colonial village

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2010 Federal Low Income Housing

Tax Credit Program

Application For Reservation

Deadline for Submission

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

v1/8/2010

Virginia Housing Development Authority

601 South Belvidere Street

Richmond, Virginia 23220-6500

PM Richmond, VA Time On March 12, 2010

Tax Exempt BondsApplications should be received at VHDA at least one monthbefore the bonds are priced(if bonds issued by VHDA), or

75 days before the bonds are issued(if bonds are not issuedby 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) (MANDATO

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

Electronic Copy of the Plans (MANDATORY)

Electronic Copy of the Specifications (MANDATORY)

Electronic Copy of the Unit By Unit Work Writeup (MANDATORY if rehab)

$750 Application Fee (MANDATORY)

Tab A: Documentation of Development Location:

A.1 Qualified Census Tract CertificationA.2 Revitalization Area Certification

Location MapSurveyor's Certification of Proximity To Public Transportation

Tab B: Partnership or Operating Agreement, including chart of ownership structure with percentage of interests (MANDATOR

Tab C: Virginia State Corporation Commission Certification (MANDATORY)

Tab D: Principal's Previous Participation Certification and Resum (MANDATORY)

Tab E: Nonprofit Questionnaire (MANDATORY for points or pool)

V

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.

-Nonprofit Articles of Incorporation -IRS Documentation of Nonprofit Status-Joint Venture Agreement (if applicable) -For-profit Consulting Agreement (if applicable)

Tab F: Architect's Certification (MANDATORY)

Tab H: PHA / Section 8 Notification LetterTab I: Local CEO LetterTab J: Homeownership PlanTab K: Site Control Documentation & Most Recent Real Estate Tax Assessment (MANDATORY)

Tab L: Plan of Development Certification LetterTab M: Zoning Certification LetterTab N: Copies of 8609s To Certify Developer ExperienceTab O: (Reserved)Tab P: Plans and Specifications and Work Write-Up (MANDATORY)

Tab Q: Documentation of Rental AssistanceTab R: Documentation of Operating BudgetTab S: Documentation of Project BudgetTab T: Documentation of Financing SourcesTab U:

Documentation To Request Exception To Restriction-Pools With Little/No Increase In Rent Burdened Population

Documentation 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

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Low-Income Housing Tax Credit Application For Reservation

VHDA TRACKING NUMBER 2010-C-94

I. General InformationAll code "Section" references are to, and the term "IRC" shall be deemed to mean, 3/12/2010

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

A. Development Name and Location:

1. Name of Development Colonial Village Apartments

2. Address of Development 1702 - 1734 N. Troy Street and 2101 - 2115 N. 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. -77.083071, 38.892147

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. Census Tract the development is located in: 1016

Is this a Qualified Census Tract: Yes No (If yes, attach required form in TAB A)

7. Is the development located in a Difficult Development Area? No

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

9. Is the development an existing RD or HUD S8/236 development? Yes No (If yes, attach required form in TAB Q)

Note to #9: If there is an identity of interest between the applicant and the seller in this proposal, and the applicant is seeking points in

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

, .

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

10. 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) $1,028,183

2. Credits requested from:

9% Credits

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

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

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

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

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

Tax Exempt Bonds

new construction, or

rehabilitation, or

acquisition and rehabilitation.

Federal Subsidies

The development will not receive federal subsidies.

This development will receive federal subsidies for:

all buildings or

some buildings.

D. Type(s) of Allocation/Allocation Year

1. Regular Allocation

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

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

in service within two years after the end of this calendar year, 2010, but the

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

months following allocation of credits. For those buildings, the owner requestsa carryforward allocation of 2010 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 2011 or 2012).

3. Federal Subsidies

The development will not receive federal subsidies.

This development will receive federal subsidies for:

all buildings or

some buildings.

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E. Acquisition Credit Information

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

so indicate and go on to Part F: No Acquisition

Ten-Year Rule For Acquisition Credits

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

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

Subsection (II)

Subsection (III)

Subsection (IV)Subsection (V)

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

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

F. Rehabilitation Credit Information

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

on to Section II. No Rehabilitation

Minimum Expenditure Requirements

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

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

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

Different circumstances for different buildings. Attach a separate sheet andexplain for each building.

