Mill Run

Mill Run
In Belle Haven, Virginia
Sponsor: Accomack-Northampton Regional Housing Authority

Owner: Mill Run Apartments, LLC
2010
Low Income Housing Tax Credit Program
Application for Reservation
Submitted To:
Virginia Housing Development Authority
601 South Belvidere Street
Richmond, VA 23220-6500
INSTRUCTIONS FOR THE
VIRGINIA 2010 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 either on CD or by email, or both, prior to the
application deadline, which is 2:00 PM Richmond Virginia time on March 12, 2010. Failure to submit an electronic
copy of the application by the deadline will cause the application to be disqualified.
Applications For Tax Exempt Bond Credits

Applicants should submit an electronic copy of the application either on CD or by email, or both, at the at the time
of application submission. Applications will not be processed until an electronic copy is received.
NEW in 2010
Applicants should submit all application materials in electronic format only beginning in 2010
There should be 6 distinct files saved to 1 or more CDs and 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 drive.
-Do not submit any application materials via TaxCreditApps@VHDA.com or to any ema
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 McFarland at (804) 343-5733 or Debbie Griner
at (804) 343-5518. Please note that we cannot release the copy protection password.
Staff email addresses:

jim.chandler@vhda.com - dale.w ittie@vhda.com
cara.w allo@vhda.com - jaynell.pittman-shaw @vhda.com - debbie.griner@vhda.com
v1/8/2010 Instructions
2010 Feder al L ow I ncome Housing
Tax Cr edit Pr ogr am
Application For Reser vation
Deadline for Submission
9% Competitive Credits
Applications Must Be Received At VHDA No Later Than 2:00
PM Richmond, VA Time On March 12, 2010
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
2010 v2/1
L ow I ncome Housing Tax Cr edit Application for Reser vation
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.
NEW in 2010
Applicants should submit all application materials in electronic format only beginning in 2010
There should be 4 distinct files saved to 1 or more CDs and 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 & Specs and/or unit by unit work writeup - PDF or other readable electronic format
Notes: -Do not submit any files on a flash 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.
Electronic Copy of the Microsoft Excel Based Application (M ANDATORY)

Scanned Copy of the Signed Tax Credit Application with Attachments (excluding market study and plans & specs) (M ANDATO
Electronic Copy of the Market Study (M ANDATORY-Application will be disqualified if study not submitted with application)
Electronic Copy of the Plans & Specs and, if applicable Unit By Unit Work Writeup (M ANDATORY)
$750 Application Fee (M ANDATORY )
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 (M ANDATOR
Tab C: Virginia State Corporation Commission Certification (M ANDATORY)
Tab D: Principal's Previous Participation Certification and Resumé (M ANDATORY)
Tab E: Nonprofit Questionnaire (M ANDATORY 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 (M ANDATORY)
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 (M ANDATORY)
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 (M ANDATORY)
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 (M ANDATORY)
Tab X: (Reserved)
Tab Y: Marketing Plan for units meeting accessibility requirements of HUD section 504
2010 Submission Checklist

Low-Income Housing Tax Credit Application For Reservation
VHDA TRACKING NUMBER 2010-C-09

I. General Information
All code "Section" references are to, and the term "IRC" shall be deemed to mean, 3-11-10
the Internal Revenue Code of 1986, as amended. (Date of Application)
A. Development Name and Location:

1. Name of Development Mill Run
2. Address of Development 35409 Mill Run Lane
(Street)
Belle Haven VA 23306
(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.
(Coordinates should be the same as those listed on pg 13, if applicable)
4. The Circuit Court Clerk's office in which the deed to the property is or will be recorded:
City/County of Accomack County (ie; Richmond City, Chesterfield County; see application manual)
5. Does the site overlap one or more jurisdictional boundaries? Yes No
If yes, what other City/County is the site located in besides the one mentioned above?
6. Census Tract the development is located in: 510019908
Is this a Qualified Census Tract: Yes No (If yes, attach required form in TAB A)
7. Is the development located in a Difficult Development Area? No
8. Is the development located in a revitalization area? Yes No (If yes, attach required form in TAB A)
9. Is the development an existing RD or HUD S8/236 development? Yes No (If yes, attach required form in TAB Q)
Note to #9: If there is an identity of interest between the applicant and the seller in this proposal, and the applicant is seeking points in
this category, then the applicant must either waive their rights to the developer's fee or other fees associated with acquisition and/or
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 2 http://dlsgis.state.va.us/congress/2001PDFs/chap7Tab.pdf

Planning District 22 http://www.vapdc.org/aboutpdcs.htm#PDC%20Map
State Senate District 6 http://dlsgis.state.va.us/senate/2001PDFs/Chap2Tab.pdf
State House District 100 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.
Mill Run is an existing rental property built by the Accomack-Northampton Regional Housing Authority with CDBG funds in 1998. The
property currently provides affordable housing to 14 low-income households in four 1-bedroom, five 2-bedroom and five three-bedroom
apartments. Each unit has one bathroom. The housing authority proposes to significantly rehabilitate and enhance the livability of the property
by. among other things, adding a second bathroom to the larger apartments and expanding the onsite rental office and community room.
In order to serve more low-income houeholds in the community, the housing authority also intends to construct 12 additional units (6 two-bed
1.5 bath and 6 three bed 2 bath) on several adjacent vacant parcels owned by the authority. The resulting 26-unit development will be an energy-
efficient, accessible rental property that is a true asset to the community.
v12.31.09 Page 1
L ow I ncome Housing Tax Cr edit Application For Reser vation
C. Reser vation Request
1. Total annual credit amount request (Must be the same as Part IX-D8) $339,467
2. Credits requested from:

9% Cr edits
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 2010 credits for new construction, or
rehabilitation, or
acquisition and rehabilitation.
2. Carryforward Allocation
All of the buildings in the development are expected to be placed
in service within two years after the end of this calendar year, 2010, but the
owner will have more than 10% basis in the development before the end of twelve
months following allocation of credits. For those buildings, the owner requests
a carryforward allocation of 2010 credits pursuant to Section 42(h)(1)(E) for:
new construction, or
rehabilitation, or
acquisition and rehabilitation (even if you acquired a building this year and
"placed it in service" for the purpose of the acquisition credit, you cannot receive
the 8609 form for it until the rehab 8609 is issued for that building once the rehab
work is "placed in service" in 2011 or 2012).
3. Federal Subsidies
The development will not receive federal subsidies.
This development will receive federal subsidies for:
all buildings or
some buildings.
2010 Page 2
L ow-I ncome Housing Tax Cr edit Application For Reser vation
E. Acquisition Cr edit I nfor mation

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 Cr edits

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 Cr edit I nfor mation
NOTE: If no credits are being requested for rehabilitation expenditures, so indicate and go
on to Section II. No Rehabilitation
M inimum Expenditur e Requir ements

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 po
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)
2010 Page 3
I I . OWNERSHI P I NFORM ATI ON
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
Must be an individual or legally formed entity
A. Owner I nfor mation:

Name Mill Run Apartments, LLC
Contact Person First: David Middle: Franklin Last: Annis
Address 23372 Front Street
(Street)
Accomac VA 23301
(City) (State) (Zip Code)
Federal I. D. No. 26-4767139 (If not available, obtain prior to Allocation)

Phone 757 787 2800 Fax 757 787 4221 Email addr ess dannis@a-npdc.org
Type of entity: Limited Partnership Other limited liability company
Individual(s) Corporation
Owner's organizational documents (e.g. Partnership agreements) attached (M andator y TAB B)
Certification from Virginia State Corporation Commission attached (M andator y TAB C)
Principal(s) involved (e.g. general partners, LLC members, controlling shareholders, etc.):
Names ** Phone Type Ownership % Ownership
Elaine Meil for the Mill Run Development C 757 787 2800 Managing Member 100.00%
0.00%
0.00%
0.00%
0.00%
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 (M andator y TAB D), resumé, & owner ship str uctur e char t.
B. Seller I nfor mation:

