London Oaks - 2009 VA

2009 Federal Low Income Housing Tax Credit Program

Application For Reservation

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

Deadline for Submission

9% Competitive CreditsApplications Must Be Received At VHDA No Later Than 5:00 PM

Richmond, VA Time On May 15, 2009

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

before the bonds are priced (if bonds issued by VHDA), or 75 days before the bonds are issued (if bonds are not issued by

VHDA)

2009 v1.4.2009

Low Income Housing Tax Credit Application for Reservation

Electronic Copy of the Microsoft Excel Based Application (MANDATORY) Hard Copy of All Application Pages With Signature (MANDATORY)Scanned Copy of the Tax Credit Application with all Attachments (excluding market study and plans & specs) (MANDATORY) $750 Application Fee (MANDATORY)Tab A: Documentation of Development Location: A.1 Qualified Census Tract Certification A.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 (MANDATORYTab C: Virginia State Corporation Commission Certification (MANDATORY)Tab D: Principal's Previous Participation Certification and Resumé (MANDATORY)Tab E: Nonprofit Questionnaire (MANDATORY for points or pool)

The following documents need not be submitted unless requested by VHDA: -Nonprofit Articles of Incorporation -IRS Documentation of Nonprofit Status -Joint Venture Agreement (if applicable) -For-profit Consulting Agreement (if applicable)

Tab F: Architect's Certification (MANDATORY)Tab H: PHA / Section 8 Notification LetterTab I: Local CEO LetterTab J: Homeownership PlanTab K: Site Control Documentation (MANDATORY)Tab L: Plan of Development Certification LetterTab M: Zoning Certification LetterTab N: Copies of 8609s To Certify Developer 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: (Reserved)Tab V: Nonprofit or LHA Purchase Option or Right of First RefusalTab W: Original Attorney's Opinion (MANDATORY)Tab X: (Reserved)Tab Y: Marketing Plan for units meeting accessibility requirements of HUD section 504Tab Z Market Study (MANDATORY-Application will be disqualified if market study not submitted with the application)

Please indicate if the following items are included with your application by checking the appropriate boxes. Your assistance in organizing the submission in the following order, and actually using tabs to mark them as shown, will facilitate review of your application. Please note that all mandatory items must be included for the application to be processed. The inclusion of other items may increase the number of points for which you are eligible under VHDA's point system of ranking applications, and may assist VHDA in its determination of the appropriate amount of credits that it may reserve for the development. You are therefore encouraged to submit as much requested information as is available, but their inclusion is not mandatory for review of your application.

2009 Submission Checklist

Low-Income Housing Tax Credit Application For Reservation

VHDA TRACKING NUMBER 2009-Z-077I. General Information

All code "Section" references are to, and the term "IRC" shall be deemed to mean, 5/12/2009the Internal Revenue Code of 1986, as amended. (Date of Application)

A. Development Name and Location:1. Name of Development London Oaks2. Address of Development 2680 High Street

(Street)Portsmouth VA 23707

(City) (State) (Zip Code)

3. If complete address is not available, provide longitude and latitude coordinates (x,y) fromlocation on site your surveyor deems appropriate.

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 Portsmouth City (ie; Richmond City, Chesterfield County; see application manual)

5. Does the site overlap one or more jurisdictional boundaries? Yes NoIf yes, what other City/County is the site located in besides the one mentioned above?

6. Is the development located in a Metropolitan Statistical Area? Yes No7. Census Tract the development is located in: 2105

Is this a Qualified Census Tract: Yes No (If yes, attach required form in TAB A) 8. Is the development located in a Difficult Development Area? No9. Is the development located in a revitalization area? Yes No (If yes, attach required form in TAB A)10. Is the development an existing RD or HUD S8/236 development? Yes No (If yes, attach required form in TAB Q)

Note: If there is an identity of interest between the applicant and the seller in this proposal, and the applicant is seeking points inthis 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 or other fees associated with acquisition and/or rehab. Yes n/ab. Applicant has obtained a waiver of this requirement from VHDA prior to the application submission deadline. Yes n/a

11. Is the development located in a census tract with a povertyrate <10% with no tax credit units currently present? Yes No

12. Is the development listed on the RD 515 Rehabilitation Priority List? Yes No

13. Congressional District 3 http://dlsgis.state.va.us/congress/2001PDFs/chap7Tab.pdf

Planning District 23 http://www.vapdc.org/aboutpdcs.htm#PDC%20Map

State Senate District 2 http://dlsgis.state.va.us/senate/2001PDFs/Chap2Tab.pdf

State House District 79 http://dlsgis.state.va.us/House/2001HousePDFs/Chap1Tab.pdf

14. Location Map Attached (TAB A)

B. Project Description:In the space provided below, give a brief description of the proposed project.

This aging, existing 296 unit affordable housing development is in need of substantial rehabilitation.

2009 Page 1

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) $1,642,439

2. Credits requested from:

9% CreditsNonprofit Set-Aside (All nonprofit owned developments which meet testsdescribed in Part II-D hereof may select this)Local Housing Authorities Tidewater MSA PoolNorthern Virginia MSA Pool Small MSA/Micropolitan PoolRichmond MSA Pool Rural Pool

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

Tax Exempt Bonds

new construction, or

rehabilitation, or

acquisition and rehabilitation.

Federal SubsidiesThe development will not receive federal subsidies.

This development will receive federal subsidies for:all buildings or

some buildings.

D. Type(s) of Allocation/Allocation Year

1. Regular Allocation

All of the buildings in the development are expected to be placed in service this year. For those buildings the owner will, this year, request anallocation of 2008 credits for new construction, or

rehabilitation, or

acquisition and rehabilitation.

2. Carryforward Allocation

All of the buildings in the development are expected to be placed in service within two years after the end of this calendar year, 2009, but theowner will have more than 10% basis in the development before the end of sixmonths following allocation of credits. For those buildings, the owner requests a carryforward allocation of 2009 credits pursuant to Section 42(h)(1)(E) for:

new construction, or

rehabilitation, or

acquisition and rehabilitation (even if you acquired a building this year and"placed it in service" for the purpose of the acquisition credit, you cannot 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 SubsidiesThe development will not receive federal subsidies.

This development will receive federal subsidies for:all buildings or

some buildings.

2009 Page 2


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 the 10% basis/$15,000.00 rehab costs ($10,000 for Tax Exempt Bonds) per unit requirement.

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

A waiver of the 10-year rule for all buildings has been or will be requested from the Department of the Treasury pursuant to IRC Section 42(d)(6)(B)

Different circumstances for different buildings: Attach a separate sheet and explain for 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 the 10% 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 and explain for each building.

2009 Page 3


II. OWNERSHIP INFORMATION

A. Owner Information:Name London Oaks Preservation, L.P.Contact Person First: Matthew Middle: K Last: FinkleAddress 60 Columbus Circle

(Street)New York NY 10023

(City) (State) (Zip Code)

Federal I. D. No. 26-1719203 (If not available, obtain prior to Allocation)Phone 212-801-1073 Fax 212-801-3731 Email address [email protected] of entity: Limited Partnership Other

Individual(s) CorporationOwner's organizational documents (e.g. Partnership agreements) attached (Mandatory TAB B)Certification from Virginia State Corporation Commission attached (Mandatory TAB C)

Principal(s) involved (e.g. general partners, LLC members, controlling shareholders, etc.)Names ** Phone Type Ownership % OwnershipStephen M. Ross 212-421-5333 Member 59.69%Jeff T. Blau 212-421-5333 Member 5.52%Bruce A. Beal/Michael Brenner 212-421-5333 Member 3.80%Mark E. Carbone/Matthew Finkle 212-421-5333 Member 21.00%Akiim Kiambu Barber 212-421-5333 Member 5.10%Mark Lepselter/Drew Sheinman 212-421-5333 Member 3.68%Joseph A. Baratta/Arthur L. Aidala 212-421-5333 Member 1.23%

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), resumé, & ownership structure chart.

B. Seller Information:Name London Oaks LP Contact Person Charles NimmoAddress 3130 Chaparral Drive, Suite 200Roanoke, VA 24018 Phone 540-774-1641

Is there an identity of interest between the seller and owner/applicant? Yes NoIf yes, complete the following:

Principal(s) involved (e.g. general partners, controlling shareholders, etc.)Names Phone Type Ownership % Ownership

0.00%0.00%0.00%0.00%

NOTE: VHDA may allocate credits only to the tax-paying entity which owns the development at the time of the allocation. The term "Owner" herein refers to that entity. Please fill in the legalname of the owner. The ownership entity must be formed prior to submitting this application. Any transfer, direct or indirect, of partnership interests (except those involving the admission oflimited partners) prior to the placed-in-service date of the proposed development shall be prohibited, unless the transfer is consented to by VHDA in its sole discretion. IMPORTANT: TheOwner name listed on this page must match exactly the owner name listed on the Virginia State Corporation Commission Certification.

Must be an individual or legally formed entity

2009 Page 4


C. Development Team Information:Complete the following as applicable to your development team.

1. Tax Attorney: H. David Embree Related Entity? Yes NoFirm Name: Williams MullenAddress: 1700 Dominion Tower, P.O. Box 3460, Norfolk, VA 23514Phone: 757-629-0608 Fax: 757-629-0660

2. Tax Accountant: Joseph Crivelli Related Entity? Yes NoFirm Name: Friedman, LLPAddress: 1700 Broadway, New York, NY 10019Phone: 212-842-7550 Fax: 212-265-4761

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

4. Management Entity (Contact): Charles Nimmo Related Entity? Yes NoFirm Name: F&W ManagementAddress: 3130 Chaparral Drive, Roanoke, VA 24018Phone: 540-774-1641 Fax: 540-774-2488

5. Contractor (Contact): William C. Barton Related Entity? Yes NoFirm Name: Linden Contracting, Inc.Address: 1212 Butterworth Ct., Stevensville, MD 21666Phone: 410-643-8822 Fax: 410-643-8604

6. Architect: Daniel J. deBettencourt Related Entity? Yes NoFirm Name: dBF Associates, ArchitectsAddress: 6821 Whittier Vae, mclean, VA 22101Phone: 703-356-2215 Fax: 703-356-4304

7. Real Estate Attorney: David Boccio Related Entity? Yes NoFirm Name: Michael, Levitt & Rubenstein, LLCAddress: 60 Columbus Circle, New York, NY 10023Phone: 212-801-3739 Fax: 212-801-3762

8. Mortgage Banker: Charles Wilson Related Entity? Yes NoFirm Name: Virginia Capital Advisors, Inc.Address: 1915 Pocahontas Trail, Suite B-5, Williamsburg, VA 23185Phone: 757-220-3147 Fax: 757-220-5764

9. Other (Contact): Michael Antonik Related Entity? Yes NoFirm Name: PresCon, LLC Role:Address: 60 Columbus Circle, New York, NY 10023Phone: 212-801-1067 Fax: 212-801-3731

2009 Page 5


D. Nonprofit Involvement:

Tax Credit Nonprofit Pool Applicants: To qualify for the nonprofit pool, an organization described in IRC Section 501 (c)(3) or 501 (c)(4) and exempt from taxation under IRC Section 501 (a), whose purposes include the fostering of low-income housing:

1. Must "materially participate" in the development and operation of the project throughout the compliance period, 2. Must own all general partnership interests in the development .3. Must not be affiliated with or controlled by a for-profit organization.4. Must not have been formed for the principal purpose of competition in the nonprofit pool, and5. Must not have any staff member, or member of the nonprofit's board of directors materially participate in the proposed project

as a for-profit entity.

All Applicants: 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)The nonprofit organization involved in this development is

the Ownerthe Applicant (if different from Owner)Other

(Name of nonprofit)

(Contact Person) (Street Address)

(City) (State) (Zip code)

(Phone) (Fax)

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

Applications For 9% Credits - Must be completed in order to compete in the nonprofit tax credit pool.All Applicants - Must be completed for points for nonprofit involvement under the ranking system.

2009 Page 6


III. DEVELOPMENT INFORMATION

A. Structure and Units:1. Total number of all units in development 296

Total number of rental units in development 296 bedrooms 678Number of low-income rental units 296 bedrooms 678Percentage of rental units designated low-income 100.00%

2. The development's structural features are (check all that apply):

Row House/Townhouse Detached Single-familyGarden Apartments Detached Two-familySlab on Grade BasementCrawl space Age of Structure: 32Elevator Number of stories: 2

3. Number of new units 0 bedrooms 0Number of adaptive reuse units 0 bedrooms 0Number of rehab units 296 bedrooms 678

4. Total Floor Area For The Entire Development 322,822.00 (Sq. ft.)

5. Unheated Floor Area (Breezeways, Balconies, Storage) 20,400.00 (Sq. ft.)

6. Nonresidential Commercial Floor Area 0.00 (Sq. ft.)

(Not eligible for funding)

7. Total Usable Residential Heated Area 302,422.00 (Sq. ft.)

8. Number of Buildings (containing rental units) 43

9. Commercial Area Intended Use: NA

10. Project consists primarily of a building(s) which is (are) (CHOOSE ONLY ONE)

Low-Rise (1-5 stories with any structural elements made of wood)Mid-Rise (5-7 stories with no structural elements made of wood)High-Rise (8 or more stories with no structural elements made of wood)

B. Building Systems:Please describe each of the following in the space provided.Community Facilities: Playground, Leasing Office, Community Room, Laundry Room

Exterior Finish: Painted T1-11 sidingHeating/AC System: Heat: Forced Hot Air (Gas), A/C: Split SystemArchitectural Style: Traditional 2 story garden style apartments with pitched roof

2009 Page 7

Low-Income Housing Tax Credit Application For ReservationC. 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 1,099.19 SF 1-Sty-Eff-Eld 0.00 SF 2Bdrm Eld 0.00 SF 4-Bdrm Gar 0.00 SF 1-Sty 1BR-Eld 0.00 SF Eff-Gar 0.00 SF 2-Bdrm TH 0.00 SF 1-Sty 2BR-Eld 0.00 SF 1-Bdrm Gar 720.71 SF 3-Bdrm TH 1,349.38 SF Eff-Eld 0.00 SF 2-Bdrm Gar 938.80 SF 4-Bdrm TH 1,493.20 SF

2. Total gross usable, heated square feet for the entire project less nonresidential commercial area: 302,422.00 Documentation attached (TAB F) Mandatory

(Sq. ft.)

