James Bland IV

INSTRUCTIONS FOR THE
VIRGINIA 2011 LIHTC APPLICATION FOR RESERVATION
This application was prepared using Excel, Microsoft Office 2003. Please note that using the active Excel
workbook does not eliminate the need to submit the required PDF of the signed hardcopy of the application and
related documentation. A more detailed explanation of application submission requirements is provided
below and in the Application Manual.
An electronic copy of your completed application is a mandatory submission item.
Applications For 9% Competitive Credits

Applicants should submit an electronic copy of the application package on a CD prior to the
application deadline, which is 2:00 PM Richmond Virginia time on March 11, 2011. Failure to submit an electronic
copy of the application by the deadline will cause the application to be disqualified.
Please Note:
Applicants should submit all application materials in electronic format only.
There should be distinct files saved to 1 or more CDs (as needed) which should include the following:
1. Application For Reservation – the active Microsoft Excel workbook
2. A PDF file which includes the following:
- Application For Reservation – Signed version of hardcopy
- All application attachments (i.e. tab documents, excluding market study and plans & specs)
3. Market Study – PDF or Microsoft Word format
4. Plans - PDF or other readable electronic format
5. Specifications - PDF or other readable electronic format (may be combined into the same file as the plans if
necessary)
6. Unit-By-Unit work write up (rehab only) - PDF or other readable electronic format
Notes:
-Do not submit any files on a flash or thumb drive.
-Do not submit any application materials via TaxCreditApps@VHDA.com or to any email address unless
specifically requested by the VHDA Allocation Department staff.
Disclaimer:
VHDA assumes no responsibility for any problems incurred in using this spreadsheet or for the
accuracy of the calculations. Check your application for correctness and completeness before
submitting the application to VHDA.
Entering Data:
Enter numbers or text as appropriate in the blank spaces highlighted in yellow. All other cells are
protected and will not allow any changes. The format for cells has been set to accept text, currency,
percentages, etc. as appropriate. Enter any number without commas or dollar signs. Enter
percentages beginning with a decimal point. There is no text wrap-around feature, so care must be
taken to enter text so that it does not extend beyond the right margin of the page. Enter in only enough
text to fill one line and then drop to the first yellow cell of the next line. Each page of the application is a
separate sheet in the spreadsheet. The spreadsheet contains numerous error checks which are
designed to assist you in identifying potential mistakes in your application. Please note that these may
appear as you enter data because many are dependent on entries later in the application. Do not be
concerned with these messages until all data has been entered. Also note that some cells contain
error messages such as "#DIV/0!" before you begin. These warnings will disappear as you enter
numbers necessary to complete the application.
Assistance:
If you have any questions, please call Jim Chandler at (804) 343-5786, Dale Wittie at (804)
343-5876, Cara Wallo at (804) 343-5714, Jaynell Pittman-Shaw at (804) 343-5733 or Rebecca Rowe
at (804) 343-5518. Please note that we cannot release the copy protection password.
Staff email addresses:

jim.chandler@vhda.com - dale.wittie@vhda.com
cara.wallo@vhda.com - jaynell.pittman-shaw@vhda.com - rebecca.rowe@vhda.com
v1.1.2011 Instructions
2011 Federal Low Income Housing
Tax Credit Program
Application For Reservation
Deadline for Submission
9% Competitive Credits
Applications Must Be Received At VHDA No Later Than 2:00
PM Richmond, VA Time On March 11, 2011
Tax Exempt Bonds

Applications 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)
Virginia Housing Development Authority

601 South Belvidere Street
Richmond, Virginia 23220-6500
v1.1.2011
Low Income Housing Tax Credit Application for Reservation
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.
Electronic Copy of the Microsoft Excel Based Application (MANDATORY)

Scanned Copy of the Signed Tax Credit Application with Attachments (excluding market study and plans & specs) (MANDATOR
Electronic Copy of the Market Study (MANDATORY-Application will be disqualified if study not submitted with application)
Electronic Copy of the Plans (MANDATORY)
Electronic Copy of the Specifications (MANDATORY)
Electronic Copy of the Unit By Unit Work Writeup (MANDATORY if rehab)
$750 Application Fee (MANDATORY)
Tab A: Documentation of Development Location:
A.1 Qualified Census Tract Certification
A.2 Revitalization Area Certification
Location Map
Surveyor's Certification of Proximity To Public Transportation
Tab B: Partnership or Operating Agreement, including chart of ownership structure with percentage of interests (MANDATORY
Tab 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 G: Relocation Plan (MANDATORY, if rehab)
Tab H: PHA / Section 8 Notification Letter
Tab I: Local CEO Letter
Tab J: Homeownership Plan
Tab K: Site Control Documentation & Most Recent Real Estate Tax Assessment (MANDATORY)
Tab L: Plan of Development Certification Letter
Tab M: Zoning Certification Letter
Tab N: Copies of 8609s To Certify Developer Experience
Tab O: (Reserved)
Tab P: Plans and Specifications and Work Write-Up (MANDATORY)
Tab Q: Documentation of Rental Assistance
Tab R: Documentation of Operating Budget
Tab S: Documentation of Project Budget
Tab T: Documentation of Financing Sources
Tab U:
Documentation To Request Exception To Restriction-Pools With Little/No Increase In Rent Burdened Population
Documentation of site location in an urban development area as defined in §15.2-2223.1of the Code of Virginia
Documentation of the development participating in a locally adopted affordable housing dwelling unit program area as
described in either §15.2-2304 or §15.2-2305 of the Code of Virginia
Tab V: Nonprofit or LHA Purchase Option or Right of First Refusal
Tab W: Attorney's Opinion (MANDATORY)
Tab X: (Reserved)
Tab Y: Marketing Plan for units meeting accessibility requirements of HUD section 504
v1.1.2011 Submission Checklist

Low-Income Housing Tax Credit Application For Reservation
VHDA TRACKING NUMBER 2011-C-05

I. General Information
All code "Section" references are to, and the term "IRC" shall be deemed to mean, 3/9/11
the Internal Revenue Code of 1986, as amended. (Date of Application)
A. Development Name and Location:

1. Name of Development James Bland Apartments IV
2. Address of Development 898 N. Alfred Street
(Street)
Alexandria VA 22314
(City) (State) (Zip Code)
3. If complete address is not available, provide longitude and latitude coordinates (x,y) from
location on site your surveyor deems appropriate
Documentation from surveyor attached (TAB A) (Only necessary if street address or street intersections are not available)
4. The Circuit Court Clerk's office in which the deed to the property is or will be recorded
City/County of Alexandria City (ie; Richmond City, Chesterfield County; see application manual)
5. Does the site overlap one or more jurisdictional boundaries? Yes No
If yes, what other City/County is the site located in besides the one mentioned above?
6. Census Tract the development is located in: 2016
Is this a Qualified Census Tract: Yes No (If yes, attach required form in TAB A)
7. Is the development located in a Difficult Development Area? No If no, applicant may request that the property be treated
as if it is located in a DDA. If so, indicate by checking this box: (Note: This provision is NOT applicable to tax exempt bond deals.)
8. Is the development located in a revitalization area? Yes No (If yes, attach required form in TAB A)
9. Is the development an existing RD or HUD S8/236 development? Yes No (If yes, attach required form in TAB Q)
Note to #9: If there is an identity of interest between the applicant and the seller in this proposal, and the applicant is seeking points in
this category, then the applicant must either waive their rights to the developer's fee or other fees associated with acquisition and/or
rehabilitation, or obtain a waiver of this requirement from VHDA prior to application submission to receive these points.
a. Applicant agrees to waive all rights to any developer's fee or
other fees associated with acquisition and/or rehab. Yes n/a
b. Applicant has obtained a waiver of this requirement from VHDA
prior to the application submission deadline. Yes n/a
10. Is the development located in a census tract with a poverty
rate <10% with no tax credit units currently present? Yes No
11. Is the development listed on the RD 515 Rehabilitation Priority List? Yes No
12. Is the proposed development located in an urban development area as defined in §15.2-2223.1of the Code of Virginia?
Yes No (If yes, attach required form in TAB U)
13. Will the proposed development participate in a locally adopted affordable housing dwelling unit program area as described in
either §15.2-2304 or §15.2-2305 of the Code of Virginia? Yes No (If yes, attach required form in TAB U)
14. Congressional District 8 http://dlsgis.state.va.us/congress/2001PDFs/chap7Tab.pdf

Planning District 8 http://www.vapdc.org/aboutpdcs.htm#PDC%20Map
State Senate District 30 http://dlsgis.state.va.us/senate/2001PDFs/Chap2Tab.pdf
State House District 45 http://dlsgis.state.va.us/House/2001HousePDFs/Chap1Tab.pdf
15. Location Map Attached (TAB A)
B. Project Description:
In the space provided below, give a brief description of the proposed project.
James Bland IV is the third phase of a five phase redevelopment of the existing and obsolete public housing in the heart of Old Town Alexandria.
This redevelopment will be a part of a mixed-income project incorporating public housing with market rate, for-sale housing. The unit rent will be
subsidized through a HUD ACC contract.
v1.1.2011 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) $749,999
2. Credits requested from:

9% Credits
Nonprofit Set-Aside (All nonprofit owned developments which meet tests
described in Part II-D hereof may select this)
Local Housing Authorities Richmond MSA Pool
Planning District 8 (Inner Washington MSA) Pool Tidewater MSA Pool
Northwest / North Central VA Area Pool Balance of State Pool (Remaining Geographi
Non-Competitive Pool (Preservation) Non-Competitive Pool (Disability)
Tax Exempt Bonds

new construction, or
rehabilitation, or
acquisition and rehabilitation.
Federal Subsidies
The development will not receive federal subsidies.
This development will receive federal subsidies for:

all buildings or
some buildings.
D. Type(s) of Allocation/Allocation Year
1. Regular Allocation
All of the buildings in the development are expected to be placed
in service this year. For those buildings the owner will, this year, request an
allocation of 2011 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, 2011, but the
owner will have more than 10% basis in the development before the end of twelve
months following allocation of credits. For those buildings, the owner requests
a carryforward allocation of 2011 credits pursuant to Section 42(h)(1)(E) for:
new construction, or
rehabilitation, or
acquisition and rehabilitation (even if you acquired a building this year and
"placed it in service" for the purpose of the acquisition credit, you cannot receive
the 8609 form for it until the rehab 8609 is issued for that building once the rehab
work is "placed in service" in 2012 or 2013).
3. Federal Subsidies
The development will not receive federal subsidies.
This development will receive federal subsidies for:
all buildings or
some buildings.
v1.1.2011 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)
The 10-year rule in IRC Section 42 (d)(2)(B) for all buildings does not apply pursuant to IRC Section 42(d)(6).
Different circumstances for different buildings: Attach a separate sheet and explain for each building.
F. Rehabilitation Credit Information
NOTE: If no credits are being requested for rehabilitation expenditures, so indicate and go
on to Section II. No Rehabilitation
Minimum Expenditure Requirements

