Angelwood Development Phase II - 2009 VA

2009 Federal Low Income Housing
Tax Credit Program
Application For Reservation
Deadline for Submission
9% Competitiye Credits
Applications Must Be Received At VHDA No Later Than 5:00
PM Riclnnond, VA Time On May 15, 2009
Tas 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

60 1 South Belvidere Street
Riclnnond, Virginia 23220-6500
2009 '0'1.4.2009
Low Income Housing Tax Credit Application for Reservation
iPlease indicate inbe folloWing items are ineludoo wlth your application by'thecldng the appropriate boxes. Your assistance in
:organizing the s'ubmission in th~ following order, and actually using tabS to,mark them as shown, ",HI facilitate review of ~ur
api"icatio~ Please note that all mandatory items mils! be ineluded for the application to be processed. The inclusion of other items
may increBse the n:u'mber of points for whicb you (tie eligible under VHDA's point sy~em of ranking ap'pJications, and ·may a.siit
VHDA in its. d~termina~oil of. ~b,.e appropriate am~unt 0:' q~its that it may reserve for the development: -Yon are therefore
encow'agedto' irubmit as much reqnested information as is -avaiu..ble, but their inclusion is not mandatory for review of yonr
application.
o Eleetronie Copy of the Microsoft Excel Based Application (MANDATORy)

Hard Copy of All Application Pages With Signature (MANDATORY)
o Scanned Copy ofthe Tax Credit Application with all Attachments (excluding market study and plans & specs) (MANDATORY
o $750 Application Fee (MANDATORy)
Tab A: Documentation ofDeve1opment Location:
o A.1 Qualified Census Tract Certification
o A.2 Revitalization Area Certification
Location Map
Surveyor's Certification of Proximity To Public Transportation
o TabB: l'armership or Operating Agreement, including chart of ownership structure With percentage or interests (MANDATOR
o Tab C: Virginia State Corporation Commission Certillcanon (MA."<DATORY)
o TabD: Principal's Previous Participation Certiticanon and Resume (MANDATORY)
TabE: Nonprofit Questionnaire (MANDATORY for points or pool)
The following documents need not be submitted unless requested by VHDA:
~Nonprofit Articles of Incorporation
-IRS Documentarion of Nonprofit Status
-Joint Venture Agreement (if applicable)
-For-profit Consulting Agreement (if applicable)
0T.bF: Architect's Certification (MANDATORY)
o Tab H: PHA I Section 8 Notification Letter
( o Tab I: Local CEO Letter
" o Tab·J: Homcownership Plan
o Tab K: Site Control Documentation (MANDATORY)
o Tab L: Plan of Development Certification Letter
o TabM: Zoning Certification Letter
o Tab N: Copies of 8609s To Certify Developer Experience
o Tab 0: (Reserved)
0TabP: Plans and Specllications and Work Write-Up (MANDATORy)
0TabQ: Documentation of Rental Assistance
o TabR: Documentation of Operating Budget
o Tab S: Documentation of Project Budget
o Tab T: Documentation of Financing Sources
o Tab U: (Reserved)
oTab V: Nonprofit or LHA Purchase Option or Right of First Refusal
o Tab W: Original Attorney's OpinIon (MANDATORY)
o Tab X: (Reserved)
o TabY: Marketing Plan for units meeting accessibility requirements ofHUD section 504
0TabZ Market Study (MANDATORY-Application will be disqUAlified if market study not submitted with the application)
2009 Submission Checklist

Low-Income Housing Tax Credit Application For Reservation
VHDA TRACKING NUMBER 2009-Z-008

I. General Information
All code "Section" references are to, and the term "IRC" shall be deemed to mean, May 14, 2009
the Internal Revenue Code of 1986, as amended. (Date of Application)
A. Development Name and Location:

1. Name of Development Angelwood Development Phase II
2. Address of Development Faith Drive (west of King's Highway Project - Angelwood Phase I)
(Street)
King George VA 22485
(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. Latitude 38-16-01 N / Longitude 077-10-17 W
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 King George 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. Is the development located in a Metropolitan Statistical Area? Yes No
7. Census Tract the development is located in: 51099990400
Is this a Qualified Census Tract: Yes No (If yes, attach required form in TAB A)
8. Is the development located in a Difficult Development Area? No
9. Is the development located in a revitalization area? Yes No (If yes, attach required form in TAB A)
10. Is the development an existing RD or HUD S8/236 development? Yes No (If yes, attach required form in TAB Q)
Note: If there is an identity of interest between the applicant and the seller in this proposal, and the applicant is seeking points 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
11. Is the development located in a census tract with a poverty
rate <10% with no tax credit units currently present? Yes No
12. Is the development listed on the RD 515 Rehabilitation
Priority List? Yes No
13. Congressional District 1 http://dlsgis.state.va.us/congress/2001PDFs/chap7Tab.pdf
Planning District 16 http://www.vapdc.org/aboutpdcs.htm#PDC%20Map
State Senate District 2 http://dlsgis.state.va.us/senate/2001PDFs/Chap2Tab.pdf
State House District 99 http://dlsgis.state.va.us/House/2001HousePDFs/Chap1Tab.pdf
14. Location Map Attached (TAB A)
B. Project Description:
In the space provided below, give a brief description of the proposed project.
Angelwood Development Phase II will involve the new construction of 13 single-story buildings containing 32 one-, two-, and three-
bedroom apartments. These buildings will be constructed in accordance with Universal Design principles and EarthCraft
requirements.
2009 Page 1
Low Income Housing Tax Credit Application For Reservation
C. Reservation Request
I. Total annual credit .mount request (:vIu.t be the same as Part IX-D8) $340,000
2. Credits requested from:

9% Credits
Nonprofit Set-A,ide (AU nonprofit owned developments which meet tests
described in Part Il-D hereof may select this)
0 Local Housing Authorities 0 Tidewater MSA Pool
0 Northern Virginia MSA Pool 0 Small MSAlMicropolitan Pool
0 Richmond :viSA Pool 0 Rural Pool
0 Non-Competitive Pool (Preservation) 0 Non-Compctitive Pool (Disability)
o Tax Exempt Bond.

o new construction, Q!:
o rehabilitation,!l!:
o acquisition and rehabilitation.
Federal Subsidies
o The development will not receive federal ,ub,Idle,.
o This development will receive rederal ,ubsidies for:

o all buildings or
o some buildings.
(
D. Type(,) of Allocation/Allocation Year
I. Regular Allocation
[2]All oflbe 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 2008 credits for [2] new construction, or
o rehabilitation, or
acquisition and rehabilitation.
2. Carryforward Allocation
o All of the buildings in the development are expected to be pla<:e<l
in service within two years after the end ofthis calendar year, 2009, but the
owner will have more than 10"';' hasis in the development before the end of six
months following allocation of credits. For those buildings, thc owner requests
a carryforward allocation of 2009 credits pursuant to Section 42(h)(1 )(E) for:
o new constructiOf4 Q!
o rehabilitation, or
o acquisition and rehabilitation (even if you acquired a building this year and
"placed it in service1! for the purpose of the acquisition credit, you cannot receive
Ibe 8609 form for it untillbe rehab 8609 is issued for that building once the rehab
work is "placed in service" in 2010 or 2011).
3. Federal Subsidies
o The development will not receive f-ederal subsidies.
( o This development will receive federal subsidies for:
o all buildings or
o some buildings.
2009 Page 2
E. Acquisition Credit Information

NOTE: If no crcdits are being rcquested for existing buildings being acquired for the development,
so indicate and go on to Part P: 0 No Acquisition
Ten-Year Rule For Acquisition Credlt~
o All buildings satisfy the to-ycar look-back rule ofIRe Section 42 (d)(2)(B), including the
10% basisi$15,OOO.00 rehab costs ($10,000 for Tax Exempt Bonds) per unit requirement.
o All buildings qualify for an exception to the 10-year rule under IRe Section 42(d)(2)(D)(i),
Subsection (1) 0
Subsection (II)
Subsection (III)
Subsection (IV)
Subsection (V) 0
o A waiver of the lO-year rule for aU buildings has been or will be requested from the
Department of the Treasury pursuant to IRe Section 42( d)( 6)(B}
o Different circwnstances for different buildings; Attach a separate sheet and explain for each
building.
F. Rehabilitation Credit Information
NOTE: If no credits are being requested for rehabilitation expenditures, so indicate and go
on to Section II. 0 No Rehabilitation
(
Minimum Expenditure Requirements
o All buildings in the development satisfy the rehab costs per nnit requirement of IRe
Section 42(e}(3}(A)(ii).
o All buildings in the development qualify for the IRe Section 42(e)(3)(B) exception to the
10% basis requirement (4% credit only).
o All buildings in the develojllllcnt qualify for the IRe Section 42(f)(5XB)(ii)(m exception.
o Different circumstances for different buildings. Attach a separate shect and
explam tor each buIldmg.
2009 Page 3
II. OWNERSffiP INFORMATION

NOTE: VnDA mny 1I11ocare credits only to the tux-paying entity which <:!Wfl& the development III !.he time of the alrocatioIL. The tCml "Owner" herem refers to that entity. Please filt in the legal
name of the owner. The ownership entity IlWSt be fOfllled prior to 3ubrnittiug this application.. Any transfer, direct or indirect, of partnership interests (except thelle inve.lving the admission of
limited partners) prior to the placed.in-service date of che proposed development sh<ll! be probibited, unless the transfer Is consented to by VHDA in its SQk; discretion. IMPORTANT: The
Owner name listed on thf5 lJllge must mlltch ulldly tlK: owner name llskd 011 the Virginia State Carparation Cvmmwkm certification.
MlI.'l.t be 3Il individual or legally funnedentity
A. Owner Information:
Name Project FAITH Phase Two Development, L.L.c.
Contact Person First: Fronce Middle: W. Last: Wardlaw
Address 10073 Kings Highway ...:.:.:----
(Street)
KmgUeorge VA
(City) (Stote) (ZipCOOe)
Federal 1. D. No. 26.0467998 (If not available, obtain prior to Allocation)

Phone 540-775-3492 Fax 54iJ:1/5-5318 Emall address project faith@verizon.net
Type of entity: 0 Limited Partnership G.l Other Limited Liability Company
o
Individual(s) 0 Corporation
G.l Owner's organizational documents (e.g. Partnership agreements) attached (Mandatory TAB B)
G.l Certification from Virginia State Corporation Commission attached (Mandatory TAB C)
Principal(s) involved (e.g. general partners, LLC members, controlling shareholders, etc.):
Names ** Phone Type Ownership % Ownership
Angelwood II Management, Inc. 540-775-0364 Managing Member 100.00%
France Wardlaw, Pres,dent 0.00%
0,00%
0.00%
0.00%
O.uo%
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.
G.l Principals' Previous Participation Certitication attached (Mandatory TAB D), resume, & ownership strncture chart.
B. SeBer Information:
Name Project FAITH, Inc. Contact Person France Wardlaw
Address lO073 KJiigs H,gtiway ~~~~-------------
King George, vA 22485 Phone 540-115-3492
Is tbere an identity of interest between the seBer and owner/applicant? G.l Yes 0 No
If yes, complete the following:
Principal(s) involved (e.g. general partners, controlling shareholders, etc.)

Names Phone Type Ownership % Ownership
Project FAITH, Inc. 540·775-3492 .:;.F.:;.cc:..:::;==-_ __ 100.00%
0.00%
0.00%
0.00%
2009 Page 4
C. Development Team Information:

Complete the following as applicable to your development team.
I. Tax Attorney: Tom Thorne-Thomsen Related Entity? 0 Yes 0 No

Finn Name: ~A~p=p~l~eg=a~re~&"~I'hho~rn~e~-'In'h=o=m~s=e~n~------------------
Address: 322 South Green Street, SUIte 400; Chicago, It 60607
Phone: 312-421-8400 Fax: 312-421-6162
------------------------------------
2. Tax Accountant: ..M;,::.:ic::;h:::ae,::I"V;,..I,,·c,-:ar:,:s=:::.,,.,,.,-x-:-r-r-..-_________________ Related Entity? 0 Yes 0 No
Finn Name: Dooley & Vicars CPAs, L.L.P.
Address: 21 South Sheppard Street; Richmond, VA 23220
Phone: 804-355-2808 Fax: 800-555-4322
--------~~------
3. Consultant: Related Entity? 0 Yes 0 No
Finn Name: ---------------------------------------Role:
Address:
Phone:
- - - - - - - - - - - - - - - - Fax:
4. Management Entity (Contact): ,;;F,;,ro;:.:n:;;;c:..:e:.. W:..:. .:::a::.;rd=l=aw.::.. -____________________ Related Entity? 0 Yes 0 No
Finn Name: Project FAITH, Inc.
Address: 10073 Kings HIgJlway; King George, VA 22485
Phone: 540-775-3492 Fax: 540-775-5318
5. Contractor (Contact): Todd Peacock Relared Entity? 0 Yes 0 No

Finn Name: Comm===::u=mrity:-:'-i:Hi:o:OuC:sli:n:::g"P"-a=rt;:n:::e=rs'C"""'orp=o=ra:1t"'lO=n:------------
( Address: 930 Cambna Street, NE; Chnsnansburg, VA 24073
Phone: 540-382-2002 Fax: 540-382-1935
6. Architect: Colin Arnold, AlA Related Entity? 0 Yes 0 No

Finn Name: 7C~0=mm~=un~l~ty~D~e~sl~gn~S~ru~dT.I=0-,LrTL7C~---------------
Address: 930 Cambna Street, NE; chrisnansburg, VA 24073
Phone: 540-382-2002 Fax: 540-382-1935
------------------------------------
7. Real Estate Attorney: Johnson Kanady, III Related Entity? 0 Yes 0 No
Finn Name: Kanady & Qumn, P.c.
Address: 7130 Glen Forest Dnve, SUIte 120; Richmond, VA 23226
Phone: 804-282-8494 Fax: 804-282-8496
8. Mortgage Banker: Related Entity? 0 Yes 0 No

Finn Name:
Address:
Phone: Fax:
----------------
_
9. Other (Contact): _____________________________________ Related Entity? 0 No DYes
Finn Name: Role:
Address: ---------------- ----------
Phone: Fax:
------------------------------------
2009 Page 5
Low-Income Housing Tax Credit Application FOT Reservation
D. Nonprofit Involvement:
Applications For 9% Credits - Must be completed in order to compete in the nonprofit tax credit pool.
All Applieants ~ Must be completed for points for nonprofit involvement under the ranking system,
Tax Credit Nonprofit Pool Applicants: To qualify for the nonprofit pool, an organization described in IRC Section 501
(c)(3) or 501 (c)(4) and exempt from taxation under IRC Section 501 (a), whose purposes include the fostering oflow-income housing:
1, Must "materially participate" in the development and opemlion of the project throughout the compliance period,
2, Must own all general partnership interests in cb.e de\'elopment"
3. Must not be affiliated with or controlled by a for-profit organization.
4. Must not have been fomtcd tor the principal purpose of competition in the nonprofit pool, and
5. Must not have any staff member, or member ofthe nonproitt's board of directors materially participate in the proposed project
as a for-profit entity.
An Applicants: To qualify for points under the ranking systcm~ the nonprofit's involvement need not necessariJy
satisfy all of the requirements for participation in the nonprofit tax credit pool.
1. Nonprofit [nvolvement (All Applicants)

If there is no nonprofit involvement in this development, please indicate by checking here:
o and go on to part III
2, :\t1andalory Questionnaire
If there ~ nonprotit involvement, you must complete ~he Non-Profit Questionnaire
(2] Questionnaire attachoo (Mandatory TAB E)
3, Type of involvement
D Nonprofit meets eligibility requirement for points only. not pool Or
[2] Nonprofit meets eligibility requirements for nonprofit pool and points.
4. Identity of Nonprofit (All nonprofit applicants)
The nonprofit organization involved in this development is:
o the Owner
(2] the Applicant (if different from Owner)
OOth«
Project F AlTH., fnc.
(Name of llOnpn)fit)
Pronce V;tardlaw 10073 Kings Highway
(Contact Person) (Street Address)
King George VA ~ZM~8~5~~ _____________________________________
(elM {Stale) - (ZIp code)
540-775-3492 540-775-5318
(Fax)
5. Percentage of Nonprofit Ownership (AJl nonprofit applieants)

Specify the nonprofit entity's percentage ownership of the general partnership interest: 100.0%
2009 Page 6
III. DEVELOPMENT INFORMATION
A. Structure and Units:

I. Total number of all units in development 32
Total number of rental units in development 32 bedrooms 60
Number oflow-income rental units 32 bedrooms 60
Percentage of rental units designated low-income 100.00%
2. The development's structural features are (check all that apply):
o Row House/Townhouse o Vctached ~ingle-tilll1lly

o Garden Apartments o Detached Two-family
o Slab on Grade o Basement
o Crawl space Age of Structure: new
o Elevator Number of stories:
-----
3. Number of new units 32 bedrooms 60
Number of adaptive reuse units ---"iO""bedrooms --:,,;..
Number of rehab units ---'O"bedrooms -~O"
4. Total Floor Area For The Entire Development 35,220.00 (Sq.~)

..
r
5. t.;nneated tloor Area (Breezeways, Balconies, Storage) <)<).00 (Sq. a)
6. Nonresidential Commercial Floor Area 0.00 (Sq."

(Not eligible for funding)
7. Total Usable Residential Heated Area
8. Number of Buildings (containing rental units) 13
9. Commercial Area Intended Use:
10. Project consists primarily ofa bnilding(s) which is (are)(CHOOSE ONLY ONE)
El Low-Rise (1-5 stories with any structural elements made of wood)

o Mid-Rise (5-7 stories with no structural elements made of wood)
o High-Rise (8 or more storics with no structural elements made of wood)
B. Building Systems:
Please describe each of the following in the space provided.
Community Facilities: Community open space
Exterior Finish: Vinyl and Hardiplank siding with asphalt shingles

Heating!AC System: Heat pump with air conditioning
Architectural Style:
2009 Page 7
C. Amenities:
I. Specify the average size per unit type: (Including pro rata share of heated common area)
Assisted Lvg 0.00 SF IBdrm Eld 0.00 SF 3-Bdrm Gar 1,442.00 SF
I-Sly-Eff-Eld 0.00 SF 2Bdrm Eld 0.00 SF 4-Bdrm Gar 0.00 SF
I-Sly IBR-Eld 0.00 SF Eff-Gar 0.00 SF 2-Bdrm TH 0.00 SF
I-Sty 2BR-Eld 0.00 SF I-Bdrm Gar 832.71 SF 3-Bdrm TH 0.00 SF
Eff-Eld 0.00 SF 2-Bdrm Gar 1,134.82 SF 4-Bdrm TH 0.00 SF
2. Total gross usable, heated square feet for the entire project less nonresidential commercial area:
35,121.00 Documentation attached (TAB.I-) Mandatory
(Sq. ft.)
l"JPIE: All developments must meet VHDA's Minimum Design and Construction Requirements.
By signing and submitting the Application For Reservation of Low Income Housing Tax Credits the
applicant eertifies that the proposed project budget, plans & specifications and work write-ups incorporate
all necessary elements to fulfill these requirements.
3. Check the tollowing items willch apply to the proposed project:

Documentation attached (TAB F Architect Certitication) Mandatory
For any project, upon completion of construction/rehabilitation: (Optional Point items)
_...;0:.,:.%;..0 a(l) Percentage of2-bedroom units that have 1.5 bathrooms

100% a(2) Percentage of 3 or more bedroom units that have 2 bathrooms
0 b. A community/meeting room with a minimum of749 square feet is provided

30% c. Percentage of exterior walls covered by brick (excluding triangular gable ends, doors and windows)
0 d. All kitchen and laundry appliances meet the EPA's Energy Star qualified program requirements
0 e. All windows meet the EPA's Energy Star qualified program requirements
0 f. Every unit in the development is heated and air conditioned with either (i) heat pump units with both a
SEER rating of 14.0 or more and a HSl'l:' rating of~.2 or more and a variable speed air handling unit
(for through- the-wall heat pump equipment that has an EER rating of I 1.0 or more), or (li) air
conditioning units with a SEER rating of 14.0 or morc and a variable speed air handling unit, combined
with gas furnaces with an AFUE rating of 90% or more
o g. Water expense is sub-metered (the tenant will pay monthly or bi-monthly bill)
o h. Each bathroom consists only oflow-flow faucets (2.2 gpm max.) and showerheads (2.5gprn max.)
o 1. Provide necessary infrastructure in all units for high speed cable, DSL or wireless internet sevice.
o j. All water heaters meet the EPA's Energy Star qualified program requirements.
\. - '
2009 PageS
Low Income Housing Tax Credit Application For Reservation
For all projects exclusively ,erving elderly andlor handicapped tenants, upon completion
of constructionlrehabilitation: (Optional Point items)
DO. All cooking ranges will have front controls
Db. All units wj]] have an emergency eall system

De. All bathmoms will have an independent or supplemental heat source
o d. All entrance doors have two eye viewers, one at 48" and the other at standard height
For all rehabilitation and adaptive reu,e projects, upon completion of construetion or
or rehabilitation: (Optional Point items)
o The structure is listed individually in the National Register of Historic Places or is

located in a registered historic distriet 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
Accessibllity
Check one or none nt/he followmg pomt categones, as appropnate:
o For any non-elderly property in which the greater of 5 or 10% of the units (i) provide federal project-based rent subsidies or
equivalent assistance in order to ensure occupancy by extremely low~ineome persons; (Ii) confonn to HUD regulations
inte'1'reting accessibility requirements of section 504 of the Rehabilitation Act; and (iii) are actively marketed to people with
special needs in accordance with a plan submitted as part of the Application. (If special needs include mobility impaim1cnts
the units described above must include roll-in showers and roll under sinks and front controls for ranges).
For any non-elderly property in which the greater of5 or 10"10 ofthe units (i) have rents within HUD's Housing Choice
Voucher ("HCV") payment standard; (Ii) conform to HUD regulations inte'1'reting accessibility requirements of section 504 of
the Rehabilitation Ac~ and (iii) are actively marketed to people with mobility impairments, including HCV holders, in
( accordance with a plan submitted as part the Application.
o 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 activelyrnarketed to people with mobility
impairments in accordance with a plan submitted as part of the Application.
Earthcraft or LEED Development Certification

Applicant agrees to obtain Eartheraft or LEED certification prior to issuance oflRS Fonn 8609. Architect
certifies in the Architect Certification that the development's dcsign will meet the criteria for such certification.
o Yes - Earthcran 0 Ycs - LEED
If Yes to either, attach appropriate documentation at TAB F
LEED Accredited Design Team Member

One or more members of the design team is a LEED accredited professionaL
o Yes 0 No It" Yes, attaell appropnatc documentatIOn at TAB F
Universat Design - Units Meeting LniversalUesign Standards

a. The architect of reccrd certifies that·units will be constructed to meet VHDA's Universal Design standards.
o Yos 0 No If Yos, attach approprIate documentation at TAB F
b. Number of Rental Units constructed to meet VHDA's Universal Design standards:
32 Units 100%
VHDA Certif"red Property Management Agent

Owner agrees to use a VHDA Certified Property Management Agent to manage the property.
o Yes 0 No
,
\ o Yes DNa 0NIA The market-rate units' amenities are substantially equivalent to those oflh.
low-income units. Ifno, explain differences:
2009 Page 9
IV. TENMIT INFORMATION
A. Set-Aside Eleetion: UNITS SELECTED BELOW IN BOTH COLUMNS DETERMINE

POINTS FOR THE BONUS pOINT CATEGORY
,Note: In order to qualifY for any tax ere:iits, a development must meet one of two minimum threshold occupancy tests. Either (i) at [east 20% of the units
imust be rent-restricted and occupied by persons whose incomes are 50010 or less of the area median income adjusted for family size (this is called the 20150
of
test) or (il) at least 400A of the uuits must be renl·restricted and occupied by persons whose incomes are 6Q% or ~s the area median income adjusted for
:family size (this is called the 40/60 test), all as described in Section 42 of the IRe. Ren!:-Wld income-reslricttxi units are known as low-income units, If you
~have more low-income units than required, you qualify for more credits. If you serve lower incomes than required) you receive more points under the ranking
!system.
Units Provided Per liousehold Type:

_income LevelS Kent Levels
# of Units % of Units # of Unit. %ofUnils
0 0.00% 40% Area Median 4 12.50"10 40"10 Area Median
jU 93.150/. 50% Area Median LO 81.Z5% 50"/. Area Median
.L 0.2:50/. 60% Area Median l. 5.23% 60% Area Median
u iJ.UU~ Non-LMI Units 0.000/. Non-LMI Units
JL mO.O!l'l'o Total jL I00.000/. Total
B. . Special Housing NeedslLeasing Preference:
I. 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:
o Yes Elderly (age 55 or above)
o Yes Physically or mentally disabled persons (must meet the requirements oflhe fedeml
Americans with Disabilities Act)
2. Specify the number oflow-income units that will serve individuals and families with children by
providing three or more bedrooms: 3 Number of units 9% of tntallow-income unit,
3. If the development has existing tenants, VHDA policy requires that the impact of economic andlor physical
displacement on those tenants be minimized, io which Owners agree to abide by the Authority's Relocation
Guidelines for LIHTC properties.
4. Ifleasiog preference will be given to applicants on public housing waiting list andlor Section 8
waiting lis~ so indicate:
Yes
No
o Locality has no such waiting list; If yes, provide the following information:
OrganizatIon which holds such waiting list: Centml Virginia Housing Coalition
Contact person (Name and Title) Gary Parker, Executive DIrector
Phone Number 540-604-9943 o Required documentation attached (TAB H)
5. Ifleasing preference will be given to individuals and families with children.

(Less than or equal to 20% of the units must have of I or less bedrooms).
o Yes
o No
2009 Page 10
V. LOCAL NEEDS AND SUPPORT
A.. Provide the name and the address of the chief executive officer (City Manager, Town Manager, or
County Administrawr) of tb. political jurisdiction In which th. development will be located:
Chief Executive Officer's Name Tmvis Quesenberry
Chief Exeeutive Officer's Title 7C<::o'::un::ty~A::id::m:1:in::istra='::ror:::-----------------------
Street Address 10459 Courthouse Drive, Suite 200 Phone .;:5,;,40".,,77;;5:..-9:.1:..:8:..:1_ _ _ _ __
City King George Stnle VA Zip 22485
~~-------------
Name and title of local official you have discussed tills pl'Qject with who could answer questions for the
local CEO: Jaek Grecn, Director of Community Development
o Letter from CEO attached (TAB I) 0 CEO letter to be submitted separately by June 1, 2009
VHDA notification letter to CEO submitted prior to 5:00 PM 315109: (9% competitive credits only) 0 Yes 0 No
If tbe property overlaps another jurisdiction preaso fill in the following:

Chief Executive Officer's Name
Chief Executive Officer's Title
Street Address Phone
City State
------- Zip
Name and title ofloeal official you have discussed this project with who could answer questions for the
local CEO:
o Letter from CEO attached (lAB I) 0 CEO letter to be submItted separately by June 1,2009
VHDA notification letter to CEO submitted priorto 5:00 PM 315109: (9% competitive credits only) 0 Yes 0 No
B. Project Schedule
ACTUAL OR NAME OF
ACTIVITY AI~TICIPATED PERSON
DATE RESPONSIBLE
~!o ,It', e. IMarch 200' , ronce " ' '

QOi ronee
~n
lamh 200
.,
:arch 200 F=;~
' ,
A. Loan "
Llan, MaylOOg' IFrollCe Wardlaw'

IFronee
Firm IPronee
: Loan ' First Uen
II.
, , : ", l~ronee ' '.,
~ (Ue.
March 2009
ronee
ronee
C. Loan : ' ~L'OO7
Fim)'
IMareh2~
:008 ~:::~ I
,
D. ~~~e~~~~:;e~L:~ants ,
r2007 Fronee
'2007 Fronee
,.fOwner IMarch2007 Fronce
lKS, ( 01 Fronce '
10 Owner 'Once
!~~t
200~
.:
cocal' '20rn;
\ Bellin IJune~
::redit Placed in
2009 Page 11
Low-Income HOD.ing Tax Credit Application For Reservation
·'1. SITE CONTROL
i~ Site control by the Owner identified herein is a mandatory precondition of review of this application. Documentary evidence of it,
lin the fonn of either a deed, option, purchase contract, or lease for a term longer than the period of time the property will be subject to
ioccupancy restrictions must be included herewith. (9% Competitive Credits - An option or contract must extend beyond the
!application deadline by a minimum of four months.)
jWarning: Site control by an entity othCt' 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 ll-A, must han 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-teon
ilease) the Owner Defore the allocation of credits is made this year.
!contact us before you submit this application if you have any questions about this requirement.
i
A. Type of Site Control by Owner:
Applle"nt controls site by (select one and attach document· Mandatory TAB K)
o Deed - attached
o Leng-term Lease - attache.! (expiration date:
o Option - attached (expiration date:
-----------------)
o Purchase Contract· attached (expiration date:
-------------)
~, If more than one site for the development and more than one form of site control, please so Indicate
o 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.
B. Timing of Acquisition by Owner:

Select one:
o Owner already controls site by either deed or long·term lease or
o Owner is to acquire property by deed (or lease for period no shorter than period property
will be subjcet to occupancy restrictions) no later than (muS! be prior to November 6,2009).
If more than one site for the development and more than One expected date of acquisition by
Owner, please so indicate 0 and attach separate sheet speeifying each site, number of existing
buildings on the site, if any, and expected date of acquisition of eaeh site by the Owner.
C. Market Study Data:
Obtain the following infonnation from the Market Study conducted in connection with this tax credit application and enter below:
Project Wide Capture Rate· LlHTC Units 22.20%

Project Wide Capture Rate - Market Units 0.00%
Project Wide Capture Rate - All Units 22.20%
Project Wide Absorption Period (Months) 6
2009 Page 12
c. Site Description
1. Exact area of site in acres 26.612
2. Has locality approved a final site plan or plan of development?

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

o Yes D No
o Required documentation form attached (fAD M)
4. Will the proposal seek to qualify for points associated with proximity to public transportation?
o Yes D No
o Required doeumentation form attached (fAD A)
D. Photographs
Include photogrnphs ofthe site and any eXlstmg structure(s) in TAB O. For rehabilitation proJects,
provide interior pictures which document the necessity of the proposed work.
E. Plans and Speeifieations
Minimum submission requirements for aU properties (new construction, rehabilitation and adaptive reuse)
I. A location map with property clearly defined.

2. Sketeh plan of the site showing overall dimensions of main building(s), Ihajor site elements
(e.g., parking lots and Ioeation of existing utilities, and water, sewer, electrie,
gas in the streets adjacent to the site). Contour lines and elevations are not required.
3. Sketch plans of main building(s) re11ecting overall dimensions of:
a. Typical floor planes) showing apartment types and placement
b. Ground 1100r planes) showing common areas;
c. Sketch floor planes) of typical dwelling unites);
d. Typical wall section(s) showing footing, foundation, wall and floor structure.
Notes must indicate basic materials in strueturc, floor and exterior finish.
In addition: required documentation for rehabilitation properties
A unit-by-unit work write-up.
D Plans and speciflcations/unit-by-unit work writeup attached (TAB P) or

o Plans and specificationslunit-by-unit work writeup submitted separately
2009 Page 13
Low-Income Hou'Sing Tax Credit Application For Reservation
VII. OPERATING BUDGET

A. Rental Assistance
I. Do or will any low-income units receive rental assistance?
DYes 121 No
2. [fyes, indicate type of rental assistance:
o Section 8 New Construction Substantial Rehabilitation

o Section 8 Moderate Rehabilitation
o Section 8 Certificates
o Section 8 Project Based Assistance
o RD 515 Rental Assistance
o Section 8 Vouchers
o State Assistance
D Other:
3. Number 9funits receiving assistance:

Number of years in rental assistance contract:
Expiration date of contract:
D Contract or other agreement attached ITAB Q)
B. Utilities
I, Monthly Utility Allowance Calculations
tltilitiel; Type uftltilily Utilities Emer A1kl\vatKie!; b:-' aOOtMlt! Size

(Gas. Ele.;hi:, 00, e:c,) 4-t:r
[ Jo.-
Pak!lw:
~JT-
0·"'" I·""
",
""'" 2h
3-1ili
Healing
Air Conditionill8
Elei;lric
Electric Do- i!:JT-
0
0 7 "9 0
CdlJ.ki:ng E","" DOwm !!:JTentmt 0 3 4 , 0
Lghting T_
""""
E","" X O 17 21l
'" 0
Ho: Weier
W.~
Ek:etrie
"""" T~"
f_'
0 9
" " 0
S~W
"""'"
i!:J"'- Dr-
0
0
0
0
0
C
0
0
0
0
Tnw' i!:J"'""" DT- 0 0 0 0 0
Tutruu( . fur CrnJtS
nlinWiUID: 'bytenoot
'" $56 $70
"" $1l
2. Source of Utility Allowance Calculation (Attach DocumeDtatiOD TAB Q)

HUD
D Utility Company (Estimato) D LocalPHA
D Utility Company (Actual Survey) 121 Other: VHDA HCV Program
2009 Page 14
Low-Income Housing Tax Credit Applieation For Reservation
C. Revenue
1. Indicate the estimated monthly income for the Low-Income Units: ••
Total Number of Total Monthly
Unit Type Tax Credit Units Rental Income
Efficiency Units 0 $0
I Bedroom Units 7 $3,480
2 Bedroom Units 22 $13,570
3 Bedroom Units 3 $2,060
4 Bedroom Units 0 $0
Total Number of Tax Credit Units 32
Plus Other Income Source (list): $0

Equals Total Monthly Income: $19,110
Twelve Months x12
Equals Annual Gross Potential Ineome $229,320
Less Vaeaney Allowance ( 5.0% ) $11,466
Equals Anoual Effective Gross Income (EGI) - Low Income Unin $217,854
"'''' Beginning at Row 75 enter the appropriate data for both tax credit aud market rate units in the yellow shaded cells.
2 Indicate the estimated monthly income for the Market Rate Units' n
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

Less Vacancy Allowance ( 0.0% )
$0
$0
Equals Annual Effective Gross Income (EGij ~ Market Rate Uuin $0
o Documentation in Support of Operating Budget attached (fAB R)
List number of unUs by type: TOTAL UNITS
ASSISTED LVG EFF·ELD 1 BD RM-ELD 2 BD RM-ELO EFF-GAR 1 BD RM-GAR

o o o o
2BDRM·GAR 3 BDRM-GAR 4BDRM-GAR 2 BDRM-TH 3BDRM-TH 4BDRM-TH
22 o o o o
1 STY·EFF·ELD
111 STY.l BR.ELD
0
II 1 STY·2 BR·ELO
o
Note: Please be sare to enter the number orunin in Ihe
appropriate unit eategory. Ifnot, you will rmd an error on
the scoresheci at 50, 6a & 6b.

