colonial village ii - 2009 va
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2009 Federal Low Income Housing
Tax Credit Program
Application For Reservation
Deadline for Submission
9% Competitive Credits
Virginia Housing Development Authority
601 South Belvidere Street
Richmond, Virginia 23220-6500
pp cat ons ust e ece ve t o ater an :
Richmond, VA Time On May 15, 2009
Tax Exempt Bonds
Applications should be received at VHDA at least one month
before the bonds arepriced(if bonds issued by VHDA), or 75 days
before the bonds are issued(if bonds are not issued by VHDA)
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Low Income Housing Tax Credit Application for Reservation
Electronic Copy of the Microsoft Excel Based Application (MANDATORY)
Hard Copy of All Application Pages With Signature (MANDATORY)
Scanned Copy of the Tax Credit Application with all Attachments (excluding market study and plans & specs) (MANDATORY)
$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 (MANDATOR
Tab C: Virginia State Corporation Commission Certification (MANDATORY)
Tab D: Principal's Previous Participation Certification and Resum (MANDATORY)
Tab E: onpro t uest onna re or po nts or pooThe 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)
'
Please indicate if the following items are included with your application by checking the appropriate boxes. Yourassistance in organizing the submission in the following order, and actually using tabs to mark them as shown, willfacilitate review of your application. Please note that all mandatory items must be included for the application to beprocessed. The inclusion of other items may increase the number of points for which you are eligible under VHDA's pointsystem of ranking applications, and may assist VHDA in its determination of the appropriate amount of credits that it mayreserve for the development. You are therefore encouraged to submit as much requested information as is available, buttheir inclusion is not mandatory for review of your application.
Tab H: PHA / Section 8 Notification LetterTab I: Local CEO LetterTab J: Homeownership PlanTab K: Site Control Documentation (MANDATORY)
Tab L: Plan of Development Certification LetterTab M: Zoning Certification LetterTab N: Copies of 8609s To Certify Developer Experience
Tab 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: (Reserved)Tab V: Nonprofit or LHA Purchase Option or Right of First RefusalTab W: r g na ttorneys p n on
Tab X: (Reserved)Tab Y: Marketing Plan for units meeting accessibility requirements of HUD section 504
Tab Z Market Study (MANDATORY-Application will be disqualified if market study not submitted with the application)
2009 Submission Checklist
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Low-Income Housing Tax Credit Application For Reservation
VHDA TRACKING NUMBER 2009-Z-036
I. General Information
All code "Section" references are to, and the term "IRC" shall be deemed to mean, 5/14/09
the Internal Revenue Code of 1986, as amended. (Date of Application)
A. Development Name and Location:
1. Name of Development Colonial Village II Apartments
2. Address of Development 2101, 2103, 2105, 2107, 2109, 2113, and 2115 North 18th Street
(Street)Arlington Virginia 22201
(City) (State) (Zip Code)
3. If complete address is not available, provide longitude and latitude coordinates (x,y) from
location on site your surveyor deems appropriate. -77.085402, 38.894776
Documentation from surveyor attached (TAB A) (Only necessary if street address or street intersections are not available.
(Coordinates should be the same as those listed on pg 13, if applicable)
4. The Circuit Court Clerk's office in which the deed to the property is or will be recorded:
City/County of Arlington County (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. Is the development located in a Metropolitan Statistical Area? Yes No
7. Census Tract the development is located in: 1016
Is this a Qualified Census Tract: Yes No (If yes, attach required form in TAB A)
8. Is the development located in a Difficult Development Area? No
9. Is the development located in a revitalization area? Yes No (If yes, attach required form in TAB A)
10. Is the development an existing RD or HUD S8/236 development? Yes No (If yes, attach required form in TAB Q)
Note: 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 or
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
11. Is the development located in a census tract with a poverty
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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) $428,550
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 Tidewater MSA Pool
Northern Virginia MSA Pool Small MSA/Micropolitan Pool
Richmond MSA Pool Rural Pool
Non-Competitive Pool (Preservation) Non-Competitive Pool (Disability)
Tax Exempt Bonds
new construction, or
rehabilitation, or
acquisition and rehabilitation.
Federal SubsidiesThe development will not receive federal subsidies.
This development will receive federal subsidies for:
all buildings or
some buildings.
D. Type(s) of Allocation/Allocation Year
1. Regular Allocation
All of the buildings in the development are expected to be placed
in service this year. For those buildings the owner will, this year, request an
allocation of 2008 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, 2009, but the
owner will have more than 10% basis in the development before the end of six
months following allocation of credits. For those buildings, the owner requests
a carryforward allocation of 2009 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 2010 or 2011).
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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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)
A waiver of the 10-year rule for all buildings has been or will be requested from the
Department of the Treasury pursuant to IRC Section 42(d)(6)(B)
Different circumstances for different buildings: Attach a separate sheet and explain for eachbuilding.
F. Rehabilitation Credit Information
: no cre ts are e ng requeste or re a tat on expen tures, so n cate an 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.
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Low-Income Housing Tax Credit Application For Reservation
II. OWNERSHIP INFORMATION
A. Owner Information:
Name Wesley Colonial Village II Limited Partnership
Contact Person First: Kamilah Middle: P Last: McAfee
Address 5515 Cherokee Avenue, Suite 200(Street)
Alexandria Virginia 22312(City) (State) (Zip Code)
Federal I. D. No. (If not available, obtain prior to Allocation)Phone (703) 642-3830 ext. 220 Fax (703) 941-1724 Email address [email protected]
Type of entity: Limited Partnership Other
Individual(s) Corporation
Owner's organizational documents (e.g. Partnership agreements) 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 % Ownership
Wesley Housing Develop. Corp. of No. VA (703) 642-3830 Initial Limited Partner 99.99%
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
Wesley 18th Street, LLC (703) 642-3830 General Partner 0.01%0.00%
**Wesley Housing Development Corp. of No. VA is 100% owner of GP 0.00%
0.00%
**Shelley Murphy, President/CEO of Wesley Housing Development Corp. of No. VA 0.00%
0.00%
This should be 100% of the GP or managing member interest: 100.00%
** These should be the names of individuals who comprise the GP or managing members, not simply the names ofseparate partnerships or corporations which may comprise those components.
