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INSTRUCTIONS FOR THEVIRGINIA 2010 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 either on CD or by email, or both, prior to theapplication deadline, which is 2:00 PM Richmond Virginia time on March 12, 2010 . Failure to submit an electroniccopy of the application by the deadline will cause the application to be disqualified.

Applications For Tax Exempt Bond CreditsApplicants should submit an electronic copy of the application either on CD or by email, or both, at the at the timeof application submission. Applications will not be processed until an electronic copy is received.

NEW in 2010Applicants should submit all application materials in electronic format only beginning in 2010There should be 6 distinct files saved to 1 or more CDs and 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 an files on a flash drive.

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 McFarland at (804) 343-5733 or Debbie Grinerat (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]

NEW in 2010Applicants should submit all application materials in electronic format only beginning in 2010There should be 6 distinct files saved to 1 or more CDs and 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 drive.-Do not submit any application materials via [email protected] or to any ema

address unless

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2010 Federal Low Income HousingTax Credit Program

Application For Reservation

Deadline for Submission

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

PM Richmond, VA Time On March 12, 2010

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

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

v1/8/2010

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 12, 2010

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

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

by VHDA)

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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) (MANDATOElectronic Copy of the Market Study (MANDATORY-Application will be disqualified if study not submitted with application)Electronic Copy of the Plans (MANDATORY)Electronic Copy of the 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 (MANDATORTab 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)

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

Tab H: PHA / Section 8 Notification LetterTab I: Local CEO LetterTab J: Hom eownership 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 as

described in either 15.2-2304 or 15.2-2305 of the Code of VirginiaTab 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 inorganizing the submission in the following order, and actually using tabs to mark them as shown, will facilitate review of yourapplication. Please note that all mandatory items must be included for the application to be processed. The inclusion of other itemsmay increase the number of points for which you are eligible under VHDA's point system of ranking applications, and may assistVHDA in its determination of the appropriate amount of credits that it may reserve for the development.

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Low Income Housing Tax Credit Application For Reservation

C. Reservation Request

1. Total annual credi t amount request (Must be the same as Part IX-D8) $531,128

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 Geographi

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.

. ype s o ocat on ocat on ear

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 2010 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, 2010, 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 requestskona

new construction, o r

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 2011 or 2012).

3. Federal SubsidiesThe development will not receive federal subsidies.

This development will receive federal subsidies for:all buildings or

some buildings.

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Low-Income Housing Tax Credit Application For Reservation

E. Acquisition Credit Information

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

Ten-Year Rule For Acquisition Credits

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

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

The 10-year rule in IRC Section 42 (d)(2)(B) for all buildings does not apply pursuant to IRC Section 42(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 powith little or no increase in rent burdened population. N/A - Does not apply to this proposed development.

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

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

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

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

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II. OWNERSHIP INFORMATION

A. Owner Information:Name City View Place Limited PartnershipContact Person First: David Middle: Last: Cooper, Jr.Address 229 Huber Village Blvd., Suite 100

(Street)Westerville Ohio 43081

(City) (State) (Zip Code)

Federal I. D. No. 27-2067467 (If not available, obtain prior to Allocation)Phone 614-396-3200 Fax 614-396-3243 Email address [email protected] of entity: Limited Partnership Other

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 % OwnershipDavid Cooper Jr. 614-396-3200 General Counsel/Memb 49.00%Jeffrey J. Woda 614-396-3200 President/Member of th 51.00%

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 Commission

Must be an individual or legally formed entity

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 Urban Development Associates, LLC Contact Person Robert MillerAddress 116 East Franklin Street Richmond, Virginia 23219

Phone 804-643-3098 X 206

Is there an identity of interest between the seller and owner/applicant? Yes No

If yes, complete the following:

Principal(s) involved (e.g. general partners, controlling shareholders, etc.)Names Phone Type Ownership % OwnershipRobert W. Miller, Jr. 804-643-6435 Managing Member 50.00%Daniel A. Gecker 804-225-1871 Member 50.00%

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 Commission

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: Michael D. Saad Related Entity? Yes NoFirm Name: Squire, Sanders & DempseyAddress: 41 South High Street, Columbus, Ohio 43215

Phone: 614-365-2735 Fax: 614-365-2499

2. Tax Accountant: Bryn Stickler Related Entity? Yes NoFirm Name: Stemen, Mertens, Stickler CPA'sAddress: 380 South 5th Street, Columbus, Ohio 43215Phone: 614-224-0955 Fax: 614-224-0971