Name Accomack-Northampton Regional Housing Auth Contact Person David Annis
Address 23372 Front Street
Accomac, VA 23307 Phone 757 787 2800
I s ther e an identity of inter est 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
Accomack-Northampton Regional Housing A 757 787 2800 Fee simple 100.00%
0.00%
0.00%
0.00%
2010 Page 4
C. Development Team I nfor mation:

Complete the following as applicable to your development team.
1. Tax Attorney: Thomas Thorne-Thonsen Related Entity? Yes No

Firm Name: Applegate & Thorne-Thomsen
Address: 322 S. Green Street, Chicago, IL 60607
Phone: 312 491 3324 Fax: 312 421 6162
2. Tax Accountant: Mike Vicars Related Entity? Yes No

Firm Name: Dooley & Vicars
Address: 21 S. Sheppard Street, Richmond, VA 23220
Phone: 804 355-2808 ext 102 Fax:
3. Consultant: Related Entity? Yes No

Firm Name: Role:
Address:
Phone: Fax:
4. Management Entity (Contact): Sharon Kensinger Related Entity? Yes No

Firm Name: East Coast Property Management
Address: 134 North Cannon Street, PO Box 1510, Seaford, DE 19973
Phone: (302) 629 8612 Fax:
5. Contractor (Contact): Related Entity? Yes No

Firm Name:
Address:
Phone: Fax:
6. Architect: William Deal Related Entity? Yes No

Firm Name: Pentecost Deal Associates
Address: 407 Janaf Office Building, Norfolk, VA 23502
Phone: 757 466 8881 Fax:
7. Real Estate Attorney: Johnson Kanady Related Entity? Yes No

Firm Name: Kanady & Quinn
Address: 7130 Glen Forest Drive, Richmond, VA 23226
Phone: 804 284 8494 Fax:
8. Mortgage Banker: Related Entity? Yes No

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

Firm Name: Role:
Address:
Phone: Fax:
2010 Page 5
D. Nonpr ofit I nvolvement:
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 Cr edit Nonpr ofit 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 (M andator y 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%
2010 Page 6
I I I . DEVEL OPM ENT I NFORM ATI ON
A. Str uctur e and Units:

1. Total number of all units in development 26
Total number of r ental units in development 26 bedrooms 59
Number of low-income rental units 26 bedrooms 59
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: 12 yr and new
Elevator Number of stories: 1
3. Number of new units 12 bedrooms 30
Number of adaptive reuse units 0 bedrooms 0
Number of rehab units 14 bedrooms 29
4. Total Floor Area For The Entire Development 32,951.96 (Sq. ft.)
5. Unheated Floor Area (Breezeways, Balconies, Storage) 5,007.92 (Sq. ft.)

6. Nonresidential Commercial Floor Area 0.00 (Sq. ft.)
(Not eligible for funding)
7. Total Usable Residential Heated Area 27,944.04 (Sq. ft.)
8. Number of Buildings (containing rental units) 13
9. Commercial Area Intended Use:
10. Project consists primarily of a building(s) which is (are) (CHOOSE ONL Y 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 25,329.99

b. Percentage of Net Rentable Square Feet Deemed To Be New Rental Space 58.94%
B. Building Systems:
Please describe each of the following in the space provided.
Community Facilities: Community Room, Management Office and Maintenance on site
Exterior Finish: Hardi-Plank

Heating/AC System: High Efficiency heat pump
Architectural Style: Eastern Shore Residential vernacular
2010 Page 7
C. Amenities:
1. Specify the average size per unit type: (I ncluding pr o r ata shar e of heated common ar ea)
Assisted Lvg 0.00 SF 1Bdrm Eld 0.00 SF 3-Bdrm Gar 0.00 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 0.00 SF 2+Sty 4BR TH 0.00 SF
2. Total gross usable, heated square feet for the entire project less nonresidential commercial area:
27,944.04 Documentation attached (TAB F) M andator y
(Sq. ft.)
NOTE 1: The items on pages 8 & 9 of this application denoted by a STRI K ETHROUGH should be ignored.
The square footage measurements above should be entered on the worksheet labeled Info Sheet.
Those which are optional point items may be elected later in the application on the worksheets labeled
Score (NC), Score (AR) and Score (Rehab), as the amenity items may not apply to all construction types.
Please note that the point items 3b, 3k & 3l (shaded dark yellow) may be elected here, if appropriate.
NOTE 2: All developments must meet VHDA's M inimum Design and Constr uction Requir ements.
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) M andator y
For any pr oj ect, upon completion of constr uction/r ehabilitation: (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
0% c. Percentage of exterior walls covered by brick (excluding triangular gable ends, doors and windows)
d. All kitchen and laundry appliances meet the EPA's Energy Star qualified program requirements
e. All windows meet the EPA's Energy Star qualified program requirements
f. Every unit in the development is heated and 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%
2010 Page 8
L ow I ncome Housing Tax Cr edit Application For Reser vation
For all pr oj ects exclusively ser ving elder ly and/or handicapped tenants, upon completion
of constr uction/r ehabilitation: (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 r ehabilitation and adaptive r euse pr oj ects, upon completion of constr uction or
or r ehabilitation: (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 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).
For any non-elderly 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.
For any non-elderly 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.
Ear thcr aft or L EED Development Cer tification

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.
Yes - Ear thcr aft Yes - L EED
If Yes to either, attach appropriate documentation at TAB F
Univer sal 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:
12 Units 46%
VHDA Cer tified Pr oper ty M anagement 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:
2010 Page 9
I V. TENANT I NFORM ATI ON
A. Set-Aside Election: UNI TS SEL ECTED BEL OW I N BOTH COL UM NS DETERM I NE

POI NTS FOR THE BONUS POI NT 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 Pr ovided Per Household Type:

I ncome L evels Rent L evels
# of Units % of Units # of Units % of Units
0 0.00% 40% Area Median 3 11.54% 40% Area Median
0 0.00% Non-LMI Units 0 0.00% Non-LMI Units
26 100.00% Total 26 100.00% Total
B. Special Housing Needs/L easing Pr efer ence:
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: 11 Number of units 42% 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.
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: Accomack - Northampton Regional Housing Authority
Contact person (Name and Title) Kathleen Edwards
Phone Number 757 787 2936 Requir ed documentation attached (TAB H)
5. If leasing preference will be given to individuals and families with children.

(Less than or equal to 20% of the units must have of 1 or less bedrooms).
Yes
No
2010 Page 10
V. L OCAL NEEDS AND SUPPORT
Note: Please r efer to the Application M anual for specific instr uctions and deadlines for per taining to locality
notification of pr oposed L ow income Housing Tax Cr edit developments.
A. Pr ovide the name and the addr ess of the chief executive officer (City M anager , Town M anager , or
County Administr ator ) of the political j ur isdiction in which the development will be located:
Chief Executive Officer's Name Marion F. Long
Chief Executive Officer's Title Mayor
Street Address PO Box 238 Phone 757 442 5031
City Belle Haven State VA Zip 23306
Name and title of local official you have discussed this project with who could answer questions for the
local CEO: Marion F. Long
I f the pr oper ty over laps another j ur isdiction 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. Pr oj ect Schedule
ACTUAL OR NAM E OF
ACTI VI TY ANTI CI PATED PERSON
DATE RESPONSI BL E
Site
Option/Contract Complete David Annis
Site Acquisition 11-1-10 David Annis
Zoning Approval Complete David Annis
Site Plan Approval Complete David Annis
Financing
A. Constr uction L oan
Loan Application 7/3/10 David Annis
Conditional Commitment 8/31/10 David Annis
Firm Commitment 9/15/10 David Annis
B. Per manent L oan - Fir st L ien
Loan Application 6/30/10 David Annis
Conditional Commitment 7/31/10 David Annis
Firm Commitment 8/15/10 David Annis
C. Per manent L oan-Second L ien
Loan Application 6-30-10
Conditional Commitment 7-31-10
Firm Commitment 8-15-10
D. Other L oans & Gr ants
Type & Source, List
Application 6-30-10
Award/Commitment 8-15-10
For mation of Owner Complete David Annis
I RS Appr oval of Nonpr ofit Status NA David Annis
Closing and Tr ansfer of Pr oper ty to Owner 11/1/10 David Annis
Plans and Specifications, Wor king Dr awings 8/1/10 David Annis
Building Per mit I ssued by L ocal Gover nment 12/15/10 David Annis
Star t Constr uction 12/15/10 David Annis
Begin L ease-up 6/15/11 David Annis
Complete Constr uction 7/31/11 David Annis
Complete L ease-Up 8/31/11 David Annis
Cr edit Placed in Ser vice Date 8/31/11 David Annis
2010 Page 11
VI . SI TE 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 Contr ol by Owner :
Applicant controls site by (select one and attach document - M andator y TAB K )
Deed - attached
Long-term Lease - attached (expiration date: )
Option - attached (expiration date: )
Purchase Contract - attached (expiration date: 11/05/10 )
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 - M andator y 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 11/01/10
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. M ar ket Study Data:
Obtain the following information from the M ar ket Study conducted in connection with this tax credit application and enter below:
Project Wide Capture Rate - LIHTC Units 3.30%

Project Wide Capture Rate - Market Units 0.00%
Project Wide Capture Rate - All Units 3.30%
Project Wide Absorption Period (Months) 5 months
2010 Page 12
C. Site Descr iption
1. Exact area of site in acres 14.000
2. Has locality approved a final site plan or plan of development?

