Spruce Village

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INSTRUCTIONS FOR THE

VIRGINIA 2011 LIHTC APPLICATION FOR RESERVATION

This application was prepared using Excel, Microsoft Office 2003. Please note that using the active Excel

workbook does not eliminate the need to submit the required PDF of the signed hardcopy of the application andrelated documentation. A more detailed explanation of application submission requirements is provided

below and in the Application Manual.

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

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

copy of the application by the deadline will cause the application to be disqualified.

Disclaimer:

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

submitting the application to VHDA.

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

protected and will not allow any changes. The format for cells has been set to accept text, currency,

percentages, etc. as appropriate. Enter any number without commas or dollar signs. Enterpercentages beginning with a decimal point. There is no text wrap-around feature, so care must be

taken 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 a

separate sheet in the spreadsheet. The spreadsheet contains numerous error checks which aredesigned to assist you in identifying potential mistakes in your application. Please note that these may

appear 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 contain

error messages such as "#DIV/0!" before you begin. These warnings will disappear as you enter

numbers necessary to complete the application.

Assistance:

If you have any questions, please call Jim Chandler at (804) 343-5786, Dale Wittie at (804)343-5876, Cara Wallo at (804) 343-5714, Jaynell Pittman-Shaw at (804) 343-5733 or Rebecca Rowe

at (804) 343-5518. Please note that we cannot release the copy protection password.

Staff email addresses:[email protected] - [email protected]

[email protected] - [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 workbook

2. A PDF file which includes the following:

- Application For Reservation Signed version of hardcopy

- All application attachments (i.e. tab documents, excluding market study and plans & specs)

3. Market Study PDF or Microsoft Word format4. Plans - PDF or other readable electronic format

5. Specifications - PDF or other readable electronic format (may be combined into the same file as the plans if

necessary)

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

Notes:

-Do not submit any files on a flash or thumb drive.

-Do not submit any application materials via [email protected] or to any email address unless

specifically requested by the VHDA Allocation Department staff.

v1.1.2011 Instructions


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2011 Federal Low Income Housing

Tax Credit Program

Application For Reservation

Virginia Housing Development Authority

601 South Belvidere Street

Richmond, Virginia 23220-6500

Deadline for Submission

9% Competitive Credits

Applications Must Be Received At VHDA No Later Than 2:00 PM

Richmond, VA Time On March 11, 2011

Tax Exempt Bonds

Applications should be received at VHDA at least one month

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

days before the bonds are issued (if bonds are not issued by

VHDA)

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Low-Income Housing Tax Credit Application For Reservation

VHDA TRACKING NUMBER 2011-C-61

I. General Information

All code "Section" references are to, and the term "IRC" shall be deemed to mean, 3/8/11

the Internal Revenue Code of 1986, as amended. (Date of Application)

A. Development Name and Location:

1. Name of Development Spruce Village

2. Address of Development 1201 Spruce Street(Street)

Martinsville VA 24112

(City) (State) (Zip Code)

3. If complete address is not available, provide longitude and latitude coordinates (x,y) fro

location 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 Martinsville City (ie; Richmond City, Chesterfield County; see application manual

5. Does the site overlap one or more jurisdictional boundaries Yes No

If yes, what other City/County is the site located in besides the one mentioned above

6. Census Tract the development is located in: 3

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 in

this category, then the applicant must either waive their rights to the developer's fee or other fees associated with acquisition and/or

rehabilitation, or obtain a waiver of this requirement from VHDA prior to application submission to receive these points.

a. Applicant agrees to waive all rights to any developer's fee o

other fees associated with acquisition and/or rehab. Yes n/a

b. Applicant has obtained a waiver of this requirement from VHDA

prior to the application submission deadline. Yes n/a

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

rate


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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) $546,383

2. Credits requested from:

9% Credits

Nonprofit Set-Aside (All nonprofit owned developments which meet tests

described in Part II-D hereof may select this)Local Housing Authorities Richmond MSA Pool

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

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

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

Tax Exempt Bonds

new construction, or

rehabilitation, or

acquisition and rehabilitation.

Federal Subsidies

The development will not receive federal subsidies.

This development will receive federal subsidies for:

all buildings or

some buildings.

D. Type(s) of Allocation/Allocation Year

1. Regular Allocation

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

in service this year. For those buildings the owner will, this year, request anallocation of 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 placed

in service within two years after the end of this calendar year, 2011, but the

owner will have more than 10% basis in the development before the end of twelve

months 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, or

acquisition and rehabilitation (even if you acquired a building this year and

"placed it in service" for the purpose of the acquisition credit, you cannot receive

the 8609 form for it until the rehab 8609 is issued for that building once the rehab

work is "placed in service" in 2012 or 2013).

3. Federal Subsidies

The development will not receive federal subsidies.

This development will receive federal subsidies for:

all buildings or

some buildings.

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E. Acquisition Credit Information

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

so indicate and go on to Part F: No Acquisition

Ten-Year Rule For Acquisition Credits

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

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

Subsection (II)

Subsection (III)

Subsection (IV)Subsection (V)

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

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

F. Rehabilitation Credit Information

NOTE: If no credits are being requested for rehabilitation expenditures, so indicate and go

on to Section II. No Rehabilitation

Minimum Expenditure Requirements

All buildings in the development satisfy the rehab costs per unit requirement of IRCSection 42(e)(3)(A)(ii).

All buildings in the development qualify for the IRC Section 42(e)(3)(B) exception to the10% basis requirement (4% credit only).

All buildings in the development qualify for the IRC Section 42(f)(5)(B)(ii)(II) exception.

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

G. Request For Exception

The proposed new construction development (including adaptive reuse and rehabilitation that creates additional rental

space) is subject to an assessment of up to minus 20 points for being located in a pool identified by the Authority as a p

with little or no increase in rent burdened population. N/A - Does not apply to this proposed development.

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

Proposed development is specialized housing designed to meet special needs that cannot readily be addressed

utilizing existing residential structures. Documentation Attached (TAB U)

Proposed development is designed to serve as a replacement for housing being demolished through

redevelopment. Documentation Attached (TAB U)

Proposed development is housing that is an integral part of a neighborhood revitalization project sponsored by

a local housing authority. Documentation Attached (TAB U)

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C. Development Team Information:

Complete the following as applicable to your development team.

