choice Voucher (HCV ) payment standard; (i i) conform to HUD regulations interpreting accessibi li tyrequirements 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 Appli cation. (30 points)

or any non-e er y proper y, or any e er y re a a on proper y, n w c a eas our percen ( ) o e un s con ormo regu a ons n erpre ng access y requ remen s o sec on o e e a a on c an are ac ve y

mar e e o peop e w mo y mparmen s n accor ance w a p an su m e as par o e pp ca on. ( po n s)

Earthcraft or LEED Development CertificationApplicant agrees to obtain Earthcraft or LEED certification prior to issuance of IRS Form 8609. Architectcertifies in the Architect Certification that the development's design will meet the criteria for such certification.

(15 Points)

LEED Silver Certification

Earthcraft Certifi cation - new construction development wi ll be 15% more energy eff ici ent than 2004 IECC.Earthcraft Certifi cation - rehabilitation development will be 30% more energy efficient post-rehabilitation

(30 Points)

LEED Gold Certification

Earthcraft Certifi cation - new construction development wi ll be 20% more energy eff ici ent than 2004 IECC.

Earthcraft Certifi cation - rehabilitation development will be 40% more energy efficient post-rehabilitation

(45 Points)

LEED Platinum Certification

Earthcraft Certifi cation - new construction development wi ll be 25% more energy eff ici ent than 2004 IECC.

Earthcraft Certifi cation - rehabilitation development will be 50% more energy efficient post-rehabilitation

see ng any po n s assoc a e w or ar cra cer ca on, a ac appropr a e ocumen a on a TAB F

Universal Design - Units Meeting Universal Design Standardsa. The architect of record certifies that units wil l be constructed to meet VHDA's Universal Design standards.

Yes No es, a ac appropr ae ocumen a on a TAB Fb. Number of Rental Units constructed to meet VHDA's Universal Design standards:

n s

VHDA Cer ti fi ed Property M anagement Agentwner agrees o use a er e roper y anagemen gen o manage e proper y.

Yes No

Yes No N/A The market-rate units' amenities are substantially equivalent to those of thelow-income units. If no, explain differences:


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IV . TENANT INFORMATI ON

A. Set-Aside Election: UNITS SELECTED BELOW IN BOTH COLUMNS DETERMINEPOINTS FOR THE BONUS POI NT CAT EGORY

Units Provided Per Household Type:

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

7 11.29% 40% Area Median 7 11.29% 40% Area Median. rea e an . rea e an

55 88.71% 60% Area Median 0 0.00% 60% Area Median. on- n ts . on- n ts

62 100.00% Total 62 100.00% Total

B. Special Housing Needs/Leasing Preference:

1. If 100% of the low-income units wil l be occupied by either or both of the foll owing special needsgroups as e ne y t e n te tates a r ousng ct, so n cate:

Yes Elderly (age 55 or above)Yes Physically or mentall y disabled persons (must meet the requirements of the federal

Americans with Disabilities Act)

2. Specify the number of low-income units that will serve indivi duals and famil ies with children byproviding three or more bedrooms: Number of units 35% of total low-income units

3. If the development has exi sting tenants, VHDA policy requires that the impact of economic and/or physicaldisplacement on those tenants be minimized, in which Owners agree to abide by the Authority's Relocation

u e nes or propert es. Relocation Plan Documentation att ached (TAB G)

. eas ng pre erence w e g ven to app cants on pu c ous ng wa t ng st an or ect onwaiting list, so indicate:

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

Organization which holds such waiti ng li st: Abingdon Redevelopment and Housing AuthorityContact person (Name and Title) Michelle Holden, Executi ve DirectorPhone Number 276-628-5661 Requir ed documentati on attached (T AB H)

. eas ng pre erence w e g ven to n v ua s an am es w t c ren.(Less than or equal to 20% of the units must have 1 or less bedrooms).YesNo

Income Levels Rent Levels

22

Note: In order to qualify for any tax credits, a development must meet one of two minimum threshold occupancy tests. Either (i) at least 20%of the units must be rent-restricted and occupied by persons whose incomes are 50% or less of the area median income adjusted for familysize (this is called the 20/50 test) or (ii) at least 40% of the units must be rent-restricted and occupied by persons whose incomes are 60% or

less of the area median income adjusted for family size (this is called the 40/60 test), all as described in Section 42 of the IRC. Rent-andincome-restricted units are known as low-income units. If you have more low-income units than required, you qualify for more credits. If youserve lower incomes than required, you receive more points under the ranking system.


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V. LOCAL NEEDS AND SUPPORT

Note: Please refer to the Appl ication Manual for specific instr uctions and deadlines for per taining to localit ynoti fication of proposed Low income Housing Tax Credit developments.