3. Consultant: Ryne Johnson Related Entity? Yes NoFirm Name: Astoria, LLC Role: ConsultantAddress: 3450 Lady Marian Court Midlothian, VA 23113Phone: 804-339-7205 Fax:

4. Management Entity (Contact): Woda Management & Real Estate Related Entity? Yes NoFirm Name: Woda Management & Real EstateAddress: 229 Huber Village Blvd. Westerville, Ohio 43081Phone: 614-396-3200 Fax: 614-396-3210

5. Contractor (Contact): Woda Construction, Inc. Related Entity? Yes NoFirm Name: Woda Construction, Inc.Address: 229 Huber Village Blvd. Westerville, Ohio 43081Phone: 614-396-3200 Fax: 614-396-3213

6. Architect: Douglas E. Weatherby, AIA, LEED AP Related Entity? Yes NoFirm Name: PCI Design Group, Inc.Address: 229 Huber Village Blvd., Suite 110 Westerville, Ohio 43081Phone: 614-396-3265 Fax: 614-396-3268

7. Real Estate Attorney: Saundra Hirth Related Entity? Yes NoFirm Name: Kaufman and CannelsAddress: Three James Center, 12th Floor 1051 E. Cary St., Richmond, Virginia 23219Phone: (804) 771-5721 Fax: 804-771-5777

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 QuestionnaireIf there is nonprofit involvement, you must complete the Non-Profit Questionnaire

Questionnaire attached (Mandatory TAB E)

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

Nonprofit 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)

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.

Other

(Name of nonprofit)

(Contact Person) (Street Address)

(City) (State) (Zip code)

(Phone) (Fax)

5. Percentage of Nonprofit Ownership (All nonprofit applicants)Specify the nonprofit entity's percentage ownership of the general partnership interest: 0.0%

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 32

Total number of rental units in development 32 bedrooms 82Number of low-income rental units 32 bedrooms 82Percentage 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: 0Elevator Number of stories: 3

3. Number of new units 32 bedrooms 82Number of adaptive reuse units 0 bedrooms 0Number of rehab units 0 bedrooms 0

4. Total Floor Area For The Entire Development 54,258.43 (Sq. ft.)

5. n eate oor rea (Breezeways, Balconies, Storage) 9,790.97 (Sq. ft.)

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

7. Total Usable Residential Heated Area 44,467.46 (Sq. ft.)

8. Number of Buildings (containing rental units) 1

9. Commercial Area Intended Use: 0

10. 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 31,459.18

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

B. Building Systems:Please describe each of the following in the space provided.Community Facilities: Community room on first floor plus additional community facilities includingexercise room, computer room, play room, laundry, tenant storage units and tot lot.Exterior Finish: Brick and cement fiber trimHeating/AC System: Heat pump with both SEER rating of 15 and HSPF of 8.5Architectural Style: Transitional style garden apartments in a three story center hall elevator building

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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 1,512.13 SF1-Sty-Eff-Eld 0.00 SF 2Bdrm Eld 0.00 SF 4-Bdrm Gar 0.00 SF1-Sty 1BR-Eld 0.00 SF Eff-Gar 0.00 SF 2+Sty 2BR TH 0.00 SF1-Sty 2BR-Eld 0.00 SF 1-Bdrm Gar 0.00 SF 2+Sty 3BR TH 0.00 SFEff-Eld 0.00 SF 2-Bdrm Gar 1,232.08 SF 2+Sty 4BR TH 0.00 SF

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

44,467.46 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)

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

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

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

c. ercentage o exter or wa s covere y r c exc u ng tr angu ar ga e en s, oors an w n ows

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 meetsEPA Energy Star qualified program requirements.

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

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

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

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Low Income Housing 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 in which the greater of 5 or 10% of the units will be subject to federal project-based rentsubsidies or equivalent assistance in order to ensure occupancy by extremely low-income persons; and (ii) the greater of 5units or 10% of the units will conform to HUD regulations interpreting accessibility requirements of section 504 of theRehabilitation Act; and be actively marketed to people with special needs in accordance with a plan submitted as part of theApplication. (All of the units described in (ii) above must include roll-in showers and roll under sinks and front controls forranges, unless agree to by the Authority prior to the applicant's submission of its application).