All buildings in the development satisfy the rehab costs per unit requirement of IRC
Section 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.
G. Request For Exception

The proposed new construction development (including adaptive reuse and rehabilitation that creates additional rental
space) is subject to an assessment of up to minus 20 points for being located in a pool identified by the Authority as a poo
with little or no increase in rent burdened population. N/A - Does not apply to this proposed development.
Applicant seeks an exception to this restriction in accordance with one of the following provisions under 13VAC10-180-
Proposed development is specialized housing designed to meet special needs that cannot readily be addressed
utilizing existing residential structures. Documentation Attached (TAB U)
Proposed development is designed to serve as a replacement for housing being demolished through
redevelopment. Documentation Attached (TAB U)
Proposed development is housing that is an integral part of a neighborhood revitalization project sponsored by
a local housing authority. Documentation Attached (TAB U)
v1.1.2011 Page 3
II. OWNERSHIP INFORMATION
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 legal
name of the owner. The ownership entity must be formed prior to submitting this application. Any transfer, direct or indirect, of partnership interests (except those involving the admission of
limited partners) prior to the placed-in-service date of the proposed development shall be prohibited, unless the transfer is consented to by VHDA in its sole discretion. IMPORTANT: The
Owner 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
A. Owner Information:
Name James Bland Housing IV, LP
Contact Person First: Roy Middle: O Last: Priest
Address 600 N. Fairfax Street
(Street)
Alexandria VA 22314
(City) (State) (Zip Code)
Federal I. D. No. (If not available, obtain prior to Allocation)

Phone 703 549-7115 Fax 703 683-1376 Email address rpriest@arha.us
Type of entity: Limited Partnership Other
Individual(s) Corporation
Owner's organizational documents (e.g. Partnership agreements & ownership structure chart) attached (Mandatory TAB B)
Certification from Virginia State Corporation Commission attached (Mandatory TAB C)
Principal(s) involved (e.g. general partners, LLC members, controlling shareholders, etc.)
Names ** Phone Type Ownership % Ownership
James Bland Housing IV GP LLC 703 549-7115 GP 0.01%
(wholly owned by Alexandria Redevelopment 0.00%
and Housing Authority, Roy Priest) 0.00%
0.00%
EYA Development, Inc.; Robert Youngentob 301 634-8600 LP 99.99%
President 0.00%
0.00%
This should be 100% of the GP or managing member interest: 100.00%
** These should be the names of individuals who comprise the GP or managing members, not simply the names of
separate partnerships or corporations which may comprise those components.
Principals' Previous Participation Certification attached (Mandatory TAB D) & resumé.
B. Seller Information:
Name ARHA Contact Person Roy Priest
Address 600 N. Fairfax Street Alexandria, VA 22314
Phone 703 549-7115
Is there an identity of interest between the seller and owner/applicant? Yes No

If yes, complete the following:
Principal(s) involved (e.g. general partners, controlling shareholders, etc.)
Names Phone Type Ownership % Ownership
ARHA - Roy Priest CEO of ARHA 703 549-7115 Fee 100.00%
0.00%
0.00%
0.00%
v1.1.2011 Page 4
C. Development Team Information:

Complete the following as applicable to your development team.
1. Tax Attorney: Erik Hoffman Related Entity? Yes No

Firm Name: Klein Hornig
Address: 1275 K Street, NW Ste. 1200 Washington, DC 20005
Phone: 202 842-0125 Fax: 202 842-3936
2. Tax Accountant: Rebekah Taylor Related Entity? Yes No

Firm Name: Novogradac & Company
Address: 4520 East-West Highway, Ste. 615 Bethesda, MD 20814
Phone: 240 235-1714 Fax: 240 235-1702
3. Consultant: Ryne Johnson Related Entity? Yes No

Firm Name: Astoria, LLC Role: LIHTC App. Consultant
Address: 3450 Lady Marian Ct., Midlothian, VA 23113
Phone: 804 320-0585 Fax:
4. Management Entity (Contact): Derek McDaniel Related Entity? Yes No

Firm Name: ARHA
Address: 600 N. Fairfax Street Alexandria, VA 22314
Phone: 703 549-7115 Fax:
5. Contractor (Contact): John Fahey Related Entity? Yes No

Firm Name: EYA Construction Inc.
Address: 4800 Hampden Lane Ste. 300 Bethesda, MD 20814
Phone: 301 634-8600 Fax: 301 634-8601
6. Architect: George Baker Related Entity? Yes No

Firm Name: KTGY Group
Address: 8605 Westwood Center Drive Ste. 300 Vienna, VA 22182
Phone: 703 245-1082 Fax:
7. Real Estate Attorney: Jonathan Rak Related Entity? Yes No

Firm Name: McGuire Woods
Address: 1750 Tysons Blvd., Ste. 1800 McLean, VA 22102
Phone: 703 712-5411 Fax: 703 712-5231
8. Mortgage Banker: Related Entity? Yes No

Firm Name:
Address:
Phone: Fax:
9. Other (Contact): Jack (John) McLaurin Related Entity? Yes No

Firm Name: Lessard Design, Inc. Role: Triplex architect
Address: 1881 Campus Commons Drive, Ste. 105 Reston, VA 20191
Phone: 703 598-4503 Fax: 703 356-0126
v1.1.2011 Page 5
D. Nonprofit Involvement:
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.
Tax Credit Nonprofit Pool Applicants: To qualify for the nonprofit pool, an organization described in IRC Section 501
(c)(3) or 501 (c)(4) and exempt from taxation under IRC Section 501 (a), whose purposes include the fostering of low-income housing:
1. Must "materially participate" in the development and operation of the project throughout the compliance period,
2. Must own all general partnership interests in the development .
3. Must not be affiliated with or controlled by a for-profit organization.
4. Must not have been formed for the principal purpose of competition in the nonprofit pool, and
5. Must not have any staff member, or member of the nonprofit's board of directors materially participate in the proposed project
as a for-profit entity.
All Applicants: To qualify for points under the ranking system, the nonprofit's involvement need not necessarily
satisfy all of the requirements for participation in the nonprofit tax credit pool
1. Nonprofit Involvement (All Applicants)

If there is no nonprofit involvement in this development, please indicate by checking here
and go on to part III
2. Mandatory Questionnaire
If 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 Owner
the 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%
v1.1.2011 Page 6
III. DEVELOPMENT INFORMATION
A. Structure and Units:

1. Total number of all units in development 44
Total number of rental units in development 44 bedrooms 96
Number of low-income rental units 44 bedrooms 96
Percentage of rental units designated low-income 100.00%
2. The development's structural features are (check all that apply):
Row House/Townhouse Detached Single-family

Garden Apartments Detached Two-family
Slab on Grade Basement
Crawl space Age of Structure: 0
Elevator Number of stories: 3 and 4
3. Number of new units 44 bedrooms 96
Number of adaptive reuse units 0 bedrooms 0
Number of rehab units 0 bedrooms 0
4. Total Floor Area For The Entire Development 55,059.60 (Sq. ft.)
5. Unheated Floor Area (Breezeways, Balconies, Storage) 4,740.86 (Sq. ft.)

6. Nonresidential Commercial Floor Area 0.00 (Sq. ft.)
(Not eligible for funding)
7. Total Usable Residential Heated Area 50,318.74 (Sq. ft.)
8. Number of Buildings (containing rental units) 0
9. Commercial Area Intended Use:
10. Project consists primarily of a building(s) which is (are)(CHOOSE ONLY ONE)
Low-Rise (1-5 stories with any structural elements made of wood)

Mid-Rise (5-7 stories with no structural elements made of wood)
High-Rise (8 or more stories with no structural elements made of wood)
11. a. Total Net Rental Square Feet 44,282.78

b. Percentage of Net Rentable Square Feet Deemed To Be New Rental Space 100.00%
B. Building Systems:
Please describe each of the following in the space provided.
Community Facilities: None
Exterior Finish: Fiber cement panel and brick on MF; Fiber cement lap siding on triplexes
Heating/AC System: Split system electric heat pump in MF bldgs.; Gas furnance w/elec. A/C in Triple
Architectural Style: Industrial loft (MF); Italianate (Triplexes)
v1.1.2011 Page 7
C. Amenities:
1. Specify the average size per unit type: (Including pro rata share of heated common area)
Assisted Lvg 0.00 SF 1Bdrm Eld 0.00 SF 3-Bdrm Gar 1,114.80 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+Sty 2BR TH 0.00 SF
1-Sty 2BR-Eld 0.00 SF 1-Bdrm Gar 0.00 SF 2+Sty 3BR TH 0.00 SF
Eff-Eld 0.00 SF 2-Bdrm Gar 1,150.00 SF 2+Sty 4BR TH 0.00 SF
2. Total gross usable, heated square feet for the entire project less nonresidential commercial area:
50,318.74 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)

100% a(1) Percentage of 2-bedroom units that have 1.5 bathrooms
100% a(2) Percentage of 3 or more bedroom units that have 2 bathrooms
b. A community/meeting room with a minimum of 749 square feet is provided
42.00% c. Percentage of exterior walls covered by brick (excluding triangular gable ends, doors and windows)
d. All kitchen and laundry appliances meet the EPA's Energy Star qualified program requirements
e. All windows meet the EPA's Energy Star qualified program requirements
f. Every unit in the development is heated and cooled with either (i) heat pump equipment with both a
SEER rating of 15.0 or more and a HSPF rating of 8.5 or more , or (ii) air conditioning equipment
with a SEER rating of 15.0 or more, combined with 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
k. Every unit in the development will be heated and cooled with a geothermal heat pump that meets
EPA Energy Star qualified program requirements.
l. The development will have a solar electric system that will remain unshaded year round, be oriented
to within 15 degrees of true south, and be angled horizontally within 15 degrees of latitude.
Expected Total Electrical Load (kilowatt hours per month): 0