List number of units by type: TAX CREDIT UNITS
ASSISTED LVG EFF·ELD 1 BD RM-ELD 2 BD RM-ELD EFF-GAR 1 BDRM-GAR
o o
2BDRM-GAR 3BD RM·GAR 4BDRM-GAR 2BD RM·TH 3BDRM·TH 4BDRM·TH
22 3
1 STY·EFF.ELD
o
111 STY·1 BR·ELD II 1 STY·2 BR·ELD
o
Effici~ncyUnits
Unit Type I Net Rentable Monthly Rent Total
Rent Targeting Number Units Square Feet Per Unit Monthly Rent
- -
ffi
Efficiency - 40% 0.00 $ $
Efficiency - 40% 0.00 $ - $ -
2009
Efficiency - 40% 0.00 I $ - I $ -
Page 15
Efficiency - 40% 0 0.00 !I$ - $
Effldencyw~k 0 0.00 $ - $ -
Efficiency w 40% 0 0.00 .$ - $ -
Efficlency ~ 40% 0 0.00 ,$ - $ -
Efficiency· 40% 0 0.00 .$ $ -
Efficiency ~ 40% 0 0.00 .$ - $ -
- -
~
Efficiency· 40% 0 .$ $
Efficiency - 40% 0 $ - $ -
Efficiency· 40% 0 0.00 $ - $ -
Effldency - 40% 0 l.OO $ - $ -
Effk:iency - 40% 0 )00 $ - $ -
Efficlency 40%
w 0 l.OO $ - $ -
Effi<:lency • 50% 0 $ I $ -
Efficiency - 50% 0 $ $ -
Efficiency - 50% 0 $ - $ -
Efficiency - 50% 0 - $ -
Efficiency sO%
M
Efficiency ~ 50%
Efficiency sO%
M
0
0
0
f
$
·
-
-
$
$
S
-
-
-
Efficiency - 50% 0 $ - $ -
Efficiency" 50% 0 $ - $ -
Efficiency - 50% 0 $ - $ -
Efficiency - 50% 0 $ $ -
Efficiency - 50% 0 $ - $ -
Efficiency - 50% 0 0,00 $ $
Efficiency ~ 50% 0 .00 $ - $
Efficiency - 50% 0 ),00 $ - $
Efficiency" 60% 0 j 0,00 $ - $ -

Efficiency - 60% 0 : 0.00 - $ -
EffICiency - 60% 0 0.00 - $ -
EffICiency - 60'% 0 0.00 - $ -
EffICiency - 60% 0 0,00 - $ ·
Efficiency - 60% a 0,00 - S -
Efficiency - 60% a 0.00 · $ -
Efficiency - 60% 0 0.00 · S -
Efficiency - 60% 0 0.00 · $ ·
Efficiency - 60% 0 0,00 - S -
Efficiency - 60% 0 0.00 - $ -
Efficiency - 60% 0 0,00 - S -
Efficiency - 60% 0 0.00 - $ -
Efficiency - 60% 0 0.00 $ -
Efficiency - 60"'{' 0 0.00 - $ -
Tolaf Efficiency ro'"
Tax Credit Units: 0 0,00 Tax Crodit Rent: $ -
Efficiency - Market 0 : 0,00 $ · $ -
Efficiency - Market 0 0,00 $ · $ -
Efficiency - Market 0 0,00 S · S -
Efficiency - Market 0 0,00 S - $ -
Efficiency - Market 0 0.00 $ - $ -
Efficiency - Market 0 0.00 S - S -
Efficiency - Market 0 0,00 · $ -
Efficiency - Ma rket 0 0.00 - $ -
Efficiency - Market 0 0,00 - $ -
Efficiency - MarJ<et 0 0.00 - $ -
Efficiency - Mari<:et 0 0,00 1$ - $
Efficiency - MarJ<et 0 0.00 $ $ -
Efficiency - Markel 0 0.00 $ · $ -
Efficien<:y - Market 0 0,00 I' - $
Efficiency - Market 0 0.00 1$ $ ·
ToUtI Efficiency
Market Units: 0 0.00 Total Monthly
Eft. Mar'kGt Rent: $ ·
Total Eft. Units: a Tota! Eft. Rent $ ·
1-SedrOOm Unlls
Net Ren1able MOnthly Rent Tolal
RerA Tameting Number Units Sgua!'f! Feet f'<lLI!!1i! Mon1hlv Rent
2009 Page 15
1 BR -40% 2 742.27 $ 440 I $ sao
TBR~40% 0 0"00 $ - I $
1 BR·40% 0 0"00 $ - $
1BR~40% 0 0.00 $ - $
1 BR-400h 0 0.00 $ - I $
1 BR-40% 0 0.00 $ I $
lBR-40%
,
0 0.00 $ - $
1 BR-40% 0 0.00 $ - $
1 BR-4O% 0
, 0,00 ,$ - $
1 BR·4O% 0 0.00 $ - ,
$
1BR-4O% 0 0.00 S - $
1BR-40% 0 0.00 $ - $
1BR~40% 0 0.00 $ - $
1BR-40% 0 0,00 $ - $
1BR-40% 0 0.00 $ - $
~
1 BR-50% 734 ..)5 $ 520 : $ 1,560
1BR·50% 2 i 728.48 I $ 520 $ 1,040
1 BR-50% 0 0.00 $ - $
1 BR-50% 0
o .
0.00 $ - $
1 BR·50% 0.00 $ - $
1BR-50% I I) : 0.00 $ - $
1BR-50% . 0 ' 0.00 $ - $
1 BR-50% 0 I 0.00 $ $
1 BR-50% 0
,
0.00 $ - $
1 BR-50% 0 0.00 $ - $
1 BR-50% 0 0.00 $ S
1 BR-50% 0 0.00 I $ - $
1 BR-50% 0 0.00 $ - $
1 BR-50%
1 BR-50%
0
0
, 0.00
0.00
$
$
-- $
$
1 BR·60% 0 0.00 $ - $
1BR-60% 0 0.00 $ - $
1BR-60% 0 0.00 S - $
1 BRwOO% 0 0.00 , $ - S
1 BR -00"4 0 0.00 S - $
1 BR - 6O"h 0 Q.OO ,$ - $
1 BR-60% 0 , 0.00 '$ $
1SR-60% 0 0.00 $ $
1BR-uO%
, 0 0.00 $ $
1 BR-60% 0 0.00 '$ $
1 BR~60% 0 (tOO $ - $
1 BR-60% 0 {tOO $ - $
1BR.6O% 0 0.00 $ - $
1 BR-6O% 0 0.00 S - $
1 BR-BO% 0 0.00 $ $
Tota11~ Tot;lI Monthly 1-BR
Tax Credit Units: 7 5,143.65 Tax Credit Rent: $ 3,480
1 BR Market 0 0.00 $ $
1 BR * Market 0 0.00 $ - $
1 BR-Market 0 0.00 $ - $
18R-Market 0 0.00 $ - $
1 SR· Market 0 0,00 $ . $
1 BR -Mark~ 0 0.00
, $ $
1 BR- Maiket 0 0.00 $ $
1 BR· Market 0 0.00 $ $
1 BR· Market 0
, 0.00 S - $
1 BR- Market 0 0.00 S - $
1 BR - Market 0 0.00 $ - $
1 BR -Market 0 0.00 $ - $
1 BR-Mar1<.et 0 000 $ - $
1 SR- Market 0 0.00 $ $
,
1 BR - Market 0 0.00 $ $
TolaI1-8R
Market Units: 0.00 Total Monthly
'·BR Mark,ct Rent: =$b.___';;"=
2009 Page 15
TotaI1-BR Units: 7 T otal1·BR Rent $ 3,480
2..aedroom Units
Net Rentable Total
Rent Targeting Number Units Square Feet Monthfy Rent
28R·40% 2 956.Be $ 535 $ 1,070

2BR-40% 0 0-00 $ - $
2 BR-40% 0 0.00 $ - $
2 BR-40% 0 0.00 $ - $
:2BR·40% 0 0.00 :$ - $
2 BR~40% 0 0.00 ,$ - $
2BR-40% 0 0.00 1 $ - $
2BR-40% 0 0.00 1 $ - $
2BR-40% 0 0.00 :$ $
2BR-40% 0 0,00 :$ $
:2 BR ~ 400/<) 0 0.00 $ $
2 BR -40% 0.00 '$ - $
2BR-40%
2 BR -400/"
2 BR· 400/~
H= 0
0.00
0,00
0.00
$
$
$
-
-
-
$
$
$
2BR-5O% 3 1,039.79 : $ 6251 $ 1,815

2BR-5Q%
2BR-50%
•
4
1,003 91
1,003.91
: $
$
625 :
625 :
$
$
2,500
2,500
2BR-50% 4 1,039.61 $ 625 : $ 2,500
2BR-50% 1,054,50 $ 625 : $ 2,500
2 BR ·50% 0.00 $ - 5
2 BR ~50% 0.00 $ - $
2 BR .50"/~ 0.00 $ - $
2BR-50% 0 0.00 $ · :
,
$
2BR-50% 0 0,00 $ · $
2BR-50% 0 0,00 $ 1 $
2BR-50% 0 !
0,00 $ 1 $
:2BR-50% 0 0,00 $ · : $
2 BR-50% 0 0,00 $ - 1 $
2BR-50% 0 000 $ - 1 $
2BR~60% 1 1,039.85 $ 625 $ 625

2 BR-6O% 0 0.00 $ - $
2BR-6O% 0 I 0,00 $ - $
:2BR~60% 0,00 $ - $
2 BR -00% ° 0,00 $ - $
2BR-60% °0 0,00 $ · $
2 BR -00% : 0 0.00 $ - $
2BR-60% 0 0.00 $ - $
2 BR-60% 0 0,00 $ - $
2 BR~60% 0 0,00 $ - $
2 BR-60% 0 0.00 1$ - $
2BR-60% 0 0.00 :$ · $
2BR-60% , 0 0,00 :$ $
2SR -60% I 0 0,00 $ - $
2BR-60% I 0 0.00 $ · $
Total2-eR Total Monthly 2.aR
Tax Credit Units: 22 22,480]0 Tax Credit Rent $ 13,510
2 BR-Market 0 5
2 BR- Market 0 S
2 BR-Market 0 $
:2 BR-Market 0 $
2 BR-Market 0 $
2 BR·Market 0 $
:2 BR·Maiket 0 $
2BR-Matket 0 $
:2 BR-Market 0 0.00 S $
2BR~Market 0 0.00 S S
:2 SR· Market 0 0.00 $ $
2009 2 BR - Market 0 0.00 $ $ Page 15
1$
ffi
2 BR - Mal'ket 0 · S ·
2 BR -Market 0 0.00 1$ · S ·
2 BR-Market 0 0.00 Is · $ ·
Total2-BR
Maoort Units: 0 0.00 Total Monthly
2·M Market Rem: $ ·
i Tota12-BR Units: 22 TotaI2·BR R~nt $ 13,570
l-Sedroom UnitS
Net Rentable Monthly Rent Tolal
Rent Targeting Number Units ~gYiU~ Feet Per Unit Monthly Rent
3 BR -40% 0 0.00 $ I $
3BR-40% 0 0.00 $ - I ,
$ ·
3 SR ~4O% 0 0.00 i $ · $ ·
3SR-40% 0 0.00 ! s · $ ·
3BR-40% 0 0.00 : $ · $ -
3 BR- 40%. a 0.00 $ - $ -
3 BR- 4<Y'/" 0 0.00 $ - $ -
3BR-40% 0 0.00 i $ - $. -
I $ - -
=t=t
3BR·40% 000 $
3BR-40% 0.00 I $ - $ -
3BR-4O% 0.00 : $ $ ·
3 SR -40% 0 0.00 $ · $ ·
3 BR -40% 0 0.00 5 · $ ·
3BR-40% 0 0.00 $ · $ ·
3 BR· 400/0 a i 0.00 ,
$ · $ ·
~ E
3BR-50% 1,347.16 $ 1,360
3BR-50% 0.00 $ - : $ ·
3BR-50% 0.00 $ - $ ·
· -
E~~~
3 BR-50% 0 $ $
3""·50% , 0 :$ · I $ -
, 0.00 ·
3SR-50% 0 $ · $
3BR .50% 0 0.00 $ - $ ·
3BR-5O% 0 0.00 $ - $
3BR-50% 0 0.00 $ · $
3BR-50% a 0.00 $ · $
3 BR~50% 0 0.00 $ · $ -
3 BR-SO% 0 0.00 $ $ ·
3 BR-SO% 0 0.00 $ $ ·
3BR-50% a 0.00 $ · $ ·
3SR~50% a 0.00 $ · $ ·
3BR-60% 1 1.235.96 $ 700 $ 700
3BR·60% a 0.00 $ $ ·
3BR-SO% 0 0.00 $ · $
3BR-SO% 0 0.00 $ · $ -
3 BR~60% 0 0.00 $ · $ ·
3 BR-60% 0 0.00 $ $
,
3BR-60% 0 0.00 $ · $
3BR~60% 0 0.00 $ - ,
,
$ ·
3BR·60% a 0.00 $ · $
3BR·60% a 0.00 $ · $ ·
3 BR ~60% 0 0.00 $ · $ -
3BR-60% 0 0.00 $ - $ ·
38R-60% 0 0,00 $ · $
38R-60% 0 : 0.00 $ · $
3BR~60% 0 0.00 ,$ · $
T~3-BR Total M<mUtly 3-SR
Tax Credit l.h'Ill.$: 3 3,930.28 Tax Credit Rent: $ 2.06<1
-
ffi §
3BR-Market 0.00 $
3BR ~Market 0.00 ' $ • $ -
2009 3BR Market 0.00 $ • $ - Page 15
3 BR-Market 0 0.00 $ - $
3 BR-Market 0 0.00 $ - , $
-
'~
3 BR-Market 0 0.00 I $
3BR-Market 0 0.00 · , $
3 BR -Market 0 0.00 · $
3 BR -Market 0 0.00 $ $
3 BR - Market 0 0.00 $ - $
3 BR - Maliret 0 0.00 $ · $
3 BR - Market a 0.00 $ · I $
3 BR - Market 0 0.00 $ - I $
3 BR - Market 0 0.00 $ · $
a BR - Mar1<et 0 0.00 $ - I $
TQI'aI3-BR
Market Units: o 0.00 Total Monthly
3-BRY, _ _, .;.$_ _ _ _=
Total3-BR Units: $ 2,060
4-~edfOom Units
Net Rerrlable Monthly Rent Total
Rem Tameting Numbef Units Square Feet ~ Monthtv Rent
~§
4BR-40% 0 S
4 BR-4O% 0 : $ • i $
4 BR -400/3 a 0.00 i,$ _' $
4BR-4O% 0 ,0.00,$ -, $
, :$
<1 BR~40% 0 0.00 · S
4BR-40% 0 0.00 '$ - $
4BR~40% 0 000 $ - S
4BR-40% 0 0.00
,
$ - S
4BR-40% 0 0.00 $ · i
$
4BR~40% 0 0.00 ,
$ · ,
$
( 4BR-4O% 0 0.00 I $ · $
4 BR-4O% 0 0.00 $ - $
4BR·4O% 0 0.00 $ - $
4BR-40% 0 0.00 $ - $
4BR¥40% 0 0.00 , $ · , $
4BR-5O% I 0 0.00 $ · $
4BR·5O% 0 0.00 s · $
4 BR ~5O"A. I 0 0.00 $ - $
4BR 50'% I 0 0.00 $ - $
4BR·50% , 0 0.00 $ $
4BR~50% I 0 0.00 $ $
4BR~50% I 0 0.00 $ · $
4aR~50% 0 0.00 $ · $
4BR-50% 0 $ - $
4BR~5O% 0 ,$ - $
4BR~5O% 0 Is · $
48R ·50% 0 0.00 $ · $
4 BR .5(1% 0 0.00 $ · $
48R~50% 0 0.00 $ · $
4 BR-50% 0 0.00 $ - $
4BR-60% 0 0.00 $ $
4BR-60% 0 0.00 $ $
4BR-60% 0 0,00 $ $
4BR·60% 0 0.00 $ $
4BR-60% 0 0.00 $ S
4BR-60% 0 0.00 $ $
4BR-60% 0 0.00 $ $
4BR-60% 0 0.00 $ $
4 BR-$Oo/", 0 0.00 $ $
4BR-60% 0 0.00 $ $
4BR-OO% 0 0,00 $ $
4BR·60% 0 0,00 $ $
4 BR w 60% 0 0,00 $ $
2009 4aR~60% 0 0,00 $ $ Page 15
4BR~60% 0 II 0.00 11$ $
Tow.l4-BR TOIl'll Monthly 4-BR
Tax Credit Units: 0 0.00 Tax Credit Rent: $
4 BR ~Mar1<.et 0 0.00 $ $
4 BR· Mar1<:et 0 0.00 $ $
4 BR· Market 0 0.00 $ $
4 BR - Market
4BR· Market
0
0
0.00
0.00
•
S
$
$
<1 BR· Market
4BR· Market
0
0
0.00
000
•
$
$
$
4BR Markel 0 0.00 $ $
4BR· Markel 0 0.00 $ $
4BR· Martet 0 0.00 $ $
4 BR- Market 0 0.00 $ $
4BR ~ Market 0 000 $ $
4 SR- Market 0 0.00 $ $
4BR -Market 0 0.00 $ $
4 BR ~ Market 0 0.00 $ S
Total4-8R
Market Unitf;:
• 0.00 Total Monthly
4-BR MarKet Rent: $
Total 4-eR Unlts: 0 T otaJ 4-BR Rent $
Total Units 32 NetR~laSF: TCUnit5 31,554.63

Ml<TUnits 0.00
TQtlI NR SF: 31,554.63
Floor S~e Fnu<tion 100.0000%
2009 Page 15
t!:. Cash Flow (First Year)

1. Annual EGI Low-Income Units from (CI) $217,854
2. Annual EGI Market Units (from C2) + so

3. Total Effective Gross Income $217,854
4. Total Expenses (from D) $111,965
5. Net Operating Income $105,889

6. Total Annual Debt Service (from Page 21 B2) - 594,307
7 Cash Flow Available for Distribution 511.582
1 .
F. Projections for Financial Feasibility -15 Year Projections of Cash Flow
Stabilized
Year 1 Year 2 Year 3 Year 4 YearS
Eff. Gross Income 217,854 224,390 231,121 238,055 245,197
Less Oper. Expenses 111,965 116,444 121,101 125,945 130,983
Net Income 105,889 107,946 110,020 112,110 114,213
Less Debt Service 94,307 94,307 94,307 94,307 94,307
I Cash Flow 11,582 13,639 15,713 17,803 19,907
Debt Coverage Ratio 1.12 1.14 1.17 1.19 1.21
(
Year 6 Year 7 YearS Year 9 Year 10
Eff. Gross Income 252,552 260,129 267,933 275,971 284,250
Net Income 116,330 118,458 120,595 122,739 124,889
Cash Flow 22,023 24,151 26,288 28,432 30,582
Debt Coverage Ratio
. 1.23 1.26 1.28 1.30 1.32
Year 11 Year 12 Yearl3 Year 14 Year 15

Eff. Gross Income 292,778 301,561 310,608 319,926 329,524
Net Income 127,042 129,196 131,348 133,496 135,637
Cash Flow 32,735 34,889 37,041 39,189 41,330
Debt Coverage Ratio 1.35 1.37 1.39 1.42 1.44
Estimated Annual Percentage Increase in Revenue 3.00% (Must be ~ 3%)
Estimated Annual Percentage Inerease in Expenses ---:4:--;.0~0:;;-%7o (Must be..2:.. 4%)
2009 Page 17
vm. PROJECT BlJDGET

•• CostlBasisiMaximum Allowable Credit
Complete cost column and basis column( s) as appropriate through A12. Check if the following
documentation is attached at TAB S:
o Executed Construction Contract
o Executed Trade Payment Breakdown
o Appraisal
o Other Cost Documentation
o 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 ofthi. Part VIll.
Amount of Cost up to 100% Includable in

Eligible Basis··Use Applicable Column(s);
"30% Present Value Credit" (D)
Item (A) Cost (8) Acquisition (e) Rehab/ "70 % Present
New Construction Value Creditu
1. Contractor Cost
A. Off~SiteImprovemento:; 0 0 0 0
B. Site Work 91' 715 0 0 785.000
C. Other: Fixtures ,24 000 0 0 124,000
D. Unit Structures (New) 0 0 2,731,896
E. Unit Structures (Rehab) Q 0 0
F. Accessory Building (s) 0 0
G. Asbestos Removal 0 0
H. Demolitlon 0 0
I. Commercial Spare Costs 0 0
J. Structured Parking Garage 0 0
K, Subtotal A: (Sum IA. .l]) 0 3,64o,s96
L General Requirements 195,000 0 195,000
M. Builder's Overhead 195,UOO 0 195,000
( 5.2% Contract)
N. Builder's Profit 134,957 0 0 134,957
( 3.6% Contract)
O. BondmgFce 64,427 0 0 64,427
P. Other: 0 0 0 0
Q. Contractor Cost
Subtotal (Sum IK..lP) $4,362,995 $0 $0 $4,230,280
2. Owner Costs
A, Building Permit 14,425 0 0 14,425
A,ch.iEngin. Design Fee 181,030 181,030
B.
C.
( 5,657 IUnit)
Arch. Supervision Fee 55,000
°0
0
0 55,000
( 1,719 IUnit)
D. Tap Fees 243,705 0 0 243,705
E. Soil Borings 7,500 0 0 7,500
2009 Page 18

Eligible Basis--Use Applicable Column(s):
Item (A) Cost (8) Acquisition (e) Rehab! "70 % Present
New C(lnslruction Value Credit"
2. Owner Costs Continued
p, Construction Loan 12,700 0 0 12,700

Origination Fee
Q, Construction Interest 80,000 0 0 80,000
( 0,0% fur 0 months)
H, Taxes During Co~on 2,000 0 0 2,000
L Insurance During Construction 11,637 0 0 11,637
1. Cost Certification Fee 6,500 0 0 6,500
K, Title and Recordmg 41,800 0 0 41,800
L, Legal Fees fur Closing 103,612 0 0 30,000
M, Permanent Loan Fee 12,500 0 0 0
(.JLlli.)
~, Other Permanent Loan Fees 0 0 0 0
0, Credit Enhancement 0 0 0 0
p, Mortgage Banker 0 0 0 0
Q. Environmental Study 2,575 0 0 2,575
R. StructurallMechanical Study 20,800 0 0 20,800
S, Appraisal Fee 3,500 0 0 3,500
T. Market Study 10,000 0 0 10,000
U, Operating Reserve 90,000 0 0 0
V. Tax Credit Fee 24,550 0 0
W.OTHER $40,000 $0 $0 SO
(SEE PAGE 19A)
x, Owner Cost
Sub.,!.l (Sum ZA ..2W) $963,834 SO $0 5723,172
Subtotal I + 2 $5,326,829 SO SO $4,953,452

(Owner + Contracror Costs)
3. Developer's Fees 790,681 0 0 790,681
4. Owner's Acquisition Costs

Land 99,343
Existing Improvements 0 0
Subrota14: $99,343 SO
S. Total Development Costs

Subtotal1+2+3+4: $6,216,853 SO SO S5,744,I33
If this application seeks rehab credits only, in which there is no acquisition and nO change in ownership~ enter the greater of
appraised value or tax assessment value here: $0 Land
(Attach documentation at Tab K) $0 Building
2009 Page 19

Eligible Basis--Use Applicable Column(s):
Item (A) Cost (B) Acquisition (e) Rehab/ "70 % Present
New Construction Value Credit"
W. OTHER OWNER COSTS
Contingency Reserve 0 0 0 0
(Rehab or Adaptive Reuse only)
LIST ADDmONAL ITEMS
Leaseup Reserve 30,000 0 0 0
Local Replacement Reserve 10,000 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 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) $40,000 $0 $0 $0
2009 Page 19A

AmountolcostuptolooO/.lnCluoaOleln
Eligible Basis--Use Applicable Column(s);
i!~O % Present Value ereait"
(t) Rebab! (D)
New "70 % Present
Item (A) Cost (5) Acquisition Constmction Value Credil"
5. Total Development Costs
Subtotall+2+3+4 6.216,853 0 0 5,744,133
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 nOn qualified, 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 5.744,133
8. Adjustment(s) to Eligible Basis (For non-acquisition coots in eligible basis)

(i) For Earthcraft or LEED Certification AXD 60 Bonus Points 0 0
(ii) For QCT or DDA (Eligible Basis x 30%) 0 0
Total Adjusted Eligible basis 0 5,744,133
9, Applicable Fraction 100.0000"10 100.()()()O"1n 100.0000%
10. Total Qualified Basis (Same as Part IX-C) o 0 5,744,133

(Eligible Basis x Applicable Fraction)
11. Applicable Percentage 3.28% 3.28% 9.00%

(For 2009 9% competitive credils, use the May 200~ applicable percentages for al.--q,)
(For?% JlQn-Cellnpetilive & WX ~ulpt bonds, use !he most recemly published mtes)
Maximum AUowable Credit under IRC §42 $0 $0 $516.972 I

(Qualified Basis x Applicable Percentage)
(Same as Part rx-c and equal to or more than
credit amount requested)
5516,972
Cl1ffibined 30% &. 70%P. v. C'.re4l1
t==J
2009 Page 20
B. Sources of Funds
1. Construction Financing: List individually the sources of construction financing. including any such
toans financed through grant sources:
Dafe of Date of Amount of

Source of Funds Application Commitment Funds Name of Contact Person
l. Union Bank and Trust 05101108 12101108 $2,500,000
2. $0
3. $0
o Commitments or letter(s) of intent attached (fAB T)

2. Permanent Financing: List individually the sources of all permanent financing in order ofIien position:
Inlercst Amortization TenTI

Date of Datcof Amount of Annual Debt Rate of Period of
Source of Funds Application Commitment funds Service Cost Loan n',. YEARS loan (years)
1. VHDA VHFIREACH 12101107 03101109 $860,000 $52,413 5.05% 35 35
2. VHDAHlP 12101107 03101109 $860,000 $36,894 2.50% 35 35
3. DHCDHOME 12101107 121OlIOa $500,000 55,000 1.00% 30 0
4. FHLBAHP 09101101 12imlO7 $160,000 $0 0.00% 30 0
5. $0 $0 0.00% 1000 0
6. $0 $0 0.00% 1000 0
Totals: $2,380,000 $94,307
o Commitments or letter(s) of intent attached (fAB T)

3. Grants: List an grants provided for the development
Date of DateQf AIY\Q1.Int of
Source of Funds Apphcation Commitment Fonds Name of Contact Person

1. SO
2. $0
3. $0
4. $0
5. $0
6. TCAP ~/A lilA $Q
Total Permanent Grants: $0
o Commttments or lelter{s) ofmten! attached {TAB 1)
2009 Page2!
Low-Income Honsing Tax Credit Application For Reservation
4, Portion of Syndication Proceeds Attributable to Historic Tax Credit

Amount of Federal historic credits $0 x Equity % $0,00 $0
Amount of Virginia historic credits _ _ _ _ _-"$.;.O_x Equity % $0,00 $0
6, Equity that Sponsor will Fund:

Cash Investment $90,100
Contributed Land/Building $0 o Assessment Attached (TAB S)
Deferred Developer Fee $618,754
Other: $0
Equity Total $708,854
7, Total of All Sources (B2 + B3 + B4 + BS + B6) $3,088,854
(not ineluding syndication proceeds except for historic tax credits)
8, Total Development Cost $6,216,853

(From VITI-AS)
9, Less Total Sources of Funds (From B7 above) $3,088,854
10, Equals equity gap to be funded with low-income tax credit

proeeeds (must equal IX-D3) $3,127,999
C. Syndication Inrormation (If Applicable)
L Actual or Anticipated Name of Syndicator Virginia Community Development Corporation

2, Contact Person -:C:::h7ri::s.;;S:;:ter::.l::;in~g,-=,-~,....,.,""",,,,,,,_ _ _ _ _ _ _ _ _ Phone 804-343-1200 xllS
3, Street Address 1840 West Broad Street, Suite 200
City Richmond State _V:,:A.:-_ _ _ _ __ Zip 23220
.,.' 4. a, Toml to be paid hy anticipated users of credit (e,g" limited partners) $3,128,000
". b,
c,
d,
Equity Oollars Per Credit (e.g" $0,85 per dnllar of credit)
Percent of ownership entity (e.g., 99% or 99,9%)
Net credit amount anticipated by user of credits
$0,92
99,99%
$339,966
e, Syndication costs not included in VIIl-AS (e,g" advisory fees)
5. Net amount which will be used to pay for Total Development Cost (4a4e)
as listed in Part VIII-AS (same amount as Part IX-D3) $3,128,000
6. Amount of annual credit required for above amounts

(same amount as Part IX-D6) $340,000
7, Net Equity Facror [CS! (C6 X 10)J
(same amount as ParlIX-D4) Must be equal to or greater than 85% 92,00%
8, Syndication: o Puhlicor I2l Private

9. Investors: o Individual or I2l Corporate
o Syndication commitment or letter of intent attached (TAB U)
2009 Page 22
D. Recap or Federal, State, and Local FundslAny Credit Enbancement.
L Are any portions of the sources of funds described above for the development financed directly or indirectly
with Federal, State, or Local Government Funds? 0 Yes No
If yes, then check the type and list the amount of money involved.
Below-Market loans MaM-Rate Loans
D Tax Exempt Bonds $0 D Taxable Bonds $0

D RD515 $0 D Section 220 so
D Section 221(d)(3) so D Section 221(d)(3) so
D Section 312 $0 D Section 221 (d)(4) so
D Section 236 $0 D Section 236 so
0VHDASPARCffiEACH $1,720,000 D Section 223(1) $0
o HOME Fund, $500,000 D Other: $0
o Other: FHLB AHP $160,000
D Other: _ __ $0
Grants Grants
DCDOO so D State $0
DUDAG so D Local $0
D Other: TCAP $0
This means grants to the partnership. If you received a loan financed by a locality which received one of the
listed grants, please Ust it in the appropriate loan column as "otheru 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

L FHLBAHP 1210tlO7 S16O,000
2. $0
3, $0
4, $0
5, SO
3. Does any of your financing have any credit enhancement? DYes o No

If yes, list which financing and describe the credit enhancement:
4, Other Subsidies 0 Documentation Attached (TAB Q)

o Section 8 Rent Supplement or Rental Assistance Payment
o
D Tax Abatement
OthN_________________________________________________________________
5. Is HUD approval for transfer of physical asset required?

D Yes 0 No
E. For Transactions Using Tax-Exempt Bonds Seeking 4% Credits:

For purposes of the 50% Test; and based only on the data entered to this
application, the portion of the aggregate basis of buildings and land financed with
tax-exempt funds is: I~I
2009 Page 23
X. ADDITIONAL INFORMATION
A. Extended Use Restriction
NOTE: Each recipient of an allocation of credits will he 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.
[2] This development will be subject to the standard extended use agreement which pennits early
tennination (after the mandatory 15-year compliance period) of the extended use period.
D This development will be subject to an extended use agreement in which the owner's right to any
early tennination 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 iflXB is checked below.
D This development will be subject to an extended use agreement in which the owner's right to any
early tennination of the extendod 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. Nonpl'ofitiLocal Housing Authority Purchase OptionlRight of First Refusal
I. [2] After the mandatory IS-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 ro exceed the outstanding
debt and exit taxes. Such debt must be lintitod to the original mongage(s) unless any refinancing
is approved by the nonprofit. Do not select if extended compliance is selected in IX.A above.
[2] Option or Right of First Refusal in Recordable Form Attached (TAB V)
Enter name of qualified nonprofit: .::Pr.::o::.~~ec.::;t:..:F:.;:Al=TH=,:..:In=c;:;._ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __
2. D A qualified nonprofit or local housing authority submits a homeownership plan conunitting to

sell the units in the development after the mandatory IS-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 selectod in IX.A above.
D Homeownership Plan Attached (TAB J)
C. Buildlng-by-Bullding Information (Complete page 25 as appropriate)
2009 Page 24
Low~)neome ,....,using Tax Credit AppUcation For Reservation
c, BuUding-by-BuikUng Information r- Must Complete

Qualified basis must be detennined on u building-by building basis. Complete the section below. BuHding street addresses are required by the IRS (must have them by Ihe lime of
allocation request).
- - - - - - - - - - --------------
NUMBER 30"h I'mIcnt Value 30% Present V:alue
OF noon far Ai.;quisitit!ft Credit ftlf CO!lstruction 70% f'resenl Vwue Credit
TAX MARl(Bf
CREDIT Adu!!lor
_1iol
RATF Ac:tualor Actual or
'JNml <NITS E51[male A.nrkipared E3tiTlUlle Anlicipated Ri!lmaw Alllkipaied
l!l-Servit::1!: Appticabte Ql,1a1i:i",d In-SCfyiIX Applicable Credit • In-Savio;
"""
mgN
SC"""
Aw", Basis Om< Pe«:entalle
Credit
AmDunt Br!sis Dale Percentage Amount
Qualified
8M. 0.",
Applkll.bIe
_!~l!i'Ilase
Credil
Am=,
.2 Bldg I ~ Faith DriV1,' 0,00% ,0
:. :2 Bldg 2. Faith Drive "
$0 0,00%
0
0 ,0
0.00%
O.COo/~
0
0
$359',008
5359,008
11!3O!O9
liMo!)
9.CQ%
'LCQ%
32,311
32311
,0
,,
'. 3 BklS 3 - Faith Drive
" 0.00% 0 O.Oi»" 0 5S3S.!l12 Ilf30i09 1}.C~io 45.466
,, 6k1g 4 - Faith Dl'ive 10 0.00% 0 ,0 0.00".4. 0 5359,008 1113<llll9 9,00'}). 3Z.'Hl
, 2 6klg:> - faith Drive

Bldg 6 ~ Faith Drive
$0
$0
0.00%
0.00%
0
0 '" 0.00%
O.OO"Ao
0
0
$:359.003 1113<l1ll9 9,Qre1o
,.-
J2,3ll
7 J Bldg 7 ~ Faith Driv;: $0 0,00% 0 '"

,0 0.00% 0
S718m7
$:51&,$12
11130i00
1l!3Uf® 0._
04,611
43,466
0._
,'-'
I. 3 Bklg 8 - Faith Drive
Bldg \I - Faith Drive
$0
$0
O.O{)o/~
O.O~h
0
0
,0
0.00%
0
•
$538,,5l2
$3.59,OOS
11/30109
11130109
0.00%
9,00%
43,466
10I. J Bldg 10 - Failh Drive $0 0.00% 0 "

,0 0.00% 0 $538,512 1113Uf® 9._
52.311
<S.466
'.2 Rldg 11 - Faith Drive $0 O.OWA. 0 $0 0.00% 0 $359,000 110009 'Mo% 32,311
12 2 Bldg 12 _ Fo.i1h Drive $0 0,00% 0 $0 0.00% 0 5359,008 IIf)lliQ9 9.00% 32,311
0._
13 2
14
l3Idg 13 • Fail~ Drive
,.
$0 0,00%
0.00%
0
0
10
$0 0._
0
0 .,
$259,000
.,
lIi}Qiw 900%
0._
52.311
0
l'
16
10 0.00%
0,00%
0
_9
$0 0.00%
0._
0 0.00% 0
'"
$0 0 10 0,(10% 0
-, ogre'
/')0011 AlUCllllltTole.l.s (!ll!l$t agree with Vlll-A-12)

10
1
I
$01
10
I
",I
$:;,744,133
I
$5115,972
2~09 Page 25
Low-Income Housiug Tax Credit Application For Reservation
Q. Determination of ReseNation Amount Needed
The following calculation of the amount of credits needed is substantially Ihe same as the calculation which will be made by VHDA to
determine, as required hy 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 hy VHDA to be reasonable for the information and assumptionsi
provided herein as to costs (including development fe:es; profits) ere.), 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 tne amount you!
compute below.
1. Total Development Costs (from VIII-A5, Column A page 20) $6,216,853
2. Less Total Sources of Funds (from VIII-B7 page 22) $3,088,854
3. Equals Equity Gap $3,127,999
4. Divided by Net Equity Factor (VIII-C7 page 22) 92.00%

(Percent of to-year eredit expected to be raised as equity investment)
5. Equals Ten-Year Credit Amount Needed to Fund Gap $3,399,999
Divided by ten years 10
6. Equals Annual Tax Credit Required to Fund the Equity Gap S340,000
7. The Maximum Allowable Credit Amount $516,972

(from VlII-Al2-combined figure)
(Thi. amount mu.t be equal to or more than 6 above)
8, Rest..'fVation Amount (Lesser of 6 or 7 above)

Credit per Unit 10,625
Credit per Bedroom 5,667
d
so I
100/, rv Crdlil
E. Attorney's Opinion !Goal Seek Function

Attached in Mandatory TAB W) If you incur the errm message that your reservation amount is not equa
o the equity gap amount you may use the goal seek fUnction within the Exce
preadsheet to eliminate the error message, To use the «Goal Seek" function firs
~1ace the curser box on cell V28. Using the mouse arrow, point and click on
'Tools" on the top line and then elick on dle "Goal Seek" option. A box will
ppear with the V28 cell shown in the top space, place the cursor in the middle
~ox and type in the new amount that you want the equity gap to be which should
re the reservation amount below, then place the cursor in the bottom space and a
he bottom of the page click on page 22, 11len place the cursor on cell N15
Defcm::d Developer Fcc) and click on "OK". A message should then appear that
solution has been found and jf the amount is comct click "OK", lithe amounts
~are now equal the error message will disappear,
2009 Page 26
F. Statement of Owner
lbe undersigned hereby acknowledges the following:
L 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 hannless 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 VlIDA1s acceptance, consideration, approval, or disapproval of this reservation request and
the issuance or nonissuance of an allocation of credits, grants andlor 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 dcadline 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 determjnation of the amount: of the credit necessary to make the
development financially feasible, is provided only for the convenience ofVHDA 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 rcspeets 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 andlor each building therein
individually as well as the amounts and types of eredit applicable ihercof, but that the issuance of a
reservation based on such representation in no way warrants their corre(..iness or compliance with IRe
requirements.
7. that VHDA may rcquest 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 di~ferent from the amount requested.
8. that reservations of credits are not transferable without prior written approval by VHDA at its sole
discretion.
2009 Page 27
9. that the requirements for applying for the credits and the terms of any reservation or allocation thereof
are subject to change at any time by federal or state law, federal, state or VHDA regulations, or other
binding authority.
10. that reservations may be made subject to certain conditions to be satisfied prior to allocation and shall in
all cases be contingent upon the receipt of a nonrefundable application fee of $500 and a nonrefundable
reservation fee equal to 7% of the annual credit amount reserved.
II. that a true, exact, and complete copy of this application, including all the supporting documentation
enclosed herewith, has been provided to the tax attorney who has provided the required attorney's opinion
accompanying this submission, and
12. that the applicant has provided a complete list of all residential real estate developments in which the
general partner(s) has (have) or had a controlling ownership iotcrest and, in the case of those projects
allocated credits under Section 42 of the IRC, complete iofonnation on the status of compliance with
Section 42 and an explanation of any noncompliance. The applicant hereby authorizes the Housing
Credit Agencies of states in which these projects are located to share compliance infonnation with the
Authority.
13. that the information in this application may be disseminated to others for purposes of verification or other
purposes consistent with the Virginia Freedom of Information Act. However, all infonnation will be
maiotained, used or disseminated in accordance with the Governrnent Data Collection and Dissemination
Practices Act. The applicant may refuse to supply the infonnation requested, however, such refusal will
result in VHDA's inability to process the application. The original Of copy of this application may be
retained by VHDA, even if tax credits are not allocated to the applicant.
In Witness Whereof, the undersigned, being authorized, has caused this docwnent to be executed in its
name on this 14th day of May ,2009.
ner:
Its: President, Angelwood II Management, Inc.