1. Tax Attorney: H. David Embree Related Entity? Yes NoFirm Name: Williams MullenAddress: 1700 Dominion Tower, P.O. Box 3460, Norfolk, VA 23514

Phone: 757-629-0608 Fax: 757-629-0660

2. Tax Accountant: Joseph Crivelli Related Entity? Yes NoFirm Name: Friedman, LLPAddress: 1700 Broadway, New York, NY 10019

Phone: 212-842-7550 Fax: 212-265-4761

3. Consultant: None Related Entity? Yes NoFirm Name: Role:Address:

Phone: Fax:

4. Management Entity (Contact): Charles Nimmo Related Entity? Yes NoFirm Name: F&W ManagementAddress: 3130 Chaparral Drive, Roanoke, VA24018

Phone: 540-774-1641 Fax: 540-774-2488

5. Contractor (Contact): TBD Related Entity? Yes NoFirm Name:Address:

Phone: Fax:

6. Architect: James Snowa Related Entity? Yes NoFirm Name: Edward Winks - James Snowa Architects P.C.Address: 2119 East Franklin Street, Suite 200, Richmond, Virginia 23223

Phone: 804-643-6196 Fax: 804-643-6190

7. Real Estate Attorney: David Boccio Related Entity? Yes NoFirm Name: Michael, Levitt & Rubenstein, LLCAddress: 60 Columbus Circle, New York, NY 10023

Phone: 212-801-3739 Fax: 212-801-3762

8. Mortgage Banker: Charles Wilson Related Entity? Yes NoFirm Name: Virginia Capital Advisors, Inc.Address: 1915 Pocahontas Trail, Suite B-5, Williamsburg, VA 23185

Phone: 757-220-3147 Fax: 212-801-3762

9. Other (Contact): Michael Antonik Related Entity? Yes NoFirm Name: PresCon, LLC Role: Construction ManagerAddress: 60 Columbus Circle, New York, NY 10023

Phone: 212-801-1067 Fax: 212-801-3731

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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 or

or rehabilitation: (Optional Point items)

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

Accessibility

Checkone or none of the following point categories, as appropriate:

For any non-elderly property, 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 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 the Rehabilitation Act; and (iii) are actively marketed to people with mobility impairments,including HCV holders, in accordance with a plan submitted as part the Application. (30 points)

For any non-elderly property, or any elderly 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



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

Universal Design - Units Meeting Universal Design Standards

a. The architect of record certifies that units will be constructed to meet VHDA's Universal Design standards.Yes No es, attac appropr ate ocumentat on at

b. Number of Rental Units constructed to meet VHDA's Universal Design standards:0 Units 0%

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

Yes No

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

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IV. TENANT INFORMATION

A. Set-Aside Election: UNITS SELECTED BELOW IN BOTH COLUMNS DETERMINE

POINTS FOR THE BONUS POINT CATEGORY

Units Provided Per Household Type:

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

0 0.00% 40% Area Median 10 10.00% 40% Area Median0 0.00% 50% Area Median 90 90.00% 50% Area Median

100 100.00% 60% Area Median 0 0.00% 60% Area Median0 0.00% Non-LMI Units 0 0.00% Non-LMI Units

100 100.00% Total 100 100.00% Total

B. Special Housing Needs/Leasing Preference:

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

Yes Elderly (age 55 or above)

Yes Physically or mentally disabled persons (must meet the requirements of the federalAmericans with Disabilities Act)

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

Yes

No

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

Organization which holds such waiting list: Martinsville Redevelopment & Housing AuthorityContact person (Name and Title) Wayne Knox - Housing Manager

Phone Number 276-403-5159 Required documentation attached (TAB H)

5. If leasing preference will be given to individuals and families with children.

(Less than or equal to 20% of the units must have 1 or less bedrooms).

Yes

No

Income Levels Rent Levels

0

Note: In order to qualify for any tax credits, a development must meet one of two minimum threshold occupancy tests. Either (i) at least 20% of the units

must be rent-restricted and occupied by persons whose incomes are 50% or less of the area median income adjusted for family size (this is called the 20/50

test) or (ii) at least 40% of the units must be rent-restricted and occupied by persons whose incomes are 60% or less of the area median income adjusted for

family size (this is called the 40/60 test), all as described in Section 42 of the IRC. Rent-and income-restricted units are known as low-income units. If youhave more low-income units than required, you qualify for more credits. If you serve lower incomes than required, you receive more points under the rankin

system.

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V. LOCAL NEEDS AND SUPPORT

Note: Please refer to the Application Manual for specific instructions and deadlines for pertaining to locality

notification of proposed Low income Housing Tax Credit developments.

A. Provide the name and the address of the chief executive officer (City Manager, Town Manager, or

County Administrator) of the political jurisdiction in which the development will be located:

Chief Executive Officer's Name Clarence MondayChief Executive Officer's Title City Manager

Street Address 55 West Church Street Phone 276-403-5000City Martinsville State VA Zip 24112

Name and title of local official you have discussed this project with who could answer questions for thlocal CEO: Wayner Knox - Zoning Directo

If the property overlaps another jurisdiction please fill in the following:

Chief Executive Officer's NameChief Executive Officer's TitleStreet Address PhoneCity State Zip

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

B. Project Schedule

ACTUAL OR NAME OF

ACTIVITY ANTICIPATED PERSON

DATE RESPONSIBLE

Site

Option/Contract 9/11/2007 Mark Carbone

Site Acquisition 11/15/2011 Mark Carbone

Zoning Approval na

Site Plan Approval naFinancing

A. Construction Loan

Loan Application 6/15/2011 David Pearson

Conditional Commitment 8/15/2011 David Pearson

Firm Commitment 10/15/2011 David Pearson

B. Permanent Loan - First Lien




C. Permanent Loan-Second Lien




D. Other Loans & Grants

Type & Source, ListApplication

Award/Commitment

Formation of Owner 2/2/2011 David Pearson

IRS Approval of Nonprofit Status na

Closing and Transfer of Property to Owner 11/15/2011 David Pearson

Plans and Specifications, Working Drawings 3/1/2011 Michael Antonik

Building Permit Issued by Local Government 10/15/2011 Michael Antonik

Start Construction 12/1/2011 Michael Antonik

Begin Lease-up in place rehab

Complete Construction 8/1/2012 Michael Antonik

Complete Lease-Up in place rehab

Credit Placed in Service Date 8/1/2012 David Pearson

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1 BR - 40% 1 552.20 561$ 561$