For an y non-elderly property in which the greater of 5 or 10% of the units (i) have rents within HUDs Housing Choice Voucher (HCV) payment standard; (ii) conform to HUD regulations interpreting accessibility requirements of section 504 of the Rehabilitation Act; and (iii) are actively marketed to people with mobility impairments, including HCV holders, inaccordance with a plan submitted as part the Application.

For any non-elderly property in which at least four percent (4%) of the units conform to HUD regulations interpretingaccessibility requirements of section 504 of the Rehabilitation Act and are actively marketed to people with mobilityimpairments in accordance with a plan submitted as part of the Application.

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

Yes - Earthcraft Yes - LEEDIf Yes to either, attach appropriate documentation at TAB F

Universal Design - Units Meeting Universal Design Standardsa. 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:32 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

4 12.50% 40% Area Median 4 12.50% 40% Area Median28 87.50% 50% Area Median 28 87.50% 50% Area Median0 0.00% 60% Area Median 0 0.00% 60% Area Median0 0.00% Non-LMI Units 0 0.00% Non-LMI Units

32 100.00% Total 32 100.00% 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 federal

Americans with Disabilities Act)

Income Levels Rent Levels

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

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

2. Specify the number of low-income units that will serve individuals and families with children byproviding three or more bedrooms: Number of units 25% 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.

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: Richmond Redevelopment and Housing AuthorityContact person (Name and Title) Shawn Williams, Housing Choice Voucher DirectorPhone Number 804-780-4881 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

8

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

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

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V. LOCAL NEEDS AND SUPPORT

Note: Please refer to the 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 Bryon C MarshallChief Executive Officer's Title Chief Administrative OfficerStreet Address 900 East Broad Street Suite 201 PhoneCity Richmond State Virginia Zip 23219

Name and title of local official you have discussed this project with who could answer questions for thlocal CEO: Bradley Gamlin, Senior Planner, Housing and Neighborhood Plannin

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 OFACTIVITY ANTICIPATED PERSON

DATE RESPONSIBLESiteOption/Contract 1/29/2010 David Cooper, Jr.Site Acquisition 12/31/2010 David Cooper, Jr.Zoning Approval 3/9/2010 Jonathan H. JacksonSite Plan Approval 2/1/2011 David Cooper, Jr.FinancingA. Construction Loan

Loan Application 3/1/2010 David Cooper, Jr.Conditional Commitment 3/9/2010 David Cooper, Jr.Firm Commitment 11/1/2010 David Cooper, Jr.

B. Permanent Loan - First LienLoan Application 3/1/2010 David Cooper, Jr.Conditional Commitment 3/9/2010 David Cooper, Jr.Firm Commitment 11/1/2010 David Cooper, Jr.

C. Permanent Loan-Second LienLoan ApplicationConditional CommitmentFirm Commitment

D. Other Loans & Grants

Type & Source, ListApplicationAward/Commitment

Formation of Owner 2/6/2008 David Cooper, JrIRS A pproval of Nonprofit StatusClosing and Transfer of Property to Owner 12/31/2010 David Cooper, JrPlans and Specifications, Working Drawings 1/15/2011 David Cooper, JrBuilding Permit Issued by Local Government 2/15/2011 David Cooper, JrStart Construction 3/15/2011 David Cooper, JrBegin Lease-up 1/15/2012 David Cooper, JrComplete Construction 3/1/2012 David Cooper, JrComplete Lease-Up 5/1/2012 David Cooper, JrCredit Placed in Service Date 5/1/2012 David Cooper, Jr

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VI. SITE CONTROL

A. Type of Site Control by Owner:

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

Long-term Lease - attached (expiration date: )

Option - attached (expiration date: )

Purchase Contract - attached (expiration date: 12/31/10 )

If more than one site for the development and more than one form of site control, please so indicate

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

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

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

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

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

ost recent property tax assessment - Mandatory T B K

B. Timing of Acquisition by Owner:Select one:

Owner already controls site by either deed or long-term lease or

Owner is to acquire property by deed (or lease for period no shorter than period propertywill be subject to occupancy restrictions) no later than 1 2/31/10

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

C. Market Study Data:

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

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

6.20%0.00%6.20%

4

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

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

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

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

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C. Site Description

1. Exact area of site in acres 0.941

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 NoRe quired 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: 0Number of years in rental assistance contract: 0Expiration date of contract:

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 Owner X Tenant 0 10 13 15 17