(Title)
2009 Page 28
2009 LIHTC SELF SCORE SHEET;
Self Scoring ProeMS
is WOlksheet is intended to provide you with an estimate of your application score based on the selection criteria described in
Most of the date used in the scoring process is automaticahy entenJd below as you fill In the applicatiOn. Other items
enoted below in the green shaded caBs., ai'll items that are typically evaluated by VHDA's $laff during the application nMew
sibility analysis. For purposes of self scoring, it will be necessary for you to make certain decisions and assumptions about you
ppJloation and enter the appropriate responses in the green shaded cells of this score sheet. AU but two requite yes;oo responses
n which case enter Y or N as appropriate. Item 2b pertaining to the Local CEO Letterwill require one of the following responses:
the letter indicates unconclitionaJ support N - the letter indicates opposition to the project; Ne - no comment from the locality, 0
ny other response wttidl is neither unconditional -support nor opposition. Item Sa1 requires a numeric value to be entered, Pies
member that the score is only an estimate based on the selection criteria usIng the reservation application data and
sponses yolive entered on this score sheet. VHDA reserves the right to change appUcation data and/or score sheet respo
fa appropriate, whlch may change the final score.
MANDATORY ITEMS:
a. Signed, completed appJicatron YarN
b. Dupllcale copy of application YarN
c, Partnership agreement Yor N
d. SCC Certification Yor N
e. Previous particlpalion form Yor N
f. Site control document Yor N
g. Architect's Certification YorN
h. Attorney's opinion YorN
L Nonprofit questlonnai(l9 (If NP) Y,N, NlA
1. READINESS:
3. Plan of development Y 00r40
b. Zoning approval Y 00r40
Total:
2. HOUSING NEEDS CHARACTERISTICS;

a, VHDA notifICation letter to CEO
b. lOcal CEO letter
c. Location in a revitalization area
d. Location in a Qualified Census Tract
e. Sec 8 or PHA waiting list preference
f. Subsidized funding commitments
g. Existing RD, HUD Section 8 or 236 program
(y,Ne,N)
- N
N
Y
2.57%
N
oor..sO
00r25«50
00r3O
00r5
oor 10
Up to 40
00r20
o or 10
h. Tax abatement or new project based rantal subsidy (HUD or RD)
L Census tract with <10% poverty rate, no 1ax credit units N o or25
j. Development listed on the Rural Development Rehab Priority List N o or 15
Total
3. DEVELOPMENT CHARACTERISTICS:
a. Unit size (See calculations below) Up to 100 100.00
b. Amenmes (See ca!c;,lIations below) Up to 60 31.80
c. Project subSidies/HUD 504 accesslbility for 5 or 10% of units N 00<"50 0.00
or d. HCV payment standardiHUD 504 accessibUity for 5 or 1D'ro of units Y Oor30 30.00
or e. HUD 504 accessibility fOf 4% of units N Oor15 0.00
f. Proximity to public transportation Y10 0, 10Of~ 10.00
g. Development will be Earthcraft or LEED certified Y Oor30 30.00
h. VHDA Certified Property lVIanagement Agent Y o or 25 25.00
L Units constructed to meet VHDA's Universal Design standards 100% Up to 15 15.00
j. Developments with less than 100 units Up to 20 20.00
Total 261.80
4. TENANT POPULAnON CHARACTERISTICS;

a. <= 20% of units having 1 or less bedrooms N oor 15 0.00
b. Percenl of units with 3 or mOte bedrooms 9.38% Up to 15 7.03
Total 7.03
5. SPONSOR CHARACTERISTICS:
a. Developer experience ~ 3 developments with 3 x units or 6 developments with 1 x units O'or50 0.00
or b. Developer experience - 1 develOpment with 1 x units 00r10 0.00
c. Developer experience - uncorrected major violatiOn oor--50 0.00
d. Developer experience ~ noncompliance 00r-15 0.00
e1. Developer experience - did not bUild as repfQSentad oor-x 0.00
e2. Developer experience - termination of credits by VHDA 00r-10 0.00
f. Management company rated unsatisfactory oor-25 0.00
9. LEED accredited design team member Y Oor10 10.00
Total 10.00
6. EFRCIENT USE OF RESOURCES:

a. Credit per unit If #WA or#REF~ appears In the score column of these point Up to 180 61.56
b. CoSt per unit eategorles check spelling of Clerk"s Office on pg 1. It must match Up 10 75 0.00
2009 Total exactly with the Jurlsdiction names listed ill the Application Manual. 61.56
7. BONUS POINTS;
la, Unitswil,h rents at or beiOYl400k of AMI $71.800 $50,600 13",4 Up to 10 10.00
b, Units with rent and income at or below 50% of AMI 94% Up to 50 46.88
or c. Units with rents at or below 50% rented 10 tenants at or below 60% of AMI 94% Up to 25 0.00
:lr d, Units in Low Income Jurisdictions with rents <= 50% rented to tenants with <= 60% of AMI 94% Up to 50 0.00
e. Extended compliance o Years 40 or 50 0.00
or f. Nonprofit Of LHA purchase option Y 00r60 60.00
or g, Nonprofit or LHA Home Ownership option N 00r5 0.00
Total 116.88
500 Point Threshold - 9% Credits TOTAL SCORE: 612.41

475 Point Tl1reshold ~ Tax Exempt Bond Credits
Unit Size Calculations;

E-AS LVG E·EFF E-1 BDRM E-2BORM
HigO SQ.FL /BDRM 0 0 0 0
Law Sq.F!.1 BORf.' 0 0 0 a
Pro:ect Sq.Ft. fBDRM a 0 0 0
PerCl!!niage of Units (}.OO% o.OC% 0.(10% Q,CO%
P¢itlts per 69dtQOffi 000 0.00 0.00 0.00
F-EFF-<l F-1 BDRM-G F..:1BDRM-G F-3BDRfkG
~I
HighSQR/flDRM rn; 1.050 1,175
Lew Sq,R.1 BDRM
Sq.Fl1 BORM
620 84{)
.'"
1.442
0:
"" '.135
ProjeCt
?$fO!If'!iag9 of UOltS 0.00%: nae% 68.75% 9.38%
Points per Bedroom <LOO: 21.88 68.75 9.38
F-lBDRM-G F·2 BORM-TH F-3BDRM-TH F-4 BDRM·TtI

H~~ Sq.Ft J aORM 0 0 0 0
LOW Sq.Ft / BORM a 0 0 0
Project Sq.Fll BORM 0 0 0 0
Percentage of Units 0,00% 0.00% 0.00% 0.00%
PolnLs per Bedroom 0.00 0.00 0.00 0.00
1 STELO-EFF 1 srctD-1 BORM 1 ST ELD.2 BDRM If you do !'tOt receive a numeric poln1 value
High Sq.Ft IBORM 0 0 0 in ltia unit alu cah::ndat!ons. please
low Sq.FL IBDRM 0 0 0 check the values eflleted on page a, C1.
Project Sq.Fl1 BDRM 0 0 0 These must be whole number numeric
Perconlagi'; of lInUs {LOO% 000% 0,00:')'.. values lH)ly. Also ChlKlk; page 7, ttem 3,
Ptli"iG. per Bedroom 0.00 0.00 0.00 the flumber of uflits must be eI:!flor flew,
adapt Of tehab lH)1y. Combinations (10
I raIaI Omi Size POlOts: 100.061 not calCUlate correctly.
Amef\itles:
All unlts have:
a. 1.5Qr2 Bathrooms 12,00% 1.80
b. Community Room O'{lO
c. Brick Walls 3{1.00% 6.DO
d. KitchenlLaundry Appl-Energy Star 5.00
c. Windows-Energy Star 5.00
f. HeatlAC..sEER-AFUE 10.00
g. Sub..metered water expense 0.00
h. Low lIow faucets & ShOwcrheads 3.00
i. High speed cable, DSL, wireless intemet 1.00
j, Water heaters meet EPA Energy Star requirements 0.00
Tota! 31.80
All elderly units have:
a. Front-contro! ranges 0,00
b. E('I"I0l'9oncv call system 0.00
c. IndependentisuppL heat souree 0.00
d. Two eye viewers 0.00
Total 0.00
All rehab or adaptive reuse units;

b. Historic structure 0.00
Total amenities: ll!2
Z009
$ISF .. I $1S4.&a1 CredltsltiF .. [J'!!!JCQnst $ll.Inlt >l. ii3&.344
TYPE OF PROJECT FAMtLY '" 11000; ELDERLY = 12006
LOCATION BEU..100; NYM=110; NYNM"'200; R1C=300; TI0><400: SMA>l.SOO; SMA·C=S10; RUR ..600
TYPE OF CONSTRUCTION N C=1; ADPT=2;REHAB(25,000+)=3; REHAB(15,000-25,OOO)=4
,
0
•0
•
0
•
0
•
0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0
0
, ,
0 0
0
0
0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
,.00
FAMILY
OFF-G 1 SR-G 28R-G JaR .6R 2afHH laR-TN 4BR·TH
0
• "", 1,135
22 ,
1,442
,
0 0
0
0
0 ,
0
R,CO$T$~25,000)
R,CCSTS<25JIOO)
132.370
0
179.340
0
:2OO.Eis(!
0
0
0
0
0 ,
0
0
0
'32.370
137,133
179,340
Hi6.005
200,690
2l7N2
,, ,
0 0
0
PARAMETER-{CREOrns=>25.0Q0) 0 j2.464 16.887 16,89;' 0 0

PARM·1ETER.(CREOrrS<25,OOO) 0 0 0 0 0 0
CREDIT PARAMETER 12.464 16,667 18.697 0 0 0 0
PROJECT CREDIT PER UNIT 8.061 10.966 13.900 0 0 0 0
OST PER UNIT POINTS 0.00 0.00 0.00 0.00 0.00 0,00 0.00 0.00
REDIT PER UNIT POINTS 0.1)0 13.91 43.24 4.41 0.00 (1.00 0.00 0.00
TOTA!.. COST PER UNIT POINTS 0.00

f
TOTA!.. CREDIT PER UNIT POINTS 61.56
\
Ct»I Par.-noten> -
ASLYG OF,"" 1 BR-E 'BR-E EFF..e.1 ST 1 &R.E-1 ST 2SR-£.1 ST
Sfllrni"rd em.l Paromlliar -l!:>wrlM 0 0 0 0 0 0 0
Peeamllter MjtI8Im9llt ' mid me 0 0 0 0 0 0 0
P!I\'3IMk11' AdJustment· high riM
Ad}l.ltted coat P~r
CllldIt Par.1ll'!l/tel'$-
Sioodaid CUJdii PMMnOtur. \Gw riM

AiLVG
0
EI'F-E
0 ,
1 BR-E 2BR-E
0
EFF-E-1 Sf
0
1 BR.f...l iT
0
2BR-E·1 ST
0
Paramelm Adjustmelrt - mid nee 0 0 0 0 0 0 0
Paramm<ll" Adjusl.merr • hlgr me
AdfUsl*f C~ Parameter
Slan:larci Palall".eler- 'ow rise

Parame'.e; AdjUstment· mid 1'\00 , 0
,
0 0 0 0
Parameter Adjustment- htg'1 'ise 0 0 0 0 0
AdI .. &lud Golrt PllllmIebH 0 200.690 0 6 0 0
C... dlt Patantll'ters" Family

EFF·G 1 BR·G 2 BR.G 3BR·G 4BR-G 2 SR·TH 3 BR-TH 4 BR.TH
Sland9rn Credil Paremeler- Illw/ioo 0 12,464 16,aa7 18,897 0 0 0 0
Parameter Mlus(men! _mid riM- 0 0 0 0 0 0 0 0
Parameter Ad;ustment - hlg'T riM
Ad}l.lll1ed CreoltParamotlllt
0
0
0
12.41
0
16<881
0
18.691 ,
0
,
0 0
6
0
0
"""
$JSF" I $164.68 I Credits/SF" [!!!!JConst $Iunlt" I $136,344 I
TYPE OF PROJECT FAMILY" 11000; ELDERLY" 12000 check
LOCATION
TYPE OF CONSTRUCTION
BEL T=100; NVM=110; NVNM"200; RIC"300; TID=400; SMA=500; SMA-C"510; RUR=600
N C=1; ADPT"2;REHAB(25,OOO+)=3; REHAB(10,OOD-25,000)=4 I ";" ;p~il';;g,
~ w~~h t.~e .
~
, M,"",1.
pg 1_lt must
I
"
",C'" "';-" , ~K'" '~K'" "".~., " , .K;,""'" '.K~"''''

