Woodrum Manor Westview - 2009 VA

8/8/2019 Woodrum Manor Westview - 2009 VA

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2009 Federal Low Income HousingTax Credit ProgramApplication For Reservation

Deadline for Submission9% Competitive CreditsApplications Must Be Received At VHDA No Later Than 5:00PM Richmond, VA Time On May 15, 2009

Tax Exempt BondsApplications should be received at VHDA at least one monthbefore the bonds are priced (if bonds issued by VHDA), or 75days before the bonds are issued (ifbonds are not issued byVHDA)

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Virginia Housing Development Authority601 South Belvidere StreetRichmond, Virginia 23220-6500


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Low Income Housing Tax Credit Application for ReservationPlease 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 mandatorv items must be included for the aoolication to beThe inclusion of other items may increase the number of points for which you are eligible under VHDAs pontsystem 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.

B Electronic Copy of the Microsoft Excel Based Application (MAI\DATOR[| Hard Copy of All Application Pages With Signature (MANDATORB Scanned Copy of the Tax Credit Application with all Attachments (excluding market study and plans & specs) (MANDATORIE $ZSO Application Fee (MANDATORTab A: Documentation of Development Location:n 4.1 Qualified Census Tract CertificationE A.2 Revitalization Area CertihcationE Location Map Surveyor's Certification of Proximity To Public TransportationI Tab B: Partnership or Operating Agreement, including chart of ownership structure with percentage of interests (MANDAIORB Tab C: Virginia State Corporation Commission Certitication (MANDATORY)E tab O: Principal's Previous Participation Certitication and Resum (MANDATORY)

I Tab E: Nonprotit Questionnaire (MANDATORY l'or points or pool)The following documents need not be submitted unless requested by VHDA:-Nonprofi t Articles of Incorporation-IRS Documentation of Nonprofit Status-Joint Venture Agreement (if applicable)-For-profit Consulting Agreement (if applicable)B Tab F: Architect's Certitication (MANDATORY)I Tab H: PHA / Section 8 Notification Letter! fab I: Local CEO Letter! Tab J: Homeownership PlanE tab IC Site Control Documentation (MANDATORY)E tab L: Plan of Development Certihcation LetterI Tab M: ZoningCertification LetterE tab N: Copies of 8609s To Certify Developer Experience@ Tab o: (Reserved)B Tab P: Plans and Specifications and Work Write-Up (MANDATORY)I Tab Q: Documentation of Rental AssistanceB Tab R: Documentation of Operating Budget@ Tab S: Documentation of Project BudgetB Tab T: Documentation of Financing Sources! Tab U: (Reserved)I Tab V: Nonprofit or LHA Purchase Option or Right of First Refusal@ Tab W: Original Attorney's Opinion (MANDAIORY)n tab x: (Reserved)El tab y: Marketing Plan for units meeting accessibility requirements of HUD section 504fab 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 ReservationI. General InformationAll code "Section" references are to, and the tem "IRC" shall be deerned to rnem,

the Intemal Revetrue Code of 198, as amended.

A. Development Name and Location:l. Name of Development2. Address of Development Woodrum ManorVestview601 & 502 Wenonah Ave.(Sheet)Pearisburg 24134(Ci (State)

Ifcomplete address is not available, provide longitude and latitude coordinates (x,y) fromlocation on site your surveyor deems appropriate.E 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 1 3, if applicable)The Circuit Court Clerk's office in which the deed to the property is or will be recorded:CitylCounty of Giles County (ie; Richmond City, Chesterfield County; see application manual)5. Does the site overlap one or morejurisdictional boundaries? lYes E NoIfyes, what other CitylCounty is the site located in besides the one mentioned above?6. Is the development located in a Metropolitan Statistical Area? @Yes E No7. Census Tract the development is located in: 510719904Is this a Qualified Census Tract: E yes E No (If yes, attach required form in TAB A)Is the development located in a Difficult Development Area? I N" IIsthedevelopmentlocatedinarevitalizationarea? E yes n No (fyes,attachrequiredforminTABA)Is the development an existing RD or HUD 58/236 development? n Yes E No (If yes, attach required form in TAB Q)Note: Ifthere is an identity ofinterest 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/orrehabilitation, or obtain a waiver of this requirement from VHDA prior to application submission to receive these points.a. Applicant agrees to waive all rights to any developer's fee orother fees associated with acquisition and/or rehab. E Yes E nlab. Applicant has obtained a waiver of this requirement from VHDAprior to the application submission deadline. D Yes E laI 1. Is the development located in a census tract with a povertyrate


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Low Income Housing Tax Credit Application For ReservationC. Reservation Requestl. Total annual credit amount request (Must be the same as Part IX-D8) $2!9,6q12. Credits requested from:

97o CreditsE Nonproht Set-Aside (Al1 nonprofit owned developments which meet testsdescribed in Part II-D hereofmay select this)! Local Housing Authorities ! Tidewater MSA Pooln Northern Virginia MSA Pool n Small MSA/Micropolitan Pooln Richmond MSA Pool n Rural Pooln Non-Competitive Pool (Preservation) E Non-Competitive Pool (Disability)

! TaxExemptBonds! new construction, orfl rehabilitation, orn acquisition and rehabilitation.Federal SubsidiesE The development will not receive federal subsidies.! This development will receive federal subsidies for:n all buildings or

n some buildings.D. Type(s) of Allocation/Allocation Year

1. Regular Allocationn Rtt of the buildings in the development are expected to be placedin service this year. For those buildings the owner will, this year, request anallocation of2008 credits for ! new construction, gg! rehabilitation, orn acquisition and rehabilitation.2. CarryforwardAllocation

El 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 theowner will have more than l0o/o basis in the development before the end of sixmonths following allocation of credits. For those buildings, the owner requestsa carryforward allocation of2009 credits pursuant to Section a2@)(l)(E) for:! new construction, orn rehabilitation, orEI acquisition and rehabilitation (even ifyou acquired a building this year and"placed it in service" for the purpose ofthe acquisition credit, you cannot receivethe 8609 form for it until the rehab 8609 is issued for that building once the rehabwork is "placed in service" in 2010 or 2011).3. Federal SubsidiesE tne development will not receive federal subsidies.! ttris development will receive federal subsidies for:! all buildings or! some buildings.

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Low-Income Housing Tax Credit Application For ReservationE. Acquisition Credit Information

: Ifno credits are being requested for existing buildings being acquired for the development,indicate and go on to Part F: ! No AcquisitionTen-Year Rule For Acquisition CreditsE Alt buildings satisff the 10-year look-back rule of IRC Section 42 (dX2XB), including the10% basis/$15,000.00 rehab costs ($10,000 fbr Tax Exempt Bonds) per unit requirement.n eU buildings qualifu for an exception to the lO-year rule under IRC Section 42(dX2XDX,Subsection (I) nSubsection (II) nSubsection (III) !Subsection (IV) !Subsection (V) !n A waiver of the lO-year rule for all buildings has been or will be requested from theDepartment of the Treasury pursuant to IRC Section 42(dX6XB)D Different circumstances for different buildings: Attach a separate sheet and explain for eachbuilding.

F. RehabilitationCreditlnformationNOTE: If no credits are being requested for rehabilitation expenditures, so indicate and goto Section II. n No RehabilitationMinimum Expenditure RequirementsE All buildings in the development satisff the rehab costs per unit requirement of IRCSection a2(eX3X(ii).

! All buildings in the development qualify for the IRC Section a2(e)(3)(B) exception to the10% basis requirement (4% credit only).n All buildings in the development qualiff for the IRC Section 42((5XBXii)(II) exception.! Different circumstances for different buildings. Attach a separate sheet andexplam tor each burldrng.

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Low-Income Housing Tax Credit Application For ReservationII. OWNERSHIPINFORMATION

NOTE: VHDA may allocate credits only to the tax-payng entity which owns the development at the time of the allocation. The term "Owne/' herein refers to that entty. Pleasesole discreton. IMPORTANT: The Owner name lsted on this page must match exactly the owner name listed on the Virginia State Corporaton Commisson

Must be an indivdual or legally formed entityA. Owner Information:Name Olde Towne Housing, LLCContact Person First: Wanda Middle: Last: MeadorAddress 601 Wenonah Ave. (Street)(city)

Federal I. D. No. (If not available, obtain prior to Allocation)Phone 540-921-28T5 fax t4Tryrr4487 Email address wmeador59()verizon.nettyp" orffiPartnership- E Other Limited Liability CorporationI Individual(s) n CorporationOwner's organizational documents (e.g. Partnership agreements) attached (Mandatory TAB B)Certitication fiom Virginia State Corporation Commission attached (Mandatory TAB C)Principal(s) involved (e.g. general parbxers, LLC members, controlling shareholders, etc.):EE

Phone Tvlre Ownership540-921-2815 General Parhrer o/o Ownership100.00%--TT'%--:oCI'%-

Names **

U.UU"/o

-:0'%--0r9-his should be 100% of the GP or managing member interest: 100.00%** separate partnershrps or corporatlons whrch may compnse those components.! Principals'Previous Participation Certitication attached (Mandatory TAB D), resum, & ownership structure chart.

B. Seller Information:NameAddress Contact Person Wanda MeadorPearisburg, vA 4t34 tsnoneIs there an identity of interest between the seller and owner/applicant?If yes, complete the following:Principal(s) involved (e.g. general partners, controlling shareholders, etc.)Names Phone Twe OwnershioPearisburg Community Development Corpott 5N4214 General Partrer

)+v-9 t- tJBYes nNoo/o Ownershipr.00%0.00%0.00%Wanda Meador 0.00%

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Low-Income Housing Tax Credit Application For Reservationc.1.

Development Team Information :Complete the following as applicable to your development team.Thomas Thorne-Thomsen Related Entity? n Yes E No

312-42r-8400 Fax: 312-42t-6t62Related Entity? n Yes E No. Mike Vicars

Tax Attomey:Firm Name:Address:Phone:

Tax Accountant:Firm Name:Address:Phone:Consultant:Firm Name:Address:Phone:

804-355-2808 Fax: 804-359-3897Related Entity? ! Yes ! NoRole:3.