Air Conditioning Owner X Tenant 0 8 13 17 22

Cooking Owner X Tenant 0 8 10 12 14

Lighting Owner X Tenant 0 0 0 0 0

Hot Water Owner X Tenant 0 17 23 29 33

Water Owner X Tenant 0 20 24 27 31

Sewer Owner X Tenant 0 34 40 46 52

Trash X Owner Tenant 0 0 0 0 0

Total utility allowance for costs paid by tenant $0 $97 $123 $146 $169

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

HUD

Utility Company (Estimate) Local PHA

Utility Company (Actual Survey) Other:

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

Total Number of Total MonthlyTax Credit Units Rental Income

0 $00 $0

14 $10,71218 $16,1780 $0

32

Plus Other Income Source (list): laundry, vending, tenant charges $2,112Equals Total Monthly Income: $29,002Twelve Months x12Equals Annual Gross Potential Income $348,024Less Vacancy Allowance ( 8.0% ) $27,842Equals Annual Effective Gross Income (EGI) - Low Income Units $320,182

** 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% ) $0E uals Annual Effective Gross Income EGI - Market Rate Units 0

4 Bedroom Units

Unit Type

Unit Type

1 Bedroom Units2 Bedroom Units3 Bedroom Units

Total Number of Tax Credit Units

Efficiency Units

4 Bedroom Units

1 Bedroom Units

2 Bedroom Units3 Bedroom Units

Efficiency Units

-

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

14 18 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 0 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

14 18 0 0 0 0

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

0 0 0

Efficiency UnitsUni t Type / Net Rentable Monthly Rent Total

Rent Targeting Number Units Square Feet Per Unit Monthly Rent

Efficiency - 40% 0 0.00 -$ -$Efficiency - 40% 0 0.00 -$ -$Efficiency - 40% 0 0.00 -$ -$Efficiency - 40% 0 0.00 -$ -$v12.31.09 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% 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: 0 0.00 Tax Credit Rent: -$

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: 0 Total 1-BR Rent -$

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2-Bedroom UnitsNet Rentable Monthly Rent Total


2 BR - 40% 2 842.09 658$ 1,316$2 BR - 40% 0 0.00 -$ -$2 BR - 40% 0 0.00 -$ -$2 BR - 40% 0 0.00 -$ -$2 BR - 40% 0 0.00 -$ -$

2 BR - 40% 0 0.00 -$ -$2 BR - 40% 0 0.00 -$ -$2 BR - 40% 0 0.00 -$ -$2 BR - 40% 0 0.00 -$ -$2 BR - 40% 0 0.00 -$ -$2 BR - 40% 0 0.00 -$ -$2 BR - 40% 0 0.00 -$ -$2 BR - 40% 0 0.00 -$ -$2 BR - 40% 0 0.00 -$ -$2 BR - 40% 0 0.00 -$ -$

2 BR - 50% 12 842.09 783$ 9,396$2 BR - 50% 0 0.00 -$ -$2 BR - 50% 0 0.00 -$ -$2 BR - 50% 0 0.00 -$ -$

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

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

Tax Credit Units: 14 11,789.26 Tax Credit Rent: 10,712$

2 BR - Market 0 0.00 -$ -$2 BR - Market 0 0.00 -$ -$2 BR - Market 0 0.00 -$ -$2 BR - Market 0 0.00 -$ -$2 BR - Market 0 0.00 -$ -$2 BR - Market 0 0.00 -$ -$2 BR - Market 0 0.00 -$ -$2 BR - Market 0 0.00 -$ -$2 BR - Market 0 0.00 -$ -$2 BR - Market 0 0.00 -$ -$2 BR - Market 0 0.00 -$ -$2 BR - Market 0 0.00 -$ -$2 BR - Market 0 0.00 -$ -$2 BR - Market 0 0.00 -$ -$2 BR - Market 0 0.00 -$ -$v12.31.09 Page 15


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Total 2-BR



Total 2-BR Units: 14 Total 2-BR Rent 10,712$

3-Bedroom Units

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

3 BR - 40% 2 1,067.28 761$ 1,522$3 BR - 40% 0 0.00 -$ -$3 BR - 40% 0 0.00 -$ -$3 BR - 40% 0 0.00 -$ -$3 BR - 40% 0 0.00 -$ -$3 BR - 40% 0 0.00 -$ -$3 BR - 40% 0 0.00 -$ -$3 BR - 40% 0 0.00 -$ -$3 BR - 40% 0 0.00 -$ -$3 BR - 40% 0 0.00 -$ -$3 BR - 40% 0 0.00 -$ -$3 BR - 40% 0 0.00 -$ -$