AVG I
UNITS , , , , , , ,
, 0 0 0 0 0 0
0 0 0 0 0 0 0
'"'
0 0 , 0 0 0 0
PER UNIT 0 0 0 0 0 0 0
0 0 0 0 0 0 0
;.000; 0 0 0 0 0 0 0
I 0 0 0 0 0 0 0
,:'-~ I 0 0 0 0 0 0 0
I
~~~l,~o;,~ ~:~~ ~:~g g:gg 0.00
g:gg g:gg g:gg
IT POINTS '.DO
FAMILY
AVG UNIT SIZE ,

EFF-G 1 BR-G
"3
2BR-G
1,135
3BR-G
1,442 ,,
4BR-G 2 BR-TH
0
3 BR-TH
0
4BR-TH
0
UMBER OF UNITS 0 7 22 3 0 0 0
PARAMETER-(COSTS=>25,000) 0 132,370 179,340 200,690 0 0 0 0
PARAMETER-(COSTS<25,OOO) 0 0 0 0 0 0 0 0
COST PARAMETER 0 132,370 179,340 200,690 0 0 0 0

PROJECT COST PER UNIT 0 137,133 186,685 237,472 0 0 0 0
PARAMETER-(CREDITS=>25,OOO) 0 12,464 16.887 18,897 0 0 0 0

PARAMETER-(CREDITS<25,000) 0 0 0 0 0 0 0 0
CREDIT PARAMETER 0 12,464 16,887 18,897 0 0 0 0
PROJECT CREDIT PER UNIT 0 8,061 10,986 13,960 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 13.91 43.24 4.41 0.00 0,00 0,00 0.00
TOTAL COST PER UNIT POINTS 0.00
TOTAL CREDIT PER UNIT POINTS 61.56
Cost Parameters - Elderl

ASLVG EFF-E 1 BR-E 2 BR-E EFF-E-1 ST 1 BR-E-1 ST 2 BR-E-1 ST
Siandard Cost Parameter-low rise 0 0 0 0 0 0 0
Parameter Adjustment- mid rise 0 0 0 0
Parameter Adjustmenl- hl!lh risa 0 0 0
Adjusted Coet Parameter 0 0 0
Credit Parameters - Elderl

ASLVG EFF-E 1 BR-E 2BR-E EFF-E-l ST 1 BR-E-l ST 2 BR-E-1 ST
Siandard Cram Paramaler_ low rise 0 0 0 0 0 0
Paramaler Adjustment - mid rise 0 0 0 0 0
Paramaler Adjustment- high rise 0 0 0 0 0 0
Adjusted Credit Parameter 0 0 0 0 0 0
Standard Parameter-lOw rise

Parameter Adjustment- mid rise 0 0 0
Parameter Adjuslment- high rise 0 0 0 0 0
Adjusted Coal Parameter 0 0 0 0 0
Standard Credit Pare meier - low risa

Paramaler Adjustment- mid rise 0 0 0 0 0 0
Perameter Adjustment_ high rise 0 0 0 0 0 0 0 0
Adjusted Credit Parameter 0 12,464 16,887 18,897 0 0 0 0
2009
TAB A
(Documentation of Development Location)
TABA.1
(Qualified Census Tract Certification)
VHDA. Qualified Census Tract Certification
Angelwood Development
Development Name: .l:!2g~~:-_~ ______
Tracking #: 2009-Z-008 _ _ _ _ _ ........ _ _
-=c::..:::c.-"-'=
1. Generallnstructions
• This Certification must be included with the Application (by Application Deadline,
5/15/09).
• The Owner/Developer completes this Certification.
• Any change in this torm may result in a reduction of points under the scoring system. If
you have any questions, please cali Jim Chandler at VHDA (804) 343-5786.
2. Definition of Qualified Census Tract

Pursuant to §42(d) [5J!C)[ii) of the IRe, a qualified census tract is, "[I) Any census tract
which is designated by the Secretary of Housing and Urban Development and, for
the most recent year for which census data are available on household income in
such Iract, either in which 50% or more of the households have an income which is
less than 60% of the area median gross income [AMGI) for such year or which has a
poverty rate of at least 25%. If the Secretary of Housing and Urban Development
determines that sufficient data for any period are not available to apply this clause
on the basis of census tracts, such Secretary shall apply this clause for such period on
the basis of enumeration districts. [II) The portion of a metropolitan statistical area
(MSA) which may be designated shall not exceed an area having 20% of the
population of such MSA. (III) Each MSA shall be treated as a separate area and ali
non-metropolitan areas in a State shall be treated as one area."
3. Census Tract #(5):
f8l To determine the development's census tract, go to hHp:Umgp,sba gQv/hubzoneliolt= and

put in the development address or county. The census tract number will be revealed
after pressing the "search" button. On a rare occasion, when a development spans
more than one census tract, this website may show incomplete information. IF the
subject development is across census tracts. please list each census tract by number
and provide supporting documentation.
f8l Attach a map showing census tract boundaries and the development's location!
4. Legal Description
f8l Attach a copy of the development's legal description: the legal description should
correspond to the site control document in the Application.
SBA HUBZone Locator http://map,sha,gov/hubzonelhzqry,asp?command=address&ST,,,
~~
.. MaptitlJdefor t~ W<!b S,60;OO . .'
, c.. '\!-:.
~I . .... . .
• HUIIZpneprogra"..
-'
. - ~ ,,-.-- -\ --. - -- ,- - ,- - -;' --
Address-Town-Countv Text-Onlv
U.s. Map
Search Version
DETERMINATION 01<' WHETHER AN ADDRESS IS IN A HUBZONE
10267 Faith Drive, King George VA, 22485 is located in King George, VA which IS NOT HUBZone qualified.
The map below shows the relationship of this address (marked with a star) to qualified HUBZone areas, Below the map,
you may find information on the address was found not to be in a HUB Zone Area,
define 'lOOm inlout

I o".ove display area by
.J.~~.'. .
Iclicking on the map with
I the mou,e ;,tter selecting a
. ~i .
BASIS OF HUBWNE DETERMINATION
Is the address located in a Metropolitan Area? NO

Connty Income $49,882,00
State Income $32")54.32
Income Ratio 1532%
Is the address located in a qualified non-metropolitan county in which
the median household income is less than the 80% of the NO
non-metropolitan state median household income?
County Unemployment 3.5%
State Unemployment 3,0%
lof2 5112/09 9:15 AM

SBA HUBZone Locator http://map.sba.gov/hubzone!hzqry.asp?command=address&ST...
u.s, Unemployment 4.6%

Unemployment Ratio 116.7%
Is the address located in a qual(fied non~metropolitan county in which
the unemployment rate is not less than the 140% of the statewide
average unemployment rate for the state in which the county is
NO
located?
Is the address located in a BRAe Commission·closed former military
NO
base?
Is the address located in a Difficult Development Area? NO
Is the address located in an Indian Country area? NO
, ,
! Address (include either City &: Shire or ZIP Code * ami/address 'I Ii
! to zoom map to a city or ZIP code area) County II
I Street Address: I I CUUhty: rL-..-...-..-...-_-.-.-..-.-.,-,. . -..'.---,]1
II City & Sta'e' ! "(!.i,,.,;,,-.
... .i ~ 'j1!!\I!II!!I
i Stare:
L .' ~
[,-.,,'X.!]!!. !
I ZIP Cod.: J .
, (e. .".., t I(SearCh) ~~}
I .,.... .... __ . I
2of2 5112/099:15 AM
FFlEC Map Print http://maps-ffiec.gov/FFlECMapperffGMapSrv.asp,,?street_add .. ,
I 2008 Iur... rmafum

I
IStreetAddress 1110045 KlNGS Hwl' I
liKING GEORGE Legend---
~tyN4mc I -Highway
State Abbr IVA I
Zip Code
122485 I Tract
IMSAJMD Code IINA I Street
IState-Code 11'1 I
ICounty Code 1
099
Tract Code 9904.00
1 of 1 5/12/09 9:42 AM
EXHIBIT A
DESCRIPTION OF REAL ESTATE

Angelwood Development Phase II
ALL that certain lot or parcel of land situate, lying and being in Rappahannock
Magisterial District, King George County, Virginia, containing 26.612 acres, more or
less, shown and described on the survey entitled "ALTAJACSM Land Title Survey
Residue of Tract One, Being a Portion of Woodlawn", dated November 7, 2008 and
prepared by Deputy Land Surveying, Inc., which plat is to be recorded in the Clerk's
Office of the Circuit Court of King George County, Virginia.
(This property includes all that certain tract or parcel of land situate, lying and being in
Rappahatmock Magisterial District, King George County, Virginia, designated as Lot 1,
containing 8.870 acres, more or less, and more particularly shown on Major Subdivision
Plat dated July 15, 2008, prepared by Deputy Land Surveying, Inc., which plat is to be
recorded in the Clerk's Office of the Circuit Court of King George County, Virginia)
TABA.2
(Revitalization Area Certification) .
Not Applicable
Location Map
Project FAITH Phase Two Development, L.L.C.
c/o Project FAITH, Inc.
10073 Kings Highway
( King George, VA 22485
ros
.....1"'-
j:W Brooke
tID - - j
;/I
/ / 1.eelanO
;1'" <-. ':, B,el Air
iI \ .I.
' 'Brookfield ..
lIer 'F.id~rickS,
"/i//I '"I burg AmOld5.~,' "
-corner),1':';~ln_. "
, ,
\ ¢oncord ;. ~' Lamb>
Creek.
Lea"elis :~!1Ei9hts~ 'GreEf,fiv~d
\\ - Dogue
~..1ontaglJe
rw~
I -
L
~<..::..J J@(1iey
lVania
!f -;>
.I) --,'- POIt Rovat:t
{{ . -y
OJ. Trap ,Ii

" rj
Thomnutg
i~1S
i'I
Nancy ,Wrights
WoodJo(~ "
Oefos
Brandywine Horne
""
Location of Angelwood Development Phase II in proximity
to surrounding communities
nt~ i;J,. ' I' 'C_,,:,'}:} Lf,' _ ,
_,J,
-King
George
<lED
<illD<m: 4)
Angelwood Development Phase II is located north of Route 3 in King George County

off of Faith Drive west of the King's Highway Project (aka Angelwood I) and east of
the proposed Angel Court project
Surveyor's Certification of Proximity
To Public Transportation
DEPUTY LAND SURVEYING, Inc.
P.O. Box 376
King George, Virginia 22465
(540) 775-5565
SUNayor's Certification of Proximity to Tra""""rtation
(This Fonn Must be Included With Application - TAB A)
(This Letter must be Submitted Under Surveyor's Corporate Letterhead - Any change in
this form may result in a reduction of points under the scoring system.)
DATE: May 12, 2009
TO: Virginia Housing DevelopmentAuthority

601 South Belvidere Street
Richmond, VA 2322M5OO
RE: 2009 Tax Credit Reservation Request

Name of Development Angelwood Development Phase II
Name of 0Nner: Project FAITH Phase Two Development, LLC.
Gen~emen:
This letter is submitted to you in support of the ONne(s Application for Reservation of
Low Income Housing Tax Credits under Section 42 of the Intemal Revenue Code of 1986, as
amended.
Based upon due investigation of the site and any other matters as it deemed necessary
this firm certifies that the main s!reel boundary entrence to the property is within:
D 2,640 feet Of ~ mile of the nearest access point to an existing commuter rail,
light rail or subway station; or
I2l 1,320 feet or 1« mile of the nearest access point to an exisfing public bus
stop.
The latitudes and longitudes in decimal fionnat (ex; -77.452786 f 38.77987) are as
follows:
,--"-- '-'="'it""udeC>':-----..,
, Latitude
l:Mllin Street Boundary Entrance to Property 11 • I I, 0 I .,
L.!<:<>nsportationAcces!......... ~~_~~--L.3g· IS' sf" N
Deputy Land Surveying, 1!1C.'::--__,,_ _ _ _,

Firm Name
ByJ:?AV. (:) C'T)e",;{y_

Its: TRc.s ,-ae-").(r ___. ___
Titte
TABB
(partnership or Operating Agreement)
,,
•
EXECUTION COPY
PROJECT f'AffH PHASE TWO DEVELOPMENT, L.L.C.

A VIRGINIA LlMlTf.D LiABILITY COMPANY
AME..~D£DANDRl:STAnDOPERATINGAGREEMENT
Alof~mn~IS, ~
nlE MEMBERSHIP INTERESTS EVIDENCED BY nos AMENDED AND RESTATEO

OPERAl1NG AGREEMENT (11iE • AGREEMENT") HAVE NOT BEEN REGISTERED wrru
mE SECURJ1lES AND EXCHANOE COMMISSION UNDER THE SECURmES ACT OF 1933
(THE "ACI"') OR PURSUANT TO APPUCA BLE STATE SECURffiES LAWS ("BWE. SKY
LAWS"). ACCORDINGLY, TIl E MEMBERSHIP fNTERESTS CANNOT BE RESOLD OR
TRANSFERRED BY ANY PURCHASER TIlEREOF wrrnOVT REGISTRATION OF TI-lE
SAME UNDER. TIlE ACT AND THE BLUE SKY LAWS OF SUCH STATE(S) AS MAY 8E
APPLICABLE, OR IN A 1llANSAcnON WHICH IS EXEMPT FROM THE REOISTRAnON
REQUIREMENTS OF TH E ACT AND THE BWE SKY LAWS OR WJflCH is O'THERWiSElN
COMPUANCE THEREWfIl-I . IN ADOmON, TH E SALE OR TRANSFER OF SUCH
MEMBERSHIP INTERESTS IS SUBJECI'TQ CERTAlN RESllUCTIONS SET FORTH IN THIS
AGREEMEl'IT, INCLUDING WITHOUT llMIT ATlON, THE RESTRICIlOHS SET FOR11-I IN •
ARTICLE IX HEREOF.
•·
•
-
•
TABLI'.: OF CONTENTS
ARTICLE
1.0 ]
1.02
1.03
1.0< ................... _.......... _............_............................. _ ........... 2
I.OS I
Spocj,1MQIlber................................................................................................ _.•••..•••.................... 2
1.06 lGm ................................................................................................................................ 2
1.07 ........... . . . . . . ...... ..
ARTICLE
ARTICLE
) .01
3.02
~;~
~
ARTl e Ll:
S.O]
S.02
S..,
s...
S.05
s... ............................................................... _.................................. 41
5.07
8,0)
-,-
•
•
•
8.02
8.03
8.04
8.OS
8.06
8.07
....
808
8.10
8.11
Otbq 0c0aaI Partocr GlWlIntcg _ ..... ~ ........... ~ ....... ~ .. __ .. _ ... ~ ....... ~ ... _............. __ .... __ .... 61
8.12 Deydopmm! Fee ........ _~ ... _ ..... ~ ... ~ ....... ~ ..••.• ~ •. ~ ..•..•...•.•... ~ ........... _ ............ _......... 64
8.13 'D!?!7!IjyC Mm,pqnrp! Fce .. ~ .......... _................................................................... ~ ...... 65
8. 14 Wjthbp!d jpB of Fee PI'r' D"rtI .••..••••• _............. _ ••. ~ ..... _........... ~.~ •.•_................ _ .... _ 65
W Selection or MwmPenI AmI!: Tams or Mwmpm! Amt!llQll ..... _........ _........ 65
lli Rgnpypl o( !hc Mmomnml A8QI! ..........................................._ ............................... 66
lli RcpI .. , ";PI ortbe MIIlI!!qpfi!II Am ....................................................................... 66
W ._....._.. _..~...._...................._...................................._....._... 66
ill
i.ll
ARTICLE
.. _ .. _ .. _ _ _ _ _ .. _. ______ 68
9.01
,.02
9.03
10.01
10.02 j j
10.03
ARTICLE XI
11.02
" .0>
11.0)
~ ..•.•.. .•.•.•...•.•. ......•.......•...... 72 •
11.04
Property 74
11.05 Di!lributjOlll! ,nd A!JOCItjops; Cjmml Prpyj!iOOI ....................................................... 75
11.06
11.07
11 .08
11.09
11.10 "
8l
AR'llCL.E XIISALE. DISSOLUTION AND LlOUIDATION
. jj..
"
,·
•
•
12.01
12.02
=_. _ _ 14 "
Jl,01 Rgglq 9{ACCOWlI· •• ~ ..................... ~ .................................. _ .•••. ~ ................................. 84
11.02
lim
11.04
U."
B .06
B .01
lllli
ARncu
14.01
U .O!
15.02
15.03
16.01
16.02
16.03
16.04
16.05
16.06
16.01
16.08
16.09
NQo!jCCl ......·..... ~·_ ~ ••••• ~ ........ d ~
................................................................... 90
H.... jngs .~ ............ _..•... _................................................ ~ ............... _.. _............. _._ .. ~. 92
................
"
16.10. Pmpgo!O$I!Id P!ynh ._...... _......_ ........ d ~
....d ••• •••• _ . .. . . . _ ..............._ •••••• M 92
....................
,
,
•
•
PROJECT FAITH PHASE TWO DEVELOPMENT, L.L.C
A VIRGINIA LIMITED LIABILITY COMPANY
AMENDED AND RESTATED OPl:RATING AGREIMENT
THISAMENDEDANDRESTATEDOPERATINGAGREEMENTismadeand~into
uofDeeember 1S, 2008, by and amongAJIgdwood 11 Management, ine., a VUgini. OOlPOllllion (!be
"Managing Member"). Projea FAITH, Inc.. tbe withdrawing Member (the -Withdrawing Member"),
Housing Equity Fund of Virginia XI, L.L.C., a limited liability company funned under the laws of
the Commonwealth of Virginia (the "Investor Member,,) and Virginia Affordable Housing
Management CorporiIoon,. Virginia non-stock OO!pOI'IIIion (the "Special Member").
WHEREAS, the Robert J. Barlow, as organizer, organized Proj«t FArTli Phase Two
~Jopment, l.L.C. (the "Company") pumwrt to the terms of the Virginia limited Liability
Company Act (the · Act"), by filing AnkJes ofOrganizatioo (the "ArticlesofOrpnization") with the
Stale Corporatioo Commission of the Cornmonwea1t1l of Virginia (the "State of Formation") 00
FebrIIary 26, 2007;
WHEREAS, lhe WilhdrawingMember and the Special Member havepreviously eJ(ecuted.

limited liability company openring agn:em<2)t purWaIl\ to S«tion 13.\-1023(2) of the Code of
Virginia effective February 26, 2007 (the "Original Operating A~I") of the Company;
WHEREAS, the Investor Member and the ManagingMember wishes to join the Company as
the inwstor member and managing member, respcetivc1y;
WHEREAS, the Withdrawing Member wishes 10 withdraw from the Company;
WHEREAS, the Managing Member, the Special Member and the Investor Member wish 10
oontinue the Company pumlMt to the Act by amending and restating the Original Operating
Agreement in its entirety; .
WHEREAS, the Company has been fonned to develop, oonsIruI:(, own, mainl3in and operate
a 12 unit low income bousing tax aodit project located in King George County, Virginia (the
"Project");
WHEREAS, the parties hereto now desire to cntcrin«l thisAmended and Restated Operating
Agreement 10 (i) continue the Company under the Ad:; (ii) withdraw !be Withdrawing Member from
!be Company; (iii) admit the Investor Member and the: Managing Membcr 10 the CompIII1y as
memb=; and (iv) set forth all oflbe provisions governing the Company;
NOW, THEREfORE, in consideration of the foregoing. of mutual promises of the parties

hereto and of other good and valuable considemion, the receipt and sufficiencyof which hereby lin:
-
t
QnowJedged. tbe pattics hereby 1111« to continue !be Campany pursuIIIl to the Act, as aeI: forti! in
this A.merxkd md Restated Optnting Agreemeot, whieh ~ in ilS altmlty ., follow$:
ARTICLE I
CONTINUATION OF COMPANY
1.01 Con!in",ljpn. The W'ldersigned hereby continue the Company as ,limited liability
company under the Act.
1.02 l::!I.ms<. The name of the Company i, Projed: fAITH Phue TWo Devdopmenl, LLC.
II
10073 Ii
principal 1 o(Vi!Jinilis
mlY Mfeafter be determined by the Managing The Managing MembCl'.tW1 promptly
notify al l other Members of any change in the principal place of business. The Company may
l118intain such other offiecs at such other placeorplaoes u the Ma!\.lgingMc:mber lUy &om lime to
lime deem advisable.
1.04 Ageat for SeMce ofJ>ms:a$ The name oftheAg<n1for service of pro«SS it: Robert
J. BMlow, who is a resident o(Virginia and a member oftbe Virginia State ~, and whote addras
is 3S16 Plank Road, P.O. Box 8, Fmlcricksburg, Virginia, 22404, in the county ofSpolsylvani •.
\.05 Withdrawal of Wjthdrawjn8 Member and Adrojs.tjon of lpYA'nr Member and

Monogjog Member. The Withdrr.vingMembcrberdlywithdrlwl as.
Mc:mberofthc COll1JlMlY, and
represeou and wammts !bit hclshelit has no interest in the Company and ;. no! entitled 10 any fees,
distributions, COD1fJa1S8lion or payments from the Company and thai hellh6'il has 110 interest in any
ploputy or wets oflbe Company. The Investor Mcmb« is hereby 8dmitted 10 the ComP"'y as Ihe
30le investor member. The MMlllgiog Member is heRby admittod to tho Company IS the BOle
man_ging manber.
1.06 Imn. The tent! of the Company commenced as of the date of the filiol of lhe
Article!! ofOrganizatioo wilh!he SocJdaJy of tho Commonwealth ofVil'j:inia,1nd Jb.tll continue
until in perpetuity, unless the Comp",yillOOfter dissolved in ICX:OniInoe wilh !he provisiot\toflhis
A......."
1.07 ReconIioR Q(ABjcles. Upon Ihe execution oflhis Amended and Reswod Opennog
Agr«menl by the P'fties hereto. the Mlnl.gio& Member t:hIIllike alllC:tions nee ''110 ISNrC \he
prompt reoordiog of", amcndmerrt 10 tbe A:ticl0l of Orprrizalion if and N requind by tho Aa,
including filing with the Stale CorporMion Coouninion o(the Commonweallh ofVirginil. All fees
for filing shill be paid 0IIt of the Company's uteU. The M_gin. MeI'IIbef w.u we III otber
_pry Ktion RqUimi by bow 10 porleeI and maintain the Com",,"Y" ,limited lilbilityeompany
2
,
<
•
uocItz !be laws of the $tale, UId shall register the Cornpaay IJOder .:I)' assumed or fictitious _
stMUte (It simil. law in force and e!fecl in !be ContmonwaIIh of VirginiL
ARTICLE II
DEFINEp TERMS
In .&Iition to the tmms defmed in the preamble to \hi, Agreement, the followins temu usod
in this Agrcc:mem ,hall have the -meanirIi' specified below:
-.ntants -IN)'' '

"AClX!!!!lllnls" me&nl Dooltf'j It Vicars, <IT aucb other finn ofindepmdenl a:rtlfied public
cnpao:I by the Manqing Manba-, with the Consent oftbe Juvuto,. Member,
10 pitJNIl'e finaDcial swemmls and provide other KrVic:a to the Compul)'. Dooley &: Vio:aR (or
other ~t ac:Q)\IlIlanta !IpPI'OVed by !he Investor Manba') ~l review and aecule all tall
returns £os- the Company.
,
•Ac:oountjna fee" shall have the meaning set forth in Section 8.21.
•Am" means the Virpnia Limited Liability Company Act, .. nu.y ~ amended IJom time to
time during the tenn of the CompllllY.
• Actual Credit" meanl .. of HI)' poUlt in time, the totalamwnt oflhc LlHTC alkxated by the
Compllll)' 10 the Investor Member, Iq:c Ilcnting ninety-ninc and ninety·nine hundredths pm:c:nl
(~.99%) of the aggrqalc LItfTC reponed and daimed by !be Company and ils Manben on tbeir
tesptctive fedenl infOf1l1alioa and iDOOme tall returns, and not diJlllowed by an)' tWft8 alllhority.
• AdNsced emlll AC9P!!!!t pdjcj!H means., with raped wliIlY Memba". the deficit bIIllIICC, if
lillY, in such Manber's Capital Account as of the mel of the mevanl fiD period after giving cffaa 10
the following -.ljustmenl$: (I) the credillO such c.pitaI AOCOWlI of Ill)' ammmlS wIDch such Membtr
is obligated torestoR! undathis A~I oris deemed to beobliptcd torestore pwsuanI to eitha"(i)
the penultimatesmlm<:es ofTrns. Reg. §I.704-2(g,)(1) and Treas. Reg. § 1.704-2(iXS), cr(ii) IIIDOUIllS
!hat theMtmberistmoted Qoblipted tof'llllOre ImderT..-. Rea. fl.704-I(bX2XiiXe); and (b) the
debit IOsuch c.pi~ AQWUllt of the ..notmts dC*ll'bed in Tro:aa. Rea. f 1.704-1(b)(2Xii)(d)(4), (S) and
(6). The foregoing ddinitioo of AdjUSted Capital ACCDUI'It DefiQt is inlended 10 romply with !he
provisionsorTreu Reg. fl.704-I(b)('2XiiXd) md shall he inteqnled consisuntly lha-ewith.
"Affili'te" of. spoc:ifted Penon mo::lnS ( i) Illy PCIWII dim:tly or indircdIy eootroUing.
oontrol1ed by or under OOIIUOOII ODIltrol with !he Penon specified. (ii) Illy PtnOII ownm, or
oontrollina ten peroent (10%) or more of the outstanding voting securities or beneficial inlerests or
the Pmon specified, (iii) lilly officer, diJa:tor, partner, trustee OT member Qftht: immedillle familyof
the Pmon specified. (iv) iflhe Penon specified ilm offiew, direelor, ~. managing memba'or
trustee. I ny oorporatiOl'l, limiled parmtnhip.limited liabilitycompanyor trust for whieh tbIt PtnOrl
acta in that cllpaoCity, or (v) any PCIWII who is an ofJica", dilectcr, managing member, ~ p8I1I1er.
,
I
•
•
tIUSte.e or bohier of kn paoml (10'%) or mort: of the CItIIStADdill& voting securities or beoeliciaI
int_1I of~)' Penon de$aibed in clauses (j) tlIrough (iv). 1htI knn ~OODtn)r (iDcludinS me Imll
Mcontrolled by" IIld "'under ~ OOIlIroJ with") means the possession, dired or indirect, oftbe
power 10 dim:! or c:.uee tbe dim.:tion oftbe managcnart IOd policies of. Pmon. whetba- through
the O\1IIDeRhip of voting ~tiCl, by OOilb Kl or oIherwi-.
'Affi liate Guuantcr" means Project FAITH, Inc., ....hid! i, an Affiliate ohlle Managins
"'--.
• Affiliate Quaooty" means the ,.......,)' of tho; performMU of the obligations of !be
Managing Member under this Agn:uncnt and the obJiptioN of t.... Devdoper under the •
Devdopmenl Agreement for the bmefit of the Investor Memba- liven by the Affiliate OumtnlOr,
whieb Affiliate GuInnI)' is in the form of Exlaibjt D.
• Affilj.ted O",uyoy" means I limited liability «nnpany in whid! the Manlging Membtr or
an Affiliate IbereofiJ I Manaaing Mc::mbcr Of ,limited..,.. h,enl.ip in whi~h the Mmqing Mc::mber
or an Affiliate i•• general pIOrtncr. and in whieb the Investor Member or an Affiliate of the Investor
Member is I Memberor limited.-mer.
•Agency" meaoa!be Virginia Housin& Devi:lopmml Authority, in itllClpecity as the qmcy

desig,ta\ed 10 allocate UHTC, acting lhrousJ! In)l'utborind .-.esmtative.
'Alj!mmm!" ~ this Amo::nded and Restated Operating ASlealKllt, as.mended from

time 10 limc.
~ Article;" metns the Company's Artieles of OrpniUlion or lilly 0Iber instrument or

document which is roquired weier !he laws of the Stale ofFonn,tion 10 be signed. by the Managin8
Member and filed in the Ippropriate public offices within !he State: of Fonnatioo 10 pafoct or
ITIIintain !be Compaay as 1 limited liability QOITIpany IIIIIk:r the laws of the State ofFomWion, to
cffed the IdmissiOll, wilhdrawal or substitution of l11y MelDbel' of the Compiny, or to proted !be
limiud liability of the Membcn &s members under the laws of tile Commonwealth ofVirginiL
•Apumed investor Mm!Ixr Ju LiabilitY" _ for I11Y giYOl year the pt'OItuct of (i) the
IUI'n of(A) the Profits,
if I11Y, a1loe1ted 1(1 the InveslOT Member purwant to Section 11.01 (b) pIut{S)
~y items of ineome, pin. loss, dcduetion or a-edit wbid! lire ipOQally IIloc1tul to the lnwsIor
Member pumIIIlt 10 Sations 11.07(I} and (6) through (j) lima (ii) a pa«:ntagc C1CjuallO the IIWTI of
.... ,..,.
(C) the hig!lest feden! COiJXIIlte tax nile: for such yell' plus (O)!he highest state: _poi tde: WI nle for
• AUllIorjly" or • Authorities' means Illy nation or pemment, Illy ItI!e or OCher political
subdivisiOll !hereof, and Illy entity exc:rcising iU executive. Jeaislative, judicial, regulatory or
Idmini$ll'atiw: fi.ln<.:tions of or pertaininl to lOwmment, in.elu<linl but not limited 10, Illy federal,
,we ormuniciPl'I department, commission, board, ~~, DO<rt, 1n0unal orin$tnwmtality.
4
I
•
-s.okrJmtc,( or "Baobupt" u \0 any Penon ~ !be filing vf. petition for tdief.. to 111'1
sud! Pcnoo as dcOtOl'" or bankrupt under the Baokruptq Ad of 1898 or the a.nkroptcy Code: of
1978 or like provision ofia'll' (cxcept if IIUCh petition i. contesIcd by sud! Penon and has been
dismi$ed within 60 days); intolvtlllCY of such Penoa IS finally decerminod by I court ~na;
fiIiuj; by IIUCh Pcnoo of. petition or application \0 IOCOllpliJh the _ o r for the IppOiJmDent of.
re<lOiva- or I In>5tec for IUCh PtI'SOn or I fUb$tantili pat! of hi. ~ commencemeol of any
"""",*,in&1 tdatm, 10 such Penon uncler any ~ reorpnizlltion, B'nllganmt, m,oIvt:ney,
adjllStmenl of debt or liquidrion llw of any jurisdiction, whr:tbcr oow in t:llisuno:c: or hereiJWl.e:r in
effect, either by such Penon or by MOtha-, provided that if such proce!:ding is <:Ommenccd by
lrIOiher, such Penon indicates his approval of such procecdin& consents therein or 1CqUiescc:s
Iberein, or such proceeding ;. contested bY$IIch P«SOII and hu no! been finally dismiSled within 60
d.,..
-Rrrelrcvm Opentjogs" mUJU the dale following Final Closing up<.Xl which the gross
operatiog reva!1MII !rom the normal opmtion of the Project recei~ on • cash baN (illcluding .1I
public subsidy payments due .00 ~Ie . t SlICh time bUllIOI yet rceeived by the Com...,y) for •
period of three (3) oonsecutive calendar months after Final Closing equalt or ua:eds all ~
opentional OOSIS of !he Project, includin&, but noIlimiled 10, lUllS, lSI llCDls, reseJVC fund for
TqII_ depo$iU and debt service payments, the A_ling Fee and • ratable portion of the
annual ~ (as reuonably estimated by the M-ajna MeroIlG-)ofthoee ........... I.oo/or periodic
expengeS (sud! as utilities, maiDta\8IICe ex~ and real estlle fUel or service charps in lieu of
real estate tu~) which misht ~'1 be expec:kd to be il\Clll'l"td 011 an W"Oequai bMiaduringa full
umuaI period of operation, for $Ilch period of threo:: (3) consecutive calendar IDOIltbs on UI
anmtaliud basis (bQed on projectiunf of the Company), lIS evidenced by. certi fication of tile
Man.ging Member wilh UI ac<:ompanyinl UIla1.>dited bJ,! __ ~ of tile Company iodicatinl that
a1 l lnde paywbles tuove been satisfied (or with rapeo;t to b1Idc pa)"'blell within si<ty(60) days of the
dlte the servica were performed or goods wen: ddiWftd, the InIde P'}'Iblc:l shall1lOl be put due
and tbe Company shall tuove an adequate cash reserve fortbe pl)'ll1all of such lrIde pa)'lbks), al l as
shall be aub,iecl to !he approvil of the Invator Member. For the JIUIIl'08C of caI<;Ullting B..-.:vcn
Opentions only, the following costs 1IIa11 DOt be considered operIIting C05IS of the Projed: (i)
payrneu.tI on the: Incentive Management Fee; and (ii) .,."nmts to be made under the Development
A .......,
"B rid@C ' 9"9lntqs;st"metnStheintemtctpenMincun-edbyInvestorManberinC(lOledion

with any Jo.n obtained by such InYCSIOT Member which i.!I s.ecured by the de{emd eapilll
contribution obligations of any oflhe m~ of such InVUlor Member.
"CllliW ACWllfll" meu\S the capilli KCOIIIlt of a Member lIS described in Section 11 .06.
"Capilli Coptributioo" means the I0Il1 amount or muney or other pioperty CODU"ibuted or
apao<t to be COIltn""'tc:d, lIS the CO<\text requins, to the Company by each Manber pumIUIt to the
,
,
•
lenns o{ lhis Agreemmt. Any reference 10 !be CIopitai Coatribution of. M _ _ shaU include !he
Capital Contribution lMde by • predeceuor bold« of the Inttn:JI of $UCh Membtr.
"Capilli llF''Gti9n" mt:arLJ 111)' IrIInSM:tion out of the ~ WW3C! of !be ComJIIIDy'1
business which iJ; apital in n.tIn, including without Iimi~on, the disposition, whether by sale
(except ... hen sllCh saleproomb..,10 be used punuanl to. p\.an or budpI: opproved by all orthc
Memben), ..uuaJry (where the prooceds an: no! to be used for reconJtructioo), condemnation,
~linancing or similar C'V«lI of In)' pan or all or lbe Project.
'Capital I p p....!ion Mminillruiyt; Foe" means the fee ~yable under Sectioa 11 .04(d).
"CA1rilltjzed Bris!p I..oAg In!em!" meIIJlIlII1)' Bridge Loan InCCR:SI rcquimJ to be c:apitaliu:d
bylbe Compllll)' pumIIIl! 10 Code Section 2631. .
..",
II
. OncetheCatifiedCrediture
. provided,bowever, i f with
under Section
; reducfion in LlHTC
to $lICh LIHTC Recaptun: Event
"Catjf!od Credit cmilA! AdjusbDmt" hat the meaning,,", forth in Section 5.0 1(e)(i),
"Certified Cmlit Ctpjlli PnTSI$r" h •• lbemeaningsct forth;" S«tion 5.0I (0)(i).
"Certified; Cmljl Capita! ' rans° Ms !he meaniJIg sct fonh in Section 5 .01(e)(i).
"Cm!s:" means the Intc:mal Revenue Code of 1986, 115 amended &om time 10 time, or.,'1
Wilcsponding provision or provisions of IUCaleding law.
"'Cow!!l!!y" mQl13 Project FAITH Ptwe Two Development, L LC., • Viraillillimited

liability COInpany.
'Com pljlncclqmjDl!joo Sale" has the me.ning ~ forth in Sor;.tion 8.03(1).
,
!
'CoDSml" means the)X'io<' written 0DRft:II1 Of' approval oflhe Investor MClllber and/or ....Y
other Pcrwn, .. the (l(lIItexl may require, to do the .ct Of thill8 for which the consent i••oHcitod.
"CmWustioo <'ro!zyt" means theoonsavo;:riOll cootncl in the auannt-' maximWllIllJlOUlll

of S4,312,m (including iiI exhibits IIId att.c:hrmnb themo) I(l be entered into between !he
<:omp.Qy and the Cootractot, purIUIIlt 10 whid! the Project;. 10 be OOlUtlUCtecl. Such Construction
Contract shall be tubjecl to the Consent o{the Investor Member.
"Omm.....;oo J 9"''' IDQ/IS the Project loin, if any, fuxn. private lender identified on
f.!b[bl! F hel'dQ.
"Cm<lnae!iQP Pqjod MI!l.gemqll 'OO"D'ivs Foe" bas the meaning seI forth in S«tioo
4.02(1).
'CoollllClos" I!leIIW Community Hoosin& paJtn«I Corporation, • Virginia non stock

l:Of)lOI"Mion, whid! is Ihe general am.struction contractor (OJ' the Project.
"Counsel" or ·Counsel {or !be CompanY" meam uw Office of J......, Oo_TIYIor or sud!
other attorney Of' law fum upon whiel! the InVUlO!" Manba-lnd the Managiol McmbeT sh.1I ~;
provided. however, that ihny section ,,(this Agoc:mml either (i) dcsiPlUlos ~lar COWIsd for
the pW'pO$e dc:5aibed therein, or(ii) provides Wt counsel fur Ihe pwpo6C described Ibcn:iD shall be
chose! by mo4her method oc by anotIter Penon, then S\dtdesiption orprovision ahall prevail ova-
this gcnem ddinition.
"Cm!j' Period" mUllS the ten-yar "credit period" as defined in IJId ddcnnined in
acrordaDce with Section 42(0 oflhe Code.
"DeIz! Savice Coymlltt; Ratio" $hall mean I hction, the nwtteralor of whid! is the
ditretellOl: between all C&$h lCtually receiver:! by the Comp&ny on I cash b.sis fiom normal
operations leu all..:aued openlionll eost:I oflhe Project and the denominator of which i,all debf
~ce, resave, mortp.ge insu~ prmUum lIIdforotha"euh mruiremenu impoRd bylbe Project
Loan doeumenll propaly allocable \0 • parli..ullr period on an annulliud basis, all dClennined by
the Af;OOOntlll!1.
"Developer" means Project FAITH, Inc.
"Dev$!smmmi Aamme:n\" ImaIlS the: Amended IJId Reswtd Developmm! Agecmenl

between the CQTIIpany ~ the Developen,of IiVIiIl dille herewith relating 10 thedevdo"ment ofllle
Project and providing for Ibc: payment ofthec OeveIopmenl Foe, in the form set forth in EJl!JbJl A.
,
"Dnelgpmqn alldseI' means the acquisitioa, COIl$InJCtion, nDbiliwion, de\odoplltilt and
financing budget for the toeqIIi$ition, COI\$bUCIion, rd\alriliution, development, fi~ md
operation of the Project. iDc:luding witbo\ll UmiUlioll the oonstnx:tion or rc:habiliwion of all
improwmmts, the liJrnishinl of ..II pmonaIty in I:OIIllCdion thcrcwitb, and the openIion of the
Ptojcd which Buclgd is an.chtd hereto ... E, .. Itt" H, and any II'Dt:IIdmaMs lhereto made..,jth Ihe
CoMent of the Investor Member. The DeYelopml:lll Budget: shall abo include a calculation of the
Projcdc:d UlITC for the Project indieatiDg the auumpliOPI reprding basis whic:b underlie 5UdI
calculation, a I S-yeu in....."'c/upensl: pro fonna, profitlloss ttatc:mal!, o::IISh flow SllItc:mo:nt,
dqncialionfamortization xheduJc, capillll K'OOWIt, minimum gain and 30 yew analysis and a
calculllion of net sale proceedl.
"[)cydoqpent Co5!s" meaII.'I.1I of the following: (i) III direct Qr indiftd COItl paid or
KCnIed by tbe Company reilled 1(1 the acquisition of the Land (and &Dy improvemenh thereon) and
the development or rdlabiliwion of the Project, indudina payment of the Development Fee,
amounts due lJIldathe Coostruction Conuw;t, anYWIll1nletion east overruns, tbc coet of anyc::Nng.e
orden and aU COIla neces.sa:y to aehieve Subslantill Completion; (ii) aU willIG achieve Wtill
ClOOnI and Final CIosin& and satisfy any esaow deposit mjuiranenls wbich .re conditions to tlte
FiDal CIo$ina. iocIuding any IIIJ10UIlts M'?'ssry fIN kx:aI laX., utilitia, mortgage ilmlmlCC
pmniums. casualty and lilbility in.Nnnc:epmniums, and any applicable ioIf! fees, di5anmts orotbc:r
expenses; (iii) for the period prior 10 Breakevtll Operations.Il1 costs, pa)1Jlo:nts lAd dqIositsnceded
10 avoid a default under any Project Loan, includinl without limiution, II I required depositl to
Slltisfy any rcqui,Qnmts or. Project Lmder to keep. Project Loan "in balance"; (Iv) all WIll and
eJ<pcn1a rel.tinllO ranedyina any cqvi.OiIltiG1W pooblem or condition Dr HazwdousMllerials thai
existed on or prior to Final Closing; and (v) III OperIting De6ci1S irK:IImd by the Company prior 10
Breakevm Opennions.
'Dcyelopmem Fee" means the fee payable by 1M Company to tbe [)ew;loper wnoanl lO
Section 8.12 of this A8Ioement.
'l2!m:Dward Capjtal AdiustmClll "bas the meaning set forth in Section S.Ol{eXi).
' fmnomiG Risk oUn' has lite meaning specified in Tress. Reg. 11.752-2.
"Eovi!'OMlCl!lII ConSlIltanJ"l'Ias the meanina set forth in Section S.OI(j).
"Eam' Qeve!gpmcpt Cosu" means III Development Cosu in uoc:ss of tho: proceeds of tho:
"'red
Project Loans and In Capilli Contributions the Managin& Member and Investor M~ba are
10 make hereunder.
"E1Il"'Kk9 ! !se Mm;roall" means the Extended Ux ReauJltory Aatoemeilt and Declararion
o f Restric:tive Covmants executed by the CompIoly and delivend 10 lite Agency daled u of June 8,
2007, seuill8 forth certain 1emt$1Dd wndilionJ IU'odc:o" which the Project U 10 be operated.
8
,
•
"Fannie Me" shall mean fedenl National MQr1pae: ASSl'>CiIlioo.

"Fin.! ClMju" means the ooeum:noe ohll orthc following: (i) SubsbntiaI Completion, (ii)
approv.J by the Projett Leodcn, if any. of Ibe Complll~ cer1iflCl.tion of ICIual oosts as 10 the
development and ooBStNction or rehabilitation of the Project, (iii) disbunemeot by all Project
Lenden of any and aU previously uodUbuned Pto;ect Loan pO' WI, including the funding of the
Permaoenl LooIn under Dowmt:nu aeoepu.ble to the lnve$Ior MO'Ilber, aDd (iY) ~I of
lIIDOrtizItion f;S 10 all Project I..o.n:s (to the atmlll1y f"ro.ieet Loan requites prineipalllJ1Ortization).
"final Mongn Amount" means the principii! mIOUIM of all orille Pro;cd Loans, Idvanced
al or prior 10 the Final Closing. before 1m)' ratuction rcsulting from rqnymmlS of principallhc:rcof.
"4Q.6Q Sc!.Asj4eTes!" means the MinimllDl Sc!-A$ide Test wbert:by8lleast4O% o flhe units
in the Projoct mU$l be occupied by individuall with incomes of6O% or Ie$s of IlIU median income,
&5 adj1.ostCld for family size.
'"Gutrantor UKTC Compliance! 9"'~ Iu:s thcmcening KI fOltb in Sc<:tion 8.11(eXv).

-HllardoLII $yhgnm" bas the manint;set forth ill Section 16.07(c).
"lim"""" Wps, LaWJ" hu the meanin&'" forth in sectioxIl6.07(e).
"Joomtiye MIO.gemenl Fee" me&rU the fee plyablc by the Company 10 the Managing
Manbet pursuant to Section 8. 13 oflhis Agreement
"lojtjaJ Amoynt" has the meaning lei forth in S«rion 4.02(q).
"lnjtja! Ck!sio," mea.. the date upon whic:b one: 01' more orthc Project Lo.ns is dosed and
the initial disbunancal is!1lllde tbercunder. The Initial Closing is ."tic:ipllted 10 OCQII"OO Oecanber
4,2008.
"WI;'! Peripd" bas the meaning Xl forth in Section 8.!I(b).
°lnlqqs" or "ComPlOX Intqest" means the ownenhip intl!l"$ of a Member in the Company
.. any partirulat time, including the ri"'l of~ Member 10 Illy and all benefits to which such
Membeo- Jt\.Iy be c::ntilkd as provided in this Agtten>enl ...d in the Act, lOgdher with the obIigatiOllll
of sueh Member 10 c:omply with .Uthe Icnn$ and provWon$ of this Agmmcnl .,.d of Mid Ac:I.
"lnyqtOr Member" mClnS, inilially. HOWIinS Equity Fund ofVirginil XI, L.LC., • ViTJini.
Hmitw looility compeny.
1D"..,,'" Mqnbq Due Di!ismce Costs" bas the meaninslet forth in SocOon S.OI(f).
,
"lBS" means !be IntcmaJ Revenue Servioeoftho: Uniled States or any su,........". qency.
"LIIId" means th" tract of land C\IIJUIIIy owned M to be ~ by the Company upon
whkb the Project will be located, as more perticula1y described on &lIIIh" C attKhcd hereto.
"I W PdiY'lY Capilli. Adiuslmg!l" bas !be meaninSIel fortb in Section 5.01(e)(i).
"lJHTC" meanl!be low·income housing tall credit allowed for Iow-inI:ornc housingprojecu
ptIfSWInt to Sedion 42 of th" Code.
"WUIC Compliwe Guaranty" ~ oollectivcly, the Managing Member obliptions set

forth ;n Seo.::tion S.il(c).
"UtITC RV'P'W Evenl" I1lCMII el) tbe filing of I tall return by the Company evidc:ndn&'
mllK'lion in !be qualified basis of the Project t8USing I recapture ofUHTC previOUlliy allomedlo
!be [nvalOr Member, (b) I reduction in tbe qualified basis oftbe Project following an audit by the
Intemal Reven\IC Se:rvice whieb raulb in the ulnanent or. deficiency by the Internal Revenue
Service ipinst the ConIpill}' with respect 10 any LDITC previously claimed in connection with the
Project, \IIIlesa the Company Ihall timely file a petition with respect 10 sueb deficiency with the
United Slateil Tax Court and anyotha federal tall court of cxnnpett:nl jurisdiclioo and lhecollection
ofsuch usessme:ntlbaU be stayed pending the clisposition ohuch petition, (c) I decisioo by the
Uniled SIIteI Tn Court or my other fedt:nl court of eompetent jurisdiction upholding the
usessment of such deficiency lpin$l the CompIIIYwitb taped 10 IIQY wrrc previously daimed in