4. Management Entity (Contact): Wanda MeadorFirm Name: Giles CounAddress:Phone:

Fax:Related Entity? El Yes n No

540-92t-4487Related Entity? n Yes E No. Contractor (Contact):Firm Name: Wi Jack Cecillam u.Address:

Phone:6. Architect:Firm Name:Address:Phone:

540-726-2436 ext. 3 Fax: s40-726-20s7Larry S. Martin Related Entity? ! Yes E No

Vc't 540-73t-4474 Fax: 540-639-2030Related Entity? nYesENo. Real Estate Attorney: James

8.s40-92r-r703 Fax: s40-921-2008

Related Entity? n Yes ! NoFirm Name:Address:Phone:

Mortgage Banker:FirmName:Address:Phone:Other (Contact):Firm Name:Address:

Phone:

9.Fax:Related Entity?Role: IYeslNo

2009

Fax:

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Low-Income Housing Tax Credit Application For ReservationD. Nonprofit Involvement:

For 9o/o Credits - Must be completed in order to compete in the nonprofit tax credit pool.Applicants - Must be completed for points for nonprofit involvement under the ranking system.Tax Credit Nonprofit Pool Applicants: To qualiff for the nonprofit pool, an organization described in IRC Section 501(c)(3) or 501 (cXa) and exempt from taxation under IRC Section 501 (a), whose purposes include the fostering oflow-income housing:l. Must "materially participate" in the development and operation ofthe project throughout the compliance period,2. Must o\rn all general partnership interests in the development .3. Must not be afliliated with or controlled by a for-profit organization.4. Must not have been formed for the principal purpose ofcompetition in the nonproft pool, and5 . Must not have any staff member, or member of the nonprofit's board of directors materially participate in the proposed project

as a for-profit entity.All Applicants: To qualify f'or points under the ranking system, the nonprofit's involvement need not necessarilysatisfy all ofthe requirements for participation in the nonprofit tax credit pool.l. Nonprofit Involvement (All Applicants)Ifthere is no nonprofit involvement in this development, please indicate by checking here:I and go on to part III2. MandatoryQuestionnairelf there is nonprofit involvement, you must complete the Non-Prolit Questionnaire

I Questionnaire attached (Mandatory TAB E)3. Typeofinvolvement! Nonprofit meets eligibility requirement for points only, not pool orI Nonprofit meets eligibility requirements for nonprofit pool and points.4. Identity of Nonprofit (All nonprofit applicants)The nonprot organization involved in this development is:! the owner! the Applicant (if different from Owner)n otherWanda Meador 601 Wenonah Ave(Contact Pe6on) (Stret Addres)Pearisburg VA 24134--(z-'ts40-921-2815 540-921-8477(Phone) (Fu)

5. Percentage ofNonprofit Ownership (All nonprofit applicants)Specifu the nonprofit entity's percentage ownership ofthe general partnership interest: 100.0%

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Low-Income Housing Tax Credit Application For ReservationTII. DEVELOPMENT INFORMATIONA. Structure and Units:1. Total number of all units in development 26'l'otal number of rental units in development -2- bedrooms 38Number of low-income rental units --bedrooms TrPercentage of rental units designated low-income -T00096,.

Z. 'l'he development's structural teatures are (check all that apply):n Row Housei'l'ownhouse n .Detached Smgle-tamtlyE Garden Apartments ! Detached Two-familyE Slab on Grade n BasementE Crawl space Age of Structo."' 5!!]@-n Elevator Number of stories: 2 8.33. Number of new units 0 bedrooms 0Number of adaptive reuse units

-ubedroomsNumber of rehb units

-26bedrooms .Tf

4,Tota1F1oorAreaForTheEntireDevelopment-@.,o*,5. Un-neated -t loor ,\rea (Breezeways, Balconies, Storage) 1,589.33 rsc. n.l6. Nonresidential Commercial Floor Area 4,904.48 rsq.n.r(Not eligible for funding)7. Total Usable Residential Heated Area8. Number of Buildings (containing rental units)

22,193.54 sn.o.t29. Commercial Area Intended Use: Rental space for co10. Project consists primarily of a building(s) which is (are)(CHOOSE ONLY ONE)

E Low-Rise (1-5 stories with any structural elements made of wood)! Mid-Rise (5-7 stories with no structural elements made of wood)n 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: community room for crafts & activities; laundry rooms; garden a.ea sedingExterior Finish: brickHeating/AC System: high-efficiency electric mini-splits--V/oodrum Manor/electric heat pumps--WeArchitectural Style: Woodrum Manor--Federal/Westview

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Low-Income Housing Tax Credit Application For ReservationC. Amenities:1. Speci$' the average size per unit type: Qncluding pro rata share of heated common area)Assisted Lvg 0.00 sF lBdrm Eld 0.00 SF 3-Bdrm Gar1-sty-Eff-Eld -.-T0'sr'l-Sty IBR-E1d .-l0"srl-sty2BR-Eld --T''sr'Erf-Eld TT''sr

2Bdrm Eld T--O,''sr 4-Bdrm GarEff-Gar Tl0-0'sr'2-BdrmTHl-Bdrm Gar T?Ssr' 3-Bdrm TH2-BdrmGar TSlSsr' 4-BdrmTH0.00 sFT.I.sr'TT'Sr

-.IfsrT'I'sr'

2. Total gross usable, heated square feet for the entire project less nonresidential commercial area:22,193.54 B Documentation attached ('I'AI l') Mandatory-(sq-fNOTE: 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 tbllowurg items which apply to the proposed proSect:E Documentation attached (TAB F Architect Certification) MandatoryFor any projecto upon completion of construction/rehabilitation:

0% a(l)Percentage of 2-bedroom units that have 1.5 bathrooms(Optional Point items)

a(2) Percentage of 3 or more bedroom units that have 2 bathroomsb. A community/meeting room with a minimum of 749 square feet is providedl00Vo c. Percentage of exterior walls covered by brick (excluding triangular gable ends, doors and windows)El d. All kitchen and laundry appliances meet the EPA's Energy Star qualified program requirementsE e. All windows meet the EPA's Energy Star qualified program requirementsE f. Every unit in the development is heated and air conditioned with either (i) heat pump units with both aSBER raturg of 14.0 or more and a HSPF rating of 8.2 or more and a variable speed atr handltng unit(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 ratngof 90Yo or moreE g. Water expense is sub-metered (the tenant will pay monthly or bi-monthlybill)E h. Each bathroom consists only of low-flow faucets (2.2 gpmmax.) and showerheads (2.5gpm max.)E i. Provide necessary infrastructure in all units for high speed cable, DSL or wireless internet sevice.tr j. All water heaters meet the EPA's Energy Star qualified program requirements.

0o/ou

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Low Income Housing Tax Credit Application For ReservationFor all projects exclusively serving elderly and/or handicapped tenants, upon completionof construction/rehabilitation: (Optional Point items)n a. All cooking ranges will have front controls b. All units will have an emergency call systemn c. All bathrooms will have an independent or supplemental heat sourcen d. All entrance doors have two eye viewerso one at 48" and the other at standard heightFor all rehabilitation and adaptive reuse projects, upon completion ofconstruction oror rehabilitation: (Optional Point items)! The structure is listed individually in the National Register of Historic Places or islocated in a registered historic district and certified by the Secretary of the Interior asbeing of historical significance to the district, and the rehabilitation will be completedin such a manner as to be eligible for historic rehabilitation tax creditsAccessibility

Check one or none ol the lollowlng pornt categorles, as approprtate:n For any non-elderly property in which the greater of 5 or l0%o 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 withspecial needs in accordance with a plan submitted as part of the Application. (lf special needs include mobility impairmentsthe units described above must include roll-in showers and roll under sinks and front controls for ranges).n For any non-elderly property in which the greater of 5 or 10% of the units (i) have rents within HUD's 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.E 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 certif,rcation.@ Yes - Earthcralt fl Yes - LEEDIf Yes to either, attach appropriate documentation at TAB FLEED Accredited Design Team MemberOne or more members of the design team is a LEED accredited professional.I Yes E No lt Yes, attach approprlate documentatlon at TA-B FUniversal Design - Units Meeting Universal Design Standardsa. The architect of record certifies that units will be constructed to meet VHDA's Universal Design standards.! Yes I No lt Yes, attach appropnate documentatlon at TAB Fb. Number of Rental Units constructed to meet VHDA's Universal Design standards:4 Units 15%VHDA Certified Property Management AgentOwner agrees to use a VHDA Certified Property Management Agent to manage the property.Eves nNo! Yes lNo ENla The market-rate units'amenities are substantially equivalent to those of thelow-income units. If no, explain differences:

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Low-Income Housing Tax Credit Application For ReservationIV. TENANT INFORMATIONA. Set-Aside Election: UNITS SELECTED BELOW IN BOTH COLT]MNS DETERMINEPOINTS FOR THE BONUS POINT CATEGORYNote: ln 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% orless of the area median income adjusted for family size (this is called the 40/60 test), all as described in Section 42 of the lRC. Rent-andincomq.restricted units are known as low-income units. lf you have more low-income units than required, you qualify for more credits. lf youserve lower incomes than required, you receive more points under the ranking system.