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

3 BR - 50% 12 1,105.52 916$ 10,992$3 BR - 50% 4 1,067.28 916$ 3,664$3 BR - 50% 0 0.00 -$ -$3 BR - 50% 0 0.00 -$ -$3 BR - 50% 0 0.00 -$ -$3 BR - 50% 0 0.00 -$ -$3 - 50% 0 0.00 - - 3 BR - 50% 0 0.00 -$ -$3 BR - 50% 0 0.00 -$ -$3 BR - 50% 0 0.00 -$ -$3 BR - 50% 0 0.00 -$ -$

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


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

Tax Credit Units: 18 19,669.92 Tax Credit Rent: 16,178$

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



Total 3-BR Units: 18 Total 3-BR Rent 16,178$

4-Bedroom UnitsNet Rentable Monthly Rent Total


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

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 32 Net Rentable SF: TC Units 31,459.18MKT Units 0.00

Total NR SF: 31,459.18

100.0000%Floor Space Fraction

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D. Operating ExpensesAdministrative:

1. Advertising/Marketing $3,5002. Office Salaries3. Office Supplies $1,4004. Office/Model Apartment (type______) $05. Management Fee $22,400

7.00% of EGI 700 Per Unit6. Manager Salaries $15,000

7. Staff Unit (s) (type______) $08. Legal $1,8009. Auditing $4,000

10. Bookkeeping/Accounting Fees $011. Telephone & Answering Service $1,20012. Tax Credit Monitoring Fee $96013. Miscellaneous Administrative $0

Total Administrative $50,260Utilities

14. Fuel Oil $015. Electricit y $5,50016. Water $4,00017. Gas $018. Sewe r $3,500

Total Utilit y $13,000Operating:

19. Janitor/Cleaning Payroll $020. Janitor/Cleaning Supplies $2,00021. Janitor/Cleaning Contract $022. Exterminating $1,50023. Trash Removal $4,80024. Security Payroll/Contract $025. Grounds Payroll $026. Grounds Supplies $3,50027. Grounds Contract $3,00028. Maintenance/Repairs Payroll $15,00029. Repairs/Material $2,00030. Repairs Contract $031. Elevator Maintenance/Contract $2,20032. Heating/Cooling Repairs & Maintenance $1,80033. Pool Maintenance/Contract/Staff $034. Snow Removal $1,50035. Decorating/Payroll/Contract $036. Decorating Supplie $1,80037. Miscellaneous $0

Operating & Maintenance Totals $39,100Taxes & Insurance

38. Real Estate Taxes $27,00039. Payroll Taxes $2,10040. Miscellaneous Taxes/Licenses/Permit $1,20041. Property & Liability Insuranc $13,00042. Fidelity Bond $50043. Workman's Compensation $35044. Health Insurance & Employee Benefit $1,84045. Other Insurance $0

Total Taxes & Insurance $45,9906544

Total Operating Expense $148,350

D1. Total Oper. Ex. Per Unit $4,636 D2. Total Oper. Ex. As % EGI (from E3) 46.33%

Replacement Reserves (Total # Units X $300 or $250 New Const. Elderly Minimum) $9,600

Total Expenses $157,950

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E. Cash Flow (First Year)1. Annual EGI Low-Income Units from (C1) $320,1822. Annual EGI Market Units (from C2) + $03. Total Effective Gross Income = $320,1824. Total Expenses (from D) $157,950

5. Net Operating Income = $162,2326. Total Annual Debt Service (from Page 21 B2) - $130,7207. Cash Flow Available for Distribution = $31,512

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

StabilizedYear 1 Year 2 Year 3 Year 4 Year 5

Eff. Gross Income 320,182 326,586 333,117 339,780 346,575Less Oper. Expenses 157,950 162,689 167,569 172,596 177,774Net Income 162,232 163,897 165,548 167,184 168,801Less Debt Service 130,720 130,720 130,720 130,720 130,720Cash Flow 31,512 33,177 34,828 36,463 38,081Debt Coverage Ratio 1.24 1.25 1.27 1.28 1.29

Year 6 Year 7 Year 8 Year 9 Year 10

Eff. Gross Income 353,507 360,577 367,789 375,144 382,647Less Oper. Expenses 183,107 188,601 194,259 200,086 206,089