ooJ!DCClion with the Project, unlom the Company sbIIllimcly appeII! $Ucb6ac:iJion and the mHectioo
of IUCh WCS!lmmllhall be stayed pendinJ the diSjlO5itWln of sucb appell, or Cd} the decision of.
fedenl court of =npctall jurisdietion affinniua such decision.
"LiHIC Sbgrtf,U"Il1CID5, as to any paiod oftimc, the diffen:noe be!wem the Certified
Crecl.it fOJ" such period of time and the Actual Credit fllf such period of time. For pulJIO$CS of
detmnining the lmOUDt of Ihe UlfTC Short&.U for a porticuIa" period of time, if thert is an
adj\lS1tnl2lt to Capiw Contributions \llId¢ Section 5.01(e) ~ of I laIc Delivery Cllpitlli
Adj\lSlment, the UIITC Sbortfall (OJ" sueb period of time shill be reduced by the Late Ddiva)'
Capital Adjustment.
"UQ!!j4¥9( mCIIIIS!be Managing Memberor, if Ibm: il none II thctime m question,.uch

other Penon whomay be IIppOinted in KroTdanoe with applicable law and who shin be responsible
for taking all ltction M I ryOT .pproprille 10 wind up tbe .«airs
of, and distribute the ISset I 01, the
Compilly UpOn iu diS$OlutiOlL
10
"I "In Ai\l99!lQ!r mcllllllny Io!In &grean(!/ll and/or ';milar agtoemeut with respoct 10 the
ODOditiona of the makin& of any of the Project Loans, which will be mtered inro bttwoen
tC!Il1S and
the Company IIDd lilly ODe of the Project Leoden _ or prior 10 the FiMI Cosing..
"L!:rist" has the rneaninI $eI forth in the definitiO!1 or ~l"rofib" and "Losses."
"Mwgrmm! Agent" meilJlll the LntnagmIeut IIDd ren'-l ageol for the I"rojDct desilPl11fd
pwsu.IIIIlo Section B.I S.
"MaQlggpeo! Agreeme!!l' mtIM lhelgLecmellt befwem the Company Ill!! the ~I

A,sent providing for I/>t mmeting and ltIIIIIgemml of !be Project by the MAnagement Asent-
"Men_ging Member" meILI$ hnFlwood n ~t, k , ' Virginil (>JLPOOIlllioo, and any
0Ihcr Penon admitted as • Mmlging MembeT pumllnl 10 this Agreanent, and their respedive
S'ICC '.on lIS any S\Ich I'-~' i ur!Ny be Idmitlcd pursuant 10 this Agm:ment, including those
Persons admilled punuanl theprovisions ofSectiOllS 6.02 and 6.03.
"Mwgill1! Mgnbcr Pledge' has the meanin, 3tI ford! in Section 8.111.
"MApeginl Member) Speci.1 Capital Coolribytion" has the metninl $eI fO!1h ill Section
S.OI(b).
"Maobe(' means any Mantging Membcr, lnW:StOr Member or Special Member.
"Mcm!zcr Nonrpc:owH Deb!" means any HOIIfCWI.ne Debt (or portion thereof) for which a
Member« !dated Penon (within the mCMing o nmlS. Reg. §1.7S2-4(b» bean (oru deemed 10
hew) the Eoonornic RiB. of Lou.
"MnnW NOtlR!."OWK DqtucliODll" baa the meaning sat forth in Treu. Reg. f 1.704-2(iX2).
and the amount of Memher NOIVeIlOUI"St DecIuc::Qonf with re$p«f 10 a ManiIG" NQnI"tICXIIIlr$e DdK for
I fiscal ftSI" shall be determined in aa::ordaooe with the rules ofT.-- Reg. § 1.704·2(iX2).
"Mjnjmum G.in" means the IDIOUnI determined by COOIp\Itinl with raped 10 ead!
N_rsc Debt the amount of pin, ifany, that would be ralized byihe Companyifil dispoecd of
the _ -mngnw:h liability (in I taxable InUIIIlclion) in full salisfaclion thcreof(and uno other
oonsidcmion), and by then 18IfC&IIlinalhe amounts so computed. For pwposes or determining!he
.:nount of such pin with respect to a liability, lhe adjusted basil for redenll income tax p!IJPII5tS of
!he _ securing the liability shall be .nocated lJTIoog all !he Liabilities!hlt the asset secures iIIlhe
LJIInner let forth in TIftS. Reg. §!. 704·2{d)(2).
"Mjnjmym ScI-Mide TesI' means the sct.-sidt test Jelected by the Companypunuant 10
Section '2(a) of the Code with respect 10 !he perccnta~ of unib in ib Project to be ooo.:>.Ipied by
"
!
tc:nanu wilh incomes equal 10 00 more than • certain pel_lUge of __ median income. The
ComI*iY"'"" telected Of will sel.ed!he 4~ S«-A»de Test as ~ byCode Section 42(&X1)
to ~ at 1~ 4O%ofthe units in !he ProjOCl be oocupied by illdiwtuals willi inoomes of6O% or
less of area median income, as adjusted fvr fmUly site, .. Ibo:: Minimum Sd·A$ide Test.
"MM J ..,.," meIIIlIlbe loans which may be made by the M~I Manbato tbcCompany
jIInIWIl to Section S.01(a) herm!; iDcNding any KCIUOd interat Ihaeon. Op«.ting Deficit Loam
.JWI DOt constitute MM Loans.
"MQrtgur" means any .s-I of !rUSt 10 be pven by the Company in faVOf of l1li)/ Project
Lender as maker of. Projec:c Loan, wnstiluting a lien on the Project and aecuring • Projec:c w.a.
"Nee em Flow' maIllS lhesurn of(;) all ~ =civod &om rmts, lease pIIym«lls.nd all
other ~ but eJl.cludiog (A) tenml security or oIherdepolits (CXCCJllIO lbc ex!m\ forfeited to the
Company). (B) Capital Contributions aDd interest IhereDrI (olber IIwI ifuxd 10 pay for 10 ilelll
deducted below in detennilling Net C_ Flow), (C) plocem. from Capital Transaclions and (0)
intenlilt on resem:s DOl av.ilable fur diWibutioll, (ii) the net proc:eeo:b; of any inSlD'UlCC, other than
fire and ntmded C>OVefa&C and tille inswaD<:e, 10 the alent JIOt reinvested, IDd (iii) any other fimds
deemed available for dislribulion by tIM: Mana,ina Membcrwith Ibe opproval of the Proj«t l..mda$,
if~uired, 1aa the sumof{it) all euh eJ\penditures, and all ~ WIplIid b\II properly ilCCNCd,
which have been iDc:urrcd in !he opention of the Company's business (wbetber or not :rucl!
expenditure is dedootd, amoniud orcapitalited fortu. purpoecs). indIIdin& the maoapnc:nl fee to
the ManageDH:Ilt Agan and Ihe A(:OOUntins Fee, (y) .11 payment:! on account of any Joans mack 10
the Company (whether such loan is made by a Membcrorotherwise), but 001 includinll lJlY IfllOOO!S
to be paid pursuant 10 the Development Agrccmmt or pursuant to Illy Ioeos made by any Members
when: ~I ofwdlloan$ is 10 be made out of Net Cash Flow, and (z) any cash reseora for
workine ~tal, capital expmditllftS,,.in., replacemmts aDd anticipated expmd:itures, in such
lmlOunll as .... y be: required by the Project l.eoden or the lnve$lOr Member, or may be: determined
from time to time by the MBMging Member with the ~val of !he Investor Mem~ -.>d !he
Projcoc:t l.mderJ, if required, to be IIdviJabIe for the openlioJt of the ComI*lY.
"Net Projected Tax JjobjljUcs" means, IS determined by the AClWUnI~ based on the
Company'. tax ruords, and Illy final adj\tstmerns made prior to the availability of pro<»eds of
Capital Tnnsaction(l) lordisuibulion, thu:umulative arnovnla oflile lespeai""P'Ojected liabilities
(oollectivel.y, the "Projected Tax Lilbilities; of the Managina Member, the I n _ Membcr'l
members, and \heir respective partners and member$, if any, (oollcctively, the "Company
TI1~i for any aDd all federal, stMe, aDd local laxes, indudi", anYTtIC3jICIJNof prior UIrrC, 10
be imposed on the Compllly Tl1payers by reuoo ohll Cap;tal Transactions of tile Company from
which tbe fHO"'C"'Ib in question arc: 10 be clisuilMed., any and all prior Capilli TraNldion$ of the
Company (to Ihc extent proc«dl from tuc:b prior Clpital TmlSKtiOll5 oqua/IO the Projected Tax
Liabilities for such prior tnnsa<;tioos were 001 distributed) and Illy liquilbotion of the Company.
Such projectionsofliabilitics shall estimate Ihcapplicablc W nOleOl' ntes Cordle ManaginlManber
(bLsed on actual or projected Wible inoome) and sballassume the muimum IIppliCibic tu: IlIIC01'
12
,·•
•
rate. foreaclt of the lnvat« Member's putnen oc memberJ, ifIIIIY(withoUl rqard 10 achW taxable
illQJIDe). in effect 1\ the lime of etdi c.pital TTWISK1ion. in all CDCI wilbout regard to the
alternative minimum lax, Iimilationa on the use of business tax aec!ilS, or odltI' {acIOn that may
affect lax liability in patticular cues, and witllout adjlWDlall for my varianc::e from M:tUal tax
liabilities !hat may later occur.
"N ew Alloc:atjOQ"1w the ~set forth in Scetioa 1 L07(mXii). •

"Ngorecourse I>s::b!;~ meat\I any CompIny liability IbM il oonsidmd OODIecouJSe for
purJJO$CS o f Tras. Reg. fl.1 001-2 (without regard 10 whether I\ICh lilbility is • recourse liability
under TTeIIS. Rea- fI.7S2- ](aXI».
~NODm:oWJC Deductjons~ hIlS the meaning seC forth in Treas. Reg. fI.704-2{bXl)'
"NO!GCO\ll'lle Litl!jlj!y" means any Company liability (or portion thmrof) for whidl 110
Member or rcllted Penon (wilhin the meanio. of Tmw. Reg. fl .7S2-4(b» bean (or ia deemed to
~) the 'Eoonomic RiD: of Loss.
~ means Illy mortp&c ordeed oftl'U$1 prOITIiuorynote give! by the Company in £avO<"
of. Project Under evidericillSI J>roject l.oan.
"Hi!!ig" means • writing containing the information rtqWred by thi. Aa:reemc:nt to be

c:ommun;Cllled to • Member and sent by Qpress o;:ow;er or telephone facsimile tr"InSIni!3ion. or by
rqi$I~ or =film! mail, with postoac pRpaid and rd\Im ,=pt Rq1.LCStcd. to web Member.t
such Member'. ,cIdra;s III spccifi«l pID'$Il4IlI to Seclion 16.08, the w.tcoflU'Cipt thmof(orthe IICJII
business day if the dill' ofm:eipt is nou business day) or. in the_of rcgis{ered or certified mail,
the dale of registry tbc:Rof or the date oftbe certification reoeipc, .. applicable, being deemed \be
date of IUd! Notice; provided, however, thaIill)' wJil\ell oommunication containing IUCh infonnation
!lmt 10 such Mallber lClually received by such Manber $hall consUMe NOfice for aU pIII'JIO$U of
this AgJeemeDl.
"OtrmriOR I)efjci!' m~ \he amolal1 bywhicb. the gross receipts of the Com~lY frorq 1_
paymentt, and all other irrCOCue and rec:eipts ofltle Company (other than prooe.edI of Illy loans 10 the
Company, Capital Cnntribuliolls, and inveslmcnt earnings not ~l.ble for diruilNtion on funds on
deposit ;1'1 the RCKI'Vt! F1.UId for Replacements, and other such raerve or eacrow funds or KODIIDIa
not .vlilabJe for distribution) for. pcticular period nftime, is exc:eeQed by the S\IIIl nf.1l lhe
opcnting expenses, including all debt service, operIIina and m.intetllllCe expenses, required
dqxlSiu inlO Ihe R~ Fund for RrpllCel'MI1u, Illy fees 10 the Proj«:f l.encIoen and/or IIIl}'
applic.b1e mortgage insuranoe premiwn plyments and all otlIer Company obligations or
expenditures. and excluding payments for c::onsINCtioo oflhe Pmjecl: and ka IIXI otbcre:x~
and obligatiol'ls ofthe CompanylO be paid from \he c.piu.1Conlribu.tioos oftlle I n _ McmberlO
the Corn))lny punuIIIllO this Avecmml during the $lint: pUiod oftimc.
"
!
"Oomtjnl [)efici\ Loan" shal l have the meaning K1 forth in Seccion 8.1I{b) of IhiI
Agee:ma,L
"OperatjDIt Resrye'" meana the ~ refened 10 in S«tion 4.02(r}.
' Payment Dale" mean. the cil.le ...hid! is ninety (90) days alta" the end of the CoInpls1y'r;
Ii..... year with respec:llo the preceding fiscal year.
' Pm:enagc In!<<qI" maDIIlbe pm:er1lage lDtalSl. of each Member as set forth in Sections
S.OI{a) aDd (e).
"Pmnancpt Loan" means- the pennane:nt loan listed in "&hibil MF" I IbK.:hed hereto.
"lm!zo" mCl\lll my indivMtual, partncnhip, ~ioo, IruI!, limited Jillbilily company or

other entity.
"PI",und SpccjficatjQos"1llH/UI tile plans mel specifiCiOOns ro.-Ihe Project sumped with
the seal of an uchi\eC{ lIldIor engineer, which are subjecll(l the approval of the Investor Member,
and lilY dwlges!hereto made in accordance with the Iermll of this Aareemtnl.
' Pog Closing ObljUljons" IllHIUI tbo$e oonditions kI the Investor Member't oblipliOl'l to
fu;nd olE(II" any portion of its Capital Conuibution '" more fulJydac:ribed on the Post Closing Letta-
attached htmo as EIblb.!t K.
" Prime Rate" means the inleresll1lle announced /ian time to lime by~ Wall Street Joumal
as tile prime leDding rale expressed as I percall per annum. TIle "Prime Rale" shall be adjusted
semi-annually on JIIIUM)' I and July I Qfeach~.
MProfits" and bl at....• me.n. for each fuca! year of the Coonp.IY. an MIJO\IQl equ.al to 1m::
('.cwop-ny's taubIc: income: or loss for sud! period from all - . determined in ~ with
1703(_) oflbc Code, IIdjusled in the foJlowina mIIIIICI': (a) th im'ome ofthe Comp.Iythal is aempl
fium fedtal iDo;une lax IhaJI be .dded 10 SIIdI tuIbIc income or loa; (b) any expmdilure:l of the
Cnmpeny which are noI dedudible in oomputing ;1.1 tuabIe income and DeC properly cMrgeeble 10
capital.:count UDdereithcr §705(1)(2)(B) of the Codeor theregWabons promulgaled WIder §704{b) of
Ihe Code shall be JIIbtracted !Tom such taXlble income or loss; (e) in the I:VmI any Cotapal'j use! is
revalued in acardInce willi Treas. Reg. § 1.104-1(b)(2)(iv)(f), then the an(II.IIlofany IdjusbmnllOthe
vllue of IUCb Company IUd shall be taken into -.x:ount III pin or kI$I &om !be disposition of sud!.
ComP'JIy II:Qd for pI.IfpOM$ of com~1l8 Profitt or l.osies; (d) pin or lou resWting &om any
dUposilion of Contp-iy ISSd whid! has bea1 rcvatued punuMrt to T..-. Rea. §1.104·I(b)(2)(iv)(f)
and willi rapec:t to wbich pin or loss il rocognizal for Fedml i_ W I'II'J'O'eSIIwII be wrnpIJIed
by reference 10 theldjusud VIlue orlUCb Complflyl5Sd. notwithsllndina that theJldjl>sted W ~is of
IUCb Company _ diffm &om the .tjuAod value; (e) Ill)' &prccialion, amoniZlltion or oIbcr COSI
recovery deductions taken inlO KaIUIIt in COIIlpWna IIICh Wible iocome or lOA shall be IWJlllpured
bueclvpoa the..tjUSled vall,OC: o( Illy eomp..y wet wbidl tuos beeI revWed in kWio-- with
Trou. Rea. t I. 704· 1(b )(2)(iv)( f); lind (f) lily ilcml O(inooIDe, pin, loss. dei!udion or cndil which .-e
ipeciaUy alIocaIed pInWIIII to Sedions 11.07(b) dIrOII&b (n) sbalI not be takm into .a:ount in
~Profitsor~
"Proied" _ _ the land c:urr-:lyowncd by die Company in KiD& o.orac. V~ n the

improw:mcnb to be fXIIiSlioeud, ownecl n opcntcd tbefton by the Com~, mel 10 be known.
Angdwood ApcImmll"- n.
' Project P2rwnm", mullS and iDctuda lhe Conatnw:tion eooo-.e., tile Mortpge(s),
NOIe(s), Lou! Aarecmenl(l), RqulalOfy Ageanenl, Exlended Ute AgiC'(UiCIIIl, M_gal>all
A&rcemmll:lld 1111 instrumenll delivered 10 (orrequired by) the Project Lendcn or lilt Ap::nq 10 the
Q.tc:nI: JIOt othcrwite lisIed irllhU defirlitiolL
'"1'roi!ig. fAITH ,.."." means tMt oo:rUin \oM fiom tile Project FAlJ"H, IDe. 10 the
Pmuaship in the aarcptc ~ 0(SI6O,000.
"Projeg: 'end..... tnea/lllllly lender in ill capKily all a lender o( one of the Pro;oct Loans, or
iU 11""*",,, lind 1lW&:115 in IUch c.pecity, Ktinalhrou&b .ny IUthorized .cpo II nl.live.
"f:mjM..... 1JIfiC" hu lheme:um.a:KI forth in Sectitm 4.0 1(p).
"Opa!jfied fmtra!.'!"'" the -ina let forth in Sedion 42(1))(h)(F) of the Code.
"Out!jfie!l Occupency" IhaIt mean om.,..-q ofa UHTC IIlIiI by a Q\alIified TCNIlI.
"Qualified Tow>II" .tIIll mean _ Wlderexecuted 1 _ of .leaI Ii~ (6) months.".,.,

.1 the timC! oftbeir inltial OOO!pOCy of the Project NliJty the (i) rail restriction lind (ii) minimtllll
....idc lest selected by the ~y pursuant to Section 42(a) of the Code with raped to the
pa_uge of wUu in the Project 10 be occ:upied by lenanIJ: with ~ equal to 110 _ tNn I
caWn peromtqe of _1II«ti1ll iD¢oI ......
"ReggIetjma~ oc:Ttrmn Rrg"Iotiooo" or'TIgs,Res .. tneClI the lnmne To. Regw..tions

issued under the Code.
"R_a1oa AjjjCNIQII" means, 10 the ea.tDII Ipplicable, and oollectively, Illy regulltory
~I lnIVor Illy ~ioo of 00V<:nlnts ...s
rc:stri<::tions to be entered jnlo bet_ the
"
Comp.ny IJId lilly Project Leoda- or any lIppIieablc govanmcnt..-.r" Of after the loiti.ll Closing
sdtina forth ocrtflin terms and <.'OIlditioris \Ifldcr whidllbe Project is 10 be opemed.
- RCIIl Rgtrictioq Tat" means the test pursuanllO Section 42{g) of \he Code w ba"COy \be
gross rmt cha!pl to Itnallts of the Iow-inoome units in the Project cannot aceed thirty percml
(30%) oftheimputed income limitation oftbc lJlPI.ieablc uaitI. •
"RMm:C Fund for Repl, "cnIS· mctUllI the ~ funded reser.·c for rqJIacemcnls mjIIired
pIIfSI*Il to Section 4.02 (q).
'Spes:jll Addiliooe! elPilt! Cooqjbyljon" ~ the Special Additional Capital

Contributioru of tile Investor Member uncia- Section S.OI(d)(v).
·Special Membq" mctUllI Virginia AffOrdable Housing Managanenl Corporation, I Virginia

~"."","rMion, Of" its assignee.
' Sta]!; ])pimMjqn" means, willi respect 10 the Project, \be allocation by the AJt:rteY of
UHTC, as evidmccd by the rt:eeipt by the Company of either I canyovcr allocation ofUHTC
meetin& the requimnmu of Section 42{b)( l XE)ofthe Codc and Treasury Repllions or IRS Fomi
8609 executed by the Agency H to all buildin& in the Project for whieb Juch form is required.
· Substantial Complctiog" meanl the dale thallhc Cot, ....." I"CIOeivea 111,10 1 pc:mwIH!Dl
c:ettificatc(s) of occupancy (or certificates of omtpMc;y whidl contain c:onditions orqualifi...tiom
whi<;h ~ Consented to by the Investor Member) from the IppJiQblc pcmmcntll jumdictions) or
luthority(ies); provided, bowcva-, IbM S\lbslanlial Completion Ihall not be deemed 10 Mvcoccurnd
if og such date lilly liens or other ~ as 10 title 10 the Land IIld tile Project am. other
thin those securing.-ey Project Loan andlor those Consented 10 by the Investor Member.
·Sybstjtyte InyeslOt Member" memw my PCl$OII a.bitted 10 the Company as a Investor

Member punuant 10 Section 9.02.
·Surplus C..b " means any Nd Cash Flow which, p\D"$IIIIIlllo the Proje;:t Documenlll orrules
or regulaliollS of any Project l..eDdm or the A~, is pc:m!itted 10 be distributed to the Members.
"TItle Company" meam ..... wya-·s ntle Insurance Corporllion. its!lUCCeS!On Ind assip.
"Unpajd feeH bas the m-ungset forth in Secl:ion S.OI{b).
"Unpt,jd !JHTe Shortfall" mean.s the OUIS(anding amount of any UHTC Shortfall for . 11 the
fiSCII years ofthc Company, reduced by lillY II"IlOUDt$ orunpaid L1HTC SbortfllJ distributed 10 the
Investor Member pursuant 10 Artielc XI of this Agreemmt. The tmpotid UHTC Shortfall shall bear
int~ I I the ·logg4am appliClble Fedaal !lite" (as defined ill Section 1274 of the Code)
determiMd 8$ of the d.te ofille Invt$1Or Manbds Firs! c.p;1.J Conlfibution, c:ompounded momtdy.
"
,.
•
MYHCC" TIIQIIS Virginia Howina Capital ~on, • Vifaini. corpon.tioo CId the
m~& manbcr of the Investor Member.
"WisbdrJwj os Mqnbcr" means Projea FArm , Inc.
ARTICLEIU
PURPOSE ANP BUSINESS Of TIlE COMPANY
3.01 Purpox oftbe Company. The Company bas beat orpnizod exclusivdy to acquire
the Land II!d 10 develop. 6 - . construct, own. maintain, lease, open!C and KII Of OIhcrwiae
dispo::I$I of tile ProjecI, in Ql'der lOobtain 10l\&'"tmn appreciaOOn. cash income, U HTC mel wr.1oMes.
The Company will ~c the Projcd in a nwmer thal fwthef's the dwitable pwpose of the
0uann10l" by providins cleccnt, SlIfe, $IIli1aly and .ffOTOablc bousina: for low income pei:JO<lII and
(mlilies. In the cvent of the eonflict belwcom theopenolion orllle Projcoct ill . rnanneroonsi$lent with
such dlarit.blc pufPOSe and any duty orllle Manaaing Member 10 ~te t~ Project in onIa 10
muimizc profits for the lnvutor Manbcn, sueh charitable purpose shill pRVul; provided,
however, that in opcnIing the Project 00 decillion shall be made inoonsislenC with the requimnmlS
of Ill)' Regulatory AJ1eemcnl
3.02 AylhorilY or the ComPlIly. In order 10 carry out its purpose. !he Company is
empo~ and l\ltho::IJUed 10 do any and all letS and thlnp neoess"ry, appropriate, proper,
advisable, inridm1a11O or convaUeot for the furtbe:raooe and acc:ompIisIunaIt <>fits J'IlI'l'I<*, tnd for
!be prokCtion and benefit o(the Company, incl uding but no!: limited 10 the following:
thereon;
(b) WIIIInKt, openl1e, maintain, improve, buy, own, sell , eonvq, assi gn,
mortpp, mlt or 1_ ..y mil emte and any personal property Db Y to the opcntion of the
Project;
(e) provi<Ic housing, $llbject to the Minimum Set-Aside Test md the Rent
Restriction Test IIId <:OnSi.Jtmt with the requiraneDt$ of the Extended Ute Agrecnent, the
RegIll,lOry Agn::aneot and the Loan Agreanents III) Ion&" the E.t.terKlcd U", "Slcau,,,t, the
Regulrotofy Agreemcnl-.i the Loan AIICU!II¢I '1I, as applicable, rcm';n(s) in fon::e;
(d) enta inlO any kind of activity, and puform Nld QUT)'O\II conInI<;bof any kind
nec:essary 10, in connection wil", or incidallal to. the accomplishment or the purpox! of the
Com_
"
(e) bom)w ~ aDd issue evida!c:e$ of indeb..... csa in fiIrthennce of the
Company busiDe$s and secure any .uclI indebtedness by mortaage, pledge, OJ 0Ih« liea; provided,
however, thai walcss otherwi.te specifically allowed \mdu Ibis Ayj.CC1.11a11. Of 0Iberwise Comalted 10
by the Inveaor Mmlber, -0)' Project I..oanI, and any r:vidtnces of indebIednt:N Ibereof and any
docummts ameDding, modifYingIII' replacinganyofsuch lomJl stull! 1Ave Ibe legal dfed: thai. and
after Final Oo:$ing thcCompany and the Members shall have no penoII&i liability lOr lbel'CJY)T1lmt
or the priocipeJ or or pe)U1CIlt of interest on my Project l.oIIo, and Chat the sole recourse of Ill)'
Project Lmder, willi respect to lhe principal lIIereoflild interest th~, shall be to the pioperty
socuring IUd:! Project Loan, ucqX for ID)' Carveoull;
(f) m.intain and operate the Project, including hiring lIIe M-aemmt Agent
(which MlIJlI&e&nC'Ilt Agent m.y be lilly of the Mem ben Of III Affiliille lIIereof) and enuring into Illy
agreement forthe managemcot of the Pro~ during it! rellI-up and after its rail-UP period;
(J) lUbject to the approval of the Agency lIIdIor tbe Pro~ Lenders, if rc:quired,
aDd 10 other limitations uprcssJ)' set forth elsewhere in this AJI'C'"IIlenl. negoIiale for IIld QOClC:ludc
~II for the .sale, uchange, 1_ or odw:r dispoeition of II] or substantially all oflbe pioputy
of the Campin)" or for the ~fin$llf.:in, of.n)' monJ.l~ loan on lIIe piopu!)' of the Company;
(h) tiller into the Loan ~ the ReguI.tory Agreement aDd the Extended
Use Agteemmt, providing fotngulillions willi respect 10 raIlS, profits, dividmd$and the cIisposjtion
ofpopely;
(i) renl dwelling units in the Project from lime 10 time, in aocordInce with the
provisions of the Code lIppIicable 10 UHTC and in _daIK.e willi appliCible fedenI, st .... and
local il:8"latioos, oollocting the rentl thadio.... paying the ClIpeIIIC! incwred in ...... u:ooction with lhe
Project, and dislribulin, the nee prooccd..t 10 the Mcmbcn, ..,bject 10 myrequiremenu which IN)' be
imposed by the Extended Usc: Agreement, the Replillory Agreemenl and/or the otba- I'roj«I
t:locuueDts; .m
<r1 do Illy and all oIher aclI and things ncoetAi')' Of JIi'OP'ii' in furthenncc nfthe
Complily business.
All.T1CLE TV
4.01 Rmt .. nt.lions. WIlI!I1lIjq UJd Cowmlllll Relating Io]he Proiectllld the Comptny.
All of the date lienor, the M~g Member hereby .eplWOi.ts, watnn\, WId oo_1s to the
Company IIiIClIo the Member/; that ;
"
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Cal Due AytboriZllipos. Executjop and Deiiyery. The exerution _ deliveyof

thil AetelDCJll by the Manqing Member mel the """fot,li&nCC by !he Mlllllgin& Member of the
truuactions contemplated hereby '-e bte'I duly.~ by all requisite corpo!aw, putnmhip,
limited liability C'OUlpM)'(W trust !W.:tiont or procecdinp. The M~ Memberis dulyupiliud,
validJycxi3ting and in good stlIndillj UIIda" the lawl oftbe swe ofib formltiaD with POWIS' to emc:r
into this Agreement and to 00IISIIIlUl14tc the tranACliom contClllplaud hereby.
(b) Comrryctjoo pf Project. The oonstructioo .00 de¥doprnenl of the Project

IIhalI be lIIIdertUen...d shall be completed in. timely mil workmanlike manner in aocordancc with
(,) a1llpplicable requirements of the Project r.o.m and the Project Docummts, (ii) alllppliQble
requirements of all Ippiopi i.te governmental entities, and (iii) !he Plana and Specific.tiOllS of!be
Project that have been or shall be IM:reaftCT approved by the Investor Member Ind, i(required, the
Project Lendert and Illy appIiClblc aovaruncnuJ entities, as eudI Pl_ and SpocifiCMions lIIay be
du.lgcd from lime to time with the approval of the Iovawr Member and the Projcd Lenden. if
leqW.ed, and any -wli,*,le govanmeotal entities, if IUd! approval shal l be required ; it .shaU
promptly provide <.Vpies of all cNn&e orden 10 tbe lnves10r Member.
(el Zoning and Related M.tten. A. the date hcftof, at the Initial Closing and at
!he time of commencement of OXIRSIn>I.:tion md IhcRafler QOnlillUOUSly. tIw Land is and will be
jAopaty zonod for the~, all 00IIICIIts, permissions and licenses Rquired by all IppIiClble
gmernmmlll entities have been obtained., and the Project c:onf()ml! and will CQnfonn 10 all
applic:.ble federal, state and IocaIIIIIJd I.IIIe, zonin& mviroruncntal and other goveoil.. iUltalllWS and
"'SUI.tions.
(d) Plans and SoecifiCitiOO'. The Managing Member has KIlt to the Investor
Member the PllIIu and SpecificatiOl1$ (includiilg, without limitation, all WOf\I:ing drawinp) and all
<»rtstm:tion S<:hedules, ..,.,roved construUion draW$, oertificatioos concerning OCC1.Ipllney, lim
notioes, projea inspection "'JXIfU, JIrOJXl*Id ~p and modifications 10 the Plans and
Specifications, all dlxummts pertaining 10 the Proj«l loan and allY olher infotmllrion !hit il
re\lMIIlt to the ODIIStnlCtion and devdopmmt of the Projed.
(e) Public Wjlitig All ttppIoprille publ io;: uti lities, including sanitary and _
sewer1, water, p$ and electricity, are CUlTmtly I Vli llble and will he opcn.ting properly and in
tufficient CIpIoCity for the Proj«l It !he time of certificate of ocx:upa!Ky. The Mlllqing Member
will keep all sua. utilitie$ openting in I manner IJUfficient 10 seMct the Proj«l.
(f) Title !osynnc:e. An owner! title insurmc:e poli")'of I finlncillly responsible

institution aca:ptable to lIle Investor Manber, in In 1lTl0\lnt equal to the principallll10Unt of the
Projed Loans and the: Capital Contributions of the Managing Member and the Investor Member, in
flVUl' of tile Company, wilt be iSSlltd II or prior fO the Initial CIosilll S\lb:iCCl OnJylO.suc:b easements,
oovenanlS, restrictions II1d such otbcr standard exceptions as are nonnaIly included in owner's title
inN'llJlOC policies and whidl ..... Consented 10 by the In..- Member and with such c:ndoTwmmIs
to such policy as the Investor Member may request. Good and manetable fcc limple litle to the
"
I...and will beheld bytbe CompllflY. T'beMllNlgingManba-h.q:notm..se1ltlY mi~ or
failed 10 make any dilCklsure thlt will or could ruult in the Company l.cking title i:nsuruce •
ooverage based 011 imputation of knowledge of the Managina Mcmba- to the eornp.ny 01" !he
MaMging MCIlIben ability to petf..", itsobligaliDnS 1x:rtuocI«. Notwi1talanding the forqoing, if III
any time, !he Title COiill*l)' q dccmccl tmM'C"'plable by !be Managing Mt:mba", the Investor
Member or a Lender, 01" any of !hem, the Mlllllpg Member ahaIl pIOIIlptlyobtain a replacanmt
owner'. title illlWlDOC policy ~e to the Invest« Membet. Failure 10 do so shall be deemed
an evtIIlI of defaull heR\llldcr.
(g) Hoo-Recowg I "'M Except IS oIbuwisc provided herein, at and after the
Final Closing. then: shall be no direct or indired: perJOIIll n.bility of the Company, any oftbc
Member1, or any Affi liJlea of the Company or MeDlber$ for the rq"NIymeDt of the principal ofor
JMYII1CIIt of inteR:sl on any Project I..oan, aDd Ibe sole ..-n-se of any Projed Leoder WIlder Illy
Projoct loin with raped to the principtllbercof and into:ft:5l It\«con shall be 10 the plOjMIty
xcuring !lie incIebIcdness, a<:epl for any li.bility of the Manaaing Member with respect 10
customary "CIJVC(lUb" that Me sa forth in loan &-menu relating 10 the Projoct Loans (the
"Catv_IS") to which the lDvestor Member his ConscntaL How~, the Mlllqina Member shall
be pmonally liable for tile obUptions of the Company wider the loans from AHP funds, IS
cbcribcd in hiM F.
(h) No Dd"wlta. The Managing Member i. not _m: of any default 01' any
cin:um:scances wlbch, with Ibe giving of notice or !he p.ssage of lime, would CONIilUte I def.ult,
WIder -.y 'greement, contract, leuc, or otha" rommitment, or of any daim, demand, litiptiOll,
proceccIinp or IJlvanmmtal investigation pendina ortlvwencd again.st the Man.ginaMtmbcT, the
Project or the CotnpIIny, orrel.ted 10 the bu.!ines& or useu of the MlJlIIging Mc:mba-, the Project or
ComJ'*IY, which claim, demand, litigation, plocecdingor pIYmIIMIltaJ investigation could resul1 in
any judgmem, order, decree, Of settlement whK::h would materially and adversely affect the business
0I'ilS3d1 of the ~ging Member, the Project or Company.
(i) No Vj.o],rinrI, The a«>.rtion of this AlPcuDmt, the ~ of the

obliptions set forth in thill Agic:elleill, and the consummation of the lrID$.aions eontemp!1tCd by
lhis Agreement do DOl violate any prtI'Ii.lioo of ttW, lilly onkr, judgmcat (W d _ of any 00llI'I
binding on the Company or \be Managing Member or any Affiliete(s) tbc:rt:of, any provision ohny
incIen~ I8'er!IIMI1I, or other instnancnt 10 which !he Compmly O/"tbeM.naging Manba" ill a party
or hy whicb the Company, Managing Manbct or the Projecl q Iffected, aDd is IlOl in conflid with,
and will DOl result in I breach of or constitute. def.ult under Illy such indenlllrC, agrcaneot, orolber
insbummt OC" R:5UIt in cre.tina or imposina lIlY lien, charge, or eoc:umbrance of 1/1)' nature
wt.boever upon the Proje<;t
m Coo5ln!ctjon Con!rag , The Constrvdion Conb"ICI has beoen entered into

between the Compmly and Ihe Contm:tor; no other consideration Of" fee shall be paid 10 the
ContnclOl" in ill capacity as the Contractor for !he Project 0Iher than the lUJIOunlS s« forth in the
Construction Contract or as evidenced by change orden approved by the Project Lendc:rs and as
"
oth«Wisedilclosed in writing to and approved by the Inveuor Membtr; mel all ~ on:kn 10 dale
have been -pmd in full. In addition, no oon$icIention QI" fee IhaIJ be paid 10 the Developer or ,
M-sill8 Mm.bo:rby the Cootrac:tor.
(k) f>gfOrmane; BontI· l&ttqofCndjt. Eittu:.-(i)ODC bwdred pateut(IOO%)

~ and performance bonds iJS\Ied by. DatiorWly, finlncial ly n:cognil.Cd bondill8 aHl4*lY, in
fOfil\1 KCeptable 10 the Project Laulen and the Investor Membfr, and in amounts sati.,....lOrylO die
Project Lenders and the Inveslor Member, Of (ii) • letter ofaedit in an amouola)(\ in a form, and
&om an issuer ..,Ii,factory 10 the Project Lmden mel the Investor Member, will be obtained by the
Contnclor II or before Initial Closing and shall RlMin in full fi:lroI: and effect un6er lams and
OOIIditiom at sh.J1be ~Ie to the Project Lmdcn IIDCI the lnvesIor Member; in the alternative,
\he oblipliOllll of the Contractor win be gulll"lllieed by the Manqing Member and !be Affiliate
GuarenIOn and sct:IIftd by cub, Ictterofaedit Of other secvrily a..,;:eptable 10 lhe: Project LendmI
and the Investor Member.
(I) ~ The Manasins Member IhaI I cause \he CompIny 10 obtain and
maintain insurmI;c in accordanc:e with the n:qWnmcnt. of ,,,,!bit
I Ittach«I hcmo.
(m) No UndjyJsml Fjnwia! RGU!OI\Sibjljtiea. Neither the Company, nor the

Managing Member, either individually or on behalf ofw Company, has inwm:d lilY Iinaoc:ial
r=ponsibility with respect to the Project prior 10 thedate of aecution ofthi$ Agreement, (l(her!ban
(i) that dilClOised to the Investor Member, Of (ii) obligations""hich will be fullyatisfied.ll Of prior to
the Initial Closing. As oftbe dale he:reofand ~ftm- continuously, WlI~ tbe Investor Member
I .. .
Wilborn
, shall enter, i t lilly agrec:ment or contract thin the

Projecl !OJ" the pIIymcnl of 1liiy Projecl Loan discounts,
or yield
mairnenanc:e or olher inIere$t charges Of finlncing fees or my agreement providing furthe JUIrVItee
of paymenl of any ,uch intlftSl charges Of financing fees reI.tin, to any Project Loan.
(n) valid ComRm),; Pow«pfA!!Ibocjrv, The Comptny is and will contirlueto be

• valid limited li~ility eompany, ~Iy orpniud under the law, ofthe COIIUII"",wea.lth ofVu-ginia,
lUld IhaII have and shall continue 10 have full powm- and authorilY to .:quirt! the LInd and to
develop. construct, operale IIDCI maintain the Project in eco::onImce with the lerms of this A8'Wnd.t,
and shall have laken and shall continllC: 10 take al l action under the law, oftbe State ofFormatioo
IIld any odIa- applicable jurisdiction Ihal it necessary 10 protect the limited liability of the Jnvestot
Members I!Id to mabIe the Comp.ny to engage in its bouin~.
(0) Rqlrictioos OIl Sale Or RSi!!M!cin1l, No rcstri~on thewe or rdinandng

of the Project, other thin """'etions tNt may be let fPftb in the Project /)Oo;\Iments, exist a of the
dIote ho-eof, and no IUd! restrictions shall, . t any time wltik Ihe Invc:Ror Member i •• InvCllOr •
Member, be placed upon the 5I.l~ or refiDlndng of the Project.
"
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(P) Proiectod LIHTC, The Projected IJHTC applicable 10 !he Proje« is S99,023
f« 2009, S32~,OOO for txh year 2010 Ihrougb 2011, and SllS,sm for 2020 which eqllala Ihc
IIIIlOWII of LlHTC!he Maruging Memberhas projected ....ilI be available 101he Company.
(q) ComDljagce with AgrmnenlS. To Ihe bnI orits b!Qwl«lse aflenlue 1nquUy,
the Managing Member, o::ilba- individually or on behalfpf1be Company, bas rullycomplied with/l
appIieabk provisions lind mj\Iiranenb of.ny and all conlJ1lm, options and other qrotment5 wilb
~ to !be pun:hase pflbe lAnd and the de<.'dopment, finlllCinJ and operation of the Project; it
IhaIl take, and/or ClU!Ie \be Company 10 lake, all Klions as Jball be _sary to 8Chieve and
mainIain continued eompliance willi !be provisions, mel fulfill 1IIIpplicabIe requiR:meDu, of such
18U:a'M:olll.
(rl SlaleDcsj8'lltion On Decanber 14, 2007, tbeCompany~va:lVJJid Slate

Designation with rupect to \be Project.
(I) Applicable IOCO!J!!! and Reot Restrictioos. The Proj«1 is beirrgdeveJoped in

• manner which $&lisfies, and ~I continue 10 Plisfy, all restrictioos. inc luding 1 _ income and
.-en! reslricrion$, Ipplicable to projects geneJ1lM& UHTC WIder Section 42 of the Code. The
Company wilt oomplywilh the so-called "40-60 SeI·""ide Tmt" DfCode Section 42(&1( 1)(8), $(I that
aIled 40% orlhe units in tile Project wm be occupied by individuaW with incomes 0(60% or Jew
of ana medi... inoo:nne, as adjusted for family si=. the Project is not SUbject 10 Mly other ra:.tal
n:stri<.:tions under tho Projea Doc\IInca!S tltQeJK 10 !be extenllhat more 1hlIIl4O% oftbe midentiaJ
unib in the Project will be rcot and inwme restrideci in ordeT 10 gencnlle the full mIOUnI: oflb;
Pro;ieacd Cmlib.
(t) TmuofExtendcdllicAgrwnqu. Thetmno(1he Extended UseAgreemcm

will not exceed 40 yeII'I and neilher the Extfnded Use Asr-neot oor Iny other document,
instrument or agreement 10 which Ihe Compaily b • party shall restrict, limit or waive the riP oftbe
ComJ*IY to ClU$C • tertnination of the Exteni'led Use A~mt prior to the mel of such 4O-year
term in ICCOnianee with Code Section 42(b)(6)(EXi)(IJ).
(II) OwnenbiD of Muagjns Mgnbq. Project f Aml, lftC. OWIIS and shall
continue to own at al l times durilll the tam of tlle Company 100% of all dassc:s of into:rata ortlle
Managing Meml>«.
(v) Title!O Proieet;, Taxea ,04 AW'"ments. The Company has and shall have lit
all times aood and maaetable title to Ihe Project, subject only to permitted exceptions theft!o to
which the Investor Hanber has given its Comen!. 11.11 ~ estate taxes. 'lI1 It menl$, water and
sewer char&e$ and othc:rnumicipel ~ to the extent due and owing. have been paid in full on
tile:: Project.
12
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(wl Tupr;g Certjf'Q'joQl, On bcb.If of the Compmty, the Man.gin.gMember

will _ to be filod ... y *'ld Ill! eerti6cltioPs and othel" ~ts on • timdy basi, with the (ItS,
the Ageney and all other AlIIhoritics, as hive been and may be required 10 support the ful11ll1OUJlt of
Projected Cmlitl.
(x) I y.uion ,00 I ;mi!eCI Uabil jlY. No evmI has 0CCWTed thai has ClIused, mel
the MaIuogin, Member will not KI ill In)' manner !hal: will ca\IK (i) the Company 10 be !relIed fOr
fed<nl inoomc In JIIIIlIIlSeS at an "lSS()<;jltion" wible as. ~ ~ than as • J*tlM:tllup;
or {Ii} the investor Member or !be Spoeial Member 10 be li.oble for the Company's obligltiotls in
excesa of its Capilli ContnlMions.
(y) No Tax-ExCUJpt UK P'III$tlY. No portion orlbe Projed: is or will be IJeIItcd

as "tax exempt usepropeny" as defined in Section 168(h)ofthe Code. In the evart the M1nasing
Mo::mber or Ill)' Il\CIIIber or ~ "fthe M_sin& Member ill controlled by. talI·exempt
entity, II\IdI entity will . " the do:>ctior1 pennitted IIIIda' Section 168(h)(6)(F) o f !tie Cook Tbe
Managing Member iWJlllOt allow the Company to enter into Illy lease with . tn-exanpt entity
witholrt the prior written -wroval of the Special Member.
(z) No Abu4jyc Tax Sheila'. ThcManlgiDa Member has not =eival noria: &om
the IRS \bit il has considemlthe Mataging Msnber 10 be involved ill any abusive lax shelter IIld is
DOl I",,,", of any flCls, which i(known to !be IRS, would cause SIJCh notice 10 be issued.
(aa) Required Consen!s: No Default:! Under Lotg Powmmll. The Company hu

obIained Ill! wnsents required fOI" tbe admilSion oftbe Investor Member 10 tile Company, illcluding
bUI n(I( limited 10, the ~I of the bolder{s) of the hoje<.:t Loan .. if nec:euary, md any required
QI'lnSenIS of appljc.ble Authorities.
(..,) B.pknmtcy. No Bankruptcy, including, without Ilmlqtion, IllIdunmts,

execurion proceedings. trAignrnCllIS for the benefit of aedil(JD, iwolvmcy, RI'JIllIUliZilion or other
puxoedinp In: pending or Ihreatcned &&liM the CompillY or the Mlnaging Manba". The
Managing Memba" will not pennitlUCb I Bankruptcy 10 occur.
(IC) Governmental Actions. To the ~ ofth~ M~gMernber'l knowledge.

then:> Is no officiailCtion ofillY Authority. pendingor dvutc:n«l, ... hich in any wlywwki (i) /ulY(:'
IIlIIcrial advenc effod on the ComptiIy, the ProjOCl, the Investor Member orthe UHTC; (ii) iuvolV<!
Iny intended public improvancnlS which impnivemmls mIIy result in any dlarSc in ClICCU of
$10,000 being levied against the Land; or (iii) Uly special asseument, being levied apinst or
l 5!es!iCd upon the Land or the Project. Tbez"e is no existing, proposed or oontanpll1ed, plln 10
wida\, modify or realign any street or highway contiguous 10 the Land. The Manaaing Memba" will
promptly notilY the Investor Member of Illy IIIICh official actions or plans, if IDd as they arise.
(ad) MOJ1Igrj.: Assjgnmc:oU: Dcdi .... jwc. There is no I I S!;! !ment (exaIJII for
real estate propeny lues), reclassifi cation, rewning, pnXadins, ordln.nceor regulation (ineluclin&
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ameadmeolS and modilicatiorul to III)' oftbe foIcgoillll pending or ~ to be i11~ by Illy

Authority or any public or private Illility havingjuriJcfiction ova- the Lmd wlUeh would have. •
material aotvene effect upoo !be lISe or """'opaOC)' uribe Projea:. No spec:iaI. !'eIllS M\Ii! been
levied apinst tile Project or by an Authority upon the commencement or oomplction of Illy
ClOnSII'vCIion, a1~n or rdIIbiliwion on at of the Project or Illy portion thereot: The Manqina
