Spruce Hill

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INSTRUCTIONS FOR THEVIRGINIA 2011 LIHTC APPLICATION FOR RESERVATION

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

An electronic copy of your completed application is a mandatory submission 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 electronicopy 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:[email protected] - [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.

v1.1.2011 Instructions


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2011 Federal Low Income 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 onemonth before the bonds are priced (if bonds issued by

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

are not issued by VHDA)

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Low Income Housing Tax Credit Application for Reservation

Electronic Copy of the Microsoft Excel Based Application (MANDATORY)Scanned Copy of the Signed Tax Credit Application with Attachments (excluding market study and plans & specs) (MANDATORY)Electronic Copy of the Market Study (MANDATORY-Application will be disqualified if study not submitted with application)Electronic Copy of the Plans (MANDATORY)Electronic Copy of the Specifications (MANDATORY)Electronic Copy of the Unit By Unit Work Writeup (MANDATORY if rehab)$750 Application Fee (MANDATORY )

Tab A: Documentation of Development Location:A.1 Qualified Census Tract CertificationA.2 Revitalization Area Certification

Location MapSurveyor's Certification of Proximity To Public Transportation

Tab B: Partnership or Operating Agreement, including chart of ownership structure with percentage of interests (MANDATORY)Tab C: Virginia State Corporation Commission Certification (MANDATORY)Tab D: Principal's Previous Participation Certification and Resum (MANDATORY)Tab E: Nonprofit Questionnaire (MANDATORY for points or pool)

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

Tab F: Architect's Certification (MANDATORY)Tab G: Relocation Plan (MANDATORY, if rehab )Tab H: PHA / Section 8 Notification LetterTab I: Local CEO LetterTab J: Homeownership PlanTab K: Site Control Documentation & Most Recent Real Estate Tax Assessment (MANDATORY)Tab L: Plan of Development Certification LetterTab M: Zoning Certification LetterTab N: Copies of 8609s To Certify Developer ExperienceTab O: (Reserved)

Tab P: Plans and Specifications and Work Write-Up (MANDATORY )Tab Q: Documentation of Rental AssistanceTab R: Documentation of Operating BudgetTab S: Documentation of Project BudgetTab T: Documentation of Financing SourcesTab U:

Documentation To Request Exception To Restriction-Pools With Little/No Increase In Rent Burdened PopulationDocumentation of site location in an urban development area as defined in 15.2-2223.1of the Code of VirginiaDocumentation of the development participating in a locally adopted affordable housing dwelling unit program area asdescribed in either 15.2-2304 or 15.2-2305 of the Code of Virginia

Tab V: Nonprofit or LHA Purchase Option or Right of First RefusalTab W: Attorney's Opinion (MANDATORY)Tab X: (Reserved)Tab Y: Marketing Plan for units meeting accessibility requirements of HUD section 504

Please indicate if the following items are included with your application by checking the appropriate boxes. Your assistance in organizing thesubmission in the following order, and actually using tabs to mark them as shown, will facilitate review of your application. Please note that allmandatory items must be included for the application to be processed. The inclusion of other items may increase the number of points for which youare el igible under VHDA's point system of ranking applications, and may assist VHDA in its determination of the appropriate amount of credits that itmay reserve for the development.

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Low-Income Housing Tax Credit Application For Reservation

VHDA TRACKING NUMBER 2011-C-93I. General Information

All code "Section" references are to, and the term "IRC" shall be deemed to mean, 3/10/2011the Internal Revenue Code of 1986, as amended. (Date of Application)

A. Development Name and Location:1. Name of Development Spruce Hill Apartments2. Address of Development 316 Penn Avenue

(Street)Floyd Virginia 24091

(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 available)

4. The Circuit Court Clerk's office in which the deed to the property is or will be recorded:City/County of Floyd 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? Town of Floyd

6. Census Tract the development is located in: 51063990100

Is this a Qualified Census Tract: Yes No (If yes, attach required form in TAB A)7. Is the development located in a Difficult Development Area? No 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 interest between the applicant and the seller in this proposal, and the applicant is 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 VHDAprior to the application submission deadline. Yes n/a

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


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Low Income Housing Tax Credit Application For Reservation

C. Reservation Request

1. Total annual credit amount request (Must be the same as Part IX-D8) $237,530

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 Authorities Richmond MSA PoolPlanning District 8 (Inner Washington MSA) Pool Tidewater MSA Pool

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

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

Tax Exempt Bonds

new construction, 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 Allocation/Allocation Year

1. Regular Allocation

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

in service this year. For those buildings the owner will, this year, request anallocation of 2011 credits for new construction, or

rehabilitation, or

acquisition and rehabilitation.

2. Carryforward Allocation

All of the buildings in the development are expected to be placedin service within two years after the end of this calendar year, 2011, but theowner will have more than 10% basis in the development before the end of twelvemonths 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

rehabilitation, 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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E. Acquisition Credit Information

NOTE: If no credits are being requested for existing buildings being acquired for the development, so indicate and go on to Part F: No Acquisition

Ten-Year Rule For Acquisition Credits

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

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

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

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

F. Rehabilitation Credit Information

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

Minimum Expenditure Requirements

All buildings in the development satisfy the rehab costs per unit requirement of IRCSection 42(e)(3)(A)(ii).All buildings in the development qualify for the IRC Section 42(e)(3)(B) exception to the10% basis requirement (4% credit only).All buildings in the development qualify for the IRC Section 42(f)(5)(B)(ii)(II) exception.