G. Request For Exception

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

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

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

Applicant seeks an exception to this restriction in accordance with one of the following provisions under 13VAC10-18

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

utilizing existing residential structures. Documentation Attached (TAB U)

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

redevelopment. Documentation Attached (TAB U)

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

a local housing authority. Documentation Attached (TAB U)

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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 & 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 % OwnershipWesley 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.

B. Seller Information:

Name Troy Street, LLC Contact Person Shelley MurphyAddress 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 Control 0.00%

**Shelley Murphy, Pres./CEO of Wesley Housing Development Corp. of No. VA 0.00%

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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:Address: 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): Tom Wahl Related Entity? Yes NoFirm Name: HamelAddress: 5710-H Furnace Avenue Elkridge, MD 21075

Phone: (410) 379-6700 Fax: (410) 379-6705

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: Charles Wilson Related Entity? Yes NoFirm Name: Virginia Capital AdvisorsAddress: 1915 Pocahontas Trail, Suite B-5 Williamsburg, VA 23185

Phone: (757) 220-3147 Fax: (757) 220-5746

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 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 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 162

Total number ofrental units in development 162 bedrooms 248Number of low-income rental units 129 bedrooms 197Percentage of rental units designated low-income 79.63%

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: 72

Elevator Number of stories: 2 to 3

3. Number of new units 0 bedrooms 0

Number of adaptive reuse units 0 bedrooms 0Number of rehab units 162 bedrooms 248

4. Total Floor Area For The Entire Development 154,311.57 (Sq. ft.)

5. n eate oor rea (Breezeways, Balconies, Storage) 4, 52.95 (Sq. ft.)

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

7. Total Usable Residential Heated Area 149,658.62 (Sq. ft.)

8. Number of Buildings (containing rental units) 22

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)

11. a. Total Net Rental Square Feet 122,906.12

b. Percentage of Net Rentable Square Feet Deemed To Be New Rental Space 12.23%

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

Community Facilities: Laundry Facilities, Community Room, Bicycle Storage

Exterior Finish: Brick

Heating/AC System: Individual heat pumps with central air conditioning

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 1,699.76 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 722.18 SF 2+Sty 3BR TH 0.00 SFEff-Eld 0.00 SF 2-Bdrm Gar 1,049.41 SF 2+Sty 4BR TH 0.00 SF

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

149,658.62 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)

12% a(1) Percentage of 2-bedroom units that have 1.5 bathrooms

100% a 2 Percenta e 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 cooled with either (i) heat pump equipment with both a

SEER 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 oriented

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

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

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

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Low Income Housing Tax Credit Application For Reservation

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

a. All cooking ranges will have front controls

b. All units will have an emergency call system

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

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

For all rehabilitation and adaptive reuse projects, upon completion of construction 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 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 the

pp ca on. o e un s escr e n a ove mus nc u e ro - n s owers an ro un er s n s an ron con ro s orranges, unless agree to by the Authority prior to the applicant's submission of its application).

For any non-elderly property in which the greater of 5 or 10% of the units (i) have rents within HUDs Housing ChoiceVoucher (HCV) payment standard; (ii) conform to HUD regulations interpreting accessibility requirements of section 504 ofthe 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. 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

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:17 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 Median17 10.49% 50% Area Median 17 10.49% 50% Area Median

112 69.14% 60% Area Median 112 69.14% 60% Area Median33 20.37% Non-LMI Units 33 20.37% Non-LMI Units

162 100.00% Total 162 100.00% 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 11% 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 OfficeContact 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 1 or less bedrooms).

Yes

No

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V. LOCAL NEEDS AND SUPPORT

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

notification of proposed Low income Housing Tax Credit developments.

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

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

Chief Executive Officer's Name Barbara M. DonnellanChief Executive Officer's Title Acting County Manager

Street Address 2100 Clarendon Blvd., Suite 302 Phone (703) 228-3120City Arlington State VA Zip 22201

Name and title of local official you have discussed this project with who could answer questions for thlocal CEO: Ken Aughenbaugh, Housing Director (703) 228-3821