Man_ will jhomptly 1IOtify!be Investor Member of III)' I\ldI Ktiom, if and as !hey arise. Except
u pRYiwsJy dixloeal in writing 10 and. approved bylbe investor Member, !he completion uflhe
improvane:olS, alteration or rt:habilitltion on or to the Projcd or any portion ~f will 1lOI require
the dediC8tion of any portion of the Projea: by lOy Authority.
(aoe) No PC!...... ComDlil!'!C?e.. Upon completicHl uribe Project, tbmnrill be 110

m.te:rial pbysle.l ormee/!5nical deffCtSordcficienciet in lbe oondition uflbe Project, iDc:11Iding. but
not limited 1£>, the roofs, exterior walls or stnletunII QOOIp<)MI'IlS uribe Projcd and the hoatin&. air
conditiooing, plumbin&, ventilatina. d_tor, utility, t;prinkIo:rand oilier ~ IIDd clcctrieaJ
1)'SIems, apparlltuscs and appliances loQued in, or aboot, !be Land whid! would mltaiaJly and
adv~ly affect the ProjecI or any portion Ibenof. The Project is free from inft3lalion by termites or
ott.« pe$lI. insects, lIIimais or ocher vmnin and !be Managing MemberwHl keep II MI. 1bc Projed
conforms (or will timely confonn) 10 &II governrnaJUl rquillioos, iDclllding. without limitation, al l
«Ining, building, beotIlh, fire mel ll:llvironment&l rules, rqulatioru; ordinances or requiJanmts or
environment.l l.ws, regulations orprl)OtdlR$ applicable 10 the Project wbenthe failure !l)ODIlform
wouJd n:sull in I material .tverse effect.
(aO No Dmctiyc Sojl, Condjtioo!!. To the best of the M ....ging Memba's

kno.... ledge afler due inquiry, there Ill: no defects oroonditioJU of the soillbal would have a material
"verse effect upon the use, ~ and operation of the: Project. ~ IOiI condition of the Land
i, sud! that it will support all of the improvement' 10 be loclted tllenon for its foresccM>le life,
witboul the need for unlD\llJ or new subslD'face excavations, fill , footinp, caissons or other
installations. The improvanalts on the Land, IS bui lt, will be or are constnICIed in a manner
compatible with the: toil ooDdition at the: time of corutruction and all necessary eJlcavatioos, filiI,
footings. cai_ ilnd o ther ill$taliitioru were thai, have since beea IhI wil l be provided..
(Ig) Rjghts ofFjrst 8ros!; OptjOOL Except all contempWcd by the Right ol Fir$I
RdUsaI ~ent set fonh in t;l!" bi! L anachod hemo, neither the Mmqina Member nor the
Compan)' hal enter«! into (Il0l' will enter iDlo) III)' oonlnCU for the: sale of the Project, !he UHTC
with u:spec:I thereto, or any interest in the Project orCompanyothtt than in CODIempiation of this
A¥JC!'Olent, nordo tbere exist Illy riiblS of first refusal oroptions 10 ~ the Project, the UHTC
wilh 1'Upc!.'llhc:fd:o, or any int~ in the: Company.
(ab) 5z'uilics Low Cgmpljaocc. The M....p.,Ml'mber hu or wi ll hive timdy

complKxl or cause the timely complilnce wilh all Ipplicable Fodenol and stlte soc:uriti<:!i 1-s in
connection with the offer and sale of the intCR!Sl in the Company to the InvcstOl Member.
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(Ii) Tndb ep4 Rmn'rtalCSl of ILia "h!l!!O! Ill!! pjlciPsm. No

repreItDIation. Warratlry or statement of !be Managina: Member in Ihia AaJeCment or in Illy
document, OIrtificate: 01' lCbedule furnished or 10 be furnished to tile InW$tOl' Member pursuant
berelo contains or will oontain anyuotrue $llIemeot of. material r.ct Cll'OIIIits orwilJ 0Inl11O state I
nWeriai r.o:t l\eCaSa"Y to mab !be statements or fActs oonuined tbemn not nrisJe.ting. All
material infonnarioo COlooet.ein& the J>rojod known to the MaMging Mcmba" or lIIIyofits Affilialc:a,
01" which IhovId have been known 10 any of tIIG1I in the e:unue of raISOIl&ble care, has been
dixlosed by !he Manaaing Member 10 the InveRor Member and !heR Ire no facts or inlOrmation
known 10 !be Managina Member oranyoriu Affiliates, or wb.ich should bave been known to anyof
them in the exercise of reasonable care, whim would make Illy oftbe tact. or inbmation submitted
by !he M..naginJ Mcmberto!be Investor Member wilb rcspcQ 10 !be Projoel: illllCClnle, iDoompide
or misl~ing in any material n::sp:d.
(aj) Comp!i'!l£S wi th fair H9!nin8 Act AI all times durilll the tam o fthi.
Agrft:IIlent,!be Company shall comply wilh the provisions of the Fair Housing Act. as 1IJIalded.
(ak) Lmden 10 Projes;c Fnljties<komlly. Subjed 10 provisions oflhi. Agn~a_

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with respect 10 >dated party lOIII$, an investor member or me.nber, including witho\lt limitation the
FcderaI Home Loan Mortgage Corporation (.J\IdIlnvator Member or memba- being ..:fau,d 10
ben:in as I MMongap"), in any entity thai ;1 • Member bl:n:in at any time fNly mah , w.-toe.,
own, acquire; «otherwise emlil cnhlncc, in wholeor in part, • klan tccured by. monp~ deed of
trust, tnm deed, or ocher xc::urity ~I cowmbaing the Pro;cd owned by the CoInpM)' (Iny
~ loan being rcfamllo I ! ' ~Mortpgc Loan"). Under 110 circum_ will • Mongqee be
COIlIidered Co be acting 011 behalfor IS an qmt or the liter. of such Member. A Mortgagee 1M)'
cake any IICIion! Ihlt the Monpgee. in its di_ion, determines 10 be advisable in ODIaled.iOll with I
Mortgage Loan (including in OOIIIledioo with the enforamenl of. M~ J.Qan). By lIOCIuirins an
interest in the Company, eacl1 MeITIbfr acknowledJe$ that 110 Mortgagee owel the Complfty or any
Mem~ any fiduciary dutyor otberdut)' Of obligation w~ byvirtuc:oflUCb MortiIgee beiDa
I limited. ~ or mem~ in. Member. Neither the Companynor any Mem~ will make any
cUim &gIIinse • Mortpgee, or &pins! the M~ in whid! the Mortpp ill Member or member,
relatillg to I Mortgage Loan and allegill8 any bretoeh of lilly IiducilJ)'duty, dutyo! can:, or otbcrdut)'
whatsoever 10 the ComP"l)' or 10 any Member based in any ..... y upon the Me>rtppe'. status IS •
Investor Member or member of I Member.
(II) Member I llIQI. No Member or III)' Affiliate of I Member shall make or

pID't:hase Iloan to the Company WIIe$S the Compan)' receive. III opinion of coonpount \IX CQ\IIaCi 10
the effed lhal such 1000n will ha~ 00 advene tax tXln$e<juenoes 10 an)' of the Members.
(am) Empie Mae FjnancinL With rnpcd 10 (i) any dd1t orbond financing. (ii) III)'
OIheT 1C*! or finan~ial assislanl;e, (iii) my c:ndillVpport, guarantee or loss lhuing ammgement, (iv)
MyOlh« credi t support or mhaneerncnl, or{v) any deed o{ttIISt, mortpge, security inlcn:sl, orod!er
coll.len! Lien dim:c!y or indirectly related 10 or for the benefic of the ComI*lY or any Project
(collocti~ly the "Financing"), the Managinll Member COVm&nts and agrees IbM il sb.a.I l obuin !be:
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prior written consml of the lnvcsIOI" Memba- prior to (I) obtaining my fir>anci118 diltlClly or
Wdilectly provided by or in any WIly related 10 or invoIvinll Fannie Mae ("FNWie Mae financing")
and (2) providin& III)' consent 10 the sale, assignmml, trusfer on:onveymce ohny financ:m, (or
any inteftSl therein) by the lender to F...mc Mae, or inclusion of such Finanana (or my imerest
tho::rcin) by$llc:b \eDder in I pool or~ to be I(lld, assigned, transfared orconveyed 10 Fannie Mae
(alUoctivdy, "F1:IUIic: Mac: Refinancin,"). 1rI oonnectioII with lIS request tOt the Investor Member's
consent, the Managinl MI:II'Ib<r "'all provide. written opillion of tax ...... row wncluding IhalIUCh
FU\IIie Mae FilJllllcin8 01" Fmc M., Rem..c:ing. as app1ie.blc, will not IUUlt in InY ~
ofLIHTC, Losse. or other tax bendiu among the Members of the Com~y or the lIIanben of the
InYe$tOl' Member. Funber, the ManaaiIl8 Member oovawrta and agrees IhIt 1lI1 d~ for any
FinltJcin811111$1 require the prior wnnen 00JI$eII1 of the Mml.ging Member to any Fannie Mac
Rcfinanein&.
(an) IlruIonmen!. Bydgd, The Devdopment Budgct IIlbdlcd htmQu [3N!!!! H

is acante and complete. The Ulnnnpliom underIyinglhe calcul.tions !herrin Ire reuonlbJc and
;
based UJ!O<1 the MlBaging: Member's knowledge and experience.
(..) RspnrWzIe TWlsoctions. The Company add ita Memben shall be permitted to
disclose 10 Iny and lilt Persons, withoutlimil-'ion of any kind, the "tu. trealmenl and WI $tructun:"
(lIS defined in Treasury Reg\Illrion S«rion 1.60 II -4(c» of the lrMIaCtion comemplated by this
At;reemem and all materials of any kind (including opinions or 0Ih¢ tax 1II'I.ll)l$e$) rdltifta 10 such
WI tratme:nlllld IU ~ The MllIoI3ing Member shall pIOmptly rII'ltify the Investor Mcmber
of Illy "'lqIoNble lranHelion~ under Treasury Replation Soction 1.60114 in whieh the Company
shall engap or which ;1 reports under Code Sectioo 611 I. The Managing Member shlIl be
.l!SjIOilSible for its expenses orpeoaltie:s altributable to in fai/uno to report a reportable tt.oa:tion or
mlintIiD 1i5lS (in acconiaDce wilh Code Section 6 I 12) as requirtd by the Managing Membcl' or the
Company under the Code Ind -wlicable TreISla'y RegulaOOna. MafaialldviJOl'S an= rt:quircd 10
.supplement information disclosed 10 the IRS if the information provided in a filed dilClosure i~ not
kvlger IM)C;IInte, in $\X:h itl$llO(:eS, the Managing Munber agrees 10 provide timely lUpp1emmtll
infonnation tIbout the Projcd 10 the IRS..d the Investor.
(..,) ReasonabltprnofFOCI. AU fcoe:s lObe paid 10 the ManagingMl:I1lberorany

Affililtc ofthc MlIlIgingManbcr hm:undcror otherwise in conncdion with thedeveloprnc:m oflbe
Project an= reuonable in amount and comiSlellI ",jib standani practice in the indullry.
(fIq) REAe , nd HUP Reports. The Managing Member shall advi!le!he Inveslor
Memberof any RHAC (Real Estlte A~t Center) inspection rtpJfU it rece:iYe!: with respea: 10
the Project as well ., filly notlo;es from HUD indi ... ring any.,;!WI'$e findinp with rC$jHOCIlo 1M
Project, inchlding, but not limited to, the following:
(i) management ~ew findings;
(ii) Section g HAP contract violations; and
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(iii) HUn Regulatory AgreGnenI vioJatioDs.
(ar) Govyca"ul!a! Revi;W and ApproyaWHUP2,S30 [, nguaate. TheCompany

IhaII !lOt fICql.Iin: or p-ooecod with the development or lbe Project unlealllpprOvaJ is obWDCd from
HUn if such approval is raquirt:d in COIe_lioo with sudt de'velopmcnt or acquisition. If the
acquisiticrJ or development of the Projecc necessitates the fllinll of a FOlUl 2530 Previous
PuticipatioD Certificate with HUD (I "Previous plll'licipatioo Catificltioo"), theMmaging Member
ahall so notify the Investor Member and such .cquiI:itioll ord~dopmml shall 1101 ptoo:;eed without
the ~ Form 2530 li lin&- The ~nll Member stWlal$o provide rdeqUite infO)mWion 10
the Investor Member to enable any of its members to file 1liiy lIdditioruol do<:wncnls thaI may be
required by HUD. Such infonnatiQll Bhall include but no! be limited to !be foOowinj:;
(i) type of finmcing IIId govaume:ntal ageq providing such MPj ••""'t, FHA
project numb«, S«tion 8 contract Dumber or other Igmcy identification number (if
any);
(il) closing daWdalc>of rooeipl of usimn<:e;
(iii) date that the Project is intended 10 bc acquired mdforthc lkvt:Iopmern is 10 be

finu>e:ed by the Company;
(iv) property.ddre:ss and last inspection dateIrating;
(v) status of any pre-clIisting loan on !he project (cumnt, dcf8Ultod, assigned or
foreclosed) and if evt:r defaulted, an explanation as 10 the CI_ of such defaul t/foreclosure.
(as) Suryjytl of Repmep,tatjons and Warnntiea, AU of the ,t..

mIllions,
warranties and covenants oontar-i bcn:in shall be deemed to be r»m&de as of the dale of each
Capital Conlribution m.,;le by the: lnvesIor M=bcr aod shall survive the dale offinal Oosin& and
the fUndin& date of e.c:b such Capilli Contribution. The Manlaing Member Wli indemnify ....
hold MnnIess the Investor Member Ipinst I breId! of 1lIIY of the forqoill& rqnsmtMi<ms,
wammtie:s .... oovenanu and Illy dtunage. loa or claim ",lISCd thereby, indudm, rasonable
Ittorneys' fealnd coats and eJlpense! of litigatiOll I1Id collection.
4.02 Duties and ObliptiQIlS Relating 10 the Projee! I!!d !be Company. The Man.aaing
Memb« Wll have the folJowina duties andobligations with ~ to the ~ and IbeComplllY:
(I) Oua!jtvina for UltTC. It WII enIIIR that III mpnrcnw:rllssbllll be met wllid!
_ P""t""'Y to obbin or .c:hieve (i) compliance with the Minimum Set·Aside Test, the Ro:nt
Restrio;tion TcsI, and Ill)' other rcqUimncnUi necCSA/}' for the Projec:t 10 initially qualify, and 10
continue 10 qualify, for UIITC, including all applicable rcquinments KI fOI1h in dIC ReguillOf)'
Agreement and the Extended Use AgeemeIlt. (ii) issuance oflRS Fonn(s) 8609 with rupeet to the
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LIHTC, (iii) illUllllOe orall_I"" pcnnaoent, =nditional c;:atifieatet of0<X''P''lC)'. indllllioa

a118O"uWDtilw approval. rcqgiRd 10 pennil OQOJPIIK'Y of the ~ and (iv) Initial Closina III)(!. _
FiDal Closing.
(b) Tax Treatmp)lofCompany. While oonducting\M buaiDclssoftbe CompIny,

the Managillg M~ber $ball not k'I in.MI)' matIIl(I" wtncb it moWI or $bouId llave known after due
inquily will (i) ""USC the tarninalion of the Company for foden! inI:ome tax pIlfpO$e$ without Ihe
Consent of the Investor Meon~ or (ii) _ !he Comptmy to be treated for feder..l income tax
purpoae!IlII an auocillion \uable as a corporation.
(e) Securities I..Iw Matters. The MMlaJing Membeuball Sllcpllle III)(!. timely file
all 'PPf'OPri.te reports for the Com9any with Ihe Socuriliet IUd Ellchanp Conunission aDd IItaIC
5ea11'ities ..tmillistraton.
(d) Umj!cd li.mljty Com!!N!y Status. The M....ging M=ber IIWI (i) file SIdI
catifical!:$ and do such other KIa III may be requinrd 10 qualify and maintain the Compttny III •
limited liability company und« tile AI;1 and 10 qualify !he Compmy 10 InInsatI business in all sueh
0Iber juritdictions as may be required under the applicable provisions oflaw, and (ii) take or Qluse
the ComI*'Y 10 talco:: allrusonable lIeps deemed necessary by COWJsd to tbeCompany 1O..un that
the Company is al all timet classified ., • poartneJ3hip for federal income till'. purposes.
('J It shill exercise aood faith ill all activities
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relating 10 the COI>dua
mairnenanct! of !he
the d~lopmeDl. Openlion BDd
no "";011 with rap«:t to the
not ~ly rel. ted 10 the achievement of the
(f) No Smnjlf Interest. or E!l9lOlhwyg The Managing Manber shall ensure

that aU of (i) the lilllwes, maintenance supplies, tools, equipment and the like now and 10 be owned
by til. CAmpeny or I(l be appurt_ to, or to be used in !he opention of the Project, .. weDas (ii)
!he rentll, revc:rll>e3 and profits earned &om the open!ion of the Project, will be free and clear of all
ICafriry interestl and cnewnbrances Qocpt for the Project Lo.nl, the Mortgages, iU'ld iU'ly IdditionaJ •
security agreements u«uted in conncetion therewith.
00 Bm Adiuslm<;pls It will uecute on behalf o f the Company all documents

necessary J'IUf'IU8IlIIO Seclionl 132, 743 and 7504 of !he Code 10 elecllO adjust !he bais of !he
Company's po<>pe.ty ~ the request of!he InvellIW Member, if, in Ibe IOle opinion oftbc Invawr
Member, such declion would be advanugeow 10 the investor Member.
(h) PlymmI pf!)eydOJlDtDt fee. II auanllltees pilynlenl by the Companyofthe

Development Fee !iii provided in Section 5.01 (b).
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(ll Iu Returns "'" fiN!ncil' SWMI!l!'lt:! II shall, durina and after the pmoo in
whid! it is. Member, provide the Company wilh such information 8Dd sigJI such documents as .re
Mea, ">, for the Company to mllkc timely, ..x:unte and complete sublniaions o(ftderaI and stale
iDcomc lax rdums and Ihall pIOVide the> Investor Member with !be opportunity 10 review and
Conxm 10 dnfts of all.dl. rdums fit kist twenty (20) cbys prior 10 their filing & te, and will
iJx:orpoIate 1bedJan&es oftbe iDvator Member. In addition, IbeManagingMrmbershal l proviOe
!he Investor Member with the oppoItIInily to have noI less than twenl)' (l0) da)'J 10 review dnfts of
_ttd finanQal stat_IS priorlO their fuWWtion and will iDcapoIlllc the changea ofllle Investor
Member.
()) Compliance wjth Govgnmental ansi Cor!r!!ftqrQbJjp!joo} II shIoll comply

and calISe the Company lO oompJy with thcprovisionsohll llpplkablc 8OvemmellW.>d (lQJl1ntctuaI
obIiptiona.
(It) Tax E1ectjoos. II has made (iflpplicablc) and sh,1I maketvcll elections, or
",hin from INking such elections, with respect 10 the LlHTe, as are D"C"4', ary 10 achieve and
IlUlintain the mIWmum Jllowlbl .. UHTC to the: investor Member, unless Qtherwisc direcled in
writing by the Investor Member.
(I) Fjnes and Pmaltjes II shall be responsible for the pAymmt of ... y fines or
penaitiell imposed by any tppIialbl .. govcmmental alllhority or any I'Tojcd Lender pursuant 10 the
Projecl Documents and any documents executed in Ii:OMection willi obtaining the UlffC (otherthan
with respet( 10 paymetllsof priDCipal or interest IIIldcr any Project loin) Ittribuublc 10 any Ktion or
illKtioP of it or iU Affiliates.
(m) N9tification orWay!! or IRS frrx:m1in21. II shall immediltdy DOtiI'y the

I n _ Member of any written ~ on.! notice of (i) anydefault or fIIiture or compliance with raped
to II'IY or !he Project Loans or ..,y other filUllei, t, eonb'1llClUl.l or &ov(umoental obIigstion of !he
Company or the Managilll Ml:IIlber. or (ii) any IRS pro««Iinl ~nl the Project or the
c.m,..,.
(II) NorjfjeUoo ofCo!l!ln!Etjgq PtI.'iJ. Ihl anytime durill& thcconstructlon or
rdlabilitation of the Project, (ll construction or rduibili wion stops or is IUSpUlded for. period often
( I 0) COI\MICUtive days., or (ii) construction or rehabi Ii tation has been dcI.yai !O thai in the rnoooablc
detcrminillion oftbc Managi", Mmlber (A) Subsllntilt Com~ may not buchieved by lhedate
ScI forth in the COfIStnI<;tion Coone:!, or (8) the: Proj-.:ted Credits for ""y year dwinl the Credit
Period may not be Khicwd, the M/IIIIIpna Member shal t immedi.tcly send Notice of fIlCh
occurrmce, together wilh an c:r.pI_tiOIl of the <:iraun!lAnceIlUn'OIlIlding.JUdl 0Ct;\IJTalce, I(l the
Investor Member.
(0) Bank AccoUIILS. The Managing Member shall establish in the name and on
bdIaIf of the Company such bank KCOIInlS as shall be required to ritcililile the openlioo of the
ea.np.ny's business. The Company'a funds altal l not be commin&led with ""yother funds of the
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M_gilll Member or any ofila Affililtes, incIlJdio&, without Ijmit.tiOl'l, Illy other limited liability
com..,,)' in whidl !be MlDlgilll Member is a mlllLlgiDgmanber. promptly upon the request of the
Invator Membet', the Mrtai"1I Memba" sbl.lI obfain .nd deliYa' 10 the Investor Member full.
complete and IOeIln.tc sIlItementli of the amount md $talUS of III Company bank accounla and &II
withdnw&l. thaefiolli and deposita themo.
(P) Sal" Nolice 10 SlIte Asmey. If... III iii)' to obtain, rn.intl.in or r.ooid
recapture of any UKTC for !be Company, upon written request of an Investor Member, the
M-sina Member shall, pursuant to Section 42(hX6) of the Code. submit on behalf oftbcCou']AiI'y
and ila Members, and in ~ with !be rules and resulat'iomofthe Agax;y.1 Millen I'tIQ\al to
the Agency (or other Ippli,*,k hou!ill8 c:rcd:il agency) 10 find I. P~ 10 .cquire the Project
]IIftlIIIIl11O I Qualified ConInCt.
(q) ResrsFund for RmI"X"'Y"ls. II shall establishandm.inWn IRgrc&lled

replacement ~ in I leading iMlitution KCCpIab!e 10 the Spco;i.l Maolla-, 10 prnvide for
working <::apil" needs, improvements, replacemenla IiIId any other contingalt;ics of the Company.
The initill S 10,000 of the Reserve Fund for Replaconenla IhalJ be funded &om !be Sixth Capilli
Contribution. All mininwm, !he Ml./Ulgillj Member $ha ll cause !he Company 10 IIlDIJally depolit
into. segrqaled f'CKI'VC accoullI, W!DI1Iencing upon !be ye.r the Pro;iect iii pJaeed in servicelFinal
C1osin&, $)00 paWIl !Ift" year from !be Compan>" gross op¢I.ting rcverMIQ inlo!be Resave Fund
for Replacements (·Ini~ Amount"). Thereafter, the M-sing Mc:mber shall, cecb year, ~
fund the RcterVC F\md for Replacc:mmt with ... .!dilional amounl equal 10 the lnitilll Amount
iDcreased al a compounded rate of 3% Chris confinn per '""""'. Withth.wols from the ~
Fund for Replacement. IhaII mJuire theOOlllUll and signltun of the lnveliorMernber or Specill
Merolla-. The Managing Member shall not iDcmIse lhe amount in the R~ Fund for
Replacemeou ml.teri.a.lly above the amount ~red lObe maiotained II)' this Section 4.02(q) without
the QOnStnI of the Investor Member, whi<:h oon&ent shall not be unreaonably withheld.
Notwithsunding ~ythinllO the contrary in IhiI Section 4.02{q). ~. the amount of the RCIU'Vt!
Fund for Repr.-nmtu hlll be increased im .ary to satisfy the requiremenls ohay creditor of
the Company or any Alllhoril), having jlaisdiction 0..... the Pro;ect.
(r) Operatjng RnmoeJ. In liddition 10 tile ~remenla ofSet:tioa 4.02 (q), in

order 10 meet operating "'penseI of!be Company whid! u<:ecd operating ilKlQllle available for the
payment th.Inof, !be Muaging Member shill cause the ComJiIIDY to deposit ... initiallllllOUllt of
$90,000 (or such gr'CI!eI' amount .., may be mJuited by lhe P'rojtIa J..end<n) mlo IIoCJTeIIUd ~
account in • lending instiMion .aceptable 10 \he Special Investor Member(the "Optnt:ing Reserve")
10 fund operating QpcnseI and debt serviee in Ue<I$S of op¢I.ting revenues IDIIlo pay any Unpaid
Fee, u thM tam i. defined in Poragnpb S.OI(b) bereof. The initial $90,000 of the Optntillj
Rc:servt! sball be funded on or before the Final Casinll from Capitll Contributio ... andfor lhe
proceeds of the Project Loans; provided, however. IheI if there: ~ insufficient fundi &om the
aforementioned !IOUI'OeI upon Final Oc.ina. the M.... gilii MembeT shlill be required 10 fwId the ,
Operating Re$eI'VC. Disburtemenls from the Oper.ling Reserve for die aforementiooed pufP05C$
shall conslitute MM Loans by the M-g;ng Mernberonly 10 the utent offJnOWllI fi.lnded by it inlo
30
,·
•
the OpenIing R _ pumI/Illt 10 tbI: prmGUI ....,'........ Additionally, theManaaina MmJber!h&ll

_ the CompImy 10 deposit into the OpenlinS a-ve....nm.. ruflicimt to maintain I b&lanceof
•
590,000, from Net CIISh Flow, all .a: fiJI1h in Seetion I LOJ(b) hereof. Withdrawals ti-(:m the
0pentiDg Re:tCI'Ve shall roqu.m: the prior lIppI'OVaI orlbe Speo;:ial Memba.
(s) I AMtUp Rcscrye. By die time ofcutifK:ate ofom1p8ncy,1he MlIOaging

Member sbalI establish II!d cmse the Company 10 fund and maintain ai_up reserve (the "Lease-
Up RC$(!I'Ve") in the name of the Company Illd mainu.ined in I. segrepted Company account
estIbIishcd fur this poupose. The: amount ofthc:: Leue-Up ResetVe sbal! be S30,000 lIId.sball be
fully f'undcd by the proceeds of the fifth Capitll Contriblrtion and Such Capilli Contribution].
WiIhdnw.ls ITom the Leuo-up Rcsuve .cCO\lm shall requ:iR! the COPfCfII and signalurc of the
Investor Member. AI sud! lime as the Project Property sballllave achieved and malnlained for I.
period of It least three months at least IlS% oc:cupane)' (measurm by both pbysiul occ:upancy md
"paid" oa.:upancy based IIpOD the then cum:rd RIlU for lpartmenI unilS). any unused portion of the
leello-up Reserve $hiJI be: paid 10 the MaJIlgin8 Member (or the I\OI!1inee if., dim:led by the
MlN.ginS Member) as I. oonstruction period ~ inoentive fee (MCon$Inx:tion Period
M~ mcaJtive Fee").
(I) fR..()m:IO!N!Jgd Activities. The Maoqing Member shal l be speci6c:ally IfId

iIOlely responsible for the following duties:
( I) Analyzing the Qualified AIIOCItioa Plan ("QAP") for targdecl areas

wilhin I. $tllie.
(2) ldc:ntifyina:polential land sites.
{3l Analyz;ina the danogn.pbies of potential sites.
(4) Analyzilli I. site's CQJoorny and forecast "'"" growth potential.
(5) Detenn.ining the sife's zoning Slatus and possible n:mning tcrions.
(6) Contacting local iOVlI:nII'MIlt officials oonc:eming access to utilities,

public hiSpOil/ltion, impad fea and local ordinances.
(7) Perfonning ~vironmental tests on sc:lceted siles.
(8) Nq;OIiating the JIIIfdIasc oflhe land upon whid! the Pro,ieet is 10000ed
and its related financin&.
(9) Performing any otheo- duties or activities matillJ to the lICquisition of

the lind upon which the Project is located.
"
4,03 Single Pl!m!:tK Entity, The ManaginJ Member shall ftl3I&I' in no ather business or
activity other than IhaI ofbcing the M~na Member oflbe CompaQy. The Man83ing Manlier
was bnned e;c.clusively for the purpose ofKtiJIa as the MmagioS Memb« oftbe Company IIDd has
n!'\lee mpgecl in Illy other ldivity, busineeo: or en.deavor. At of !be dlte of Ihi. Asr-nall, the
Man83ins Member has no lilbilities or indcbt~ oIber than its liability fur Ihe debts of the
Company, lind the M_gina Mertibef shalloot incur 1Ul)' indeIJtcdnca other than il5lillrility for the
debb of the COlDpIlI)', If the Mana&io& Member decermines it needs 8dditional fimd:s for Illy
purpoac, it !hall obtlm sud! funds tolel), &om capital contriootion. &om its shareholders or
members. The Managing Member lw obsc:rvei and shill continue 10 obsecvt: all II!C!SSIf)' or
Ipproplilte oorpoIate fonnalities in the condIx:t ofits bwinen. The ManaginS Member shill keep
its books and rec:(Jl'ds sepuale and distinct from those of its slwdlDlda-s, ml:!nMn and affili.tcs,
The Man.sins Member JIlall clearly idel!tify itself lIS Ilcp1 entity iIepC1Ite and distioo &om its
~ membc:n and its affilUotCI in 1111 dealings with other P!1'3OIIS. The Managins M«nber
has been adequately "PitlliUld for the purposes of CODdutting its bwliDess and will not malee
distn'butiom .t I time when it would have \IllI'eUOnably small capital for the continued conduct ofilS
business.
•
ARTICLE V
S,OI Mqnbcn,; Cmital Coolributjons; Companylntqq!s.
(a) !gjtill Monaging Manber CoptnOVlitl!. The Managing M«nber, its principal
address or plKe ofbusinc:ss, its C.pilal Contribution and ilS Peounl.ge Int~ are as foLlOW!:
(i) Nanx and Address:

Ansclwood II M.napmenl, Ill(:.
L0073 Kings Hiabway
King George, VirgiDil. 22485
(ii) c.pilal Contn'butioa; S90, 100, plwl all orill rights, title and inlerat in. to and
under all.&RCfIlCIlts, licenses, approvals, pmnits, UJITC applications and Illocariona IIld any otbft'
tangible or intangible pcnonaI ",operty which is related to the Project or which il required 10 permit
the CornJNoy to pursue its bwi1lCll and carry out its purposes as contemplated in this Asr-nent.
(iii) Peroa\Iap Intaut: 0.009%
(b) MMIRjOg Mmjbcr's Special Carolll Conqibutjoo. Tn the evem that !be
CompMy t.u DOl po.id , II or part of the IfI\()UIII$ due under the Dt:'lldopmcnt Agll>ellw::m ,'UlIP'id
fcc:' on or before the ce.r\ier of(i) the thirteenth (13th) annivU'HI)' of placement in savice of the
f'n,)ject, or (ii) the dlle required 1.m6ec the Development Agreement, the Managing Member shall ,
32
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•
•
•
ClOntributc 10 the Company an IImOUnI cq..w 10 any lid! U"P'id Foe {!be ~ging Memben
Special c.pital Contribution").oo the (;on' .... 'Y1haI1 tbm:upon maD. peyrnml in an oquaJ amount
10 the Unpeid Fee; provided, however, that prior 10 !he making oflhc Manqing Memb«'1 Special
Cllpital Contribution, IImd& in !be Openting R~!IUI)' be uaed 10 pay !be Unpaid Fee, $Ubject to
tppn)VI.I by the InViillOl' Membtr, md after application of the approved portion of !he Opaatinil
R~ any remainin& Unpaid Fee shall be paid usina!he Managini Mmtbe's Spco:ial Capital
Contn"b\Jtion.
(e) Inyestor Mqnbcn. The lnvestor Memba" IIIIi the Special Member,
rapeaiveiy, their priocipal officer IIlld plllOCS of business and PmleI'Ilqc Iuterats are u follows:
(i) The IDwstor Member, its principal office and place of business, and its
PercartlIp: In1o::r'est are IIlI follows:
Hou:sin& Equity Fund Capital Contribution uribe Jn~or Member 99.99%

ofVirginil Xl. LLC. is as set fonh in subpwqraph (d) immediately
\840 West aro.d Street, Suile 200 below, as incnased forpurposaoflhe Company'.
Richmond, VifIiDi. 23220 books of ICCOWlI by the aDlOIIDI of the Capitalized Bridae
Loan Intete$t Illoctille to !he mvestor Membtl', abo as .tel
fonh in subpangrapb (d) immediately below
•
(ii) The Special Membtr, its priDcipal offioe mol plaee ofb\aine$s, ill Perecrrtage
Interest and its Capi!.ll Contribution are as foLlows:
Virginia Affordable Hwsing $10.00 0.001%

MIIMpTICIl\ CorpoBtion
I ~ west Broed Street, Svite 200
Ridunond, Vlrgini123220
ofthU
MmlM:r shall be 10 make ConlrihlltiOllill to the Company in Ihe amounl of

Sl,99S,OOO paY'ble in . • HoweY«. in addition to.....:h Contributions, the
Opital Contributions of the Investor Membml sball be deemed to ioducle, .00 thdr ,.."....uve
Capital Aocountuh.Jl 80 rcf\ect, each InveslOr ManbduJloetblesbarc of Capitalized Bridge Loan
Inten:sl .. delC:mlined by the Company's AOCOUDtaots in consullilion with each Investor Manba'.)
(i) . The a'DOW\t of the first CApital Contn"butiDa shaU
~ ~~~:'~E,~;~~.
be Three Hundred Fiw:
conditions $d forth below, and review and After satisflClion
items descri"bed of .11
below, the of tile
Investor
Memba'sJ.Il make the Fi .... Capital A portion of the: Fir$! Capitll Contribution in the:
amount of $28,000 sh.JI be U$CId 10 ply the investor Memba" . Duo: Diligenc:e Cost:! and Iii
J3
,•
additional portion of the Firat Cllpital Contn'butiOll shall be used 10 pay for lIppfOVecI cosU of the
Development of the Project..
(A) Trtle Pplky The title insurance wtI,,*,IY Jball have iSSllCd the Compmy'a title
policy in an amDUIIl equal 10 !be .:qWition aDd developmeol COSII of the Project,
sbowiui the eomp.ny u owner of fe. Ample title to the Lmd md subj.,,;!: 10 only
sud! exocptions u "" accepubIe 10 the Invator Member, and oontainina fairways,
non-impuwion, aediton' rights, zooin& lJID'Vey, acceu, lax parcellllld $UdI other
~Dlq lIS the Investor Member l'My require;
(B) EnviroomenlAl MaUeo. The InW$lOr Member shall have received • rq>OI'I
salisfllClory 10 the Investor Member wnfinninj: 1\0 JDaleriallKlvc:rse cnvironrnenud •
conditiom., including, without limitation, evidence that rIIdon gas is DOt presa1t in
1m)' oe lbe apmtmcnt units It aleve1lbove the T«:OIIlI1Imded pmnined safe levd as
ddmninod by the EnvirollrMlltai ProIedion Agency or 1.11)' 0Iba- appIiC$ble
govemmmlalluthorilY; •
(e) I&'PI Opjnjon. The InvestOl' Member s.baJl have received 'legal opinion .. set forth
in Section S.04;
(0) PermanqJl Fjooncina. The Investor Member aball IIIIve received copies of all •
commitment )ettt;n or agreements &om all of the Company'llrltici~ed flllllf)(:ing
.sourea., in form and substano;e IICc:qJtllble 10 the InvCltor Member, pmes'''Ytomed
tile Company'. fillllllCial noeds for the J"rojcct.
(E) Survey. The Invest« Member shaJl have rt:QCi-t md approved an ALTA S\II'Ye)'.
dated 110 more than niDety (90) days prior 10 the dale of l\anding;
(0) PcrmilS. The Inve$lor Member shall bave received. copy ohll permits and Ii = -
required for the (lOnstruetion and reh.bilitltion of the Projeet, iuucd by the:
appi opIiale governmentll IUlhoritia.;
(H) Cos! CertifiCl!jon. The 00II catifiea.tion delivtnd to the: Agt:ncy in QOImeetioo with
any c:anyover of <:Rdita, with copies of all invoices and bKbp infonnation;
(I) Cnmro!Sjnn Financing. Evidmce that all OOIl$truetion financing proceeds ~

,vlilable, inc:l1.>ding copies ohl1 e:;o;eo;utcd constrvetion finaneing dox:umarts;
(J) Cndjls. Evidence: fronI the AamcY thaI theproject will qualifyforannual LIHTCo(
I I leu! $325,000;
•
•
(K) Qmlm!!!tjpn Con!rac!.. The &eneraI Cll'InstnIcIion oontract, in form IlId substanee
acoeplabIe 10 the In\UtOr Member and with. fixed price or maxim\llll ~ price
~ to the Invalor Memba, 8Ild with a gmenI OXIntr.ctor ~Iy
accepIabJe 10 ilia Investor Member,
(L) 5p'wll'. CUm:rtt financial_ ofth" Dew:loper, vai fication on..cl:grOlnd

infonnation to be provided to the lnvestor Member by lIIe Manqina Member and
tbcR haYing hom no changes in the tax laws or !reaM)' rqulations or
pronouncanen~ or inl~tions of uistina till issoes thai would materially and
advenely .ffeo;t the In..-or Member'. mYCSlme:ol in the Company;
(M) 10%9'lfI Certification . The In_or Membcr$halillavereee:ivedl copyofthe cost

certification the Company or Affiliate Guonntor delivered to the Virain.il Housina
~topment Authority in COib-WO with any CIn')'OVeO" of U HTC. with eopie. of
all invoil.U ",d ~p infOlTJllltion;
(N) Qmmll'1ion !)rJw Pocumeptllioo. The Limited Partner .thai] Mve received oopies
of.11 COOISIJUCtion d,.w requeA:I and back-up materials and docummlatioolUbmitted
by the Partnership 10 the comuvction lender in .:cordan<:e witlIlhe requiranents of
the Construction Loan; IIIKI
(0) O!her nQG!lrDC!!!lf!jm . The Investor Mc:mbcr abaI l have received sud! other
~tion u it II\.IY rgSOnably request 10 satislY ill due dilisence ~nme:nts
iocludill& without limilAhon, (i) .hose doo.:uments listed 00 !he Inve$lOI' Membc:r'$
tlosing dlecklist,. ~ ofwhieh has bcaI previoU$ly dcIiw:red to the Mm.qinj
Member; (iI) the Post Closing Obligations, if lOy, &1 set funh on ~d' !bf' K attacbed
hereto; and (iii) NC:h additiOM! ilC1\ll req uesled byUte Investor MembcrlO otbawise
vaify the MlC\IlX)I o(the lepi mtations aod warranties and compliance with !be
C(lVmlnt" duties and obligations set fortb in Article IV.
Tho ~I of!be Seeond Capital ComributiOJ1

shall After satisfaction orall of the conditi..-- set
forth below, and rC"View and -wrov. l by !be Invator Member of tho items deso;:ribed below, the
Investor Member shall make the Scoond Capital Contribution in the an\O\IlIt ~od by !be
MlIlagina Member in the manner set forth bdow, 10 pay for the cost ofwnstructioDcr rehabllitalion
of the Project or 10 repay the Conatruction Loan.
(A) First Ctpjta! Coolribu!ion PAid. The 0CC\lI"RJ\Ce of the Investor MernbeI'. First
Capita! Contrib<ltion;
,
(B) Sworn SIIIqnmll The Investor Mem.ba IIbalI have ~ I wrinco request Cor III
advlllCe from the Manlging Member ill form AtiJfactory 10 tbe Invemr Membet,
ac:campanied by C\IITalt OWDI:J'I and oontnctor'a swcm SW_U;
(e) Marins MembcO Cqtj6g!;c, Thc hJvntor Manbc:r shall have ~¥CId •
certifie.te fi-orn the M.mgina Member lb.! \be Ieph-..tetions, wlrTlllltin .m
wvt:IUIIItI ill Sections 4.01 IDd 4.02 are IJ\Ie .rid IoCCUnIte IS of !he d4tc of thc
proposed Second c.piuJ Contribution, that !he Company haa obUiDed all coosmts
RlQuimi 10 admil llle Investor Member 10 this Company, includina but DIM limited 10
any required consents of the Project I..eDden aftd applicable Authoriti~ mil thai the
~ Member &rid !be Comp.ny are not in default of any of their obIiplionl
hereundc::r and lIlld¢!be Project Doeurnenb as of the:: date of the ptOjX4i:d Second
c.piw Contribution;
(0) Physical lp'9"'1ioo. A construction mn:ruIlanlldected by !he iIIvt:Sfm Mcmba shall

have poepal tid • physical inspection report and certified W I the amount requested by
!he Ml1Iaging Memb« i, in aooonlaace with the labor and maleria15 in pI_ which
WJ! be no less !han 2S% complete;
IE) Tilk Policy. TIM: tille insun.n<.:c QOIJll*'y sball have issued; (1) • "date down"
endvo..""",11O the title poIj~ extendin, !be effective dale of the tide policy 10 the •
dale of fundi", IDd sbowina no Qccplions 10 tile Iille OIba !ban the exceptioAs
rdlectcd on the title poli r;y as of Initial Closing, except as shall be acceptable 10 the
Investor Mcmba; (2 ) an mdotsemem affording mechanics lieo covaqe; and (3)
SId! otheT cndonanc:nts as tbe Investor Member may reasonably nquirc;
(F) CoostructioD Dmy Ilocumg!tatiOfl. The Limited Partncrsball have rece:iwd copies
of all Q;IIIJIruCtiOll draw ~ and bac:k-up malIrials and <b:ummration Slbnitted
by the Partnership 10 the oonstruction lenda- ill MXlOI'danc:e with !be rcquiremmtJ of
the ComIrIIdion w...; and
(0) Othq ()ocummlltion_ The Invator Member shall hive rec:cival. such olhC!r
doc:womlltion 1$ it mil)' reuonebIy mjUcst 10 verify the .:ancy of the
lepi mmions and warranties and axnpliance willi the COVen&lllS, dulies and
obliptioD:l set fonb in Article IV.
J6
I
•
A. Smn' c'Pita! Coo\r1pnljoo Paid. The occvrrencc of the Investor Mcmben SCICOnd
Capital Coalribulioo;
8 . Sworn Statements. The inveSlOI' Member shall have received I written request ilr an
~ from !be Managins Member in form atisr.ctory to !be lnveslor Member,
....:.ompanied by cumnt owM'l'l and COIlrr.ctor'. JWOm llaIemenlll;
C. ManaKin, Member) Cgtjfirrlr The lovestor Mantia- shall ha"" ~ved. oenifi~c
&om the Managing Member IhIt the ,ep entationl, warTaIIlia and COvmlllll in
S«:tion:s 4.01 and 4.02 are true and IOCWlIIe as of the dlle of !he proposed S«ond
Capilll Contritnotion, that the Com.,.uy bas obIainecI all consmts requited 10 admit the
Investor Member to this Company, iDc:Iudinj; but not limited 10 any requiftd CI)CI$e'lU of
the Project l.ender's and lIpplicable AlIlhoritics, and tb/It the Managing Mcmbcr and the
Company are not in Od.ult of.ny of their obligatiorul hemJnda-1nd under the Project
Docurnmts _ of the date of the JI!'OPO'«I Third Capitll Contribution;
O. Pbnjcal 1nmee!ioo. A constrllCfion oonsullalll aeleeled by the Investor Memba" shin

have prepared • physical inspection report and catjfied wIthe lIJllount requested by the
ManagiJlg Member i. in aa::ordance with the labor and materiab in place whicb shall be
no less than SO% COCIlplde;
E. Dlle Poli!;),. The title insur.noc oompany shall ha~ issued: ( I) • -date down"
enOOnemenllo the title policy glend.ing the cffcdive dale orllle title polley to the dille
of fundin& WId showing no exceptions 10 UK title other thM the ClI<:cpIions rdlcded 011
the title policy as of Initial COlling. Cltocpt IS sball be acceptable to the 1nvator Man!:>=;
(2) In endonement affordilll mcd!anicslien ctnrmIge; and 13l Iud! other c:ndoncments
as the Investor Member may mI!OIlably ~
F. Construction Draw Documeoyljop. The Limited Partner Iballlla~ received copies or

all Q)Nb'uCtion draw requests and baclr.-up materiailaDd documc:ntation submitted by the
P~p to the oonstIUCtion Imd~ in ~ with the mjuiremmu or the
Construc:tiClll Loan; and.
Go O!bcr Opcyms;gytion. The InveMOr Member wll have reo;eived such 0Ihcr
documentation as il mly l'HSOfIabIy requesI to verify the.ccuTlC)' of the I . entaliOlll
and W&lT'lllties and compIilnce with the covenants, dillies and obliptiOlll set forth in
Article IV.
The IniOUIit orthe Fourth Capital Contribution

n . Aftc.-s.asfaction ohll of theconditioon el
forth titlow, and review and approvil by h~~~~::'~~:::: .:~~~ "::::: described below, the
Investor Member wI! make the fourth C in the amount rcquc:sIed by the
37
Managing M=ba" in the InIIJIIlCI" xt forth below, 10 pay lOr !he <;oSI of ~011 or.mabilitabon