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

G. Request For Exception

The proposed new construction development (including adaptive reuse and rehabilitation that creates additional rentalspace) is subject to an assessment of up to minus 20 points for being located in a pool identified by the Authority as a poowith 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 13VAC10-180-6

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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II. OWNERSHIP INFORMATION

A. Owner Information:Name Spruce Hill Apartments, L.L.C.Contact Person First: Robert Middle: Glass Last: GoldsmithAddress 1173 West Main Street

(Street)Abingdon Virginia 24210

(City) (State) (Zip Code)

Federal I. D. No. (If not available, obtain prior to Allocation)Phone 276 623 9000 Fax 276 628 2931 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)Certification from Virginia State Corporation Commission attached (Mandatory TAB C)

Principal(s) involved (e.g. general partners, LLC members, controlling shareholders, etc.):Names ** Phone Type Ownership % OwnershipPeople Incorporated Housing Group 276 623 9000 Member 90.00%Robert Goldsmith 0.00%

0.00%People Incorporated of Virginia 276 623 9000 Member 10.00%Robert Goldsmith 0.00%

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 of separate partnerships or corporations which may comprise those components.

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

B. Seller Information:Name Pine Ridge, L.P. Contact Person Dennis OwensAddress 100 Abingdon PlaceAbingdon, Virginia 24201 Phone 276 628 5000

Is there an identity of interest between the seller and owner/applicant? 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 Information:Complete the following as applicable to your development team.

1. Tax Attorney: Tom Thorne-Thomsen Related Entity? Yes NoFirm Name: Applegate & Thorne-ThomsenAddress: 322 South Green Street; Suite 412; Chicago, IL 60607

Phone: 312-491-3324 Fax: 312-421-6162

2. Tax Accountant: Mike Vicars Related Entity? Yes NoFirm Name: Dooley & Vicars, CPAsAddress: 21 South Sheppard Street; Richmond, VA 23221Phone: 804-355-2508 Fax: 804-359-3897

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

4. Management Entity (Contact): TBD - Third party management to be hired Related Entity? Yes NoFirm Name:Address:Phone: Fax:

5. Contractor (Contact): Robert G. Goldsmith Related Entity? Yes NoFirm Name: People Incorporated of VirginiaAddress: 1173 West Main Street; Abingdon, VA 24210Phone: 276-623-9000 Fax: 276-628-2931

6. Architect: D. Michael Weaver Related Entity? Yes NoFirm Name: People Incorporated of VirginiaAddress: 1173 West Main Street; Abingdon, VA 24210Phone: 276-623-9000 Fax: 276-628-2931

7. Real Estate Attorney: Pete Curcio Related Entity? Yes NoFirm Name: Curcio and Stout, P.C.Address: 600 Commonwealth Avenue; Bristol, VA 24201Phone: 276-466-3377 Fax: 276-669-4032

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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D. Nonprofit Involvement:

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

1. Must "materially participate" in the development and operation of the project throughout the compliance period,2. Must own all general partnership interests in the development .3. Must not be affiliated with or controlled by a for-profit organization.4. Must not have been formed for the principal purpose of competition in the nonprofit pool, and5. Must not have any staff member, or member of the nonprofit's board of directors materially participate in the proposed project

as a for-profit entity.

pp cants: To qualify for points under the ranking system, the nonprofit's involvement need not necessarilysatisfy all of the requirements for participation in the nonprofit tax credit pool.

1. Nonprofit Involvement (All Applicants)If there is no nonprofit involvement in this development, please indicate by checking 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

Questionnaire attached (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 Nonprofit (All nonprofit applicants)The nonprofit organization involved in this development is:

the Ownerthe Applicant (if different from Owner)Other

People Incorporated Housing Group(Name of nonprofit)

Robert G. Goldsmith 1173 West Main Street(Contact Person) (Street Address)

Abingdon Virginia 24210(City) (State) (Zip code)276 623 9000 276 628 2931

(Phone) (Fax)

5. Percentage of Nonprofit Ownership (All nonprofit applicants)Specify the nonprofit entity'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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III. DEVELOPMENT INFORMATION

A. Structure and Units:1. Total number of all units in development 36

Total number of rental units in development 36 bedrooms 36Number of low-income rental units 36 bedrooms 36Percentage of rental units designated low-income 100.00%

2. The development's structural features are (check all that apply):

Row House/Townhouse Detached Single-familyGarden Apartments Detached Two-familySlab on Grade Basement

Crawl space Age of Structure: 16Elevator Number of stories: 1

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

4. Total Floor Area For The Entire Development 24,410.1 (Sq. ft.)

5. n eate oor rea (Breezeways, Balconies, Storage) 0.00 (Sq. ft.)