NOTE: All developments must meet VHDA's Minimum Design and Construction Requirements. By signing and submitting the Application For Reservation of Low Income Housing Tax Credits the applicant certifies that the proposed project budget, plans & specifications and work write-ups incorporate all necessary elements to fulfill these requirements.

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)

0% a(1) Percentage of 2-bedroom units that have 1.5 bathrooms

0% a(2) Percentage of 3 or more bedroom units that have 2 bathrooms

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

0% c. Percentage of exterior walls covered by brick (excluding triangular gable ends, doors and windows)

d. All kitchen and laundry appliances meet the EPA's Energy Star qualified program requirements

e. All windows meet the EPA's Energy Star qualified program requirements

f. Every unit in the development is heated and air conditioned with either (i) heat pump units with both aSEER rating of 14.0 or more and a HSPF rating of 8.2 or more and a variable speed air handling 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 rating of 90% or more

g. Water expense is sub-metered (the tenant will pay monthly or bi-monthly bill)

h. Each bathroom consists only of low-flow faucets (2.2 gpm max.) and showerheads (2.5gpm max.)

i. Provide necessary infrastructure in all units for high speed cable, DSL or wireless internet sevice.

j. All water heaters meet the EPA's Energy Star qualified program requirements.

2009 Page 8

Low Income Housing Tax Credit Application For Reservation

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

a. All cooking ranges will have front controls

b. All units will have an emergency call system

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

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

For all rehabilitation and adaptive reuse projects, upon completion of construction oror rehabilitation: (Optional Point items)

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

Accessibility

Check one or none of the following point categories, as appropriate:

For any non-elderly property in which the greater of 5 or 10% of the units (i) provide federal project-based rent subsidies oequivalent assistance in order to ensure occupancy by extremely low-income persons; (ii) conform to HUD regulationinterpreting accessibility requirements of section 504 of the Rehabilitation Act; and (iii) are actively marketed to people witspecial needs in accordance with a plan submitted as part of the Application. (If special needs include mobility impairmentthe units described above must include roll-in showers and roll under sinks and front controls for ranges).

For any non-elderly property in which the greater of 5 or 10% of the units (i) have rents within HUD’s Housing ChoiceVoucher (“HCV”) payment standard; (ii) conform to HUD regulations interpreting accessibility requirements of section 504 othe 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 - LEEDIf Yes to either, attach appropriate documentation at TAB F

LEED Accredited Design Team MemberOne or more members of the design team is a LEED accredited professional.

Yes No If Yes, attach appropriate documentation at TAB F

Universal Design - Units Meeting Universal Design Standardsa. The architect of record certifies that units will be constructed to meet VHDA's Universal Design standards.

Yes No If Yes, attach appropriate documentation at TAB F

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

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

Yes No

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

2009 Page 9


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 31 10.47% 40% Area Median296 100.00% 50% Area Median 265 89.53% 50% Area Median

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

296 100.00% Total 296 100.00% 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 needs groups as defined by the United States Fair Housing Act, so indicate:

Yes Elderly (age 55 or above)Yes Physically or mentally disabled persons (must meet the requirements of the federal

Americans with Disabilities Act)

2. Specify the number of low-income units that will serve individuals and families with children by providing three or more bedrooms: Number of units 35% of total low-income units

3. 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 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 8 waiting list, so indicate:

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

Organization which holds such waiting list: Portsmouth Redevelopment & Housing AuthorityContact person (Name and Title) Delores Adams, Director of Housing ManagementPhone Number 757-399-5261 Required documentation attached (TAB H)

5. If leasing preference will be given to individuals and families with children. (Less than or equal to 20% of the units must have of 1 or less bedrooms).

YesNo

Income Levels Rent Levels

104

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 unitsmust be rent-restricted and occupied by persons whose incomes are 50% or less of the area median income adjusted for family size (this is called the 20/50test) 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 forfamily size (this is called the 40/60 test), all as described in Section 42 of the IRC. Rent-and income-restricted units are known as low-income units. If youhave more low-income units than required, you qualify for more credits. If you serve lower incomes than required, you receive more points under the rankinsystem.

2009 Page 10


V. LOCAL NEEDS AND SUPPORT

A. Provide the name and the address of the chief executive officer (City Manager, Town Manager, or County Administrator) of the political jurisdiction in which the development will be located: Chief Executive Officer's Name Kenneth L. ChandlerChief Executive Officer's Title City ManagerStreet Address 801 Crawford Street Phone 757-393-8641City Portsmouth State VA Zip 23704

Name and title of local official you have discussed this project with who could answer questions for thelocal CEO: Paul Holt, Deputy City Manager

Letter from CEO attached (TAB I) CEO letter to be submitted separately by June 1, 2009

VHDA notification letter to CEO submitted prior to 5:00 PM 3/5/09: (9% competitive credits only) Yes No

If the property overlaps another jurisdiction please fill in the following:Chief Executive Officer's Name Chief Executive Officer's TitleStreet Address PhoneCity State Zip

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

Letter from CEO attached (TAB I) CEO letter to be submitted separately by June 1, 2009

VHDA notification letter to CEO submitted prior to 5:00 PM 3/5/09: (9% competitive credits only) Yes No

B. Project Schedule

ACTUAL OR NAME OFACTIVITY ANTICIPATED PERSON

DATE RESPONSIBLESiteOption/Contract 9/11/2007 Mark CarboneSite Acquisition 11/1/2009 Mark CarboneZoning Approval naSite Plan Approval naFinancingA. Construction Loan

Loan Application 7/15/2009 Matthew FinkleConditional Commitment 9/1/2009 Matthew FinkleFirm Commitment 10/1/2009 Matthew Finkle

B. Permanent Loan - First LienLoan Application 7/15/2009 Matthew FinkleConditional Commitment 9/1/2009 Matthew FinkleFirm Commitment 10/1/2009 Matthew Finkle

C. Permanent Loan-Second LienLoan Application 7/15/2009 Matthew FinkleConditional Commitment 9/1/2009 Matthew FinkleFirm Commitment 10/1/2009 Matthew Finkle

D. Other Loans & GrantsType & Source, ListApplication 5/15/2009 Matthew FinkleAward/Commitment 8/5/2009 Matthew Finkle

Formation of Owner 1/9/2008 Matthew FinkleIRS Approval of Nonprofit Status naClosing and Transfer of Property to Owner 11/1/2009 Matthew FinklePlans and Specifications, Working Drawings 5/1/2009 Michael AntonikBuilding Permit Issued by Local Government 10/1/2009 Michael AntonikStart Construction 12/1/2009 Michael AntonikBegin Lease-up in-place rehabComplete Construction 8/1/2010 Michael AntonikComplete Lease-Up in-place rehabCredit Placed in Service Date 11/1/2010 Matthew Finkle 2009 Page 11


VI. SITE CONTROL

A. Type of Site Control by Owner:

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

Deed - attached

Long-term Lease - attached (expiration date: )

Option - attached (expiration date: )

Purchase Contract - attached (expiration date: 01/01/11 )

If 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 of existing buildings on the site, if any,

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

B. Timing of Acquisition by Owner:Select one:

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

Owner is to acquire property by deed (or lease for period no shorter than period property will be subject to occupancy restrictions) no later than 11/01/09 (must be prior to November 6, 2009).

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

C. Market Study Data:

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

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

9.10%na

9.10%12 mos

Note: Site control by the Owner identified herein is a mandatory precondition of review of this application. Documentary evidence of it,in the form of either a deed, option, purchase contract, or lease for a term longer than the period of time the property will be subject tooccupancy restrictions must be included herewith. (9% Competitive Credits - An option or contract must extend beyond theapplication 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. Anticipated future transfersto the Owner are not sufficient. The Owner, as identified in Subpart II-A, must have site control at the time this Application issubmitted.

NOTE: If the Owner receives a reservation of credits, the property must be titled in the name of or leased by (pursuant to a long-termlease) 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.

2009 Page 12


C. Site Description

1. Exact area of site in acres 24.682

2. Has locality approved a final site plan or plan of development? Yes No

Required documentation form attached (TAB L)

3. Is site properly zoned for the proposed development? Yes No

Required documentation form attached (TAB M)

4. Will the proposal seek to qualify for points associated with proximity to public transportation?Yes No Required documentation form attached (TAB A)

D. Photographs

Include photographs of the site and any existing structure(s) in TAB O. For rehabilitation projects, provide interior pictures which document the necessity of the proposed work

E. Plans and Specifications

Minimum submission requirements for all properties (new construction, rehabilitation and adaptive reuse)

1. A location map with property clearly defined.2. Sketch plan of the site showing overall dimensions of main building(s), major site elements

(e.g., parking lots and location of existing utilities, and water, sewer, electric,gas in the streets adjacent to the site). Contour lines and elevations are not required.

3. Sketch plans of main building(s) reflecting overall dimensions of:a. Typical floor plan(s) showing apartment types and placementb. Ground floor plan(s) showing common areas;c. Sketch floor plan(s) of typical dwelling unit(s);d. Typical wall section(s) showing footing, foundation, wall and floor structure. Notes must indicate basic materials in structure, floor and exterior finish.

In addition: required documentation for rehabilitation properties

A unit-by-unit work write-up.

Plans and specifications/unit-by-unit work writeup attached (TAB P) or Plans and specifications/unit-by-unit work writeup submitted separately

2009 Page 13


VII. OPERATING BUDGET

A. Rental Assistance1. Do or will any low-income units receive rental assistance?

Yes No2. If yes, indicate type of rental assistance:

Section 8 New Construction Substantial Rehabilitation Section 8 Moderate Rehabilitation Section 8 Certificates Section 8 Project Based Assistance RD 515 Rental Assistance Section 8 Vouchers State Assistance Other:

3. Number of units receiving assistance: 296Number of years in rental assistance contract: 40Expiration date of contract: 09/06/17

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 Gas X Owner Tenant 0 0 0 0 0

Air Conditioning Electric Owner X Tenant 0 46 49 53 69

Cooking Electric Owner X Tenant 0 0 0 0 0

Lighting Electric Owner X Tenant 0 0 0 0 0

Hot Water Gas X Owner Tenant 0 0 0 0 0

Water Water X Owner Tenant 0 0 0 0 0

Sewer Sewer X Owner Tenant 0 0 0 0 0

Trash Trash X Owner Tenant 0 0 0 0 0

Total utility allowance for costs paid by tenant $0 $46 $49 $53 $69

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

HUD

Utility Company (Estimate) Local PHA

Utility Company (Actual Survey) Other:

2009 Page 14


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

Total Number of Total MonthlyTax Credit Units Rental Income

0 $048 $27,456144 $94,46474 $62,16030 $28,080296

Plus Other Income Source (list): Laundry, Vending, Tenant Charges $1,596Equals Total Monthly Income: $213,756Twelve Months x12Equals Annual Gross Potential Income $2,565,072Less Vacancy Allowance ( 7.0% ) $179,555Equals Annual Effective Gross Income (EGI) - Low Income Units $2,385,517

** Beginning at Row 75 enter the appropriate data for both tax credit and market rate units in the yellow shaded cells.

2. Indicate the estimated monthly income for the Market Rate Units: **Total Number of Total Monthly

Market Units Rental Income0 $00 $00 $00 $00 $0

Total Number of Market Units 0

Plus Other Income Source (list): $0Equals Total Monthly Income: $0Twelve Months x12Equals Annual Gross Potential Income $0Less Vacancy Allowance ( 0.0% ) $0Equals Annual Effective Gross Income (EGI) - Market Rate Units $0

Documentation in Support of Operating Budget attached (TAB R)

List number of units by type: TOTAL UNITS

ASSISTED LVG EFF-ELD 1 BD RM-ELD 2 BD RM-ELD EFF-GAR 1 BD RM-GAR

0 0 0 0 0 48

2 BD RM-GAR 3 BD RM-GAR 4 BD RM-GAR 2 BD RM-TH 3 BD RM-TH 4 BD RM-TH

144 48 0 0 26 30

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 the0 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 48