Percent of Expected Load Offset By Solar Electric System: 0.00%
v1.1.2011 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 or
or 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 as
being of historical significance to the district, and the rehabilitation will be completed
in 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, or any elderly rehabilitation property, in which the greater of 5 or 10% of the units will be subject
to federal project-based rent subsidies or equivalent assistance in order to ensure occupancy by extremely low-income persons;
and (ii) the greater of 5 units or 10% of the units will conform to HUD regulations interpreting accessibility requirements of
section 504 of the Rehabilitation Act; and be actively marketed to people with special needs in accordance with a plan submitted
as part of the Application. (All of the units described in (ii) above must include roll-in showers and roll under sinks and front
controls for ranges, unless agree to by the Authority prior to the applicant's submission of its application). (50 points)
For any non-elderly property, or any elderly rehabilitation property, in which the greater of 5 or 10% of the units (i) have rents
within HUD’s Housing Choice Voucher (“HCV”) payment standard; (ii) conform to HUD regulations interpreting accessibility
requirements of section 504 of the Rehabilitation Act; and (iii) are actively marketed to people with mobility impairments,
including HCV holders, in accordance with a plan submitted as part the Application. (30 points)
For any non-elderly property, or any elderly rehabilitation property, in which at least four percent (4%) of the units conform
to HUD regulations interpreting accessibility requirements of section 504 of the Rehabilitation Act and are actively
marketed to people with mobility impairments in accordance with a plan submitted as part of the Application. (15 points)
Earthcraft or LEED Development Certification

Applicant agrees to obtain Earthcraft or LEED certification prior to issuance of IRS Form 8609. Architect
certifies in the Architect Certification that the development's design will meet the criteria for such certification
(15 Points)
LEED Silver Certification
Earthcraft Certification - new construction development will be 15% more energy efficient than 2004 IECC.
Earthcraft Certification - rehabilitation development will be 30% more energy efficient post-rehabilitation
(30 Points)
LEED Gold Certification
(45 Points)
LEED Platinum Certification
If seeking any points associated with LEED or Earthcraft certification, attach appropriate documentation at TAB F
Universal Design - Units Meeting Universal Design Standards

a. The architect of record certifies that units will be constructed to meet VHDA's Universal Design standards.
Yes No If Yes, attach appropriate documentation at TAB F
b. Number of Rental Units constructed to meet VHDA's Universal Design standards:
6 Units 14%
VHDA Certified Property Management Agent

Owner 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 the
low-income units. If no, explain differences:
v1.1.2011 Page 9
IV. TENANT INFORMATION
A. Set-Aside Election: UNITS SELECTED BELOW IN BOTH COLUMNS DETERMINE

POINTS FOR THE BONUS POINT CATEGORY
Note: In order to qualify for any tax credits, a development must meet one of two minimum threshold occupancy tests. Either (i) at least 20% of the units
must be rent-restricted and occupied by persons whose incomes are 50% or less of the area median income adjusted for family size (this is called the 20/50
test) or (ii) at least 40% of the units must be rent-restricted and occupied by persons whose incomes are 60% or less of the area median income adjusted for
family size (this is called the 40/60 test), all as described in Section 42 of the IRC. Rent-and income-restricted units are known as low-income units. If you
have more low-income units than required, you qualify for more credits. If you serve lower incomes than required, you receive more points under the
ranking system.
Units Provided Per Household Type:

Income Levels Rent Levels
# of Units % of Units # of Units % of Units
0 0.00% 40% Area Median 5 11.36% 40% Area Median
0 0.00% Non-LMI Units 0 0.00% Non-LMI Units
44 100.00% Total 44 100.00% 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: 8 Number of units 18% of total low-income units
3. If the development has existing tenants, VHDA policy requires that the impact of economic and/or physical
displacement on those tenants be minimized, in which Owners agree to abide by the Authority's Relocation
Guidelines for LIHTC properties. Relocation Plan Documentation attached (TAB G)
4. If leasing preference will be given to applicants on public housing waiting list and/or Section 8
waiting list, so indicate:
Yes
No
Locality has no such waiting list; If yes, provide the following information:
Organization which holds such waiting list: ARHA

Contact person (Name and Title) Roy Priest - CEO
Phone Number 703 549-7115 Required documentation attached (TAB H)
5. If leasing preference will be given to individuals and families with children.

(Less than or equal to 20% of the units must have 1 or less bedrooms).
Yes
No
v1.1.2011 Page 10
V. LOCAL NEEDS AND SUPPORT
Note: Please refer to the Application Manual for specific instructions and deadlines for pertaining to locality
notification of proposed Low income Housing Tax Credit developments.
A. Provide the name and the address of the chief executive officer (City Manager, Town Manager, or
County Administrator) of the political jurisdiction in which the development will be located:
Chief Executive Officer's Name James K Hartmann
Chief Executive Officer's Title City Manager
Street Address 301 King Street, Ste. 3500 Phone 703 838-4300
City Alexandria State VA Zip 22314
Name and title of local official you have discussed this project with who could answer questions for the
local CEO: Mildrilyn Davis - Director of Housing
If the property overlaps another jurisdiction please fill in the following:

Chief Executive Officer's Name
Chief Executive Officer's Title
Street Address Phone
City State Zip
Name and title of local official you have discussed this project with who could answer questions for the
local CEO:
B. Project Schedule
ACTUAL OR NAME OF
ACTIVITY ANTICIPATED PERSON
DATE RESPONSIBLE
Site
Option/Contract March 9, 2011 Roy Priest
Site Acquisition November 1, 2011 Roy Priest
Zoning Approval October 18, 2008 Brian Jackson
Site Plan Approval October 1, 2011 Brian Jackson
Financing
A. Construction Loan
Loan Application na
Conditional Commitment na
Firm Commitment March 9, 2011 Roy Priest
B. Permanent Loan - First Lien
Loan Application
Conditional Commitment
Firm Commitment March 9, 2011 Roy Priest
C. Permanent Loan-Second Lien
Loan Application na
Conditional Commitment na
Firm Commitment na
D. Other Loans & Grants
Type & Source, List
Application na
Award/Commitment na
Formation of Owner March 2, 2011 Erik Hoffman
IRS Approval of Nonprofit Status na
Closing and Transfer of Property to Owner February 1, 2012 Roy Priest
Plans and Specifications, Working Drawings November 15, 2011 Greg Shron
Building Permit Issued by Local Government December 15, 2011 Greg Shron
Start Construction June 1, 2012 John Fahey
Begin Lease-up October 31, 2013 Roy Priest
Complete Construction October 31, 2013 John Fahey
Complete Lease-Up December 31, 2013 Roy Priest
Credit Placed in Service Date December 31, 2013 Roy Priest
v1.1.2011 Page 11
VI. SITE CONTROL
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 to
occupancy restrictions must be included herewith. (9% Competitive Credits - An option or contract must extend beyond the
application deadline by a minimum of four months.)
Warning: Site control by an entity other than the Owner, even if it is a closely related party, is not sufficient. Anticipated future transfers
to the Owner are not sufficient. The Owner, as identified in Subpart II-A, must have site control at the time this Application is
submitted.
NOTE: If the Owner receives a reservation of credits, the property must be titled in the name of or leased by (pursuant to a long-term
lease) the Owner before the allocation of credits is made this year.
Contact us before you submit this application if you have any questions about this requirement.
A. Type of Site Control by Owner:
Applicant controls site by (select one and attach document - Mandatory TAB K)
Deed - attached
Long-term Lease - attached (expiration date: )
Option - attached (expiration date: 12/01/11 )
Purchase Contract - attached (expiration date: )
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 control
document is required for each site.
Most recent property tax assessment - Mandatory TAB K
B. Timing of Acquisition by Owner:

Select one:
Owner already controls site by either deed or long-term lease or
Owner is to acquire property by deed (or lease for period no shorter than period property
will be subject to occupancy restrictions) no later than 02/01/12
If more than one site for the development and more than one expected date of acquisition by
Owner, 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 Units 1.53%

Project Wide Capture Rate - Market Units 0.00%
Project Wide Capture Rate - All Units 1.53%
Project Wide Absorption Period (Months) 2
v1.1.2011 Page 12
C. Site Description
1. Exact area of site in acres 2.002
2. Has locality approved a final site plan or plan of development?

Yes No
Required documentation form attached (TAB L)
3. Is site properly zoned for the proposed development?

Yes No
Required documentation form attached (TAB M)
4. Will the proposal seek to qualify for points associated with proximity to public transportation?
Yes No
Required documentation form attached (TAB A)
D. Plans and Specifications
Minimum submission requirements for all properties (new construction, rehabilitation and adaptive reuse)
1. A location map with property clearly defined.

2. Sketch plan of the site showing overall dimensions of main building(s), major site elements
(e.g., parking lots and location of existing utilities, and water, sewer, electric,
gas in the streets adjacent to the site). Contour lines and elevations are not required.
3. Sketch plans of main building(s) reflecting overall dimensions of:
a. Typical floor plan(s) showing apartment types and placement
b. Ground floor plan(s) showing common areas;
c. Sketch floor plan(s) of typical dwelling unit(s);
d. Typical wall section(s) showing footing, foundation, wall and floor structure.
Notes must indicate basic materials in structure, floor and exterior finish.
4. Required documentation for rehabilitation properties: A unit-by-unit work write-up.
v1.1.2011 Page 13
VII. OPERATING BUDGET
A. Rental Assistance
1. Do or will any low-income units receive rental assistance?
Yes No
2. If yes, indicate type of rental assistance:
Section 8 New Construction Substantial Rehabilitation

Section 8 Moderate Rehabilitation
Section 8 Certificates
Section 8 Project Based Assistance
RD 515 Rental Assistance
Section 8 Vouchers
State Assistance
Other: The apartments are subject to and receive ACC payments from HUD under an existing contrac
3. Number of units receiving assistance: 44

Number of years in rental assistance contract: infinite
Expiration date of contract:
Renewed annually subject to Fed. appropriations
Contract or other agreement attached (TAB Q)
B. Utilities
1. Monthly Utility Allowance Calculations
Utilities Type of Utility Utilities Enter Allowances by Bedroom Size

(Gas, Electric, Oil, etc.) Paid by: 0-bdr 1-bdr 2-bdr 3-bdr 4-br
Heating Electric & Gas Owner x Tenant 0 0 89 113 0
Air Conditioning Electric Owner x Tenant 0 0 21 25 0
Cooking Electric Owner x Tenant 0 0 14 15 0
Lighting Electric Owner x Tenant 0 0 33 35 0
Hot Water Electric Owner x Tenant 0 0 46 55 0
Water Owner x Tenant 0 0 28 45 0
Sewer Owner x Tenant 0 0 24 24 0
Trash x Owner Tenant 0 0 0 0 0
Total utility allowance for costs paid by tenant $0 $0 $255 $312 $0
2. Source of Utility Allowance Calculation (Attach Documentation TAB Q)