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

7. Total Usable Residential Heated Area 24,410.16 (Sq. ft.)

8. Number of Buildings (containing rental units) 4

9. Commercial Area Intended Use: NA10. Project consists primarily of a building(s) which is (are (CHOOSE ONLY ONE)

Low-Rise (1-5 stories with any structural elements made of wood)

Mid-Rise (5-7 stories with no structural elements made of wood)

High-Rise (8 or more stories with no structural elements made of wood)

11. a. Total Net Rental Square Feet 20,854.08

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

B. Building Systems:Please describe each of the following in the space provided.Community Facilities: Community Room

Exterior Finish: Brick Heating/AC System: Heat PumpArchitectural Style: Garden

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C. Amenities:

1. Specify the average size per unit type: (Including pro rata share of heated common area)Assisted Lvg 0.00 SF 1Bdrm Eld 0.00 SF 3-Bdrm Gar 0.00 SF1-Sty-Eff-Eld 0.00 SF 2Bdrm Eld 0.00 SF 4-Bdrm Gar 0.00 SF1-Sty 1BR-Eld 678.06 SF Eff-Gar 0.00 SF 2+Sty 2BR TH 0.00 SF1-Sty 2BR-Eld 0.00 SF 1-Bdrm Gar 0.00 SF 2+Sty 3BR TH 0.00 SFEff-Eld 0.00 SF 2-Bdrm Gar 0.00 SF 2+Sty 4BR TH 0.00 SF

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

24,410.16 Documentation attached (TAB F) Mandatory(Sq. ft.)

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

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

For any project, upon completion of construction/rehabilitation: (Optional Point items)

0% a(1) Percentage of 2-bedroom units that have 1.5 bathrooms

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

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

100.00% 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 will pay monthly or bi-monthly bill)

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

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

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

k. Every unit in the development will be heated and cooled with a geothermal heat pump that meets

EPA Energy Star qualified program requirements.l. The development will have a solar electric system that will remain unshaded year round, be oriented

to within 15 degrees of true south, and be angled horizontally within 15 degrees of latitude.

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

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

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Low Income Housing Tax Credit Application For Reservation

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

a. All cooking ranges will have front controls

b. All units will have an emergency call system

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

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

For all rehabilitation and adaptive reuse projects, upon completion of construction oror rehabilitation: (Optional Point items)

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

Accessibility

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

For any non-elderly property, or any elderly rehabilitation property, in which the greater of 5 or 10% of the units will be sub jectto 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 of section 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 frontcontrols for ranges, unless agree to by the Authority prior to the applicant's submission of its application). (50 points)

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

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

Earthcraft or LEED Development CertificationApplicant agrees to obtain Earthcraft or LEED 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 Certification - new construction development will be 15% more energy efficient than 2004 IECC.

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

(30 Points)

LEED Gold Certification



(45 Points)

LEED Platinum Certification



see ng any po nts assoc ate w t or art cra t cert cat on, attac appropr ate ocumentat on at

n versa es gn - n ts eet ng n versa es gn tan ar sa. The architect of record certifies that units will be constructed to meet VHDA's Universal Design standards.

Yes No If Yes, attach appropriate documentation at TAB F

b. Number of Rental Units constructed to meet VHDA's Universal Design standards:36 Units 100%

VHDA Certified Property Management AgentOwner agrees to use a VHDA Certified Property Management Agent to manage the property.

Yes No

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

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IV. TENANT INFORMATION

A. Set-Aside Election: UNITS SELECTED BELOW IN BOTH COLUMNS DETERMINEPOINTS FOR THE BONUS POINT CATEGORY

Units Provided Per Household Type:

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

0 0.00% 40% Area Median 4 11.11% 40% Area Median18 50.00% 50% Area Median 32 88.89% 50% Area Median18 50.00% 60% Area Median 0 0.00% 60% Area Median0 0.00% Non-LMI Units 0 0.00% Non-LMI Units

36 100.00% Total 36 100.00% Total

Note: Choosing 50% Rents/50% Income Will Not Score Higher Than Choosing 50% Rents/60% IncomeB. Special Housing Needs/Leasing Preference:

1. If 100% of the low-income units will be occupied by either or both of the following special needsgroups as defined by the United States Fair Housing Act, so indicate:

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

Americans with Disabilities Act)

2. Specify the number of low-income units that will serve individuals and families with children byproviding three or more bedrooms: Number of units 0% of total low-income units

3. If the development has existing tenants, VHDA policy requires that the impact of economic and/or physical

displacement on those tenants be minimized, in which Owners agree to abide by the Authority's RelocationGuidelines for LIHTC properties. Relocation Plan Documentation attached (TAB G)

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

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

Organization which holds such waiting list: Pembroke Management, Inc.Contact person (Name and Title) Marie Woodrum, Administrative AgentPhone Number (540) 381-8101 Required documentation attached (TAB H)

5. If leasing preference will be given to individuals and families with children.(Less than or equal to 20% of the units must have 1 or less bedrooms).

YesNo

Income Levels Rent Levels

0

Note: In order to qualify for any tax credits, a development must meet one of two minimum threshold occupancy tests. Either (i) at least20% of the units must be rent-restricted and occupied by persons whose incomes are 50% or less of the area median income adjusted forfamily size (this is called the 20/50 test) or (ii) at least 40% of the units must be rent-restricted and occupied by persons whose incomes are

60% or less of the area median income adjusted for family size (this is called the 40/60 test), all as described in Section 42 of the IRC.Rent-and income-restricted units are known as low-income units. If you have more low-income units than required, you qualify for morecredits. If you serve 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 Application Manual for specific instructions and deadlines for pertaining to localitynotification of proposed Low income Housing Tax Credit developments.