A. Provide the name and the address of the chief executive offi cer (City Manager, Town Manager, orCounty Administr ator) of the poli tical j urisdiction in which the development wil l be located:

Chief Executive Officer's Name Aaron SizemoreChief Executive Officer's Title Town ManagerStreet Address PO Box 576 Phone 800-628-4583City Damascus State VA Zip 24236

Name and title of local official you have discussed this project with who could answer questions for thelocal CEO: Aaron Sizemore, Town Manager

If t he property overlaps another j urisdiction please fi ll in the following:Chief Executive Off icer's NameChief Executive Offi cer'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 NAME OFACTIVITY ANTICIPATED PERSON

DATE RESPONSIBLESiteOption/Contract January 2011 Eliot ReidSite Acquisition August 2011 Eliot Reid

Zoning Approval February 2011 Eliot ReidSite Plan Approval March 2011 Eliot ReidFinancingA. Constr uction Loan

Loan Application March 2011 Eliot ReidConditional Commitment March 2011 Eliot ReidFirm Commitment April 2011 Eliot Reid

B. Permanent Loan - First L ienLoan Appl ication March 2011 El iot ReidConditional Commitment March 2011 Eliot ReidFirm Commitment March 2011 Eliot Reid

C. Permanent Loan-Second L ienLoan ApplicationConditional CommitmentFirm Commitment

D. Other L oans & GrantsType & Source, ListApplicationAward/Commitment

Formation of Owner January 2011 Susan Wi lderIRS Approval of Nonprofit Status January 1995 Susan Wi lderClosing and Tr ansfer of Proper ty t o Owner August 2011 Eliot ReidPlans and Specifi cati ons, Worki ng Dr awings February 2011 Duff Kli ewerBuilding Permit I ssued by L ocal Government N/AStart Construction August 2011 Scott TroutmanBegin L ease-up N/AComplete Construction December 2012 Scott TroutmanComplete Lease-Up N/ACredit Placed in Service Date December 2012 El iot Reid


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VI . SITE CONTROL

A. Type of Site Control by Owner:

Applicant controls site by (select one and attach document - Mandatory TAB K )Deed - attached

Long-term Lease - attached (expiration date: )

Option - attached (expiration date: )

Purchase Contract - attached (expiration date: 08/30/11 )

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 buildings on the site, if any,

type of control of each site, and applicable expiration date of form of site control. A site controldocument i s required for each site.

Most recent property tax assessment - Mandatory TA B 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 08/30/11

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

C. Market Study Data:

Obtain the following information from the Market Study conducted in connection with this tax credit application and enter below:

Project Wide Capture Rate - LIHTC UnitsProject Wide Capture Rate - Market UnitsProject Wide Capture Rate - All UnitsProject Wide Absorption Period (Months)

20.30%0.00%20.30%

N/A

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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Low-Income Housing Tax Credit Appli cati on For Reservation

C. Site Description

1. Exact area of site in acres 6.425

2. Has locali ty approved a fi nal site plan or plan of development?Yes No

Requir ed documentati on form attached (TAB L )

3. Is site properly zoned for the proposed development?Yes NoRequir ed documentati on form attached (TAB M)

4. Will the proposal seek to qualify for points associated with proximity to publi c transportation?Yes NoRequir ed documentati on form attached (TAB A)

D. Plans and Specifi cations

Mini mum submission r equir ements for all proper ti es (new constr uction, r ehabili tati on and adaptive reuse)

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

(e.g., parking lots and location of existing uti li ties, and water, sewer, electric,gas in the streets adjacent to the site). Contour l ines and elevations are not required.

3. Sketch plans of main bui ldi ng(s) reflecting overall dimensions of:a. Typical fl oor 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 indicate basic materials in structure, f loor and exterior fini sh.4. Required documentation for rehabilitation properties: A unit-by-unit work write-up.


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Low-Income Housing Tax Cr edit Application For Reservation

VII . OPERATING BUDGET

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

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

Section 8 New Construction Substantial Rehabilitation

Section 8 Moderate RehabilitationSection 8 Certi ficatesSection 8 Project Based AssistanceRD 515 Rental AssistanceSection 8 VouchersState AssistanceOther:

3. Number of units receiving assistance: 62Number of years in rental assistance contract: 13Expiration date of contract: 07/31/24

Contract or other agreement attached (TAB Q)

B. Ut il it ies1. Monthly Utility Al lowance Calculations

Utilities Type of Utility Utilities Enter Allowances by Bedroom Size(Gas, Electric, Oil, etc.) Paid by: 0-bdr 1-bdr 2-bdr 3-bdr 4-br

Heating Electric Owner x Tenant 0 12 13 17 21

Air Conditioning Electric Owner x Tenant 0 2 2 3 5

Cooking Electric Owner x Tenant 0 4 4 5 6

Lighting Electric Owner x Tenant 0 21 21 24 28

Hot Water Electric Owner x Tenant 0 9 9 13 16

Water x Owner Tenant 0 0 0 0 0

Sewer x Owner Tenant 0 0 0 0 0

Trash X Owner Tenant 0 0 0 0 0

Total utility allowance for costs paid by tenant $0 $48 $49 $62 $76

2. Source of Utility Allowance Calculation (Attach Documentation TAB Q)HUD

Utility Company (Estimate) Local PHA

Utility Company (Actual Survey) Other:


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

Total Number of Total MonthlyTax Credit Units Rental Income

0 $05 $2,08035 $17,25512 $7,65610 $7,35062

Plus Other Income Source (list): $437Equals Total Monthly Income: $34,778Twelve Months x12Equals Annual Gross Potential Income $417,336Less Vacancy Allowance ( 7.0% ) $29,214Equals Annual Eff ecti ve Gross Income (EGI) - L ow Income Unit s $388,122

** 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 MonthlyMarket Units Rental Income

0 $00 $00 $00 $00 $0

Total Number of Market Units 0

Plus Other Income Source (list): $0Equals Total Monthly Income: $0Twelve Months x12Equals Annual Gross Potential Income $0Less Vacancy Allowance ( 7.0% ) $0Equals Annual Effecti ve Gross Income (EGI) - M arket Rate Unit s $0

Documentation in Support of Operating Budget attached (TAB R)

List number of unit s by type: TOTAL UNITS

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

0 0 0 0 0 5

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

35 12 10 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 uni ts in t he

0 0 0 appropri ate unit category. If not, you will f ind an err or on

the scoresheet at 5a, 6a & 6b.