HUD
Utility Company (Estimate) Local PHA
Utility Company (Actual Survey) Other:
v1.1.2011 Page 14
C. Revenue
1. Indicate the estimated monthly income for the Low-Income Units: **
Total Number of Total Monthly
Unit Type Tax Credit Units Rental Income
Efficiency Units 0 $0
1 Bedroom Units 0 $0
2 Bedroom Units 36 $16,200
3 Bedroom Units 8 $3,600
Total Number of Tax Credit Units 44
Plus Other Income Source (list): vending/interest/fees $528

Equals Total Monthly Income: $20,328
Twelve Months x12
Equals Annual Gross Potential Income $243,936
Less Vacancy Allowance ( 7.0% ) $17,076
Equals Annual Effective Gross Income (EGI) - Low Income Units $226,860
** 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
Unit Type Market Units Rental Income
Efficiency Units 0 $0
Total Number of Market Units 0
Plus Other Income Source (list): $0

Equals Total Monthly Income: $0
Twelve Months x12
Equals Annual Gross Potential Income $0
Less Vacancy Allowance ( 0.0% ) $0
Equals Annual Effective Gross Income (EGI) - Market Rate Units $0
Documentation in Support of Operating Budget attached (TAB R)
List number of units by type: TOTAL UNITS
ASSISTED LVG EFF-ELD 1 BD RM-ELD 2 BD RM-ELD EFF-GAR 1 BD RM-GAR

0 0 0 0 0 0
2 BD RM-GAR 3 BD RM-GAR 4 BD RM-GAR 2+Story 2 BR-TH 2+Story 3 BR-TH 2+Story 4 BR-TH

36 8 0 0 0 0
1 STY-EFF-ELD 1 STY-1 BR-ELD 1 STY-2 BR-ELD Note: Please be sure to enter the number of units in the
0 0 0 appropriate unit category. If not, you will find an error on
the scoresheet at 5a, 6a & 6b.
List number of units by type: TAX CREDIT UNITS
ASSISTED LVG EFF-ELD 1 BD RM-ELD 2 BD RM-ELD EFF-GAR 1 BD RM-GAR
0 0 0 0 0 0
2 BD RM-GAR 3 BD RM-GAR 4 BD RM-GAR 2+Story 2 BR-TH 2+Story 3 BR-TH 2+Story 4 BR-TH

36 8 0 0 0 0
1 Story-EFF-ELD 1 Story-1 BR-ELD 1 Story-2 BR-ELD

0 0 0
Efficiency Units
Unit Type / Net Rentable Monthly Rent Total
Rent Targeting Number Units Square Feet Per Unit Monthly Rent
Efficiency - 40% 0 0.00 $ - $ -

Efficiency - 40% 0 0.00 $ - $ -
Efficiency - 40% 0 0.00 $ - $ -
Efficiency - 40% 0 0.00 $ - $ -
v1.1.2011 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 $ - $ -

Total Efficiency
Market Units: 0 0.00 Total Monthly
Eff. Market Rent: $ -
Total Eff. Units: 0 Total Eff. Rent $ -
1-Bedroom Units
Net Rentable Monthly Rent Total
1 BR - 40% 0 0.00 $ - $ -
v1.1.2011 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% 0 0.00 $ - $ -
1 BR - 50% 0 0.00 $ - $ -
1 BR - 50% 0 0.00 $ - $ -
1 BR - 50% 0 0.00 $ - $ -
1 BR - 50% 0 0.00 $ - $ -
1 BR - 50% 0 0.00 $ - $ -
1 BR - 50% 0 0.00 $ - $ -
1 BR - 50% 0 0.00 $ - $ -
1 BR - 50% 0 0.00 $ - $ -
1 BR - 50% 0 0.00 $ - $ -
1 BR - 50% 0 0.00 $ - $ -
1 BR - 50% 0 0.00 $ - $ -
1 BR - 50% 0 0.00 $ - $ -
1 BR - 50% 0 0.00 $ - $ -
1 BR - 50% 0 0.00 $ - $ -
1 BR - 60% 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
1 BR - Market 0 0.00 $ - $ -
1 BR - Market 0 0.00 $ - $ -
1 BR - Market 0 0.00 $ - $ -
1 BR - Market 0 0.00 $ - $ -
1 BR - Market 0 0.00 $ - $ -
1 BR - Market 0 0.00 $ - $ -
1 BR - Market 0 0.00 $ - $ -
1 BR - Market 0 0.00 $ - $ -
1 BR - Market 0 0.00 $ - $ -
1 BR - Market 0 0.00 $ - $ -
1 BR - Market 0 0.00 $ - $ -
1 BR - Market 0 0.00 $ - $ -
1 BR - Market 0 0.00 $ - $ -
1 BR - Market 0 0.00 $ - $ -
1 BR - Market 0 0.00 $ - $ -
Total 1-BR
1-BR Market Rent: $ -
Total 1-BR Units: 0 Total 1-BR Rent $ -
v1.1.2011 Page 15
2-Bedroom Units
2 BR - 40% 4 834.08 $ 450 $ 1,800

2 BR - 40% 1 875.32 $ 450 $ 450
2 BR - 40% 0 0.00 $ - $ -
2 BR - 40% 0 0.00 $ - $ -
2 BR - 40% 0 0.00 $ - $ -
2 BR - 40% 0 0.00 $ - $ -
2 BR - 40% 0 0.00 $ - $ -
2 BR - 40% 0 0.00 $ - $ -
2 BR - 40% 0 0.00 $ - $ -
2 BR - 40% 0 0.00 $ - $ -
2 BR - 40% 0 0.00 $ - $ -
2 BR - 40% 0 0.00 $ - $ -
2 BR - 40% 0 0.00 $ - $ -
2 BR - 40% 0 0.00 $ - $ -
2 BR - 40% 0 0.00 $ - $ -
2 BR - 50% 1 875.32 $ 450 $ 450

2 BR - 50% 12 960.16 $ 450 $ 5,400
2 BR - 50% 12 996.06 $ 450 $ 5,400
2 BR - 50% 2 1,016.75 $ 450 $ 900
2 BR - 50% 4 1,274.11 $ 450 $ 1,800
2 BR - 50% 0 0.00 $ - $ -
2 BR - 50% 0 0.00 $ - $ -
2 BR - 50% 0 0.00 $ - $ -
2 BR - 50% 0 0.00 $ - $ -
2 BR - 50% 0 0.00 $ - $ -
2 BR - 50% 0 0.00 $ - $ -
2 BR - 50% 0 0.00 $ - $ -
2 BR - 50% 0 0.00 $ - $ -
2 BR - 50% 0 0.00 $ - $ -
2 BR - 50% 0 0.00 $ - $ -
2 BR - 60% 0 0.00 $ - $ -
2 BR - 60% 0 0.00 $ - $ -
2 BR - 60% 0 0.00 $ - $ -
2 BR - 60% 0 0.00 $ - $ -
2 BR - 60% 0 0.00 $ - $ -
2 BR - 60% 0 0.00 $ - $ -
2 BR - 60% 0 0.00 $ - $ -
2 BR - 60% 0 0.00 $ - $ -
2 BR - 60% 0 0.00 $ - $ -
2 BR - 60% 0 0.00 $ - $ -
2 BR - 60% 0 0.00 $ - $ -
2 BR - 60% 0 0.00 $ - $ -
2 BR - 60% 0 0.00 $ - $ -
2 BR - 60% 0 0.00 $ - $ -
2 BR - 60% 0 0.00 $ - $ -
Tax Credit Units: 36 35,691.54 Tax Credit Rent: $ 16,200
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 $ - $ -
v1.1.2011 2 BR - Market 0 0.00 $ - $ - Page 15
Total 2-BR
Total 2-BR Units: 36 Total 2-BR Rent $ 16,200
3-Bedroom Units
3 BR - 40% 0 0.00 $ - $ -
3 BR - 40% 0 0.00 $ - $ -
3 BR - 40% 0 0.00 $ - $ -
3 BR - 40% 0 0.00 $ - $ -
3 BR - 40% 0 0.00 $ - $ -
3 BR - 40% 0 0.00 $ - $ -
3 BR - 40% 0 0.00 $ - $ -
3 BR - 40% 0 0.00 $ - $ -
3 BR - 40% 0 0.00 $ - $ -
3 BR - 40% 0 0.00 $ - $ -
3 BR - 40% 0 0.00 $ - $ -
3 BR - 40% 0 0.00 $ - $ -
3 BR - 40% 0 0.00 $ - $ -
3 BR - 40% 0 0.00 $ - $ -
3 BR - 40% 0 0.00 $ - $ -
3 BR - 50% 4 1,104.43 $ 450 $ 1,800