A. Provide the name and the address of the chief executive officer (City Manager, Town Manager, orCounty Administrator) of the political jurisdiction in which the development will be located:

Chief Executive Officer's Name Daniel J. CampbellChief Executive Officer's Title County Administrator, Human Resources / Personnel Director, Purchasing AgentStreet Address P.O. Box 218 Phone (540) 745-9300City Floyd State VA Zip 24091

Name and title of local official you have discussed this project with who could answer questions for thelocal CEO: Daniel J. Campbell, County Administrator, Human Resources / Personnel Director, Purchasing Agent

If the property overlaps another jurisdiction please fill in the following:Chief Executive Officer's Name William R. GriffithChief Executive Officer's Title MayorStreet Address 138 Wilson Street Phone (540) 745-2565City Floyd State VA Zip 24091

Name and title of local official you have discussed this project with who could answer questions for thelocal CEO: Lance Terpenny, Town Manager, Zoning Administrator

B. Project Schedule

ACTUAL OR NAME OFACTIVITY ANTICIPATED PERSON

DATE RESPONSIBLESiteOption/Contract March, 2011 Robert G. GoldsmithSite Acquisition June, 2012 Robert G. Goldsmith

Zoning Approval February, 2011 Jen SurberSite Plan Approval March, 2011 D. Michael WeaverFinancingA. Construction Loan

Loan Application March, 2012 Jen SurberConditional Commitment April, 2012 Jen SurberFirm Commitment April, 2012 Jen Surber

B. Permanent Loan - First LienLoan Application December, 2011 Jen SurberConditional Commitment January, 2012 Jen SurberFirm Commitment February, 2012 Jen Surber

C. Permanent Loan-Second LienLoan Application December, 2011 Jen SurberConditional Commitment January, 2012 Jen SurberFirm Commitment February, 2012 Jen Surber

D. Other Loans & GrantsType & Source, ListApplication May, 2012 Jen SurberAward/Commitment November, 2012 Jen Surber

Formation of Owner February, 2011 Pete CurcioIRS Approval of Nonprofit Status June, 2003 Robert G. GoldsmithClosing and Transfer of Property to Owner June, 2013 Pete CurcioPlans and Specifications, Working Drawings February, 2012 D. Michael WeaverBuilding Permit Issued by Local Government June, 2012 Bryan AileyStart Construction July, 2012 Daniel WilsonBegin Lease-up October, 2013 TBDComplete Construction October, 2013 Daniel WilsonComplete Lease-Up October, 2013 TBDCredit Placed in Service Date December, 2013 Jen Surber

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C. Site Description

1. Exact area of site in acres 3.160

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

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

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

D. Plans and Specifications

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

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

(e.g., parking lots and location of existing utilities, and water, sewer, electric,gas in the streets adjacent to the site). Contour lines and elevations are not required.

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

Notes must indicate basic materials in structure, floor and exterior finish.4. Required documentation for rehabilitation properties: A unit-by-unit work write-up.

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VII. OPERATING BUDGET

A. Rental 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 Certificates

Section 8 Project Based Assistance

RD 515 Rental Assistance

Section 8 Vouchers

State AssistanceOther:

3. Number of units receiving assistance: 36Number of years in rental assistance contract: 1Expiration date of contract: 01/01/12

Contract or other agreement attached (TAB Q)

B. Utilities1. Monthly Utility Allowance Calculations

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

Heating Electric - all shown on this row Owner x Tenant 0 53 0 0 0

Air Conditioning Electric Owner x Tenant 0 0 0 0 0

Cooking Electric Owner x Tenant 0 0 0 0 0

Lighting Electric Owner x Tenant 0 0 0 0 0

Hot Water Electric Owner x Tenant 0 0 0 0 0

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 $53 $0 $0 $0

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

HUD

Utility Company (Estimate) Local PHA

Utility Company (Actual Survey) Other: USDA Rural Development

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

Total Number of Total MonthlyTax Credit Units Rental Income

0 $036 $15,2120 $00 $00 $0

36

Plus Other Income Source (list): USDA Rental Assistance and laundry $2,516Equals Total Monthly Income: $17,728Twelve Months x12Equals Annual Gross Potential Income $212,736Less Vacancy Allowance ( 7.0% ) $14,892Equals Annual Effective Gross Income (EGI) - Low Income Units $197,844

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

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

Total Number of Total MonthlyMarket Units Rental Income

0 $00 $0

0 $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 ( 0.0% ) $0Equals Annual Effective Gross Income (EGI) - Market Rate Units $0

Documentation in Support of Operating Budget attached (TAB R)

List number of units by type: TOTAL UNITS

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

0 0 0 0 0 0

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

0 0 0 0 0 0

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

0 36 0 appropriate unit category. If not, you will find an error on

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

List number of units by type: TAX CREDIT UNITS

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

0 0 0 0 0 0

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

0 0 0 0 0 0

1 Story-EFF-ELD 1 Story-1 BR-ELD 1 Story-2 BR-ELD

0 36 0

Efficiency UnitsUnit Type / Net Rentabl e Monthly Rent Total

Rent Targeting Number Units Square Feet Per Unit Monthly Rent

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

4 Bedroom Units

Unit Type

Unit Type

1 Bedroom Units2 Bedroom Units3 Bedroom Units

Total Number of Tax Credit Units

Efficiency Units

Efficiency Units

4 Bedroom Units

1 Bedroom Units

2 Bedroom Units3 Bedroom Units

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

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

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

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

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

Total EfficiencyMarket Units: 0 0.00 Total Monthly

Eff. Market Rent: -$

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

1-Bedroom UnitsNet Rentable Monthly Rent Total


1 BR - 40% 4 579.28 347$ 1,388$v1.1.2011 Page 15


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

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

1 BR - 50% 32 579.28 432$ 13,824$1 BR - 50% 0 0.00 -$ -$1 BR - 50% 0 0.00 -$ -$1 BR - 50% 0 0.00 -$ -$1 BR - 50% 0 0.00 -$ -$1 BR - 50% 0 0.00 -$ -$1 BR - 50% 0 0.00 -$ -$1 BR - 50% 0 0.00 -$ -$1 BR - 50% 0 0.00 -$ -$1 BR - 50% 0 0.00 -$ -$1 BR - 50% 0 0.00 -$ -$