List number of unit s by type: TAX CREDIT UNITS

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

0 0 0 0 0 5

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-TH35 12 10 0 0 0

1 St or y-EFF-EL D 1 St or y-1 BR-EL D 1 St ory -2 BR-EL D

0 0 0

Efficiency UnitsUnit Type / Net Rentable Monthly Rent Total

Rent Targeting Number Units Square Feet Per Unit Monthly Rent

Efficiency - 40% 0 0.00 -$ -$Efficiency - 40% 0 0.00 -$ -$Efficiency - 40% 0 0.00 -$ -$

4 Bedroom Units

Unit Type

Unit Type

1 Bedroom Units2 Bedroom Units3 Bedroom Units

Total Number of Tax Credit Units

Efficiency Units

4 Bedroom Units

1 Bedroom Units2 Bedroom Units3 Bedroom Units

Efficiency Units


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Efficiency - 40% 0 0.00 -$ -$Efficiency - 40% 0 0.00 -$ -$Efficiency - 40% 0 0.00 -$ -$Efficiency - 40% 0 0.00 -$ -$Efficiency - 40% 0 0.00 -$ -$Efficiency - 40% 0 0.00 -$ -$Efficiency - 40% 0 0.00 -$ -$Efficiency - 40% 0 0.00 -$ -$Efficiency - 40% 0 0.00 -$ -$Efficiency - 40% 0 0.00 -$ -$Efficiency - 40% 0 0.00 -$ -$Efficiency - 40% 0 0.00 -$ -$

Efficiency - 50% 0 0.00 -$ -$Efficiency - 50% 0 0.00 -$ -$Efficiency - 50% 0 0.00 -$ -$Efficiency - 50% 0 0.00 -$ -$Efficiency - 50% 0 0.00 -$ -$Efficiency - 50% 0 0.00 -$ -$Efficiency - 50% 0 0.00 -$ -$Efficiency - 50% 0 0.00 -$ -$Efficiency - 50% 0 0.00 -$ -$Efficiency - 50% 0 0.00 -$ -$Efficiency - 50% 0 0.00 -$ -$Efficiency - 50% 0 0.00 -$ -$Efficiency - 50% 0 0.00 -$ -$Efficiency - 50% 0 0.00 -$ -$

Efficiency - 50% 0 0.00 -$ -$

Efficiency - 60% 0 0.00 -$ -$Efficiency - 60% 0 0.00 -$ -$Efficiency - 60% 0 0.00 -$ -$Efficiency - 60% 0 0.00 -$ -$Efficiency - 60% 0 0.00 -$ -$Efficiency - 60% 0 0.00 -$ -$Efficiency - 60% 0 0.00 -$ -$Efficiency - 60% 0 0.00 -$ -$Efficiency - 60% 0 0.00 -$ -$Efficiency - 60% 0 0.00 -$ -$Efficiency - 60% 0 0.00 -$ -$Efficiency - 60% 0 0.00 -$ -$Efficiency - 60% 0 0.00 -$ -$Efficiency - 60% 0 0.00 -$ -$

Efficiency - 60% 0 0.00 -$ -$Total Efficiency Total Monthly Eff.

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

Efficiency - Market 0 0.00 -$ -$Efficiency - Market 0 0.00 -$ -$Efficiency - Market 0 0.00 -$ -$Efficiency - Market 0 0.00 -$ -$Efficiency - Market 0 0.00 -$ -$Efficiency - Market 0 0.00 -$ -$Efficiency - Market 0 0.00 -$ -$Efficiency - Market 0 0.00 -$ -$Efficiency - Market 0 0.00 -$ -$Efficiency - Market 0 0.00 -$ -$Efficiency - Market 0 0.00 -$ -$Efficiency - Market 0 0.00 -$ -$Efficiency - Market 0 0.00 -$ -$Efficiency - Market 0 0.00 -$ -$Efficiency - Market 0 0.00 -$ -$

Total EfficiencyMarket Units: 0 0.00 Total Monthly

Eff. Market Rent: -$

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

1-Bedroom Units

Net Rentable Monthly Rent TotalRent Targeting Number Units Square Feet Per Unit Monthly Rent


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1 BR - 40% 1 692.00 416$ 416$1 BR - 40% 0 0.00 -$ -$1 BR - 40% 0 0.00 -$ -$1 BR - 40% 0 0.00 -$ -$1 BR - 40% 0 0.00 -$ -$1 BR - 40% 0 0.00 -$ -$1 BR - 40% 0 0.00 -$ -$1 BR - 40% 0 0.00 -$ -$1 BR - 40% 0 0.00 -$ -$1 BR - 40% 0 0.00 -$ -$