Units Provided lfer tlousehold'l'ype:ncomeUnits 7o of Units0 0.00% 40% AreaMedian-6T5% 50% AreaMedian-3T5% 60Yo AreaMedian."JUq' Non-LMIUnits-T(IffiU%

TotalSpecial Housing Needs/Leasing Preference:

l. 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:n Yesn Yes Elderly (age 55 or above)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: 0 Number of units 0% of total low-income units3. If the development has existing tenants, VHDA policy requires that the impact of economic and/or physicaldisplacement on those tenants be minimized, in which Owners agree fo 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:E Yes!NoE Locality has no such waiting list; If yes, provide the following information:Organization which holds such waiting list Pembroke VtqagrentJry.Contact person (Name and Title) Brett RaderPhone Number (s40) 92t-1392 B Required documentation attached (TAB H)

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

3 11.54% 40%o AreaMedian-876%

5o%6 AreaMedian-......T0U%' 60%o AreaMedian.T100%' Non-LMIUnits-T0Uft%'

Total

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Low-Income Housing Tax Credit Application For ReservationV. LOCALNEEDSANDSUPPORTA. Provide the name and the address of the chief executive officer (City Manager, Town Manager, orCounty Administrator) of the political jurisdiction in which the development will be located:Chief Executive Officer's Name Kenneth VittumChief Executive Officer's Title Town ManagerStreet Address l 12 Tazewell St.City Pearisburg Zip ffi

Name and title of local offlrcial you have discussed this project with who could answer questions for thelocal CEO: Rodney Wilson, Building Official, Town of PearisburgE Letter aonVHDA notification letter to CEO submitted prior to 5:00 PM 315109: (9% competitive credits only) E Yes n NoIf the property overlaps another jurisdiction please fill in the following:Chief Executive Officer's NameChief Executive Officer's TitleStreet AddressCity PhonezipName and title of local official you have discussed this project with ho could answer questions for thelocal CEO:! LetterfrorVHDA notification letter to CEO submitted prior to 5:00 PM 315/09: (9% competitive credits only) ! Yes ! No

B. Project ScheduleACTIVITY ACTUAL ORANTICIPATEDDATE

NAME OFPERSONRESPONSIBLESiteOption/Contract March 25.2009 anda MeadorSite Acquisition November I, 2009 y'anda MeadorZoning Approval v I2.2009 Wanda MeadorSite Plq Appqy4l Mav 12,2009 Wanda MeadorFinancingA. Construction Loan[-oan Application Auzust 15.2009 Wanda MeadorConditional Commitment November 30, 2009 Wanda MeadorFirm Commitrnent Ianuarv 3 l. 2010 Wanda MeadorB. Permanent Loan - First Lien[,oan Application Auzust 15.2009 Wanda MeadorConditional Comrnitment November 30. 2009 Wanda MeadorFirm Commitment fanuarv 31,2010 Wanda MeadorC. Permanent Loan-Second Lienl,oan Application September 30. 2009 Wanda MeadorConditional Commitment November 30.2009 Wanda MeadorFirm Commitment fanuarv 31.2010 Wanda MeadorD, Other Loans & Grants

Type & Sowce, ListApplication A.ueust 15. 2009 Wanda MeadoAward,/Commitment fanuarv 3 1. 2010 Wanda MeadorFormation of Owner Varch2.20O9 Wanda MeadorIRS Approval of Nonprofit Statxs December21.1994 Ann AngertClosing and Transfer of Property to Owner November 1, 2009 lVanda MeadorPlans and Speciications, \ilorking Drawings Vlav 14.2009 Wanda MeadorBuil Februarv 2010 Wanda MeadorStart Construction Februarv 2010 ily'anda MeadorBegin Lease-up l 2010 Wanda MeadorComplete Construction )ecernber 2010 Wanda MeadoComplete Lease-Up )ecember 2010 Wanda MeadorCredit Placed in Service Date Vlav 1.2010 Wanda Meador2009


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Low-Income Housing Tax Credit Application For Reservation

/I. SITE CONTROLSite control by the Owner identified herein is a mandatory precondition of review of this application.of it, in the form of either a deed, option, purchase contract, or lease for a term longer than the period of timeproperty will be subject to occupancy restrictions must be included herewith. (9% Competitive Credits - An optionmust extend beyond the application deadline by a minimum of four months.)

Site control by an entity other than the Owner, even if it is a closely related party, is not sufficient. Anticipatedtransfers to the Owner are not sufficient. The Owner, as identified in Subpart ll-A, must have site control atthis Application is submitted.i lf the Owner receives a reservation of credits, the property must be titled in the name of or leased by (pursuant to alease) the Owner before the allocation of credits is made this year

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

A. Type of Site Control by Owner:Applrcant controls srte by (select one and attach document - Mandatory'l'Alt K)n Deed - attached! Long-term Lease - attached (expiration date:El Option - attached (expiration date:n Purchase Contract - attached (expiration date:

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

t2/3t/rtIf more than one site for the development and more than one form of site control, please so indicate! and attach a separate sheet specifying each site, number ofexisting buildings on the site, ifany,type ofcontrol ofeach site, and applicable expiration date ofform ofsite control. A site control.document is required for each site.B. Timing of Acquisition by Owner:Select one:! Owner already controls site by either deed or long-term lease orEl Owner is to acquire property by deed (or lease for period no shorter than period propertywill be subject to occupancy restrictions) no later than lll0ll09 (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 ofexistingbuildings 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:6530%0.00%6s.30%

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Low-Income Housing Tax Credit Application For Reservtion

C. Site DescriptionI . Exact area of site in acres I .0902. Has locality approved a final site plan or plan of development?El Yes E o

El Required documentation form attched GAB L)3. Is site properly zoned for the proposed development?El Yes E NoEl Required documentation form attached (TAB M)4. Will the proposal seek to qualifr for points associated with proxim to public transportation?E Yes ENoE Required documentation form attached (TAB A)

D. Photographstnclude photographs of the srte and any exlstlng structure{s) m 'l'All 0. br rehablhtatlon proJects,provide interior pictures which document the necessity ofthe proposed work.

E. Plans and SpecificationsMinimum submission requirements for all properties (new construction, rehabilitation and adaptive reuse)l A location map with property clearly dened.2. Sketch plan of the site showing overall dimensions of main building(s), major site elernents(e.g., parking lots and location ofexisting utilities, and water, sewer, electric,gas in the streets adjacent to the site). Contour lines and elevations are not required.3. Sketch plans ofmain building(s) reflecting overall dimensions of:a. Typical floor plan(s) showing apartment types and placementb. Ground floor plan(s) showing common are{rs;c. Sketch floor plan(s) oftypical 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 documenttion for rehabilitation propertiesA unit-by-unit work write-up.p| Plans and specifications/unit-by-unit work writeup attached (TAB P) orEl Plans and specifications/unit-by-unit work writeup submitted separately

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Low-Income Housing Tax Credit Application For ReservationVII. OPERATING BUDGETA. Rental Assistance1. Do or will any low-income units receive rental assistance?lYes E No2. Ifyes, indicate type ofrental assistance:

I Section 8 New Construction Substantial Rehabilitation! Section 8 Moderate Rehabilitation! Section 8 Certificates! Section 8 Project Based Assistance RD 515 Rental AssistanceI Section 8 Vouchers! State Assistancen oth"t'

3. Number of units receiving assistance:Number ofyears in rental assistance contract:Expiration date of contract:n Contract or other agreement utffiB. Utilities1. Monthly Utility Allowance Calculations

2. Source of Utility Allowance Calculation (Attach Documentation TAB Q)! HUDn Utility Company (Estimate) Local PHAn Utility Company (Actual Survey) E Other: VHD{qqllng Choice Voucher Pro

0

2009

Utiliti6 T}?e of Utilityln'c Fl.d il Utilrli6Paid bv: Entq Allowmc6 by Bedroom Sizeo-bdr t-bd 2-bd 3-bdr I -tting ftric Omq fo1 21 21\r Conditionbg ftric Jmer f6el)ooking ltric ]own Immt 4,ighting ttic -)umo lmdl I 2liot Watq ttric )ms @ 1t Iilat Omq lx lTeml l5iewer )ms lmml 2l z',.frh Omq Ienmt

Total utility allow@ce fo costs Daid by t@@t $0 $97 $t22 $0 $0

Page 14


17/190

Low-Income Housing Tax Credit Application For ReservationC. Revenue1. Indicate the estimated monthly income for the Low-Income Units: **

E Documentation in Support ofOperating Budget attached (TAB R)List number of units by type: TOTAL UNITS

vUnit TyD Tax Credit Units Rental IncomeEfficiency UnitsI Bedroom Units2 Bedroom Units3 Bedroom Units4 Bedroom Unitsffi

0l4l200

-

$09s,266$5,205

$0$0

Plus Other Income Source (list):Equals Total Monthly Income:Twelve MonthsEquals Annual Gross Potential IncomeIss Vacancy Allowance

commercial rent $1,800912.271

( 7.0o/o )x12

s147,2s2$ 10,308s136.944quals Annual Effective Gross Income (EGI) - Low Income Units

** Beginning at Row 75 enter the appropriate dta for both !ry4!! and qqllg units in the yellow shaded cells.2. lndicate the estimated monthly income for the Mrket Rate Units: **

UnitTwe Total Number ofMarket Units Total MonthlyRental IncomeEfficiency Units1 Bedroom Unts2 Bedroom Units3 Bedroom Units4 Bedroom Units

00000

$0$0$0$0$0Total Number of Market Units

Plus Other Income Source (list):Equals Total Monthly Income:Twelve MonthsEquals Annual Gross Potential IncomeIss Vacancy Allowance

x12$0( 0.0% )Equals Annual Effective Gross Income (EGI) - Market Rte Units

ASSISIED LVG EFF-ELD I BD Rftl-ELD 2 BD RleLD EFF.GAR I BD RiGAR0 0 0 0 0 14

2 BD RI*GAR 3 BD Ril-GAR 4 BD RltGAR 2 BD Ri,l-H 3 BD Ri/TH 4 BD Ri,l-TH12 0 0 0 0 0

I STY-EFF.ELD I STY-I BR-ELI) I STY.2 BR-ELD0 0 0

Note: Please be sure to enter the number of units n thegpp4pg unit category. If not, you will find n error onList number of units by type: the scoresheel at 5, a & b,TAX CREDIT UNITS

ASSISTED LVG EFF-ELD I BD RIiI.ELD 2 BD Rlrl-ELD EFF.GAR ' BD RII&GAR0 0 0 0 0 142 BD RitrGAR 3 BD RM4AR 4 BD RIGN 2 BD RIIH 3 BD RiLTH l BD Riil-TH

12 0 0 0 0I STY.EFF-ELD I STY-I BR-ELD I STY-2 BR-ELO

0 0 0

Unit Type /Rent Taroetino

Effcloncy UnitsNet Rentable

Number Units Souare Feet Monthly RenlPer Unit TotalMonthlv RentErricency-4o% I o lt oo lll sEffciency-4o% f o ll oJo lls-l eErficiency-4o% I o ll o^oo llT-l s Page 15