3 BR - 50% 4 1,043.38 $ 450 $ 1,800
3 BR - 50% 0 0.00 $ - $ -
3 BR - 50% 0 0.00 $ - $ -
3 BR - 50% 0 0.00 $ - $ -
3 BR - 50% 0 0.00 $ - $ -
3 BR - 50% 0 0.00 $ - $ -
3 BR - 50% 0 0.00 $ - $ -
3 BR - 50% 0 0.00 $ - $ -
3 BR - 50% 0 0.00 $ - $ -
3 BR - 50% 0 0.00 $ - $ -
3 BR - 50% 0 0.00 $ - $ -
3 BR - 50% 0 0.00 $ - $ -
3 BR - 50% 0 0.00 $ - $ -
3 BR - 50% 0 0.00 $ - $ -
3 BR - 60% 0 0.00 $ - $ -
3 BR - 60% 0 0.00 $ - $ -
3 BR - 60% 0 0.00 $ - $ -
3 BR - 60% 0 0.00 $ - $ -
3 BR - 60% 0 0.00 $ - $ -
3 BR - 60% 0 0.00 $ - $ -
3 BR - 60% 0 0.00 $ - $ -
3 BR - 60% 0 0.00 $ - $ -
3 BR - 60% 0 0.00 $ - $ -
3 BR - 60% 0 0.00 $ - $ -
3 BR - 60% 0 0.00 $ - $ -
3 BR - 60% 0 0.00 $ - $ -
3 BR - 60% 0 0.00 $ - $ -
3 BR - 60% 0 0.00 $ - $ -
3 BR - 60% 0 0.00 $ - $ -
Tax Credit Units: 8 8,591.24 Tax Credit Rent: $ 3,600
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 $ - $ -
v1.1.2011 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 $ - $ -
Total 3-BR
Total 3-BR Units: 8 Total 3-BR Rent $ 3,600
4-Bedroom Units
4 BR - 40% 0 0.00 $ - $ -
4 BR - 40% 0 0.00 $ - $ -
4 BR - 40% 0 0.00 $ - $ -
4 BR - 40% 0 0.00 $ - $ -
4 BR - 40% 0 0.00 $ - $ -
4 BR - 40% 0 0.00 $ - $ -
4 BR - 40% 0 0.00 $ - $ -
4 BR - 40% 0 0.00 $ - $ -
4 BR - 40% 0 0.00 $ - $ -
4 BR - 40% 0 0.00 $ - $ -
4 BR - 40% 0 0.00 $ - $ -
4 BR - 40% 0 0.00 $ - $ -
4 BR - 40% 0 0.00 $ - $ -
4 BR - 40% 0 0.00 $ - $ -
4 BR - 40% 0 0.00 $ - $ -
4 BR - 50% 0 0.00 $ - $ -
4 BR - 50% 0 0.00 $ - $ -
4 BR - 50% 0 0.00 $ - $ -
4 BR - 50% 0 0.00 $ - $ -
4 BR - 50% 0 0.00 $ - $ -
4 BR - 50% 0 0.00 $ - $ -
4 BR - 50% 0 0.00 $ - $ -
4 BR - 50% 0 0.00 $ - $ -
4 BR - 50% 0 0.00 $ - $ -
4 BR - 50% 0 0.00 $ - $ -
4 BR - 50% 0 0.00 $ - $ -
4 BR - 50% 0 0.00 $ - $ -
4 BR - 50% 0 0.00 $ - $ -
4 BR - 50% 0 0.00 $ - $ -
4 BR - 50% 0 0.00 $ - $ -
4 BR - 60% 0 0.00 $ - $ -
4 BR - 60% 0 0.00 $ - $ -
4 BR - 60% 0 0.00 $ - $ -
4 BR - 60% 0 0.00 $ - $ -
4 BR - 60% 0 0.00 $ - $ -
4 BR - 60% 0 0.00 $ - $ -
4 BR - 60% 0 0.00 $ - $ -
4 BR - 60% 0 0.00 $ - $ -
4 BR - 60% 0 0.00 $ - $ -
4 BR - 60% 0 0.00 $ - $ -
4 BR - 60% 0 0.00 $ - $ -
4 BR - 60% 0 0.00 $ - $ -
4 BR - 60% 0 0.00 $ - $ -
4 BR - 60% 0 0.00 $ - $ -
4 BR - 60% 0 0.00 $ - $ -
v1.1.2011 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 4-BR
Total 4-BR Units: 0 Total 4-BR Rent $ -
Total Units 44 Net Rentable SF: TC Units 44,282.78

MKT Units 0.00
Total NR SF: 44,282.78
Floor Space Fraction 100.0000%
v1.1.2011 Page 15
D. Operating Expenses
Administrative:
1. Advertising/Marketing $300
2. Office Salaries $15,000
3. Office Supplies $800
4. Office/Model Apartment (type______) $0
5. Management Fee $20,000
8.82% of EGI 454.5454545 Per Unit
6. Manager Salaries $16,000
7. Staff Unit (s) (type______) $0
8. Legal $2,000
9. Auditing $0
10. Bookkeeping/Accounting Fees $2,000
11. Telephone & Answering Service $350
12. Tax Credit Monitoring Fee $900
13. Miscellaneous Administrative $3,000
Total Administrative $60,350
Utilities
14. Fuel Oil $0
15. Electricity $1,500
16. Water $250
17. Gas $250
18. Sewer $0
Total Utility $2,000
Operating:
19. Janitor/Cleaning Payroll $15,000
20. Janitor/Cleaning Supplies $2,000
21. Janitor/Cleaning Contract $15,000
22. Exterminating $7,000
23. Trash Removal $20,000
24. Security Payroll/Contract $600
25. Grounds Payroll $0
26. Grounds Supplies $0
27. Grounds Contract $15,000
28. Maintenance/Repairs Payroll $0
29. Repairs/Material $0
30. Repairs Contract $0
31. Elevator Maintenance/Contract $0
32. Heating/Cooling Repairs & Maintenance $12,000
33. Pool Maintenance/Contract/Staff $0
34. Snow Removal $4,000
35. Decorating/Payroll/Contract $0
36. Decorating Supplies $0
37. Miscellaneous $20,000
Operating & Maintenance Totals $110,600
Taxes & Insurance
38. Real Estate Taxes $0
39. Payroll Taxes $4,000
40. Miscellaneous Taxes/Licenses/Permits $0
41. Property & Liability Insurance $10,000
42. Fidelity Bond $0
43. Workman's Compensation $3,600
44. Health Insurance & Employee Benefits $1,500
45. Other Insurance $500
Total Taxes & Insurance $19,600
6544
Total Operating Expense $192,550
D1. Total Oper. Ex. Per Unit $4,376 D2. Total Oper. Ex. As % EGI (from E3) 84.88%
Replacement Reserves (Total # Units X $300 or $250 New Const. Elderly Minimum) $13,200
Total Expenses $205,750
v1.1.2011 Page 16
E. Cash Flow (First Year)

1. Annual EGI Low-Income Units from (C1) $226,860
2. Annual EGI Market Units (from C2) + $0
3. Total Effective Gross Income = $226,860
4. Total Expenses (from D) $205,750
5. Net Operating Income = $21,110
6. Total Annual Debt Service (from Page 21 B2) - $2,150
7. Cash Flow Available for Distribution = $18,961
F. Projections for Financial Feasibility - 15 Year Projections of Cash Flow
Stabilized
Year 1 Year 2 Year 3 Year 4 Year 5
Eff. Gross Income 226,860 231,398 236,026 240,746 245,561
Less Oper. Expenses 205,750 211,923 218,280 224,829 231,573
Net Income 21,110 19,475 17,745 15,918 13,988
Less Debt Service 2,150 2,150 2,150 2,150 2,150
Cash Flow 18,961 17,325 15,595 13,768 11,838
Debt Coverage Ratio 9.82 9.06 8.25 7.40 6.51

Eff. Gross Income 250,472 255,482 260,591 265,803 271,119
Net Income 11,952 9,805 7,545 5,165 2,662
Cash Flow 9,802 7,656 5,395 3,015 512
Debt Coverage Ratio 5.56 4.56 3.51 2.40 1.24

Eff. Gross Income 276,542 282,072 287,714 293,468 299,338
Net Income 31 -2,734 -5,636 -8,683 -11,878
Cash Flow -2,119 -4,884 -7,786 -10,833 -14,028
Debt Coverage Ratio 0.01 (1.27) (2.62) (4.04) (5.52)
Estimated Annual Percentage Increase in Revenue 2.00% (Must be < 2%)
Estimated Annual Percentage Increase in Expenses 3.00% (Must be > 3%)
v1.1.2011 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 Contract
Executed Trade Payment Breakdown
Appraisal
Other Cost Documentation
Environmental Studies
NOTE: Attorney must opine, among other things, as to correctness of the inclusion of each cost item in eligible basis, type
of credit and numerical calculations of this Part VIII.
Amount of Cost up to 100% Includable in

Eligible Basis--Use Applicable Column(s):
"30% Present Value Credit" (D)
Item (A) Cost (B) Acquisition (C) Rehab/ "70 % Present
New Construction Value Credit"
1. Contractor Cost
A. Off-Site Improvements 1,269,415 0 0 1,269,415

B. Site Work 0 0 0 0
C. Geothermal System 0 0 0 0
D. Unit Structures (New) 4,735,652 0 0 4,735,652
E. Unit Structures (Rehab) 0 0 0 0
F. Solar Electric System 0 0 0 0
G. Asbestos Removal 0 0 0 0
H. Demolition 70,699 0 0 0
I. Commercial Space Costs 0 0 0 0
J. Structured Parking Garage 0 0 0 0
K. Subtotal A: (Sum 1A..1J) 6,075,766 0 0 6,005,067
L. General Requirements 364,546 0 0 364,546
M. Builder's Overhead 121,515 0 0 121,515
( 2.0% Contract)
N. Builder's Profit 364,546 0 0 364,546
( 6.0% Contract)
O. Bonding Fee 121,515 0 0 121,515
P. Other 0 0 0 0
Q. Contractor Cost
Subtotal (Sum 1K..1P) $7,047,888 $0 $0 $6,977,189
2. Owner Costs
A. Building Permit 90,914 0 0 90,914
B. Arch./Engin. Design Fee 510,037 0 0 510,037
( 11,592 /Unit)
C. Arch. Supervision Fee 67,500 0 0 67,500
( 1,534 /Unit)
D. Tap Fees 0 0 0 0
E. Soil Borings 6,750 0 0 6,750
v1.1.2011 Page 18

2. Owner Costs Continued
F. Construction Loan 0 0 0 0
Origination Fee
G. Construction Interest 0 0 0 0
( 0.0% for 0 months)
H. Taxes During Construction 0 0 0 0
I. Insurance During Construction 15,665 0 0 15,665
J. Cost Certification Fee 35,000 0 0 35,000
K. Title and Recording 26,000 0 0 26,000
L. Legal Fees for Closing 50,000 0 0 50,000
M. Permanent Loan Fee 0 0 0 0
( 0.0% )
N. Other Permanent Loan Fees 0 0 0 0
O. Credit Enhancement 0 0 0 0
P. Mortgage Banker 0 0 0 0
Q. Environmental Study 1,452 0 0 1,452
R. Structural/Mechanical Study 0 0 0 0
S. Appraisal Fee 1,500 0 0 1,500
T. Market Study 3,500 0 0 3,500
U. Operating Reserve 102,300 0 0 0
V. Tax Credit Fee 53,250 0 0 0
W. OTHER $237,551 $0 $0 $129,851
(SEE PAGE 19A)
X. Owner Cost
Subtotal (Sum 2A..2W) $1,201,419 $0 $0 $938,169
Subtotal 1 + 2 $8,249,307 $0 $0 $7,915,358

(Owner + Contractor Costs)
3. Developer's Fees 500,000 0 0 500,000
4. Owner's Acquisition Costs

Land 1,100,000
Existing Improvements 0 0
Subtotal 4: $1,100,000 $0
5. Total Development Costs