of the Projca or to repay !be Construc:tioa u.n.
(A) Third CtpiIAl Comn'butiog Pajd. The occutmICC of !be lnvt\Stor Member's Third
Capilll Contribution;
(8) Sworn Stotemen13.. Tho: investor MCZllber ahaIl have received . writtm request forao
~ from !be M-ailli Member inform satil:fao::tory 10 the Investor MomMr,
KWIllplllliod by anraIt owncr's and QOn1nlC:lor's sworn sWemenII:;
(C) Mwgjn& MgnWs Certificate. The Invator MCZIIMr shin have RUivui I
certificate from the Man.agin& Member that the repl'lsmtationa, WlIl'IIlties lind
COVenMl$ in Sections 4.01 and 4.02 Ill: true mel accurate u of !be dMe of the
pioposcd Second Capital Contribution, thai the Company has obbIiilod all C(NUtIDI$
~1rimI1O admit !he lnvator Manbco" 10 this Comp$lly, indudilli but nOllirnilod 10
any required oonsmIs of!be Projeo;t Undcn and lIppli~able Authori lies, and thaI the
Managing Memba and !he Company Ill: not in deflull of any of their obliptions
hemmder and under the Projeo;t Documeals u of the date of Ihe proposed Fowth
Clpilal Contribution;
(D) Physjc:a! insmon. A OOiUtructioo OI)DIUltanl seleo;ted by !be 1nveM« Memba' shall
haY<: prq'I8ft<Il pby,ical inspectioo n:port and oertified !hat the amount rt:qIICI!ed by
the Managing Me:tnber;, in loCCXW'(Ianee with !be labor and malerials in place whidl
n il be 110 less than 7S% complete;
(E) Tille Pplicy. The tille i n _ company shall haY<: iwued.; (I) I "date down"
mdonemenl to the litle policy exlending the cffedi..., dl.le of the tille poticy 10 the
dlte of funding and showing no exceptiona 10 the lille 04ba' than the exoc"tions
reflOCled on !be tille policy u of Initial CJotin& except IS shall be acc:eptlble 10 the
lnvesKW Member; (2) an endonemeot ItTording mcdw!ics lien <;ownge; and (ll
~ other endor$anenIs u the lnvt\Stor Member may reaIORIIbly require;
(F) C9!!I!!l!C!ioa Draw I)ocymen!l!jO!!, The Limited hrtDer shall have received copies
of all QOnStruction dnw reque:sls lind ba<.:k-up material, and documeollatioo submittal
by the pllJtncnhip to the construction lender in KCOrdanee with the requirtnlcntJ of
the Conslnlttion LoIIn; and
(G) Qlhq Dmomm1lljon, The Inveslor Member shall bIove received sud! 0Iher
docummtatioa IS il mly re&$Onably ~uesI 10 verify \be accUlll~y of the
rep !IClltations and warrantiea and compliance wilh the <;ovenatllS, duties and
obliptiont set forth in Article IV,
38
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AJnQUlltl disbursed pursuant 10 Sections 5.01(d)(i) tIwou&b (;v). and 10 the UleDI IlC>""'SS"Y 10 PlY
lOr the costII of cx:mstnICtiOll or rdlabilitllion. any amount - * Section S.OI(dXv}, $hall be
tbrougb an epow agreement in form and ~ utithetotylO the Investor Member.
ciiJburI,ed
All inYeStmmI *"inJI OIl the ln~ Member's Capital ConlribWoos diJbursod throop lID
eserow sblll in,,", to \be benefit and belong 10 tht! Invemr ManbeI-.
The amounI oflhe Fifth Capiul COlttribution IhaII

be Nine Aftcuatisfao.:tion of all of the
conditions sec forth below, mil review tnd .ppmvaI by !be:: Investor MmIba' (lfthe items dderibc:d
IIdow, the In~ Me:mbersbalJ make the fifth CapitII Contn'bution in die ImOIIIlt requested bylbe
~Member in Ihc TNnI1C1" ad fortb below, 10 repcy the CWIStnKfion LoM and thereafter \lie
$'20,000 to initially fund the l.ease-up Reserve and the balance for the cost of COIlStI'lICtic: or
rdJabilitltioo (lfthe Proj«:t.
(A) fowIb Capilli Contribution PIIid. TheQ<;C\1ll'enteoftbe lm-estor Member's Fowtb

Capital Contribution;
(B) fino! ClosjDI. SilllullMeously with filial Closing. provided thai tbe IDVCSlOr
Mc:m1x:r tw ~vtd fifteen (l S) ~ prior written ootice of the date of filial
Clcain&. tnd has received copk:s of any loan dorummls (including loan riders)
uOQIlcd in connc:etion with the pmnaneot filWlCing that have not been previOllllIy
delivered to the Investor Member;
(C) Enviroomenlll Mitten.. The M~nl Member 3hallllave prollided!be ht_or

Memb« evidence thai the 00TI$tI'\ICti0n oflhl: Project did not re$Ult in the filling or
disturbance o f Illy well.nd:s and that my actions ~ 10 be taken which
were oontlined in any envirorunentalusessmcnt rq.ortS pTq)UCd in c:oqiunction with
the development pflhc I'roj«t have been Ipp!OpfUtdy wmpJded in • mmner u..1
fully oomplies wilh such rcoommendations and ali i...", rcgulllliom, ordilWlCCl,
ordc:n or docrees peruining 10 environmental maners;
(D) SlIn:e. The lnve:slor Member shall Mve received and approved an updated and
m:cnified as-buill IIII'Ve)' NtisfBctofy to !he lnVeslOl' Member dated no more tUn
thiny (30) dII)'!I prior to the date of fundi!\&;
(E) As Buil! Plw Specificalions. The Managing Member shall hIVe Rlbminod 10
,pt!
the lnw:stor Me:mbo:r . wrinen doc:wnaJI eOlf:<:utod by !he Mlnaging Member, Ihe
an::bittd and the Contrlo;:tor ...atifyinll no m.t~a1 change to the "f'or-construction"
Plan, and SpecifiCltions previously approved by Ihe Projtd Lenders and Investor
Member;
(F) Pmnill Wcmsq and CertifiCl!es o!Occupancy. The lnvestor Member sIIalJ have
received I cop)' of an, pmnita and licenses which Ire required fOl'"the Opa"Ition and
39
•
use oflbe PTojed md I copy of the finallllXl unconditional certilkate or eeI1ificaCi

of O'X''P'"''''Y, or the equivalenl, i$$ued by !he appiop iate JO~d.Dt_W INIhoritiCi
for Ibe Projed. in its cnlUety;
{OJ Cos! Cer!jficatjQD. Receipl oh drlfl cost eatification of Eligible Buis (as defined
in Code Section 42(d» rOT the Projoct 1'"."",00 by the A<.'OOlIlltanU;
(H) Ea;tms!ed Use AmcrJ'\CI'l, Receipt by the Investor Mc:mba- of. copy of III} as-
...wilxd Extended Use AgiC...... _t;
(l) Receipt of. certificate fi'om the Managing Mam-

--- Cw'arnnlics and covenants in Sco:tl<nu 4.0] lind 4.02
continue 10 aocurate through Ibe date of the propoaed Fifth Capital
CQn'ribulion and (2) the Company and the Managiog Member are not in default of
any of their obligations with R:SpCd to the ComP'llY or the Project at $udI time;
{Il Leg! Opinion. The InveslOr Membtr $hall ha~ RCeived WI updMc of the IcpI
opinioa previousty deJiva-td to the: Investor MCII'Ib0:7 in COIlnQ:tion with its making
.he initial Capital Contribution;
(K) Evjdeoee of Applicoble Fmetion. Tho Investor Member shall have received
Hlimewry <:Vidence dull the AppliClible fraetion (lIS ddined in Code Section
42(c)( I )(8 » for the Project equals or e:r.ceeda forty pcn;ml (40%) dckrnIincd as of
the date of tile proposed Third Capital Contribution;
(L) Archjlcct'.l Catjfictt,. The Managing Manbers/uoU have delivered 10 !he Investor
Member an arclUleCf'. ecrtificate of substantial completion in the fonn requested by
the Investor Member,
(M) PI)1Dmt QfIAxes. The Investor Membenhallluive rc<>ei~ satid"l<:tOfyevi~

(whKfl mIIy be included in !be title poIicydescribed in subparqrIph (P) immaIi.tdy
bc:low) W I aU real property wr.es and us II IICI\lJ r(ll' the Projcd due and .-y.ble
through lbedate offunding have been timely and fuUy.-u,l;
(N) TItle Mcv. The tille insurance COII'IpUly shall have issued • final dale down
endorsement to the title policy extending the dlle of the title poli!;)' thro ...gh the date
offillil funding oflbe Project loan5 and the Third C.pilai Contribution .00 showing
no Cll.eeptions 10 title otha' than !bose exceptiOlU reflected on the title poli!;)' as of
Initial CIosiIl8 and other exceptions as lIIIIy be toe:cptahk to the investor Member,
(O) O!bcrDocummtlljon. The Investor Member WJI hive received NCb other
doewnentltion IS it mil)' reuonlbly req ... est 10 verify the ..:curacy of the
.
I
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repraal1IIrions and Wlrnllties and oompJ.imc:e with the covenants, dutie. &lid
obHgIItions set forth in AJticle IV;
(P) M.."uinC MQ]lbq Electioos. The Managing Member will provide cMdcnoe lllal it
bat m.de Ibe election 10 be tar.ablc under Code Soetiorll68(hX6XF)(ii).oo!hat such
el«tion was effecti~ prior 10 placement in savicc: of tile Project;
(Q) Cgns!ructjQO Pow [)oc;ummtatigp. The Limited PartDeI' shall have received copies
of.1I oonswct:ion draw ~.oo back-up mauriaJs and 1Iocumentali0ll submi~
by the PartnenI!!p 10 !he COII3InlCtioIIlender in accordaDce with the RqUirt:ments of
the ConWuction Loan~
IR) Gmc:n! brtnq Comnftllrion. The Manqing Member win provide evidence 111M it
has made iu GmenI] P.nner ComriburiOll ; and
(S)
The amount oflhe FO\Uth ~tal Contribution
Member ofllle items descnlled
." II tbe Lease-up

Reserw MId the"
IA) Fifth Capjta! Cooujbuliou ftid. The occum::nce or llle 1nV$(lr Memba's Eil\h
Capital Contribution ;
(8) OuIijfic4Ocwpfpcy. Achievemenlor~ofoneb~~(1 00%)of

the resi<leatial units in !he ProjCd by Qu.alified Tenanls, and the: Managina Member,
if n:qo.aeo:d by the lnvator Member, sba.lI demonRrale sucb OCCI.Ipancy by
submilling to the: lnves!oc Manba' certified mil roU. and lmanI qualificatiOll forms
!bat confiml that sucl1 tc:nan1l qualify Imder Section 42 of the Code;
(C) BrgkC'IIM Opmtioq.. The 18$1: day of the mooth followina 1he month in which
Breakevaa Openliooll oo::cun;
(0) Maolgjns MQDhq CQtjfiSMe. The Invator Manba w I! Mve r«eived •

o;ertific.tc from the Manlgi ng Member lIIal (I) the lepi (l$(Jltationl, wlJ'TlIIIties I!Id
wvenants in ~ 4.01 and 4.02 art! lrue and loCCIiraIe as of the date of the
propoxd Foonb C.pilal ContnlNtion and (2) the Company and the Mmaging
41
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MIimba" art: nol in ckfmJ. of my oflheir obIiprions with raped to the Compmy or
Project at such lime;
(E) The In,,_ Memberlball hllve received .. oomplel:e copyof

(F) Receipt oflhe <:OIl o:nilia.tion ofElipble Basis (IS defined in
for the Project prepared by the Acoounlants;
(G) MQ2).. Recap! of tile FQItn(. ) 8609 for the entire Projecl executed by lbeAga'ICy,
"'"
(H) Otbq Documcptatioq, ~ Investor Ml:O!Iber sball have received sud! alba
~ IS il may J'QSOIWIbly request to ~fy the IIOC\IlX)' of the
'cp:iCSQJwionII .00 warranties mid compliaocc with the ooVClW\lS, dillies ....d
obliptions HI forth in Article IV.
(v) lnyestor Mcmbq's Special Additiona! Capita! Contributions. If, in Ill)'

fisc:al year of the Comp&ny, the Investor Memba'. Ctpital ACO()UDI: balance may be Nduced 10 or
below ~, the Investor Membermay, in its J(lie and IbsoIute diS<.ntion, lIIab, I Sp:o;Ul AdditiotW
Capital Contribution .. the Company, in an amount reaso<IablylllqUirt!d to_void thero.iuetion ofthl:
lnVdtOr Membc:t's CapiU.I Aoeou!Il balam:e 10 or below z«o. If the Investor Mcrnbc:r makes ..
SpeeiaJ Additional Capital Contribution 10 the Cmopany pursuant 10 this panopph, the Invc::slor
Member shall =ciVil .. ~ pIIymenl pwsuant 10 Soction H16 !'or the use of its Special
Additional Cllpital Contribution. Whenever the mvcstor Member maka .. Special Additional
c.pital Conlribution 10 the Company pursuanllO this ~h, the Managing Member sha1l have
the option, in its sole and IIMoluledismtion, to mike Special Additional Capital Conlriblltions \0
the Company, up \0 the Ame arnOWl! and on the same lenni in the Igs:regale IS .be Speci&I
Additioo.al Capital Conlribution made: by the ID~ Member allhat time.
(e) Adius!mm! to c.Pital Cootrilzytjgns of InYWIor Member_ Following

detmninltion of Certified. Cmlits, ~ AOQOW\ttmts shaIll!)lb. ddumination $:!I 10 whetM then: is
• OOWllwllrd Capital Adjustment. If IS'VartJ subsequc:m 10 sud! ddmnination rault in a d«raox in
the Capital Coouibutioos of~ InVellor Member due to aUde ~1ivery Capital Adjustment, thm
lhe A_WIts shall m:.kulate ~ Downward CapitlI Adjustment 10 take inlO ICCOUIIt such Latc
Delivery Capital Adjustment Following the del:mnillltion of I Downw.rd CapitIl Adjustment
lIltUor • lite ~livery Capital Adjustment, the M_sinll Memberor the Company, as iWhipiiale,
shall make payments as nqulred under Section S.O I(eXii).
(i) The followina definitiOllll shall apply fur purposes of ddmniniJla

adjustments 10 Capit.1 Contributions:
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"Certified Cndjl Capita! Adjpltmm\- WJl ~ the product o((A)Cc:rti1ied Credits
for the Credit Paiod (adudin& lilly UHTC raulting from C\ iDw : c in pificd
buU. under Code Section 42(f)(3»). minlll S325,OOO, and (B) $0.9217. TheCert:ified
Credit Capital .... djwlmaw. may be • positive or negative """,bel".
8. "Cqtj6cd Credit Capital Deqease" memu I negative Certified Credit Capita.

AdjllSlmml.
"Cqtjfied Credj! eapjlt! lnctqsc" meaIU • positive Cft'lified Credit Capital

Adjn""""'l.
D. "[)ownwvd C!pj!a! Adiu!!lmoent" UalJ mean tile i:ol1owin&: (A) ifeilbel" there is.
CMified Credit Capital Deaease or if the Certified ~il ClpitaJ Adjustment is
~, ~ the Cerlified Credit Capilal Decmlsc plw the laic Delivery Capital
Adjustment; or(O) ifthcn= is a Certified Credit Capitallnc:nase, !he poIitiveamouot,
;{any, bywbic:h the LaiC Ddivt:ryCapitil Adj1l$tment exeeedJ!be: Catified Credit
Capital~
"Ute DdjvgyCtoitAI Mil!. /mml" sball mean for calmdaryear2009 the IIDOIII\t, if
any. bywhich $99,023 ex~ Act\llli Credits fi:w sucl! yeIII".
(ii) [f there is a DownW¥d CapilAl AdjusbmrJl, !hen the CIpital

Contributionll of the: Invest« Memba- shall be ilMlC'di.tdy rcd...-l by the
Downward <:.pita! Adju:stmmL The: Downwlll'd c.pital Adjuslmau shal l first
Rducc lhe Second Capital CootnDution (if il hu ooc pr-eviou:sIy been funded), aDd
thai 10 the exlent...... "y, the Third Capital Contribution, lind !ben 10 the Qtc:nt
neceuary, the FOIIrth Capital CQDQ'ibvtion. If the Downwvd Capital Adjustment
excoeds !he total of all unfunded Capital Contributions (prior 10 Ihe reduction under
this provisiOll),lhen the Managing MembeJ shall make I p3)t11e111inunedialdy 10 the
Compmy equal 10 Ihe amount of sud! Q.cess, .00 lhe Company shall il1UDediakly
distribute sud! amount 10 the inveslOr Manber as 8 rdum of its Capilal
Cona ibutions. Such pII)ftlmt by the Managing Member $ball constitute a __
reimbursable funcIing by il ofElu::as DevdopmenI Costs.oo shall not pve rise 10
any ri&hl as a loan or c.p;ttl ContributiOll or rault in WI)' incn13e in lhe c.pital
Account oflhe M-aing Member. In the evenl thai the Managing Member fails 10
make sucb payment in fUll and the Inves\Qr Member, in ils $Ole di5Q"dion, elecu not
10 uercise il$ remedies under Sedions S.OS or 6.05, as t:ppliQlble, lilly ImOUIlt noC $0
pakI by the Managinll Member as required WII 1M: pII)'IbleOO1 ofNet Cash Flow and
proceeds ofCropilal Transactions, as provKled III!dcr Sections 11.03.00 11.04. Any
paymenl mjuiMi 10 1M: pakI to the InvatOl'" Member pursuant 10 the ",eou.ii.,g
Ieft\ente O\It ofNd Cash Flow and the pUK_d. of Capital Transedionl shall be
referrod 10 as a "LlHTC Reduction Guaranty Payment".
"
(I) Peymroto(!nyqtot MembedM OiliRAM Gmts. Tho: Managina Member
shall ~ the t»JU and expeDSCI iDeufr'cd by the Investor Member in connedion with the d...,
diJigo::ace activities orllle Investor MC!n\beI" and tho closina: of tbe InInRo;tion$ dO:lScribod haan •
includint: Jnvestor Membct'. legai fees and apcnscs, NCb lnvalor Member Due Diligence COIlS
IlOl 10 a<:eed 128,000.
W Additjopa! InvtstQ[ Members, Without IhtConsenl of aJ.J o(!he M~ no

additjonal I'ersoru: may be admined as ~itioaa! Investor Members and Capital Contributions JMy
be: aceepled only u and to the a~t apre$$ly provided fur in \hi, Article V.
(h) Qamjt ofCtpjjl! Cootribvtiom Except as othorwiK provided in SCd"ion

S.OI (d) herein, !he cash portion olthe Capital Contributions of each Member wI! be: depJsited at
the MaJlllging Member's dism:tion in a checkina. $Ivin1' llJdIormoney Ill.IlIi:d orsimil.lOCOUIItlO
be establisMdll1d maintained in !be name o( the Complllly or invested in Fvernmetat securic;.e, or
certificates of deposit issued by lOy bank.. Tha-eofter, sucl! amounlS shall be utilized for !he conduct
of the Company busineu pursuant to the tennJ of this AgrotmlZlL
(i) No Liabjljty fur IoYestor Mernbq Of Special Mgnhq. Except lIS mil}'
othefwise be provided WIder applicable law, no Investor Member or Special Membershall be bound
by, or pcnonally liable for, !he apenses, li.tnlities or obJigaticx. of tbe Cornpili)'.
(j) PIW!CI!! of Enrimmnmlal AS5"'s-m=u Con!!llttanl Em. The M-aint:

Member ackDowledges ibM, on behalf of!he Investor Member, the Investor Memberoraffilillemay
rcuUn an environmental COOIUIWlI (the - Environmental CooI$ulIlrtI") to review and give
reoommaldations nllted 10 enviromJallal R:pOIU thliau provided 10 !he Investor Membc:o- by the
Manapna MemlH:t (includina. but not limited 10, Phue land Phase U envir1)lllllQltal US " ent$,
wetlands rqx:wu, lead InC! asbestg, report$, .to.lemenl n:poru and otheo- envirorwnental n:porIS
~uired by !be Envirorunental Consultant, 10 tbe n:ason.ble NtisfllCtion of the Envil"OllmCOlW
Consultant) for the: land, or the oonstlUetioo and rd!alrilit.tion of CltiJtina: buildings, iftbe reports
indiealc Ihe possible jH I: I\lC of"h.ourdous materials on or Dell'" tbe Projcd or ifJUd! reports appear
incomplete or illldequ.te for JHIrPCI"CS ofmaltins sud! I determination. TheCompmy IhaII be .:lldy
raponsible for !he payment of the fees of the Environmental Consultant.
S.02 Return ofCtDjta! ContributiOll. Except., provided in this Aget:mml, no Member

shill be entitled 10 dema"" or receive the ~ of hi, Capiw Contribution.
5.03 Wj!bbo!ding OfCapj11l Cootribulion Un 001111.
(.l eq""itions Giving Rig!O WjtbhoJdjnlt. In the evenltillt Cll the M!I11.ging
Member, or ....y SltoCCDOr Managing Member shall not hive sub!WJtially complied with lOy ,
mum" provisions WIder this Agreement Of the limited liability company agn:anmt u to an
..
Affililted Company, Ifter NCMK:e ftom the Investor Member of sucb noncompliance and failure to
••
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C\II'e suehnoncomp!iilllee wilhill.. period Qflhirty (30) days from and after the..we of ...ch Notice,
or (b) any Projcd Lc:nder $ball til.... dcclU'Cld the eomp..y to be in default \IIId¢.ny Project Loan or
IJ!Idcr eny oflbe monpge loans at 10 iIII Affiliated Comp.nY. or (e) findOlUR proooedinp shall
ha.... been ~ aaainR the Projcd or ag,aillll: the Project owned by UI Affiliated Compmy,
tbm the Company and the MIJlaging Mcmba' shall be in default ofthia AgtWUtult, and the lnWllOl'
Member, II its IIOle elecDoa, may cause the withIIoldiog ofpaymen! of any Capital Conlnl:Uioo
OIherwise payable to the Company.
(b) ReinS 10 Company f pUgwin, ewe.

All amounts 110 withheld by the
Invator Mem~ under this Scdion 5.03 w ll be prompdy n:lca5ed to the Company only after !he
Managina Membtt or the ComJlllllY bave cured the default justifyioa the withholding, u
demonatrated by evidence reasonably accepcable \11. the lnveslOr Member.
S.04 Legal Opinions. IU. condition precedent to the Investor M1mbc:(. obligation to
make ill c.pil~ Contributions heretInd«, the lnvesIor Member must ra;eive the opmion ofJcannc
~ Taylor, Counsel for the Company and thl!: M-aina Member, whid:! opinion shall ~p1icitly
IlIte INt Applegate &Tbom. Thomsea, P.C. ofChio;ago, Illinois, QO\INeI In !he Investor Member,
may aplicidy rdyupoa it, that:
(I) the Company i.1 duly IOrme:I and validly aisting limitecllilbility COIIlf*1)1
under !be Act, and the Company has full POWetIrld authority to own and operate !be Projed and 10
conduct its bIIsiness haewder; the CompIDY is duly qualified to transact its bu$UJess in the
Commonwealth ofViJ'iinia; !he Investor Member has been validly admitted .., an InveslOr Member
ohhe Company mlitJed to all the benefil$ ofan lnvt$\OT Member IlIIodoer thU Agm:mcnt, and the
lntm:st of the In\Ut(W Member in the Company is the lnlClUt of an investor member witb 00
penonalliabilily fur the obliptions of lhe Company, .oo the uen:ise of the ri&frts and remedies of
the Invcmr Member under this A~I do not CONtiMe participatinl in the control oflhe
bwinc:u of the Company;
(b) the Manasina Member i.duly and validlyorganizcd and ia validly existing in
good standill8 U I UlijlOilltionllimited liability compmy under the laws of tile Commonwealth of
VirgiI'lia, with full power and allthoritylO enter inlO and perfonn ila obligatioN hm:uncItr and under
the Manqing Member P1edce: lhe Managing Member i. duly quaJified 10 ~ itt bu$i:ne$s in the
Commonwealth of VirJinia;
(c) llIIless otllc:rwise pamitted lIIIder this A~t, there is and shill be 110
din:ct or indiTca penonallilhility of the Comp.:ny or of Iny oftbe MernberJ or their Affiliak:s for
the repayment of the principal of and payment ofinlcrat on Illy Project Loan, Inc! Ihuole recourse
ofthc Project Lenda", with respect to the principal ~fand interesllhereon, wll be to the assets
of the Company sewrina ruch indcbtl!dness; ,
(d) uec:ution of this Agreemalt and Ibe MlIlaging Member Pledce by the
Managing Member has been duly and validly aulboriud by or on behalfof sud! ManaainaMember
.,
,
and, having been cxecuted and delivered in IICCIDrdance with its terms, this Agreement and the
Mmagina Member Pledge constiMe the valid aDd bindina agreancnt of lbc MIlIII&in& Member.
enforce:Ibh! i.a KCOI'!!mJce with their respective 1<7IllS, and execution hen:o( and Ih«eof by the
Mmqina Member is not in violalioa or any oonIJ'IiCI. agtoement, charter, bylaw, retOIUDon,
judpc:nl, <m:ler, do=e, l.w orregulation 10 whieb the Managina Member is bound or., 10 whieb it
islUbjcd;
(e) the CompIIly owns fee simple title to the Project, subjcd only to the Projed
1 - , the Mortp.&eS, and such olha" liens, dwp, euemcnts, lesbiaious and mcumbnoocs asare
set forth in the title insurance policy issued to the Comr-nY. Such opinXm may be based oa. review
or llle title i~ policy issued ill II(l(:Of'o;II.IICe with Section 4.01 hereU!, provided Counsel has no
IIC!u.al knowledge \0 the Cl'mlnuy;
(f) 10 the ben ofils knowledge aflcrdue inquiry, there.-c no defaults alstiq
with respcd 10 lOy of the Project DocumeIIIS;
W to the best of its knowledge after due inquiry, no event of Bankruptcy has
ocx:u.rred with ~pect 10 the ComJ*1), or the Managina Member; and
(h) the Affili.te Oll~ry has been duly aeculed by tho: Affi(i"e au..ruor IIld
oonsliNtcs the valid and binding obligation of the Affilide Chlaranlor, enforceable in ~
with iu lams; and
(i) the Campen)' has received. QR)'OVeJ" .JlocIItion ofUHTC for the Proj«tcd
Credits from the Agency, whk:h is the IIjII"opIilte stale of local aulhority for the jurisdiction in
which the Projecl is located.
III additioa, the Investor MlI:II1ber shall have recc:i~ &om ootmSel 10 mVf$Ol'
Member an overall tn opinion, addJasin8 •.u material tu. issues and indiCliDna that the financial
projeo.::tions and tu endil calculation oocrtained in the Dcvelopll!enl Budget ~ rmonable and
complete.
S.OS Jlmm:h'v ObIjgntim.

Ca) Cggdiljqns for Rtmrsbe'C I(i) FiDaI Closing has not CK:alI'ftd by DecanbeI'
31, 2009 (or such 111« date all m.y be Contented 10 by the lDW$IOI' Mmlbtt); (ii) !he Company has
not Ta.:Cived $tale Designation in 2008 or the IRS FQT1JI(.) 8609 are II()I i$$UCCI by !he Agency by
D«ember 31, 2009, 110 all 10 .now!he Credit Ptriod 10 <XliDltlellCe lIS ofJanu.y I, 2009; (iil) the
_t
Company faib 10 moct the MinirmBTI Set·Aside Test and the Rent ReWietion Test by the clo3eofthe
fir31 year of the CTedit Paiod or at Ill)' lime tbaafter; (iv) the Company's basis in the PToject for
fedenll iocomc laX pwpo3CIS, as finally delermincd bylbe Accountants or pu1SIUUlt to an by the
Internal Reveoue Service, all of June 14,2008, shall have been 111M IIwl tm pCUlellt (Hl%) ofthc ••
Company'. reasonably eJlpec1ed bais in the Project, all RqUiml pumwIl lo Smion 42(h)(1)(E) of
...
the Code;(v) an Exlended Usc Agrcc:mem ill DOt in effect before the end of the first yearoftheCndit
Period; (vi) the Projccl bas DOl gaxnlod • iea1t 9S% ohbe Pm;ected UHTC fot the year 2009 ,
then the Mana&ing Memba" Jhall, within fiftee.! (IS) days ofllle occurrence tha-eor, tend 10 the
InveslClr Mcmb« Notice of sud! _1I1d of illl obIiption 10 pwthaM: the Interest of the Investor
Mernba- ~ aDd n:tum to !he hWalOt Member its c.piw Contributions in the _ t the
InveslOr Memba", in its sole ~ion, IlIqUiru in I NoQc:c to the MtIDIgin&Member IIUCh pIII'dIue
oflbe Interest oftbe Investor Member. Thereafter,the Manqillj Member, wilbin Ihirty(3O) daysof •
the malli", date ofNotic:c by the Investor Memberof such election, IhIlI aoquire the entire 1nta'eSl
oflhe Investor Member in the Company by mIkina: paymeDtlO !he Investor Member, in CIIIh, oran
IIIKIUnI cquallO the sum of illl Capital Conltibutiana, plus interest 0.11 such arnolDII I' the rite of
1Qurt~ pen::alt (1 4%) per anrun, but in no even! hiaber tI\In the highest rille pennitted by
q.pIie.ble law.
(b) Upon reocipl by tbe Investor Member of Illy such paymmt of its Capiw
Contnllutions,1hc Interest of the Invator Member mel all furtberobliptionsofthe 111_ Memba
hereunder IhIlI knninale, and, to the alent that the Inwstor Member hall acted in lOODfdance wi th
the tams ofmis AgeemmI, the Mmagin& Member $ball indemnify and bold hamtlcs the Investor
Member &om any Iot:set. d.antages, and/or liabi lities. to or lIS a result of claims of Persons otlter tIwa
Members m Aflililte$ thereor, to whicl:! the Investor Member (as I result of its l esyc:cti~
participation ~i>CIer) mIIy be subject.
S.06 GvaGotml Pnmmts. No later tlw! ninety (90) days 1fta' the end of the Company's
fixal year, any Member who has m.sc I Special Additional C~ital CootnDution pumoanl to Section
S.OI(dXv) IhIlI =cive, ali I guaraotml payment for !helIX ofilS capital, III amount cqusJIO die
annual imcrm camod by the Company, if my, on such Specill Additional Capital Contribufionl..
The Company shall invest Illy amounts contributed pursuant 10 Sec:l:ion S.OI{dXv) as reasonably
directed by thecontnloutinl M«nbc:r. Any S-tmI payment due 10 I Member shall be deemed III
O:peMe of the Company for purposes of determining Net Cash Flow. Any guuantml payment
which ill not paid...tom due shall remain a liability of llle Company and shall bear int~.,set forth
""'~
SJ17 MM lollIS.
(I) MM ' £!1M, The Managina Member wI! have tlie right, bill no! the
obliption, after fundina al l Other obIigationJ und«1hilI Ag'eanenl, incilldin& without limitation, its
obligation to fund Excess Development Costs tmder its Coastrudion Complmoo Guaranty under
Section 1.11(1) or Operating Deficit linda' its OpcrItin& Deficit Guaranty Imder Seetion $.1 l(b)
hereor, 10 make "MM Loam" pwsuamlO this Section S.07(I) 10 lUnd Opc:ntina Defici ts orllle
Company orto fund other reuonable and ncccssary obliptions of the ComplUly, provided, howev<r,
duot the Managing Member shill not enter into any .such MM Loan with the Company if such MM
LoIn would ClU$e • .uUOCItion ofUHTC or lax benefits IIROIlI the Members. MM w..s Mill be
on !be I'ollowinllcnns: (i) interesl ahaI l lIOC:I'Ue on the MM Loans 1\ an IMIIIl mtemsl rate of eight
peiotnt (8%), oompounclcd lDIlually; (it) MM Loans shall betqlt.yable ddyllliel t'orthin ')««jms
11m and 11.04 of Ibis Agroanall; and (iii) subon1inIte 10 aU hoject Lo- .
(b) Pnel!l!r!'?'!tfti! ofMM ' 1!1& At the request of . Mernba-, whieb mjIICSI
....'1 be made quarterly, JIIY MM t.o.n Ihall be evidenot:d by • non-DeJIIlriIlbie promiuory DOle or
noles rdIe1lting any SIICh MM to.ns m.de during the preoeding calendar quater. MM 1..0l1"li shall
be ~ Ioana. MM Lo.na shall 001 be considmxI Capital Contributions and shall DOl increase
rudl Member'1 Capital ACOOlbll
Notwithstandinl ~ni 10 the WllIIW)' herein orin

. I Lou at .
~=
in ClIOCIS of such inI..-esI ralc, !he I be reduced 10 the
maximum rate of interest pmnitted by rucb La.....
ARTICLE VJ
CHANGES IN MANAGING MEMBERS
6.01 Witbdnwal of!hc M, n'gjD\l Member.

(. ) ThI: ~ Member .... y withdraw from the Company or sell, transfer or
-.sign its Intats1 III Managing Member only wi!h the prior Consent of !he lnvescor MmJber, and of
the Agency and the f'foico;t Lenders, if required, and 0I\Iy after being given written approval by !he
nccesNl}' parties as provided in Settion 6.02, and by the Asenc'J IIId the Project Lmder$, i(require(!,
of the Managing Memba"(s) 10 be substituted £or it or to rec:c:ive all orJ1171 ofi lJ Interest III Managina
Member.
(b) In the ~I that, M.lnagin8 MembcrwilbdBws from the Compmy or sclls,

tnnsfen; or -.sip its entire IntCI"eU ptImLlIll to Scd:ion 6.01 (.), it shall be . nd IhaII remain lilble
£or all obl lsatiorl' and liabilities incumd by it IS Managing Member before such withdnlwal. sale,
IraIlsfo" or assignment shall have beoomc effe(;tive, but shall be free o( any obligation or liability
incurred ga lOCQunl ofthc lldivities oftbe Company !Tom and after !he time ruclI wilbdnlwal, sale,
tnnskr or u.sigJltnetlt !h.ll kave become effective.
6.0"2 AdmjDiop of. Sit...... or AddjtioryJ MMlujnB Membq. A Pmon shall be

admitted III I Managing Member of the Company only if the following tenm: and o;onditioru .re
sandied:
(.) the admission of Ad! Penon snail hIIvc been Consented to by the MlllIging
Member and the Investor Member, and consented to by the Ageoey and the Project Lenden., if •
required;
.
,•
•
(b) lhell'C( • or8dditional PenoaJhalthave..::ept«l.nd ~lObebound

by (i) all the terms aDd provisiOlll oftlli!! Agrtemml by Ocwtill8 a «I\IIItI::IpII thereof, (ii) al l tile
lemv a proviliona oCIbe Loan Agr'I'ImleItIlIDd the Project DocumentJ by e:uoeutil\i oounletplrtS
IhtROf or aD assumptioo IgKGllCllI, if reqlleSled by the Project Leoders, .00 (ui) III the !ernuI .00
provision!! of such othef documents 01 instrwnents IS may be RlQuiml or liJIPilipliatc in order 10
effed the ..tmi!tftoo of sueh Penon ., • M_gina Membeo-, IIDd • ca1ificale of ameodmenllo !be
<>ertificatc oflirnited li.biHry COl1lpa..y cvidmc2n& tbe adrtIi"iOl'l of such PIQOft as I M_&illl
Member shal l have been filed, and .11 Other..::liOlll reqllind by Se<:ti<m 1.00 ill CXIIl.!le(:tjon with such
adrtIissioo sbrol! have been performed;
(el iflhe Il'e: 'Of or additional Penon is. UHp....lion, it sb&Jl hive provided the
Company with evidence ..cisfaclory 10 c::ounsd tor the Com~y of its authority 10 become •
Managing Member, 10 do businoess in Ihc Common-.lth o(Virginia IIId 10 be bound by !he terms
and provisions ordU, Agreement; and
(d) Coumd for-the Compmy shall have mm cd PI opinion o..t the admi$sion of
the au' • P_n is in conformity with the Act and that none oflhe Ktiom: taken in
;p: or additional
-.
oonnecIion with !be admissioa. oCllle SUCCf:SSOI" Penon will caDle the termination or dissolution of
the Company or will cause il 10 be clQlified other than as a partnenIIip for federal income tlX
6.OJ Effect of Banknwtcy.

Mwgina Member.
Pam Withdrawal. pjU9luljon 0[ !neomllClcn<:e of.
(.) In the o:valt ofthc BilIIkrupto;y of. Managin& Member 01" Ihc withdrawal,
dctlh or dissolution of a Managing Member, or an adjud.iClltion tbM I Managin& Member is
incompetent (whicll term shall inclllde, but DOl be limited to, insanity) the business of the eornp.ny
shaU be continued by tbe oVIer Managing Member(, ); provided, however, that iftbe withdm>1l.,
Bankrupt, deceucd, dissolved or ineompetmt Managin& Member is Ibm tbe sole Managina
Member, or if such Managing Member witbclraws from !he Company in contnvt!Dlioa of !he
provbions ofS«tion 6.01(a) oflbi. ~ent, then \be Company shall be terminated, unl_ within
ninety (90) days IftU "*ivina Notice of such Briruplcy, withdrawal, death, di,.,hltiOll or
adjudiQltion of inoompdCllOll or brHc:b. ofSco:tion 6.0] (I), the Investor Member clcctt to desigMte
the Special Member or IUd! ott- entity as the inv<:stor Member may dc$ire 1$1 1" ; , or MIKl&&ina
Member and continue the Company upon the c:onvemon of IIICh Special Mcmbu It! the Managi.ng
Member of the Company. Consequences of \he removal of the ManaplIi Mcmba- shall be
delermined UDder Section 6.05 bereof.
(b) Upon !he Bankruptcy, death, diuolution or adjudication ofinoompete:nc:eof a

Mana~na Member Of breach ofSeclion 6.01(1). such Managing Member shall invncdiately cease to
be I Manapng Member and its !nt~ wI! without IUrcher action be convutcd to I Investor
Member Interest; provided, how~, that, if such 8aniaupt, disaolvcd, irlC(lmpetent, .............. or
.
defaulted Man.gin& Member is \he tole remainilli MIrII&inaMember, ~h Managina Member shal l
I
•
cease 10 be • MMaging Member only upon the eJlpirMion of "indy (90) da)'l after Notioe to the
mvestor Member of the BanknopIq, alb, diuolWon, dcl:lanltion of iDcompctmoe or def.ult of
SId) Managing Member; and provided further thai., if such Bankrupt, dissolved, ;llQHapctent,
dr- I I 1 01" de&ulted Mlnlging Member ill the $Ole nmaining Man&&ing Member, the converli!d
~y lilt_I of such replaced Manasiva Memb« shal.l be ratmly refuced 10 the a lent
nceesscyto ~ thai the ~tilule Managing Memba(s) boIds • .009% Percentqe lnIemst (as ICC
forth in Socfion .5.01).
(e) ExccpI as sa forth.oove, such COIIvcnion of. ManapagMember Interest 10

• Investor Member InttftSl: !hall 1M)( . fI'ea Illy righu, oblig,atiom or liabilities (including witboul
limill.DorI, ~y of the ~na Manba's obIiptiom undet Section 8.11 hann) of the BanknJpl,
doN-scod, dissolved, removed, itIoompetent or ddlllitoo M~ng Member !::listing prior to the
Banbuptcy, death, di!801ution, ntnOvaJ, inoompetaK:e or default of such penon as I Managina
Manber (whether or no! such righu. obIiplions or liabilities were known or had mIItwod).
(d) If; 81 the time of the witbdnwal, Bankruplcy, deeth, dissolulion, .djudianion
ofinoompetmce or deflllll UDder Sedion 6.01(.) or. Managins Member, the Bankrup(, wilhdrawn,
deceased, dissolved, incompdmt or defauhed Managing: Mtmbcr was not the sole Manll8ina
Manber of !he C(ln1J*1Y, the mnainina Managins Manbcr or Managing Memba1; !hall
immediately (I) gi~ Notice to the Inv~ Memba1: !;If IUCh s.nknrptcy, death, dissolution,
81dj\ld:icatiOfi ofinoompetc:nce: or default, and (ii) mtke sud! IlDel!dmmu to this ~t and
COClC\ltc and file such lmendm£!lb: ordoaunents or 0(/1« instrwnmu U Me _ my to rtfled: tile
QOIlversion of tile tntc:rest of the &nI<rupI, dco.:cIKd , dUsolved, mox... pdent ordcfaulted Managina
Member and Ilia IwIving taSed to be. Managillj Member. The rtmainina Manasing Member or
Mmagina Members arc iK:rcby jp'IIIMod III i-=-oeablcpowcrof Mtomcy, coupled with III intaat, to
executeanyor all documents on behalf of the Members and thcCompany and 10 lilesuch docwnents
U mt)' be requiml to dfccruate the provisiona of this Section 6.03.
6.04 Rgtric!ioul Qp JrwferofMpsjng Membq) lntrm!' nn, is .... ~I!DI under

which Iflplicr.ble law Cll~ the mYC$tOl" Membeo- from accepting performance from (i) lilY
Mana&inaMcmber which is M debtor inacate undcrtbo:: BankrupteyCode, II U.S.C. § 10 1S'lHSb
(ii) a tnIJt.., of any such ddltor, (iii) lrIdfor the ISSigncc of my $UCh debtor or 1rU$tt;e. The mvt:Slor
Mcmbeo- has entm:d into this Aar-nent with tile MlIIIlIgillj M(2IIber in relillllCe upon the unique
knowledge. experience and apcr1isc of the MIIIIIIIPna Member, and iu offio;ml in the plllll1ing and
implementation of the acquisition of the Projed: and in the . . of liford.ble housina and
devilopnent in gmenI. The forqoina restriction Oft traosfer is based in part 00 the above fadaB.
The Managina Member aprcssly IgI"(lCI that the InYf$Or Member shall no! be requirul lO accept
performIncc under this agreement from any person other thao the Mmlgina Member, including,
without limitation, wy trustee of the Managina Mcmbeo- appointed under the BarWuptcy Code, 11
U.S.C. § 101 "H!Q., and Illy _pee ohllY IIUCh trustee.
6.05 Removal oftbc Mwgjns Member.
•
,·
•
•
•
<11 Cog!iOOns CorRmmaI. ThelnvestorMmJba'lIhaIl ba~lbe rigbtlo~

the! M_ain, M<::iIIb<Ir:
(i) for.oy fraud, gross ~ inleDlional m~ or f"ailure 10

aacisc re&IOIllIblc o;.arc with raped 10 In)' matai.! matter in the disI.:hatge of its duties and
obIiptioos IS Managing Member (provided that SIK:h YioIIICion resulu ia., or is likely to TWUIt in, a
material detriment to or an impail1lle:nt of the Projoct or asetlI of tile Compmy), or
{ii} upon the 0(X:lJI'1'mCe of any o(1he f'oUowing:
CA) the Managing Manl:M:r or the Company &h.tI1 have viol. ICI(!
any mlten.I provisions of ,ho: Rego.datory A~""t, the blended Usc
Agmment Indlor the Loan AgJeeIIlGlt, or any...-erial provisions of any
otha' Project Document or other documeat required in COIIIlOCIion with .oy
Project Loan or III)' malerial provisioas of a Project Lmder and/or Agmcy
~u ipplieablc to the Project, which violation hMOOI been explicitly
waiwd in writing by the applicable Projed Lender or the Agency, IS
Ipplicable;
(8) the Manllgill!l Member or the Company sbaJ l have{i) vioIaud

any material provision o(this Agroement, including. wilbout limitation. any
ofiu guanullees or pa)lDQlt obligatioot IIIldcr SectiOnl 5.01(el, .5.05 and/or
S.II, (ii) violated my material proYisioa of -W1io;able I....., or (iii) the
lev> ,titian and warranty contained in Soction 4.0t{u) are -Vor bu:oi.1t4
fllte or inaocunle;
(el !be Managing Manberor the CompIDy , hall have CIvsed my

Project Loen \0 go into dem..Jt, wltich default remainlI lDICw-ed .!tel' the
expiJation of lny IIppli<.:.ble cure period;
(0) !he M_ging Member shall have cono:h>ctcd its own affairs or
the affairs of the CompMY in such TI\.IIIncr lIS would:
(I) cause the terminahOO of !he Company for fedenl

income tu purpo;>$e$;
(2) cause the Company 10 be lreaIed for federal income

tu purposes as lin IWOCiltion, tuable as I corporation;
(l) in the reasonable opinion of the Investor Member,

cause I recapWn: or ,eduction in Certified Credits; •
(4) violate any f!:den! or slate S«:Uritia lawl;
,
"
(5) CIIu.se the Investor Mo:mber to be Jil,bl~ for Contpimy
obligations in e:JIIce8S of itl Capital Contriburiom; or
(E) the amount of Actual Credits for aDyyeararc, or areprojedal

by the: At'COIIDhnlS 1(1 be, less tbwi niMI:y percalt (90%) of the Projeded
Credits for that year; or lea !ban nindypacQ:1t (90%) ofCertifioci Creditl if
Certified Credits have b«D Ikterminocl and .djI>stmenU 10 the Cllpital
conmlourion of the lovestor Mo:mber hive been nwIc • m.ly be .cquiu,d
undcz- Section 5.01 (~);
(F) cause fur n:moval u • manaaing member of an Affiliated

ComplIIy shall Qist punu.ant 10 the: limited liability compmy ~t of
~ Affili~ocI Compwly;
(0) the Man.gina Member fail. to limel)' and promptly disdwp

the Mana&mlml Agent if ~ an)' time cause for ruch mnoval u.im;
(H) Bankruptcy orsimilaraedilOt's action is filed byoragainst!be

Compan)', the ManagingMemba" or an)' Affiliate Ouaraotor; or
any default b)' the Affiliate Guarantor under the Affiliate
(J) f.il~ of the: Affili.te Ouam!lor 10 maintain • minimum net