18/190

000000000000

0.000.000.000.000.000.000.000.000.000.000.000.00

Effciency - 40%Efficiency - 4oo/oEfflciency - 40%Effciency - 40%Efficiency - 40%Effciency - 40%Effciency - 40%Efficiency - 40%Effcency - 40%Efficency - 40%Efficiency - 40%Effciency - 40%Efficiency - 50%Efficiency - 50%Efficiency - 50%Effciency - 50%Effciency - 50%Effciency - 50%Efficiency - 50%Efficiency - 50%Efflciency - 50%Effciency - 50%Efficiency - 50%Efficiency - 50%Efficiency - 50%Efficiency - 50%Effciency - 50%Efficiency - 60%Efficiency - 60%Effcency - 60%Efficency - 60%Effciency - 60%Efficiency - 60%Efficiency - 60%Efficiency - 60%Efficiency - 60%Efficiency - 60%Efficiency - 60%Efficiency - 60%Effciency - 60%Efflciency - 60%Efficiency - 60%Total EfficisncyTax Credt Unts:

Effciency - MarketEfficiency - MarketEfficincy - MarketEfficiency - MarketEfficiency - MarketEfficiency - MarketEffciency - MarketEfficiency - MarketEffciency - MarketEfficiency - MarketEfficiency - MarketEfficiency - MarketEfficency - MarketEfficency - MrketEfficiency - Market

Total EfficincyMarket Units:

Total Eff. Units:

$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$

0.00

l-Bedroom UntgNet Rentable

Number Units Souare Feet

Total MonthlyEff. Market Rent: $

-Total Eff. Rent $ -

-

$$$$s$s$$

s$s$

Total Monthly EffTil Credit Rent:

Monthly RentPer unt TotalMonthlv Rent

$$$$$$$$$$$$$$$

$$$$$$$$$$$$

000000000000000

0.000.000.000.000.000.000.000.000.000_000.000.000.000.000.00

$$$$$$$$s$$$$$$

000000000000000

0.000.000.000.000.000.000.000.000.000.000.000.000.000.000.00

$$$$$$s$$$$$s$s

000000000000000

0.000.000.000.000.000.000.000_000.000.000.000.000.000.000.00

2009 Rent Taroetino Page 15


19/190

1

000000000000

411.31416.71442.09

0.000.000.000.000.000.000.000.000.000.000.000.00

1 BR-40%1 BR-40%I BR-40%1 BR-40%1 BR - 40701 BR-40%1 BR-40%I BR-40%1 BR-40%I BR-40%I BR-40%1 BR-40%I BR-40%1 BR-40%1 BR-40%1 BR-50%1 BR-50%1 BR-s0%1 BR-50%I BR-50%1 BR-50%'t BR - 50%1 BR-50%1 BR-50%1 BR-50%I BR-s0%1 BR-50%1 BR-50%1 BR-50%1 BR-50%1 BR-60%1 BR-60%1 BR-60%1 BR-60%1 BR-60%1 BR-60%1 BR-60%I BR-60%1 BR-60%1 BR-60%1 BR-60%1 BR-60%I BR-60%1 BR-60%1 BR-60%Total 1-BRTil Crdit LJnts:

1 BR - Market1 BR - MarketI BR - Market1 BR - Market1 BR - Market1 BR - MarketI BR - Market1 BR - Market1 BR - MarketI BR - Market1 BR - MarketI BR - MarketI BR - MarketI BR - Market1 BR - Market

Total 1-BRMartet Unts:

0000

$$$$$$$$$$$$$$$

304304304

$$$$$$$$$$$$$$$

39539539539s395395395395395395404

$$$$$$$$$$$$$$$

5,2664 6,931.61Total Monthly l-BR

Tax Credt Rent:

Total Monthly1-BR Market Rent:

$$$$$$$$$$$$$$

0.00

$ 304$ 304$ 304$$$$$$$$$$

466.41470.02474.43491.79516.57522.32524.54524.76527.91528.526',14.23

0.000.000.000.00

$ 395$ 395$ 395$ 395$ 395$ 395$ 395$ 395$ 395$ 395$ 404$$$

000000000000000

0.000.000.000.000.00

$$$$$

000000000000000

0.000.000.000.000.000.000.000.000.000.000.000.000.000.000.00

$$$s$$$$$$$s$$$

2009 Page 15


20/190

I tot"t t-an unit": 14 Totat l-BR Rent $ s,zee I2-Bedroom Unts

Net RentableNumber Units Souare Feet

0.000.000.000.000.000.000.000.000.000.000.000.000.000.000.00

620.39630.88631.60642.27642.36668.01668.79707.91723.21744.86750.73890.82

0.000.000.00

8,321.83Total Monthly 2R

Tax Credit Rent: I 5,205

-

Monthly RentPer Unt

TotalMonthlv Rentent Taroetno

2BR- 40%2BR - 40o/o2BR - 40Vo2 BR - 4oo/o2 BR - 400/.2 BR - 40o/o2BR- 40%2 BR- 40o/ozBR- 40v.zBR - 40o/o2BR- 40%2BR - 4OYo2BR- 40%2 BR- 40Vo2BR-40%2BR-50%2BR-50%2BR-50%2BR-50%2 BR-50%2BR-50%2BR-50%2BR-50%2BR-50%2 BR - 500/.2BR-50%2BR-50%2 BR-s0%2BR-50%2BR-s0%2BR-60%2BR-60%2BR-60%2BR-60%28R-60%2BR-60%2BR-60%2BR-60%2BR-60%2BR-60%2BR-60%2BR-60%2BR-60%2BR-60%2BR-60%Total2R

T Crdt Unts:2 BR - Market2 BR - Market2 BR - Market2 BR - Market2 BR - Market2 BR - Market2 BR - Market2 BR - Market2 BR - Market2 BR - Market2 BR - Market2 BR - Market

$$$$$$$$$$$s$

$$$$$$$$$$$$$$

$$$$$$$$$$$$$$

430430430430430430430435435435435455

$$$$$$$$$$s

000000000000000

$$$$$$$$$$$$$

1111I1111111000

$ 430$ 430$ 430$ 40$ fi0$ 410$ 430$ 435$ 435$ 435$ 435$ 455$$$

000000000000000

0.000.000.000.00

$$$$

000000000000

0.000.000.000.000.000.000.000.000.000.000.000.00

$$$$s$$s$$$$2009 Page 15


21/190

2 BR - Market2 BR - Market2 BR - Market

Total 2-BRMarket Units:

Total 2R Unts:

Rent Taroetino3BR-40%3BR-40%3BR-40%3BR-40%3BR-40%3BR-40%3BR-40%3BR-40%3BR-40%3BR-40%3BR-40%3BR-40%3BR-40%3BR-40%3BR-40%3BR-50%3BR-50%3BR-50%3BR-50%3BR-50%3BR-s0%3BR-50%3BR-50%3BR-50%3BR-50%3BR-50%3BR-50%3BR-50%3BR-50%3BR-50%3BR-60%3BR-60%3BR-60%3 BR - 60703BR-60%3BR-60%3 BR - 600/"3BR-60%3BR-60%3BR-60%3BR-60%3BR-60%3BR-60%3BR-60%3BR-60%Total 3R

Tax Credit Unts:3 BR - Market3 BR - Market3 BR - Market

$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$

Total Monthly 3RTax Credt Rent: $ -

I o ll oro llT-l sI o ll oro liE -l sTotal Monthly

2-8R Market Rent:Total2SR Rent

3-Bedroom UnltsNet RentableNumberUnits Souare Feet

0.000.000.000.000.000.000_000.000.000.000.000.000.000.000.00

Monthly RentPer Unt

TotalMorthlv Rent

000000000000000

0.000.000.000.000.000.000.000.000.000.000.000.000.000.000.00

$$$$$$$$$$$

000000000000000

0_000.000.000.000.000.000.000.000.000.000.000_000.000.000.00

$$$$$$$$$$$$$$

000000000000000

$$$$$$s$$$$$$$$

2009t o -ll oro lls -l sI o ll ooo lis -l s Page 15


22/190

000000000000

0_000.000.000.000.000.000.000.000.000.000.000.00

3 BR - Market3 BR - Market3 BR - Mrkt3 BR - Market3 BR - Market3 BR - Market3 BR - Market3 BR - Market3 BR - Market3 BR - Market3 BR - Markt3 BR - MarketTotal 3RMarket Unts:

Total 3R Unts:

$$$$$$$$$$$$

Total Monthly3R Market Rent:

Total 3R Rent

Monthly RenlPer Unit

TotalMonthlv Rentent Taroetino

4BR-40%4BR-40%4BR- 40o/o4BR-40%4 BR - 40o/o4BR- 40%4BR- 40%4BR-40%4BR-40%4BR- 40%4BR-40%4BR- 40v,4BR-40%4BR - 40V"4BR- 40o/o4BR-50%4BR-50%4BR-50%4BR-50%4 BR - 500/.4BR-50%4BR-50%4BR-50%4BR-50%4BR-50%4BR-50%4BR-50%4BR-50%4BR-s0%4BR-50%4BR-60%4BR-60%4BR-60%4BR-60%4BR-60%4BR-60%4BR-60%4BR-60%4BR-60%4BR-60%4BR-60%4BR-60%4BR-60%4BR-60%

l-Bedroom UnitsNet Rentable

Number Unts Souare Feet0.000.000.000.000.000"000.000.000.000.000.000.000.000.000.00

$$$$$$$$$$$$$$$$$$$$$$$$G$Q$$$$$$$$$$$$

$$$$$$$$I$$$

000000000000000

$$$$ssss$s$$

000000000000000

0.000.000.000.000.000.000.000.000.000.000.000.000.000.000.00

$$$$$$$$$$$$$$

00000000000000

0.000.000.000.000.000.000.000.000.000.000.000.000.000.00

$$$$$s$$$$$$$$2009 Page 15


23/190

0.000.000.000.000.000.000.000.000.000.000.000.000.000.000.00

4BR-60%Total 4-8RTa Credt Unts:

4 BR - Market4 BR - Market4 BR - Market4 BR - Market4 BR - Market4 BR - Market4 BR - Market4 BR - Market4 BR - Market4 BR - Market4 BR - Market4 BR - Market4 BR - Market4 BR - Market4 BR - Market

Total /+-BRMarket Unts:

Totall-BR Units:Total Unts

I o ll mo l$ - I $Total Monthly 4-BR0.00 Tax Credit Rent: $ -:$$$$$$$$$$$$$

26 Net Rentable SF:

Total Monthly4-BR Market Rent:

Total 4-BR RntTC Units

MKT UnitsTotal NR SF:

$-:15,253.44

0.0015,253.44

-

000000000000000

$$$$$$$$$$$$$t$

2009 Page 15


24/190

Low-Income Housing Tax Credit Application For ReservationD. Operating Expenses

Administrtive:l. Advef ising/Marketing2. Office Salaries3. Office Supplies4. Offrce/Model Apartment (typ )5. Management Fee$1.500$1,00099,2276.74% of EGI6. Manager Salaries

7. Staff Unit (s) ($pe )8. tgal9. Auditing354.8846154 Per Unit s0

s0

10. Bookkeeping/Accounting Fees1 1. Telephone & Answering Seruice12. Tax Credit Monitoring Fee13. Miscellaneous AdministrativeTotal AdministrativeUtilities14. Fuel Oil15. Elecficity16. Water17. Gas18. Sewer Total UtilityOperating:I 9. Janitor/Cleaning Payroll20. Janitor/Cleaning Supplies21. Janitor/Cleaning Contrct22. Exterminating23. Trash Removal24. Security Payroll/Conract25. Grounds Payroll26. Grounds Supplies27. Grounds Conhact28. Maintenance/Repairs Payroll29. Repais{aterial30. Repain Contract31. Elevator Maintenance/Contract32. Heating/Cooling Repairs & Maintenance33. Pool Maintenance/Conhct/Staff34. Snow Removal35. Decorating/PayrolVContract36. Decorating Supplies37. Miscellaneous Operating & Mintenance Totls

Taxes & Insurance38. Real Estate Taxes39. Payroll Taxes40. Miscellaneous Taxes/Licenses/Permits41. Property & Liability Insurance42. FidelityBond43. Workman's Compensation14. Health lnsurance & Employee Benefits45. Other Insurance Total Taxes & InsuranceTotal Operating Expense

$ I,)UUs70,877$0

$3,200$0

$5,4UU$3,700

$J,5Utllz,uuOsz,uu

$1,000

$5.oclL$39,400s10.000

t5,0u0

$21.750s85,227

Dl. Total Oper. Ex. Per Unil 53,278 D2. Total Oper. Ex. As % EGI (from E3) 62.23%Replacement Roserves (Total # Units X $300 or $250 New Const. Elderly Minimum)Total Expenses

$7,800s93,027

2009 Page 16


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Low-Income Housing Tax Credit Application For ReservationE. Cash Flow (First Year)

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

Debt Coverage Ratio 1.25 1.26 t.27 t.28 t.29

Debt Coverage Ratio L30 1.30 1.31 1.31 r.32

Debt Coverage Ratio 1.32 1.32 I.32 1.31 1.31EstimatedAnnualPercentagelncreaseinRevenue 3.00% (Mustbe < 3o/o)Estimated Annual Percentage Increase in Expenses 4.00% (Must be > 4%)

2009

12J4567

Annual EGI Low-Income Units from (C1)Annual EGI Market Units (from C2)Total Effective Gross IncomeTotal Expenses (from D)Net Operating IncomeTotal Annual Debt Service (from Page 2I B2)Cash Flow Available for Distribution

+ $136,944$0$ I 36,944

$93,027943,9t7$3s, I 68$8,7s0

StabilizedYear 1 Year 2 Year 3 Year 4 Year 5Eff. Gross Income 136,944 141,053 145,284 t49.643 r54,132Less Oner. Expenses 93,027 96,748 100,618 104,643 108,929Net Income 43,917 44.30s 44,666 45,000 45.304Less Debt Service 35,168 35,168 35,168 35,1 68 35.168Cash Flow 8,750 9,137 9,499 9,833 10,136

Year 6 Year 7 Year I Year 9 Year 10Eff. Gross Income 158,756 163,519 168,424 173,477 178,681Less Oper. Expenses r13,l82 117,709 122,417 727,314 I32,406Net Income 45,574 45,810 46,007 46.163 46.275Less Debt Service 35,168 3 5,1 68 35,168 35,168 35,168Cash Flow 10,407 r0.642 r0.840 10,996 ll,l07

Year 1l Year 12 Year 13 Year 14 Year 15Eff. Gross Income 184,042 189,563 195,250 201,101 207,r4rLess Oper. Expenses 137,703 143,211 r48.939 154,897 161,093Net Income 46,339 46,352 46,311 46,211 46,048Less Debt Service 35,168 35.168 35,168 35,168 35,168Cash Flow II,I72 I 1,185 rl,l43 11,043 10,880

Page 17


26/190

Tax CreditVIII. PROJECT BT]DGET

2009

Cost/Basis/Maximum llowable CreditComplete cost column and basis column(s) as appropriate through Al2. Check if the followingdocumentation is attached at TAB S:n Executed Construction Contract! Executed Trade Payment Breakdownn AppraisalE Other Cost Documentation! Environmental Studies

Attorney must opine, among other things, as to correctness of the inclusion of each cost item intype of credit and numerical calculations of this Part Vlll.

Item (A) CostAmount ot Uost up to lUUTo lncludale lnElisible Basis--Use Aoolicable Column(s):

"30olo Present Value Credit" (D.)"70 o/o PresentValue Credit"(B) Acquisition (C) Rehab/New ConstructionContractor Cost

Off-Site ImprovementsSite Workother: g!ryUnit Structures (New)Unit Structures (Rehab)Accessory Building (s)Asbestos RemovalDemolitionCommercial Space CostsStructured Parking GarageSubtotal A: (Sum lA..lJ)General RequirementsBuilder's Overhead

( 7.0% Contract)Builder's Profit( 7.0% Contract)Bonding FeeOther:cont a"t-ost-Subtotal (Sum 1K..lP)

N.o.P.a.

0 0 0 040,8007t,057 00 00 10,00064,6620939,659 00 0855.090I 1,5000

0000

10,465

-,.42,500 0 0 27,300r3r,320 0 0

0 0 0 0r.236.836 0 0 967,5r70 0 0 0

86,578 0 0 78,78686,578 0 0 78,35112,690 0 0 11.794

081,422,682

0$0

0$0

0sl,136,447

Owner CostsA. Building PermitB. Arch.ngin. Design Fee( 3,846 /unit)C. Arch. Supervision Fee( 1,538 /Unit)D. Tap FeesE. Soil Borings

15,000 0 0 13,6s0100,00040,000

00

00

91,00036,400

0 0 0 00 0 0 0

Page 18


27/190

Low-Income llousing Tax Credit Application For Reservation

Item (A) Cost

Amount of Cost up to 100% Includable inElieible Basis-Use Aoolicable Columnls):"30olo Present Value Credit (D) "70 o/o PresentValue Credit"(B) Acquisition (C) Rehab/New Construction2. Owner Costs Continued

F. Construction LoanOrigination FeeG. Construction lnterest( 0.0% for 0 months)H. Taxes During ConstructionI. lnsurance During ConstructionJ. Cost Certification FeeK. Title and RecordingL. Legal Fees for ClosingM. Permanent Loan Fee( 0.0% )N. Other Permanent Loan FeesO. Credit EnhancementP. Mortgage BankerQ. Environmental StudyR. Structural/Mechanical StudyS. Appraisal FeeT. Market StudyU. Operating ReserveV. Tax Credit FeeW. OTHER(sEE PAGE r9A)X. Owner CostSubtotal (Sum 24..2W)Subtotal 1 + 2(Owner + Contractor Costs)

3. Developer's Fees4. C)wner's Acquisition CostsLandExisting ImprovementsSubtotal 4:5. Total Development CostsSubtotal I+2+3+4:

10,000 0 0 9,1 00I 30,000 0 0 I 18,300r2.000 0 0 10,92022,000 0 0 20,02000 00 6,82522,7500

000 9,1000

0 0 0 000 00 0000 00 3,64013,65000 00 3.1 854,00000 00 00s324,480 $0 $0 s277.220

s942,902 $0 s0 $639,760$2,36s,s84 $0 $0 $1,776,207

350,000 0 0 318,500

I13.400 642,600

s0 s2,094,707

642,600$756,000

$3.471,584

s642,600

$642,00

If this application seeks rehab credits only, in which there is no acquisition and no change in ownership, enter the greater ofappraised value or tax assessment value here: $0 Land(Attach documentation at Tab K)

-$0-Building

2009 Page 19


28/190


Item (A) Cost

Amount of Cost up to 100% lncludable rnElieible Basis--Use Aoplicable Column(s):"307n Present Value Credit" (D) "70 % PresentValue Credit"(B) Acquisition (C) Rehab/Ne\/ Constructionw. OTHEROWNERCOSTS

Contingency Reserve(Rehab or Adaptive Reuse only)LIST ADDITIONAL ITEMSEarthCraft inspectionsVHDA allocation feeffiffiffi@

Subtotal (Other Owner Costs)

200,000 0 0 182,000r2,000 0 0 10,92010,48015,000 00 0

-,.52,000 0 0 52,0005.000 0 0 s.00030.000 0 0 2'7,300

0 0 0 00 0 0 00 0 0 00 0 0 00 0 0 00 0 0 00 0 0 00 0 0 000 00 00

s324,480 $0 $0 8277,220

2009 Page l9A


29/190

Low-Income Ilousing Tax Credit Application For Reservation

Item

Amount ot Cost up to lUUT0 lncludable lnEligible Basis--Use Applicable Column(s):-(C)TEEE-pl

A) Cost (B) Acquisition NewConstruction "70o/o PresentValue Credit"5. Total Development Costs

Subtotal 7+2+3+4 3,471,584 642,600 0 2,094,7076. Reductions in Eligible Basrs

Subtract the following:Amount of federal grant(s) used to financequalifying development costsAmount of nonqualified, nonrecourse financingCosts of nonqualifoing units of higher quality(or excess portion thereof)

D. Historic Tax Credit (residential portion)7. Total Eligible Basis (5 minus 6 above)8. Adjustment(s) to Eligible Basis (For non-acquisition costs in eligible basis)(i) For Earthcraft or LEED Certification AND 60 Bonus Points(ii) For QCT or DDA (Eligible Basis x 30%)

Total Adjusted Eligible basisg. Applicable Fraction

10. Total Qualified Basis (Same as Part IX-C)(Eligible Basis x Applicable Fraction)11. Applicable Percentage

(For2009 9% competitive credits, use the May 2009 applicable pqcentages for acq.)(For 9% non-competitive & tax exenpt bonds, ure the rnost recently published mtes)12. Maximum Allowable Credit under IRC $42(Qualified Basis x Applicable Percentage)(Same as Part IX-C and equal to or more thancredit amount requested)

642,600 2,094,707

00 002,094,707

100.0000% 100.0000% 100.0000%642,600 2,094,707

3.28% 3.28o/o 9.00%

s2t ,077 $0 $ l 88,524$i209,601

Conbined 30% & 70% P. V. Cedit

A.