Principals' Previous Participation Certification attached (Mandatory TAB D), resum, & ownership structure char
B. Seller Information:
Name Troy Street, LLC Contact Person Shelley Murphy
Address 5515 Cherokee Avenue, Suite 200Alexandria, VA 22312 Phone (703) 642-3830
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 % Ownership
Act V, Inc. (703) 642-3830 Member 100.00%
0.00%
**Wesley Housing Dev. Corp. of No. VA (703) 642-3830 Control 0.00%
**Shelley Murphy, Pres./CEO of Wesley Housing Development Corp. of No. VA
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C. Development Team Information:
Complete the following as applicable to your development team.
1. Tax Attorney: Erik Hoffman Related Entity? Yes NoFirm Name: Klein Hornig, LLPAddress: 1275 K Street, N.W., Washington, DC 20005
Phone: (202) 842-0125 Fax: (202) 842-3936
2. Tax Accountant: Ed Ryan Related Entity? Yes NoFirm Name: Reznick GroupAddress: 7700 Old Georgetown Road, Suite 400, Bethesda, MD 20814
Phone: (301) 652-9100 Fax:
3. Consultant: Carrie Barton Related Entity? Yes NoFirm Name: EHT Traceries, Inc. Role: Historic Preservation ConsultAddress: 1121 Fifth Street, N.W., Washington, DC 20001-3605
Phone: (202) 393-1199 Fax: (202) 393-1056
4. Management Entity (Contact): Carol Rocabado Related Entity? Yes NoFirm Name: Wesley Housing Development CorporationAddress: 5515 Cherokee Avenue, Suite 200, Alexandria, VA 22312
Phone: (703) 642-3830 ext. 225 Fax: (703) 941-1724
5. Contractor (Contact): To be determined Related Entity? Yes NoFirm Name:Address:
Phone: Fax:
6. Architect: Michael Wiencek Related Entity? Yes NoFirm Name: Wiencek + AssociatesAddress: 1814 N Street, N.W., Washington, DC 20036
Phone: (202) 349-0742 Fax: (202) 349-0742
7. Real Estate Attorney: Erik Hoffman Related Entity? Yes NoFirm Name: Klein Hornig, LLPAddress: 1275 K Street, N.W., Washington, DC 20005
Phone: (202) 842-0125 Fax: (202) 842-3936
8. Mortgage Banker: To Be Determined 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, and
5. 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 necessarily
satisfy 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 involvement
Nonprofit 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)
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.
The nonprofit organization involved in this development is:
the Owner
the Applicant (if different from Owner)
OtherWesley Housing Development Corporation of Northern Virginia
(Name of nonprofit)
Shelley Murphy 5515 Cherokee Avenue, Suite 200(Contact Person) (Street Address)
Alexandria Virginia 22312(City) (State) (Zip code)
(703) 642-3830 ext. 212 (703) 941-1724
(Phone) (Fax)
5. Percentage of Nonprofit Ownership (All nonprofit applicants)
Specify the nonprofit entity's percentage ownership of the general partnership interest: 100.0%
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III. DEVELOPMENT INFORMATION
A. Structure and Units:1. Total number ofall units in development 48
Total number ofrental units in development 48 bedrooms 56
Number of low-income rental units 48 bedrooms 56Percentage of rental units designated low-income 100.00%
2. The development's structural features are (check all that apply):
Row House/Townhouse Detached Single-family
Garden Apartments Detached Two-family
Slab on Grade Basement
Crawl space Age of Structure: 70 YEARS
Elevator Number of stories: 2 TO 3
3. Number of new units 0 bedrooms 0Number of adaptive reuse units 0 bedrooms 0Number of rehab units 48 bedrooms 56
4. Total Floor Area For The Entire Development 37,735.00 (Sq. ft.)
. n eate oor rea (Breezeways, Balconies, Storage) , . (Sq. ft.)
6. Nonresidential Commercial Floor Area 0.00 (Sq. ft.)(Not eligible for funding)
7. Total Usable Residential Heated Area 36,414.00 (Sq. ft.)
8. Number of Buildings (containing rental units) 7
9. Commercial Area Intended Use:
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)
B. Building Systems:
Please describe each of the following in the space provided.Community Facilities: Laundry Facilities and Community Room
Exterior Finish: Brick
Heating/AC System: Individual heat pumps with central air condition
Architectural Style: Colonial Revival
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C. Amenities:
1. Specify the average size per unit type: (Including pro rata share of heated common area)
Assisted Lvg 0.00 SF 1Bdrm Eld 0.00 SF 3-Bdrm Gar 0.00 SF1-Sty-Eff-Eld 0.00 SF 2Bdrm Eld 0.00 SF 4-Bdrm Gar 0.00 SF1-Sty 1BR-Eld 0.00 SF Eff-Gar 0.00 SF 2-Bdrm TH 0.00 SF1-Sty 2BR-Eld 0.00 SF 1-Bdrm Gar 718.41 SF 3-Bdrm TH 0.00 SFEff-Eld 0.00 SF 2-Bdrm Gar 959.71 SF 4-Bdrm TH 0.00 SF
2. Total gross usable, heated square feet for the entire project less nonresidential commercial area:
36,414.00 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 the
applicant certifies that the proposed project budget, plans & specifications and work write-ups incorporate
all necessary elements to fulfill these requirements.
. hec the o ow ng tems wh ch app y to the proposed pro ect:Documentation attached (TAB F Architect Certification) Mandatory
,
50% a(1) Percentage of 2-bedroom units that have 1.5 bathrooms
0% a(2) Percentage of 3 or more bedroom units that have 2 bathrooms
b. A community/meeting room with a minimum of 749 square feet is provided
100% c. Percentage of exterior walls covered by brick (excluding triangular gable ends, doors and windows)d. All kitchen and laundry appliances meet the EPA's Energy Star qualified program requirements
e. All windows meet the EPA's Energy Star qualified program requirements
f. Every unit in the development is heated and air conditioned with either (i) heat pump units with both arat ng o . or more and a rat ng o . or more and a var ab e speed a r hand ng un t
(for through- the-wall heat pump equipment that has an EER rating of 11.0 or more), or (ii) airconditioning units with a SEER rating of 14.0 or more and a variable speed air handling unit, combinedwith gas furnaces with an AFUE rating of 90% or more
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.
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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 in which the greater of 5 or 10% of the units (i) provide federal project-based rent subsidies or
equivalent assistance in order to ensure occupancy by extremely low-income persons; (ii) conform to HUD regulationsinterpreting accessibility requirements of section 504 of the Rehabilitation Act; and (iii) are actively marketed to people with
special needs in accordance with a plan submitted as part of the Application. (If special needs include mobility impairments
the units described above must include roll-in showers and roll under sinks and front controls for ranges).