Subtotal 1+2+3+4: $9,849,307 $0 $0 $8,415,358
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
1.1.2011 Page 19

W. OTHER OWNER COSTS
Contingency Reserve 0 0 0 0
(Rehab or Adaptive Reuse only)
LIST ADDITIONAL ITEMS
relocation costs 50,000 0 0 50,000
HUD disposition attorney 2,700 0 0 0
legal - land use 30,000 0 0 0
project accounting 75,000 0 0 0
earthcraft certification 29,864 0 0 29,864
utility design engineer 19,636 0 0 19,636
fire protection engineer 5,351 0 0 5,351
3rd party cost estimator 25,000 0 0 25,000
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
Subtotal (Other Owner Costs) $237,551 $0 $0 $129,851
v1.1.2011 Page 19A


"30 % Present Value Credit"
(C) Rehab/ (D)
New "70 % Present
Item (A) Cost (B) Acquisition Construction Value Credit"
5. Total Development Costs
Subtotal 1+2+3+4 9,849,307 0 0 8,415,358
6. Reductions in Eligible Basis
Subtract the following:

A. Amount of federal grant(s) used to finance 0 0 0
qualifying development costs
B. Amount of nonqualified, nonrecourse financing 0 0 0
C. Costs of nonqualifying units of higher quality 0 0 0

(or excess portion thereof)
D. Historic Tax Credit (residential portion) 0 0 0
7. Total Eligible Basis (5 minus 6 above) 0 0 8,415,358
8. Adjustment(s) to Eligible Basis (For non-acquisition costs in eligible basis)

(i) For QCT or DDA (Eligible Basis x 30%) 0 0
(ii) For Earthcraft or LEED Certification 0 841,536
Total Adjusted Eligible basis 0 9,256,894
9. Applicable Fraction 100.0000% 100.0000% 100.0000%
10. Total Qualified Basis (Same as Part IX-C) 0 0 9,256,894

(Eligible Basis x Applicable Fraction)
11. Applicable Percentage 0.00% 0.00% 9.00%

(For 2011 9% competitive credits, use the March 2011 applicable percentages for acq.)
(For 9% non-competitive & tax exempt bonds, use the most recently published rates)
12. Maximum Allowable Credit under IRC §42 $0 $0 $833,120

(Qualified Basis x Applicable Percentage)
(Same as Part IX-C and equal to or more than $833,120
credit amount requested) Combined 30% & 70% P. V. Credit
v1.1.2011 Page 20
B. Sources of Funds
1. Construction Financing: List individually the sources of construction financing, including any such
loans financed through grant sources:
Date of Date of Amount of

Source of Funds Application Commitment Funds Name of Contact Person
1. ARHA project loan 02/01/11 03/10/11 $2,149,972 Roy Priest
2. $0
3. $0
Commitments or letter(s) of intent attached (TAB T)
2. Permanent Financing: List individually the sources of all permanent financing in order of lien position:
Interest Amortization Term

Date of Date of Amount of Annual Debt Rate of Period of
Source of Funds Application Commitment Funds Service Cost Loan IN YEARS Loan (years)
1. ARHA project loan 02/01/11 03/10/11 $2,149,972 $2,150 0.00% 1000 30
2. $0 $0 0.00% 1000 0
3. $0 $0 0.00% 1000 0
4. $0 $0 0.00% 1000 0
5. $0 $0 0.00% 1000 0
6. $0 $0 0.00% 1000 0
Totals: $2,149,972 $2,150
3. Grants: List all grants provided for the development:
Date of Date of Amount of

Source of Funds Application Commitment Funds Name of Contact Person
1. $0
2. $0
3. $0
4. $0
5. $0
6. $0
Total Permanent Grants: $0

v1.1.2011 Page 21
4. Portion of Syndication Proceeds Attributable to Historic Tax Credit

Amount of Federal historic credits $0 x Equity % $0.00 $0
Amount of Virginia historic credits $0 x Equity % $0.00 $0
6. Equity that Sponsor will Fund:

Cash Investment $0
Contributed Land/Building $1,100,000 Assessment Attached (TAB S)
Deferred Developer Fee $0
Other: $0
Equity Total $1,100,000
7. Total of All Sources (B2 + B3 + B4 + B5 + B6) $3,249,972
(not including syndication proceeds except for historic tax credits)
8. Total Development Cost $9,849,307

(From VIII-A5)
9. Less Total Sources of Funds (From B7 above) $3,249,972
10. Equals equity gap to be funded with low-income tax credit

proceeds (must equal IX-D3) $6,599,335
C. Syndication Information (If Applicable)
1. Actual or Anticipated Name of Syndicator Boston Capital

2. Contact Person Corine Sheridan Phone 617 624-8893
3. Street Address One Boston Place
City Boston State MA Zip 02108
4. a. Total to be paid by anticipated users of credit (e.g., limited partners) $6,599,331

b. Equity Dollars Per Credit (e.g., $0.85 per dollar of credit) $0.88
c. Percent of ownership entity (e.g., 99% or 99.9%) 99.99%
d. Net credit amount anticipated by user of credits $749,924
e. Syndication costs not included in VIII-A5 (e.g., advisory fees) $0
5. Net amount which will be used to pay for Total Development Cost (4a-4e)
as listed in Part VIII-A5 (same amount as Part IX-D3) $6,599,331
6. Amount of annual credit required for above amounts

(same amount as Part IX-D6) $749,999
7. Net Equity Factor [C5 / (C6 X 10)]
(same amount as Part IX-D4) 87.99%
8. Syndication: Public or Private

9. Investors: Individual or Corporate
v1.1.2011 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 No
If yes, then check the type and list the amount of money involved.
Below-Market Loans Market-Rate Loans
Tax Exempt Bonds $0 Taxable Bonds $0

RD 515 $0 Section 220 $0
Section 221(d)(3) $0 Section 221(d)(3) $0
Section 312 $0 Section 221(d)(4) $0
Section 236 $0 Section 236 $0
VHDA SPARC/REACH $0 Section 223(f) $0
HOME Funds $0 Other: $0
Other: ARHA project loan $2,149,972
Other: $0
Grants Grants
CDBG $0 State $0
UDAG $0 Local $0
Other: $0
This means grants to the partnership. If you received a loan financed by a locality which received one of the
listed grants, please list it in the appropriate loan column as "other" and describe the applicable grant program
which funded it.
2. Subsidized Funding: list all sources of funding for points. Documentation Attached (TAB T)
Source of Funds Commitment date Funds

1. ARHA project loan 03/10/11 $2,149,972
2. ARHA land contribution 03/10/11 $1,100,000
3. $0
4. $0
5. $0
3. Does any of your financing have any credit enhancement? Yes No

If yes, list which financing and describe the credit enhancement:
4. Other Subsidies Documentation Attached (TAB Q)

Real Estate Tax Abatement on the increase in the value of the development.
New project based subsidy from HUD or Rural Development for the greater of 5 or 10% of the units in the development.
Other Subsidies Subsidized rent through a HUD ACC contract/City waiver of permit and tap fees
5. Is HUD approval for transfer of physical asset required?

Yes No
E. For Transactions Using Tax-Exempt Bonds Seeking 4% Credits:

For purposes of the 50% Test, and based only on the data entered to this
application, the portion of the aggregate basis of buildings and land financed with
tax-exempt funds is: N/A
v1.1.2011 Page 23
IX. ADDITIONAL INFORMATION
A. Extended Use Restriction
NOTE: Each recipient of an allocation of credits will be required to record an extended use agreement as required by
the IRC governing the use of the development for low-income housing for at least 30 years. However, the IRC provides
that, in certain circumstances, such extended use period may be terminated early.
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 any
early 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. 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: ARHA
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 whose
incomes 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)
v1.1.2011 Page 24
C. Building-by-Building Information Must Complete

Qualified basis must be determined on a building-by building basis. Complete the section below. Building street addresses are required by the IRS (must have them by the time of
allocation request).
NUMBER 30% Present Value 30% Present Value

OF Credit for Acquisition Credit for Construction 70% Present Value Credit
TAX MARKET
CREDIT RATE Actual or Actual or Actual or
UNITS UNITS Estimate Anticipated Estimate Anticipated Estimate Anticipated
Build Street Qualified In-Service Applicable Credit Qualified In-Service Applicable Credit Qualified In-Service Applicable Credit
ing # Address Basis Date Percentage Amount Basis Date Percentage Amount Basis Date Percentage Amount
1. 3 Building 1 $0 0.00% 0 $0 0.00% 0 $631,152 9.00% 56,804
2. 3 Building 2 $0 0.00% 0 $0 0.00% 0 $631,152 9.00% 56,804
3. 3 Building 3 $0 0.00% 0 $0 0.00% 0 $631,152 9.00% 56,804
4. 3 Building 4 $0 0.00% 0 $0 0.00% 0 $631,152 9.00% 56,804
5. 16 Building 5 $0 0.00% 0 $0 0.00% 0 $3,366,143 9.00% 302,953
6. 16 Building 6 $0 0.00% 0 $0 0.00% 0 $3,366,143 9.00% 302,953
7. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
8. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
9. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
10. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
11. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
12. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
13. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
14. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
15. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
16. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
$0 $0 $9,256,894
$0 $0 $833,120
Qualified Basis Totals (must agree with VIII-A10)
Credit Amount Totals (must agree with VIII-A-12)
v1.1.2011 Page 25


TAX MARKET
17. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
18. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
19. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
20. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
21. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
22. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
23. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
24. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
25. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
26. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
27. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
28. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
29. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
30. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
31. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
32. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
$0 $0 $0
$0 $0 $0
v1.1.2011 Page 25 (2)



TAX MARKET
33. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
34. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
35. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
36. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
37. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
38. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
39. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
40. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
41. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
42. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
43. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
44. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
45. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
46. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
47. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
48. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
$0 $0 $0
$0 $0 $0
v1.1.2011 Page 25 (3)



TAX MARKET
49. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
50. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
51. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
52. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
53. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
54. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
55. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
56. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
57. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
58. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
59. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
60. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
61. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
62. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
63. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
64. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
$0 $0 $0
$0 $0 $0
v1.1.2011 Page 25 (3)



TAX MARKET
65. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
66. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
67. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
68. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
69. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
70. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
71. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
72. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
73. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
74. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
75. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
76. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
77. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
78. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
79. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
80. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
$0 $0 $0
$0 $0 $0
v1.1.2011 Page 25 (3)