2 BD RM-GAR 3 BD RM-GAR 4 BD RM-GAR 2 BD RM-TH 3 BD RM-TH 4 BD RM-TH

144 48 0 0 26 30

1 STY-EFF-ELD 1 STY-1 BR-ELD 1 STY-2 BR-ELD

0 0 0

Efficiency UnitsUnit 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 -$ -$

Efficiency Units

4 Bedroom Units

Unit Type

Unit Type

1 Bedroom Units2 Bedroom Units3 Bedroom Units

Total Number of Tax Credit Units

Efficiency Units

4 Bedroom Units

1 Bedroom Units2 Bedroom Units3 Bedroom Units

2009 Page 15

Efficiency - 40% 0 0.00 -$ -$ Efficiency - 40% 0 0.00 -$ -$ Efficiency - 40% 0 0.00 -$ -$ Efficiency - 40% 0 0.00 -$ -$ Efficiency - 40% 0 0.00 -$ -$ Efficiency - 40% 0 0.00 -$ -$ Efficiency - 40% 0 0.00 -$ -$ Efficiency - 40% 0 0.00 -$ -$ Efficiency - 40% 0 0.00 -$ -$ Efficiency - 40% 0 0.00 -$ -$ Efficiency - 40% 0 0.00 -$ -$

Efficiency - 50% 0 0.00 -$ -$ Efficiency - 50% 0 0.00 -$ -$ Efficiency - 50% 0 0.00 -$ -$ Efficiency - 50% 0 0.00 -$ -$ Efficiency - 50% 0 0.00 -$ -$ Efficiency - 50% 0 0.00 -$ -$ Efficiency - 50% 0 0.00 -$ -$ Efficiency - 50% 0 0.00 -$ -$ Efficiency - 50% 0 0.00 -$ -$ Efficiency - 50% 0 0.00 -$ -$ Efficiency - 50% 0 0.00 -$ -$ Efficiency - 50% 0 0.00 -$ -$ Efficiency - 50% 0 0.00 -$ -$ Efficiency - 50% 0 0.00 -$ -$ Efficiency - 50% 0 0.00 -$ -$

Efficiency - 60% 0 0.00 -$ -$ Efficiency - 60% 0 0.00 -$ -$ Efficiency - 60% 0 0.00 -$ -$ Efficiency - 60% 0 0.00 -$ -$ Efficiency - 60% 0 0.00 -$ -$ Efficiency - 60% 0 0.00 -$ -$ Efficiency - 60% 0 0.00 -$ -$ Efficiency - 60% 0 0.00 -$ -$ Efficiency - 60% 0 0.00 -$ -$ Efficiency - 60% 0 0.00 -$ -$ Efficiency - 60% 0 0.00 -$ -$ Efficiency - 60% 0 0.00 -$ -$ Efficiency - 60% 0 0.00 -$ -$ Efficiency - 60% 0 0.00 -$ -$ Efficiency - 60% 0 0.00 -$ -$ Total Efficiency Total Monthly Eff.

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

Efficiency - Market 0 0.00 -$ -$ Efficiency - Market 0 0.00 -$ -$ Efficiency - Market 0 0.00 -$ -$ Efficiency - Market 0 0.00 -$ -$ Efficiency - Market 0 0.00 -$ -$ Efficiency - Market 0 0.00 -$ -$ Efficiency - Market 0 0.00 -$ -$ Efficiency - Market 0 0.00 -$ -$ Efficiency - Market 0 0.00 -$ -$ Efficiency - Market 0 0.00 -$ -$ Efficiency - Market 0 0.00 -$ -$ Efficiency - Market 0 0.00 -$ -$ Efficiency - Market 0 0.00 -$ -$ Efficiency - Market 0 0.00 -$ -$ Efficiency - Market 0 0.00 -$ -$

Total EfficiencyMarket Units: 0 0.00 Total Monthly

Eff. Market Rent: -$

Total Eff. Units: 0 Total Eff. Rent -$

1-Bedroom UnitsNet Rentable Monthly Rent Total


1 BR - 40% 5 639.00 572$ 2,860$ 2009 Page 15

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% 43 639.00 572$ 24,596$ 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% 0 0.00 -$ -$ 1 BR - 60% 0 0.00 -$ -$ 1 BR - 60% 0 0.00 -$ -$ 1 BR - 60% 0 0.00 -$ -$ 1 BR - 60% 0 0.00 -$ -$ 1 BR - 60% 0 0.00 -$ -$ 1 BR - 60% 0 0.00 -$ -$ 1 BR - 60% 0 0.00 -$ -$ 1 BR - 60% 0 0.00 -$ -$ 1 BR - 60% 0 0.00 -$ -$ 1 BR - 60% 0 0.00 -$ -$ 1 BR - 60% 0 0.00 -$ -$ 1 BR - 60% 0 0.00 -$ -$ 1 BR - 60% 0 0.00 -$ -$ 1 BR - 60% 0 0.00 -$ -$ Total 1-BR Total Monthly 1-BR

Tax Credit Units: 48 30,672.00 Tax Credit Rent: 27,456$

1 BR - Market 0 0.00 -$ -$ 1 BR - Market 0 0.00 -$ -$ 1 BR - Market 0 0.00 -$ -$ 1 BR - Market 0 0.00 -$ -$ 1 BR - Market 0 0.00 -$ -$ 1 BR - Market 0 0.00 -$ -$ 1 BR - Market 0 0.00 -$ -$ 1 BR - Market 0 0.00 -$ -$ 1 BR - Market 0 0.00 -$ -$ 1 BR - Market 0 0.00 -$ -$ 1 BR - Market 0 0.00 -$ -$ 1 BR - Market 0 0.00 -$ -$ 1 BR - Market 0 0.00 -$ -$ 1 BR - Market 0 0.00 -$ -$ 1 BR - Market 0 0.00 -$ -$

Total 1-BRMarket Units: 0 0.00 Total Monthly

1-BR Market Rent: -$

Total 1-BR Units: 48 Total 1-BR Rent 27,456$

2009 Page 15







2 BR - Market 0 0.00 -$ -$ 2 BR - Market 0 0.00 -$ -$ 2 BR - Market 0 0.00 -$ -$ 2 BR - Market 0 0.00 -$ -$ 2 BR - Market 0 0.00 -$ -$ 2 BR - Market 0 0.00 -$ -$ 2 BR - Market 0 0.00 -$ -$ 2 BR - Market 0 0.00 -$ -$ 2 BR - Market 0 0.00 -$ -$ 2 BR - Market 0 0.00 -$ -$ 2 BR - Market 0 0.00 -$ -$ 2 BR - Market 0 0.00 -$ -$ 2 BR - Market 0 0.00 -$ -$ 2 BR - Market 0 0.00 -$ -$ 2 BR - Market 0 0.00 -$ -$ 2009 Page 15






3 BR - 40% 5 979.00 827$ 4,135$ 3 BR - 40% 3 1,213.00 864$ 2,592$ 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% 43 979.00 827$ 35,561$ 3 BR - 50% 23 1,213.00 864$ 19,872$ 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 - 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 -$ -$

2009 Page 15

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 -$ -$






4 BR - 40% 3 1,342.00 936$ 2,808$ 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% 27 1,342.00 936$ 25,272$ 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 -$ -$


Tax Credit Units: 30 40,260.00 Tax Credit Rent: 28,080$ 2009 Page 15

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 Units 296 Net Rentable SF: TC Units 269,990.00MKT Units 0.00

Total NR SF: 269,990.00

100.0000%Floor Space Fraction

2009 Page 15


D. Operating ExpensesAdministrative:

1. Advertising/Marketing $3,2002. Office Salaries $49,9603. Office Supplies $19,5004. Office/Model Apartment (type______) $05. Management Fee $101,877

4.27% of EGI 344.1790541 Per Unit6. Manager Salaries $43,3687. Staff Unit (s) (type______) $9,6248. Legal $7,5009. Auditing $12,000

10. Bookkeeping/Accounting Fees $011. Telephone & Answering Service $6,40012. Tax Credit Monitoring Fee $7,40013. Miscellaneous Administrative $3,000

Total Administrative $263,829Utilities

14. Fuel Oil $015. Electricity $30,00016. Water $150,00017. Gas $100,00018. Sewer $164,325

Total Utility $444,325Operating:

19. Janitor/Cleaning Payroll $020. Janitor/Cleaning Supplies $4,12521. Janitor/Cleaning Contract $1,15022. Exterminating $11,10023. Trash Removal $51,40024. Security Payroll/Contract $125,00025. Grounds Payroll $19,51626. Grounds Supplies $2,50027. Grounds Contract $38,92028. Maintenance/Repairs Payroll $145,28329. Repairs/Material $53,05030. Repairs Contract $7,50031. Elevator Maintenance/Contract $032. Heating/Cooling Repairs & Maintenance $1,00033. Pool Maintenance/Contract/Staff $034. Snow Removal $10035. Decorating/Payroll/Contract $036. Decorating Supplies $4,00037. Miscellaneous $15,000

Operating & Maintenance Totals $479,644Taxes & Insurance

38. Real Estate Taxes $201,60039. Payroll Taxes $85,06040. Miscellaneous Taxes/Licenses/Permits $041. Property & Liability Insurance $75,00042. Fidelity Bond $043. Workman's Compensation $044. Health Insurance & Employee Benefits $045. Other Insurance $5,275

Total Taxes & Insurance $366,9356544

Total Operating Expense $1,554,733

D1. Total Oper. Ex. Per Unit $5,252 D2. Total Oper. Ex. As % EGI (from E3) 65.17%

Replacement Reserves (Total # Units X $300 or $250 New Const. Elderly Minimum) $88,800

Total Expenses $1,643,533

2009 Page 16


E. Cash Flow (First Year)1. Annual EGI Low-Income Units from (C1) $2,385,517

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

3. Total Effective Gross Income = $2,385,517

4. Total Expenses (from D) $1,643,533

5. Net Operating Income = $741,984

6. Total Annual Debt Service (from Page 21 B2) - $644,847

7. Cash Flow Available for Distribution = $97,137

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

StabilizedYear 1 Year 2 Year 3 Year 4 Year 5

Eff. Gross Income 2,385,517 2,457,082 2,530,795 2,606,719 2,684,920Less Oper. Expenses 1,643,533 1,709,274 1,777,645 1,848,751 1,922,701Net Income 741,984 747,808 753,150 757,968 762,219Less Debt Service 644,847 644,847 644,847 644,847 644,847Cash Flow 97,137 102,961 108,303 113,121 117,372Debt Coverage Ratio 1.15 1.16 1.17 1.18 1.18

Year 6 Year 7 Year 8 Year 9 Year 10Eff. Gross Income 2,765,468 2,848,432 2,933,885 3,021,902 3,112,559Less Oper. Expenses 1,999,609 2,079,594 2,162,777 2,249,288 2,339,260Net Income 765,859 768,838 771,108 772,613 773,299Less Debt Service 644,847 644,847 644,847 644,847 644,847Cash Flow 121,012 123,992 126,261 127,766 128,452Debt Coverage Ratio 1.19 1.19 1.20 1.20 1.20

Year 11 Year 12 Year 13 Year 14 Year 15Eff. Gross Income 3,205,935 3,302,113 3,401,177 3,503,212 3,608,308Less Oper. Expenses 2,432,830 2,530,144 2,631,349 2,736,603 2,846,067Net Income 773,105 771,970 769,827 766,609 762,241Less Debt Service 644,847 644,847 644,847 644,847 644,847Cash Flow 128,258 127,123 124,981 121,762 117,394Debt Coverage Ratio 1.20 1.20 1.19 1.19 1.18Estimated Annual Percentage Increase in Revenue 3.00% (Must be < 3%)Estimated Annual Percentage Increase in Expenses 4.00% (Must be > 4%)

2009 Page 17


VIII. PROJECT BUDGET

A. Cost/Basis/Maximum Allowable Credit

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

Executed Construction ContractExecuted Trade Payment BreakdownAppraisalOther Cost DocumentationEnvironmental Studies

Amount of Cost up to 100% Includable inEligible Basis--Use Applicable Column(s):

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

New Construction Value Credit"

1. Contractor Cost

A. Off-Site Improvements 0 0 0 0B. Site Work 0 0 0 0C. Other: 0 0 0 0D. Unit Structures (New) 0 0 0 0E. Unit Structures (Rehab) 7,650,000 0 0 7,650,000F. Accessory Building (s) 0 0 0 0G. Asbestos Removal 0 0 0 0H. Demolition 0 0 0 0I. Commercial Space Costs 0 0 0 0J. Structured Parking Garage 0 0 0 0K. Subtotal A: (Sum 1A..1J) 7,650,000 0 0 7,650,000L. General Requirements 459,000 0 0 459,000M. Builder's Overhead 153,000 0 0 153,000

( 2.0% Contract)N. Builder's Profit 459,000 0 0 459,000

( 6.0% Contract)O. Bonding Fee 0 0 0 0P. Other: Completion LOC 8,721 0 0 8,721Q. Contractor Cost