For any non-elderly property in which the greater of 5 or 10% of the units (i) have rents within HUDs Housing Choice
Voucher (HCV a ment standard; (ii conform to HUD re ulations inter retin accessibilit re uirements 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.
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. Architectcertifies in the Architect Certification that the development's design will meet the criteria for such certification.
Yes - Earthcraft Yes - LEED
If Yes to either, attach appropriate documentation at TAB F
LEED Accredited Design Team MemberOne or more members of the design team is a LEED accredited professional.
Yes No If Yes, 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 If Yes, attach appropriate documentation at TAB F
b. Number of Rental Units constructed to meet VHDA's Universal Design standards:5 Units 10%
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 0 0.00% 40% Area Median0 0.00% 50% Area Median 0 0.00% 50% Area Median
48 100.00% 60% Area Median 48 100.00% 60% Area Median0 0.00% Non-LMI Units 0 0.00% Non-LMI Units
48 100.00% Total 48 100.00% 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:
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.
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.
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: Arlington County Department of Human Services, Section 8 Office
Contact person (Name and Title) Ms. Peggy Pimentel
Phone Number (703) 228-1455 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 of 1 or less bedrooms).
Yes
No
0
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V. LOCAL NEEDS AND SUPPORT
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 Ron Carlee
Chief Executive Officer's Title County Manager
Street Address 2100 Clarendon Blvd., Suite 302 Phone (703) 228-3120
City Arlington State Virginia Zip 22201
Name and title of local official you have discussed this project with who could answer questions for the
local CEO: Ken Aughenbaugh
Letter from CEO attached (TAB I) CEO letter to be submitted separately by June 1, 2009
VHDA notification letter to CEO submitted prior to 5:00 PM 3/5/09: (9% competitive credits only) Yes No
If the property overlaps another jurisdiction please fill in the following:
Chief Executive Officer's Name
Chief Executive Officer's Title
Street Address Phone
City State Zip
Name and title of local official you have discussed this project with who could answer questions for the
local CEO:Letter from CEO attached (TAB I) CEO letter to be submitted separately by June 1, 2009
VHDA notification letter to CEO submitted prior to 5:00 PM 3/5/09: (9% competitive credits only) Yes No
B. Project Schedule
ACTUAL OR NAME OF
ACTIVITY ANTICIPATED PERSON
DATE RESPONSIBLE
Site
Option/Contract 5/12/2009 Kamilah McAfee/Erik Hoffman
Site Acquisition 11/5/2009 Kamilah McAfee
Zoning Approval N/A N/ASite Plan Approval N/A N/A
Financing
A. Construction Loan
Loan Application 8/5/2009 Kamilah McAfee
Conditional Commitment 9/11/2009 Kamilah McAfee/TBD
Firm Commitment 10/16/2009 Kamilah McAfee/TBD
B. Permanent Loan - First Lien
Loan Application 8/5/2009 Kamilah McAfee
Conditional Commitment 9/11/2009 Kamilah McAfee/TBD
Firm Commitment 10/16/2009 Kamilah McAfee/TBD
C. Permanent Loan-Second Lien
Loan Application
Conditional Commitment
Firm Commitment
D. Other Loans & GrantsType & Source, List
Application
Award/Commitment
Formation of Owner 5/11/2009 Kamilah McAfee/Erik Hoffman
IRS Approval of Nonprofit Status 9/12/1975 N/A
Closing and Transfer of Property to Owner 11/5/2009 Kamilah McAfee
Plans and Specifications, Working Drawings 10/1/2009 Kamilah McAfee/Michael Wiencek
Building Permit Issued by Local Government 11/2/2009 Kamilah McAfee
Start Construction 11/9/2009 Kamilah McAfee/TBD GC
Begin Lease-up 3/31/2010 Carol Rocabado
Complete Construction 12/30/2010 Kamilah McAfee/TBD GC
Complete Lease-Up 3/31/2011 Carol Rocabado
Credit Placed in Service Date 3/31/2011 Kamilah McAfee2009 Page 11
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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: 11/06/09 )
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.
Purchase Contract - attached (expiration date: )
If more than one site for the development and more than one form of site control, please so indicateand attach a separate sheet specifying each site, number of existing buildings on the site, if any,
type of control of each site, and applicable expiration date of form of site control. A site controldocument is required for each site.
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 11/05/09 (must be prior to November 6, 2009).
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 Units
Project Wide Capture Rate - Market Units
Project Wide Capture Rate - All Units
Project Wide Absorption Period (Months)
3.26%
N/A
3.26%
5
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Low-Income Housing Tax Credit Application For Reservation
C. Site Description
1. Exact area of site in acres 1.630
2. Has locality approved a final site plan or plan of development?
Yes No
Required documentation form attached (TAB L)
3. Is site properly zoned for the proposed development?
Yes No
Required documentation form attached (TAB M)
4. Will the proposal seek to qualify for points associated with proximity to public transportation?
Yes No
Required documentation form attached (TAB A)
D. Photographs
Include photographs of the site and any existing structure(s) in TAB O. For rehabilitation projects,
provide interior pictures which document the necessity of the proposed work.
E. 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 placement
b. 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.
In addition: required documentation for rehabilitation properties
A unit-by-unit work write-up.
Plans and specifications/unit-by-unit work writeup attached (TAB P) or
Plans and specifications/unit-by-unit work writeup submitted separately
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Low-Income Housing Tax Credit Application For Reservation