1 BR - 40% 1 552.20 561$ 561$

1 BR - 40% 6 483.60 561$ 3,366$

1 BR - 40% 1 552.20 561$ 561$

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% 5 528.90 561$ 2,805$

1 BR - 50% 5 552.20 561$ 2,805$

1 BR - 50% 15 552.20 561$ 8,415$

1 BR - 50% 51 483.60 561$ 28,611$

1 BR - 50% 11 552.20 561$ 6,171$

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: 97 49,513.40 Tax Credit Rent: 54,417$

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: 97 Total 1-BR Rent 54,417$

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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



Total 3-BR Units: 0 Total 3-BR Rent -$

4-Bedroom Units

Net Rentable Monthly Rent Total

Rent Targeting Number Units Square Feet Per Unit Monthly Rent

4 BR - 40% 0 0.00 -$ -$

4 BR - 40% 0 0.00 -$ -$

4 BR - 40% 0 0.00 -$ -$

4 BR - 40% 0 0.00 -$ -$

4 BR - 40% 0 0.00 -$ -$

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

4 BR - 40% 0 0.00 -$ -$

4 BR - 40% 0 0.00 -$ -$

4 BR - 40% 0 0.00 -$ -$

4 BR - 40% 0 0.00 -$ -$

4 BR - 40% 0 0.00 -$ -$

4 BR - 40% 0 0.00 -$ -$

4 BR - 40% 0 0.00 -$ -$

4 BR - 40% 0 0.00 -$ -$

4 BR - 50% 0 0.00 -$ -$

4 BR - 50% 0 0.00 -$ -$

4 BR - 50% 0 0.00 -$ -$

4 BR - 50% 0 0.00 -$ -$

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

4 BR - 50% 0 0.00 -$ -$

4 BR - 50% 0 0.00 -$ -$

4 BR - 50% 0 0.00 -$ -$

4 BR - 50% 0 0.00 -$ -$

4 BR - 50% 0 0.00 -$ -$

4 BR - 50% 0 0.00 -$ -$

4 BR - 50% 0 0.00 -$ -$

4 BR - 50% 0 0.00 -$ -$

4 BR - 50% 0 0.00 -$ -$

4 BR - 60% 0 0.00 -$ -$

4 BR - 60% 0 0.00 -$ -$

4 BR - 60% 0 0.00 -$ -$

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

4 BR - 60% 0 0.00 -$ -$

4 BR - 60% 0 0.00 -$ -$

4 BR - 60% 0 0.00 -$ -$

4 BR - 60% 0 0.00 -$ -$

4 BR - 60% 0 0.00 -$ -$

4 BR - 60% 0 0.00 -$ -$

4 BR - 60% 0 0.00 -$ -$

4 BR - 60% 0 0.00 -$ -$

4 BR - 60% 0 0.00 -$ -$

4 BR - 60% 0 0.00 -$ -$

Total 4-BR Total Monthly 4-BR

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

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

Total Units 100 Net Rentable SF: TC Units 52,021.70

MKT Units 0.00

Total NR SF: 52,021.70

100.0000%Floor Space Fraction

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E. Cash Flow (First Year)

1. Annual EGI Low-Income Units from (C1) $636,198

2. Annual EGI Market Units (from C2) + $0

3. Total Effective Gross Income = $636,198

4. Total Expenses (from D) $420,950

5. Net Operating Income = $215,2486. Total Annual Debt Service (from Page 21 B2) - $176,081

7. Cash Flow Available for Distribution = $39,167

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

Stabilized

Year 1 Year 2 Year 3 Year 4 Year 5

Eff. Gross Income 636,198 648,922 661,901 675,139 688,641

Less Oper. Expenses 420,950 433,579 446,586 459,983 473,783

Net Income 215,248 215,344 215,315 215,155 214,858

Less Debt Service 176,081 176,081 176,081 176,081 176,081

Cash Flow 39,167 39,263 39,234 39,074 38,778

Debt Coverage Ratio 1.22 1.22 1.22 1.22 1.22


Eff. Gross Income 702,414 716,462 730,792 745,407 760,316


Net Income 214,418 213,826 213,076 212,161 211,071Less Debt Service 176,081 176,081 176,081 176,081 176,081

Cash Flow 38,337 37,745 36,996 36,080 34,991



Eff. Gross Income 775,522 791,032 806,853 822,990 839,450


Net Income 209,800 208,339 206,679 204,811 202,725

Less Debt Service 176,081 176,081 176,081 176,081 176,081

Cash Flow 33,720 32,259 30,598 28,730 26,645


Estimated Annual Percentage Increase in Revenue 2.00% (Must be < 2%)

Estimated Annual Percentage Increase in Expenses 3.00% (Must be > 3%)

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VIII. PROJECT BUDGET

A. Cost/Basis/Maximum Allowable Credit

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

Executed Construction ContractExecuted Trade Payment Breakdown

AppraisalOther Cost DocumentationEnvironmental Studies

Amount of Cost up to 100% Includable in

Eligible Basis--Use Applicable Column(s):

"30% Present Value Credit" (D)

Item (A) Cost (B) Acquisit ion (C) Rehab/ "70 % Present

New Construction Value Credit"

1. Contractor Cost

A. Off-Site Improvements 0 0 0 0

B. Site Work 0 0 0 0

C. Geothermal System 0 0 0 0

D. Unit Structures (New) 0 0 0 0

E. Unit Structures (Rehab) 2,718,875 0 0 2,718,875

F. Solar Electric System 0 0 0 0

G. Asbestos Removal 0 0 0 0

H. Demolition 0 0 0 0

I. Commercial Space Costs 0 0 0 0

J. Structured Parking Garage 0 0 0 0

K. Subtotal A: (Sum 1A..1J) 2,718,875 0 0 2,718,875

L. General Requirements 163,133 0 0 163,133

M. Builder's Overhead 54,378 0 0 54,378

( 2.0% Contract)N. Builder's Profit 136,133 0 0 136,133

( 5.0% Contract)

O. Bonding Fee 0 0 0 0

P. Other 0 0 0 0

Q. Contractor Cost

Subtotal (Sum 1K..1P) $3,072,519 $0 $0 $3,072,519

2. Owner Costs

A. Building Permit 5,000 0 0 5,000

B. Arch./Engin. Design Fee 50,000 0 0 50,000

( 500 /Unit)

C. Arch. Supervision Fee 10,000 0 0 10,000

( 100 /Unit)

D. Tap Fees 0 0 0 0E. Soil Borings 0 0 0 0

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

of credit and numerical calculations of this Part VIII.