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% 4 692.00 416$ 1,664$1 BR - 50% 0 0.00 -$ -$1 BR - 50% 0 0.00 -$ -$1 BR - 50% 0 0.00 -$ -$1 BR - 50% 0 0.00 -$ -$1 BR - 50% 0 0.00 -$ -$1 BR - 50% 0 0.00 -$ -$1 BR - 50% 0 0.00 -$ -$1 BR - 50% 0 0.00 -$ -$

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

1 BR - 60% 0 0.00 -$ -$1 BR - 60% 0 0.00 -$ -$1 BR - 60% 0 0.00 -$ -$1 BR - 60% 0 0.00 -$ -$1 BR - 60% 0 0.00 -$ -$1 BR - 60% 0 0.00 -$ -$1 BR - 60% 0 0.00 -$ -$1 BR - 60% 0 0.00 -$ -$

1 BR - 60% 0 0.00 -$ -$1 BR - 60% 0 0.00 -$ -$1 BR - 60% 0 0.00 -$ -$1 BR - 60% 0 0.00 -$ -$1 BR - 60% 0 0.00 -$ -$1 BR - 60% 0 0.00 -$ -$1 BR - 60% 0 0.00 -$ -$Total 1-BR Total Monthly 1-BR

Tax Credit Units: 5 3,460.00 Tax Credit Rent: 2,080$

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

Total 1-BR

Market Units: 0 0.00 Total Monthly

1-BR Market Rent: -$


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Total 1-BR Units: 5 Total 1-BR Rent 2,080$

2-Bedroom Units


2 BR - 40% 4 883.00 493$ 1,972$2 BR - 40% 0 0.00 -$ -$2 BR - 40% 0 0.00 -$ -$

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% 31 883.00 493$ 15,283$2 BR - 50% 0 0.00 -$ -$

2 BR - 50% 0 0.00 -$ -$2 BR - 50% 0 0.00 -$ -$2 BR - 50% 0 0.00 -$ -$2 BR - 50% 0 0.00 -$ -$2 BR - 50% 0 0.00 -$ -$2 BR - 50% 0 0.00 -$ -$2 BR - 50% 0 0.00 -$ -$2 BR - 50% 0 0.00 -$ -$2 BR - 50% 0 0.00 -$ -$2 BR - 50% 0 0.00 -$ -$2 BR - 50% 0 0.00 -$ -$2 BR - 50% 0 0.00 -$ -$2 BR - 50% 0 0.00 -$ -$

2 BR - 60% 0 0.00 -$ -$

2 BR - 60% 0 0.00 -$ -$2 BR - 60% 0 0.00 -$ -$2 BR - 60% 0 0.00 -$ -$2 BR - 60% 0 0.00 -$ -$2 BR - 60% 0 0.00 -$ -$2 BR - 60% 0 0.00 -$ -$2 BR - 60% 0 0.00 -$ -$2 BR - 60% 0 0.00 -$ -$2 BR - 60% 0 0.00 -$ -$2 BR - 60% 0 0.00 -$ -$2 BR - 60% 0 0.00 -$ -$2 BR - 60% 0 0.00 -$ -$2 BR - 60% 0 0.00 -$ -$2 BR - 60% 0 0.00 -$ -$Total 2-BR Total Monthly 2-BR


2 BR - Market 0 0.00 -$ -$2 BR - Market 0 0.00 -$ -$2 BR - Market 0 0.00 -$ -$2 BR - Market 0 0.00 -$ -$2 BR - Market 0 0.00 -$ -$2 BR - Market 0 0.00 -$ -$2 BR - Market 0 0.00 -$ -$2 BR - Market 0 0.00 -$ -$2 BR - Market 0 0.00 -$ -$2 BR - Market 0 0.00 -$ -$2 BR - Market 0 0.00 -$ -$2 BR - Market 0 0.00 -$ -$


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2 BR - Market 0 0.00 -$ -$2 BR - Market 0 0.00 -$ -$2 BR - Market 0 0.00 -$ -$

Total 2-BR




3-Bedroom Units


3 BR - 40% 1 1,108.00 638$ 638$3 BR - 40% 0 0.00 -$ -$3 BR - 40% 0 0.00 -$ -$3 BR - 40% 0 0.00 -$ -$3 BR - 40% 0 0.00 -$ -$3 BR - 40% 0 0.00 -$ -$3 BR - 40% 0 0.00 -$ -$3 BR - 40% 0 0.00 -$ -$3 BR - 40% 0 0.00 -$ -$3 BR - 40% 0 0.00 -$ -$3 BR - 40% 0 0.00 -$ -$3 BR - 40% 0 0.00 -$ -$3 BR - 40% 0 0.00 -$ -$3 BR - 40% 0 0.00 -$ -$3 BR - 40% 0 0.00 -$ -$

3 BR - 50% 11 1,108.00 638$ 7,018$3 BR - 50% 0 0.00 -$ -$3 BR - 50% 0 0.00 -$ -$3 BR - 50% 0 0.00 -$ -$3 BR - 50% 0 0.00 -$ -$3 BR - 50% 0 0.00 -$ -$3 BR - 50% 0 0.00 -$ -$3 BR - 50% 0 0.00 -$ -$3 BR - 50% 0 0.00 -$ -$3 BR - 50% 0 0.00 -$ -$3 BR - 50% 0 0.00 -$ -$3 BR - 50% 0 0.00 -$ -$3 BR - 50% 0 0.00 -$ -$3 BR - 50% 0 0.00 -$ -$3 BR - 50% 0 0.00 -$ -$