VII. OPERATING BUDGET
A. Rental Assistance
1. Do or will any low-income units receive rental assistance?
Yes No
2. 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 Assistance
Other:
3. Number of units receiving assistance: 0
Number of years in rental assistance contract: 0
Expiration date of contract:
Contract or other agreement attached (TAB Q)
B. Utilities
1. Monthly Utility Allowance Calculations
Utilities Type of Utility Utilities Enter Allowances by Bedroom Size
(Gas, Electric, Oil, etc.) Paid by: 0-bdr 1-bdr 2-bdr 3-bdr 4-br
Heating Electric Owner X T enant 14 18
Air Conditioning Electric Owner X Tenant 8 10
Cooking Natural Gas Owner X Tenant 15 17
Lighting Electric Owner X Tenant 32 37
Hot Water Natural Gas X Owner Tenant
Water X Owner Tenant
Sewer X Owner Tenant
Trash X Owner Tenant
Total utility allowance for costs paid by tenant $0 $69 $82 $0 $0
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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Low-Income Housing Tax Credit Application For Reservation
C. Revenue1. Indicate the estimated monthly income for theLow-Income Units: **
Total Number of Total Monthly
Tax Credit Units Rental Income
0 $0
40 $43,200
8 $10,304
0 $0
0 $0
48
Plus Other Income Source (list): Laundry $360
Equals Total Monthly Income: $53,864
Twelve Months x12
Equals Annual Gross Potential Income $646,368
Less Vacancy Allowance ( 7.0% ) $45,246
Equals Annual Effective Gross Income (EGI) - Low Income Units $601,122
** 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 theMarket Rate Units: **
Total Number of Total Monthly
Market Units Rental Income
0 $0
0 $0
0 $00 $0
0 $0
Total Number of Market Units 0
Plus Other Income Source (list): $0
Equals Total Monthly Income: $0
4 Bedroom Units
Unit Type
Unit Type
1 Bedroom Units
2 Bedroom Units
3 Bedroom Units
Total Number of Tax Credit Units
Efficiency Units
4 Bedroom Units
1 Bedroom Units
2 Bedroom Units3 Bedroom Units
Efficiency Units
Twelve Months x12
Equals Annual Gross Potential Income $0
Less Vacancy Allowance ( 0.0% ) $0
Equals Annual Effective Gross Income (EGI) - Market Rate Units $0
Documentation in Support of Operating Budget attached (TAB R)
List number of units by type: TOTAL UNITS
ASSISTED LVG EFF-ELD 1 BD RM-ELD 2 BD RM-ELD EFF-GAR 1 BD RM-GAR
0 0 0 0 0 40
2 BD RM-GAR 3 BD RM-GAR 4 BD RM-GAR 2 BD RM-TH 3 BD RM-TH 4 BD RM-TH
8 0 0 0 0 0
1 STY-EFF-ELD 1 STY-1 BR-ELD 1 STY-2 BR-ELD Note: Please be sure to enter the number of units in the
0 0 0 appropriate unit category. If not, you will find an error on
the scoresheet at 5a, 6a & 6b.
List number of units by type: TAX CREDIT UNITS
ASSISTED LVG EFF-ELD 1 BD RM-ELD 2 BD RM-ELD EFF-GAR 1 BD RM-GAR
0 0 0 0 0 40
2 BD RM-GAR 3 BD RM-GAR 4 BD RM-GAR 2 BD RM-TH 3 BD RM-TH 4 BD RM-TH
8 0 0 0 0 0
1 STY-EFF-ELD 1 STY-1 BR-ELD 1 STY-2 BR-ELD
0 0 0
Efficiency Units
Unit Type / Net Rentable Monthly Rent Total
Rent Targeting Number Units Square Feet Per Unit Monthly Rent
Efficiency - 40% 0 0.00 -$ -$
Efficiency - 40% 0 0.00 -$ -$
Efficiency - 40% 0 0.00 -$ -$
Efficiency - 40% 0 0.00 -$ -$2009 Page 15
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Efficiency - 40% 0 0.00 -$ -$
Efficiency - 40% 0 0.00 -$ -$
Efficiency - 40% 0 0.00 -$ -$
Efficiency - 40% 0 0.00 -$ -$
Efficiency - 40% 0 0.00 -$ -$
Efficiency - 40% 0 0.00 -$ -$
Efficiency - 40% 0 0.00 -$ -$
Efficiency - 40% 0 0.00 -$ -$
Efficiency - 40% 0 0.00 -$ -$
Efficiency - 40% 0 0.00 -$ -$
Efficiency - 40% 0 0.00 -$ -$
Efficiency - 50% 0 0.00 -$ -$
Efficiency - 50% 0 0.00 -$ -$
Efficiency - 50% 0 0.00 -$ -$
Efficiency - 50% 0 0.00 -$ -$
Efficiency - 50% 0 0.00 -$ -$
Efficiency - 50% 0 0.00 -$ -$
Efficiency - 50% 0 0.00 -$ -$
Efficiency - 50% 0 0.00 -$ -$
Efficiency - 50% 0 0.00 -$ -$
Efficiency - 50% 0 0.00 -$ -$
Efficiency - 50% 0 0.00 -$ -$
Efficiency - 50% 0 0.00 -$ -$
Efficiency - 50% 0 0.00 -$ -$
Efficiency - 50% 0 0.00 -$ -$
Efficiency - 50% 0 0.00 -$ -$
Efficiency - 60% 0 0.00 -$ -$
Efficiency - 60% 0 0.00 -$ -$
Efficiency - 60% 0 0.00 -$ -$
Efficiency - 60% 0 0.00 -$ -$
Efficiency - 60% 0 0.00 -$ -$
Efficiency - 60% 0 0.00 -$ -$
Efficiency - 60% 0 0.00 -$ -$
Efficiency - 60% 0 0.00 -$ -$
Efficiency - 60% 0 0.00 -$ -$
Efficiency - 60% 0 0.00 -$ -$
Efficiency - 60% 0 0.00 -$ -$
Efficiency - 60% 0 0.00 -$ -$
Efficiency - 60% 0 0.00 -$ -$
Efficiency - 60% 0 0.00 -$ -$
Efficiency - 60% 0 0.00 -$ -$
Total Efficiency Total Monthly Eff.