Net Income 170,400 171,976 173,530 175,058 176,558Less Debt Service 130,720 130,720 130,720 130,720 130,720Cash Flow 39,679 41,256 42,810 44,338 45,838Debt Coverage Ratio 1.30 1.32 1.33 1.34 1.35

Year 11 Year 12 Year 13 Year 14 Year 15

Eff. Gross Income 390,300 398,106 406,068 414,190 422,473Less Oper. Expenses 212,272 218,640 225,199 231,955 238,914Net Income 178,029 179,466 180,869 182,235 183,560Less Debt Service 130,720 130,720 130,720 130,720 130,720Cash Flow 47,308 48,746 50,149 51,514 52,840Debt Coverage Ratio 1.36 1.37 1.38 1.39 1.40Estimated 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 21,250 0 0 0B. Site Work 570,000 0 0 570,000C. Geothermal System 0 0 0 0D. Unit Structures (New) 2,067,332 0 0 2,067,332E. Unit Structures (Rehab) 0 0 0 0F. Solar Electric System 0 0 0 0G. Asbestos Removal 0 0 0 0H. Demolition 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.

.J. Structured Parking Garage 302,400 0 0 302,400K. Subtotal A: (Sum 1A..1J) 2,960,982 0 0 2,939,732L. General Requirements 174,000 0 0 174,000M. Builder's Overhead 60,000 0 0 60,000

( 2.0% Contract)N. Builder's Profit 180,000 0 0 180,000

( 6.1% Contract)O. Bonding Fee 30,000 0 0 30,000P. Other 0 0 0 0Q. Contractor Cost

Subtotal (Sum 1K..1P) $3,404,982 $0 $0 $3,383,732

2. Owner CostsA. Building Permit 34,000 0 0 34,000B. Arch./Engin. Design Fee 246,800 0 0 246,800

( 7,713 /Unit)C. Arch. Supervision Fee 12,000 0 0 12,000

( 375 /Unit)D. Tap Fees 193,050 0 0 193,050E. Soil Borings 18,000 0 0 18,000

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

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

New Construction Value Credit"2. Owner Costs Continued

F. Construction Loan 18,000 0 0 18,000

Origination FeeG. Construction Interest 97,500 0 0 97,500

( 5.0% for 12 months)H. Taxes During Construction 3,500 0 0 3,500I. Insurance During Construction 18,000 0 0 18,000J. Cost Certification Fee 7,500 0 0 0K. Title and Recording 43,204 0 0 34,563L. Legal Fees for Closing 44,000 0 0 44,000M. Permanent Loan Fee 23,200 0 0 0

( 2.0% )N. Other Permanent Loan Fees 25,000 0 0 0O. Credit Enhancement 0 0 0 0P. Mortgage Banker 0 0 0 0Q. Environmental Study 10,000 0 0 8,000R. Structural/Mechanical Study 0 0 0 0S. Appraisal Fee 7,000 0 0 6,000T. Market Study 7,000 0 0 7,000U. Operating Reserve 117,954 0 0 0V. Tax Credit Fee 37,929 0 0 0W. OTHER $128,764 $0 $0 $32,000

(SEE PAGE 19A)X. Owner Cost

.. , , ,

Subtotal 1 + 2 $4,497,383 $0 $0 $4,156,145(Owner + Contractor Costs)

3. Developer's Fees 495,000 0 0 495,000

4. Owner's Acquisition CostsLand 600,000Existing Improvements 0 0Subtotal 4: $600,000 $0

5. Total Development CostsSubtotal 1+2+3+4: $5,592,383 $0 $0 $4,651,145

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 ITEMSLease up reserve 50,000 0 0 0Furnishings 32,000 0 0 32,000Tax and Insurance Escrows 20,000 0 0 0

0 0 0 0Tax Credit Allocation fee 26,764 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 0

Subtotal (Other Owner Costs) $128,764 $0 $0 $32,000

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

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

5. Total Development CostsSubtotal 1+2+3+4 5,592,383 0 0 4,651,145

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) 0 0 4,651,145

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

(i) For Earthcraft or LEED Certification AND 60 Bonus Points ( Eligible For Increase) 0 0(ii) For QCT or DDA (Eligible Basis x 30%) 0 1,395,344