3 BR - 60% 0 0.00 -$ -$3 BR - 60% 0 0.00 -$ -$3 BR - 60% 0 0.00 -$ -$3 BR - 60% 0 0.00 -$ -$3 BR - 60% 0 0.00 -$ -$3 BR - 60% 0 0.00 -$ -$3 BR - 60% 0 0.00 -$ -$3 BR - 60% 0 0.00 -$ -$3 BR - 60% 0 0.00 -$ -$3 BR - 60% 0 0.00 -$ -$3 BR - 60% 0 0.00 -$ -$3 BR - 60% 0 0.00 -$ -$3 BR - 60% 0 0.00 -$ -$3 BR - 60% 0 0.00 -$ -$3 BR - 60% 0 0.00 -$ -$Total 3-BR Total Monthly 3-BR


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


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

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




4-Bedroom Units


4 BR - 40% 1 1,187.00 735$ 735$4 BR - 40% 0 0.00 -$ -$4 BR - 40% 0 0.00 -$ -$4 BR - 40% 0 0.00 -$ -$4 BR - 40% 0 0.00 -$ -$4 BR - 40% 0 0.00 -$ -$4 BR - 40% 0 0.00 -$ -$4 BR - 40% 0 0.00 -$ -$4 BR - 40% 0 0.00 -$ -$4 BR - 40% 0 0.00 -$ -$4 BR - 40% 0 0.00 -$ -$4 BR - 40% 0 0.00 -$ -$4 BR - 40% 0 0.00 -$ -$4 BR - 40% 0 0.00 -$ -$4 BR - 40% 0 0.00 -$ -$

4 BR - 50% 9 1,187.00 735$ 6,615$4 BR - 50% 0 0.00 -$ -$4 BR - 50% 0 0.00 -$ -$4 BR - 50% 0 0.00 -$ -$4 BR - 50% 0 0.00 -$ -$4 BR - 50% 0 0.00 -$ -$4 BR - 50% 0 0.00 -$ -$4 BR - 50% 0 0.00 -$ -$4 BR - 50% 0 0.00 -$ -$4 BR - 50% 0 0.00 -$ -$4 BR - 50% 0 0.00 -$ -$4 BR - 50% 0 0.00 -$ -$4 BR - 50% 0 0.00 -$ -$4 BR - 50% 0 0.00 -$ -$4 BR - 50% 0 0.00 -$ -$

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


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


4 BR - Market 0 0.00 -$ -$4 BR - Market 0 0.00 -$ -$4 BR - Market 0 0.00 -$ -$4 BR - Market 0 0.00 -$ -$4 BR - Market 0 0.00 -$ -$4 BR - Market 0 0.00 -$ -$4 BR - Market 0 0.00 -$ -$

4 BR - Market 0 0.00 -$ -$4 BR - Market 0 0.00 -$ -$4 BR - Market 0 0.00 -$ -$4 BR - Market 0 0.00 -$ -$4 BR - Market 0 0.00 -$ -$4 BR - Market 0 0.00 -$ -$4 BR - Market 0 0.00 -$ -$4 BR - Market 0 0.00 -$ -$

Total 4-BR




Total Units 62 Net Rentable SF: TC Uni ts 59,531.00MKT Units 0.00

Total NR SF: 59,531.00

100.0000%Floor Space Fraction


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D. Operating ExpensesAdministrative:

1. Advertising/Marketing $3312. Office Salaries $29,3613. Office Supplies $10,3614. Office/Model Apartment (type______) $05. Management Fee $29,109

7.50% of EGI 469.5 Per Unit6. Manager Salaries $0

7. Staff Unit (s) (type______) $08. Legal $1,7529. Auditing $5,423

10. Bookkeeping/Accounting Fees $011. Telephone & Answering Service $012. Tax Credit Monitoring Fee $013. Miscellaneous Administrative $220

Total Administr ative $76,557Utilities

14. Fuel Oil $015. Electricity $6,41716. Water $37,56917. Gas $018. Sewer $0

Total Utilit y $43,986Operating:

19. Janitor/Cleaning Payroll $12,15220. Janitor/Cleaning Supplies $3,05721. Janitor/Cleaning Contract $022. Exterminating $1,00523. Trash Removal $5,67324. Security Payroll/Contract $025. Grounds Payroll $47026. Grounds Supplies $1,78627. Grounds Contract $028. Maintenance/Repairs Payroll $26,86529. Repairs/Material $46,72330. Repairs Contract $031. Elevator Maintenance/Contract $032. Heating/Cooling Repairs & Maintenance $5,84133. Pool Maintenance/Contract/Staff $034. Snow Removal $19335. Decorating/Payroll/Contract $036. Decorating Supplies $037. Mi scell aneous $3,788

Operating & M aintenance Totals $107,553Taxes & I nsurance

38. Real Estate Taxes $11,44639. Payroll Taxes $8,55940. Miscellaneous Taxes/Licenses/Permits $041. Property & Liability Insurance $10,85042. Fidelity Bond $043. Workman's Compensation $044. Health Insurance & Employee Benefits $10,27545. Other Insurance $0

Total Taxes & Insurance $41,1306544

Total Operating Expense $269,226

D1. Total Oper. Ex. Per Uni t $4,342 D2. Total Oper. Ex. As % EGI (f rom E3) 69.37%