Yes No
Requir ed documentation for m attached (TAB L )
3. Is site properly zoned for the proposed development?

Yes No
Requir ed documentation for m attached (TAB M )
4. Will the proposal seek to qualify for points associated with proximity to public transportation?
Yes No
Requir ed documentation for m attached (TAB A)
D. Photogr aphs
Include photographs of the site and any existing structure(s) in TAB O. For rehabilitation projects,
provide interior pictures which document the necessity of the proposed work.
E. Plans and Specifications
M inimum submission r equir ements for all pr oper ties (new constr uction, r ehabilitation and adaptive r euse)
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.
I n addition: r equir ed documentation for r ehabilitation pr oper ties
A unit-by-unit work write-up.
Plans and specifications/unit-by-unit work writeup attached (TAB P) or

Plans and specifications/unit-by-unit work writeup submitted separately
2010 Page 13
VI I . OPERATI NG 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:
3. Number of units receiving assistance: 26

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

(Gas, Electric, Oil, etc.) Paid by: 0-bdr 1-bdr 2-bdr 3-bdr 4-br
Heating Owner X Tenant 0 32 41 49 0
Air Conditioning Owner X Tenant 0 12 15 18 0
Cooking Owner X Tenant 0 10 12 15 0
Lighting Owner X Tenant 0 40 46 52 0
Hot Water Owner X Tenant 0 23 30 37 0
Water X Owner Tenant 0 0 0 0 0
Sewer X Owner Tenant 0 0 0 0 0
Trash X Owner Tenant 0 0 0 0 0
Total utility allowance for costs paid by tenant $0 $117 $144 $171 $0
2. Source of Utility Allowance Calculation (Attach Documentation TAB Q)

HUD
Utility Company (Estimate) Local PHA
Utility Company (Actual Survey) Other:
2010 Page 14
C. Revenue
1. Indicate the estimated monthly income for the L ow-I ncome Units: **
Total Number of Total Monthly
Unit Type Tax Credit Units Rental Income
Efficiency Units 0 $0
1 Bedroom Units 4 $1,136
4 Bedroom Units 0 $0
Total Number of Tax Credit Units 26
Plus Other Income Source (list): $2,500

Equals Total Monthly Income: $14,328
Twelve Months x12
Equals Annual Gross Potential Income $171,936
Less Vacancy Allowance ( 7.0% ) $12,036
Equals Annual Effective Gr oss I ncome (EGI ) - L ow I ncome Units $159,900
* * Beginning at Row 75 enter the appr opr iate data for both tax cr edit and mar ket r ate units in the yellow shaded cells.
2. Indicate the estimated monthly income for the M ar ket 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 Gr oss I ncome (EGI ) - M ar ket Rate Units $0
Documentation in Support of Operating Budget attached (TAB R)
List number of units by type: TOTAL UNI TS
ASSISTED LVG EFF-ELD 1 BD RM-ELD 2 BD RM-ELD EFF-GAR 1 BD RM-GAR

0 0 0 0 0 4
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

11 11 0 0 0 0
1 STY-EFF-ELD 1 STY-1 BR-ELD 1 STY-2 BR-ELD Note: Please be sur e to enter the number of units in the
0 0 0 appr opr iate unit categor y. I f not, you will find an er r or on
the scor esheet at 5a, 6a & 6b.
List number of units by type: TAX CREDI T UNI TS
0 0 0 0 0 4
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

11 11 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 $ - $ -
2010 Efficiency - 40% 0 0.00 $ - $ - 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
2010 Rent Targeting Number Units Square Feet Per Unit Monthly Rent Page 15
1 BR - 40% 2 660.37 $ 281 $ 562
1 BR - 40% 1 691.87 $ 281 $ 281
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% 1 691.87 $ 293 $ 293

1 BR - 50% 0 0.00 $ - $ -
1 BR - 50% 0 0.00 $ - $ -
1 BR - 50% 0 0.00 $ - $ -
1 BR - 50% 0 0.00 $ - $ -
1 BR - 50% 0 0.00 $ - $ -
1 BR - 50% 0 0.00 $ - $ -
1 BR - 50% 0 0.00 $ - $ -
1 BR - 50% 0 0.00 $ - $ -
1 BR - 50% 0 0.00 $ - $ -
1 BR - 50% 0 0.00 $ - $ -
1 BR - 50% 0 0.00 $ - $ -
1 BR - 50% 0 0.00 $ - $ -
1 BR - 50% 0 0.00 $ - $ -
1 BR - 50% 0 0.00 $ - $ -
1 BR - 60% 0 0.00 $ - $ -
1 BR - 60% 0 0.00 $ - $ -
1 BR - 60% 0 0.00 $ - $ -
1 BR - 60% 0 0.00 $ - $ -
1 BR - 60% 0 0.00 $ - $ -
1 BR - 60% 0 0.00 $ - $ -
1 BR - 60% 0 0.00 $ - $ -
1 BR - 60% 0 0.00 $ - $ -
1 BR - 60% 0 0.00 $ - $ -
1 BR - 60% 0 0.00 $ - $ -
1 BR - 60% 0 0.00 $ - $ -
1 BR - 60% 0 0.00 $ - $ -
1 BR - 60% 0 0.00 $ - $ -
1 BR - 60% 0 0.00 $ - $ -
1 BR - 60% 0 0.00 $ - $ -
Total 1-BR Total Monthly 1-BR
Tax Credit Units: 4 2,704.48 Tax Credit Rent: $ 1,136
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: $ -
2010 Page 15
Total 1-BR Units: 4 Total 1-BR Rent $ 1,136
2-Bedroom Units
2 BR - 40% 0 0.00 $ - $ -
2 BR - 40% 0 0.00 $ - $ -
2 BR - 40% 0 0.00 $ - $ -
2 BR - 40% 0 0.00 $ - $ -
2 BR - 40% 0 0.00 $ - $ -
2 BR - 40% 0 0.00 $ - $ -
2 BR - 40% 0 0.00 $ - $ -
2 BR - 40% 0 0.00 $ - $ -
2 BR - 40% 0 0.00 $ - $ -
2 BR - 40% 0 0.00 $ - $ -
2 BR - 40% 0 0.00 $ - $ -
2 BR - 40% 0 0.00 $ - $ -
2 BR - 40% 0 0.00 $ - $ -
2 BR - 40% 0 0.00 $ - $ -
2 BR - 40% 0 0.00 $ - $ -
2 BR - 50% 5 882.93 $ 453 $ 2,265