Subtotal (Sum 1K..1P) $8,729,721 $0 $0 $8,729,721

2. Owner CostsA. Building Permit 25,000 0 0 25,000B. Arch./Engin. Design Fee 100,000 0 0 100,000

( 338 /Unit)C. Arch. Supervision Fee 75,000 0 0 75,000

( 253 /Unit)D. Tap Fees 0 0 0 0E. Soil Borings 0 0 0 0

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

2009 Page 18




New Construction Value Credit"2. Owner Costs Continued

F. Construction Loan 0 0 0 0

Origination FeeG. Construction Interest 0 0 0 0

( 0.0% for 0 months)H. Taxes During Construction 151,200 0 0 37,800I. Insurance During Construction 56,250 0 0 14,063J. Cost Certification Fee 45,000 0 0 45,000K. Title and Recording 73,790 30,181 0 38,300L. Legal Fees for Closing 95,000 30,000 0 0M. Permanent Loan Fee 28,648 0 0 0

( 0.0% )N. Other Permanent Loan Fees 80,000 0 0 0O. Credit Enhancement 0 0 0 0P. Mortgage Banker 47,914 11,978 0 11,978Q. Environmental Study 20,000 0 0 20,000R. Structural/Mechanical Study 15,000 0 0 15,000S. Appraisal Fee 10,000 0 0 10,000T. Market Study 5,000 0 0 5,000U. Operating Reserve 1,100,600 0 0 0V. Tax Credit Fee 115,750 0 0 0W. OTHER $5,040,025 $0 $0 $917,002

(SEE PAGE 19A)X. Owner Cost

Subtotal (Sum 2A..2W) $7,084,177 $72,159 $0 $1,314,143

Subtotal 1 + 2 $15,813,898 $72,159 $0 $10,043,864(Owner + Contractor Costs)

3. Developer's Fees 2,545,207 695,314 0 1,849,893

4. Owner's Acquisition CostsLand 1,200,000Existing Improvements 6,880,977 6,880,977Subtotal 4: $8,080,977 $6,880,977

5. Total Development CostsSubtotal 1+2+3+4: $26,440,082 $7,648,450 $0 $11,893,756

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

2009 Page 19




New Construction Value Credit"W. OTHER OWNER COSTS

Contingency Reserve 857,002 0 0 857,002(Rehab or Adaptive Reuse only)LIST ADDITIONAL ITEMSInterior Designer 10,000 0 0 10,000Survey 15,000 0 0 15,000Travel Expenses 7,500 0 0 0Organizational/Filing Fees 2,000 0 0 0Office Expesnes/Copies/Postage: 10,000 0 0 2,500Tenant Relocation 25,000 0 0 25,000Security/Mgmt expenses during Const. 15,000 0 0 7,500PSA LOC 8,000 0 0 0Replacement Reserves 88,800 0 0 0VHDA Application Fee 500 0 0 0

0 0 0 0Purchase of Reserves 3,919,023 0 0 0

0 0 0 0VHDA TCAP/TCEP Admin Fee: 82,200 0 0 0

0 0 0 00 0 0 0

Subtotal (Other Owner Costs) $5,040,025 $0 $0 $917,002

2009 Page 19A



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

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

5. Total Development Costs Subtotal 1+2+3+4 26,440,082 7,648,450 0 11,893,756

6. Reductions in Eligible Basis

Subtract the following:A. Amount of federal grant(s) used to finance 0 0 0

qualifying development costs

B. Amount of nonqualified, nonrecourse financing 0 0 0

C. Costs of nonqualifying units of higher quality 0 0 0 (or excess portion thereof)

D. Historic Tax Credit (residential portion) 0 0 0

7. Total Eligible Basis (5 minus 6 above) 7,648,450 0 11,893,756

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

(i) For Earthcraft or LEED Certification AND 60 Bonus Points 0 594,688(ii) For QCT or DDA (Eligible Basis x 30%) 0 2,973,439

Total Adjusted Eligible basis 0 15,461,883

9. Applicable Fraction 100.0000% 100.0000% 100.0000%

10. Total Qualified Basis (Same as Part IX-C) 7,648,450 0 15,461,883(Eligible Basis x Applicable Fraction)

11. Applicable Percentage 3.28% 3.28% 9.00%(For 2009 9% competitive credits, use the May 2009 applicable percentages for acq.)

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

12. Maximum Allowable Credit under IRC §42 $250,869 $0 $1,391,570(Qualified Basis x Applicable Percentage)(Same as Part IX-C and equal to or more than $1,642,439credit amount requested) Combined 30% & 70% P. V. Credit

2009 Page 20


B. Sources of Funds

1. Construction Financing: List individually the sources of construction financing, including any suchloans financed through grant sources:

Date of Date of Amount of

Source of Funds Application Commitment Funds Name of Contact Person

1. VHDA Taxable Mortgage 07/15/09 $719,881 VHDA-John Hastings

2. VHDA Assumed Mortgag 07/15/09 $3,121,555 VHDA-John Hastings

3. VHDA SPARC 07/15/09 $950,000 VHDA-John Hastings

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

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

Interest Amortization TermDate of Date of Amount of Annual Debt Rate of Period of

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

1. VHDA Taxable Mortgage 07/15/09 $719,881 $63,387 8.00% 30 30

2. VHDA Assumed Mortgag 07/15/09 $3,121,555 $581,460 9.16% 40 40

3. VHDA SPARC 07/15/09 $950,000 $0 0.00% 1000 0

4. Project Reserves N/A $3,919,023 $0 0.00% 1000 0

5. $0 $0 0.00% 1000 0

6. $0 $0 0.00% 1000 0

Totals: $8,710,459 $644,847


3. Grants: List all grants provided for the development:

Date of Date of Amount of

Source of Funds Application Commitment Funds Name of Contact Person

1. $0

2. $0

3. $0

4. $0

5. $0

6. TCAP N/A N/A $4,522,456

Total Permanent Grants: $4,522,456


2009 Page 21


4. Portion of Syndication Proceeds Attributable to Historic Tax CreditAmount of Federal historic credits $0 x Equity % $0.00 $0Amount of Virginia historic credits $0 x Equity % $0.00 $0

6. Equity that Sponsor will Fund:Cash Investment $0Contributed Land/Building $0 Assessment Attached (TAB S)Deferred Developer Fee $1,712,396Other: $0

Equity Total $1,712,3967. Total of All Sources (B2 + B3 + B4 + B5 + B6) $14,945,311

(not including syndication proceeds except for historic tax credits)

8. Total Development Cost $26,440,082(From VIII-A5)

9. Less Total Sources of Funds (From B7 above) $14,945,311

10. Equals equity gap to be funded with low-income tax credit proceeds (must equal IX-D3) $11,494,771

C. Syndication Information (If Applicable)

1. Actual or Anticipated Name of Syndicator TBD2. Contact Person Phone3. Street Address

City State Zip

4. a. Total to be paid by anticipated users of credit (e.g., limited partners) $11,494,771b. Equity Dollars Per Credit (e.g., $0.85 per dollar of credit) $0.70c. Percent of ownership entity (e.g., 99% or 99.9%) 99.98%d. Net credit amount anticipated by user of credits $1,642,110e. 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) $11,494,771

6. Amount of annual credit required for above amounts(same amount as Part IX-D6) $1,642,439

7. Net Equity Factor [C5 / (C6 X 10)] (same amount as Part IX-D4) Must be equal to or greater than 85% 69.99%

8. Syndication: Public or Private

9. Investors: Individual or Corporate

Syndication commitment or letter of intent attached (TAB U)

2009 Page 22


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 indirectly with 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 $719,881RD 515 $0 Section 220 $0Section 221(d)(3) $0 Section 221(d)(3) $0Section 312 $0 Section 221(d)(4) $0Section 236 $0 Section 236 $0VHDA SPARC/REACH $950,000 Section 223(f) $0HOME Funds $0 Other: $0Other: $0Other: $0

Grants GrantsCDBG $0 State $0UDAG $0 Local $0

Other: TCAP $4,522,456

This means grants to the partnership. If you received a loan financed by a locality which received one of thelisted grants, please list it in the appropriate loan column as "other" and describe the applicable grant programwhich funded it.

2. Subsidized funding: list all sources of funding for points. Documentation Attached (TAB T)

Source of Funds Commitment date Funds1. $02. $03. $04. $05. $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 PaymentTax AbatementOther

5. Is HUD approval for transfer of physical asset required? Yes No

E. For Transactions Using Tax-Exempt Bonds Seeking 4% Credits:For purposes of the 50% Test, and based only on the data entered to thisapplication, the portion of the aggregate basis of buildings and land financed withtax-exempt funds is: N/A

2009 Page 23


IX. ADDITIONAL INFORMATION

A. Extended Use Restriction

This development will be subject to the standard extended use agreement which permits early termination (after the mandatory 15-year compliance period) of the extended use period. This development will be subject to an extended use agreement in which the owner's right to anyearly termination of the extended use provision is waived for 25 additional years after the 15-year compliance period for a total of 40 years. Do not select if IX.B is checked below.

This development will be subject to an extended use agreement in which the owner's right to any early termination of the extended use provision is waived for 35 additional years after the 15-year compliance period for a total of 50 years. Do not select if IX.B is checked below.

B. Nonprofit/Local Housing Authority Purchase Option/Right of First Refusal

1. After the mandatory 15-year compliance period, a qualified nonprofit as identified in the attached nonprofit questionnaire, or local housing authority will have the option to purchase or the right of first refusal to acquire the development for a price not to exceed the outstanding debt 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:

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

Homeownership Plan Attached (TAB J)

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

NOTE: Each recipient of an allocation of credits will be required to record an extended use agreement as required by theIRC governing the use of the development for low-income housing for at least 30 years. However, the IRC providesthat, in certain circumstances, such extended use period may be terminated early.

2009 Page 24


C. Building-by-Building Information Must CompleteQualified basis must be determined on a building-by building basis. Complete the section below. Building street addresses are required by the IRS (must have them by the time of allocation request).

30% Present Value 30% Present ValueCredit for Acquisition Credit for Construction 70% Present Value Credit

TAX MARKETCREDIT RATE Actual or Actual or Actual orUNITS UNITS Estimate Anticipated Estimate Anticipated Estimate Anticipated

Build Street Qualified In-Service Applicable Credit Qualified In-Service Applicable Credit Qualified In-Service Applicable Crediting # Address Basis Date Percentage Amount Basis Date Percentage Amount Basis Date Percentage Amount

1. 4 2600-2606 High Street $137,451 3.28% 4,508 $0 0.00% 0 $277,866 9.00% 25,0082. 4 2608-2614 High Street $137,451 3.28% 4,508 $0 0.00% 0 $277,866 9.00% 25,0083. 6 2616-2626 High Street $228,102 3.28% 7,482 $0 0.00% 0 $461,125 9.00% 41,5014. 6 2628-2638 High Street $206,176 3.28% 6,763 $0 0.00% 0 $416,799 9.00% 37,5125. 4 2640-2646 High Street $152,068 3.28% 4,988 $0 0.00% 0 $307,417 9.00% 27,6676. 4 2648-2654 High Street $152,068 3.28% 4,988 $0 0.00% 0 $307,417 9.00% 27,6677. 4 2656-2662 High Street $152,068 3.28% 4,988 $0 0.00% 0 $307,417 9.00% 27,6678. 4 2664-2670 High Street $152,068 3.28% 4,988 $0 0.00% 0 $307,417 9.00% 27,6679. 4 2700-2706 High Street $137,451 3.28% 4,508 $0 0.00% 0 $277,866 9.00% 25,008

10. 4 2708-2714 High Street $152,068 3.28% 4,988 $0 0.00% 0 $307,417 9.00% 27,66711. 4 2716-2722 High Street $137,451 3.28% 4,508 $0 0.00% 0 $277,866 9.00% 25,00812. 4 2724-2730 High Street $152,068 3.28% 4,988 $0 0.00% 0 $307,417 9.00% 27,66713. 4 2732-2738 High Street $137,451 3.28% 4,508 $0 0.00% 0 $277,866 9.00% 25,00814. 8 1100A-1100H Virginia Avenue $167,252 3.28% 5,486 $0 0.00% 0 $338,112 9.00% 30,43015. 8 1101A-1101H Virginia Avenue $167,252 3.28% 5,486 $0 0.00% 0 $338,112 9.00% 30,43016. 8 1102A-1102H Virginia Avenue $167,252 3.28% 5,486 $0 0.00% 0 $338,112 9.00% 30,430

$2,535,697 $0 $5,126,091

$83,171 $0 $461,348Qualified Basis Totals (must agree with VIII-A10)