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: 36 20,854.08 Tax Credit Rent: 15,212$

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

Total 1-BR

Market Units: 0 0.00 Total Monthly

1-BR Market Rent: -$

Total 1-BR Units: 36 Total 1-BR Rent 15,212$

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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% 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 -$ -$2 BR - Market 0 0.00 -$ -$2 BR - Market 0 0.00 -$ -$2 BR - Market 0 0.00 -$ -$2 BR - Market 0 0.00 -$ -$2 BR - Market 0 0.00 -$ -$2 BR - Market 0 0.00 -$ -$2 BR - Market 0 0.00 -$ -$2 BR - Market 0 0.00 -$ -$2 BR - Market 0 0.00 -$ -$2 BR - Market 0 0.00 -$ -$2 BR - Market 0 0.00 -$ -$2 BR - Market 0 0.00 -$ -$2 BR - Market 0 0.00 -$ -$2 BR - Market 0 0.00 -$ -$v1.1.2011 Page 15


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Total 2-BR



Total 2-BR Units: 0 Total 2-BR Rent -$

3-Bedroom Units

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

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

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


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


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

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

Total 3-BR






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


4 BR - 50% 0 0.00 -$ -$4 BR - 50% 0 0.00 -$ -$4 BR - 50% 0 0.00 -$ -$4 BR - 50% 0 0.00 -$ -$


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

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


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

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

Total 4-BR




Total Units 36 Net Rentable SF: TC Unit s 20,854.08MKT Units 0.00

Total NR SF: 20,854.08

100.0000%Floor Space Fraction

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D. Operating ExpensesAdministrative:

1. Advertising/Marketing $8002. Office Salaries $03. Office Supplies $1,1004. Office/Model Apartment (type______) $05. Management Fee $23,328

11.79% of EGI 648 Per Unit6. Manager Salaries $18,565

7. Staff Unit (s) (type______) $08. Legal $3009. Auditing $4,700

10. Bookkeeping/Accounting Fees $011. Telephone & Answering Service $90012. Tax Credit Monitoring Fee $72013. Miscellaneous Administrative $2,280

Total Administrative $52,693Utilities

14. Fuel Oil $015. Electricity $3,75016. Wate r $3,90017. Gas $018. Sewer $7,300

Total Utility $14,950Operating:

19. Janitor/Cleaning Payroll $19,69220. Janitor/Cleaning Supplies $0

21. Janitor/Cleaning Contract $022. Exterminating $023. Trash Removal $1,20024. Security Payroll/Contract $025. Grounds Payroll $3,35026. Grounds Supplies $3,35027. Grounds Contract $028. Maintenance/Repairs Payroll $9,60029. Repairs/Material $3,80030. Repairs Contract $3,50031. Elevator Maintenance/Contract $032. Heating/Cooling Repairs & Maintenance $033. Pool Maintenance/Contract/Staff $034. Snow Removal $70035. Decorating/Payroll/Contract $036. Decorating Supplie $2,00037. Miscellaneous $2,100

Operating & Maintenance Totals $49,292Taxes & Insurance

38. Real Estate Taxes $8,80039. Payroll Taxes $2,40040. Miscellaneous Taxes/Licenses/Permit $72041. Property & Liability Insuranc $4,90042. Fidelity Bond $043. Workman's Compensation $60044. Health Insurance & Employee Benefit $2,40045. Other Insurance $50

Total Taxes & Insurance $19,8706544

Total Operating Expense $136,805

D1. Total Oper. Ex. Per Unit $3,800 D2. Total Oper. Ex. As % EGI (from E3) 69.15%

Replacement Reserves (Total # Units X $300 or $250 New Const. Elderly Minimum) $10,800

Total Expenses $147,605

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E. Cash Flow (First Year)1. Annual EGI Low-Income Units from (C1) $197,8442. Annual EGI Market Units (from C2) + $03. Total Effective Gross Income = $197,8444. Total Expenses (from D) $147,605

5. Net Operating Income = $50,2396. Total Annual Debt Service (from Page 21 B2) - $36,5667. Cash Flow Available for Distribution = $13,673

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

StabilizedYear 1 Year 2 Year 3 Year 4 Year 5

Eff. Gross Income 197,844 201,801 205,837 209,954 214,153Less Oper. Expenses 147,605 152,033 156,594 161,292 166,131Net Income 50,239 49,768 49,243 48,662 48,022Less Debt Service 36,566 36,566 36,566 36,566 36,566Cash Flow 13,673 13,202 12,677 12,096 11,456Debt Coverage Ratio 1.37 1.36 1.35 1.33 1.31

Year 6 Year 7 Year 8 Year 9 Year 10

Eff. Gross Income 218,436 222,805 227,261 231,806 236,442Less Oper. Expenses 171,115 176,248 181,536 186,982 192,591

Net Income 47,322 46,557 45,726 44,825 43,851Less Debt Service 36,566 36,566 36,566 36,566 36,566Cash Flow 10,756 9,991 9,159 8,259 7,285Debt Coverage Ratio 1.29 1.27 1.25 1.23 1.20