Replacement Reserves (Total # Units X $300 or $250 New Const. Elderly Minimum) $18,600

Total Expenses $287,826


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E. Cash Flow (First Year)1. Annual EGI Low-Income Units from (C1) $388,1222. Annual EGI Market Units (from C2) + $03. Total Effective Gross Income = $388,1224. Total Expenses (from D) $287,826

5. Net Operating Income = $100,2966. Total Annual Debt Service (from Page 21 B2) - $32,8647. Cash Flow Available for Distribution = $67,432

F. Projections for Financial Feasibi li ty - 15 Year Projecti ons of Cash Flow

StabilizedYear 1 Year 2 Year 3 Year 4 Year 5

Eff. Gross Income 388,122 395,885 403,803 411,879 420,116Less Oper. Expenses 287,826 296,461 305,355 314,515 323,951Net I ncome 100,296 99,424 98,448 97,363 96,166Less Debt Service 32,864 32,864 32,864 32,864 32,864Cash Flow 67,432 66,560 65,584 64,499 63,301Debt Coverage Rati o 3.05 3.03 3.00 2.96 2.93

Year 6 Year 7 Year 8 Year 9 Year 10Eff. Gross Income 428,519 437,089 445,831 454,747 463,842Less Oper. Expenses 333,669 343,679 353,990 364,609 375,548

Net I ncome 94,849 93,410 91,841 90,138 88,295Less Debt Service 32,864 32,864 32,864 32,864 32,864Cash Flow 61,985 60,545 58,977 57,274 55,430Debt Coverage Rati o 2.89 2.84 2.79 2.74 2.69

Year 11 Year 12 Year 13 Year 14 Year 15Eff. Gross Income 473,119 482,582 492,233 502,078 512,119Less Oper. Expenses 386,814 398,418 410,371 422,682 435,363Net I ncome 86,305 84,163 81,862 79,396 76,757

Less Debt Service 32,864 32,864 32,864 32,864 32,864Cash Flow 53,441 51,299 48,998 46,531 43,892Debt Coverage Rati o 2.63 2.56 2.49 2.42 2.34Estimated Annual Percentage Increase in Revenue 2.00% (Must be < 2%)Estimated Annual Percentage Increase in Expenses 3.00% (Must be > 3%)


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VII I. PROJECT BUDGET

A. Cost/Basis/Maximum Allowable Credit

Complete cost column and basis column(s) as appropriate through A12. Check if the followingocumen a on s a ac e a TAB S :

xecute onstruct on ontractExecuted Trade Payment Breakdown

AppraisalOther Cost DocumentationEnvironmental Studies

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

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

New Construction Value Credit"

1. Contractor Cost

A. Off-Site Improvements 0 0 0 0B. Site Work 158,000 0 0 158,000C. Geothermal System 0 0 0 0D. Unit Structures (New) 0 0 0 0E. Unit Structures (Rehab) 1,652,733 0 0 1,652,733F. Solar Electric System 0 0 0 0G. Asbestos Removal 0 0 0 0H. Demolition 61,000 0 0 61,000I. Commercial Space Costs 0 0 0 0J. Structured Parking Garage 0 0 0 0K. Subtotal A: (Sum 1A..1J) 1,871,733 0 0 1,871,733L. General Requirements 0 0 0 0M. Builder's Overhead 93,587 0 0 93,587

( 5.0% Contract)N. Builder's Profit 37,435 0 0 37,435

( 2.0% Contract)O. Bonding Fee 0 0 0 0P. Other 131,021 0 0 131,021Q. Contractor Cost

Subtotal (Sum 1K..1P) $2,133,776 $0 $0 $2,133,776

2. Owner CostsA. Building Permit 15,000 0 0 15,000B. Arch./Engin. Design Fee 118,000 0 0 118,000

( 1,903 /Unit)C. Arch. Supervision Fee 21,140 0 0 21,140

( 341 /Uni t)

D. Tap Fees 0 0 0 0E. Soil Borings 5,000 0 0 5,000

NOTE: Attorney must opine, among other things, as to correctness of the inclusion of each cost item in eligiblebasis, type of credit and numerical calculations of this Part VIII.


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

New Construction Value Credit"2. Owner Costs Continued

F. Construction Loan 0 0 0 0Origination Fee

G. Construction Interest 100,601 0 0 20,120( 0.0% for 0 months)

H. Taxes During Construction 0 0 0 0I. Insurance During Construction 30,000 0 0 30,000J. Cost Certification Fee 25,000 0 0 25,000K. Title and Recording 35,000 0 0 35,000L. Legal Fees for Closing 0 0M. Permanent Loan Fee 0 0 0

( 0.0% )N. Other Permanent Loan Fees 0 0 0 0O. Credit Enhancement 0 0 0 0P. Mortgage Banker 0 0 0 0

Q. Environmental Study 10,000 0 0 10,000R. Structural/Mechanical Study 5,000 0 0 5,000S. Appraisal Fee 6,000 0 0 6,000T. Market Study 6,500 0 0 6,500U. Operating Reserve 327,311 0 0 0V. Tax Credit Fee 30,739 0 0 0W. OTHER $263,655 $0 $0 $175,000