2 BR - 50% 2 1,017.13 $ 453 $ 906
2 BR - 50% 4 929.91 $ 453 $ 1,812
2 BR - 50% 0 0.00 $ - $ -
2 BR - 50% 0 0.00 $ - $ -
2 BR - 50% 0 0.00 $ - $ -
2 BR - 50% 0 0.00 $ - $ -
2 BR - 50% 0 0.00 $ - $ -
2 BR - 50% 0 0.00 $ - $ -
2 BR - 50% 0 0.00 $ - $ -
2 BR - 50% 0 0.00 $ - $ -
2 BR - 50% 0 0.00 $ - $ -
2 BR - 50% 0 0.00 $ - $ -
2 BR - 50% 0 0.00 $ - $ -
2 BR - 50% 0 0.00 $ - $ -
2 BR - 60% 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 - 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 $ - $ -
2010 Page 15
2 BR - Market 0 0.00 $ - $ -
2 BR - Market 0 0.00 $ - $ -
2 BR - Market 0 0.00 $ - $ -
2 BR - Market 0 0.00 $ - $ -
2 BR - Market 0 0.00 $ - $ -
Total 2-BR
3-Bedroom Units
3 BR - 40% 0 0.00 $ - $ -
3 BR - 40% 0 0.00 $ - $ -
3 BR - 40% 0 0.00 $ - $ -
3 BR - 40% 0 0.00 $ - $ -
3 BR - 40% 0 0.00 $ - $ -
3 BR - 40% 0 0.00 $ - $ -
3 BR - 40% 0 0.00 $ - $ -
3 BR - 40% 0 0.00 $ - $ -
3 BR - 40% 0 0.00 $ - $ -
3 BR - 40% 0 0.00 $ - $ -
3 BR - 40% 0 0.00 $ - $ -
3 BR - 40% 0 0.00 $ - $ -
3 BR - 40% 0 0.00 $ - $ -
3 BR - 40% 0 0.00 $ - $ -
3 BR - 40% 0 0.00 $ - $ -
3 BR - 50% 5 1,076.96 $ 519 $ 2,595

3 BR - 50% 2 1,272.50 $ 519 $ 1,038
3 BR - 50% 4 1,131.79 $ 519 $ 2,076
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 $ - $ -
2010 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 $ - $ -
3 BR - Market 0 0.00 $ - $ -
3 BR - Market 0 0.00 $ - $ -
3 BR - Market 0 0.00 $ - $ -
3 BR - Market 0 0.00 $ - $ -
3 BR - Market 0 0.00 $ - $ -
3 BR - Market 0 0.00 $ - $ -
Total 3-BR
4-Bedroom Units
4 BR - 40% 0 0.00 $ - $ -
4 BR - 40% 0 0.00 $ - $ -
4 BR - 40% 0 0.00 $ - $ -
4 BR - 40% 0 0.00 $ - $ -
4 BR - 40% 0 0.00 $ - $ -
4 BR - 40% 0 0.00 $ - $ -
4 BR - 40% 0 0.00 $ - $ -
4 BR - 40% 0 0.00 $ - $ -
4 BR - 40% 0 0.00 $ - $ -
4 BR - 40% 0 0.00 $ - $ -
4 BR - 40% 0 0.00 $ - $ -
4 BR - 40% 0 0.00 $ - $ -
4 BR - 40% 0 0.00 $ - $ -
4 BR - 40% 0 0.00 $ - $ -
4 BR - 40% 0 0.00 $ - $ -
4 BR - 50% 0 0.00 $ - $ -
4 BR - 50% 0 0.00 $ - $ -
4 BR - 50% 0 0.00 $ - $ -
4 BR - 50% 0 0.00 $ - $ -
4 BR - 50% 0 0.00 $ - $ -
4 BR - 50% 0 0.00 $ - $ -
4 BR - 50% 0 0.00 $ - $ -
4 BR - 50% 0 0.00 $ - $ -
4 BR - 50% 0 0.00 $ - $ -
4 BR - 50% 0 0.00 $ - $ -
4 BR - 50% 0 0.00 $ - $ -
4 BR - 50% 0 0.00 $ - $ -
4 BR - 50% 0 0.00 $ - $ -
4 BR - 50% 0 0.00 $ - $ -
4 BR - 50% 0 0.00 $ - $ -
4 BR - 60% 0 0.00 $ - $ -
4 BR - 60% 0 0.00 $ - $ -
4 BR - 60% 0 0.00 $ - $ -
4 BR - 60% 0 0.00 $ - $ -
4 BR - 60% 0 0.00 $ - $ -
4 BR - 60% 0 0.00 $ - $ -
4 BR - 60% 0 0.00 $ - $ -
4 BR - 60% 0 0.00 $ - $ -
4 BR - 60% 0 0.00 $ - $ -
4 BR - 60% 0 0.00 $ - $ -
2010 Page 15
4 BR - 60% 0 0.00 $ - $ -
4 BR - 60% 0 0.00 $ - $ -
4 BR - 60% 0 0.00 $ - $ -
4 BR - 60% 0 0.00 $ - $ -
4 BR - 60% 0 0.00 $ - $ -
Tax Credit Units: 0 0.00 Tax Credit Rent: $ -
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 26 Net Rentable SF: TC Units 25,329.99

MKT Units 0.00
Total NR SF: 25,329.99
Floor Space Fraction 100.0000%
2010 Page 15
D. Oper ating Expenses

Administr ative:
1. Advertising/Marketing $1,000
2. Office Salaries $0
3. Office Supplies $750
4. Office/Model Apartment (type______) $0
5. Management Fee $12,000
7.50% of EGI 461.5384615 Per Unit
6. Manager Salaries $14,000
7. Staff Unit (s) (type______) $0
8. Legal $500
9. Auditing $5,500
10. Bookkeeping/Accounting Fees $1,500
11. Telephone & Answering Service $1,200
12. Tax Credit Monitoring Fee $780
13. Miscellaneous Administrative $0
Total Administr ative $37,230
Utilities
14. Fuel Oil $0
15. Electricity $2,000
16. Water $0
17. Gas $0
18. Sewer $0
Total Utility $2,000
Oper ating:
19. Janitor/Cleaning Payroll $0
20. Janitor/Cleaning Supplies $2,500
21. Janitor/Cleaning Contract $0
22. Exterminating $50
23. Trash Removal $100
24. Security Payroll/Contract $0
25. Grounds Payroll $0
26. Grounds Supplies $0
27. Grounds Contract $6,000
28. Maintenance/Repairs Payroll $17,000
29. Repairs/Material $2,500
30. Repairs Contract $2,500
31. Elevator Maintenance/Contract $0
32. Heating/Cooling Repairs & Maintenance $0
33. Pool Maintenance/Contract/Staff $0
34. Snow Removal $0
35. Decorating/Payroll/Contract $2,500
36. Decorating Supplies $500
37. Miscellaneous $1,500
Oper ating & M aintenance Totals $35,150
Taxes & I nsur ance
38. Real Estate Taxes $10,200
39. Payroll Taxes $1,900
40. Miscellaneous Taxes/Licenses/Permits $0
41. Property & Liability Insurance $10,000
42. Fidelity Bond $0
43. Workman's Compensation $400
44. Health Insurance & Employee Benefits $5,000
45. Other Insurance $0
Total Taxes & I nsur ance $27,500
6544
Total Oper ating Expense $101,880
D1. Total Oper. Ex. Per Unit $3,918 D2. Total Oper. Ex. As % EGI (from E3) 63.71%
Replacement Reser ves (Total # Units X $300 or $250 New Const. Elderly Minimum) $7,800
Total Expenses $109,680
2010 Page 16
E. Cash Flow (Fir st Year )

1. Annual EGI Low-Income Units from (C1) $159,900
2. Annual EGI Market Units (from C2) + $0
3. Total Effective Gross Income = $159,900
4. Total Expenses (from D) $109,680

5. Net Operating Income = $50,220
6. Total Annual Debt Service (from Page 21 B2) - $39,369
7. Cash Flow Available for Distribution = $10,851
F. Pr oj ections for Financial Feasibility - 15 Year Pr oj ections of Cash Flow
Stabilized
Year 1 Year 2 Year 3 Year 4 Year 5
Eff. Gr oss I ncome 159,900 163,098 166,360 169,688 173,081
L ess Oper . Expenses 109,680 112,970 116,360 119,850 123,446
Net I ncome 50,220 50,128 50,001 49,837 49,636
L ess Debt Ser vice 39,369 39,369 39,369 39,369 39,369
Cash Flow 10,851 10,759 10,632 10,468 10,266
Debt Cover age Ratio 1.28 1.27 1.27 1.27 1.26