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Amount of Cost up to 100% Includable in

Eligible Basis--Use Applicable Column(s):

"30 % Present Value Credit"

(C) Rehab/ (D)

New "70 % Present

Item (A) Cost (B) Acquisition Construction Value Credit"

5. Total Development Costs

Subtotal 1+2+3+4 9,490,554 2,515,589 0 4,295,854

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) 2,515,589 0 4,295,854

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

(i) For QCT or DDA (Eligible Basis x 30%) 0 1,288,756

(ii) For Earthcraft or LEED Certification 0 0

Total Adjusted Eligible basis 0 5,584,610

9. Applicable Fraction 100.0000% 100.0000% 100.0000%

10. Total Qualified Basis (Same as Part IX-C) 2,515,589 0 5,584,610

(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 bonds, use the most recently published rates)

12. Maximum Allowable Credit under IRC 42 $83,769 $0 $502,615

(Qualified Basis x Applicable Percentage)

(Same as Part IX-C and equal to or more than $586,384

credit amount requested) Combined 30% & 70% P. V. Credit

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B. Sources of Funds

1. Construction Financing: List individually the sources of construction financing, including any such

loans financed through grant sources:

Date of Date of Amount of

Source of Funds Application Commitment Funds Name of Contact Person

1. Taxable Loan $1,450,000 John Hastings

2. SPARC Loan $950,000 John Hastings

3. Assumed Reserves $1,722,411 John Hastings

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

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

Interest Amortization Term

Date of Date of Amount of Annual Debt Rate of Period of

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

1. Taxable Loan $1,450,000 $120,000 7.36% 30 30

2. SPARC Loan $950,000 $56,081 4.25% 30 30

3. Assumed Reserves $1,722,411 $0 0.00% 1000 0

4. $0 $0 0.00% 1000 0

5. $0 $0 0.00% 1000 0

6. $0 $0 0.00% 1000 0

Totals: $4,122,411 $176,081


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


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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:

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

Homeownership Plan Attached (TAB J)

NOTE: Each recipient of an allocation of credits will be required to record an extended use agreement as required by the

IRC governing the use of the development for low-income housing for at least 30 years. However, the IRC provides

that, in certain circumstances, such extended use period may be terminated early.

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C. Building-by-Building Information Must Complete

Qualified basis must be determined on a building-by building basis. Complete the section below. Building street addresses are required by the IRS (must h

allocation request).

30% Present Value 30% Present Value

Credit for Acquisition Credit for Construction

TAX MARKET

CREDIT RATE Actual or Actual or

UNITS UNITS Estimate Anticipated Estimate Anticipated

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

ing # Address Basis Date Percentage Amount Basis Date Percentage Amount

1. 101 1201 Spruce Street $2,515,589 01/01/12 3.33% 83,769 $0 0.00% 0

2. $0 0.00% 0 $0 0.00% 0

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

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

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

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

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

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

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

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

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

12. $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 $2,515,589 $0

$83,769 $0 Qualified Basis Totals (must agree with VIII-A10)

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

NUMBER

OF

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C. Building-by-Building Information Must Complete

Qualified basis must be determined on a building-by building basis. Complete the section below. Building street addresses are required by the IRS (must h

allocation request).

30% Present Value 30% Present Value

Credit for Acquisition Credit for Construction

TAX MARKET

CREDIT RATE Actual or Actual or

UNITS UNITS Estimate Anticipated Estimate Anticipated

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

ing # Address Basis Date Percentage Amount Basis Date Percentage Amount

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

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

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

NUMBER

OF

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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 connection

herewith 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 and

the 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 is

submitted herewith and that no revised representations may be made in connection with this application

once the deadline for applications has passed.

4. that this application form, provided by VHDA to applicants for tax credits, including all sections herein

relative to basis, credit calculations, and determination of the amount of the credit necessary to make the

development 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 amount

of credits applied for has been computed in accordance with IRC requirements; and that any notations

herein 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 federal

tax 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 the

undersigned as to the inclusion of costs in eligible basis and as to all of the figures and calculations relative

to the determination of qualified basis for the development as a whole and/or each building therein

individually 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 IRC

requirements.

7. that VHDA may request or require changes in the information submitted herewith, may substitute its own

figures which it deems reasonable for any or all figures provided herein by the undersigned and may reserve

credits, 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 sole

discretion.

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MANDATORY ITEMS: Score

a. 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) N/A 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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$/SF = $116.42 Credits/SF = $7.27 Const $/unit = $30,725

TYPE OF PROJECT FAMILY = 11000; ELDERLY = 12000 12000 If an ERROR message appears here chec

LOCATION BELT=100; NVM=110; NVNM=200; RIC=300; TID=400; SMA=500; SMA-C=510; RUR=600 500 spelling of Clerk's Office on pg 1. It mus 5TYPE OF CONSTRUCTION =1; =2; 35,000+ =3; * 10,000-35,000 =4 4 match exactly with the Jurisdiction name