TAX MARKET
81. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
82. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
83. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
84. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
85. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
86. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
87. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
88. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
89. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
90. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
91. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
92. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
93. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
94. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
95. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
96. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
$0 $0 $0
$0 $0 $0
v1.1.2011 Page 25 (3)

D. Determination of Reservation Amount Needed
The following calculation of the amount of credits needed is substantially the same as the calculation which will be made by VHDA to
determine, as required by the IRC, the amount of credits which may be allocated for the development. However, VHDA at all times retains the
right to substitute such information and assumptions as are determined by VHDA to be reasonable for the information and assumptions
provided herein as to costs (including development fees, profits, etc.), sources for funding, expected equity, etc. Accordingly, if the
development is selected by VHDA for a reservation of credits, the amount of such reservation may differ significantly from the amount you
compute below.
1. Total Development Costs (from VIII-A5, Column A page 20) $9,849,307
2. Less Total Sources of Funds (from VIII-B7 page 22) $3,249,972
3. Equals Equity Gap $6,599,335
4. Divided by Net Equity Factor (VIII-C7 page 22) 87.99%

(Percent of 10-year credit expected to be raised as equity investment)
5. Equals Ten-Year Credit Amount Needed to Fund Gap $7,499,994
Divided by ten years 10
6. Equals Annual Tax Credit Required to Fund the Equity Gap $749,999
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 Excel spreadsheet to eliminate the
error message. To use the “Goal Seek” function first place the
7. The Maximum Allowable Credit Amount curser box on cell V28. Using the mouse arrow, point and click $833,120
on “Tools” on the top line and then click on the “Goal Seek”
(from VIII-A12-combined figure) option. A box will appear with the V28 cell shown in the top
space, place the cursor in the middle box 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
(This amount must be equal to or more than 6 above)
space and at the 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 amounts are
8. Reservation Amount (Lesser of 6 or 7 above)
now equal the error message will disappear.
Credit per Unit 17,045 Combined 30% & 70% PV Credit
Credit per Bedroom 7,812 $749,999

Comprised of
$0 and $749,999
30% PV Credit 70% PV Credit
(Based on same relative percentages as VIII-A12)
E. Attorney’s Opinion
Attached in Mandatory TAB W)
v1.1.2011 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 and
the issuance or nonissuance of an allocation of credits, grants and/or loan funds in connection herewith.
3. that points will be assigned only for representations made herein for which satisfactory documentation is
submitted herewith and that no revised representations may be made in connection with this application
once the deadline for applications has passed.
4. that this application form, provided by VHDA to applicants for tax credits, including all sections herein
relative to basis, credit calculations, and determination of the amount of the credit necessary to make the
development financially feasible, is provided only for the convenience of VHDA in reviewing reservation
requests; that completion hereof in no way guarantees eligibility for the credits or ensures that the amount
of credits applied for has been computed in accordance with IRC requirements; and that any notations
herein describing IRC requirements are offered only as general guides and not as legal authority.
5. that the undersigned is responsible for ensuring that the proposed development will be comprised of
qualified low-income buildings and that it will in all respects satisfy all applicable requirements of federal
tax law and any other requirements imposed upon it by VHDA prior to allocation, should one be issued.
6. that, for the purposes of reviewing this application, VHDA is entitled to rely upon representations of the
undersigned as to the inclusion of costs in eligible basis and as to all of the figures and calculations relative
to the determination of qualified basis for the development as a whole and/or each building therein
individually as well as the amounts and types of credit applicable thereof, but that the issuance of a
reservation based on such representation in no way warrants their correctness or compliance with IRC
requirements.
7. that VHDA may request or require changes in the information submitted herewith, may substitute its own
figures which it deems reasonable for any or all figures provided herein by the undersigned and may reserve
credits, if any, in an amount significantly different from the amount requested.
8. that reservations of credits are not transferable without prior written approval by VHDA at its sole
discretion.
v1.1.2011 Page 27
2011 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 the
QAP. 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 and
feasibility analysis. For purposes of self scoring, it will be necessary for you to make certain decisions and assumptions about your
application 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, or any other response which is neither unconditional support nor opposition. Item 5e1 requires a numeric value to be
entered. Please remember that the score is only an estimate based on the selection criteria using the reservation application data
and the responses you’ve entered on this score sheet. VHDA reserves the right to change application data and/or score sheet
responses where appropriate, which may change the final score.
MANDATORY ITEMS: Score

a. Signed, completed application Y Y or N 0
b. Duplicate copy of application Y Y or N 0
c. Partnership agreement Y Y or N 0
d. SCC Certification Y Y or N 0
e. Previous participation form Y Y or N 0
f. Site control document Y Y or N 0
g. Architect's Certification Y Y or N 0
h. Attorney's opinion Y Y or N 0
i. Nonprofit questionnaire (if NP) Y Y, N, N/A 0
0.00
1. READINESS:
a. Plan of development N 0 or 40 0.00
b. Zoning approval Y 0 or 40 40.00
Total: 40.00
2. HOUSING NEEDS CHARACTERISTICS:

a. VHDA notification letter to CEO Y 0 or -50 0.00
b. Local CEO letter (Y,NC,N) Y 0 or 25 or 50 50.00
c. Location in a revitalization area Y 0 or 30 30.00
d. Location in a Qualified Census Tract and revitalization area N 0 or 5 0.00
e. Sec 8 or PHA waiting list preference Y 0 or 10 10.00
f. Subsidized funding commitments 33.00% Up to 40 40.00
g. Existing RD, HUD Section 8 or 236 program N 0 or 20 0.00
h. Tax abatement or new project based rental subsidy (HUD or RD) Y 0 or 10 10.00
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
k. Dev. located in area with little or no increase in rent burdened population Up to -20 0.00
l. Dev. located in area with increasing rent burdened population Up to 20 20.00
Total 160.00
3. DEVELOPMENT CHARACTERISTICS:
a. Unit size (See calculations below) Up to 100 95.34
b. Amenities (See calculations below) Up to 70 52.40
c. Project subsidies/HUD 504 accessibility for 5 or 10% of units Y 0 or 50 50.00
or d. HCV payment standard/HUD 504 accessibility for 5 or 10% of units N 0 or 30 0.00
or e. HUD 504 accessibility for 4% of units N 0 or 15 0.00
f. Proximity to public transportation Y10 0, 10 or 20 10.00
g. Development will be Earthcraft or LEED certified 0,15,30,45 45.00
h. VHDA Certified Property Management Agent Y 0 or 25 25.00
i. Units constructed to meet VHDA's Universal Design standards 14% Up to 15 2.05
j. Developments with less than 100 units Up to 20 20.00
Total 299.79
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 18.18% Up to 15 13.64
Total 28.64
5. SPONSOR CHARACTERISTICS:
a. Developer experience - 3 developments with 3 x units or 6 developments with 1 x units Y 0 or 50 50.00
or b. Developer experience - 1 development with 1 x units N 0 or 10 0.00
c. Developer experience - uncorrected hazard 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
v1.1.2011 N 0 or -10 0.00
f. Management company rated unsatisfactory N 0 or -25 0.00
Total 50.00
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 92.53
b. Cost per unit categories check spelling of Clerk's Office on pg 1. It must match Up to 75 38.93
Total exactly with the Jurisdiction names listed in the Application Manual. 131.46
7. BONUS POINTS: Locality AMI State AMI

a. Units with rents at or below 40% of AMI $103,500 $53,300 11% Up to 10 10.00
b. Units with rent and income at or below 50% of AMI 100% Up to 50 50.00
or c. Units with rents at or below 50% rented to tenants at or below 60% of AMI 100% Up to 25 0.00
or 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 0 Years 40 or 50 0.00
or f. Nonprofit or LHA purchase option Y 0 or 60 60.00
or g. Nonprofit or LHA Home Ownership option N 0 or 5 0.00
Total 120.00
500 Point Threshold - 9% Credits TOTAL SCORE: 829.88

475 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 0 1,050 1,175
Low Sq.Ft. / BDRM 0 0 840 940
Project Sq.Ft. / BDRM 0 0 1,150 1,115
F-4 BDRM-G F-2 BDRM-TH F-3 BDRM-TH F-4 BDRM-TH

High Sq.Ft. / BDRM 0 0 0 0
Low Sq.Ft. / BDRM 0 0 0 0
Project Sq.Ft. / BDRM 0 0 0 0
1 ST ELD-EFF 1 ST ELD-1 BDRM 1 ST ELD-2 BDRM If you do not receive a numeric po

High Sq.Ft. / BDRM 0 0 0 in the unit size calculations, pleas
Low Sq.Ft. / BDRM 0 0 0 check the values entered on page
Project Sq.Ft. / BDRM 0 0 0 These must be whole number num
Percentage of Units 0.00% 0.00% 0.00% values only. Also check page 7, it
Points per Bedroom 0.00 0.00 0.00 the number of units must be eithe
adapt or rehab only. Combination
Total Unit Size Points: 95.34 not calculate correctly.
Amenities:
All units have:
a. 1.5 or 2 Bathrooms 100.00% 15.00
b. Community Room 0.00
c. Brick Walls 42.00% 8.40
d. Kitchen/Laundry Appl-Energy Star 5.00
e. Windows-Energy Star 5.00
f. Heat/AC-SEER-AFUE 10.00
g. Sub-metered water expense 5.00
h. Low flow faucets & showerheads 3.00
i. High speed cable, DSL, wireless internet 1.00
j. Water heaters meet EPA Energy Star requirements 0.00
k. Geothermal Heat Pump - EPA Energy Star requirements 0.00
l. Solar Electric System - EPA Energy Star requirements 0.00
Total 52.40
All elderly units have:
a. Front-control ranges 0.00
b. Emergency call system 0.00
c. Independent/suppl. heat source 0.00
d. Two eye viewers 0.00
Total 0.00
All v1.1.2011
rehab or adaptive reuse units:
b. Historic structure 0.00
Total amenities: 52.40
v1.1.2011
$/SF = $171.84 Credits/SF = $14.91 Const $/unit = $160,179
TYPE OF PROJECT FAMILY = 11000; ELDERLY = 12000 11000 If an ERROR message appears here check
LOCATION BELT=100; NVM=110; NVNM=200; RIC=300; TID=400; SMA=500; SMA-C=510; RUR=600 100 spelling of Clerk's Office on pg 1. It must 100
TYPE OF CONSTRUCTION N C=1; ADPT=2;REHAB(35,000+)=3; REHAB*(15,000-35,000)=4 1 match exactly with the Jurisdiction names 1
*REHABS LOCATED IN BELTWAY ($15,000-$50,000) See Below 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 ST
AVG UNIT SIZE 0 0 0 0 0 0 0
NUMBER OF UNITS 0 0 0 0 0 0 0
PARAMETER-(COSTS=>35,000) 0 0 0 0 0 0 0
PARAMETER-(COSTS<35,000) 0 0 0 0 0 0 0
PARAMETER-(COSTS=>50,000) 0 0 0 0 0 0 0
PARAMETER-(COSTS<50,000) 0 0 0 0 0 0 0
COST PARAMETER 0 0 0 0 0 0 0
PROJECT COST PER UNIT 0 0 0 0 0 0 0
PARAMETER-(CREDITS=>35,000) 0 0 0 0 0 0 0
PARAMETER-(CREDITS<35,000) 0 0 0 0 0 0 0
CREDIT PARAMETER 0 0 0 0 0 0 0
PROJECT 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 0.00
CREDIT PER UNIT POINTS 0.00 0.00 0.00 0.00 0.00 0.00 0.00
FAMILY
EFF-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 0 1,150 1,115 0 0 0 0
NUMBER OF UNITS 0 0 36 8 0 0 0 0
PARAMETER-(COSTS=>35,000) 0 0 400,887 448,612 0 0 0 0