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

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

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

B. Project Schedule

ACTUAL OR NAME OF

ACTIVITY ANTICIPATED PERSON

DATE RESPONSIBLE

Site

Option/Contract 3/11/2010 Kamilah McAfee/Erik Hoffman

Site Acquisition 11/5/2010 Kamilah McAfee

Zoning Approval N/A N/A

Site Plan Approval N/A N/AFinancing

A. Construction Loan

Loan Application 6/8/2010 Kamilah McAfee/Charles Wilson

Conditional Commitment 9/11/2010 Kamilah McAfee/Charles Wilson

Firm Commitment 10/16/2010 Kamilah McAfee/Charles Wilson

B. Permanent Loan - First Lien

Loan Application 6/8/2010 Kamilah McAfee/Charles Wilson

Conditional Commitment 9/11/2010 Kamilah McAfee/Charles Wilson

Firm Commitment 10/16/2010 Kamilah McAfee/Charles Wilson

C. Permanent Loan-Second Lien

Loan Application

Conditional Commitment

Firm Commitment

D. Other Loans & Grants

Type & Source, ListApplication

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 11/5/2010 Kamilah McAfee

Plans and Specifications, Working Drawings 6/1/2010 Kamilah McAfee/Michael Wiencek

Building Permit Issued by Local Government 11/2/2010 Kamilah McAfee

Start Construction 11/9/2010 Kamilah McAfee/Tom Wahl

Begin Lease-up 3/31/2011 Carol Rocabado

Complete Construction 1/1/2012 Kamilah McAfee/Tom Wahl

Complete Lease-Up 3/31/2012 Carol Rocabado

Credit Placed in Service Date 3/31/2012 Kamilah McAfee

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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: 12/01/10 )

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.

Most recent property tax assessment - Mandatory TAB 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 11/05/10

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 Units

Project Wide Capture Rate - Market Units

Project Wide Capture Rate - All Units

Project Wide Absorption Period (Months)

2.84%

0.89%

1.98%

5

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C. Site Description

1. Exact area of site in acres 6.775

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. 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

.

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 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: Arlington County Department of Human Services

3. Number of units receiving assistance: 17

Number of years in rental assistance contract: 5

Expiration date of contract: TBD

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 14 18 0 0

Air Conditioning Owner X Tenant 0 8 10 0 0

Cooking Owner X Tenant 0 15 17 0 0

Lighting Owner X Tenant 0 32 37 0 0

Hot Water X Owner Tenant 0 0 0 0 0

Water X Owner Tenant 0 0 0 0 0

Sewer X Owner Tenant 0 0 0 0 0

Trash X Owner Tenant 0 0 0 0 0

Total utility allowance for costs paid by tenant $0 $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:

v12.31.09 Page 14


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

Total Number of Total Monthly

Tax Credit Units Rental Income

0 $0

72 $77,760

46 $59,248

11 $16,280

0 $0

129

Plus Other Income Source (list): Laundry $975

Equals Total Monthly Income: $154,263

Twelve Months x12

Equals Annual Gross Potential Income $1,851,156

Less Vacancy Allowance ( 7.0% ) $129,581

Equals Annual Effective Gross Income (EGI) - Low Income Units $1,721,575

** 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

18 $25,200

12 $22,5003 $6,525

0 $0

Total Number of Market Units 33

Plus Other Income Source (list): Laundry $240

Equals Total Monthly Income: $54,465

4 Bedroom Units

1 Bedroom Units

2 Bedroom Units3 Bedroom Units

Efficiency Units

4 Bedroom Units

Unit Type

Unit Type

1 Bedroom Units

2 Bedroom Units

3 Bedroom Units

Total Number of Tax Credit Units

Efficiency Units

Twelve Months x12

Equals Annual Gross Potential Income $653,580

Less Vacancy Allowance ( 7.0% ) $45,751

Equals Annual Effective Gross Income (EGI) - Market Rate Units $607,829

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 90

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

58 14 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 72

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

46 11 0 0 0 0

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

0 0 0

Efficiency Units

Uni 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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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 -$ -$















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


1 BR - 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 - 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% 16 557.76 1,080$ 17,280$