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

NUMBEROF

2009 Page 25






17. 8 1103A-1103H Mt. Vernon Avenue $167,252 3.28% 5,486 $0 0.00% 0 $338,112 9.00% 30,43018. 8 1104A-1104H Mt. Vernon Avenue $167,252 3.28% 5,486 $0 0.00% 0 $338,112 9.00% 30,43019. 8 1105A-1105H Mt. Vernon Avenue $167,252 3.28% 5,486 $0 0.00% 0 $338,112 9.00% 30,43020. 8 1106A-1106H Virginia Avenue $167,252 3.28% 5,486 $0 0.00% 0 $338,112 9.00% 30,43021. 8 1107A-1107H Mt Vernon Avenue $167,252 3.28% 5,486 $0 0.00% 0 $338,112 9.00% 30,43022. 8 1108A-1108H Virginia Avenue $205,779 3.28% 6,750 $0 0.00% 0 $415,997 9.00% 37,44023. 8 1109A-1109H Mt. Vernon Avenue $205,779 3.28% 6,750 $0 0.00% 0 $415,997 9.00% 37,44024. 8 1110A-1110H Virginia Avenue $189,689 3.28% 6,222 $0 0.00% 0 $383,469 9.00% 34,51225. 8 1111A-1111H Mt. Vernon Avenue $189,689 3.28% 6,222 $0 0.00% 0 $383,469 9.00% 34,51226. 8 1112A-1112H Virginia Avenue $205,779 3.28% 6,750 $0 0.00% 0 $415,997 9.00% 37,44027. 8 1113A-1113H Mt. Vernon Avenue $205,779 3.28% 6,750 $0 0.00% 0 $415,997 9.00% 37,44028. 8 1114A-1114H Virginia Avenue $189,689 3.28% 6,222 $0 0.00% 0 $383,469 9.00% 34,51229. 8 1115A-1115H Mt. Vernon Avenue $205,779 3.28% 6,750 $0 0.00% 0 $415,997 9.00% 37,44030. 8 1116A-1116H Virginia Avenue $205,779 3.28% 6,750 $0 0.00% 0 $415,997 9.00% 37,44031. 8 1117A-1117H Mt. Vernon Avenue $189,689 3.28% 6,222 $0 0.00% 0 $383,469 9.00% 34,51232. 8 1118A-1118H Virginia Avenue $205,779 3.28% 6,750 $0 0.00% 0 $415,997 9.00% 37,440

$3,035,470 $0 $6,136,419



NUMBEROF

2009 Page 25 (2)






33. 8 1119A-1119H Mt. Vernon Avenue $205,779 3.28% 6,750 $0 0.00% 0 $415,997 9.00% 37,44034. 8 1120A-1120H Virginia Avenue $189,689 3.28% 6,222 $0 0.00% 0 $383,469 9.00% 34,51235. 8 1121A-1121H Mt. Vernon Avenue $189,689 3.28% 6,222 $0 0.00% 0 $383,469 9.00% 34,51236. 8 1122A-1122H Virginia Avenue $167,252 3.28% 5,486 $0 0.00% 0 $338,112 9.00% 30,43037. 8 1124A-1124H Virginia Avenue $167,252 3.28% 5,486 $0 0.00% 0 $338,112 9.00% 30,43038. 8 1126A-1126H Virginia Avenue $205,779 3.28% 6,750 $0 0.00% 0 $415,997 9.00% 37,44039. 8 1128A-1128H Virginia Avenue $167,252 3.28% 5,486 $0 0.00% 0 $338,112 9.00% 30,43040. 8 1130A-1130H Virginia Avenue $205,779 3.28% 6,750 $0 0.00% 0 $415,997 9.00% 37,44041. 8 1132A-1132H Virginia Avenue $205,779 3.28% 6,750 $0 0.00% 0 $415,997 9.00% 37,44042. 8 1134A-1134H Virginia Avenue $167,252 3.28% 5,486 $0 0.00% 0 $338,112 9.00% 30,43043. 8 1136A-1136H Virginia Avenue $205,779 3.28% 6,750 $0 0.00% 0 $415,997 9.00% 37,44044. $0 0.00% 0 $0 0.00% 0 $0 0.00% 045. $0 0.00% 0 $0 0.00% 0 $0 0.00% 046. $0 0.00% 0 $0 0.00% 0 $0 0.00% 047. $0 0.00% 0 $0 0.00% 0 $0 0.00% 048. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0

$2,077,283 $0 $4,199,374



NUMBEROF

2009 Page 25 (3)


D. Determination of Reservation Amount Needed

1. Total Development Costs (from VIII-A5, Column A page 20) $26,440,082

2. Less Total Sources of Funds (from VIII-B7 page 22) $14,945,311

3. Equals Equity Gap $11,494,771

4. Divided by Net Equity Factor (VIII-C7 page 22) 69.99%(Percent of 10-year credit expected to be raised as equity investment)

5. Equals Ten-Year Credit Amount Needed to Fund Gap $16,424,386

Divided by ten years 10

6. Equals Annual Tax Credit Required to Fund the Equity Gap $1,642,439

7. The Maximum Allowable Credit Amount $1,642,439(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 5,549 Combined 30% & 70% PV Credit

Credit per Bedroom 2,422 $1,642,439Comprised of

$250,869 and $1,391,570 30% PV Credit 70% PV Credit

(Based on same relative percentages as VIII-A12)

E. Attorney’s OpinionAttached in Mandatory TAB W)

The following calculation of the amount of credits needed is substantially the same as the calculation which will be made by VHDA todetermine, as required by the IRC, the amount of credits which may be allocated for the development. However, VHDA at all times retains theright to substitute such information and assumptions as are determined by VHDA to be reasonable for the information and assumptionsprovided herein as to costs (including development fees, profits, etc.), sources for funding, expected equity, etc. Accordingly, if thedevelopment is selected by VHDA for a reservation of credits, the amount of such reservation may differ significantly from the amount youcompute below.

Goal Seek Function If 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 on“Tools” 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 should be 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.

2009 Page 26


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 andthe issuance or nonissuance of an allocation of credits, grants and/or loan funds in connection herewith.

3. that points will be assigned only for representations made herein for which satisfactory documentation is submitted herewith and that no revised representations may be made in connection with this application once the deadline for applications has passed.

4. that this application form, provided by VHDA to applicants for tax credits, including all sections herein relative to basis, credit calculations, and determination of the amount of the credit necessary to make the development financially feasible, is provided only for the convenience of VHDA in reviewing reservationrequests; that completion hereof in no way guarantees eligibility for the credits or ensures that the 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.

5. that the undersigned is responsible for ensuring that the proposed development will be comprised of qualified low-income buildings and that it will in all respects satisfy all applicable requirements of federaltax law and any other requirements imposed upon it by VHDA prior to allocation, should one be issued.

6. that, for the purposes of reviewing this application, VHDA is entitled to rely upon representations of the undersigned as to the inclusion of costs in eligible basis and as to all of the figures and calculations relativeto the determination of qualified basis for the development as a whole and/or each building therein individually as well as the amounts and types of credit applicable thereof, but that the issuance of a reservation based on such representation in no way warrants their correctness or compliance with IRCrequirements.

7. 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 reserve credits, if any, in an amount significantly different from the amount requested.

8. that reservations of credits are not transferable without prior written approval by VHDA at its sole discretion.

2009 Page 27

MANDATORY ITEMS: Score a. Signed, completed application Y Y or N 0 b. Duplicate copy of application Y Y or N 0 c. Partnership agreement Y Y or N 0 d. SCC Certification Y Y or N 0 e. Previous participation form Y Y or N 0 f. Site control document Y Y or N 0 g. Architect's Certification Y Y or N 0 h. Attorney's opinion Y Y or N 0 i. Nonprofit questionnaire (if NP) N/A Y, N, N/A 0

0.001. READINESS: a. Plan of development N 0 or 40 0.00 b. Zoning approval Y 0 or 40 40.00

Total: 40.00

2. HOUSING NEEDS CHARACTERISTICS: a. VHDA notification letter to CEO Y 0 or -50 0.00 b. Local CEO letter (Y,NC,N) Y 0 or 25 or 50 50.00 c. Location in a revitalization area N 0 or 30 0.00 d. Location in a Qualified Census Tract Y 0 or 5 0.00 e. Sec 8 or PHA waiting list preference Y 0 or 10 10.00 f. Subsidized funding commitments 0.00% Up to 40 0.00 g. Existing RD, HUD Section 8 or 236 program Y 0 or 20 20.00 h. Tax abatement or new project based rental subsidy (HUD or RD) N 0 or 10 0.00 i. Census tract with <10% poverty rate, no tax credit units N 0 or 25 0.00 j. Development listed on the Rural Development Rehab Priority List N 0 or 15 0.00

Total 80.00

3. DEVELOPMENT CHARACTERISTICS: a. Unit size (See calculations below) Up to 100 100.00 b. Amenities (See calculations below) Up to 60 34.00 c. Project subsidies/HUD 504 accessibility for 5 or 10% of units N 0 or 50 0.00or d. HCV payment standard/HUD 504 accessibility for 5 or 10% of units N 0 or 30 0.00or e. HUD 504 accessibility for 4% of units Y 0 or 15 15.00 f. Proximity to public transportation Y10 0, 10 or 20 10.00 g. Development will be Earthcraft or LEED certified Y 0 or 30 30.00 h. VHDA Certified Property Management Agent Y 0 or 25 25.00 i. Units constructed to meet VHDA's Universal Design standards 0% Up to 15 0.00 j. Developments with less than 100 units Up to 20 0.00

Total 214.00

4. TENANT POPULATION CHARACTERISTICS: a. <= 20% of units having 1 or less bedrooms Y 0 or 15 15.00 b. Percent of units with 3 or more bedrooms 35.14% Up to 15 15.00

Total 30.00

5. SPONSOR CHARACTERISTICS: a. Developer experience - 3 developments with 3 x units or 6 developments with 1 x units Y 0 or 50 50.00or b. Developer experience - 1 development with 1 x units N 0 or 10 0.00 c. Developer experience - uncorrected major violation N 0 or -50 0.00 d. Developer experience - noncompliance Enter Total Negative N 0 or -15 0.00 e1. Developer experience - did not build as represented Points Here: 0 0 or -x 0.00 e2. Developer experience - termination of credits by VHDA N 0 or -10 0.00 f. Management company rated unsatisfactory N 0 or -25 0.00 g. LEED accredited design team member Y 0 or 10 10.00

Total 60.00

6. EFFICIENT USE OF RESOURCES: a. Credit per unit If #N/A or #REF! appears in the score column of these point Up to 180 88.64 b. Cost per unit categories check spelling of Clerk's Office on pg 1. It must match Up to 75 37.05

2009 LIHTC SELF SCORE SHEET:

Self Scoring Process

This worksheet is intended to provide you with an estimate of your application score based on the selection criteria described in theQAP. Most of the data used in the scoring process is automatically entered below as you fill in the application. Other items,denoted below in the green shaded cells, are items that are typically evaluated by VHDA’s staff during the application review andfeasibility analysis. For purposes of self scoring, it will be necessary for you to make certain decisions and assumptions about yourapplication and enter the appropriate responses in the green shaded cells of this score sheet. All but two require yes/no responses,in which case enter Y or N as appropriate. Item 2b pertaining to the Local CEO Letter will require one of the following responses: Y– the letter indicates unconditional support; N – the letter indicates opposition to the project; NC – no comment from the locality, orany other response which is neither unconditional support nor opposition. Item 5e1 requires a numeric value to be entered. Pleaseremember that the score is only an estimate based on the selection criteria using the reservation application data and theresponses you’ve entered on this score sheet. VHDA reserves the right to change application data and/or score sheet responseswhere appropriate, which may change the final score.

2009

Total exactly with the Jurisdiction names listed in the Application Manual. 125.69

7. BONUS POINTS: Locality AMI State AMI a. Units with rents at or below 40% of AMI $65,100 $50,600 10% Up to 10 10.00 b. Units with rent and income at or below 50% of AMI 100% Up to 50 50.00or c. Units with rents at or below 50% rented to tenants at or below 60% of AMI 100% Up to 25 0.00or d. Units in Low Income Jurisdictions with rents <= 50% rented to tenants with <= 60% of AMI 100% Up to 50 0.00 e. Extended compliance 35 Years 40 or 50 50.00or f. Nonprofit or LHA purchase option N 0 or 60 0.00or g. Nonprofit or LHA Home Ownership option N 0 or 5 0.00

Total 110.00

500 Point Threshold - 9% Credits TOTAL SCORE: 659.69475 Point Threshold - Tax Exempt Bond Credits

Unit Size Calculations:E-AS LVG E-EFF E-1 BDRM E-2 BDRM

High Sq.Ft. / BDRM 0 0 0 0 Low Sq.Ft. / BDRM 0 0 0 0 Project Sq.Ft. / BDRM 0 0 0 0 Percentage of Units 0.00% 0.00% 0.00% 0.00% Points per Bedroom 0.00 0.00 0.00 0.00

F-EFF-G F-1 BDRM-G F-2 BDRM-G F-3 BDRM-G High Sq.Ft. / BDRM 0 625 900 1,000 Low Sq.Ft. / BDRM 0 500 675 800 Project Sq.Ft. / BDRM 0 721 939 1,099 Percentage of Units 0.00% 16.22% 48.65% 16.22% Points per Bedroom 0.00 16.22 48.65 16.22

F-4 BDRM-G F-2 BDRM-TH F-3 BDRM-TH F-4 BDRM-TH High Sq.Ft. / BDRM 0 0 1,175 1,225 Low Sq.Ft. / BDRM 0 0 925 1,000 Project Sq.Ft. / BDRM 0 0 1,349 1,493 Percentage of Units 0.00% 0.00% 8.78% 10.14% Points per Bedroom 0.00 0.00 8.78 10.14

1 ST ELD-EFF 1 ST ELD-1 BDRM 1 ST ELD-2 BDRM If you do not receive a numeric point value High Sq.Ft. / BDRM 0 0 0 in the unit size calculations, please Low Sq.Ft. / BDRM 0 0 0 check the values entered on page 8, C1. Project Sq.Ft. / BDRM 0 0 0 These must be whole number numeric Percentage of Units 0.00% 0.00% 0.00% values only. Also check page 7, item 3, Points per Bedroom 0.00 0.00 0.00 the number of units must be either new,

adapt or rehab only. Combinations do Total Unit Size Points: 100.00 not calculate correctly.