Year 11 Year 12 Year 13 Year 14 Year 15

Eff. Gross Income 241,171 245,995 250,915 255,933 261,052Less Oper. Expenses 198,369 204,320 210,449 216,763 223,266Net Income 42,803 41,675 40,465 39,170 37,786Less Debt Service 36,566 36,566 36,566 36,566 36,566Cash Flow 6,236 5,109 3,899 2,604 1,220Debt Coverage Ratio 1.17 1.14 1.11 1.07 1.03Estimated Annual Percentage Increase in Revenue 2.00% (Must be < 2%)Estimated Annual Percentage Increase in Expenses 3.00% (Must be > 3%)

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VIII. PROJECT BUDGET

A. Cost/Basis/Maximum Allowable Credit

Complete cost column and basis column(s) as appropriate through A12. Check if the followingdocumentation is attached at TAB S :

Executed Construction ContractExecuted Trade Payment Breakdown

AppraisalOther Cost DocumentationEnvironmental Studies

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

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

New Construction Value Credit"

1. Contractor Cost

A. Off-Site Improvements 0 0 0 0B. Site Work 0 0 0 0C. Geothermal System 0 0 0 0D. Unit Structures (New) 0 0 0 0E. Unit Structures (Rehab) 1,118,000 0 0 1,118,000F. Solar Electric System 0 0 0 0G. Asbestos Removal 0 0 0 0H. Demolition 0 0 0 0I. Commercial Space Costs 0 0 0 0J. Structured Parking Garage 0 0 0 0K. Subtotal A: (Sum 1A..1J) 1,118,000 0 0 1,118,000L. General Requirements 50,000 0 0 50,000M. Builder's Overhead 57,440 0 0 57,440

( 5.1% Contract)N. Builder's Profit 48,080 0 0 48,080

( 4.3% Contract)O. Bonding Fee 0 0 0 0P. Other 0 0 0 0Q. Contractor Cost

Subtotal (Sum 1K..1P) $1,273,520 $0 $0 $1,273,520

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

( 556 /Unit)C. Arch. Supervision Fee 20,000 0 0 20,000

( 556 /Unit)D. Tap Fees 0 0 0 0E. Soil Borings 0 0 0 0

NOTE: Attorney must opine, among other things, as to correctness of the inclusion of each cost item in 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 10,000 0 0 10,000

Origination FeeG. Construction Interest 55,000 0 0 55,000

( 0.0% for 0 months)H. Taxes During Construction 7,500 0 0 7,500I. Insurance During Construction 7,500 0 0 7,500J. Cost Certification Fee 7,500 0 0 0K. Title and Recording 45,000 0 0 45,000L. Legal Fees for Closing 60,000 25,000 0 10,000M. Permanent Loan Fee 0 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 0Q. Environmental Study 5,000 0 0 5,000R. Structural/Mechanical Study 0 0 0 0S. Appraisal Fee 3,500 0 0 3,500T. Market Study 3,500 0 0 3,500U. Operating Reserve 90,586 0 0 0V. Tax Credit Fee 17,377 0 0 0W. OTHER $34,000 $0 $0 $24,000

(SEE PAGE 19A)X. Owner Cost

Subtotal (Sum 2A..2W) $388,463 $25,000 $0 $213,000

Subtotal 1 + 2 $1,661,983 $25,000 $0 $1,486,520(Owner + Contractor Costs)

3. Developer's Fees 423,000 0 0 423,000

4. Owner's Acquisition CostsLand 189,600Existing Improvements 1,431,096 1,431,096Subtotal 4: $1,620,696 $1,431,096

5. Total Development CostsSubtotal 1+2+3+4: $3,705,679 $1,456,096 $0 $1,909,520

If this application seeks rehab credits only, in which there is no acquisition and no change in ownership, enter the greater of appraised value or tax assessment value here: $0 Land

(Attach documentation at Tab K ) $0 Building

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

New Construction Value Credit"W. OTHER OWNER COSTS

Contingency Reserve 0 0 0 0(Rehab or Adaptive Reuse only)LIST ADDITIONAL ITEMSEarthcraft Fees 14,000 0 0 14,000Relocation Expenses 10,000 0 0 10,000lease up reserve 10,000 0 0 0

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

Subtotal (Other Owner Costs) $34,000 $0 $0 $24,000

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

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

5. Total Development Costs

Subtotal 1+2+3+4 3,705,679 1,456,096 0 1,909,520

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) 1,456,096 0 1,909,520

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

(i) For QCT or DDA (Eligible Basis x 30%) 0 0(ii) For Earthcraft or LEED Certification 0 190,952

Total Adjusted Eligible basis 0 2,100,472

9. Applicable Fraction 100.0000% 100.0000% 100.0000%

10. Total Qualified Basis (Same as Part IX-C) 1,456,096 0 2,100,472(Eligible Basis x Applicable Fraction)

11. Applicable Percentage 3.33% 0.00% 9.00%(For 2011 9% competitive credits, use the March 2011 applicable percentages for acq.)