B.C.

2009 Page 20


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Low-Income Ilousing Tax Credit Application For Reservation

Source ofFunds Date ofApolication Date otCommitment Amount ofFunds Name ofContact PersonI. BB&T 09t30tjt 0r/3 t/l 0 $ 1.500.00(s(,. $(

B. Sources ofFundsl. Construction Financing: List individually the sources of construction financing, including any such

loans financed through grant sources:

B Commitments or letter(s) of intent attached (TAB T)Permanent Financing: List individually the sources of all permanent financing in order of lien position:

g Commitments or letter(s) of intent attached (TAB T)Grants: List all grants provided for the development:

Total Permanent Grants :

3.

Source of FundsDate ofAonlication Date ofCommitment Amount ofFunds Annual DebtService Cost

InterestRate oflan

AmortizationPeriod

IN YEARSTermof

Loan (years)I. VHDASPARC 08/1 5i09 0t/31/l( $55,00c $3,741 5.9501 35 3i2. VHDA mixed use/mixed 08/1 5/09 01/3t/t( $315,00i s21-42( 5.9501 35 353. DHCDHOME 09t30t09 0t/31/10 $500,00( s 10.00( 2.0001 r 000 3(

Town of Pearisbure lo 05/12/09 05n3/09 $755.69 $( 1.00% 10005. $( 0.0001 1000

$0 0.0001 1000Totals: sl,625,699 s35, l8

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

2009 Page 21


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Low-Income Housing Tax Credit Application For Reservation4.

6.

Portion of Syndication Proceeds Attributable to Historic Tax CreditAmount of Federal historic credits $0Amount of Virginia historic creditsEquity that Sponsor will Fund:Cash InvestmentContributed Land/BuildingDeferred Developer FeeOther:

x Equity %x Equity % $0.00$0.00

! AssessrnentAttached(TABS)Equity Total $178,075

-IEJIT3,471,s84sl,878,774

Virginia Community Development CorporationPhone 804-343-1200 ext. 133

$0$00

$0

-m-$rzsr-s'o'7.8.9.

10.

Total of All Sources (82 + B3 + B4 + B5 + B6)(not including syndication proceeds except for historic tax credits)Total Development Cost(From VIII-AS)Less Total Sources ofFunds (From 87 above)Equals equity gap to be funded with low-income tax creditproceeds (must equal IX-D3)Syndication Information (If Applicable)Actual or Anticipated Name of SyndicatorContact Person Mia WhybrowStreet Address 1840 West Broad Street, Suite 200

$ l,592,810c.1.2.J. City Richmond State VA Zip 232204. a. Total to be paid by anticipated users of credit (e.g., limited partners)b. Equity Dollars Per Credit (e.g., $0.85 per dollar of credit)c. Percent of ownership entity (e.g., 99% or 99.9%)d. Net credit amount anticipated by user of creditse. Syndication costs not included in VIII-A5 (e.g., advisory fees)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)6. Amount of annual credit required for above amounts(same amount as Part IX-D6)7. Net Equity Factor [C5 / (C6 X 10)](same amount as Part IX-D4) Must be equal to or greater than 85Yo

$ I,592,808

-m.76--rc-$2oe-J8o--$-

$ 1,592,808

$209,0175.99%

8. Syndication:9. Investors: n Public orn Individual or E PrivateQ CorporateI Syndication commitment or letter of intent attached (TAB LD

2009 Page22


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Low-fncome Housing Tax Credit Application For ReservationD. Recap ofFederal, 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 Govemment Funds?If yes, then check the type and list the amount of money involved.Below-Market Loansn f*ExemptBondsn RD5ls! Section 221(d)(3)! Section3l2! Section 236E vsoe sPARc/REACHEl HoME FundsE Othe.: VHDA mixed use! othe.:Grantsn coscn unac

$55,000$500,000$315,000$0

IYes nNoMarket-Rate LoansI TaxableBonds! Section220! Section 221(d)(3)Section 221(d)(4)Section 236Section 223(f)Other:

$o0 $00

$0$0nn$0

Grants! State $0$00 ! LocalI Other: TCAP $75,000This means grants to the partnership. If you received a loan financed by a locality which received one of thelisted grants, please list it in the appropriate loan column as "other" and describe the applicable grant programwhich tunded it.2. Subsidized funding: list all sources of funding for points. Documentation Attached (TAB T)

Does any ofyour financing have any credit enhancement?Ifyes, list which financing and describe the credit enhancement: ! Yes No

Source ofFunds Commitrnent datt FundsTown of Pearisbrre 0s/13/09 $7s5,69

$(3 s(

$(5 $(

Other Subsidies! Section 8 Rent Supplement or Rental Assistance Paymentn Tax Abatementtr other! Documentation Attached (TAB Q)

5. Is HUD approval for transfer ofphysical asset required?!Yes E NoE. For Transactions Using Tax-Exempt Bonds Seeking 47o Credits:

For purposes ofthe 50% Test, and based only on the data entered to thisapplication, the portion ofthe aggregate basis ofbuildings and land financed withtax-exemptfundsis: |Wffi|

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Low-fncome Housing Tax Credit Application For Reservation

IX. ADDITIONALINFORMATIONA. Extended Use Restriction

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.

This development will be subject to the standard extended use agreement which permits earlytermination (after the mandatory lS-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 fbr 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 l5-year compliance period for a total of 50 years. Do not select if IX.B is checked below.

1.

Nonprofit/Local Housing Authority Purchase Option/Right of First RefusalE After the mandatory l5-year compliance period, a qualified nonprofit as identified in theattached nonprofit questionnaire, or local housing authority will have the option to purchaseor the right of first refusal to acquire the development for a price not to exceed the outstandingdebt and exit taxes. Such debt must be limited to the original mortgage(s) unless any refinancingis approved by the nonprof,tt. Do not select if extended compliance is selected in IX.A above.E Option or Right of First Refusal in Recordable Form Attached (TAB Enter name of qualified nonprofit: Pearisburg Community Development Corporation

2. n 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). Building-by-Building Information (Complete page 25 as appropriate)

E!!

B.

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Low-Income --rusing Tax Credit Application For Reservationc. BuiHing-by-Buildinglnfornetbr @Qualified basis must be determined on a building-by building basis. Complete the section below. Building street addresses are required by the IRS (must have them by the time ofallocation request).

Qualified Bis Totals (nust agr with VIl-Alo)Credil Amout Totals (must agree with Vlll-A-12)

Building #

6

0I2

NUMBERNF

StrectAddress

3 Prst VlCredil for Acouisiti 30olo Pffit VslCredit for CotrstMor 70% Prffit Vdw CrcditTAX]REDTLTNITS

I,IA,RKE-IRATEUNITS Esimte

QualiedBis

Actual orAnticipuedln-SeryeDst Applicable Credit

EstimteQualifiedBsis

Actul orAnticipsredln-Service

DateCedit EstimateQusliedBrsis

Actuel orAnticipatedlr-Servi

DateApplible CrqlitAmwt

1 iol Wmonah Avei02 Wenonah Ave

$420,161s222,439

$0$0s0$0s0$0$0$0$0$0$0s0$0n

0,6/0t/l(0J/0r/lt 3.28613.280/,0.000r0.00010.00or0.0070.0090.0090.0090.00010.00010.00or0.00010.00010.000rO OOor

13,781't,296

$($($($($($($($($($($($($($($($(

0,000/00.00%0,000/00.00%0.000,60.0000.00olo0.000/00.00o/o0.00%0.00%0.00o/o0.00%0.00%0.00% olto/.

0000000000000000

$1,369,616$72s,091

$0$0$0$0$0$0$0s0$0s0$0$0$010

0/01n005/0rn0

9.000/a9.00o/a0.0000.00%0.00020.00010.00010,0000.00020.00%0.00%0.000t0.000/60.00l0.0001

t23,265.25

s642 6[X $( $2.094.707$21.077 s0 $t88.524

20 Page 25


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Buidirg-by-BuiHg lBfroetionQualified basis must be determined on a building-by building basis.allocaior request).Complete the section below. Building street addresses are required by the IRS (must have them by the time of

Building #

l1l8l920l

tol0il.,2.

NUMBEROF

StreetAddress

304/0 Presmr VlECredit for Acousition 30lo Presor VslBCredit for Construction 70% Present Vlue CredilTAXCREDII,NITS

MARKEP.ATETJNITS EstirEte

QuliedBsis

Actual orAnticipatedln-StrviceDste

Applicablc Credir EstimteQualiedBsis

Actual orAnticiptedln-Service

DateApplicable CreditAmunt

EstiruteQualified

Bis

Actual orArticipstedln-Service

D4teApplicablePercente CreditAmut$0

$0$0$0$0$0s0$0$0s0$0$0$0$0$0$0

0.00or0.0070.00or0.00or0.000r0.0070.0070.00010.0070.00?0.0070.0070.00010.000r0.0001n oot

$($($($($($($($($($($($($($($($(

0.00%0.00%0.00%0.0/o0.00%0.00%o.o/oo.of/o0.00%0.00%0.000/00.00/o0.000/o0.000/00.00% m

0000000000000000

$0$0$0$0$0$0$0$0$0$0$0$0$0s0$0$0

0.0090-00or0.00or0.0090.00/,0.00or0.0090.00or0.000r0.0090.00v,0.00010.0090.0090.000ro nnors( $( $0

$0 s0 sQuilied Bis Totals (must agree wirh VIt-Al0)Credit Amount Totals (mst agree wirh Vlll-A-I2)

2009 Page25 (2\


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Building-by-Buildirg InfornatbrQualifred basis must be determied on a building-by building basis.allocation request).@Complete the section below. BuiHing street addresses are required by the IRS (must have them by the time of

Building #

4t.42.43.44.45..47.48.

Qualilicd (rut agr with Vll-Alo)Credit Amout Tota.ls (mst agree wirh VUI-A-I2)

l3t5.6.t'l.18.19.t0.

t2.

t5.