(SEE PAGE 19A)X. Owner Cost

Subtotal (Sum 2A..2W) $998,946 $0 $0 $471,760

Subtotal 1 + 2 $3,132,722 $0 $0 $2,605,536(Owner + Contractor Costs)

3. Developer' s Fees 621,516 0 0 621,516

4. Owner 's Acquisition CostsLand 269,488Existing Improvements 1,527,096 1,527,096Subtotal 4: $1,796,584 $1,527,096

5. Total Development CostsSubtotal 1+2+3+4: $5,550,823 $1,527,096 $0 $3,227,052

I f t his application seeks rehab credit s only, in which there is no acquisiti on and no change in ownership, enter the greater ofappr aised value or t ax assessment value here: $0 Land

(Attach documentation at Tab K ) $0 Building


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Amount of Cost up to 100% Includable inEli gible Basis--Use Applicable Column(s):

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

New Construction Value Credit"W. OTHER OWNER COSTS

Contingency Reserve 0 0 0 0(Rehab or Adaptive Reuse only)LI ST ADDITI ONAL I TEMSDeveloper Legagal 60,000 0 0 39,000Survey 10,000 0 0 10,000Soft Contingency 50,000 0 0 25,000Relocation 50,000 0 0 50,000Rent Comp 6,000 0 0 6,000TPA Expense 25,000 0 0 25,000Marketing 2,655 0 0 0Legal for Syndication 20,000 0 0 0Tax/Insurance Escrow-Transfer 20,000 0 0 0Civil Engineering 20,000 0 0 20,000

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

Subtotal (Other Owner Costs) $263,655 $0 $0 $175,000


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"30 % Present Value Credit"(C) Rehab/ (D)

New "70 % PresentItem (A) Cost (B) A cquisition Construction Value Credit"

5. Total Development Costs

Subtotal 1+2+3+4 5,550,823 1,527,096 0 3,227,052

6. Reductions in Eligible Basis

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

qualifying development costs

B. Amount of nonqualified, nonrecourse financing 0 0 0

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

D. Historic Tax Credit (residential portion) 0 0 0

7. Total Eligible Basis (5 minus 6 above) 1,527,096 0 3,227,052

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

(i) For QCT or DDA (Eligible Basis x 30%) 0 968,116(ii) For Earthcraft or LEED Certification 0 0

Total Adj usted Eligible basis 0 4,195,168

9. Applicable Fraction 100.0000% 100.0000% 100.0000%

10. Total Qualif ied Basis (Same as Par t I X-C) 1,527,096 0 4,195,168(Eligible Basis x Applicable Fraction)

11. Appl icable Percentage 3.33% 0.00% 9.00%(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. Maximum Allowable Credit under IRC 42 $50,852 $0 $377,565(Qualified Basis x Applicable Percentage)(Same as Part IX-C and equal to or more than $428,417credit amount requested) Combined 30% & 70% P. V. Credit


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B. Sources of Funds

1. Constr uction Financing: List individually the sources of construction financing, including any suchloans financed through grant sources:

Date of Date of Amount of

Source of Funds Appli cati on Commi tment Funds Name of Contact Person

1. Citi Corp $2,700,000 Brett MacCleod

2.

3.

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

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

Interest Amortization TermDate of Date of Amount of Annual Debt Rate of Period of

Source of Funds Appli cati on Commi tment Funds Servi ce Cost Loan IN YEARS Loan (years)

1. HUD-1st Mortgage $433,291 $32,864 6.50% 30 0

2. HUD-2nd Mortgage $746,816 $0 1.00% N/A 03. HUD-3rd Mortgage $466,477 $0 1.00% N/A 0

4. $0 $0 0.00% 1000 0

5. $0 $0 0.00% 1000 0

6. $0 $0 0.00% 1000 0

Totals: $1,646,584 $32,864


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

Date of Date of Amount of

Source of Funds Appli cati on Commi tment Funds Name of Contact Person

1. $0

2. $0

3. $0

4. $0

5. $0

6. $0

Total Permanent Grants: $0



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

6. Equity that Sponsor wil l Fund:Cash Investment $0

Contributed Land/Building $0 Assessment Attached (TAB S)Deferred Developer Fee $0Other: Replacement Reserves $327,311

Equity Total $327,3117. Total of All Sources (B2 + B3 + B4 + B5 + B6) $1,973,895

(not including syndication proceeds except for historic tax credits)

8. Total Development Cost $5,550,823(From VII I-A5)

9. Less Total Sources of Funds (From B7 above) $1,973,895

10. Equals equity gap to be funded with low-income tax creditproceeds (must equal IX-D3) $3,576,928

C. Syndication Information (If A pplicable)

1. Actual or Anticipated Name of Syndicator Boston Financial2. Contact Person Steven Napolitano Phone (617) 488-35243. Street Address 101 Arch Street

City Boston State MA Zip 02110

4. a. Total to be paid by anticipated users of credit (e.g., l imited partners) $3,576,924b. Equity Dollars Per Credit (e.g., $0.85 per dollar of credit) $0.84c. Percent of ownership entity (e.g., 99% or 99.9%) 99.99%d. Net credit amount anticipated by user of credits $428,374e. Syndication costs not included in VIII-A5 (e.g., advisory fees) $0

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) $3,576,924

6. Amount of annual credit required for above amounts(same amount as Part IX-D6) $428,417

7. Net Equity Factor [C5 / (C6 X 10)](same amount as Part IX-D4) 83.49%

8. Syndication: Public or Private

9. Investors: Individual or Corporate


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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 financed directly or indirectlywith Federal, State, or Local Government Funds? Yes NoIf yes, then check the type and list the amount of money involved.