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

12. Maximum Allowable Credit under IRC 42 $48,488 $0 $189,042(Qualified Basis x Applicable Percentage)(Same as Part IX-C and equal to or more than $237,530credit amount requested) Combined 30% & 70% P. V. Credit

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B. Sources of Funds

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

Date of Date of Amount of

Source of Funds Application Commitment Funds Name of Contact Person

1. $0

2. $0

3. $0

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

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

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

Source of Funds Application Commitment Funds Service Cost Loan IN YEARS Loan (years)

1. $0 $0 0.00% 30 0

2. RD loan assumption assumeption 02/01/12 $1,235,000 $33,566 1.00% 39 39

3. HOME 12/31/11 02/01/12 $300,000 $3,000 1.00% 1000 20

4. FHLBA 07/01/11 11/01/11 $222,090 $0 0.00% 30 30

5. $0 $0 0.00% 1000 0

6. $0 $0 0.00% 1000 0

Totals: $1,757,090 $36,566

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

3. Grants : List all grants provided for the development:

Date of Date of Amount of Source of Funds Application Commitment Funds Name of Contact Person

1. $0

2. $0

3. $0

4. $0

5. $0

6. $0

Total Permanent Grants: $0

omm tments or etter s o ntent attac e (TAB T)

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4. Portion of Syndication Proceeds Attributable to Historic Tax CreditAmount of Federal historic credits $0 x Equity % $0.00 $0Amount of Virginia historic credits $0 x Equity % $0.00 $0

6. Equity that Sponsor will Fund:Cash Investment $0

Contributed Land/Building $0 Assessment Attached (TAB S)Deferred Developer Fee $24,788Other: $0

Equity Total $24,7887. Total of All Sources (B2 + B3 + B4 + B5 + B6) $1,781,878

(not including syndication proceeds except for historic tax credits)

8. Total Development Cost $3,705,679(From VIII-A5)

9. Less Total Sources of Funds (From B7 above) $1,781,878

10. Equals equity gap to be funded with low-income tax creditproceeds (must equal IX-D3) $1,923,801

C. Syndication Information (If Applicable)

1. Actual or Anticipated Name of Syndicator Virginia Community Development Corporation2. Contact Person Chris Sterling Phone (804) 343-12003. Street Address 1840 West Broad Street, Suite 200

City Richmond State VA Zip 23227

4. a. Total to be paid by anticipated users of credit (e.g., limited partners) $1,923,801b. Equity Dollars Per Credit (e.g., $0.85 per dollar of credit) $0.81c. Percent of ownership entity (e.g., 99% or 99.9%) 99.99%d. Net credit amount anticipated by user of credits $237,506e. Syndication costs not included in VIII-A5 (e.g., advisory fees) $0

5. Net amount which will be used to pay for Total Development Cost (4a-4e)as listed in Part VIII-A5 (same amount as Part IX-D3) $1,923,801

6. Amount of annual credit required for above amounts(same amount as Part IX-D6) $237,530

7. Net Equity Factor [C5 / (C6 X 10)](same amount as Part IX-D4) 80.99%

8. Syndication: Public or Private

9. Investors: Individual or Corporate

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

1. Are any portions of the sources of funds described above for the development financed directly or indirectlywith Federal, State, or Local Government Funds? Yes NoIf yes, then check the type and list the amount of money involved.

Below-Market Loans Market-Rate Loans

Tax Exempt Bonds $0 Taxable Bonds $0RD 515 $1,235,000 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 $0 Section 223(f) $0HOME Funds $300,000 Other: $0Other: FHLBA $198,822Other: $0

Grants GrantsCDBG $0 State $0

UDAG $0 Local $0Other: $0

This means grants to the partnership. If you received a loan financed by a locality which received one of 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. $0

2. $03. $04. $0

5. $0 3. Does any of your financing have any credit enhancement? Yes No

If yes, list which financing and describe the credit enhancement:

4. Other Subsidies Documentation Attached (TAB Q)Real Estate Tax Abatement on the increase in the value of the development.

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

Other Subsidies

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

E. For Transactions Using Tax-Exempt Bonds Seeking 4% Credits:For purposes of the 50% Test, and based only on the data entered to thisapplication, 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 Restriction

This development will be subject to the standard extended use agreement which permits earlytermination (after the mandatory 15-year compliance period) of the extended use period. This development will be subject to an extended use agreement in which the owner's right to anyearly termination of the extended use provision is waived for 25 additional years after the 15-year compliance period for a total of 40 years. Do not select if IX.B is checked below.

This development will be subject to an extended use agreement in which the owner's right to anyearly termination of the extended use provision is waived for 35 additional years after the 15-year compliance period for a total of 50 years. Do not select if IX.B is checked below.

B. Nonprofit/Local Housing Authority Purchase Option/Right of First Refusal

1. After the mandatory 15-year compliance period, a qualified nonprofit as identified in theattached nonprofit questionnaire, or local housing authority will have the option to purchaseor the right of first refusal to acquire the development for a price not to exceed the outstandingdebt and exit taxes. 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: People Incorporated Housing Group

2. A qualified nonprofit or local housing authority submits a homeownership plan committing tosell the units in the development after the mandatory 15-year compliance period to tenants whoseincomes shall not exceed the applicable income limit at the time of their initial occupancy.Do not select if extended compliance is selected in IX.A above.

Homeownership Plan Attached (TAB J)

NOTE: Each recipient of an allocation of credits will be required to record an extended use agreement 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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C. Building-by-Building Information Must CompleteQualified basis must be determined on a building-by building basis. Complete the section below. Building street addresses are required by the IRS (must have themallocation request).