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

ELDERLY

AS LVG EFF-E 1 BR-E 2 BR-E EFF-E-1 ST 1 BR-E-1 ST 2 BR-E-1 STAVG UNIT SIZE 0 0 741 1,079 0 0 0

NUMBER OF UNITS 0 0 97 3 0 0 0

PARAMETER-(COSTS=>35,000) 0 0 131,497 171,344 0 0 0

PARAMETER-(COSTS50,000) 0 0 131,497 171,344 0 0 0PARAMETER-(COSTS35,000) 0 0 10,374 13,517 0 0 0PARAMETER-(CREDITS50,000) 0 0 10,374 13,517 0 0 0PARAMETER-(CREDITS35,000) 0 0 0 0 0 0 0 0

PARAMETER-(COSTS50,000) 0 0 0 0 0 0 0 0

PARAMETER-(COSTS35,000) 0 0 0 0 0 0 0 0PARAMETER-(CREDITS50,000) 0 0 0 0 0 0 0 0PARAMETER-(CREDITS


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2010 Information

Street Address 1201 SPRUCE ST

City Name MARTINSVILLE

State Abbr VA

Zip Code 24112

MSA/MD Code NA

State Code 51

County Code 690

Tract Code 0003.00

Page 1 of 1FFIEC Map Print

2/26/2011http://maps.ffiec.gov/FFIECMapper/TGMapSrv.aspx?street_address=1201+SPRUCE+ST ...


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TAB A.2(Surveyors Certification of Proximity To Public Transportation)


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TAB A.2(Location Map)


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2/26/2011

Spruce Village

Preservation, L.P.

Spruce Village

Preservation, L.P.

Spruce VillagePreservation GP, LLC.01% General Partner

Spruce VillagePreservation GP, LLC.01% General Partner 99.99%

99.99%

MRAP, LLC16% Member

MRAP, LLC16% Member

Affordable Holdings, LLC5% Member

Affordable Holdings, LLC5% Member

RAP, LLC69% Member

RAP, LLC69% Member

The Related Companies, LP100% Member

The Related Companies, LP100% Member

Stephen Ross86.5% Member

Stephen Ross86.5% Member

Jeff Blau8% Member

Jeff Blau8% Member

Bruce Beal4.5% Member

Bruce Beal4.5% Member

Mark E. Carbone100% Member

Mark E. Carbone100% Member

Matthew Finkle100% Member

Matthew Finkle100% Member


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TAB C(VA SCC Certification)


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TAB F(Architects Certification)


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First Name Last Name Affiliation Course Date

Bob Aaron Harkins Building Inc 06/26/2008Amanda Adams CJMW Architecture 12/15/2008

Philip Agee EarthCraft Virginia 06/26/2008

Bobby Akines Habitat for Humanity of Northern Virginia 09/30/2010

Lee Alford Better Housing Coalition 05/06/2009

Jeff Allen Related Affordable 06/26/2008

John Allison Rehab Builders, Inc. 12/15/2008

Ted Ambrose Hickman Ambrose 10/202010

Steve Ames Rehab Builders, Inc. 12/15/2008

Smita Anand KTGY Group, Inc. 01/20/2011

Corbin Anderson CTA Development, LLC 12/15/2008

Charles Ansell ACA Architects, PC 05/06/2009

Michael Antonik Related Affordable 06/26/2008

Richard Armstrong Southpart Financial Services 01/30/2008

Colin Arnold Community Housing Partners 09/30/2010

Jeremy Arnold Bonstra Haresign Architects, LLP 09/12/2008

Tom Ayd Green Street Housing, LLC 02/26/2009

George Baker, III KTGY Group, Inc. 02/25/2011

Nicolas Balce RRMM Architects 10/20/2010

Lou Balodemas Baodemas Architects 01/30/2008

Corey Barnes CJMW Architecture 12/15/2008

Ronald Barnes Fixture Specialists Inc. 01/30/2008

Jeffrey Barrett Piedmont Housing Alliance 02/26/2009

Grace Bascetta A'more Commercial Enterprises, LLC 01/20/2011

Gary Bell Rehab Builders, Inc. 12/15/2008

Robert Berz RRMM Architects 10/20/2010Michael Binette The Architectural Team 05/06/2009

James Black Forum Architecture and Interior Design 09/30/2010

Omar Black Harkins Builders 09/30/2009

Flay Blalock Rehab Builders, Inc. 12/15/2008

Kevin Blount CDSI 02/26/2009

Ann Bolen VHDA 02/18/2010

Daniel Bolinaga Virginia Beach Community Development Corporatio 12/15/2008

Wayne Bolton Temperature Control Mechanical System 06/26/2008

Catherine Bond The Lane Group, Inc. 02/26/2009

Jeb Bonnett Dominion Due Diligence Group 01/20/2011

Bill Bonstra Bonstra Haresign Architects, LLP 09/30/2009

Christina Borland 06/26/2008Don Bosserman Countryside Service Company, LC 09/12/2008Robert Boucheron Robert Boucheron Architect 02/18/2010Gary Bowling Guernsey Tingle Architects 02/25/2011

Nell Boyle Breakell, Inc. 02/26/2009

Bill Brandt Harkins Builders, Inc. 02/18/2010

Richard Brassfield HHHunt 01/30/2008

Mike Bricker Balzer & Associates, inc. 02/25/2011

Ben Broderson Landmark Asset Services 12/15/2008

William Brown BeeryRio, inc. 02/18/2010

EarthCraft Multifamily Professional Training Listing(This is a list of attendees only as of 2/28/11 and includes persons who are not registered Architects.)