Tax Credit Units: 0 0.00 Tax Credit Rent: -$
Efficiency - Market 0 0.00 -$ -$
Efficiency - Market 0 0.00 -$ -$
Efficiency - Market 0 0.00 -$ -$
Efficiency - Market 0 0.00 -$ -$
Efficiency - Market 0 0.00 -$ -$
Efficiency - Market 0 0.00 -$ -$
Efficiency - Market 0 0.00 -$ -$
Efficiency - Market 0 0.00 -$ -$
Efficiency - Market 0 0.00 -$ -$
Efficiency - Market 0 0.00 -$ -$
Efficiency - Market 0 0.00 -$ -$
Efficiency - Market 0 0.00 -$ -$
Efficiency - Market 0 0.00 -$ -$
Efficiency - Market 0 0.00 -$ -$
Efficiency - Market 0 0.00 -$ -$
Total Efficiency
Market Units: 0 0.00 Total Monthly
Eff. Market Rent: -$
Total Eff. Units: 0 Total Eff. Rent -$
1-Bedroom Units
Net Rentable Monthly Rent Total
Rent Targeting Number Units Square Feet Per Unit Monthly Rent
1 BR - 40% 0 0.00 -$ -$2009 Page 15
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1 BR - 40% 0 0.00 -$ -$
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 - 50% 0 0.00 -$ -$
1 BR - 50% 0 0.00 -$ -$
1 BR - 50% 0 0.00 -$ -$
1 BR - 50% 0 0.00 -$ -$
1 BR - 50% 0 0.00 -$ -$
1 BR - 50% 0 0.00 -$ -$
1 BR - 50% 0 0.00 -$ -$
1 BR - 50% 0 0.00 -$ -$1 BR - 50% 0 0.00 -$ -$
1 BR - 50% 0 0.00 -$ -$
1 BR - 50% 0 0.00 -$ -$
1 BR - 60% 2 559.00 1,080$ 2,160$
1 BR - 60% 2 559.00 1,080$ 2,160$
1 BR - 60% 2 592.00 1,080$ 2,160$
1 BR - 60% 2 598.00 1,080$ 2,160$
1 BR - 60% 6 558.00 1,080$ 6,480$
1 BR - 60% 3 581.00 1,080$ 3,240$
1 BR - 60% 3 610.00 1,080$ 3,240$
1 BR - 60% 12 647.00 1,080$ 12,960$
1 BR - 60% 2 583.00 1,080$ 2,160$
1 BR - 60% 2 583.00 1,080$ 2,160$
1 BR - 60% 4 583.00 1,080$ 4,320$
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: 40 23,965.00 Tax Credit Rent: 43,200$
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: 40 Total 1-BR Rent 43,200$
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Low Income Housing Tax Credit Application for Reservation
Electronic Copy of the Microsoft Excel Based Application (MANDATORY)
Hard Copy of All Application Pages With Signature (MANDATORY)
Scanned Copy of the Tax Credit Application with all Attachments (excluding market study and plans & specs) (MANDATORY)
$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 (MANDATOR
Tab C: Virginia State Corporation Commission Certification (MANDATORY)
Tab D: Principal's Previous Participation Certification and Resum (MANDATORY)
Tab E: onpro t uest onna re or po nts or pooThe 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)
'
Please indicate if the following items are included with your application by checking the appropriate boxes. Yourassistance in organizing the submission in the following order, and actually using tabs to mark them as shown, willfacilitate review of your application. Please note that all mandatory items must be included for the application to beprocessed. The inclusion of other items may increase the number of points for which you are eligible under VHDA's pointsystem of ranking applications, and may assist VHDA in its determination of the appropriate amount of credits that it mayreserve for the development. You are therefore encouraged to submit as much requested information as is available, buttheir inclusion is not mandatory for review of your application.
Tab H: PHA / Section 8 Notification LetterTab I: Local CEO LetterTab J: Homeownership PlanTab K: Site Control Documentation (MANDATORY)
Tab L: Plan of Development Certification LetterTab M: Zoning Certification LetterTab N: Copies of 8609s To Certify Developer Experience
Tab 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: (Reserved)Tab V: Nonprofit or LHA Purchase Option or Right of First RefusalTab W: r g na ttorneys p n on
Tab X: (Reserved)Tab Y: Marketing Plan for units meeting accessibility requirements of HUD section 504
Tab Z Market Study (MANDATORY-Application will be disqualified if market study not submitted with the application)
2009 Submission Checklist
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2-Bedroom Units
Net Rentable Monthly Rent Total
Rent Targeting Number Units Square Feet Per Unit Monthly Rent
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 - 40% 0 0.00 -$ -$
2 BR - 50% 0 0.00 -$ -$
2 BR - 50% 0 0.00 -$ -$
2 BR - 50% 0 0.00 -$ -$
2 BR - 50% 0 0.00 -$ -$
2 BR - 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% 3 817.00 1,288$ 3,864$
2 BR - 60% 1 792.00 1,288$ 1,288$
2 BR - 60% 4 821.00 1,288$ 5,152$
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: 8 6,527.00 Tax Credit Rent: 10,304$
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 -$ -$2009 Page 15
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Total 2-BR
Market Units: 0 0.00 Total Monthly
2-BR Market Rent: -$
Total 2-BR Units: 8 Total 2-BR Rent 10,304$
3-Bedroom Units
Net Rentable Monthly Rent Total
Rent Targeting Number Units Square Feet Per Unit Monthly Rent
3 BR - 40% 0 0.00 -$ -$
3 BR - 40% 0 0.00 -$ -$
3 BR - 40% 0 0.00 -$ -$
3 BR - 40% 0 0.00 -$ -$
3 BR - 40% 0 0.00 -$ -$
3 BR - 40% 0 0.00 -$ -$
3 BR - 40% 0 0.00 -$ -$
3 BR - 40% 0 0.00 -$ -$
3 BR - 40% 0 0.00 -$ -$
3 BR - 40% 0 0.00 -$ -$
3 BR - 40% 0 0.00 -$ -$
3 BR - 40% 0 0.00 -$ -$
3 BR - 40% 0 0.00 -$ -$3 BR - 40% 0 0.00 -$ -$