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

TAX MARKET

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

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

ing # Address Basis Date Percentage Amount Basis Date Percentage Amount 1. $0 0.00% 0 $0 0.00% 0

2. 12 316 Penn Avenue; Floyd, VA 24091 $514,365 12/31/13 3.33% 17,128 $0 0.00% 0

3. Units 1 - 12 $0 0.00% 0 $0 0.00% 0

4. $0 3.33% 0 $0 0.00% 0


6. Units 13 - 24 $0 0.00% 0 $0 0.00% 0

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


9. Units 25 - 28 $0 0.00% 0 $0 0.00% 0

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


12. Units 29 - 36 $0 0.00% 0 $0 0.00% 0

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

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

15. $0 0.00% 0 $0 0.00% 0 16. $0 0.00% 0 $0 0.00% 0

$1,543,095 $0

$51,385 $0 Qualified Basis Totals (must agree with VIII-A10)

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

NUMBEROF

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TAX MARKET


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


NUMBEROF

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TAX MARKET



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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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



NUMBEROF

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TAX MARKET



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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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



NUMBEROF

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TAX MARKET



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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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



NUMBEROF

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D. Determination of Reservation Amount Needed

1. Total Development Costs (from VIII-A5, Column A page 20) $3,705,679

2. Less Total Sources of Funds (from VIII-B7 page 22) $1,781,878

3. Equals Equity Gap $1,923,801

4. Divided by Net Equity Factor (VIII-C7 page 22) 80.99%(Percent of 10-year credit expected to be raised as equity investment)

5. Equals Ten-Year Credit Amount Needed to Fund Gap $2,375,301

Divided by ten years 10

6. Equals Annual Tax Credit Required to Fund the Equity Gap $237,530

7. The Maximum Allowable Credit Amount $237,530(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 6,598 Combined 30% & 70% PV CreditCredit per Bedroom 6,598 $237,530

Comprised of

$48,488 and $189,04230% PV Credit 70% PV Credit

(Based on same relative percentages as VIII-A12)

E. Attorneys OpinionAttached in Mandatory TAB W )

The following calculation of the amount of credits needed is substantially the same as the calculation which will 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 determined by VHDA to be reasonablefor the information and assumptions provided herein as to costs (including development fees, profits, etc.), sources for funding,expected equity, etc. Accordingly, if the development is selected by VHDA for a reservation of credits, the amount of such

reservation may differ significantly from the amount you compute below.

Goal Seek FunctionIf you incur the error message that your reservation amount is not equal

to the equity gap amount you may use the goal seek function within the Excel

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F. Statement of Owner

The undersigned hereby acknowledges the following:

1. that, to the best of its knowledge and belief, all factual information provided herein or in connectionherewith is true and correct, and all estimates are reasonable.

2. that it will at all times indemnify and hold harmless VHDA and its assigns against all losses, costs,

damages, VHDA's expenses, and liabilities of any nature directly or indirectly resulting from, arising out of,or relating to VHDA's acceptance, consideration, approval, or disapproval of this reservation request andthe issuance or nonissuance of an allocation of credits, grants and/or loan funds in connection herewith.

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

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

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

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

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

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

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MANDATORY ITEMS: Scorea. Signed, completed application Y Y or N 0b. Duplicate copy of application Y Y or N 0c. Partnership agreement Y Y or N 0d. SCC Certification Y Y or N 0e. Previous participation form Y Y or N 0f. Site control document Y Y or N 0g. Architect's Certification Y Y or N 0h. Attorney's opinion Y Y or N 0i. Nonprofit questionnaire (if NP) Y Y, N, N/A 0

0.001. READINESS:

a. Plan of development N 0 or 40 0.00b. Zoning approval Y 0 or 40 40.00

Total: 40.00

2. HOUSING NEEDS CHARACTERISTICS:a. VHDA notification letter to CEO Y 0 or -50 0.00b. Local CEO letter (Y,NC,N) Y 0 or 25 or 50 50.00c. Location in a revitalization area Y 0 or 30 30.00d. Location in a Qualified Census Tract and revitalization area N 0 or 5 0.00e. Sec 8 or PHA waiting list preference Y 0 or 10 10.00f. Subsidized funding commitments 0.00% Up to 40 0.00g. Existing RD, HUD Section 8 or 236 program Y 0 or 20 20.00h. Tax abatement or new project based rental subsidy (HUD or RD) Y 0 or 10 10.00

i. Census tract with


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f. Management company rated unsatisfactory N 0 or -25 0.00Total 50.00

6. EFFICIENT USE OF RESOURCES:a. Credit per unit If #N/A or #REF! appears in the score column of these point Up to 180 84.14b. Cost per unit categories check spelling of Clerk's Office on pg 1. It must match Up to 75 30.75

Total exactly with the Jurisdiction names listed in the Application Manual. 114.89

7. BONUS POINTS: Locality AMI State AMIa. Units with rents at or below 40% of AMI $52,100 $53,300 11% Up to 10 10.00b. Units with rent and income at or below 50% of AMI 50% Up to 50 0.00

or c. Units with rents at or below 50% rented to tenants at or below 60% of AMI 100% Up to 25 0.00or d. Units in Low Income Jurisdictions with rents


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b. Historic structure 0.00

Total amenities: 60.00

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$/SF = $140.33 Credits/SF = $9.73 Const $/unit = $35,376

TYPE OF PROJECT FAMILY = 11000; ELDERLY = 12000 12000 If an ERROR message appears here checkLOCATION BELT=100; NVM=110; NVNM=200; RIC=300; TID=400; SMA=500; SMA-C=510; RUR=600 600 spelling of Clerk's Office on pg 1. It must 6TYPE OF CONSTRUCTION =1; =2; 35,000+ =3; * 15,000-35,000 =4 3 match exactly with the Jurisdiction names

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

Spruce Hill

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