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Bruce Browning Rehab Builders, Inc. 12/15/2008

David Bruce Eagle Construction of VA, LLC 05/06/2009

Jim Bryan Heffner Architects 02/26/2009

Rob Buchanan Waverton Associates, Inc. 05/06/2009

Paigh Bumgarner Richmond Metro Habitat for Humanity 09/30/2009

James Bundy Bundy Architecture and Engineering 02/26/2009

Shelynda Burney CPDC 01/20/2011

Matthew Burton Matthew G. Burton + Associates, LLC 01/20/2011

Don Buschker Rehab Builders, Inc. 12/15/2008Mary Butcher Habitat for Humanity of Greater Charlottesville 09/30/2010

Robert Butwin Etc Companies LLC 01/30/2008

Scott Byerly Dominion Due Diligence Group 01/30/2011

Theodore Cage Wiencek and Associates 09/12/2008

Tayloe Call Bozzuto Construction Company 09/30/2009

Patrick Callahan Masco Contracting Services 06/26/2008

Darren Campbell KBS 01/20/2010

Scott Campbell VIA design architest, pc 01/20/2011

Alex Cannon Cannon Properties, Ltd. 02/26/2009

Larry Canterbury Canterbury Construction, Inc. 06/26/2008

Billy Carter VHDA 02/25/2011

Cheri Carter Martin Horn, Inc. 09/30/2009Shelton Cartwright Waterfurnace 01/20/2011

Sean Casey HFH - Nova 06/26/2008

Sanjay Chapekar Polleo Group, LLC 02/25/2011

Hsien-Yuan Chen Wiencek and Associates 09/12/2008

Scott Chewning VHB 10/20/2010

Tarik Claiborne VHDA 02/26/2009

Max Clatterbuck Lantz Construction Winchester 01/20/2011

Tom Clayton Frazier Associates 02/18/2010

Dave Colby Callis Stephens, Inc. 12/15/2008

Kevin Coles BHC 06/26/2008

Chris Conway 12/15/2008

Scott Corwin Johannas Design Group 09/12/2008

Randy Cosner Cosner Construction, Inc. 02/18/2010

Doug Covington The Lane Group 02/18/2010

Manoj Dalaya Kishimoto.Gordon.Dalaya Architecture 09/30/2010

Jeff Dalton Rowhouse Architects 02/25/2011

Stuart Daniel Better Housing Coalition 02/26/2009

Tim Daniel Zavos Architecture and Design 06/26/2008

Douglas Dansey George A. Dansey, Inc. 09/12/2008

Ray Day, III Bozzuto Construction Company 02/26/2009

William Deal, Jr. Pentecost, Deal & Associates, Inc. 02/26/2009

Tracy Deboer Kroskin Design Group 02/18/2010

Anthony Del Nunzio Unit Construction, LLC 02/18/2010

Frank DeStefano Destafano Design Group 01/30/2008

Charles Dickey BRW Architects 02/18/2010Dan Dills Dills Ainscough Duff 02/26/2009

Philip "Chip" Dodd Aurora Consulting LLC 01/30/2008

Jennifer Donohue NRHA 01/20/2011

Barbara Dooley Breakell Inc. 02/26/2009

Alan Downie Hughes Associates Architects 01/30/2008

David Draper Collins & Kronstadt Architects 02/26/2009

Jim Dumminger CJMW Architecture 09/30/2010

Rhonda Dunn Coldwell Banker Elite 09/30/2010

Barry Durham Pentecost, Deal & Associates, Inc. 02/25/2011


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Bob Layne Fixture Specialists Inc. 01/30/2008

Emmett Lifesy CJMW Architecture 09/30/2010

John Lillie Dominion Due Diligence Group 01/20/2011

Ken Linehan Fugleberg Koch Architect 01/30/2008

Ed Lipsky Rehab Builders, Inc. 12/15/2008

Josh Lipsky Rehab Builders, Inc. 12/15/2008

Kenneth Livingston Main Street Architecture, PC 05/06/2009

Matthew Locraft Collins & Kronstadt, Leahy Hogan Collins Draper 06/26/2008

Mary Lorino BAM Architects 09/30/2009Lee Lovern Total Action Against Poverty 06/26/2008

Steven Luck Habitat for Humanity of Greater Charlottesville 09/30/2010

Javier Luevano Martin Horn, Inc. 05/06/2009

Michael Lynch KBS 01/20/2011

Will Lyster T.E.A.L. Construction 09/30/2010

Bob Lytle Silver Hammer Additions, LC 09/30/2009

Robert Magoon, Jr. Magoon & Associates 02/26/2009

John Maisto EDG Architects, LLC 02/26/2009

Keith Maness Rehab Builders, Inc. 12/15/2008

Ronnie Mangano KBS 01/20/2011

Craig Mara Pedcor Investments 06/26/2008

Mike Marks Martin Horn, Inc. 05/06/2009Will Marshall C.L. Lewis and Company, Inc. 02/26/2009

Jackie Martin Martin Riley Associates-Architects, PC 09/12/2008

Larry Martin Martin & Co. Architects 01/20/2011

Allen Mason VHDA 09/30/2009

G. Edmond Massie, IV Grant Massie Land Company 02/26/2009

Annie Mathot Frazier Associates 02/18/2010

Brandon Matthews AHC, inc. 09/30/2010

Scott Matties Cunningham Quill Architects 09/30/2010

Jason McBride KBS 01/20/2011

N. Bond McCamy J. Davis Architects, PLLC 09/12/2008

Clifford McConnell McConnell Contractor of VA, LLC 06/26/2008

Derek McDaniels Richmond Redevelopment and Housing Authority 02/18/2010

John McLaurin Lessard Design, Inc. 01/20/2011

Ted McQuarrie Harkins Builders, Inc. 05/06/2009

Lisa McWhirt Baskervill 02/26/2009

Steven Middleton Commonwealth Properties 09/12/2008

Carlton Miller AHC, inc. 09/30/2010

Judith Miller Architecture by Design 06/26/2008

Lydia Millington Newport News Redevelopment and Housing Authori 06/26/2008

Christopher J. Mills TAM Consultants 09/30/2009

Alan Miner Miner Feinstein Architects, LLC 09/30/2010

Michael Mische Staunton Development Solutions, LLC 05/06/2009

Kevin Mizell Community Housing Partners 06/26/2008

Gary Molina Linden Contracting, Inc. 01/20/2011

Michael Molzahn HBA Architecture & Interior Design 01/20/2011Steve Morales NRHA 05/06/2009

Matthew Morgan AWB Engineers 02/26/2009

Alex Morris Wallace Roberts & Todd, LLC 09/30/2010

Victor Morrison J.S. Jackson Builder, LLC 12/15/2008

Rockwell Moulton Martin Horn, Inc. 02/25/2011

Drew Mulhare Realtec Inc. 06/26/2008

Steve Munier Bridgeland Development 02/25/2011

Margie Munkittrick Cox, Kliewer, & Co., P.C. 09/30/2010

Wayne Munn VHDA 09/30/2009


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TAB K(Site Control Documentation-

Documentation of Most Recent Real Estate

Tax Assessment Acq. Rehab. Only)


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TAB L(Plan of Development Certification Letter)


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TAB M(Zoning Certification Letter)


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TAB N(Copies of 8609s To Certify Developer Experience)


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TAB Q(Documentation of Rental Assistance)


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City of Martinsville (8-11-09 with Council Changes)

Partial exemption of taxes on substantially rehabilitated real estate

Sec. 21-12. Policy and intent.