Eff. Gr oss I ncome 176,543 180,074 183,675 187,349 191,096
Net I ncome 49,394 49,110 48,783 48,410 47,988
Cash Flow 10,025 9,741 9,414 9,040 8,619

Eff. Gr oss I ncome 194,918 198,816 202,792 206,848 210,985
Net I ncome 47,517 46,993 46,415 45,780 45,084
Cash Flow 8,148 7,624 7,046 6,410 5,715
Estimated Annual Percentage Increase in Revenue 2.00% (Must be < 2%)
Estimated Annual Percentage Increase in Expenses 3.00% (Must be > 3%)
2010 Page 17
VI I I . PROJECT BUDGET
A. Cost/Basis/M aximum Allowable Cr edit
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. Contr actor Cost
A. Off-Site Improvements 0 0 0 0
B. Site Work 380,000 0 0 350,000
C. Geothermal System 0 0 0 0
D. Unit Structures (New) 928,668 0 0 928,668
E. Unit Structures (Rehab) 825,561 0 0 825,561
F. Solar Electric System 0 0 0 0
G. Asbestos Removal 0 0 0 0
H. Demolition 0 0 0 0
I. Commercial Space Costs 0 0 0 0
J. Structured Parking Garage 0 0 0 0
K. Subtotal A: (Sum 1A..1J) 2,134,229 0 0 2,104,229
L. General Requirements 100,000 0 0 100,000
M. Builder's Overhead 98,792 0 0 98,792
( 4.6% Contract)
N. Builder's Profit 100,000 0 0 100,000
( 4.7% Contract)
O. Bonding Fee 0 0 0 0
P. Other 0 0 0 0
Q. Contractor Cost
Subtotal (Sum 1K..1P) $2,433,021 $0 $0 $2,403,021
2. Owner Costs
A. Building Permit 20,000 0 0 20,000
B. Arch./Engin. Design Fee 144,288 0 0 144,288
( 5,550 /Unit)
C. Arch. Supervision Fee 25,000 0 0 25,000
( 962 /Unit)
D. Tap Fees 0 0 0 0
E. Soil Borings 2,500 0 0 2,500
2010 Page 18

2. Owner Costs Continued
F. Construction Loan 15,000 0 0 15,000

Origination Fee
G. Construction Interest 120,000 0 0 120,000
( 0.0% for 0 months)
H. Taxes During Construction 15,000 0 0 15,000
I. Insurance During Construction 23,000 0 0 23,000
J. Cost Certification Fee 7,500 0 0 0
K. Title and Recording 30,000 0 0 30,000
L. Legal Fees for Closing 58,000 0 0 12,500
M. Permanent Loan Fee 0 0 0 0
( 0.0% )
N. Other Permanent Loan Fees 0 0 0 0
O. Credit Enhancement 0 0 0 0
P. Mortgage Banker 0 0 0 0
Q. Environmental Study 4,500 0 0 4,500
R. Structural/Mechanical Study 0 0 0 0
S. Appraisal Fee 3,500 0 0 3,500
T. Market Study 3,500 0 0 3,500
U. Operating Reserve 275,000 0 0 0
V. Tax Credit Fee 24,513 0 0 0
W. OTHER $200,578 $0 $0 $183,000
(SEE PAGE 19A)
X. Owner Cost
Subtotal (Sum 2A..2W) $971,879 $0 $0 $601,788
Subtotal 1 + 2 $3,404,900 $0 $0 $3,004,809

(Owner + Contractor Costs)
3. Developer 's Fees 587,434 0 0 587,434
4. Owner 's Acquisition Costs

Land 189,100
Existing Improvements 1,051,700 0
Subtotal 4: $1,240,800 $0
5. Total Development Costs

Subtotal 1+2+3+4: $5,233,134 $0 $0 $3,592,243
I f this application seeks r ehab cr edits only, in which ther e is no acquisition and no change in owner ship, enter the gr eater of
appr aised value or tax assessment value her e: $189,100 L and
(Attach documentation at Tab K ) $1,051,700 Building
2010 Page 19

W. OTHER OWNER COSTS
Contingency Reserve 150,000 0 0 150,000

(Rehab or Adaptive Reuse only)
L I ST ADDI TI ONAL I TEM S
ALTA Survey 8,000 0 0 8,000
Relocation 25,000 0 0 25,000
Allocation Fee 17,578 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 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) $200,578 $0 $0 $183,000
2010 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 5,233,134 0 0 3,592,243
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 3,592,243
8. Adj ustment(s) to Eligible Basis (For non-acquisition costs in eligible basis)

(i) For Earthcraft or LEED Certification AND 60 Bonus Points ( Eligible For Increase) 0 179,612
(ii) For QCT or DDA (Eligible Basis x 30%) 0 0
Total Adj usted Eligible basis 0 3,771,855
9. Applicable Fr action 100.0000% 100.0000% 100.0000%
10. Total Qualified Basis (Same as Par t I X-C) 0 0 3,771,855

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

(For 2010 9% competitive credits, use the March 2010 applicable percentages for acq.)
(For 9% non-competitive & tax exempt bonds, use the most recently published rates)
12. M aximum Allowable Cr edit under I RC §42 $0 $0 $339,467

(Qualified Basis x Applicable Percentage)
(Same as Part IX-C and equal to or more than $339,467
credit amount requested) Combined 30% & 70% P. V. Credit
2010 Page 20
B. Sour ces of Funds
1. Constr uction 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. $0
2. $0
3. $0
Commitments or letter(s) of intent attached (TAB T)
2. Per manent Financing: List individually the sources of all permanent financing in order of lien position:
Interest Amor tization Term

Date of Date of Amount of Annual Debt Rate of Per iod of
Source of Funds Application Commitment Funds Service Cost Loan I N YEARS Loan (years)
1. VHDA SPARC $550,000 $34,369 5.25% 35 0
2. DHCD HOME $500,000 $5,000 1.00% 1000 0
3. A-NRHA $1,240,800 $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: $2,290,800 $39,369
3. Gr ants: 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

2010 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 $0 Assessment Attached (TAB S)
Deferred Developer Fee $328,699
Other: $0
Equity Total $328,699
7. Total of All Sources (B2 + B3 + B4 + B5 + B6) $2,619,499
(not including syndication proceeds except for historic tax credits)
8. Total Development Cost $5,233,134

(From VIII-A5)
9. Less Total Sources of Funds (From B7 above) $2,619,499
10. Equals equity gap to be funded with low-income tax credit

proceeds (must equal IX-D3) $2,613,635
C. Syndication I nfor mation (I f Applicable)
1. Actual or Anticipated Name of Syndicator Virginia Community Development Corporation

2. Contact Person Jeffrey Michael Meyer Phone (804) 343-1200 ext 113
3. Street Address 1840 W. Broad Street, Suite 200
City Richmond State VA Zip 23220
4. a. Total to be paid by anticipated users of credit (e.g., limited partners) $2,613,635

b. Equity Dollars Per Credit (e.g., $0.85 per dollar of credit) $0.77
c. Percent of ownership entity (e.g., 99% or 99.9%) 99.99%
d. Net credit amount anticipated by user of credits $339,433
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) $2,613,635
6. Amount of annual credit required for above amounts

(same amount as Part IX-D6) $339,467
7. Net Equity Factor [C5 / (C6 X 10)]
(same amount as Part IX-D4) Must be equal to or greater than 85% 76.99%
8. Syndication: Public or Private

9. Investors: Individual or Corporate
Weighted Aver age Cr edit Pr ice Calculation

Exchange Component 40% $0.85 $0.34
Market Component 60% $0.71 $0.43
Weighted Average Credit Price: $0.77
2010 Page 22
D. Recap of Feder al, State, and L ocal Funds/Any Cr edit 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 $550,000 Section 223(f) $0
HOME Funds $500,000 Other: $0
Other: $0
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. Accomack-Northampton Regional Housing Authority $1,240,800
2. $0
3. $0
4. $0
5. $0
3. Does any of your financing have any credit enhancement? Yes No

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

Section 8 Rent Supplement or Rental Assistance Payment
Tax Abatement
Other project-based vouchers
5. Is HUD approval for transfer of physical asset required?