3 BR - 40% 0 0.00 -$ -$
3 BR - 50% 0 0.00 -$ -$
3 BR - 50% 0 0.00 -$ -$
3 BR - 50% 0 0.00 -$ -$
3 BR - 50% 0 0.00 -$ -$
3 BR - 50% 0 0.00 -$ -$
3 BR - 50% 0 0.00 -$ -$
3 BR - 50% 0 0.00 -$ -$
3 BR - 50% 0 0.00 -$ -$
3 BR - 50% 0 0.00 -$ -$
3 BR - 50% 0 0.00 -$ -$
3 BR - 50% 0 0.00 -$ -$
3 BR - 50% 0 0.00 -$ -$3 BR - 50% 0 0.00 -$ -$
3 BR - 50% 0 0.00 -$ -$
3 BR - 50% 0 0.00 -$ -$
3 BR - 60% 0 0.00 -$ -$
3 BR - 60% 0 0.00 -$ -$
3 BR - 60% 0 0.00 -$ -$
3 BR - 60% 0 0.00 -$ -$
3 BR - 60% 0 0.00 -$ -$
3 BR - 60% 0 0.00 -$ -$
3 BR - 60% 0 0.00 -$ -$
3 BR - 60% 0 0.00 -$ -$
3 BR - 60% 0 0.00 -$ -$
3 BR - 60% 0 0.00 -$ -$
3 BR - 60% 0 0.00 -$ -$3 BR - 60% 0 0.00 -$ -$
3 BR - 60% 0 0.00 -$ -$
3 BR - 60% 0 0.00 -$ -$
3 BR - 60% 0 0.00 -$ -$
Total 3-BR Total Monthly 3-BR
Tax Credit Units: 0 0.00 Tax Credit Rent: -$
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
Market Units: 0 0.00 Total Monthly
3-BR Market Rent: -$
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
Market Units: 0 0.00 Total Monthly
4-BR Market Rent: -$
Total 4-BR Units: 0 Total 4-BR Rent -$
Total Units 48 Net Rentable SF: TC Units 30,492.00
MKT Units 0.00
Total NR SF: 30,492.00
100.0000%Floor Space Fraction
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Low-Income Housing Tax Credit Application For Reservation
D. Operating Expenses
Administrative:
1. Advertising/Marketing $3,600
2. Office Salaries $10,050
3. Office Supplies $5,543
4. Office/Model Apartment (type______) $0
5. Management Fee $30,056
5.00% of EGI 626.1666667 Per Unit
6. Manager Salaries $11,400
7. Staff Unit (s) (type______) $08. Legal $415
9. Auditing $5,000
10. Bookkeeping/Accounting Fees $480
11. Telephone & Answering Service $2,955
12. Tax Credit Monitoring Fee $1,650
13. Miscellaneous Administrative $2,385
Total Administrative $73,534
Utilities
14. Fuel Oil $0
15. Electricity $11,365
16. Water $27,065
17. Gas $8,970
18. Sewer $0
Total Utility $47,400
Operating:
19. Janitor/Cleaning Payroll $0
20. Janitor/Cleaning Supplies $100
21. Janitor/Cleaning Contract $15,72522. Exterminating $760
23. Trash Removal $8,350
24. Security Payroll/Contract $0
25. Grounds Payroll $0
26. Grounds Supplies $100
27. Grounds Contract $10,240
28. Maintenance/Repairs Payroll $34,125
29. Repairs/Material $4,800
30. Repairs Contract $8,500
31. Elevator Maintenance/Contract $0
32. Heating/Cooling Repairs & Maintenance $1,040
33. Pool Maintenance/Contract/Staff $0
34. Snow Removal $850
35. Decorating/Payroll/Contract $0
36. Decorating Supplie $1,185
37. Miscellaneous $3,400
Operating & Maintenance Totals $89,175
Taxes & Insurance
38. Real Estate Taxes $40,000
39. Payroll Taxes $4,100
40. Miscellaneous Taxes/Licenses/Permit $2,000
41. Property & Liability Insuranc $16,000
42. Fidelity Bond $0
43. Workman's Compensation $2,800
44. Health Insurance & Employee Benefit $8,500
45. Other Insurance $0
Total Taxes & Insurance $73,400
6544
Total Operating Expense $283,509
D1. Total Oper. Ex. Per Unit $5,906 D2. Total Oper. Ex. As % EGI (from E3) 47.16%
Replacement Reserves (Total # Units X $300 or $250 New Const. Elderly Minimum) $14,400
Total Expenses $297,909
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E. Cash Flow (First Year)
1. Annual EGI Low-Income Units from (C1) $601,122
2. Annual EGI Market Units (from C2) + $0
3. Total Effective Gross Income = $601,122
4. Total Expenses (from D) $297,909
5. Net Operating Income = $303,2136. Total Annual Debt Service (from Page 21 B2) - $261,965
7. Cash Flow Available for Distribution = $41,248
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 601,122 619,156 637,731 656,863 676,568
Less Oper. Expenses 297,909 309,825 322,218 335,107 348,511
Net Income 303,213 309,331 315,512 321,755 328,057
Less Debt Service 261,965 261,965 261,965 261,965 261,965
Cash Flow 41,248 47,366 53,547 59,790 66,092
Debt Coverage Ratio 1.16 1.18 1.20 1.23 1.25
Year 6 Year 7 Year 8 Year 9 Year 10
Eff. Gross Income 696,865 717,771 739,305 761,484 784,328
Less Oper. Expenses 362,452 376,950 392,028 407,709 424,017
Net Income 334,414 340,821 347,277 353,775 360,311Less Debt Service 261,965 261,965 261,965 261,965 261,965
Cash Flow 72,449 78,856 85,312 91,810 98,346
Debt Coverage Ratio 1.28 1.30 1.33 1.35 1.38
Year 11 Year 12 Year 13 Year 14 Year 15
Eff. Gross Income 807,858 832,094 857,057 882,768 909,251
Less Oper. Expenses 440,978 458,617 476,962 496,040 515,882
Net Income 366,880 373,477 380,095 386,728 393,369
Less Debt Service 261,965 261,965 261,965 261,965 261,965
Cash Flow 104,915 111,512 118,130 124,763 131,404
Debt Coverage Ratio 1.40 1.43 1.45 1.48 1.50
Estimated Annual Percentage Increase in Revenue 3.00% (Must be < 3%)
Estimated Annual Percentage Increase in Expenses 4.00% (Must be > 4%)
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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) Acquisition (C) Rehab/ "70 % Present
New Construction Value Credit"
1. Contractor Cost
A. Off-Site Improvements 0 0 0 0
B. Site Work 138,950 0 0 104,214
C. Other: 0 0 0 0
D. Unit Structures (New) 0 0 0 0
E. Unit Structures (Rehab) 3,121,336 0 0 3,121,336
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.