This section authorizes a partial exemption for substantially rehabilitated or renovatedresidential, multi-family, commercial or industrial real estate located anywhere within theCity of Martinsville by providing tax credits in accordance with Code of Virginia, 58.1-3220 et seq, as amended, and the provisions of this article. The partial exemption willprovide an economic incentive for improvement of such real estate and will prevent thedeterioration and vacation thereof, which is harmful to the health and welfare of the city.

Sec. 21-12.1. Definitions.The words and phrases defined in this section, when used in this article, shall

have the following meaning except in those instances where the context clearly indicatesa different meaning:

Base valuemeans the assessed value of any structure covered by this section

prior to the commencement of rehabilitation or renovation work, as determined by thecommissioner of the revenue upon receipt of an eligible application for rehabilitated orrenovated real estate exemption and after a physical inspection by an assessor from thecommissioners office.

Commercialor industrialuse means improved real property that is used forcommercial or industrial purposes, but that term does not include any hotel or motel.Such use also includes mixed use projects containing revenue-producing properties.

Commissionermeans the commissioner of the revenue for the City of Martinsvilleor the designated agent of the commissioner.

Exemption means the real estate taxes resulting from the increase in theassessed value of a qualifying property attributable to the substantial rehabilitationthereof. In no case shall an exemption be permitted if the assessed value falls below the

base value in any given year.Exemption districtmeans:(1) The City of Martinsville Enterprise zone as defined in Sec. 7.5 of this Code.(2) The City of Martinsville Historic District as defined in Section XXV of the

Martinsville Zoning Ordinance.Mixed use structuresmeans structures used for both residential and commercial

purposes.Multifamily residential real estate use means improved real property containing

two or more dwelling units, and not classified as a single family attached dwelling.Owner means the person or entity in whose name the structure is titled or a

lessee who is legally obligated to pay real estate taxes assessed against the structure.Qualifying property means an improvement to real property that is qualified to

receive a tax credit pursuant to this article.Replacement means the complete removal of an existing structure and the

erecting of a new commercial structure, which may exceed the total square footage ofthe removed building by no more than one hundred (100) percent.

Residential real estate usemeans improved real property containing no morethan one dwelling unit.

Special district taxes or leviesmean any tax or levy that is assessed by council ina defined area of the city in addition to the general city levy. Such districts mayencompass all or a part of the city.


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Structuremeans a building not less than twenty-five (25) years old on the date ofthe application, or fifteen (15) years old if located within the citys Enterprise Zone.

Substantially rehabilitated, renovationmeans improvements to an existingstructure, and that phrase does not mean the construction of a freestanding,independent structure that is merely connected to an existing structure by an atrium, abreezeway or similar connecting element. For example, and without limitation, an

existing commercial structure would not be substantially rehabilitated or renovated bythe construction of a new, freestanding structure that is connected to that existingstructure, but an existing commercial structure could be substantially rehabilitated orrenovated by expanding the existing structure.

Taxable year is the fiscal year from July 1 through June 30 for which such realestate tax is assessed for the exemption claimed.

Transient housing structuremeans improved real property that is used for anyfacility, with or without separate cooking facilities within the unit, where overnight lodgingfor transients is provided to the public with or without compensation on a nightly, weekly,or monthly basis for a period of less than 90 nights per individual per year. This definitionincludes hotels, motels and bed and breakfast facilities, as that term is defined bySection II of the Martinsville Zoning Ordinance.

Sec. 21-12.2. Eligibility.(a) For purposes of this section, real estate shall be deemed to be substantially

rehabilitated, renovated or replaced when a structure, which is no less than 25years old, has been so improved or replaced so that the fair market assessedvalue of the improved or replacement structure, as determined by thecommissioner, is increased by no less than 20 percent.

(b) In order for an addition to an existing residential or multifamily structure to qualifyas substantial rehabilitation or renovation, the addition must be for improvementsto living areas of the structure, such as bathrooms, kitchens, bedrooms andsimilar facilities. Additions for such things as garages, swimming pools, patiosand similar facilities that are not used for living areas for the structure shall not be

eligible for a tax exemption.(c) No improvements made to unimproved real property shall be eligible for partial

property tax exemption pursuant to this section.(d) No property shall be eligible for a partial property tax exemption pursuant to this

section unless all appropriate building permits have been acquired for thesubstantial rehabilitation, renovation or replacement of the structure on theproperty.

(e) No property shall be eligible for a partial property tax exemption pursuant to thissection if that property is substantially rehabilitated by the demolition andreplacement of any structure that (i) is a registered Virginia landmark, or (ii) isdetermined by the department of historic resources to contribute to thesignificance of a registered historic district.

Sec. 21-12.3. Administration.The commissioner shall prepare and distribute application forms for persons who

apply for partial property tax exemption pursuant to this article. The commissioner mayprescribe rules and procedures for the administration of this article that are not in conflictwith this article. Copies of such application forms and any prescribed rules andprocedures shall be available to the public during regular office hours at the office of thecommissioner.


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Sec. 21-12.4. Application procedure and processing fee.(a) The owner of any real estate who seeks to obtain the partial property tax

exemption authorized by this section shall apply for such an exemption to thecommissioner at the same time that the owner applies for a building permit torehabilitate, renovate or replace the structure. Upon receipt of an application for

partial property tax exemption, the commissioner shall determine a base fairmarket value assessment (hereinafter "base value") for the structure prior tocommencement of rehabilitation, renovation or replacement. That base valueshall serve as the basis for determining whether the rehabilitation, renovation orreplacement increases the fair market value of the structure by at least 20percent. The application to qualify for tax exemption shall be effective until June30 of the third fiscal year following the year in which the application is submitted.If by such expiration date, the rehabilitation, renovation or replacement has notprogressed to such a point that the assessed fair market value of theimprovement to the property is at least the minimum required percent greaterthan the base value of such structure, and if the applicant desires to proceed withthe application, then a new application for partial tax exemption shall be filed with

the commissioner, and thereafter the commissioner shall establish a new basevalue.