Yes No
E. For Tr ansactions Using Tax-Exempt Bonds Seeking 4% Cr edits:

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
2010 Page 23
I X. ADDI TI ONAL I NFORM ATI ON
A. Extended Use Restr iction
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. Nonpr ofit/L ocal Housing Author ity Pur chase Option/Right of Fir st Refusal
1. After the mandatory 15-year compliance period, a qualified nonprofit as identified in the
attached nonprofit questionnaire, or local housing authority will have the option to purchase
or the right of first refusal to acquire the development for a price not to exceed the outstanding
debt and exit taxes. Such debt must be limited to the original mortgage(s) unless any refinancing
is approved by the nonprofit. Do not select if extended compliance is selected in IX.A above.
Option or Right of Fir st Refusal in Recor dable For m Attached (TAB V)
Enter name of qualified nonpr ofit: Accomack-Northampton Regional Housing Authority
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.
Homeowner ship Plan Attached (TAB J)
2010 Page 24
C. Building-by-Building I nfor mation M ust 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. 2 35388-35390 Mill Run Lane $0 0.00% 0 $0 0.00% 0 $284,119 08/31/11 9.00% 25,571
2. 2 35394-35396 Mill Run Lane $0 0.00% 0 $0 0.00% 0 $284,119 08/31/11 9.00% 25,571
3. 2 35400-35402 Mill Run Lane $0 0.00% 0 $0 0.00% 0 $284,119 08/31/11 9.00% 25,571
4. 2 35406-35408 Mill Run Lane $0 0.00% 0 $0 0.00% 0 $198,462 08/31/11 9.00% 17,862
5. 2 35412-35414 Mill Run Lane $0 0.00% 0 $0 0.00% 0 $198,462 08/31/11 9.00% 17,862
6. 2 35418-35420 Mill Run Lane $0 0.00% 0 $0 0.00% 0 $284,119 08/31/11 9.00% 25,571
7. 2 35424-35426 Mill Run Lane $0 0.00% 0 $0 0.00% 0 $284,119 08/31/11 9.00% 25,571
8. 2 35401-35403 Mill Run Lane $0 0.00% 0 $0 0.00% 0 $290,523 08/31/11 9.00% 26,147
9. 2 35405-35407 Mill Run lane $0 0.00% 0 $0 0.00% 0 $290,523 08/31/11 9.00% 26,147
10. 2 35384-35386 Mill Run Lane $0 0.00% 0 $0 0.00% 0 $290,523 08/31/11 9.00% 26,147
11. 2 35380-35382 Mill Run Lane $0 0.00% 0 $0 0.00% 0 $360,922 08/31/11 9.00% 32,483
12. 2 35381-35383 Mill Run Lane $0 0.00% 0 $0 0.00% 0 $360,922 08/31/11 9.00% 32,483
13. 2 35385-35387 Mill Run lane $0 0.00% 0 $0 0.00% 0 $360,922 08/31/11 9.00% 32,483
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 $3,771,854
$0 $0 $339,467
Qualified Basis Totals (must agree with VIII-A10)
Credit Amount Totals (must agree with VIII-A-12)
2010 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
2010 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
2010 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
2010 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
2010 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
2010 Page 25 (3)

D. Deter mination of Reser vation 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) $5,233,134
2. Less Total Sources of Funds (from VIII-B7 page 22) $2,619,499
3. Equals Equity Gap $2,613,635
4. Divided by Net Equity Factor (VIII-C7 page 22) 76.99%

(Percent of 10-year credit expected to be raised as equity investment)
5. Equals Ten-Year Credit Amount Needed to Fund Gap $3,394,670
Divided by ten years 10
6. Equals Annual Tax Credit Required to Fund the Equity Gap $339,467
7. The Maximum Allowable Credit Amount $339,467

(from VIII-A12-combined figure)
(This amount must be equal to or more than 6 above)
8. Reservation Amount (Lesser of 6 or 7 above)

Credit per Unit 13,056 Combined 30% & 70% PV Credit
Credit per Bedroom 5,754 $339,467

Comprised of
$0 and $339,467
30% PV Credit 70% PV Credit
(Based on same relative percentages as VIII-A12)
E. Attor ney’ s Opinion Goal Seek Function

Attached in Mandator y TAB W ) 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 curser box on cell V28. Using the mouse arrow, point and click on
“Tools” on the top line and then click on the “Goal Seek” option. A box 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 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 now equal the error message will disappear.
2010 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.
2010 Page 27
2010 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 Y 0 or 40 40.00
b. Zoning approval Y 0 or 40 40.00
Total: 80.00
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 N 0 or 5 0.00
e. Sec 8 or PHA waiting list preference Y 0 or 10 10.00
f. Subsidized funding commitments 23.71% 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 0.00
Total 140.00
3. DEVELOPMENT CHARACTERISTICS:
a. Unit size (See calculations below) Up to 100 100.00
b. Amenities (See calculations below) Up to 70 48.92
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 Y 0 or 30 30.00
h. VHDA Certified Property Management Agent Y 0 or 25 25.00
i. Units constructed to meet VHDA's Universal Design standards 46% Up to 15 6.92
j. Developments with less than 100 units Up to 20 20.00
Total 290.85
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 42.31% Up to 15 15.00
Total 30.00
5. SPONSOR CHARACTERISTICS:
a.2010
Developer experience - 3 developments with 3 x units or 6 developments with 1 x units N 0 or 50 0.00
or b. Developer experience - 1 development with 1 x units Y 0 or 10 10.00
c. Developer experience - uncorrected major violation N 0 or -50 0.00
d. Developer experience - noncompliance Enter Total Negative N 0 or -15 0.00
e1. Developer experience - did not build as represented Points Here: 0 0 or -x 0.00
e2. Developer experience - termination of credits by VHDA N 0 or -10 0.00
f. Management company rated unsatisfactory N 0 or -25 0.00
Total 10.00
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 9.83
b. Cost per unit categories check spelling of Clerk's Office on pg 1. It must match Up to 75 11.83
Total exactly with the Jurisdiction names listed in the Application Manual. 21.66
7. BONUS POINTS: Locality AMI State AMI

a. Units with rents at or below 40% of AMI $47,400 $53,100 12% Up to 10 10.00
b. Units with rent and income at or below 50% of AMI 0% Up to 50 0.00
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 50.00
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: 692.50

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

F-4 BDRM-G F-2 BDRM-TH F-3 BDRM-TH F-4 BDRM-TH

1 ST ELD-EFF 1 ST ELD-1 BDRM 1 ST ELD-2 BDRM If you do not receive a numeric point
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, ite
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: 0.00 not calculate correctly.
Amenities:
All units have:
a. 1.5 or 2 Bathrooms 100.00% 15.00
b. Community Room 5.00
c. Brick Walls 0.00% 0.00
d. Kitchen/Laundry Appl-Energy Star 0.00
e. Windows-Energy Star 0.00
f. Heat/AC-SEER-AFUE 0.00
g. Sub-metered water expense 0.00
h. Low flow faucets & showerheads 0.00
i. High speed cable, DSL, wireless internet 0.00
j. Water heaters meet EPA Energy Star requirements 0.00
2010
k. Geothermal Heat Pump - EPA Energy Star requirements 0.00
l. Solar Electric System - EPA Energy Star requirements 0.00 0.00%
Total 20.00
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 rehab or adaptive reuse units:

b. Historic structure 0.00
Total amenities: 20.00
2010
Specify The Aver age Size By Unit Type: (I ncluding pr o r ata shar e of heated common ar ea)
New Constr uction