1 BR - 60% 1 625.78 1,080$ 1,080$

1 BR - 60% 10 647.33 1,080$ 10,800$

1 BR - 60% 6 581.72 1,080$ 6,480$

1 BR - 60% 1 597.89 1,080$ 1,080$

1 BR - 60% 11 616.45 1,080$ 11,880$

1 BR - 60% 3 628.31 1,080$ 3,240$

1 BR - 60% 5 582.38 1,080$ 5,400$

1 BR - 60% 2 645.60 1,080$ 2,160$

1 BR - 60% 2 597.98 1,080$ 2,160$

1 BR - 60% 11 570.33 1,080$ 11,880$1 BR - 60% 1 562.25 1,080$ 1,080$

1 BR - 60% 1 578.15 1,080$ 1,080$

1 BR - 60% 1 517.88 1,080$ 1,080$

1 BR - 60% 1 565.50 1,080$ 1,080$

Total 1-BR Total Monthly 1-BR

Tax Credit Units: 72 42,673.80 Tax Credit Rent: 77,760$

1 BR - Market 4 557.76 1,400$ 5,600$

1 BR - Market 0 625.78 1,400$ -$

1 BR - Market 2 647.33 1,400$ 2,800$

1 BR - Market 2 581.72 1,400$ 2,800$

1 BR - Market 0 597.89 1,400$ -$

1 BR - Market 3 616.45 1,400$ 4,200$

1 BR - Market 1 628.31 1,400$ 1,400$

1 BR - Market 1 582.38 1,400$ 1,400$

1 BR - Market 1 645.60 1,400$ 1,400$

1 BR - Market 1 597.98 1,400$ 1,400$

1 BR - Market 3 570.33 1,400$ 4,200$

1 BR - Market 0 562.25 1,400$ -$

1 BR - Market 0 578.15 1,400$ -$

1 BR - Market 0 517.88 1,400$ -$

1 BR - Market 0 565.50 1,400$ -$

Total 1-BR

Market Units: 18 10,703.75 Total Monthly

1-BR Market Rent: 25,200$

Total 1-BR Units: 90 Total 1-BR Rent 102,960$

v12.31.09 Page 15


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2-Bedroom Units



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% 2 817.75 1,288$ 2,576$

2 BR - 60% 2 794.94 1,288$ 2,576$

2 BR - 60% 3 929.15 1,288$ 3,864$

2 BR - 60% 3 922.50 1,288$ 3,864$2 BR - 60% 14 809.81 1,288$ 18,032$

2 BR - 60% 6 884.08 1,288$ 7,728$

2 BR - 60% 6 832.99 1,288$ 7,728$

2 BR - 60% 2 821.15 1,288$ 2,576$

2 BR - 60% 2 1,180.84 1,288$ 2,576$

2 BR - 60% 2 792.30 1,288$ 2,576$

2 BR - 60% 2 1,137.36 1,288$ 2,576$

2 BR - 60% 2 777.94 1,288$ 2,576$

2 BR - 60% 0 0.00 -$ -$

2 BR - 60% 0 0.00 -$ -$

2 BR - 60% 0 0.00 -$ -$



2 BR - Market 1 817.75 1,875$ 1,875$

2 BR - Market 0 794.94 1,875$ -$

2 BR - Market 1 929.15 1,875$ 1,875$

2 BR - Market 1 922.50 1,875$ 1,875$

2 BR - Market 3 809.81 1,875$ 5,625$

2 BR - Market 2 884.08 1,875$ 3,750$

2 BR - Market 2 832.99 1,875$ 3,750$

2 BR - Market 1 821.15 1,875$ 1,875$

2 BR - Market 0 1,180.84 1,875$ -$

2 BR - Market 1 792.30 1,875$ 1,875$

2 BR - Market 0 1,137.36 1,875$ -$

2 BR - Market 0 777.94 1,875$ -$

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




3-Bedroom Units



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% 11 1,395.92 1,480$ 16,280$

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 - Market 3 1,395.92 2,175$ 6,525$

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 -$ -$

v12.31.09 Page 15


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3 BR - Market 0 0.00 -$ -$

3 BR - Market 0 0.00 -$ -$

3 BR - Market 0 0.00 -$ -$

3 BR - Market 0 0.00 -$ -$

3 BR - Market 0 0.00 -$ -$

3 BR - Market 0 0.00 -$ -$

3 BR - Market 0 0.00 -$ -$

3 BR - Market 0 0.00 -$ -$

3 BR - Market 0 0.00 -$ -$

Total 3-BR




4-Bedroom Units



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 -$ -$


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

v12.31.09 Page 15


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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 162 Net Rentable SF: TC Units 97,868.19