NUMBEROF

StreetAddress

30% Pr6qt VCredit for Acouisition 3070 Pr6at VslucCredil for Constructin 70% Pcmt Value CreditTAX]REDIUNITS

MARKE']RATETNITS Esimte

QuliedBe(is

Actua orAnticipatedn-Service

DatcAppliobl Cedit EstimateQuliedBis

Actul orArticipatedIn-Service Applicable CreditAmout

EstimleQuatified

Actul orAnticipatdIn-Service

DateCredit

s($($($($($($c$($0$0$0$0$0$0$0$0

0.00%0.0v/.0.00%0.000/00.000/.0.000/.0.000/00.00%0.000/00.00%0.00%0.00%0.00o/o0.00%0.00%0.000/

(((((((((t(I

t

$0$0$0$0$0$0$0$0$0g0$0$0$0$0$0sn

0.00/o0.000/60.000/0o.oyoo.000/,0.00%0.00o/o0.00%0.000/o0.00%0.007o0.00%0.000/00.00700.00%0 000/"

0000000000000000

$0$0s0$0s0$0$0$0$0s0s0$0$0$0$0TA

0.00%0.000/.0.00o/0.000/"0.00olo0.00%0.w%0.000/o0.00%0.00%0.v/o0.000/00.000/00.00%0.oa/t0.000/o

$( s( $0

Bis Totals $0 $0 3

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Low-fncome Housing Tax Credit Application tr'or ReservationD. Determination of Reservation Amount Needed

following calculation of the amount of credits needed is substantially the same as the calculation which will be madeto determine, as required by the lRC, the amount of credits which may be allocated for the development. Howeverat all times retains the right to substitute such information and assumptions as are determined by VHDA to bethe information and assumptions provided herein as to costs (including development fees, profits, etc.), sources for fundingequity, etc. Accordingly, if the development is selected by VHDA for a reservation of credits, the amount ofmay differ significantly from the amount you compute below.

l. Total Development Costs (from VIII-AS, Column A page 20)2. Less Total Sources ofFunds (from VIII-B7 page22)3. Equals Equity Gap4. Divided by Net Equity Factor (VIII-C7 page22)5.

(Percent of lO-year credit expected to be raised as equity investment)Equals Ten-Year Credit Amount Needed to Fund GapDivided by ten yearsEquals Annual Tax Credit Required to Fund the Equity GapThe Maximum Allowable redit Amount(from VIII-AI 2-combined figure)(This amount must be equal to or more than 6 above)Reservation Amount (Lesser of6 or 7 above)Credit per UnitCredit per Bedroom 8,0625,516

E. Attorney's OpinionE Attached in Mandatory TAB W)

6.

7.

$3,471,584sl,878,774$1,592,8 1 o

75.99%

$2,09,01310

$209,601

$209,601

30%PV Crdit

2009

If you incur the error message that your reservation amount is notthe equity gap amount you may use the goal seek function within theto eliminate the error message. To use the'Goal Seek" functione the curser box on cell V28. Using the mouse arrow, point and clickools" on the top line and then click on the "Goal Seek" option. A boxwith the V28 cell shown in the top space, place the cursor in the miand type in the new amornt that you want the equity gap to be whichthe reservation amount below, then place the cursor in the bottom space andbottom of the page click on page 22. Then place the cursor on cell NlDeveloper Fee) and click on "OK". A message should then appearsolution has been found and if the amount is correct click'OK". If thenow equal the error message will disappear.

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Low-Income Housng Tax Credit Application tr'or Reservationf'. Statement of OwnerIhe undersigned hereby acknowledges the following:l. that, to the best of its knowledge and belief, all factual information provided herein or in connectionherewith is true and correct, and all estimates are reasonable.

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 ofthis reservation request andthe issuance or nonissuance of an allocation of credits, glants and/or loan funds in connection herewith.that points will be assigned only for representations made herein for which satisfactory documentation issubmitted herewith and that no revised representations may be made in connection with this applicationonce the deadline for applications has passed.that this application form, provided by VHDA to applicants for tax credits, including all sections hereinrelative to basis, credit calculations, and determination of the amount of the credit necessary to make thedevelopment financially feasible, is provided only for the convenience of VHDA in reviewing reservationrequests; that completion hereof in no way guarantees eligibility for the credits or ensures that the amountof credits applied for has been computed in accordance with IRC requirements; and that any notationsherein describing IRC requirements are offered only as general guides and not as legal authority.that the undersigned is responsible for ensuring that the proposed development will be comprised ofqualified low-income buildings and that it will in all respects satisfy all applicable requirements of federaltax law and any other requirements imposed upon it by VHDA prior to allocation, should one be issued.that, for the purposes of reviewing this application, VHDA is entitled to rely upon representations of theundersigned as to the inclusion of costs in eligible basis and as to all of the figures and calculations relativeto the determination of qualified basis for the development as a whole and/or each building thereinindividually as well as the amounts and types of credit applicable thereof, but that the issuance of areservation based on such representation in no way waffants their correctness or compliance with IRCrequirements.that VHDA may request or require changes in the information submitted herewith, may substitute its ownfigures which it deems reasonable for any or all figures provided herein by the undersigned and may reservecredits, if any, in an amount significantly different from the amount requested.that reservations of credits are not transferable without prior written approval by VHDA at its solediscretion.

2.

J.

4.

5.

6.

7.

8.

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9. that the requirements for applying for the credits and the terms of any reservation or allocation thereof aresubject to change at any time by federal or state law, federal, state or VHDA regulations, or other bindingauthority.10. that reservations may be made subject to certain conditions to be satisfied prior to allocation and shall inall cases be contingent upon the receipt of a nonrefundable application fee of S500 and a nonrefundablereservation fee equal to 7%o ofthe annual credit amount reserved.11. that a true, oxact, and complete copy of this application, including all the supporting documentation

enclosed herewith, has been provided to the tax attomey who has provided the required attorney's opinionaccompanying this submission, and12. that the applicant has provided a complete list of all residential real estate developments in which the

general partner(s) has (have) or had a controlling ownership interest and, in the case of those projectsallocated credits under Section 42 of the IRC, complete information on the status of compliance withSection 42 and, an explanation of arry noncompliance. The applicant hereby authorizes the HousingCredit Agencies of states in which these projects are located to share compliance information with theAuthority.13. that the information in thisapplication may be disseminated to othersforpurposesof verification orother purposes consistent with the Virginia Freedom of Information Act. However, all informationwill bemaintained, used or disseminated in accordance with the Government Data Collection andDissemination Practices Act. The applicant may refuse to supply the information requested, however,such refusal will result in VHDA'sinability to processthe application. The original or copy of thisapplication may be retained by VHDA, even if tax credits are not allocated to the applicant.

In Witness Whereof, the undersigned, being authorized, has caused this document to be executed in itsname on this 14th day of May ,2009.

Legal Owner: Olde Towne Housing, LLCBy: (- Community(Title)

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worksheet is intended to provide you with an estimate of your application score based on the selection criteria described in. Most of the data used in the scoring process is automatically entered below as you fill in the application. Other it(ted below in the green shaded cells, are items that are typically evaluated by VHDA's staff during the applicaton reviewrasibility analysis. For purposes of self scoring, it will be necessary for you to make certan decisions and assumptions aboutpplication and enter lhe appropriate responses in the green shaded cells of this score sheet. All but two require yes/no resporwhich case enter Y or N as appropriate. ltem 2b pertaining lo lhe Local CEO Letterwill require one of the following responses:the letter indicates unconditional support; N - the letter indicates opposition to the project; NC - no comment from the locality,ry other response which is neither unconditional support nor opposition. ltem 5e1 requires a numeric value to be entered. Pleathat the score is only an estimate based on the selection crteria using the reservation application data andyou've entered on this score sheet. VHDA reserves the right to change application data and/or score sheetappropriate, which may change the final score.

MANDATORY ITEMS:a. Signed, completed applicatonb. Duplicate copy of applicationc. Partnershipagreementd. SCC Certificatione. Previous participation formf. Site control documentg. Architect's Certificationh. Attorney's opinioni. Nonproft questionnaire (if NP)1. READINESS:a. Plan of developmentb. Zoning approval Total:2, HOUSING NEEDS CHARACTERISTICS:a. VHDA notification letter to CEOb. Local CEO letterc. Location in a revitalization aread. Location in a Qualified Census Tracte. Sec I or PHA waiting list preferencef. Subsidized funding commitmentsg. Existing RD, HUD Section I or 236 programh. Tax abatement or new project based rental subsidy (HUD or RD)i. Census tract with


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orororor

BONUS POINTS:a. Units with rents at or below 40% of AMIb. Units with rent and income at or below 50% of AMIc. Units with rents at or below 50% rented to tenants at or below 60% of AMId. Units in Low lncome Jurisdictions with rents


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TYPE OF PROJECTLOCATIONTYPE OF CONSTRUCTIONFAMILY = 11000; ELDERLY = 12000BELT=100; NVM=It0; NVNM=200; RIC=300; TID=400; SMA=500; sMA.C=sl0; RUR=600N C=l; ADPT=2;REHAB(25,000+)=3; REHAB(15,000-25,000)=4 5003

a ERROR message ppers he che{)llirg of Clerk's Office cn pg 1, ll muslatch exactly wlh the Jursdcton no(ELDERLY

\VG UNIT SIZE,UrlBER OF UNITS'ARAMETER-(cOSTS=>25,000)'ARAMETER-(COSTS


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TAB A(Documentatlon of Development Location)


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TAB A. 1(QuIified Censu$ Tracf Certifcation)


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TAB A.2(Rerltntlzation Area Certification)


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Town of Pearisburgll2Tazewell StreetPearisburg, Virginia 24134

REVITALIZATION AREA CERTI FICATIONMoy 1 ,2OO9Jim ChqndlerVirginio Housing Developmenl Aulhorly601 South Belvidere StreelRchmond, Virginio 23220

VHDA Trocking Number:Development Nome:Developmont Jurisdicton:Nome of Owner/Applicant:2009-z-146Woodrum MonorlWestviewTown of Pegrisburg _