PARAMETER-(COSTS<35,000) 0 0 0 0 0 0 0 0
PARAMETER-(COSTS=>50,000) 0 0 400,887 448,612 0 0 0 0

PARAMETER-(COSTS<50,000) 0 0 0 0 0 0 0 0
COST PARAMETER 0 0 400,887 448,612 0 0 0 0

PROJECT COST PER UNIT 0 0 197,621 191,572 0 0 0 0
PARAMETER-(CREDITS=>35,000) 0 0 34,416 38,514 0 0 0 0

PARAMETER-(CREDITS<35,000) 0 0 0 0 0 0 0 0

CREDIT PARAMETER 0 0 34,416 38,514 0 0 0 0

PROJECT CREDIT PER UNIT 0 0 17,141 16,616 0 0 0 0
COST PER UNIT POINTS 0.00 0.00 31.11 7.81 0.00 0.00 0.00 0.00
CREDIT PER UNIT POINTS 0.00 0.00 73.92 18.61 0.00 0.00 0.00 0.00
TOTAL COST PER UNIT POINTS 38.93
TOTAL CREDIT PER UNIT POINTS 92.53
v1.1.2011
$/SF = $171.84 Credits/SF = $14.91 Const $/unit = $160,179
TYPE OF PROJECT FAMILY = 11000; ELDERLY = 12000 11000 If an ERROR message appears here check
LOCATION BELT=100; NVM=110; NVNM=200; RIC=300; TID=400; SMA=500; SMA-C=510; RUR=600 100 spelling of Clerk's Office on pg 1. It must 100
TYPE OF CONSTRUCTION N C=1; ADPT=2;REHAB(35,000+)=3; REHAB*(10,000-35,000)=4 1 match exactly with the Jurisdiction names 1
*REHABS LOCATED IN BELTWAY ($10,000-$50,000) See Below 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 ST
AVG UNIT SIZE 0 0 0 0 0 0 0
NUMBER OF UNITS 0 0 0 0 0 0 0
PARAMETER-(COSTS=>35,000) 0 0 0 0 0 0 0
PARAMETER-(COSTS<35,000) 0 0 0 0 0 0 0
PARAMETER-(COSTS=>50,000) 0 0 0 0 0 0 0
PARAMETER-(COSTS<50,000) 0 0 0 0 0 0 0
COST PARAMETER 0 0 0 0 0 0 0
PROJECT COST PER UNIT 0 0 0 0 0 0 0
CREDIT PARAMETER 0 0 0 0 0 0 0
PROJECT 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 0.00
CREDIT PER UNIT POINTS 0.00 0.00 0.00 0.00 0.00 0.00 0.00
FAMILY
EFF-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 0 1,150 1,115 0 0 0 0
NUMBER OF UNITS 0 0 36 8 0 0 0 0
PARAMETER-(COSTS=>35,000) 0 0 400,887 448,612 0 0 0 0

PARAMETER-(COSTS<35,000) 0 0 0 0 0 0 0 0
PARAMETER-(COSTS=>50,000) 0 0 400,887 448,612 0 0 0 0

PARAMETER-(COSTS<50,000) 0 0 0 0 0 0 0 0
COST PARAMETER 0 0 400,887 448,612 0 0 0 0

PROJECT COST PER UNIT 0 0 197,621 191,572 0 0 0 0


CREDIT PARAMETER 0 0 34,416 38,514 0 0 0 0

PROJECT CREDIT PER UNIT 0 0 17,141 16,616 0 0 0 0
COST PER UNIT POINTS 0.00 0.00 31.11 7.81 0.00 0.00 0.00 0.00
CREDIT PER UNIT POINTS 0.00 0.00 73.92 18.61 0.00 0.00 0.00 0.00
TOTAL COST PER UNIT POINTS 38.93
TOTAL CREDIT PER UNIT POINTS 92.53
v1.1.2011
James Bland Apartments IV
Location Map
N Alfre
d St
St
omery
Montg
St
Madison
N Patr
ick St
898 N Alfred St, Alexandria, VA 22314

Commissioners:
A. MELVIN MILLER, Chairman Carter D. Flemming Merrick Malone
Derek Hyra, Vice Chairman Christopher Ballard Chyrell Bucksell
Carlyle C. Ring, Jr. Brett J. Libresco Stanley Vosper

Roy Priest, Chief Executive Officer
BUILDING COMMUNITY
PARTNERSHIPS

March 09, 2011

Virginia Housing Development Authority
601 South Belvidere Street
Richmond, Virginia 23220‐6500

Ladies and Gentlemen:

The Alexandria Redevelopment and Housing Authority (“ARHA”) has approved and hereby
issues its commitment (the “Commitment”) to make a construction/permanent loan in the principal
amount of up to Two Million One Hundred and Forty‐Nine Thousand Nine Hundred and Seventy‐Two
Dollars ($2,149,972.00) (the “Loan”), which we have firmly committed $1,500,000 and the balance
shall be provided in the event current tax credit pricing is as anticipated in the application is the pricing
that is achieved by the project at closing (if higher pricing, then a lower loan, not less than $1,500,000
will be provided, of which to the James Bland Housing IV Limited Partnership and its successors and
assigns (the “Partnership”) to provide financing for the James Bland, Phase IV Apartments (the
“Project”).

The proceeds of the Loan will be advanced by ARHA during the construction period of the
Project and will become a permanent loan after completion of construction. The Loan will bear
interest at a rate not to exceed one percent (1.0%), expected to be 0%, and the principal of which will
be payable at maturity which will be 30 years after the completion of construction. The Loan will be
secured by a deed of trust on the property on which the Development is constructed and the
improvements. The source of the Loan is non‐federal funds.
ARHA receives regular contributions of operating subsidy from the U.S. Department of Housing
and Urban Development (“HUD”) pursuant to an Annual Contributions Contract (“ACC”). ARHA has
committed to provide to the Development a portion of the ACC operating subsidy attributable to 44
units that will be operated as public housing units. The 44 public housing units at the Development will
receive regular subsidies pursuant to a Regulatory and Operating Agreement. The Development will be
subject to such restrictions as required by the United States Housing Act of 1937, as amended,
regulations thereunder, and other applicable public housing requirements.

600 North Fairfax Street • Alexandria, VA 22314 • Office: (703) 549‐7115 • Fax: (703) 549‐8709 • TDD (703) 836‐6425

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INSTRUCTIONS FOR THE

VIRGINIA 2011 LIHTC APPLICATION FOR RESERVATION

An electronic copy of your completed application is a mandatory submission item.

Applications For 9% Competitive Credits

Staff email addresses:

Application For Reservation

Deadline for Submission

Tax Exempt Bonds

Virginia Housing Development Authority

Electronic Copy of the Microsoft Excel Based Application (MANDATORY)

v1.1.2011 Submission Checklist

VHDA TRACKING NUMBER 2011-C-05

A. Development Name and Location:

14. Congressional District 8 http://dlsgis.state.va.us/congress/2001PDFs/chap7Tab.pdf

15. Location Map Attached (TAB A)

2. Credits requested from:

Tax Exempt Bonds

This development will receive federal subsidies for:

D. Type(s) of Allocation/Allocation Year

E. Acquisition Credit Information

Ten-Year Rule For Acquisition Credits

F. Rehabilitation Credit Information

Minimum Expenditure Requirements

G. Request For Exception

II. OWNERSHIP INFORMATION

Must be an individual or legally formed entity

Federal I. D. No. (If not available, obtain prior to Allocation)

Principals' Previous Participation Certification attached (Mandatory TAB D) & resumé.

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

C. Development Team Information:

1. Tax Attorney: Erik Hoffman Related Entity? Yes No

2. Tax Accountant: Rebekah Taylor Related Entity? Yes No

3. Consultant: Ryne Johnson Related Entity? Yes No

4. Management Entity (Contact): Derek McDaniel Related Entity? Yes No

5. Contractor (Contact): John Fahey Related Entity? Yes No

6. Architect: George Baker Related Entity? Yes No

7. Real Estate Attorney: Jonathan Rak Related Entity? Yes No

8. Mortgage Banker: Related Entity? Yes No

9. Other (Contact): Jack (John) McLaurin Related Entity? Yes No

1. Nonprofit Involvement (All Applicants)

4. Identity of Nonprofit (All nonprofit applicants)

(Contact Person) (Street Address)

(City) (State) (Zip code)

5. Percentage of Nonprofit Ownership (All nonprofit applicants)

III. DEVELOPMENT INFORMATION

A. Structure and Units:

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

Row House/Townhouse Detached Single-family

5. Unheated Floor Area (Breezeways, Balconies, Storage) 4,740.86 (Sq. ft.)

8. Number of Buildings (containing rental units) 0

9. Commercial Area Intended Use:

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

Low-Rise (1-5 stories with any structural elements made of wood)

11. a. Total Net Rental Square Feet 44,282.78

3. Check the following items which apply to the proposed project:

For any project, upon completion of construction/rehabilitation: (Optional Point items)

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

a. All cooking ranges will have front controls

The structure is listed individually in the National Register of Historic Places or is

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

Earthcraft or LEED Development Certification

Universal Design - Units Meeting Universal Design Standards

VHDA Certified Property Management Agent

IV. TENANT INFORMATION