Assisted Lvg 0.00 SF 1Bdrm Eld 0.00 SF 3-Bdrm Gar 1,357.34 SF
1-Sty 1BR-Eld 0.00 SF Eff-Gar 0.00 SF 2+Story 2BR TH 0.00 SF
1-Sty 2BR-Eld 0.00 SF 1-Bdrm Gar 0.00 SF 2+Story 3BR TH 0.00 SF
Eff-Eld 0.00 SF 2-Bdrm Gar 1,104.33 SF 2+Story 3BR TH 0.00 SF
Adaptive Reuse
Assisted Lvg 0.00 SF 1Bdrm Eld 0.00 SF 3-Bdrm Gar 0.00 SF
Eff-Eld 0.00 SF 2-Bdrm Gar 0.00 SF 2+Story 3BR TH 0.00 SF
Rehab
Assisted Lvg 0.00 SF 1Bdrm Eld 0.00 SF 3-Bdrm Gar 1,131.79 SF
Eff-Eld 0.00 SF 2-Bdrm Gar 929.91 SF 2+Story 3BR TH 0.00 SF
List Total Units By Bedroom Type: Note: Please be sur e to enter the number of units in the Total Sq. Ft. By Type
appr opr iate unit categor y within each pr oj ect type. NC AR Rehab
New Constr uction
ASSISTED LVG EFF-ELD 1 BD RM-ELD 2 BD RM-ELD EFF-GAR 1 BD RM-GAR Assisted Lvg 0.00 0.00 0.00
0 0 0 0 0 0 1-Sty-Eff-Eld 0.00 0.00 0.00
1-Sty 1BR-Eld 0.00 0.00 0.00
2+Story 2+Story 2+Story
2 BD RM-GAR 3 BD RM-GAR 4 BD RM-GAR 2BR TH 3BR TH 4BR TH 1-Sty 2BR-Eld 0.00 0.00 0.00
6 6 0 0 0 0 Eff-Eld 0.00 0.00 0.00
1Bdrm Eld 0.00 0.00 0.00
1 STY-EFF-ELD 1 STY-1 BR-ELD 1 STY-2 BR-ELD Total NC Units: 2Bdrm Eld 0.00 0.00 0.00
0 0 0 12 Eff-Gar 0.00 0.00 0.00

1-Bdrm Gar 0.00 0.00 2,865.52
2-Bdrm Gar 6,625.98 0.00 4,649.55
Adaptive Reuse 3-Bdrm Gar 8,144.04 0.00 5,658.95
ASSISTED LVG EFF-ELD 1 BD RM-ELD 2 BD RM-ELD EFF-GAR 1 BD RM-GAR 4-Bdrm Gar 0.00 0.00 0.00
0 0 0 0 0 0 2+Story 2BR TH 0.00 0.00 0.00
2+Story 3BR TH 0.00 0.00 0.00

2 BD RM-GAR 3 BD RM-GAR 4 BD RM-GAR 2BR TH 3BR TH 4BR TH 2+Story 3BR TH 0.00 0.00 0.00
0 0 0 0 0 0
Total: 14,770.02 0.00 13,174.02
1 STY-EFF-ELD 1 STY-1 BR-ELD 1 STY-2 BR-ELD Total AR Units:
0 0 0 0 Grand Total: 27,944.04
Rehab
0 0 0 0 0 4

2 BD RM-GAR 3 BD RM-GAR 4 BD RM-GAR 2BR TH 3BR TH 4BR TH
5 5 0 0 0 0
1 STY-EFF-ELD 1 STY-1 BR-ELD 1 STY-2 BR-ELD Total Rehab Units:

0 0 0 14
Distr ibution of Costs By Constr uction Type: M aximum Developer Fee Calculation
New Construction Adaptive Reuse Rehab

Total Owner & Contr actor Cost (Basis) $3,004,809
Contractor Cost 1,438,302 0 994,719
Owner Cost Contr actor Cost:
-Tap Fees 0 0 0 New Constr uction $1,438,302 59.12%

AR / Rehab $994,719 40.88%
-Operating Reserves 162,580 0 112,420 $2,433,021
-Other Owner Costs 759,286 0 525,027 $1,776,320 $355,264 New Const. @ 20%
Land Cost 111,796 0 77,304 $1,228,489 $307,122 Rehab @ 25%
Building Acq. Cost 621,765 0 429,935 $1,051,700 $105,170 Building Acq. @ 10%
Total $3,093,729 $0 $2,139,405 $767,556 No Identity of Interest
$662,386 Identity of Interest

Less:
Tap, Oper Res., Land $274,376 $0 $189,724
Net $2,819,353 $0 $1,949,681
ERROR-Total Costs Do Not Agree To Page 19
Distr ibution of Cr edits Requested By Const. Type

New Construction Adaptive Reuse Rehab
200,693 0 138,774
$/SF = $190.88 Credits/SF = $13.59 Const $/unit = $119,859
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; RU 600 spelling of Clerk's Office on pg 1. It must
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
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
SF PER UNIT 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
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
SF PER UNIT 0 0 1,104 1,357 0 0 0 0
NUMBER OF UNITS 0 0 6 6 0 0 0 0
PARAMETER-(COSTS=>35,000) 0 0 167,213 187,119 0 0 0 0

PARAMETER-(COSTS<35,000) 0 0 0 0 0 0 0 0
COST PARAMETER 0 0 167,213 187,119 0 0 0 0

PROJECT COST PER UNIT 0 0 210,798 259,094 0 0 0 0
PARAMETER-(CREDITS=>35,000) 0 0 13,818 15,463 0 0 0 0

PARAMETER-(CREDITS<35,000) 0 0 0 0 0 0 0 0
CREDIT PARAMETER 0 0 13,818 15,463 0 0 0 0

PROJECT CREDIT PER UNIT 0 0 15,005 18,443 0 0 0 0
COST PER UNIT POINTS 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
CREDIT PER UNIT POINTS 0.00 0.00 -7.73 -17.35 0.00 0.00 0.00 0.00
TOTAL COST PER UNIT POINTS 0.00 0.00 (Prorated)
TOTAL CREDIT PER UNIT POINTS -25.08 -11.58 (Prorated)
Cost Parameters - Elderly

Standard Cost Parameter - low rise 0 0 0 0 0 0 0
Parameter Adjustment - mid rise 0 0 0 0 0 0 0
Parameter Adjustment - high rise 0 0 0 0 0 0 0
Adjusted Cost Parameter 0 0 0 0 0 0 0
Credit Parameters - Elderly

Standard Credit Parameter - low rise 0 0 0 0 0 0 0
Adjusted Credit Parameter 0 0 0 0 0 0 0
Cost Parameters - Family

Standard Parameter - low rise 0 0 167,213 187,119 0 0 0 0
Parameter Adjustment - mid rise 0 0 0 0 0 0 0 0
Parameter Adjustment - high rise 0 0 0 0 0 0 0 0
Adjusted Cost Parameter 0 0 167,213 187,119 0 0 0 0
Credit Parameters - Family

Standard Credit Parameter - low rise 0 0 13,818 15,463 0 0 0 0
Adjusted Credit Parameter 0 0 13,818 15,463 0 0 0 0
$/SF = #DIV/0! Credits/SF = #DIV/0! Const $/unit = #DIV/0!
ELDERLY
SF PER UNIT 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
COST PARAMETER #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

PROJECT COST PER UNIT #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
PARAMETER-(CREDITS=>35,000) #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

PARAMETER-(CREDITS<35,000) #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
CREDIT PARAMETER #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

PROJECT CREDIT PER UNIT #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
FAMILY
SF PER UNIT 0 0 0 0 0 0 0 0
PARAMETER-(COSTS=>35,000) 0 0 0 0 0 0 0 0
PARAMETER-(COSTS<35,000) 0 0 0 0 0 0 0 0
COST PARAMETER #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
PROJECT COST PER UNIT #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
PARAMETER-(CREDITS=>35,000) #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

PARAMETER-(CREDITS<35,000) #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
CREDIT PARAMETER #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
PROJECT CREDIT PER UNIT #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
CREDIT PER UNIT POINTS 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
TOTAL CREDIT PER UNIT POINTS 0.00 0.00 (Prorated)

Standard Cost Parameter - low rise #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Adjusted Cost Parameter #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Standard Credit Parameter - low rise #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Adjusted Credit Parameter #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Standard Parameter - low rise #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Adjusted Cost Parameter #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Standard Credit Parameter - low rise #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Adjusted Credit Parameter #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
$/SF = $147.99 Credits/SF = $10.53 Const $/unit = $71,051
ELDERLY
SF PER UNIT 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
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
FAMILY
SF PER UNIT 0 716 930 1,132 0 0 0 0
PARAMETER-(COSTS=>35,000) 0 152,226 197,488 230,794 0 0 0 0