Baara M. StaffordMayorCouncil:aniel H, RobetsonRobert [. Dickerson, Jt.Rebecca H. MosesJimmieR.WilliamsGeorge G. PsathasCharles R. ViaKenneth F. VittumTown [email protected] C. Tawney.Town EngineelPubllcWorks DirectoJackie C. MatinChief of Pollceludy HarrellTown ClelkW. R, JohnstonRecreation Dirgct,otSandra RobertsonLibaianRodney F, WilsonBuildinCAlficlal

Telephone:(s40) 921-0340FAX:(540) 921-0086Webslte:www.pearisburg.or

Deor Mr. Chqndler:I certify thot lhe qbove-referenced development is locoted in qRevitolizqtion Areq in my jurisdiclion. A "revitqlizotion oreq" is ony oreothoi is (i) eilher {l) btighted, deterioroted, deterioroting or, if nolrehobililoled, likety to deteriorote by reoson thqt the buildings,improvements or other foclilies in such oreo ore subjec'l to one or more ofthe following condtions- dilopidoiion, obsolescence, overcrowding,inodequote Ventilqtion, tighl or sqnitotion, excessive lond covercge.deleterious lond use, or foulty olherwise inodequote design, quolity orcondition, or {21 the industriol, commerciql or other economicdevelopmeni of such oreo will benefit the city or counly but such oreolocks lhe housing needed fo induce monufccluring, industriol,commerciql, governmenfol, educgtionol, enterfoinment, communitydevelopment, heolthcore or nonprofit enferprises or underlokings tolocote or remoin in such qreo; ond (ii) privole enterprse ond investmenlore not reosonobly expecled. without ossistonce, to produce theconstructon or rehobilitotion of decent, sofe ond soniqry housing ondsupporling facilities thot will meet ihe needs of low ond moderote incomepersons ond fomilies in such qreo ond will induce olher persons ondfomilies lo live wlhin such qreo ond thereby creoTe o desirqble economicmix of resdents in such oreo,


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I understond lhot this Certificoiion will be used by the Virginio HousingDevelopment Authority lo delermine whether the development quolfiesfor ponls qvqiloble under VHDA's Quqlified Allocotion PIon.Sincere,Y:>^nneih F, Viitnneih F, ViitumTown Monogar


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Location Map


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SBA HUBZoneLocator Page 1 of2

I Mapttrdefor tlnWebHUBZone 3.60.00 'Programu.s.Map w Hetp Text-OnlyVersion

Below the map you may find a listing of those non-metropolitan counties on the map that are qualified in their entirety asHUBZones, based on level of median household income, or level of unemployment. You may also find a listing of qualifiedcensus tracts, former military bases, and Indian Country areas.

tUO'dled Iqfrlgd lhd.ncorrfry E mcfqns fury 8 I mkf Dnlqrnf ArsPovrred by tlrprudo for tlrs Wob-by Ct$pcrVirginia

* Median Household Income from the 2000 Census** Statewide average of Median Household Income for non-metropolitan counties is determine.d through weightedpopulations from 2000 data provided by the Bureau of the Census'r.'*i u1o of county unemplyment rat to either state unemployment rate or US average unemployment rate, whichever islowerll-

Now click on the map to zoom in

User can also definedisplay area by employingthe dragging function ofthe mouse/cursor.Dragging can be used torecenter the map.

HUBZoneStatusQ zoorn lnI Zoom Out

The following counties, as of May 29,2003, are HUBZone qualified at least until June lr20ll. HIJBZoneCounty based onCounty CountyIncome* StateIncome** IncomeRatio 2002 CountyUnemn. 2002 StateUnemp. Unemp.Rtio Income Unemp.iles VA s34,927.0C s32,554.32 107.30t 5.701 4.lo/t 139.901 No No

httpllmap.sba.gov/hubzonelluqry.asp?scope:-80733238%7C37329697%7C2.8%7C2.8&'.,. 312512009


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enter an ADDRESS, TOWN or COUNTY to SearchAddress (lnclude either Citl & State or ZIP Code - omitaddtess to zoom map to a cly or ZIP code reo)StreetAddrcss,F CountyCounty:

Stre:

SBA HUBZoneLocator Page2 of2

http:llmap.sba.gov/hubzorLel\vqry.asp?scope:-80733238%7C37329697%7C2.8%7C2.8&'... 312512009


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601 Wenonah Ave, Pearisburg,V A24134 - Google Maps Page 1 of I,fi T Address 601 Wenonah AveL*q#ffng- Pearisburs, vA 24',t34

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Page 1 of I01 Wenonah Ave, Pearisburg,V A24I34 - Google Maps

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502 Wenonah Ave, Pearisburg,VA24734 - Google Maps Page I of 1"ffi t Address 502 Wenonah Avet;*{}$te Pearisburs, vA 24't34

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All of those cefiain parcels of real estate situate in the Town of Pearisburg, Giles County,Virginia, and more particularly described as follows:

PARCEL ONELots 5 and 6 in the Pearson Subdivision in the Town of Pearisburg, as shown ona map thereof of record in the Clerk's Office of the Circuit Court of GilesCounty, Virginia, in Map Book 1, at Page 63, to which reference is herebymade.PARCEL TWOLot Number 4L and Lot Number 53 which are adjoining lots and as shown upona plat of the Old Town of Pearisburg, recorded in the Clerk's Office of theCircuit Court of Giles County, Virginia, in Deed Book E, atPage289,to whichreference is hereby made.

THERE IS EXECEPTED, HOWEVER, THEREFROM the following desmibed parcel:BtrGINNING at a drill hole at the corner of Mountain Lake Avenue andTazewell Stueet, thence with Mountain Lake Avenue, N 65 degrees 14' 06" E,107.28 feet to a rock ledge; thence leaving Mountain Lake Avenue, S 23degrees 48' 04" E, passing a rod set al5 feet, approximately 130 feet to a point;tlrence S 65 degrees 14' 06" W, approximately 107.28 feet to a point in theright of way of Tazewell StreetN 23 degrees 48' 14" W, approximately 130feet to the point of Beginning.Tax Map Nos. 404 10 E 41; 404 11 5; and 40A II 6

The foregoing real estate is the same real estate conveyed to Pearisburg HousingOpportunitieso L,P., a limited partnership organizedpursuant to the provisions of the VirginiaRevised Uniform Limited Partnership Act, by deed dated December 18,1992, from the Townof Pearisburg, which deed is of record in the Clerk's Office of the Circuit Court of Giles,County, Virgini4 in Deed Book242, at page 653.


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Surverror't Certifica,fion o,f Proxrni{yTo Public'Transportatlon


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TAB Bnrtnershp or Operatng Agreement)


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OPERATING AGREEMENTOF

OLDE TO\ilNE HOUSING, LLCThis Operating Agreement (the Agreement) of OLDE TOWNE HOUSING,LLC, a Virginialimited liability company (the Company), is made as of the 29th day of April ,2009, by andbetween its Member, whose name and address is set forth in Exhibit A, who agrees to form alimited liability company upon the following terms and conditions:

ARTICLE IDEFINITIONSThe following defined words shall have the meanings in this Agreement set forth below:1.01 Act. The Virginia Limited Liability Company Act, sections 13.1-1000, et seq., ofthe Virginia Code, as may be amended or superseded from time to time.1.02 Assets. The property, including all personal and real property, owned by theCompany for use in the Business.1.03 Bankruptcy

i. The filing of an application by a Person for, or a Person's consent to, theappointment of a trustee, receiver, or custodian of a Person's assets;ii. The entry of an order for relief with respect to a Person in proceedingsunder the United States Bankruptcy Code, as amended or superseded fromtime to time;iii. The making by a Person of a general assignment for the benefit ofcreditors;iv. The entry of an order, judgment, or decree by any court of competentjurisdiction appointing a trustee, receiver, or custodian of the assets of aPerson unless the proceedings and the trustee, receiver, or custodianappointed are dismissed within 90 days;v. The failure by a Person generally to pay his or her debts as they becomedue within the meaning of section 303(hxl) of the United StatesBankruptcy Code, or the admission in writing of the inability to pay his orher debts as they become due; or


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vl. In the case of a Member, suffering or permitting any of his or her Interestto become subject to the enforcement of any rights of a creditor, whetherarising out of an attempt to charge upon that Member's Interest by judicialprocess or otherwise, if such Member fails to effectuate the release ofthose enforcement rights, whether by legal process, bonding, or otherwise,within 90 days after the actual notice of such creditor's action.I.04 Business. The ownership, management, and operation of the Company, and allbusiness activities related or incidental thereto.1.05 Capital Account. As of any date, the Capital Account maintained for eachMember or a Member's Successor in Interest in accordance with the provisions of Article IV.1.06 Capital Contribution. The amount of money or the agreed-upon Fair MarketValue of property contributed to the Company by a Member or a Member's predecessor ininterest on the date of contribution.L07 Capital Transaction. The sale of all or substantially all of the Assets of theCompany, or any other transaction representing a sale of, or realization upon, the Assets of theCompany that is not in the ordinary course of the Company's Business.1.08 Code. The Internal Revenue Code of 1986, as may be amended or supersededfrom time to time.1.09 Company. Olde Towne Housing, LLC, aVirginia limited liability company.1.10 Deadlock. A deadlock among the Members in the management of the Business of

the Company that the Members are unable to break after engaging in a good-faith effort tocompromise or resolve their differences through mediation conducted under the auspices of anagreed mediation intermediary.1.1 I Debt Service. The total of all payments, including principal and Interest, due withrespect to any loans to the Company or to which the property or Assets of the Company aresubject.l.l2 Economic Interest. The economic rights, expressed as a percentage, of a Memberin the Company atany particular time, initially set forth in Exhibit A, including withoutlimitation all allocations, distributions, profits and losses, and any other economic benefit of the

Company. The holder of an Economic Interest, other than an initial Member, is not a Member ofthe Company and does not possess an Interest in the Company unless admitted in accordancewith this Agreement.1 .13 Fair Market Value. Except as otherwise expressly specified in this Agreement,where the context requires, the amount at which property would change hands between a willing


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buyer and a willing seller, neither being under a compulsion to buy or sell and both havingreasonable knowledge of the relevant facts.l.I4 Gain from Sale. Any gain for federal income tax purposes resulting from the saleor other disposition of the Assets of the Company not in the ordinary course of the Business.1 .15 Interest. The ownership I

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Woodrum Manor Westview - 2009 VA

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