Amenities:All units have:

a. 1.5 or 2 Bathrooms 0.00% 0.00b. Community Room 5.00c. Brick Walls 0.00% 0.00d. Kitchen/Laundry Appl-Energy Star 5.00e. Windows-Energy Star 5.00f. Heat/AC-SEER-AFUE 10.00g. Sub-metered water expense 0.00h. Low flow faucets & showerheads 3.00i. High speed cable, DSL, wireless internet 1.00j. Water heaters meet EPA Energy Star requirements 5.00

Total 34.00All elderly units have:

a. Front-control ranges 0.00b. Emergency call system 0.00c. Independent/suppl. heat source 0.00d. Two eye viewers 0.00

Total 0.00

All rehab or adaptive reuse units:b. Historic structure 0.00

Total amenities: 34.00

2009

$/SF = $79.82 Credits/SF = $7.19 Const $/unit = $29,492

TYPE OF PROJECT FAMILY = 11000; ELDERLY = 12000 11000 If an ERROR message appears here checkLOCATION BELT=100; NVM=110; NVNM=200; RIC=300; TID=400; SMA=500; SMA-C=510; RUR=600 400 spelling of Clerk's Office on pg 1. It mustTYPE OF CONSTRUCTION N C=1; ADPT=2;REHAB(25,000+)=3; REHAB(15,000-25,000)=4 3 match exactly with the Jurisdiction names

listed in the Application Manual.ELDERLY

AS LVG EFF-E 1 BR-E 2 BR-E EFF-E-1 ST 1 BR-E-1 ST 2 BR-E-1 STAVG UNIT SIZE 0 0 0 0 0 0 0NUMBER OF UNITS 0 0 0 0 0 0 0

PARAMETER-(COSTS=>25,000) 0 0 0 0 0 0 0PARAMETER-(COSTS<25,000) 0 0 0 0 0 0 0

COST PARAMETER 0 0 0 0 0 0 0PROJECT COST PER UNIT 0 0 0 0 0 0 0

PARAMETER-(CREDITS=>25,000) 0 0 0 0 0 0 0PARAMETER-(CREDITS<25,000) 0 0 0 0 0 0 0

CREDIT PARAMETER 0 0 0 0 0 0 0PROJECT CREDIT PER UNIT 0 0 0 0 0 0 0

COST PER UNIT POINTS 0.00 0.00 0.00 0.00 0.00 0.00 0.00CREDIT PER UNIT POINTS 0.00 0.00 0.00 0.00 0.00 0.00 0.00

FAMILYEFF-G 1 BR-G 2 BR-G 3 BR-G 4 BR-G 2 BR-TH 3 BR-TH 4 BR-TH

AVG UNIT SIZE 0 721 939 1,099 0 0 1,349 1,493NUMBER OF UNITS 0 48 144 48 0 0 26 30

PARAMETER-(COSTS=>25,000) 0 115,978 150,463 175,838 0 0 204,152 215,540PARAMETER-(COSTS<25,000) 0 0 0 0 0 0 0 0

COST PARAMETER 0 115,978 150,463 175,838 0 0 204,152 215,540PROJECT COST PER UNIT 0 57,527 74,936 87,738 0 0 107,708 119,188

PARAMETER-(CREDITS=>25,000) 0 10,232 13,274 15,512 0 0 19,733 20,833PARAMETER-(CREDITS<25,000) 0 0 0 0 0 0 0 0

CREDIT PARAMETER 0 10,232 13,274 15,512 0 0 19,733 20,833PROJECT CREDIT PER UNIT 0 5,182 6,750 7,903 0 0 9,702 10,736

COST PER UNIT POINTS 0.00 6.13 18.32 6.09 0.00 0.00 3.11 3.40CREDIT PER UNIT POINTS 0.00 14.41 43.04 14.32 0.00 0.00 8.04 8.84

TOTAL COST PER UNIT POINTS 37.05

TOTAL CREDIT PER UNIT POINTS 88.64

Cost Parameters - ElderlyAS LVG EFF-E 1 BR-E 2 BR-E EFF-E-1 ST 1 BR-E-1 ST 2 BR-E-1 ST

Standard Cost Parameter - low riseParameter Adjustment - mid riseParameter Adjustment - high rise

Adjusted Cost Parameter

Credit Parameters - ElderlyAS LVG EFF-E 1 BR-E 2 BR-E EFF-E-1 ST 1 BR-E-1 ST 2 BR-E-1 ST

Standard Credit Parameter - low riseParameter Adjustment - mid riseParameter Adjustment - high rise

Adjusted Credit Parameter

Cost Parameters - FamilyEFF-G 1 BR-G 2 BR-G 3 BR-G 4 BR-G 2 BR-TH 3 BR-TH 4 BR-TH

Standard Parameter - low riseParameter Adjustment - mid riseParameter Adjustment - high rise


Credit Parameters - FamilyEFF-G 1 BR-G 2 BR-G 3 BR-G 4 BR-G 2 BR-TH 3 BR-TH 4 BR-TH



0 0

0 00 0

0

0 0 0 00

0 0 0 0 0

000 0

0

00 0 0 00 0 00

0 0 0 0

0 115,978 150,463 175,838 0 0 204,152 215,5400 00

00 0 00 0 0 0 0 0 0

0 0

0 115,978 150,463 175,838 0 0 204,152 215,540

0

0

0 0

0 00 0 0

0 0 0 00 0 0

0 0 0 00

0 10,232 13,274 15,512 0 0 19,733 20,8330 0 0 0 0 0 0 00 0 0 0 0 0 0 00 10,232 13,274 15,512 0 0 19,733 20,833

2009

$/SF = $79.82 Credits/SF = $7.19 Const $/unit = $29,492

TYPE OF PROJECT FAMILY = 11000; ELDERLY = 12000 11000 If an ERROR message appears here checkLOCATION BELT=100; NVM=110; NVNM=200; RIC=300; TID=400; SMA=500; SMA-C=510; RUR=600 400 spelling of Clerk's Office on pg 1. It mustTYPE OF CONSTRUCTION N C=1; ADPT=2;REHAB(25,000+)=3; REHAB(10,000-25,000)=4 3 match exactly with the Jurisdiction names

listed in the Application Manual.ELDERLY

AS LVG EFF-E 1 BR-E 2 BR-E EFF-E-1 ST 1 BR-E-1 ST 2 BR-E-1 STAVG UNIT SIZE 0 0 0 0 0 0 0NUMBER OF UNITS 0 0 0 0 0 0 0

PARAMETER-(COSTS=>25,000) 0 0 0 0 0 0 0PARAMETER-(COSTS<25,000) 0 0 0 0 0 0 0

COST PARAMETER 0 0 0 0 0 0 0PROJECT COST PER UNIT 0 0 0 0 0 0 0

PARAMETER-(CREDITS=>25,000) 0 0 0 0 0 0 0PARAMETER-(CREDITS<25,000) 0 0 0 0 0 0 0

CREDIT PARAMETER 0 0 0 0 0 0 0PROJECT CREDIT PER UNIT 0 0 0 0 0 0 0

COST PER UNIT POINTS 0.00 0.00 0.00 0.00 0.00 0.00 0.00CREDIT PER UNIT POINTS 0.00 0.00 0.00 0.00 0.00 0.00 0.00

FAMILYEFF-G 1 BR-G 2 BR-G 3 BR-G 4 BR-G 2 BR-TH 3 BR-TH 4 BR-TH

AVG UNIT SIZE 0 721 939 1,099 0 0 1,349 1,493NUMBER OF UNITS 0 48 144 48 0 0 26 30

PARAMETER-(COSTS=>25,000) 0 115,978 150,463 175,838 0 0 204,152 215,540PARAMETER-(COSTS<25,000) 0 0 0 0 0 0 0 0

COST PARAMETER 0 115,978 150,463 175,838 0 0 204,152 215,540PROJECT COST PER UNIT 0 57,527 74,936 87,738 0 0 107,708 119,188

PARAMETER-(CREDITS=>25,000) 0 10,232 13,274 15,512 0 0 19,733 20,833PARAMETER-(CREDITS<25,000) 0 0 0 0 0 0 0 0

CREDIT PARAMETER 0 10,232 13,274 15,512 0 0 19,733 20,833PROJECT CREDIT PER UNIT 0 5,182 6,750 7,903 0 0 9,702 10,736

COST PER UNIT POINTS 0.00 6.13 18.32 6.09 0.00 0.00 3.11 3.40CREDIT PER UNIT POINTS 0.00 14.41 43.04 14.32 0.00 0.00 8.04 8.84

TOTAL COST PER UNIT POINTS 37.05

TOTAL CREDIT PER UNIT POINTS 88.64

Cost Parameters - ElderlyAS LVG EFF-E 1 BR-E 2 BR-E EFF-E-1 ST 1 BR-E-1 ST 2 BR-E-1 ST

Standard Cost Parameter - low riseParameter Adjustment - mid riseParameter Adjustment - high rise


Credit Parameters - ElderlyAS LVG EFF-E 1 BR-E 2 BR-E EFF-E-1 ST 1 BR-E-1 ST 2 BR-E-1 ST



Cost Parameters - FamilyEFF-G 1 BR-G 2 BR-G 3 BR-G 4 BR-G 2 BR-TH 3 BR-TH 4 BR-TH

Standard Parameter - low riseParameter Adjustment - mid riseParameter Adjustment - high rise


Credit Parameters - FamilyEFF-G 1 BR-G 2 BR-G 3 BR-G 4 BR-G 2 BR-TH 3 BR-TH 4 BR-TH


Adjusted Credit Parameter 0 0 19,733 20,8330 10,232 13,274 15,5120 0 0 00 0 0 00 0 0 00 0 0 00 0 19,733 20,8330 10,232 13,274 15,512

0 0 00 0 0 000 0 0 00

0

0 0

0 00 0 0

0 0 204,152 215,5400 115,978 150,463 175,838

00 0 0 0 0 0 0

0 0 0 000

0 00 0 204,152 215,5400 115,978 150,463 175,838

0 0 0 0

0

00 0 0 00 0 00 0

0 0 0 0 0

000 0

0 0 0 0

0 0

0 00 0

0

2009

TAB A (Documentation of Development Location)

TAB A.1 (Qualified Census Tract Certification)

Qualified Census Tract Certification

Development Name: London Oaks Tracking #: 2009-Z-077

1. General Instructions

• This Certification must be included with the Application (by Application Deadline, 5/15/09).

• The Owner/Developer completes this Certification. • Any change in this form may result in a reduction of points under the scoring system. If

you have any questions, please call Jim Chandler at VHDA (804) 343-5786. 2. Definition of Qualified Census Tract

Pursuant to §42(d)(5)(C)(ii) of the IRC, a qualified census tract is, “(I) Any census tract which is designated by the Secretary of Housing and Urban Development and, for the most recent year for which census data are available on household income in such tract, either in which 50% or more of the households have an income which is less than 60% of the area median gross income (AMGI) for such year or which has a poverty rate of at least 25%. If the Secretary of Housing and Urban Development determines that sufficient data for any period are not available to apply this clause on the basis of census tracts, such Secretary shall apply this clause for such period on the basis of enumeration districts. (II) The portion of a metropolitan statistical area (MSA) which may be designated shall not exceed an area having 20% of the population of such MSA. (III) Each MSA shall be treated as a separate area and all non-metropolitan areas in a State shall be treated as one area.”

3. Census Tract #(s):

2105

To determine the development’s census tract, go to http://map.sba.gov/hubzone/init.asp and put in the development address or county. The census tract number will be revealed after pressing the “search” button. On a rare occasion, when a development spans more than one census tract, this website may show incomplete information. IF the subject development is across census tracts, please list each census tract by number and provide supporting documentation.

Attach a map showing census tract boundaries and the development’s location!

4. Legal Description

Attach a copy of the development’s legal description; the legal description should correspond to the site control document in the Application.

http://map.sba.gov/hubzone/init.asp

dpearson

Oval

Location Map

Address 2680 High StPortsmouth, VA 23707

©2009 Google - Map data ©2009 Tele Atlas - Terms of Use

Page 1 of 12680 High Street, Portsmouth, VA 23707 - Google Maps

5/12/2009mhtml:file://S:\Finkle\Transactions\F&W\Properties\London Oaks\2009 VHDA 9% Appli...