F. Accessory Building (s) 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) 3,260,286 0 0 3,225,550
L. General Requirements 195,617 0 0 195,617
M. Builder's Overhead 65,206 0 0 65,206
( 2.0% Contract)N. Builder's Profit 195,617 0 0 195,617
( 6.0% Contract)
O. Bonding Fee 55,751 0 0 55,751
P. Other: Cost Certifcation 5,000 0 0 5,000
Q. Contractor Cost
Subtotal (Sum 1K..1P) $3,777,477 $0 $0 $3,742,741
2. Owner Costs
A. Building Permit 40,000 0 0 40,000
B. Arch./Engin. Design Fee 175,000 0 0 175,000
( 3,646 /Unit)
C. Arch. Supervision Fee 40,000 0 0 40,000
( 833 /Unit)
D. Tap Fees 0 0 0 0E. Soil Borings 0 0 0 0
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Amount of Cost up to 100% Includable in
Eligible Basis--Use Applicable Column(s):
"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 56,500 0 0 0Origination Fee
G. Construction Interest 182,000 0 0 91,000
( 5.6% for 12 months)
H. Taxes During Construction 42,100 0 0 42,100
I. Insurance During Construction 19,400 0 0 19,400
J. Cost Certification Fee 10,000 0 0 10,000
K. Title and Recording 35,000 26,250 0 0
L. Legal Fees for Closing 100,000 2,000 0 55,500
M. Permanent Loan Fee 0 0 0 0
( 0.0% )
N. Other Permanent Loan Fees 0 0 0 0
O. Credit Enhancement 0 0 0 0
P. Mortgage Banker 32,000 0 0 0
Q. Environmental Study 7,500 0 0 7,500
R. Structural/Mechanical Study 7,500 0 0 7,500
S. Appraisal Fee 8,000 0 0 8,000
T. Market Study 4,500 0 0 4,500
U. Operating Reserve 273,000 0 0 0
V. Tax Credit Fee 30,749 0 0 0
W. OTHER $853,376 $0 $0 $720,948
(SEE PAGE 19A)
X. Owner Cost
Subtotal (Sum 2A..2W) $1,916,625 $28,250 $0 $1,221,448
Subtotal 1 + 2 $5,694,102 $28,250 $0 $4,964,189
(Owner + Contractor Costs)
3. Developer's Fees 1,115,000 91,622 0 1,023,378
4. Owner's Acquisition Costs
Land 1,250,000
Existing Improvements 3,750,000 3,750,000
Subtotal 4: $5,000,000 $3,750,000
5. Total Development Costs
Subtotal 1+2+3+4: $11,809,102 $3,869,872 $0 $5,987,567
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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Amount of Cost up to 100% Includable in
Eligible Basis--Use Applicable Column(s):
"30% Present Value Credit" (D)
Item (A) Cost (B) Acquisition (C) Rehab/ "70 % Present
New Construction Value Credit"
W. OTHER OWNER COSTS
Contingency Reserve 377,748 0 0 377,748(Rehab or Adaptive Reuse only)
LIST ADDITIONAL ITEMS
Surveys 15,000 0 0 15,000
Furniture, Fixtures and Equipment 25,000 0 0 25,000
Marketing 10,000 0 0 0
Accounting 15,000 0 0 15,000
Tenant Relocation 125,000 0 0 125,000
Historic Preservation Consultant 70,000 0 0 70,000
Lease-up Reserve 75,000 0 0 0
Soft Cost Contingency 37,200 0 0 37,200
TCAP Allocation Fee 21,428 0 0 0
Earthcraft 30,000 0 0 30,000
Other Financing Costs 52,000 0 0 26,000
0 0 0 00 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
Subtotal (Other Owner Costs) $853,376 $0 $0 $720,948
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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 11,809,102 3,869,872 0 5,987,567
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 2,636,259
7. Total Eligible Basis (5 minus 6 above) 3,869,872 0 3,351,308
8. Adjustment(s) to Eligible Basis (For non-acquisition costs in eligible basis)
(i) For Earthcraft or LEED Certification AND 60 Bonus Points 0 0
(ii) For QCT or DDA (Eligible Basis x 30%) 0 0
Total Adjusted Eligible basis 0 3,351,308
9. Applicable Fraction 100.0000% 100.0000% 100.0000%
10. Total Qualified Basis (Same as Part IX-C) 3,869,872 0 3,351,308
(Eligible Basis x Applicable Fraction)
11. Applicable Percentage 3.28% 3.28% 9.00%
(For 2009 9% competitive credits, use the May 2009 applicable percentages for acq.)
(For 9% non-competitive & tax exempt bonds, use the most recently published rates)
12. Maximum Allowable Credit under IRC 42 $126,932 $0 $301,618
(Qualified Basis x Applicable Percentage)
(Same as Part IX-C and equal to or more than $428,550
credit amount requested) Combined 30% & 70% P. V. Credit
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Low-Income Housing Tax Credit Application For Reservation
VHDA TRACKING NUMBER 2009-Z-036
I. General Information
All code "Section" references are to, and the term "IRC" shall be deemed to mean, 5/14/09
the Internal Revenue Code of 1986, as amended. (Date of Application)
A. Development Name and Location:
1. Name of Development Colonial Village II Apartments
2. Address of Development 2101, 2103, 2105, 2107, 2109, 2113, and 2115 North 18th Street
(Street)Arlington Virginia 22201
(City) (State) (Zip Code)
3. If complete address is not available, provide longitude and latitude coordinates (x,y) from
location on site your surveyor deems appropriate. -77.085402, 38.894776
Documentation from surveyor attached (TAB A) (Only necessary if street address or street intersections are not available.
(Coordinates should be the same as those listed on pg 13, if applicable)
4. The Circuit Court Clerk's office in which the deed to the property is or will be recorded:
City/County of Arlington County (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. Is the development located in a Metropolitan Statistical Area? Yes No
7. Census Tract the development is located in: 1016
Is this a Qualified Census Tract: Yes No (If yes, attach required form in TAB A)
8. Is the development located in a Difficult Development Area? No
9. Is the development located in a revitalization area? Yes No (If yes, attach required form in TAB A)
10. Is the development an existing RD or HUD S8/236 development? Yes No (If yes, attach required form in TAB Q)
Note: 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 or
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
11. Is the development located in a census tract with a poverty
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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. VHDA 08/05/09 09/11/09 $3,200,000
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 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. VHDA Taxable 08/05/09 09/11/09 $1,700,000 $159,935 9.00% 35 35
2. VHDA SPARC 08/05/09 09/11/09 $1,500,000 $102,030 5.95% 35 35
3. $0 $0 0.00% 1000 0
4. $0 $0 0.00% 1000 0
5. $0 $0 0.00% 1000 0
. .
Totals: $3,200,000 $261,965
Commitments or letter(s) of intent attached (TAB T)
3. Grants: List all grants provided for the development:
Date of Date of Amount of
Source of Funds Application Commitment Funds Name of Contact Person
1. $0
2. $0
3. $0
4. $0
5. $0
6. TCAP 05/15/09 N/A $1,180,012
Total Permanent Grants: $1,180,012
Commitments or letter(s) of intent attached (TAB T)
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4. Portion of Syndication Proceeds Attributable to Historic Tax Credit
Amount of Federal historic credits $1,171,671 x Equity % $0.85 $995,920
Amount of Virginia historic credits $1,464,588 x Equity % $0.55 $805,523
6. Equity that Sponsor will Fund:
Cash Investment $0
Contributed Land/Building $0 Assessment Attached (TAB S)Deferred Developer Fee $0
Other: Seller Note $2,242,439
Equity Total $2,242,439
7. Total of All Sources (B2 + B3 + B4 + B5 + B6) $8,423,895
(not including syndication proceeds except for historic tax credits)
8. Total Development Cost $11,809,102
(From VIII-A5)