(b) All initial and subsequent applications for the partial exemption authorized by thissection shall be accompanied by payment of a nonrefundable fee of $50.00 forprocessing the application.

(c) During the period between the receipt of the application and the time when thecommissioner may ascertain that the fair market value of the structure hasincreased in value by at least the minimum percent specified in subsection (a) ofthis section, the owner of the property shall be subject to real property taxationupon the full fair market value of the property. At any time prior to May 1 of anyfiscal year in which rehabilitation, renovation or replacement of a structure iscomplete, an owner may submit a written request to the commissioner to inspect

the structure to determine if it then qualifies for a partial real property taxexemption. After the commissioner has determined that the assessed fair marketvalue of a substantially rehabilitated, renovated or replaced structure exceeds thebase value by the percentage specified by subsection (a) of this section, the taxexemption shall become effective beginning on July 1 of the next fiscal year.

(d) Subject to the provisions of subsection (c) of this section and to sections 21-12.5and 21-12.6, the owner of any residential or multifamily residential structurequalifying for partial exemption from the real estate tax because of substantialrehabilitation, renovation or replacement shall be issued a credit for the generalreal property tax otherwise due on the fair market value of that property in theamount that is equal to the value of the real property tax levy calculated on thedifference in value between the base value and the initial fair market value of the

substantially rehabilitated, renovated or replaced structure. That credit shall beapplied for the first year of a five-year period following completion of thesubstantial rehabilitation, renovation or replacement. In each year of the four-year period following the first year period, the owner of a qualifying property shallbe issued a credit for the real estate tax otherwise due on the fair market value ofthat property in an amount equal to the value of the real property levy calculatedon the difference in value between the base value and the initial fair market valueof the substantially rehabilitated, renovated or replaced structure, less 50 percentfor year 2 through 5 of the exemption period. Credits against the real estate tax


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for any real estate qualifying pursuant to this section shall run with the land, and,except as otherwise provided by subsection (e) of this section and by sections21-12.5 and 21-12.6, the owner of such property during each of the five years ofthe exemption period shall be entitled to receive a credit in the amount specifiedby this subsection.

(e) In the event that the fair market value of a qualifying residential or multifamily

residential structure increases after the first year of such substantialrehabilitation, renovation or replacement, the credit specified by subsection (d) ofthis section shall not be increased. In the event that the fair market value of aqualifying property decreases after the first year of substantial rehabilitation,renovation or replacement, the credit specified in subsection (d) of this sectionshall be limited to the extent that the credit shall not reduce the real property taxon a qualifying property below an amount equal to the amount of the realproperty tax computed on the base value. If any tax credit computed inaccordance with subsection (d) of this section is reduced in accordance with thissubsection, that credit reduction shall not be applied to any other property or toreal property taxes assessed in any other calendar year. If the fair market valueof any qualifying property decreases below the base value, then that qualifying

property shall be assessed at the fair market value, and no credit against thegeneral real property tax shall be allowed. If no tax credit can be grantedbecause the fair market value of a qualifying property is below the base value,that unused credit shall not be applied to any other property or to real propertytaxes assessed in any other calendar year.

(f) The credits against the real estate tax specified in subsection (d) of this sectionshall not affect any special district taxes or levies that may be imposed within thecity. All ad valorem special district taxes or levies shall be computed on the fullfair market value of all qualifying property.

(g) In determining the base value of any structure, and in determining whether anystructure has been substantially rehabilitated, renovated or replaced to the extentthat the fair market value of the improved or replaced structure exceeds the base

value by the percent specified in this section, the commissioner shall employusual and customary methods of assessing real property and improvementsthereon.

(h) This section shall be applicable to assessments of qualifying real estate made onand after July 1, 2009.

Sec. 21-12.5. Limitations on eligibility for partial tax exemption and taxcredit.

(a) The title of the property for which the partial exemption is claimed shall be held,or partially held, on the first day of the taxable year by the person or personsclaiming the exemption, whether or not that person or persons initially performedthe rehabilitation.

(b) No property owner shall be eligible to apply for the partial tax exemption and taxcredit provided by this article for any property which has delinquent taxes,penalties, or interest due the city.

(c) If any property, for which an application for the partial tax exemption and taxcredit provided by this article is made, has been damaged or destroyed as aresult of a sudden natural or manmade disaster prior to the application, and thatproperty will be repaired, rehabilitated or replaced through the use of anyinsurance or self-insurance proceeds, then the base value of the property, asprovided herein, shall be computed based upon the fair market value of the


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property immediately prior to the sudden disaster. For purposes of this article, asudden natural or manmade disaster shall include, but is not limited to damageor destruction caused by fire, flood, windstorm, and explosion.

Sec. 21-12.6. Failure to pay real estate taxes in a timely manner; forfeitureof partial exemptions and tax credits, and further qualification limitations.

(a) No tax credit described in Sec. 21-12.4 shall be issued to any owner of anysubstantially rehabilitated, renovated or replaced structure if the real estate taxon that property has not been paid on or before June 5 and December 5 of anyyear as required by Sec. 21-2(1) of this Code. Failure to pay the real estate taxon improved real property in any year on, or before, the date on which the realestate tax is due shall result in the forfeiture of any partial tax exemption and taxcredti that otherwise would have been applied to the real estate tax due in thatyear and in any future year. In such cases, the property shall be removed fromthe partial tax exemption program and the annual real estate tax shall beassessed on the full fair market value of the improved real property. Latepayment of the real estate tax on real property and any substantiallyrehabilitated, renovated or replaced structure thereon shall be subject to latepayment penalties and interest in accordance with Sec. 21-3 of this Code.

(b) Notwithstanding any other provision of this article, no improved property whichhas qualified for a tax credit in accordance with this article by means ofsubstantial rehabilitation, renovation

Spruce Village

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