MKT Units 25,037.93

Total NR SF: 122,906.12

79.6284%Floor Space Fraction

v12.31.09 Page 15


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D. Operating Expenses

Administrative:

1. Advertising/Marketing $5,000

2. Office Salaries $55,000

3. Office Supplies $4,500

4. Office/Model Apartment (type______) $0

5. Management Fee $116,470

5.00% of EGI 718.9506173 Per Unit

6. Manager Salaries $59,000

7. Staff Unit (s) (type______) $08. Legal $2,000

9. Auditing $6,000

10. Bookkeeping/Accounting Fees $2,000

11. Telephone & Answering Service $1,100

12. Tax Credit Monitoring Fee $4,500

13. Miscellaneous Administrative $2,000

Total Administrative $257,570

Utilities

14. Fuel Oil $0

15. Electricity $13,169

16. Water $45,673

17. Gas $52,480

18. Sewer $45,673

Total Utility $156,995

Operating:

19. Janitor/Cleaning Payroll $35,000

20. Janitor/Cleaning Supplies $1,500

21. Janitor/Cleaning Contract $022. Exterminating $9,000

23. Trash Removal $18,000

24. Security Payroll/Contract $0

25. Grounds Payroll $0

26. Grounds Supplies $1,500

27. Grounds Contract $15,000

28. Maintenance/Repairs Payroll $95,000

29. Repairs/Material $12,500

30. Repairs Contract $4,000

31. Elevator Maintenance/Contract $0

32. Heating/Cooling Repairs & Maintenance $12,500

33. Pool Maintenance/Contract/Staff $0

34. Snow Removal $2,500

35. Decorating/Payroll/Contract $13,365

36. Decorating Supplie $500

37. Miscellaneous $2,500

Operating & Maintenance Totals $222,865

Taxes & Insurance

38. Real Estate Taxes $155,000

39. Payroll Taxes $22,500

40. Miscellaneous Taxes/Licenses/Permit $2,500

41. Property & Liability Insuranc $65,000

42. Fidelity Bond $3,500

43. Workman's Compensation $0

44. Health Insurance & Employee Benefit $22,500

45. Other Insurance $0

Total Taxes & Insurance $271,000

6544

Total Operating Expense $908,430

D1. Total Oper. Ex. Per Unit $5,608 D2. Total Oper. Ex. As % EGI (from E3) 39.00%

Replacement Reserves (Total # Units X $300 or $250 New Const. Elderly Minimum) $48,600

Total Expenses $957,030

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E. Cash Flow (First Year)

1. Annual EGI Low-Income Units from (C1) $1,721,575

2. Annual EGI Market Units (from C2) + $607,829

3. Total Effective Gross Income = $2,329,404

4. Total Expenses (from D) $957,030

5. Net Operating Income = $1,372,3746. Total Annual Debt Service (from Page 21 B2) - $300,398

7. Cash Flow Available for Distribution = $1,071,976

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 2,329,404 2,375,993 2,423,512 2,471,983 2,521,422

Less Oper. Expenses 957,030 985,741 1,015,313 1,045,773 1,077,146

Net Income 1,372,374 1,390,252 1,408,199 1,426,210 1,444,277

Less Debt Service 300,398 300,398 300,398 300,398 300,398

Cash Flow 1,071,976 1,089,854 1,107,801 1,125,812 1,143,879

Debt Coverage Ratio 4.57 4.63 4.69 4.75 4.81


Eff. Gross Income 2,571,851 2,623,288 2,675,754 2,729,269 2,783,854

Less Oper. Expenses 1,109,460 1,142,744 1,177,026 1,212,337 1,248,707

Net Income 1,462,391 1,480,544 1,498,727 1,516,932 1,535,147Less Debt Service 300,398 300,398 300,398 300,398 300,398

Cash Flow 1,161,993 1,180,146 1,198,329 1,216,534 1,234,749



Eff. Gross Income 2,839,531 2,896,322 2,954,248 3,013,333 3,073,600

Less Oper. Expenses 1,286,168 1,324,753 1,364,496 1,405,431 1,447,594

Net Income 1,553,363 1,571,568 1,589,752 1,607,902 1,626,006

Less Debt Service 300,398 300,398 300,398 300,398 300,398

Cash Flow 1,252,965 1,271,170 1,289,354 1,307,504 1,325,608


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

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

v12.31.09 Page 17


26/213


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 1,345,374 0 0 1,345,374

C. Geothermal System 0 0 0 0

D. Unit Structures (New) 1,466,505 0 0 1,466,505

E. Unit Structures (Rehab) 8,262,000 0 0 8,262,000

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.