Surveyor’s Certification of Proximity To Public Transportation

TAB B

(Partnership or Operating Agreement)

27087_V1

LIMITED PARTNERSHIP AGREEMENT

LONDON OAKS PRESERVATION, L.P.____________________________________

THE UNDERSIGNED are executing this Agreement of Limited Partnership (the “Agreement”) for the purpose of forming LONDON OAKS PRESERVATION, L.P., a Delaware limited partnership (the “Partnership”), pursuant to the provisions of the Delaware Revised Uniform Partnership Act, (the “Delaware Act”), and do hereby state the following:

1. The undersigned agree to form the Partnership under the Delaware Act pursuant to this Agreement and the Certificate of Limited Partnership attached hereto and made a part hereof as Exhibit A, which is being filed with the Secretary of State of Delaware in connection with the execution of this Agreement.

2. The Partnership is being formed for the purpose of engaging in any lawful act or activity for which limited partnerships may be formed under the Delaware Act, and engaging in any and all activities recurring, convenient, desirable or incidental to the foregoing.

3. The general partner of the Partnership is London Oaks Preservation GP, LLC, a Delaware limited liability company (the “General Partner”). The initial limited partner of the Partnership is Mark E. Carbone (the “Initial Limited Partner”, together with the General Partner, collectively, the “Partners”).

4. The percentage interest of the Partners and their capital contributions are set forth on Schedule I attached hereto and made a part hereof.

5. Profits, losses and distributions will be allocated pro rata among the Partners in proportion to their capital contributions.

6. Amendments to this agreement, or any change in the ownership of the Partnership, will be evidenced by written agreement signed by the Partners. Pending any replacement or amendment of this agreement, the Partners intend the provisions of the Delaware Act to be controlling as to any matters not set forth in this Agreement.

[Signature page follows immediately]

5/12/2009

London Oaks Preservation, L.P. London Oaks Preservation, L.P.

London Oaks Preservation GP, LLC.01% General Partner

London Oaks Preservation GP, LLC.01% General Partner

Mark Carbone99.99% Limited Partner

Mark Carbone99.99% Limited Partner

Jeff T. Blau8 % MemberJeff T. Blau

8 % MemberMichael Brenner

1% MemberMichael Brenner

1% MemberStephen M. Ross86.5% Member

Stephen M. Ross86.5% Member

Bruce A. Beal4.5% MemberBruce A. Beal4.5% Member

MRAP, LLC16% MemberMRAP, LLC

16% MemberAffordable Holdings, LLC

5% MemberAffordable Holdings, LLC

5% MemberRelated Apartment Preservation, LLC

69% Member

Related Apartment Preservation, LLC

69% MemberTiki Ventures VA1, LLC

10% MemberTiki Ventures VA1, LLC

10% Member

Mark E. Carbone100% Member

Mark E. Carbone100% Member

Mark Lepselter24.5% MemberMark Lepselter24.5% Member

Matthew Finkle100% Member

Matthew Finkle100% Member

The Related Companies, L.P.100% Member

The Related Companies, L.P.100% Member

Drew Sheinman12.25% MemberDrew Sheinman12.25% Member

Akiim Kiambu Barber51% Member

Akiim Kiambu Barber51% Member

Joseph A Baratta6.125 % Member

Joseph A Baratta6.125 % Member

Arthur L. Aidala6.125% MemberArthur L. Aidala6.125% Member

TAB C

(VA SCC Certification)

TAB D

(Principal’s Previous Participation Certification)

TAB F

(Architect’s Certification)

First Name Last Name Affiliation Course DateBob Aaron Harkins Building Inc 06/26/2008Amanda Adams CJMW Architecture 12/15/2008Philip Agee EarthCraft Virginia 06/26/2008Bryan Ailey People Inc. of SWVA 10/25/2007Dewayne Alford Chesapeake Redevelopment and Housing Authority 05/31/2007Lee Alford BHC 05/31/2007Lee Alford Better Housing Coalition 05/06/2009Jeff Allen Related Affordable 06/26/2008John Allison Rehab Builders, Inc. 12/15/2008Steve Ames Rehab Builders, Inc. 12/15/2008Corbin Anderson CTA Development, LLC 12/15/2008Charles Ansell ACA Architects, PC 05/06/2009Michael Antonik Related Affordable 06/26/2008Richard Armstrong Southpart Financial Services 01/30/2008Colin Arnold Community Design Studio 05/31/2007Jeremy Arnold Bonstra Haresign Architects, LLP 09/12/2008Tom Ayd Green Street Housing, LLC 02/26/2009David Baker Bonstral Haresign Architects 05/31/2007Lou Balodemas Baodemas Architects 01/30/2008Corey Barnes CJMW Architecture 12/15/2008Ronald Barnes Fixture Specialists Inc. 01/30/2008Jeffrey Barrett Piedmont Housing Alliance 02/26/2009Tom Barrett Danville RHA 05/31/2007Larry Barton DBA Architect Planner 10/25/2007Gary Bell Rehab Builders, Inc. 12/15/2008Ariadna Belmonte Rust-Orling Architecture, Inc. 10/25/2007Michael Binette The Architectural Team 05/06/2009Flay Blalock Rehab Builders, Inc. 12/15/2008Ben Bloschock Artisan Construction Inc 12/05/2007Kevin Blount CDSI 02/26/2009Daniel Bolinaga Virginia Beach Community Development Corporation 12/15/2008Wayne Bolton Temperature Control Mechanical System 06/26/2008Catherine Bond The Lane Group, Inc. 02/26/2009Christina Borland 06/26/2008Don Bosserman Countryside Service Company, LC 09/12/2008Nell Boyle Breakell, Inc. 02/26/2009Richard Brassfield HHHunt 01/30/2008Ben Broderson Landmark Asset Services 12/15/2008Greg Brown Apartment Investment and Management Company (A 05/31/2007Bruce Browning Rehab Builders, Inc. 12/15/2008David Bruce Eagle Construction of VA, LLC 05/06/2009Jim Bryan Heffner Architects 02/26/2009Rob Buchanan Waverton Associates, inc. 05/06/2009Peter Bunai Bunai + Drake, Inc. 12/05/2007James Bundy Bundy A&E 10/25/2007James Bundy Bundy Architecture and Engineering 02/26/2009Wayne Burrell Holy Tabernacle Housing and Economic Developme 10/25/2007

EarthCraft Multifamily Professional Training Listing(This is a list of attendees only as of 5/6/09 and includes persons who are not registered Architects.)

First Name Last Name Affiliation Course DateMatthew Burton DJG Architects,Inc. 10/25/2007Don Buschker Rehab Builders, Inc. 12/15/2008Mike Butler Paradigm Development Company 05/31/2007Robert Butwin Etc Companies LLC 01/30/2008Elizabeth Byrd Virginia Non-profit Housing Coalition 12/05/2007Theodore Cage Wiencek and Associates 09/12/2008Richard Cain Viteri Construction Management, Inc. 05/31/2007Andy Caldwell Lemay Associates 12/05/2007Joe Callahan Shenandoah Area Agency on Aging 10/25/2007Patrick Callahan Masco Contracting Services 06/26/2008Alex Cannon Cannon Properties, Ltd. 02/26/2009Larry Canterbury Canterbury Construction, Inc. 06/26/2008Sean Casey HFH - Nova 06/26/2008Hsien-Yuan Chen Wiencek and Associates 09/12/2008Tarik Claiborne VHDA 02/26/2009Dave Colby Callis Stephens, Inc. 12/15/2008Kevin Coles BHC 06/26/2008Chris Conway 12/15/2008Matt Corell Bonstral Haresign Architects 05/31/2007Scott Corwin Johannas Design Group 09/12/2008Steve Cox People Inc. of SWVA 10/25/2007Jeanie Cummins RPJ Housing 05/31/2007Mark Daly Nelligan Insulation 12/05/2007Stuart Daniel Better Housing Coalition 02/26/2009Tim Daniel Zavos Architecture and Design 06/26/2008Douglas Dansey George A. Dansey, Inc. 09/12/2008Ray Day, III Bozzuto Construction Company 02/26/2009Joel De Leon Neale Architects 05/31/2007William Deal, Jr. Pentecost, Deal & Associates, Inc. 02/26/2009Daniel DeBettencourt dBF Associates 05/31/2007Bruce DeSimone VHDA 12/05/2007Frank DeStefano Destafano Design Group 01/30/2008Byron Dickson Dickson Architects and Associates PC 05/31/2007Dan Dills Dills Ainscough Duff 02/26/2009Jimmy Dobson Paradigm Development Company 05/31/2007Philip "Chip" Dodd Aurora Consulting LLC 01/30/2008Barbara Dooley Breakell Inc. 02/26/2009Alan Downie Hughes Associates Architects 01/30/2008David Draper Collins & Kronstadt Architects 02/26/2009Joyce Dudek AHIP 05/31/2007Jim Dumminger Calloway, Johnson, Moore & West, P.A. 12/05/2007Anne Durkin BAM Architects 06/26/2008Hussein Easmeil Marlyn Development Corporation 01/30/2008James Edwards Edwards Associates Architects 06/26/2008John Edwards Bonstra Haresign Architects, LLP 09/12/2008Doug Ellis Windows and More 06/26/2008Pedro Escario Dills Ainscough Duff 06/26/2008Jeffrey Farner City of Alexandria, Department of Planning/Zoning 06/26/2008Michael Ferguson Dominion Due Diligence 12/05/2007Amy Ferns AWB Engineers 02/26/2009Lisa Ferretto Hord Coplan Macht 05/31/2007Eric Fesperman Habitat for Humanity of Winchecter - FrederickCount 06/26/2008Ross Fickenscher S & S Construction, Inc. 05/06/2009Matthew Fine ZA+D, LLC 05/31/2007Matthew Fitzgerald Urban Design Associates 09/12/2008

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Relocation Assistance Plan

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TAB G

London Oaks Apartments Temporary Relocation Plan

This plan has been prepared in order to inform current residents of the intended renovation of London Oaks Apartments and of measures planned by the owner of the property to minimize the impact of this renovation on residents. This plan is believed and intended to meet all requirements of the Virginia Housing Development Authority (“Authority”) and shall be amended where necessary if found deficient by the Authority. The plan is organized in the following five sections:

1) Contact information for the owner/developer and management company; 2) Scope of the renovation work; 3) Temporary relocation assistance and services to be offered; 4) Anticipated rents and rental policies after the renovation; and 5) Other measures planned to minimize construction impact

1) Contact Information

Owner/Developer Name London Oaks Preservation, L.P. Contact Person Matthew Finkle Address 60 Columbus Circle

New York, NY 10023 Phone 212-801-1073

Management Company Name F&W Management Corporation Contact Person Cindy Thibodeau Address 2680 High Street

Portsmouth, VA 23707 Phone 757-399-6347

2) Scope of the Renovation The property will undergo a comprehensive renovation that will result in improved comfort, safety and convenience for all residents. Some of the more significant work to be performed to exterior and common areas will include: replacement of existing roof shingles; installation of vinyl siding; installation of new windows; repair of stairs in building breezeways; resurfacing of parking area; additional lighting throughout property; improved landscaping; Individual apartments will also be significantly improved with such items as new kitchen and bathroom cabinetry and countertops, installation of new light fixtures and replacement of windows. Replacement of existing kitchen and bathroom cabinetry will require each resident to remove all of their belongings from their kitchen and bathrooms prior to work beginning on their apartment. Furniture and belongings from rooms other than the kitchen and bathroom need not be packed or moved. Packed-up kitchen and

bathroom items may be kept in unaffected rooms and closets for easy unpacking once work is completed. Renovations in most apartments should take no more than four days to complete. Management staff will inform each resident well in advance of the date when their apartment is to be renovated to allow ample time for packing up belongings . Renovations of individual apartments are scheduled to begin in Early 2010. Work shall progress a building at a time, with all apartments completed in a building within two to three weeks. All apartments in all buildings are scheduled for completion by end of 2010. 3) Temporary Relocation Assistance and Services to be Offered London Oaks will not be vacated during renovation since the apartments will be livable throughout the entirety of the construction. While specific apartments undergo renovation during the day, the community room will be open to those tenants. Construction will not proceed into the night. London Oaks Apartments will also assist its residents in the packing of their kitchen and bathrooms by providing packing materials such as cardboard boxes, tape, wrapping paper, etc. Management staff will be available throughout this process to answer questions and provide any assistance. 4) Anticipated Rents and Rental Policies After Renovation The owner of London Oaks Apartments intends to maintain the affordability of the apartments by remaining in the section 8 program administered by the Virginia Housing Development Authority. Upon renovation, rents are anticipated to remain the same, which are approximately $572 for a one bedroom, $656 for a two bedroom, $827 or $864 for a three bedroom and $936 for a four bedroom apartment. However, the resident-paid portion of the rent will remain limited by the resident’s income pursuant to the section 8 program; thus, it is not anticipated that the resident-paid portion of the rent will increase due to the renovation of the property. There are no anticipated changes to rental policies after renovation of the property has been completed. 5) Other Measures Planned to Minimize Construction Impact To minimize disturbance and any anxiety residents may feel, management will endeavor to keep all residents informed throughout the process. To address the needs of non-English speaking residents, literature will be made available to them in the appropriate language and interpreters will be provided. All affected residents will receive copies of this renovation and relocation plan, current work will be highlighted in monthly newsletters sent to all residents, and staff will be on site and available to assist residents with questions or complaints as needed.