Below-Market Loans Market-Rate Loans

Tax Exempt Bonds $0 Taxable BondsRD 515 $0 Section 220 $0Section 221(d)(3) $0 Section 221(d)(3) $0Section 312 $0 Section 221(d)(4) $0Section 236 $0 Section 236 $0VHDA SPARC/REACH Section 223(f) $0HOME Funds $0 Other: $0Other: Section 223(a)7 $1,646,584Other: $0

Grants GrantsCDBG $0 State $0UDAG $0 Local $0

Other: $0

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

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

Source of Funds Commitment date Funds1.2. $03. $04. $05. $0

3. Does any of your fi nancing 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 Subsidi es Existing HAP Contract

5. Is HUD approval for transfer of physical asset required?Yes No

E. For Tr ansactions Using Tax-Exempt Bonds Seeking 4% Credits:For purposes of the 50% Test, and based only on the data entered to thi sapplication, the portion of the aggregate basis of buildings and land financed withtax-exempt funds is: N/A


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IX. ADDITIONAL INFORMATION

A. Extended Use 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 comp ance per o or a tota o 40 years. o not se ect . s c ec e e ow.

This development will be subject to an extended use agreement in which the owner's right to anyear y term nat on o t e exten e use prov son s wa ve or 35 a t ona years a ter t e 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. ter t e man atory 15-year comp ance per o , a qua e nonpro t as ent e n t eattached 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: Huntington Housing, Inc.

2. A qualifi ed nonprofit or local housing authority submits a homeownership plan committi ng tose t e un ts n t e eve opment a ter t e man atory 15-year comp ance per o to tenants w oseincomes 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 agreement asrequired by the IRC governing the use of the development for low-income housing for at least 30 years.However, the IRC provides that, in certain circumstances, such extended use period may be terminated early.


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Low-Income Housing Tax Cr edit Appli cation For Reservati on

C. Building-by-Building Information Must CompleteQualif ied basis must be determined on a building-by buildi ng basis. Complete the section below. Buil ding 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 70% Present Value Credit

TAX MARKET

CREDIT RATE Actual or Actual or Actual orUNITS UNITS Estimate Anticipated Estimate Anticipated Estimate Anticipated

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

1. 10 0 32101 Plymouth Court $246,306 08/01/12 3.33% 8,202 $0 0.00% 0 $676,640 08/01/12 9.00% 60,898

2. 10 0 32108 Plymouth Court $246,306 08/01/12 3.33% 8,202 $0 0.00% 0 $676,640 08/01/12 9.00% 60,898

3. 10 0 32122 Plymouth Court $246,306 09/01/12 3.33% 8,202 $0 0.00% 0 $676,640 09/01/12 9.00% 60,898

4. 12 0 32128 Plymouth Court $295,567 10/01/12 3.33% 9,842 $0 0.00% 0 $811,968 10/01/12 9.00% 73,077

5. 10 0 32152 Plymouth Court $246,306 11/01/12 3.33% 8,202 $0 0.00% 0 $676,640 11/01/12 9.00% 60,898

6. 10 0 32145 Plymouth Court $246,306 12/01/12 3.33% 8,202 $0 0.00% 0 $676,640 12/01/12 9.00% 60,898

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

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

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

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

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

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

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

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

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

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

$1,527,096 $0 $4,195,168

$50,852 $0 $377,565Qualified Basis Totals (must agree with V III -A10)

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

NUMBEROF


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TAX MARKET



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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

$0 $0 $0

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


NUMBEROF


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TAX MARKET



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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

$0 $0 $0



NUMBEROF


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TAX MARKET



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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

$0 $0 $0



NUMBEROF


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TAX MARKET



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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

$0 $0 $0



NUMBEROF


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TAX MARKET



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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

$0 $0 $0



NUMBEROF


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D. Determination of Reservat ion Amount Needed

1. Total Development Costs (f rom VIII-A5, Column A page 20) 5,550,823

2. Less Total Sources of Funds (from VI II-B7 page 22) $1,973,895

3. Equals Equity Gap $3,576,928

4. Divided by Net Equity Factor (VIII-C7 page 22) 83.49%(Percent of 10-year credit expected to be raised as equity investment)

5. Equal s Ten-Year Credi t Amount Needed to Fund Gap $4,284,174

Divided by ten years 10

6. Equal s Annual Tax Credi t Requi red to Fund the Equi ty Gap 428,417

7. The Maximum Allowable Credit Amount 428,417(from VIII-A12-combined figure)

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

8. Reservation Amount (Lesser of 6 or 7 above)

Credit per Unit 6,910 Combined 30% & 70% PV CreditCredit per Bedroom 2,837 $428,417

Comprised of

$50,852 and $377,56530% PV Credit 70% PV Credit

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

E. Attorneys Opinionac e n Mandatory TAB W )

The following calculation of the amount of credits needed is substantially the same as the calculation which will be made byVHDA to determine, as required by the IRC, the amount of credits which may be allocated for the development. However,VHDA at all times retains the right to substitute such information and assumptions as are

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