F. Solar Electric System 0 0 0 0

G. Asbestos Removal 0 0 0 0

H. Demolition 0 0 0 0

I. Commercial Space Costs 0 0 0 0

J. Structured Parking Garage 0 0 0 0

K. Subtotal A: (Sum 1A..1J) 11,073,879 0 0 11,073,879

L. General Requirements 664,432 0 0 664,432

M. Builder's Overhead 221,478 0 0 221,478

( 2.0% Contract)N. Builder's Profit 664,433 0 0 664,433

( 6.0% Contract)

O. Bonding Fee 126,242 0 0 126,242

P. Other 30,385 0 0 30,385

Q. Contractor Cost

Subtotal (Sum 1K..1P) $12,780,849 $0 $0 $12,780,849

2. Owner Costs

A. Building Permit 30,000 0 0 30,000

B. Arch./Engin. Design Fee 831,000 0 0 831,000

( 5,130 /Unit)

C. Arch. Supervision Fee 60,000 0 0 60,000

( 370 /Unit)

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

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2. Owner Costs Continued

F. Construction Loan 250,000 0 0 0Origination Fee

G. Construction Interest 0 0 0 0

( for months)

H. Taxes During Construction 207,000 0 0 135,000

I. Insurance During Construction 70,000 0 0 45,830

J. Cost Certification Fee 35,000 0 0 25,000

K. Title and Recording 40,000 0 0 0

L. Legal Fees for Closing 100,000 0 0 20,000

M. Permanent Loan Fee 0 0 0 0

( 0.0% )

N. Other Permanent Loan Fees 10,000 0 0 0

O. Credit Enhancement 0 0 0 0

P. Mortgage Banker 0 0 0 0

Q. Environmental Study 10,000 0 0 10,000R. Structural/Mechanical Study 10,000 0 0 10,000

S. Appraisal Fee 10,000 0 0 10,000

T. Market Study 9,000 0 0 9,000

U. Operating Reserve 1,140,000 0 0 0

V. Tax Credit Fee 72,723 0 0 0

W. OTHER $2,014,585 $0 $0 $1,788,085

(SEE PAGE 19A)

X. Owner Cost

Subtotal (Sum 2A..2W) $4,899,308 $0 $0 $2,973,915

Subtotal 1 + 2 $17,680,157 $0 $0 $15,754,764

(Owner + Contractor Costs)

3. Developer's Fees 1,844,413 0 0 1,844,413

4. Owner's Acquisition Costs

Land 0

Existing Improvements 0 0

Subtotal 4: $0 $0

5. Total Development Costs

Subtotal 1+2+3+4: $19,524,569 $0 $0 $17,599,177

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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W. OTHER OWNER COSTS

Contingency Reserve 1,397,085 0 0 1,378,085(Rehab or Adaptive Reuse only)

LIST ADDITIONAL ITEMS

Survey 10,000 0 0 10,000

FFE 25,000 0 0 0

Start-up 7,500 0 0 0

Lease-up Reserve 150,000 0 0 0

Historic Preservation Consultant 80,000 0 0 80,000

Earthcraft Certification 40,000 0 0 40,000

Tenant Relocation 250,000 0 0 250,000

Syndicator Costs 25,000 0 0 0

Predevelopment Loan Interest 30,000 0 0 30,000

0 0 0

0 0 0 0

0 0 0 00 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

Subtotal (Other Owner Costs) $2,014,585 $0 $0 $1,788,085

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"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 19,524,569 0 0 17,599,177

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 3,250,761

7. Total Eligible Basis (5 minus 6 above) 0 0 14,348,416

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 14,348,416

9. Applicable Fraction 79.6284% 79.6284% 79.6284%

10. Total Qualified Basis (Same as Part IX-C) 0 0 11,425,415

(Eligible Basis x Applicable Fraction)

11. Applicable Percentage 3.35% 0.00% 9.00%

(For 2010 9% competitive credits, use the March 2010 applicable percentages for acq.)