Construction crews will be responsible for maintaining a clean, safe site as they perform their work. Construction work, particularly that which is loud or disturbing, will be scheduled between 8AM-5PM and ample notice will be provided to all residents prior to doing any work that requires access to their unit or otherwise affects them. We will work to ensure that the renovation of the property causes as little inconvenience to each resident as possible and are confident that each resident will be very happy with the new London Oaks Apartments.

TAB H

(PHA/Section 8 Notification Letter)

TAB I

(Local CEO Letter)

The CEO Support letter will be submitted separately by June 1, 2009

TAB K

(Site Control Documentation)

TAB L

(Plan of Development Certification Letter)

TAB M

(Zoning Certification Letter)

TAB N

(Copies of 8609’s To Certify Developer Experience)

TAB Q

(Documentation of Rental Assistance)

TAB R

(Documentation of Operating Budget)

TAB S

(Documentation of Project Budget)

UnitItem Quantity Cost Sub‐TotalBathrooms Vanity 352 $450 $158,400Lighting upgrade 352 $100 $35,200Replaces Exhaust Fan 352 $125 $44,000Medicine Cabinets 352 $150 $52,800New GFI 352 $75 $26,400Tubs & Surround 100 $1,200 $120,000Painting 352 $100 $35,200Low Flow Shower Head 298 $150 $44,700New VCT / Limolium Floor 352 $250 $88,000

Kitchens Cabinet Replacements 296 $2,600 $769,600Counters 296 $300 $88,800Refrigerators‐EnergyStar 296 $495 $146,520Stoves‐EnergyStar 296 $455 $134,680Dishwasher 296 $750 $222,000Range Hood 200 $125 $25,000Lighting Replacement 296 $100 $29,600New GFI Outlet 296 $150 $44,400Sinks‐stainless steel sink 296 $150 $44,400Faucets‐single lever 296 $125 $37,000New VCT flooring w/reducer strip 296 $250 $74,000Painting 296 $150 $44,400

General Interior (BR/LR/DR) Hot Water Heaters 296 $750 $222,000Vestibule VCT Floor 296 $50 $14,800VCT / Sub Floor Repairs 100 $3,500 $350,000Replace Unit Lighting‐Hallway 888 $100 $88,800Window Treatments 296 $150 $44,400Replace Bedroom Light Bulbs 582 $10 $5,820Interior Door Replacement 500 $100 $50,000Entrance Door & Hardware 296 $800 $236,800Duct Cleaning 296 $200 $59,200Grill Replacement 296 $250 $74,000AC replacement w/Furnace & Blower1BR‐SEER 14 48 $3,400 $163,2002BR‐SEER 14 144 $3,500 $504,0003BR‐SEER 14 104 $3,800 $395,200

Common Areas Office Upgrade‐Paint, Furniture ‐ ADA Ramps 1 $50,000 $50,000Laundry Room upgrades 1 $20,000 $20,000Community Room 1 $75,000 $75,000Infill Pool 1 $45,180 $45,180

Building Envelope Breezeway Repairs 30 $5,000 $150,000Aluminum Fascia Boards 37 $3,000 $111,000Gutters & Leaders 37 $3,000 $111,000Roofs 1700 $300 $510,000Attic Insulation 1700 $35 $59,500Vinyl Siding 2700 $300 $810,000Window Replacement (Inc Attic Stock) 1200 $400 $480,000Sliding Door Replacement (Inc Attick Stock) 115 $800 $92,000Extend Roof Lines 30 $5,000 $150,000

Site Improvements Site Fencing Lump Sum $25,000 $25,000Landscaping Lump Sum $130,000 $130,000Site Signage Lump Sum $45,000 $45,000Playground Lump Sum $60,000 $60,000Exterior Lighting Lump Sum $50,000 $50,000Parking Lot‐Repair Fill Pot Holes ‐ Top Coat Lump Sum $125,000 $125,000Concrete‐repair damaged walks and curbs Lump Sum $78,000 $78,000TOTAL 296 $25,845 $7,650,000

Cost Breakdown per unit (296)Building Interiors $15,113 $4,473,320Common Areas $643 $190,180Site Improvements $1,733 $513,000Building Envelope $8,356 $2,473,500TOTAL $25,845 $7,650,000

Full Rehabilitation Budget per unit (296)

General Conditions (6%) $1,551 $459,000Overhead (6%) $1,551 $459,000Profit (2%) $517 $153,000Contingency (10%) $2,584 $765,000

TOTAL $32,047 $9,486,000

London Oaks Apartments ‐ Portsmouth, VAProposed Rehab Budget

TAB W

(Original Attorney’s Opinion)

TAB Y (Marketing Plan for units meeting accessibility

requirements of HUD section 504)

VHDA Locality Notification Information Form

London Oaks / Portsmouth

PART I - INSTRUCTIONS:

New in 2009!

50-Point Penalty:

Delivery of Electronic Copy of this form to VHDA:via e-mail to [email protected]. E-mail only one form at a time!

via regular mail (on CD) to:

VHDATax Credit Allocation Departmentc/o Debbie Griner601 S. Belvidere StreetRichmond, VA 23220-6500

VHDA Contact Information:Call Debbie Griner at 804-343-5518 if you have questions about completing this form.

Locality Notification Information Form

If you already have a local support letter, you can include it with the application at TAB I. However, you must still complete this form and submit it to VHDA or the application for this development will be penalized 50 points!

For information about additional points associated with receiving a Support Letter from the local jurisdiction, please refer to the Application Manual.

Failure to complete and submit this form prior to 5:00 p.m. EST time on March 25, 2009 will result in a 50-point penalty (-50 points) for any application submitted in connection with the 2009 competitive tax credits.

Section 42 (m)(1)(A)(ii) of the Internal Revenue Code requires allocating agencies to notify "the Chief Executive Officer (CEO) or equivalent of the local jurisdiction within which the building is located and provide such individual a reasonable opportunity to comment on the development." VHDA uses information you provide in this form to comply with this requirement. If your development overlaps two or more jurisdictions, you are required to submit this form for each.

Developers seeking tax-exempt bond 4% credits or Non-Competitive 9% credits, should submit this form at least 30 days prior to submission of the tax credit application.

If you use this e-mail option, you will receive an auto reply message confirming "message received." The system DOES NOT confirm that an attachment has been received.

Although VHDA prepares the documents sent to each locality, we rely on you, the developer/Applicant, to provide us with key information, including the name of the locality having jurisdiction over the development, names, addresses and salutations, as well as a summary of basic development information.

In addition to contacting the Locality CEO, VHDA will also be contacting the Mayor or Chairman of the Board of Supervisors. It is probable that each position will have a separate mailing address.



PART II - CEO & JURISDICTION INFORMATIONPlease read INSTRUCTIONS above carefully before completing the following sections.

A. Chief Executive Officer (CEO) Information

Name of CEO:Kenneth L. ChandlerFirst Name Middle Initial Last Name

Job Title: City Manager

Local Jurisdiction: City of Portsmouth

Mailing Address/P.O. Box: 801 Crawford Street

Suite/Room # (if applicable):

City: PortsmouthState: VAZip: 23704

Salutation: Mr.

B. Mayor or Chairman of the Board of Supervisors Information

Name:James W. Holley IIIFirst Name Middle Initial Last Name

Job Title: Mayor

Local Jurisdiction: City of PortsmouthMailing Address/P.O. Box: 801 Crawford Street

Suite/Room # (if applicable):

City: PortsmouthState: VAZip: 23704

Salutation: The Honorable

Be sure the zip code you pick up corresponds to the P.O. Box or street address that you are using. Note: Zip codes for P.O. boxes are usually different from the zip codes for the street addresses.

e.g. "City Manager", "Town Manager", "County Administrator", "Executive Officer", "Chief Administrative Officer", etc.

e.g. "City of…", "Town of…" or "[ ] County"

This is the mailing address of the CEO and may not always be the same as the physical address of the courthouse, town hall, municipal building, city hall, etc. Please double check the address before entering.

This is the full name of the City Manager, Town Manager, County Administrator, Chief Administrative Officer, Executive Officer, etc.

e.g. "The Honorable", "Mr.", "Mrs.", "Ms.", "Rev.", etc.

"Mayor" or "Chairman of the Board of Supervisors"

This zip code must correspond to the P.O. Box or street address that you are using. Note: Zip codes for P.O. boxes are usually different from the zip codes for the street addresses.

e.g. "The Honorable", "Mr.", "Mrs.", "Ms.", "Rev.", etc.

This is the street address for the Admnistrator. May be different from CEO address. Please double check the address before entering.



C. Jurisdiction Detail

Circuit Court Clerk's office in which the deed to the property is or will be recorded: City of PortsmouthCity/County of

Does the site overlap one or more jurisdictional boundaries? Yes No If yes, add the names of the other jurisdiction(s) here:

City/County of City/County of

Development is located in a Metropolitan Statistical Area (MSA)? Yes NoDevelopment's Census Tract: 2015.00

Census Tract Number

Is this a Qualified Census Tract? Yes NoIs the development located in a Difficult Development Area? Yes NoIs the development located in a revitalization area? Yes No

Congressional District 3 http://dlsgis.state.va.us/congress/2001PDFs/chap7Tab.pdfPlanning District 23 http://www.vapdc.org/aboutpdcs.htm#PDC%20MapState Senate District 2 http://dlsgis.state.va.us/senate/2001PDFs/Chap2Tab.pdfState House District 79 http://dlsgis.state.va.us/House/2001HousePDFs/Chap1Tab.pdf

Local Planning/Zoning Contact Info:

Best Person to Contact: Paul Holt

Job Title: Director of Planning Department

Contact Phone: 757-393-8836 x4182

PART III - DEVELOPMENT INFORMATION

Proposed Development Name: London OaksThis is the marketing name of your development

Proposed Development Address: 2680 High Street Portsmouth VA 23707Street Address City State Zip

VHDA Tax Credit Pool: Tidewater MSA

In the space below, give a brief description of the proposed development.

Development Type: (Family or Elderly) FamilyDescribe Architectural Style: Traditional 2-story garden style apartments with pitched roofsDescribe Exterior Finish: Painted T1-11 sidingDescribe Community Facilities: Playground, leasing office, community room, laundry room

1. Units:Number of low-income units 296 # bedrooms 678% Low-Income Units 100%Number of new units # bedroomsNumber of adaptive reuse units # bedroomsNumber of rehabilitation units 296 # bedrooms 678Total number of all units 296 Total # bedrooms 678

2. Floor Area:Gross Residential Floor Area 302,422Commercial Floor AreaLow-Income Floor Area 302,422% Low-Income Unit Floor Area 100%

3. Number/Age of BuildingsNumber of Buildings 43Age of Building(s) 32 Number of stories: 2

4. Structural Features (check all that apply):Row House/Townhouse Garden Apartments Slab on GradeDetached Single-family Detached Two-family Basement Elevator Crawl Space

5. Building Systems:Describe Heating/AC System: Heat: Forced Hot Air (Gas), A/C: Split System

This is the person with whom you've previously spoken about the development and whom can answer anticipated questions from the CEO.

This aging, existing 296 unit affordable housing development is in need of substantial rehabilitation.

e.g., "Director of Planning", "Planning Administrator", "Zoning Administrator", etc



PART IV - OWNER & SELLER INFORMATION

A. Owner Information

Owner Name: London Oaks Preservation, L.P. Phone: (212) 801-1073Best Person to Contact: Matthew FinkleStreet Address: 60 Columbus CircleCity, State & Zip: New York NY 10023

City State Zip

Type of entity: Limited Partnership Other:Individual(s) Corporation

Names Phone Type of Ownership % OwnershipLondon Oaks Preservation GP, LLC 212-801-1073 GP .01%Stephen M. Ross 212-421-5333 Member 86.5% of GPJeff T. Blau 212-421-5333 Member 8% of GPMichael J. Brenner 212-421-5333 Member 1% of GPBruce A. Beal 212-421-5333 Member 4.5% of GP

B. Seller Information:

Seller Name: London Oaks Limited PartnershipSeller Phone: 540-774-1641Street Address: 3130 Chaparral Drive, Suite 200City, State & Zip: Roanoke VA 24018

City State Zip

Is there an identity of interest between the seller and owner/applicant? Yes No If yes, completethe following:

Nature of Identity of Interest (1):e.g. general partner, managing member, controlling shareholder, etc.

NameStreet AddressCity, State & Zip:

City State Zip

Nature of Identity of Interest (2):e.g. general partner, managing member, controlling shareholder, etc.

NameStreet AddressCity, State & Zip:

City State Zip

5. If an Individual (owner or otherwise) - anyone having a 25% or more ownership interest of the named individual6. If Any Person that Directly or Indirectly Controls or Has the Power to Control a Principal

1. If Partnership (owner or otherwise) - all GPs, regardless of % interest in GP

3. If a Corporation (public or private), Organization or Governmental Entity - officers who are directly responsible to the Board of Directors (or equivalent) and any stockholder having a 25% or more interest

2. If an LLC - all members regardless of % interest

4. If a Trust - all persons having a 25% or more beneficial ownership interest in the assets of the trust

List of Principals. Use the following as a guide to listing principals.


London Oaks - 2009 VA

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