PARAMETER-(COSTS<35,000) 0 0 0 0 0 0 0 0
COST PARAMETER 0 152,226 197,488 230,794 0 0 0 0

PROJECT COST PER UNIT 0 106,020 137,621 167,499 0 0 0 0
PARAMETER-(CREDITS=>35,000) 0 9,832 12,756 14,907 0 0 0 0

PARAMETER-(CREDITS<35,000) 0 0 0 0 0 0 0 0
CREDIT PARAMETER 0 9,832 12,756 14,907 0 0 0 0

PROJECT CREDIT PER UNIT 0 7,546 9,796 11,922 0 0 0 0
CREDIT PER UNIT POINTS 0.00 11.96 14.92 12.87 0.00 0.00 0.00 0.00
TOTAL CREDIT PER UNIT POINTS 39.75 21.40 (Prorated)

Standard Cost Parameter - low rise 0 0 0 0 0 0 0
Adjusted Cost Parameter 0 0 0 0 0 0 0

Standard Credit Parameter - low rise 0 0 0 0 0 0 0
Adjusted Credit Parameter 0 0 0 0 0 0 0

Standard Parameter - low rise 0 152,226 197,488 230,794 0 0 0 0
Adjusted Cost Parameter 0 152,226 197,488 230,794 0 0 0 0

Standard Credit Parameter - low rise 0 9,832 12,756 14,907 0 0 0 0
Adjusted Credit Parameter 0 9,832 12,756 14,907 0 0 0 0
High Sq.Ft. / BDRM 0 0 0 0.0
Low Sq.Ft. / BDRM 0 0 0 0.0
Project Sq.Ft. / BDRM 0.00 0.00 0.00 0.0
Points per Bedroom 0 0 0 0

High Sq.Ft. / BDRM 0 0 1,050 1175
Low Sq.Ft. / BDRM 0 0 840 940
Project Sq.Ft. / BDRM 0.00 0.00 1,104.33 1,357.34

1 ST ELD-EFF 1 ST ELD-1 BDRM 1 ST ELD-2 BDRM

High Sq.Ft. / BDRM 0 0 0
Low Sq.Ft. / BDRM 0 0 0
Project Sq.Ft. / BDRM 0.00 0.00 0.00
Percentage of Units 0.00% 0.00% 0.00%
Points per Bedroom 0 0 0
Total Unit Size Points: 100.0 46.15384615 (Prorated)
Amenities:
Number of 2-Bedroom New Constr. Units With 1.5+ Bathrooms 6
Number of 3-Bedroom New Constr. Units With 2+ Bathrooms 6
All units have:

a. 1.5 or 2 Bathrooms 100% 6.9
b. Community Room 749 SF Y 3.2
c. Brick Exterior Walls N/A N/A
d. Kitchen/Laundry Appl.-Energy Star Y 2.3
e. Windows-Energy Star Y 2.3
f. HVAC/SEER/HSPF/AFUE Y 4.6
g. Sub-metered water N 0.0
h. Lowflow showers and faucets Y 1.4
i. High speed internet infrastructure N 0.0
J. Water Heaters-Energy Star N 0.0
k. Geothermal Heat Pump-Energy Star N/A N/A
l. Solar Electric System-Energy Star N/A N/A
Total 20.8
a. Front-control ranges N 0.0
b. Emergency call sys. N 0.0
c. Suppl. heat source in baths N 0.0
d. Two eye viewers N 0.0
Total 0.0
All rehab or adaptive reuse units have:
a. Historic rehab N/A 0.0
Total
Total Amenities Points: 20.8

Percentage of Units #DIV/0! #DIV/0! #DIV/0! #DIV/0!



Percentage of Units #DIV/0! #DIV/0! #DIV/0!
Total Unit Size Points: 0 0 (Prorated)
Amenities:
Number of 2-Bedroom Adaptive Reuse Units With 1.5+ Bathrooms 0
Number of 3-Bedroom Adaptive Reuse Units With 2+ Bathrooms 0
All units have:

b. Community Room 749 SF N 0.0
d. Kitchen/Laundry Appl.-Energy Star N 0.0
e. Windows-Energy Star N 0.0
f. HVAC/SEER/HSPF/AFUE N 0.0
h. Lowflow showers and faucets N 0.0
Total 0.0

Total 0.0

a. Historic rehab N 0.0
Total


High Sq.Ft. / BDRM 0 625 900 1000
Low Sq.Ft. / BDRM 0 500 675 800
Project Sq.Ft. / BDRM 0.00 716.38 929.91 1,131.79
Points per Bedroom 0 28.57142857 36 35.71428571


Percentage of Units 0.00% 0.00% 0.00%
Total Unit Size Points: 100 53.84615385 (Prorated)
Amenities:
Number of 2-Bedroom Rehab Units With 1.5+ Bathrooms 5
Number of 3-Bedroom Rehab Units With 2+ Bathrooms 5
All units have:

b. Community Room 749 SF Y 2.7
d. Kitchen/Laundry Appl.-Energy Star Y 2.7
e. Windows-Energy Star Y 2.7
f. HVAC/SEER/HSPF/AFUE Y 5.4
h. Lowflow showers and faucets Y 1.6
Total 23.2

Total 0.0

a. Historic rehab N 0.0

TAB C
(VA SCC Certification)
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'Í[Lß is to certify tfrat tñe certificøte of orgønizøtion of
Mill Run Apartments, LLC
wøs tñis lq issue[ ønf ø[rnittef to recorl in tfüs ffice anl tñøt
tfie søi[ fímite[ [ía6i[íty compøn] is øutfrorizel to trønsøct its
íusiness suíject to øff 'lirginiø føws øppfica\fe to tfie compøry
øn[its íusiness, Effectiae løte: fuLarcfr 5, 2009
S tate Çorporøtion C ommßsion
,4ttest:
cls0368

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Mill Run

In Belle Haven, Virginia

Sponsor: Accomack-Northampton Regional Housing Authority

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

Applications For 9% Competitive Credits

Applications For Tax Exempt Bond Credits

Staff email addresses:

Application For Reser vation

Deadline for Submission

Tax Exempt Bonds

Virginia Housing Development Authority

Electronic Copy of the Microsoft Excel Based Application (M ANDATORY)

2010 Submission Checklist

VHDA TRACKING NUMBER 2010-C-09

A. Development Name and Location:

14. Congressional District 2 http://dlsgis.state.va.us/congress/2001PDFs/chap7Tab.pdf

State House District 100 http://dlsgis.state.va.us/House/2001HousePDFs/Chap1Tab.pdf

15. Location Map Attached (TAB A)

C. Reser vation Request

2. Credits requested from:

Tax Exempt Bonds

This development will receive federal subsidies for:

D. Type(s) of Allocation/Allocation Year

E. Acquisition Cr edit I nfor mation

Ten-Year Rule For Acquisition Cr edits

F. Rehabilitation Cr edit I nfor mation

M inimum Expenditur e Requir ements

G. Request For Exception

I I . OWNERSHI P I NFORM ATI ON

Must be an individual or legally formed entity

A. Owner I nfor mation:

Federal I. D. No. 26-4767139 (If not available, obtain prior to Allocation)

B. Seller I nfor mation:

C. Development Team I nfor mation:

1. Tax Attorney: Thomas Thorne-Thonsen Related Entity? Yes No

2. Tax Accountant: Mike Vicars Related Entity? Yes No

3. Consultant: Related Entity? Yes No

4. Management Entity (Contact): Sharon Kensinger Related Entity? Yes No

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

6. Architect: William Deal Related Entity? Yes No

7. Real Estate Attorney: Johnson Kanady Related Entity? Yes No

8. Mortgage Banker: Related Entity? Yes No

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

D. Nonpr ofit I nvolvement:

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)

I I I . DEVEL OPM ENT I NFORM ATI ON

A. Str uctur e 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) 5,007.92 (Sq. ft.)

8. Number of Buildings (containing rental units) 13

9. Commercial Area Intended Use:

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

11. a. Total Net Rental Square Feet 25,329.99

Exterior Finish: Hardi-Plank

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

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