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

12. Maximum Allowable Credit under IRC 42 $0 $0 $1,028,287

(Qualified Basis x Applicable Percentage)

(Same as Part IX-C and equal to or more than $1,028,287

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

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B. Sources of Funds

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

loans financed through grant sources:

Date of Date of Amount of

Source of Funds Application Commitment Funds Name of Contact Person

1. Private Debt 06/08/10 $2,450,000 TBD

2. AHIF - Soft Funds 03/31/10 $2,000,000 Ken Aughenbaugh

3.

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

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

Interest Amortization 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. Private Debt 06/08/10 $2,450,000 $205,569 7.50% 30 30

2. AHIF - Soft Funds 03/31/10 $2,000,000 $94,829 2.50% 30 30

3. $0 $0 0.00% 1000 0

4. $0 $0 0.00% 1000 0

5. $0 $0 0.00% 1000 0

. .

Totals: $4,450,000 $300,398


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 Credit

Amount of Federal historic credits $3,250,436 x Equity % $0.95 $3,087,914

Amount of Virginia historic credits $4,063,044 x Equity % $0.85 $3,453,588

6. Equity that Sponsor will Fund:

Cash Investment $0

Contributed Land/Building $0 Assessment Attached (TAB S)Deferred Developer Fee $0

Other: $0

Equity Total $0

7. Total of All Sources (B2 + B3 + B4 + B5 + B6) $10,991,502

(not including syndication proceeds except for historic tax credits)

8. Total Development Cost $19,524,569

(From VIII-A5)

9. Less Total Sources of Funds (From B7 above) $10,991,502

10. Equals equity gap to be funded with low-income tax credit

proceeds (must equal IX-D3) $8,533,067

C. Syndication Information (If Applicable)

1. Actual or Anticipated Name of Syndicator TBD

2. Contact Person Phone

3. Street Address

4. a. Total to be paid by anticipated users of credit (e.g., limited partners) $8,533,066

b. Equity Dollars Per Credit (e.g., $0.85 per dollar of credit) $0.83

c. Percent of ownership entity (e.g., 99% or 99.9%) 99.99%

d. Net credit amount anticipated by user of credits $1,028,080

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) $8,533,066

6. Amount of annual credit required for above amounts

(same amount as Part IX-D6) $1,028,183

7. Net Equity Factor [C5 / (C6 X 10)]

(same amount as Part IX-D4) Must be equal to or greater than 85% 82.99%

8. Syndication: Public or Private

9. Investors: Individual or Corporate

Weighted Average Credit Price Calculation

Exchange Component 40% $0.85 $0.34

Market Component 60% $0.81 $0.49

Weighted Average Credit Price: $0.83

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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: Private Debt $2,450,000

Other: AHIF $2,000,000

Other:

Grants Grants

CDBG $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 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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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 purchase

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.

or 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

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)

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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

17. 6 2 2103 N. 18th Street $0 0.00% 0 $0 0.00% 0

18. 3 1 2105 N. 18th Street $0 0.00% 0 $0 0.00% 0

19. 6 2 2107 N. 18th Street $0 0.00% 0 $0 0.00% 0

20. 3 1 2109 N. 18th Street $0 0.00% 0 $0 0.00% 0

21. 6 2 2113 N. 18th Street $0 0.00% 0 $0 0.00% 0

22. 6 2 2115 N. 18th Street $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

NUMBER

OF

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

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

$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





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

NUMBER

OF

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

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

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


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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

NUMBER

OF

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

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



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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

NUMBER

OF

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

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



v12.31.09


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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

NUMBER

OF

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

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



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D. Determination of Reservation Amount Needed

1. Total Development Costs (from VIII-A5, Column A page 20) $19,524,569

2. Less Total Sources of Funds (from VIII-B7 page 22) $10,991,502

3. Equals Equity Gap $8,533,067

4. Divided by Net Equity Factor (VIII-C7 page 22) 82.99%(Percent of 10-year credit expected to be raised as equity investment)

5. Equals Ten-Year Credit Amount Needed to Fund Gap $10,281,832

Divided by ten years 10

6. Equals Annual Tax Credit Required to Fund the Equity Gap $1,028,183

7. The Maximum Allowable Credit Amount $1,028,287

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 7,970 Combined 30% & 70% PV Credit

Credit per Bedroom 5,219 $1,028,183

Comprised of

$0 and $1,028,18330% 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

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