Total Adjusted Eligible basis 0 6,046,489

9. Applicable Fraction 100.0000% 100.0000% 100.0000%

10. Total Qualified Basis (Same as Part IX-C) 0 0 6,046,489(Eligible Basis x Applicable Fraction)

11. Applicable Percentage 0.00% 0.00% 9.00%(For 2010 9% competitive credits, use the March 2010 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 $0 $0 $544,184(Qualified Basis x Applicable Percentage)(Same as Part IX-C and equal to or more than $544,184credit 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. PNC Bank 03/01/10 03/10/10 $1,800,000 Paul Connolly

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. PNC Bank 03/01/10 03/10/10 $1,450,000 $130,720 8.25% 30 16

2. $0 $0 0.00% 1000 0

3. $0 $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: $1,450,000 $130,720


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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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 $0Other: $0

Equity Total $07. Total of All Sources (B2 + B3 + B4 + B5 + B6) $1,450,000

(not including syndication proceeds except for historic tax credits)

8. Total Development Cost $5,592,383(From VIII-A5)

9. Less Total Sources of Funds (From B7 above) $1,450,000

10. Equals equity gap to be funded with low-income tax creditproceeds (must equal IX-D3) $4,142,383

C. Syndication Information (If Applicable)

1. Actual or Anticipated Name of Syndicator PNC Multi-Family Capital2. Contact Person Paul Connolly Phone 212-527-73083. Street Address 340 Madison Avenue, 11th Floor

City New York State New York Zip 10173

4. a. Total to be paid by anticipated users of credit (e.g., limited partners) $4,142,384b. Equity Dollars Per Credit (e.g., $0.85 per dollar of credit) $0.78 c. Percent of ownership entity (e.g., 99% or 99.9%) 99.99%d. Net credit amount anticipated by user of credits $531,075e. 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) $4,142,384

6. Amount of annual credit required for above amounts(same amount as Part IX-D6) $531,128

7. Net Equity Factor [C5 / (C6 X 10)](same amount as Part IX-D4) Must be equal to or greater than 85% 77.99%

8. Syndication: Public or Private

9. Investors: Individual or Corporate

Weighted Average Credit Price CalculationExchange Component 40% $0.85 $0.34Market Component 60% $0.73 $0.44

Weighted Average Credit Price: $0.78

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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 $0 Section 220 $0Section 221(d)(3) $0 Section 221(d)(3) $0Section 312 $0 Section 221(d)(4) $0Section 236 $0 Section 236 $0VHDA SPARC/REACH $0 Section 223(f) $0HOME Funds $0 Other: PNC $1,450,000Other: $0Other: $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)Section 8 Rent Supplement or Rental Assistance Payment

Tax AbatementOther

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. Such debt must be limited to the original mortgage(s) unless any refinancingis approved by the nonprofit. Do not select if extended compliance is selected in IX.A above.

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.

p on or g o rs e usa n ecor a e orm ac eEnter 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 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 Quing # Address Basis Date Percentage Amount Basis Date Percentage Amount

1. 32 0 1000 Bainbridge St. $0 0.00% 0 $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 $0 $0

NUMBEROF

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

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

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TAX MARKET



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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

NUMBEROF

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


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TAX MARKET



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

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) $5,592,383

2. Less Total Sources of Funds (from VIII-B7 page 22) $1,450,000

3. Equals Equity Gap $4,142,383

4. Divided by Net Equity Factor (VIII-C7 page 22) 77.99%(Percent of 10-year credit expected to be raised as equity investment)

5. Equals Ten-Year Credit Amount Needed to Fund Gap $5,311,279

Divided by ten years 10

6. Equals Annual Tax Credit Required to Fund the Equity Gap $531,128

7. The Maximum Allowable Credit Amount $544,184(from VIII-A12-combined figure)

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

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.

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

Credit per Unit 16,598 Combined 30% & 70% PV CreditCredit per Bedroom 6,477 $531,128

Comprised of

$0 and $531,12830% 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 Excelspreadsheet to eliminate the error message. To use the Goal Seek function firstplace the curser box on cell V28. Using the mouse arrow, point and click onTools on the top line and then click on the Goal Seek option. A box willappear with the V28 cell shown in the top space, place the cursor in the middlebox and type in the new amount that you want the equity gap to be which shouldbe the reservation amount below, then place the cursor in the bottom space and atthe bottom of the page click on page 22. Then place the cursor on cell N15(Deferred Developer Fee) and click on OK. A message should then appear that

a solution has been found and if the amount is correct click OK. If the amountsare now equal the error message will disappear.

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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 representation

city view place

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