9. Less Total Sources of Funds (From B7 above) $8,423,895
10. Equals equity gap to be funded with low-income tax credit
proceeds (must equal IX-D3) $3,385,207
C. Syndication Information (If Applicable)
1. Actual or Anticipated Name of Syndicator Enterprise Community Investment, Inc.
2. Contact Person Steve Smith Phone (410) 772-2723
3. Street Address 10227 Wincopin Circle
4. a. Total to be paid by anticipated users of credit (e.g., limited partners) $3,385,206
b. Equity Dollars Per Credit (e.g., $0.85 per dollar of credit) $0.79
c. Percent of ownership entity (e.g., 99% or 99.9%) 99.99%
d. Net credit amount anticipated by user of credits $428,507
e. 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) $3,385,206
6. Amount of annual credit required for above amounts
(same amount as Part IX-D6) $428,550
7. Net Equity Factor [C5 / (C6 X 10)]
(same amount as Part IX-D4) Must be equal to or greater than 85% 78.99%
8. Syndication: Public or Private
9. Investors: Individual or Corporate
Syndication commitment or letter of intent attached (TAB U)
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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 $0
RD 515 $0 Section 220 $0
Section 221(d)(3) $0 Section 221(d)(3) $0
Section 312 $0 Section 221(d)(4) $0
Section 236 $0 Section 236 $0
VHDA SPARC/REACH $0 Section 223(f) $0
HOME Funds $0 Other: $0
Other: $0
Other: $0
Grants Grants
CDBG $0 State $0
UDAG $0 Local $0Other: TCAP $1,180,012
This means grants to the partnership. If you received a loan financed by a locality which received one of the
listed grants, please list it in the appropriate loan column as "other" and describe the applicable grant program
which funded it.
2. Subsidized funding: list all sources of funding for points. Documentation Attached (TAB T)
Source of Funds Commitment date Funds
1. $0
2. $0
3. $0
4. $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 Abatement
Other
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 this
application, the portion of the aggregate basis of buildings and land financed with
tax-exempt funds is: N/A
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Low-Income Housing Tax Credit Application For Reservation
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 any
early 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 mandator 15- ear com liance eriod, a ualified non rofit as identified in the
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.
attached 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.
Option or Right of First Refusal in Recordable Form Attached (TAB V)
Enter name of qualified nonprofit: Wesley Housing Development Corporation of Northern Virginia
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)
C. Building-by-Building Information (Complete page 25 as appropriate)
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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
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. 8 2101 North 18th Street $706,252 11/5/2009 3.28% 23,165 $0 0.00% 0
2. 8 2103 North 18th Street $619,567 11/5/2009 3.28% 20,322 $0 0.00% 0
3. 4 2105 North 18th Street $299,141 11/5/2009 3.28% 9,812 $0 0.00% 0
4. 8 2107 North 18th Street $619,567 11/5/2009 3.28% 20,322 $0 0.00% 0
5. 4 2109 North 18th Street $299,141 11/5/2009 3.28% 9,812 $0 0.00% 0
6. 8 2113 North 18th Street $619,567 11/5/2009 3.28% 20,322 $0 0.00% 0
7. 8 2115 North 18th Street $706,639 11/5/2009 3.28% 23,178 $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
NUMBER
OF
15. $0 0.00% 0 $0 0.00% 0
16. $0 0.00% 0 $0 0.00% 0$3,869,872 $0
$126,932 $0Qualified Basis Totals (must agree with VIII-A10)
Credit Amount Totals (must agree with VIII-A-12)
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D. Determination of Reservation Amount Needed
1. Total Development Costs (from VIII-A5, Column A page 20) $11,809,102
2. Less Total Sources of Funds (from VIII-B7 page 22) $8,423,895
3. Equals Equity Gap $3,385,207
4. Divided by Net Equity Factor (VIII-C7 page 22) 78.99%(Percent of 10-year credit expected to be raised as equity investment)
5. Equals Ten-Year Credit Amount Needed to Fund Gap $4,285,500
Divided by ten years 10
6. Equals Annual Tax Credit Required to Fund the Equity Gap $428,550
7. The Maximum Allowable Credit Amount $428,550
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, VHDAat all times retains the right to substitute such information and assumptions as are determined by VHDA to be reasonable for theinformation 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.
(from VIII-A12-combined figure)
(This amount must be equal to or more than 6 above)
8. Reservation Amount (Lesser of 6 or 7 above)
Credit per Unit 8,928 Combined 30% & 70% PV Credit
Credit per Bedroom 7,653 $428,550
Comprised of
$126,932 and $301,61830% PV Credit 70% PV Credit
(Based on same relative percentages as VIII-A12)
E. Attorneys OpinionAttached in Mandatory TAB W)
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 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 0
b. Duplicate copy of application Y Y or N 0
c. Partnership agreement Y Y or N 0
d. SCC Certification Y Y or N 0
e. Previous participation form Y Y or N 0
f. Site control document Y Y or N 0
g. Architect's Certification Y Y or N 0
h. Attorney's opinion Y Y or N 0
i. Nonprofit questionnaire (if NP) Y Y, N, N/A 0
0.00
1. READINESS:
a. Plan of development N 0 or 40 0.00
b. 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 0.00
b. Local CEO letter (Y,NC,N) Y 0 or 25 or 50 50.00
2009 LIHTC SELF SCORE SHEET:
Self Scoring Process
This worksheet is intended to provide you with an estimate of your application score based on the selection criteria described in theQAP. Most of the data used in the scoring process is automatically entered below as you fill in the application. Other items,denoted below in the green shaded cells, are items that are typically evaluated by VHDAs staff during the application review andfeasibility analysis. For purposes of self scoring, it will be necessary for you to make certain decisions and assumptions about yourapplication and enter the appropriate responses in the green shaded cells of this score sheet. All but two require yes/no responses,in which case enter Y or N as appropriate. Item 2b pertaining to the Local CEO Letterwill require one of the following responses: Y the letter indicates unconditional support; N the letter indicates opposition to the project; NC no comment from the locality, orany other response which is neither unconditional support nor opposition. Item 5e1 requires a numeric value to be entered. Please
remember that the score is only an estimate based on the selection criteria using the reservation application data and theresponses youve entered on this score sheet. VHDA reserves the right to change application data and/or score sheet responseswhere appropriate, which may change the f inal score.
c. Location in a revitalization ar