worth ofSl00,OOO; or
(K) failIR of the Compan)' 10 acltieve Brt:U.even 0peDti0ns

within".1. months oftbe Company's lIChievanent of9S% """''P''ncy.
(b) Proo;dure for RC!l!OyI!. The Investor Member shall give Notice 1(1 all
Members and to the Projed Undc:n of itl dc:tmninIItion t/'Iat: \he ManaiU!g Memba- shall be
removed. Th, ~II Member shall have 1m (10) days aftcz- reoeipt ofsuch NOIia: 1(1 cure an)'
default or otlm reason for such mnoval, in whiclt event it shall remain u M.nagioj Memba". If,.t
\he end ohm (10) days, the MINIIing Manba" hal not cured any def.wt or other ra30n for sud!
removal, it shall OCIK 10 be M..nasinI Member and \he powers and authorities oonfem:d on it lIS
MlNgina Member under lbil AgreemmI shall cease and the Interests ofsudl Managing Member
shall be IJalISferred 10 the Special Member or ilS designee whicb, without fwtbc:r action, &hall
become the MIrIqing Member; m such event, upon baoomins theM-,ina Member, such cBignoe
shall be bo<.tnd by all IIpplicable tenns and conditions of this A&ieallUll and of the Project
Ooeum<:nls.
(e) M'p'ring Member Obligations.nd Ljabilitv Followina RanoY'l.
52
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(i) In the even! that the M-P&Meml)er is reznoved as afon:said prior

to \be Final CJosing. it shill be and shall ranaiD lilblc for 1I1 obligations and liabilities ~ by it
as ~g Member oCthe Companybefore such ranovaI shaJl become df«:tive, inc1udina: bill not
limited 10 the obljgltiOlllIllld liabilities nrllle Managing Member with rtISpCd to its obliga\jORlICt
forth in Section 8.11 oflhis Agftment; provided bowever, !hat if&mOIIIItI otherwise ..,able 10 the
MIDaain. Member as fees are ipPIio:d 10 meet the obligations (lrthe MaoaginJ Manber as stated in
Sections S.OI, S.05 and 8.1 1 oflhis A8Jec:olQil, auc:b appHcati(m shall $efVe to reduce IIIY.Juch
liabilities ofme ~ Member OI''''y ~W. .1«, el.ccpI for any liability jJ\CUl11!d as the n::sull of
its negligence, mix:onduc:I, Jiaud. Of breach of its fidueillr)' duties as r.hnaging Mernba" of the
Company. If the Manqing Member is removed as Member of the Company prior 10 the Final
Closin& ., aforesaid, the Managing Member shall 001 be enlidcd \0 pa)1TlUll of any further
installments o f the Incentive Management Fee. 01' otheo' fees wbich otherwise would have been dllll:
and pllyabJc UDder or pur$UIIIl 10 various Sectionl of this Article VI or Article VII.
(ii) in the evCfll lhat the Man.eging Member ill removed as afOfUBid after
the Fim! Oosin&. il -"all be and. shall ll'INin liable fur 1111 obIigalions and lillbilitits incmml by it as
MlIMging Member of the Compmy bcf"<n sueh removal sllal! booomoe dfo:dive, inclUltinI but not
limited 10 IhI: Managing Member', obligations and. liabilities WIder Soction 8.11(11) of thi!
Agrcemc:nt; provided, however, that if amounts otberwix payable 10 the Manllging Member or
Affililtes Ihmlof as fees In: applied by !he Complllly 10 ~ Openlling DcflCila, such lppIic.tion
shall save 10 miuce any SIidlliabilitie. 1ftIII' Ihe Final Closing. e:U:epl for Illy lilbilily incurred ..
the result of ill negligence. miscolldUCl, fraudill' bmoclo of ibliduciaryduty as Managin& Memberof
!be Company. If !he Managing Member is mnow:d as Member orlbe Company .. my time after-the
Final Closin&. the Developer-or ib ,"" , or(s) sIWI lXlIIonue 10 bepaid ~ 10 JUCto mooval,
in accordance with !he lerms m:I CODditiOlUi of"'is A"«>I_I, IIIlY instollmcnlS oflhe I:leYdopmIl:llI
Fee wlticlo would luive otherwise to-! <hoe and payable 10 it puMllllllO S«:tion 8. I 2 and which Ire
DOt ~ being withheld; provided, bow~erj upon Illy such ranoval oflbe: MM~giog Member
after-the Final C10$ing, 110 fwthcr instlllmo::nU oftbc lntmtivc Managemenl Foe shall be paid whido
are attributJoblc 10 any period after such removal .
(d) Pow"" of AItOTpey. The Investor Member ben:by is granled an irrevocable

power ofauomey, coupled with an inta'eSt, 10 execute any and all documenls 00 bd!aIf oflhe
M«nber$ and the Compeny as man be Iep.l ly 1)0 .,y and $Ufficia!t 10 effect all orlbe: b-qoin8
provisiOD$ of this Sectioo 6.0S. The election by the Invo:stor Member 10 mnove the MlNlging
Member under this Sec:tion shall not limit or R:Strict!be .vailability and U$C of Illy other ~
whieb the Investor Member or illY other Mombe:r mighl """" with mpec! to Ihc: Man.ging Member
in eoo.nedion with itl Wlderbkilli' and lespoiaaibilitics under lhill Agr«>nent.
"
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ARTICLE VII
A$SlGNMENITO THE COMPANY
The MaMging Manba-Ilerebytransfer:s II1d assigns 10 the CI'II'ItpMI)' all ofib ri&bt. title and
interest in and 10 the Project, inc/udina the following:
(.) all wnln\:tS with adtileCU, o:ontradors and supavWog an:hila:ts with
rapecllo \be devciopmal1 o ftbe Project.
(b) all pI-. spceifiClltions and: working dJ1Iwings, beretofol'e ~ or

obtained in connection willi !he Project and , II govanrnental approvab obtained, induding planning.
tonins and bui lding permits;
(e) any and all commitmenlS willi resped. 10 the I'Tojcet Loam and: the UHTC;
(e) an)' other wort prodoo related 10 the Project.
ARTICLEvm
8.01 ManaganCOl oflhe ComlllOy.
(Il &;<.:ept as otberwilC set forth in Ibi. Agrear\erIt, the Managing Member,
within the IIIIhority grwnecl to il under thi. Agcemcnt, shall b.ve MI. eornpletc lind ucNsive
diK:retion to mantge and OOfltrollhe business of the Company for the JlIII1lOKS stlled in Article Ill,
sMll muc al l decisions affecting the business orlbe Company and shall mllUlge and C()fttrol the
afr.in ofth Company 10 the best of its Ibility II1d I>Se its best efforts 10 CIn')' OUI the pIIIpOSC of the
Compmly. In so doing, the Managin& Member shall take all Ktiom necessary or IIpJII'Opriate 10
protect the interests orlbe Investor Member, Special Member and: orlbe Company. The Managing
Memba- shall devote sud! time as is ncc=""'Y 10 [he.!&.in of the Complny.
(b) ExtqJt as 0IherwUe Sd forth in this AS' eGna'U and subjecllO!he applicable
Project Lendel" and/or Aga\e)'ruIes and rquJalions and !he provisionl o f tile Loan A8JetillQlts, the
Managing Member (llding for NJd on beNlf oftbe Company), in e:IItcnsioa lind not in limitation of
the rigbU and powers givm by law OT by 1M otha" provisions ofthi. Agreement, ahaIl, in its IOle
dUeretion, have the full and entire righi, powa" and authority in th~ m_semenl of the Company
businCSl to do any and all.eIi: and things nceess.ry, proper, convenient or advisable to dfe<:t\late the
JlUI1lO5e of !he Company. In furtberance and no1 in limilalion of the fOft!goina provisions, the
M-sing Member is specifically I Uthoriud and empow~ 10 execute and deliVa", on behalfof1he
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Company, the Loan Agrccmctlla, !he RCll'illtory Agmmall, ~ &taIded UN Apeemeut, tbc
Notes, !be Mongage:s. and !he other Pro,j«t Doo:uments,.,.;I.1O t.:I.cade any and.1I otha- instr\Jmaltl
and documents, and amaxImcinla themo provided the Investor Member shall be provided wilb Ihe
opportunity 10 review aDd Consent to any such documents prior 10 their ex«UtiOll by the M....s'ng
Member, all shaU be required in connection with the Project Locna, including, but DQllimlled 10,
l,:I.eQ,ltinl any mortpge, ROle, oxmbKt, buildinglooln agreenmt, bank rmolutioo and sisrwurecard,
rdcuc, di~ 01" lilly otha- doc:umc:nt or instr\lllu=n' in any WI)' rdaled ~o or ~ Mty or
ippiopiiate in CODnectioD therewith; provided, 00,.._.that eopies of all Ipplications for.tYllllCa
of J!I~oftbe Project Loans shall be provided 10 !be mvalOT Membcrprior 10 lhedi!bunanent
of Uly funds pursuanllhcrcto and sMll be subject 10 the Cooscol of !he Investor Member; aDd
provided further that my such awlications which provide for the disburHmeot of funds of!be
Comp;u:ly in lieu o f or in addition to the ~s of the Project Loans shall be subjecllO!he Consent
of the lnvc:slOl" Member. lnVCllOr Member ~ Consents 10 IheManaging Mernb« accuti<ln of,
on behalf oftbe Company, the Constn&<:tiQll Loan documents. All da.:iaiollllllade fOI- and on bc:baIf
oftbc Company by tbc M_ging Mcmbt:r shall be binding upon the Comptny. No penon dealing
with tile Managing Manbcr shall be n:quired to determine its lulhority 10 make anylllldataking on
behalf of the Company, nor to determ ine ..y facn or cin:umslanca: bcaing upon the existence of
such IlIIhority.
8.02 Limjtations UPOn the Authority oflhe Mwlring MWbg.
(II) The Managing Membe...balL not have any.ucbority to:
(i) pcrlorrn any ~CI in violation of III), appli<:abl0 law Of reJIIlation
(ii) perform any Kt in violltion of tile provisiom of thos Regulalofy

Agreemmt. tbe Elr.tended Use Agreement, th8 Loan Agreements, Of Iny other Project I>ocurnenu;
do ..y Kt f'8C]uimllO be Ippmwd 01 ratified in writiq by the InvestOl

(iii)
Members under the Act W1leu th8 rialu 10 do iIO is apressl), otherwise aive:o ;n thi$ Agreement;
(iv) knowin&ly n:nl apartmI:nI.S in the Project $lOCh tt..t the Project W01.Ild
!'lOt meet tho rcqviremcnts of the Rent Restriction TCSI Of Minimum Set-Aside: Tm;
(v) OOmlW from thos Compan)' 01 comminaJe Company &lids with funds
oflll)'O!her Person; or
(vi) e:o.ewte ordeliver Ill)' general assignment tor the beuefi.1 of a"editon 01
file 8 petition or KqUiesce in the filina of I petition tor Barikrvp1CY.
(b) The Man.gin&Member WJ! nDf, without the eor-rt of tile InvatorMember i
(which Consent abll! not be ul"lreUOnlbly withheld, with the partie. bemo .gr«ing and
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IICknowJedgioa that wilhholding SIICh Con5Cl\t wooId be I'CISOIWble if the .etian woWd likdy be
incoasisteol with preserving the Projed as a low-income bousina projed). have any IIIIthority 10:
(i) sell or olberwi,e di$pOle of, at any time, all Of' subataltillly iii of the
QRb: of !he Contpany;
(ii) ammcllhe to:rms of tny Proj«:c LoIIn to beothcr IiwI tOO.c: Id IOrth on
[ d,!hIt' attached bereto;
(iii) borrow in etCa. ofSIO,OOO.OO in the Iggregue It anyone time

outstanding on the gmcnllftdit of the Company, CJlcept MM Loans and Opc:ntioa: Deficit Lo.ns,
and except as and 10 the extem provided for in an 1ppI'O~ budget pwsuant 10 Seecion 8.20;
(iv) following Final CIO$ing. IXIMtnICI 1lIIY DeW or replllCflt1a1l capital

improw.ncnU on the Projed which subsWltially alter !he Project or itiliseor wb.ich are at. COS1 in
ex0es5 Drs J0,000.00 in. Jingle Company fisoeal year, orrebuiJd the Project "";!h!hl: useofinsuranc:e
proceo;k. Qeept (I) repl~1$ and mnodclirIg in tho ordinary CO\Il'88 of bllsi ...... or unda-
an~ey ronditiOllJ, or(b) reoonstrvction paid for from insurance: proec:o:IJ, or (t) as and 10 the
extent providod for in an fIpprovocl budget pumIIIIt to Scaion 11.0);
(v) (AI acquiR: any ra l propMy in addition 10 the Project other tn.a
easemmtl n:uonable IIlIi IW'"" 'Y for lbeopmltion of the Projecl; (8) subdivide the Projea or (C)
sell any portion of !he Pro~ provided howew:r, the M~ Member intends 10 K11
approximltdy 16 _ of the Project on or prior 10 the PennaDeIII Loan closing (the KReaiduai
Paroel Sale''). SIICh Residual Para:1 Sale will be subject 10 tile Content of the Investor Member
wbich Consent $hall be rondilioned IIpCl11, amona other items delmnined in tbesoled ..... dioll oe!he
Investor Member, thlll !be <I) Sale is both co:onomically M<I tax neutral to tbe Company; (2)
purdwc: price inelooks aU openses i~ by !he Investor Member ...d the Company in
connection with the Sale, (3) Managilll Mtmber is no' in default under this Operatin.g ~
<") o....ntor is not in defawt UDder the G\wanty AgeemCIII, and. (S) Proj«t Unden and AfPtCJ
ba~ giVfll their comcnt to such Sale;
(vi) following Final CIOlling, refinance Illy Projea: Loan;
(vii) confes;s _judI/nan .gainS! theCompany in aoesl ofSS,OOO;
(vi ii) admillny penon u • Managing Member or an Investor Member, or •

withdnlw u Managing Member, aQCplu O(ilerNise td forth in thi l A~en';
(i1) do any aa in contravention oflhia Agreement or any other agio",,,,...,

10 which COlDl*1Y is I party;
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(~) el!oc:ule or deliver anyuaiglll1leUl I'orlbe benefit of the uc:diwn of the
(Xl) trmsm-()( h)pctbecate the ManI&ina M<2IIbds iDIeftsI: as I MJne&ioI

Member in !be Cornp$lly, indudina ill intenst in Comptny Ill0000000nt ordislributiuns, except as
otherwise provided in this Agmment;
(xii) diuolve the Company or tUe lIlY action which would n:sulI in
dissolution;
(xiii) refinance, prepay or materially modify the tams (lra"y monpge or

Ioq.tam li.bility of the CODlpUy, or sell, gnonl an option to .equire. e1IchanF. mortsarc,
CIlC\Imber, pledge or otherwise tnnsfCl" all or any ponion of 111)' intcrat in the COlilpilll)' or the
Company's inleresl in the Project. or borrow funds Of plll1ici..le in I mergcl"Onooaolidlltion wilb
Illy 0Ibet mtity, except as otherwise pro'oidoed for in this Aar-nenl;
(xiv) change the nature of the bulinessoftheCompany, ordo my ICl which

WO<lld make il impouible 10 C8I'I')' on the ordinary business of the ComplllY;
(xv) mare:rially change any &e:WUIlrinametbod orpraetiol: (If the Company;
(xvi) 61.,. voh,IQlary pctltion for bankroptcy olthe Company;
(xvii) make JrIIYClIpenditure or incuc any liability on behalfoflhc Cornpiny

in c::x.ecss ors 10,000.00 which is not idmrifKd in the budget provided by the MaNging Member 10
the InvestOl" Member;
(xviii) borrow fundi from lheCornp"ny;
(xix) mte.- into ormalaially modify the Construction Conb'ld (oranyolher

COIIltNdion eontrKt), or agra: 10 any change 0Jde.- ~ the Construetion ConIJaC:t (01' any 0Iber
oonstrw;:tion eontract) if any sud! change ordc:r it: for SI 0,000 or IIlOJe, or ill proposed when Ibe
IDIWnt of previws ~ orders plus the proposed dI.anp order would c:o:QCCd $20,000 (ova- the
life orthe Company);
(u) commingle Company funds or ~ with the funcb or useu oflile

Mlllaging Member or any Company orOlher enlity owned or optnted by !he Managing Member 10
!he In~or Memba';
(xxi) j>( 11m Company poperty or

olllel"!han I bwinas purpose of the Company;
_&I" righll in speo.:ifie prOperty for
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(nii) take my -.:lion whic:b would causelbe ~ uribe c.omp..y for
fcdaaJ inoomc to purposes IIDIkI" Code Sectioo 708;
()(Xiii.) make. aDleM (I( JWOke III)' tax election required of orpcnrtitlCld 10 be
IlUIdc by the Company I!IIdIr the Code of Regulationt, inehlding. without limitation, tny election
under Section 42 (includini an election to fR:at UI)')at ocha Ibm 2009 u!be liM )atofthe Credit
Period (ilII defined in Code Secti0tl42 for the Project orseetion 754 o(1IH: Code or any other tu
eJe<:tion .ffeding the amGlU\t, timing. availabi lity or allocation of any U tITC;
(uiv) enler into any agreerttall or tatun)' action witmut the prior QOnSC:III
of !he llMiSlor Memla with R:SpCCt to any matters for wtrld! !he prior consent of the invalor
Manbe:r is. pnnquWlC thc:rd'ore;
(axy) awrove!lD)' inaase in fees to the Man.giq Manberor any affilia1e

of!be Managiq Member;
(:uvi) change in owna-sbip, control or ~erl1 of the Managing

Member; or
(Uy;i) allow this Agreement to be amended.
(.xviii) invut assets of the Company in (A) inve:5hJ1ents specifK:ally lIOI

OO1Ilempialed by thU Agreaneot, or (8) ill in~1$ other than U.s. Treasury Bills, Notet or
Bonds, Of bank IIOCOWIU, money markd accounts or cc:rtifi«tc. of dq'oo$il it! institutionl insw"cd by
!he Fcdenl Deposillnslnnoc Coi.lMIltiOO. However, invcslmcnt of IUd! IISIda may be opulded
uponapproval bylbe Inve:sfOf MnnMf.
8.oJ Sale ofProj«t.
(a) !nyq1Q( Member Request for Sale. Notwithstanding the foregoill8 Section
8.02, and Sllbiect to al l Ageneyregulatioos then in dhd and the RC>eipl of all rcqWed IIpIlrovaJ. MId
.:onsmt1 ofthc Project Lenders, and subject furthCl" \0 the olendod use rcquireme:ou applicable
pursuarll to Scclion 42(hX6) of the Code, 81any lime after the fourteenth (14th) anniversary of tile
first dayofthe fim tauble year of the lppIicable UHTC eomplilln(C pmod the Investor Membr:r
mayo:equcst that the Company do one ofthe following: (i) adl the Project subject to !he Extended
UK Agreement (I "CpnIjpun' Vy'?liaoc;e Sale1; or(ii) fequelltlMt the Agax:y II'flIIl8C for tbetllle
of the Projccl after ~pI ofa O\pIjfied Contrtq (I "Compljy" Imnjnation Sale").
(b) ConriPK'4 Cmm/iMJOe Sale. After receipt of 1 request for a Conlinlllld

Compliance Sale, the MlM&ina Member sh&II use its best efforts 10 find I third party purctIQer for
the Proj ccl and 10 ClUMI the Compllly 10 QOMU/nmiltc a sale of the Project subjccllO the ~tcnOcd
Use Agreement and on lenni Consented to by the invlCStor Member. If such efforts are not
ilUccessful on terms reuonlbly satisfactory to the Investor Member within four (4) monlhs, Ihe
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Investor Mcmbc:r shall han the right IhereIfter 10 klcate a purchuer for the Project. If the InveIIor
Member locates such • purdwer, the Managina Mmlber shall be givm • right of firs!: rdUsaI to
purmase the Project on the same terms and oondi~ &I would be -wtiable 10 such pa-t:haser. If
sucb rigbl; orlll'$!: refusal is not exm:iJed by the MaMSinl M~ within thirty (30) days, them Ibe
Managirla Mc:mber $hal] be oblipled 10 0CJaSC:Irt to the sale to sud! pun:hasa' to 100& . the jIUIdlac
pria:: and oCher temuJ offi:nd by sucb pwdtucr -.e" lease u favonb!e 10 the Com.,.ny l1li the bat
offer, ihny. IOCIIted by the MIMging Manbel-. If!he Invt:stor Membernrquatllhallhc CompIianc:c
Tamillollion Sale be conducted in I rnanneI' that would rault in the conwnioo oftbe Project 10 I
cccodwtinium regime of ownership IIIId the sale of iDdividuai condom.iDi1llll IIIliIS, !he Managill8
Memb« aball U$e diligent efforts 10 IC> ' ''''folish such oonvenion on such lams wbidJ are r ! :o1llbly
",lisfaclory 10 the Investor Manb«.
(t) Compljanq Tcrminotion Sale. After I1'JCeipt ofa request for. CompliatKC
Termination s.J.e, !be Managing Member Jhall make I mjllCSl 10 !he Agency 10 obtain I buyer ....ho
il wiUm,; to operate the Iow-illCODle units of the Projecl AI. qualified low-inc:ome buildingllld who
will Dmil l Qualified Contract for !he f'rojec:t, and if no Qualified Contract issuQ:nitted within ODe
year ofllle dale o f the ManagiDa M~ req~ to the Agcncy, the ManagillJ Memba- ,ball U$C
its best effOJU 10 find • third party pUI'cltaser and 10 cause the Company 10 ~~. sale oflbe
Project 10 such p.m:basc:r on lentlS Conxnted 10 by the InvalOJ Member and tree oftbe restrictions
impOSed by the ulmded Use Agreement. If such efforts Ire 001 5II<XZSSfui on tenns mosonably
.w.ilfM:tOlY to t.... lnveslOl" Member within m (6) month .. the invator Mtmbc:r shal l n.v~ the right
theoafter to toc.l~. pui' I ner fw the Projcd. If the Investor Member Ioeatcs such. putdwer,lhe
MllUlging Member shall be given • right of lint refusal to purdwe the Projt'OCt on the same lerms
and c,:onditionus would bupplK..ble to such purehaser. If sud! rislll offim rd\IsaI is 001: excn:ised
by !he MiInIIging Member within thirty (30) d.~ the:o the Mlll\IIging Manbc:r shall be obIipled 10
QOD3CIlIIO the sale to such purchaser 110 long as the purt:huc price and other tmns offered by such
purchuer are I tlCISI as filvonble to the Company lithe best offer, ifany, located by the Managing
Member. If the Investor Manber requests thai !he ComplillDCC Tmnination SIIe be conducted in I
IlIItIUlcrthll wouJd result in the conversion of!he Prnj.ect to I 00I)d0mini1llll regimeofownership and
the sale of individual condominiwn units, the MlnaJinI Member Jbal] U$C diligent efforts to
IICC(lmpllsh such eonw:rsion on StICh terms wbidl.-.:: IaIIIOIUIbl y satisfildory 10 !he Investor Member.
(d) Th. ifil i l l
the f'rojoct at tbc md of the low·income housing WI: credil compliance period, in IoCCOfdance with
aid Scct:ion 42(i) (7) olthe Code, for an arnowlt eqlllllO I I last the sum of (i) S J.oo, plus (ii) I II
OIItSWIdi ngdebt of the Company, inctudingdebt ftIClmlbcrina the Project, plus (iii) the l,utepte
faSeral, state and local (if lilY) inoome WI: liabilities which wooJd be incurred by the Mernbersoftbe
.....,.
InvWOr Member II I oonsequcnee of sudt purdwe, on the terms RI forth in li,blbl! I. attached
8.04Manugnmt f'wpp<n In conduccingthe busineu oftheCompany, the Mlllqing

Member shal l be bound by the Company'a purposeIRI fonh in Anicle III. ,
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8.05 QPep!io.o of Aurbpritv. The MMIIging Member II'I&y ddegaae.n 01' 11'1)' of its
powms, rishU and obliptions be:rwncIer,.x! may IJlpoinI, employ, ooatr.a or oIh_~ cIeIl. with
11'1,/ hnon (QI" the IrIIISaCtion oftbe bu$ines.s oftheComI*')'. which Penon may, under IUpUVisioo
oftbe Manqilli M<:mbo:o", pc:rfor:m any _ C)I' terVi~ for the Company as the Managing Member
=y.."....
8.06 Manujng Mqnbq orAffitiales [)calm, with Cqppony. The ~ Member or

any Affilialea thereof Ihall haw: the rigllt to contract or olherwille deal with the eomp.nyforlltesale
of 8JOOds or services to the Company in acldition 10 those xt fonh herein. if(a) ~ prid. Of
promiXld for such goods or xrvioes d IUS(lnable (i.~ at £air market velue) and II paid only for
goods or acrvice:s actu.ally fUrnished 10 the Company, (b) the goodlI or servKa to be furni~ shall
be ra!OIUIble for and 1""'""''')' to the CompAny, (e) the fect, tmnl and exadition& of such
transaction are at least as favorable to the Company lIS WOIIld be obtainable in an ann'l-lenglh
tt1II!5action, (d) no lIgent, attorney, _ntllll oro4ber ind~ ooasultant orconfndOl'who aJso
is ettIplo~ on • full-time basi. by the Managing Member or any Affiliate duoll be QOUipQlS*led by
the COI1Ipany for his services. Any oontracl coveril\l such trI/IslICtions lhall be in writin&.oo shall
be taminable without penalty on sixty (60) days Notice.. Any payDXDI made to the Managing
Mcmba" or any Affiliate for such goods or tcrVices sh.all be fully disclosed to aJllnveslor Mcmbcn
in the reports mjuircd under Section 13.02. Neilha- the Mantgina Member DCH" any Affi liate sball,
by !he makina of Iwnp 1\111) payments to any otha- Penon for diibursement by such other Penon,
circumvent the provisiQllS oftlris Scoction 8.06.
8.07 Oshq Actjyj!jq. uQ!Pt IS limited in Sc:dion 8.06, Affiliates of the Managing
Mtmber may engqe in or po.uc:ss intcrcsu in othCl' business ventu.rd of every kind and desaiption
for their own ICCOUnl, including, withoullimilllion, servin& as managing member of other limited
liability cxmpaniell or a gmcn.I parlnCl'oflimitcd putnmhi~ which own, eilhcf ~y orthrouab
interestJ in othc:r companies or l*1Derships, government asiJted bousina developments simibr 10
the Projed. Neither the Company nor Ill)' of the Members &hall hive any rights by virtue of thil
AjlCUI ......,1 in or to S\IdI 01hCl' ""lSi. e81I ventures or 10 the income or profits derived therefrom.
8.08 Ulbiljty forActund Omjnjgm. , No Marlllgina Memberor Affililte thereofshall be

liable, raponsible OJ!' IICOOOUIItable in damlgeS or otheJwise 10 any of the MD'Dben {or any act or
onrissiOll perfonncd or omitted by it in good faith on bdialf of the COfnpMY md in I m _
reuonably believed by illO be within lIIe ac:ope ortlle authority graoIed 10 it by this Agm:mmlllXl
in the besI illl4'eSl: of !he Company, provided IMt the protection afforded lIIe Managing Member
purtuanl 10 this Section 8.08 shall not apply in the case of negliaa-, miaconduct, hLid or any
lnaeh of fiducial')' duty as Managina Member ... ith respect 10 such acts or om;Diom. Any kiss or
dam.,- i1lCllmd by any ~aJUlgins Member or Affiliate thereo{ by reQClO of any act OTomissiOll
peri'om;Jcd or omitted by it or any of !bern in good f.illl on bebalf of tile Com~ny and in I ffiIIIIIlCI"
teuonlbly believed by il to be within the KOpC oCtile luthority POled bylhis Agreement and in the
bat imCl'eSls orllle Company (1M not, in any event, any JOD or damage ineurred by !he Managing
Member or Affi liate t~fbyra300 of negligence, mixondllCt or fraIld of the Manlging Member
60
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or Affilil1e thCRlOt; or Iny bretId:J of6duciary dirty ., M_ginS M~, willi respect to JIICh_
or omi!aions) shall be P'id from ColDpen)' assets to \be c::a:tcnt avail11bl0 (but \be Investor M_ben
shall have any ~ liebiHty 10 \be MIIIqing Member or Affili.tc(s) thmIof ~ Iny
DO(
~ 011 acc:ouoI of any such IoSI or damage incurred by the M~ Memb« or
Affiliale(l) tbenooforon _ of tbe paymalllhereol).
8,09 InckmnjfiCltjoo oflmrm'9' MembeJ NId !be: Gruprwy. The Managing Membtraod
lhe Company shlll,jointly and sevtnlly, indemnifY. defaJd, tnd save hantUes:s tbe Invcztor Mallbtl'
and Spa:i&I Member from and lI3IIinst anyd.im, 10", cxpcme, 8Clioo or<bmqe, ind\Idill8 witbool
limililion, reuonable allIS aDd cxpeDSCI of litigation and appeal (and the n:uonablc fea aod
expenses of counsel) uaerted against the Investor Member or Special Member based on any act,
ontission, maJf_~ or nonfeasanco: orth, Company or the ManagiDgManba-, includin& without
limitation any daim that the Investor Member or Special Member i . liable for any indebtedDt:sa of
the Company and exeluding only liability direetly ~ by the Investor Member or Special
Membs's grou ncgligmc:e or bad faith c:ondud. In addition, the Managing Member IJId the
Company Jhail, jointly and ICVenIlly, indemnify. defend, Ave and hold harmlca the lnve:sf(ll"
Member and Speci.1 Member, and their lqwescntatiVes, from tnd apinst lilly aod all c:osu, louc:s,
lilb! lilies, cIamI.set. Ilwsuits. pi oceaIings (whubet bmaJ or informal). investigations, ;00 JIIlenll,
order$, sett!emaltS, recoveries, obliplions, deficitncies, claims and cxpmteS ( whetberor noC Irising
I)IJI of third party claims), including. witbDut Iimitllion, intere$!, penalties, attorneys' fes and all
amowJb P'id in investigatiorl, or setI.Iement of any of the forqpn& incumd in c::onnection with 01'
arising out of or resulting &om the operations of the: Man.gina Member, the COllipellyorthe ProjecI
prior to the dateorthis ~I.
8.10 Ne!; Worth orMwgjn& Member. The Mlnlging Mcnbei" w.u mainlain I minimum
net worth in an .moont .. ITUI)' be nc<.:esmy to assure thaI the Compm)' will be IUcd IS I
~p, and not IS an usocillioo taxable as • corpontion, fOT fo:d<:ral ino;:omc 1.1)[ puipol I
1.1 1 Cgn3ln!C!jOO or lhe Projrp Coos!ructjoo ere Oy!'D!1M Opmling [)efici13; O!bq
Managi'lg Member Guaraptcq.
(I) Com!!l!Clion Completion Otwapty.

Ii) The Company has enteml inlo lbe Co~ Contract. The
Managing Member sluoll be raponIiblc for:
II.) achieving completion o f COOW\IeIion or the I"rojeet on •

timely buil in acoordaoce with the Plans and Speci.ficatiol\l fur the Projeo;t.
the lams of thi$ Agreement, the Project Documenll and all Icg.ol
requimnenll;
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(8) medin& all requimnents for obtaining all noceaary
unoondiliollal certificau(s) of occupancy for a111he apartrM:Dt unilS in !be
Project;
(C) ful61linaaliKtionil required oflhe Compllll)' lOasstnlhM the

Project Hlidies the MiDimwn Set·Aside Tesl and the Rent Restrietion Tat;
(0) aousing the makin& of the Project l..oanl by !he respective

Projcd Lenders: and
(E) Khicving Final Closing.
(ii) The ManqinJ Memb« haeb)' is obligated 10 pay III Excess

Devdopn!enl Costs; the Compan)' $haIL hive no obligation 10 pi)' aoy Excess Developmmt Cosu.
Any ImOUIII$ pIid by the Mmaaina Memb« pumaanl 10 lhis dlU!le (ii) shall not be repaid by the
CotnpM),. norshall such amo\IIItS be colUidued or trealed as Capital Conlributiomo{tbe Manaaina
Member 10 tbe Compllll)'.
(iii) In !be cvcnt !.hI !he Man.aing M=ba" shall r.iI 10 pay an)' such
Excess Devclopmart COIiu as n:quircd in this ScdiOll 8. I I(a), an amount not ill CXcnl! of tho:: IOIaI of
an)' rcnlIining unplid imlallmcnts of tM Dew:lopmmt Fee due pursuant 10 Section 8.12 IhaII be
suspcndccl by the Company 1II11iJ such obIipIions ani md b)' tM Managin, Member.
(b) OpenlinR prncjl Guaranty. In the event that, 81 anytime during tbe
period commmcing 011 acrue\lement of Breakeve:n Optntionl and ending on !be fiftemtb
IDDiversary of such dale (the "Initial Pmod"). an Optntina Deficit $ball exilt, !he Managing
Member shill prov;de such fiwb 10 the Compillly as .nail be neoe$.$IIy to pay such Operatina
Deficib. Funds provjded. after !be: achicvanenl of8Teak1M:ll Operalions shall be in the form of I
loan 10 the Company (the "Operating Deficil Lolnb)"). AnyOpcJlling Deficit Loen shall be: on tbe
following lamI: (i) it shall be \INIecumI; (ii) it shall not bar interest; (iii) it sbtIl be ~)'Ible
solei), from Nd Cub Flow IIRd plooecda ofa Capital TJ"anSllction I I the time snd in thumolll1ts set
forth in SectiOftl 11.03(b). 11.0II111d 12.02(1) oflhis Aa;n:anmt; and (iv) OpenuinS Deficil Loans
shall be fully subordinaI.ed 10 pa)1l1C1lI of Project Loans, MM Loans, and indebtednesl of tbe
Company 10 all PI:r$OIIt other Ihan Members. In tho:: event !hat the MmagjIIg Member shall wi
10
make ..y such Opcn.tiD& Deficit loan 1$ afure$lid, the Company ,haIllililize amounlt; IKherwise
payable as installments oflbc Devclopmau Fee purs;uMlllo Section 8. 12 of this Aar-net"lt 10 meet
!he obligations oftbe Manlgina Manber purSUIIlt to Illi, Soetion 8.1 1(b). AmIIuntsto ulilized shall
IlIso consrituU= plyment and NtisflClion ofinstallments ofche Devdopmml foe ~!e under 1M
.foresaid Section of this Agroc:mcnl, and the obligatio~ of the Com.,.,)' to mike 5\Idt installment
plymenu JIII1RUIDt 10 such Sections, as wei! IS tbe Investor Member'a obIiption 10 mlkc l\lture
Capital Conuibutions, shall be rtdoced correspondingly. For tbe pwpoIC oflhis Section 8.1 1(b), aU
expenses shaI! be plid on I sixt)' (60) da)' cum:nt basis.
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(e) URIC ComplilOCf! Gupgty. (i) IfwilhrapcdlOlIlyfitc:al)Uf

oftbe Compa!y there: iI. UHTC Short&ll. the M",.ginaManber shall, within 1OrIy.livc (4S)daya
followinj:!he close of mdl6Jeal year. pay the Investor Member ., lIDlOunI cquallo (A) Ibe amount
of the LIIfrC Shonf..1 for the fiscal year immediately preadina !be paymmt due date, (8) all
penalties and interest imposed by Ibe Code II\d _euell apinst the tnvalor Mmlba by the Inlemal
Revenue Service with respect 10 1liiY UHTC SbortfaU, and (C) III lIIT.ourU sufficient 10) ply any In
liability owed by !be Investor Member resulting fi-onI the: receipt of !be 1IIlJ()Unts Ip«ificd in the
mjpina cJausa IA), (8) and this dlUSC: (C) of this section 8. II (eXi)(sudJ calculation to be rna
..,... mi~g the lnvator MembeT is subject 10 the highest fedcnl and MMe W. rales imposed on
corponle WI pliya1 under the Code.t !hat time for the IUable year oflhe lnvesIor Manbcr in which
such payment is tum inIo income by the Invcator Membcr).1Oset/Jer with interest on IIIIch amounlS
at the Prime Rale IIOCI'Uin& &om $UCh payment due date.
(ii) The Managing Member ill'CV(lCal)ly flnd IIn<;Onditionaily prantca

p.ym••uI specified in this ~ 8.11(cXii) to Ihc: lnveslOr Member if there is. UHTC Rccaplurc
EVeIll 1k paymcnlS required by this ScIcIion 8.II(c)(ii) shal l be the..ml oflbc followin&~;
(Al the _Wlt ofUHTC previously IIIIoxated to the fnvesIor Memba- and UIsequcruIydiJailowed
be<;a1llC ofsueh UHTC Rec.pMe Event; (8) !he "ai' !'pRlUCll amollD'" (as defined in Code
Scdion 42(j)(2» allocated 10 the Investor Member becaux of sucII UHTC Reapan Event; (C) all
pcnaltict and intaest imposed by the Code mel __ sed agaiDu the Investor Mtmba' by the InumaI
Rcvcnuc ~ce with respect 10 such UHTC Recaptme Event; (D) an amountlUffiQent to pIIy 11'1)'
tax liability owed b)' the Investor Member IY$lIlIing from the rea:ipI: of the amounts SpQ:itied in the
£oregoi.og clauses (A), (B), (C) mel this clause (D) of this Scoction U I (eXii) (such I'<lk:uIllion to be
made ustmting the InveJlOr M_ber is subjcoct to the hil!hnt fedcnl Uld stale tax !Me imposed on
..... poi8le taxpe.)'en UIltIcr the Code II thai ~ for the IUlblc yearoftbe Invator Member in whk:b
such payment i$ taken into ineome by the Invator Memb«, kJgether with interest on SlId! lIIllOWIts
at !he Prime Rate aoenUng &om the date the Investor Member remits funds 10 a luing authori\)' with
respect kI • UHTC Ret.tptuR; Event; and (E) if the cause of !be utrre Rocaprure Event will, in
detcrmin.lioa of the Investor Memb«, "decrtue the maximum amount of UHTC that will be
avail.ble 10 the Compan)' and allocated 10 the Investor Member during the remtind« of the
complimoc period II11II« Sectioa 42 of the Code, a.unina full compliance with $«tim 42 of thc
Code, !ben an arnounI equal to the total amount of such dec:rea$e. The Managing Member shall
make such payment 10 the Investor Member within forty-five (45) dl.ys of the UHTC R~
E..."
(iii) The UHTC Compliance Olllmlt)l set forth bcrt:in WUIIO( apply to
amounu due toldy to the u.ns.f« by the Investor Member of all or I portion of ita Interest in the
Com]lf1D)l or to changes in the IU law after the dl.te hneof with which the Managing Memb« is
unable 10 oompl)' dapife the exercise of ill aood faith and reuonable etrortl.
(iv) Intentionally Deleted.
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(v) Funds provided by !he Affiliate Guarutor with respect 10 the
M-aing Member'. obliptions mdt:r ~ (i) f>' (ii) above shall be in the form of • lou
10 !he Coi'ipOUry (the -ou..aJIOi UHTC CompUmcc LoM"). Any ~UHTC Compliance
Loan !hall be 011 the rollowing lama: (i) il shall be 1WIIIICUI'ed; (ii) it shall bear no intcrat; lad (iii) i1
sbaU be repayable tolely from. proceeds of. c.piw Transaction or liquidation at the time mil in the
amounfSset forth in Sections 11 .04 and 12.02(. )oflhisAgreemmt Notwitbsbldinatht: li:Keplio
the Investor Mc:mbtt shall havc !he authority to trealllll)' JIIM'IIICC payment made OD behalf of the
Company by il! M-.ain& Member Of \he Affiliate Guanmtor., (il' capital contribution to the
capital of the Company by the MfIIllging Member in Ibe IIIOOIlIIt of such sumntee payment that is
matcbed ....ith . Cl)fl"Qponding upward adjustmmllO IJIICb MIIlI&ing Member'scapimJ aocovnI in tho
Company or (ii) u . loan (u desa'ibed above) by the Managing Member in the amount ofJUCh
gumntoe payment, 10 as to minimize any possiblewintCDdcd ;flQ"eI$ein the ImOlD'lt ofdq:n<:iriort
and tax credits allocated 10 !be Managing Member, provided that any Iosse5 or other dc:dIIctiona,
other than deprcQalion, mann, to sucII capital wntribution Of klan, shall be Iil0000led 10 !be
Managing Member makina: tu<:h guarMtoe ~aJI.
(d) Pnriec! Loan f'undjQ8 G\!IlIQN . The M_ging Manber imYocahly

a lIIlCOnditionaJly SU-1oes and coveftants that !he CompMy shall rec;e;ve full fundini; of the
Projtd Loons on or before Decemb« 31, 2009, 011 the terms set forth on ""(bit F Itlacbcd bema.
The Managing Member n:preserlts I.IId wamnts that the ~offunds fortbe Projed LoMs do no!
include, in whole or in part, "fadcnl subtidies" within !he meaning of Code Section 42(i) (i.CI. the
source of ftmds for the Project Loans does not include, in whole or in pan, a "tax-acmpt
obligatioo,~ an obligation the inlerQI on which is exempt &om WI. under Code Section 103). The
Projoel Loan do<.:umo:nlJ shlIl eonwn such odIcI" tertnll all may be: Con.wlled 10 by !he invC$tOl"
Member.
(a) The Company hu entcml into a Development A~ (materially in the form of

11""11 A lIItaehed h<::rcW) of even cIale herewith with the:: Ikvdoper for ill ..-viceJ in OOtlneCbon
with the development and oonstnJCIiOll of the Projoel. In oonsidefWon for such Kl"ViClOlS, •
Development Fee in I 100ai amount equal to $790,68 1 shill be payable by the Company, in
IICC()I'"dance with !he lernu of the Developmenl Agreement and Arti cle Xl oflhis Agreement In no
event shflll full paymenl of the Development Fee be:later th.n the thirteenth IlMivemryofp1a=na"1l
in service. II is 1IIl0cipl.lai that $729,626 oflhe Devdopmmt Fee will be: dtfcmd and paid pnuant
10 Article Xl.
(b) The Company has mtc:ml into a Conswctioo Incenrive MaMganent Fee Agreement of
even dlle herewith with !he MltIIl8Ina Member in the fom! . t1a(hed her-elo as !i)""'lt M for ill
savKu in OJmt:dion with value enginoerins ofth" constr\>ction ofthc: Projecl.. P&)ment: of any fee
due under such Agrecmml shall be: IUbject to the requiJt:menls ofthc: Project Lenden and comcnt of
the Investor Member.
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8.13 Insmtiyt Mwll'm!m! he. 1'beO .i'j."YIlas mtt:rcod inIO an lPceIItiveM-sanent
Fee Agttment in !be form IltIcbed hereto 1151'''hU B. wilh ,he Mmagios Mmlber of eva! date
herewith for iI. ~ ill managing the busj",." of the Company for the period &om !he dale
hereof throughout !he: t_ of the ComplUly. In 110 event sbalI !be Incallive MmI&anent Fee be
cumulative. r.)'II1ml of lUCb.kc Ihall be in .a:ordIooe with any applic.bJe nquimnents of the
Project Leno:Ien.
8.14 Wjthhold;" Of fcc Paymmts.

,,
(a) Conditions for Withholdinl! In the event tIuIt (i) 'he Managing Member-or ,
Iny suc:ce33Ol" MIIIJagi", Member shal l IlOl have substlllliallYQ)IIlplied with aoymateria.l provisions
undu Ihis AgJftmml, or 1lI'Id«!be limited Iiabilityeompany qreanenI with respect Ig III .... ffi liated
Compmy, .fta'" NoIiec: from !be Investor Member of JUclIIIOI...... lIpliance and firiiuR to =
nonco mpliance within I period oftbirty (10) cb~ &om and after the dateof such Notice, or (ii) any
.ud1
Projed: Lmdt:r shall havedeclared the Company 10 be in dc&uIl under any ProjeeI: t.o.n or under Illy
oflhe mortpge loans .. 10 ... Affili"ed Company, or (iii ) f~IOIIUR: ~np Wl i hive been
~ against the Projec:t or Igllinst an Projed. 0WD!d bytbe Affiliaod Company, Iheo (A) the
Managing Member shall be in ckflu\1 oflhU Agtcauttot, and the Company lhall withhold ~I
of any in$t.Umenl of fees and/or allowance payable pursuant 10 Soctions 4.02(5). 8.12 and/or 8.1)
and (B) the Managing Mcmba" shall be liable for the Cmnpany. payment of any and all installments
oftbe Dcvelopment Fee paYlblcpumJ3llt 10 Section 8.12.
(b) RclC'Koffces· All amount!! so wilhhcld by theColDpMyunder this Section

8. 14 .shall be plomptly rdeased 10 the payees thm:ofonly Ifter the MIlIIging Member!JIII cured the
de&u1tjll3tifying tbe withholdin& IS dcmotiSUidtXI by nidmce~ ........,..bleto the lJtv$or
M .......
8.I S Sdcctiop o[Mtn·!Ptrnmt Agem· TmmofMwltmlmtAgrmnent. TheComplny

Ihall engage sud! penon, firm or COIIlI*lY as the Mlnlgins Member INy sdect, IUd as the Inw:stor
Member IDly awuve. whim .pproval shill not be unreesolllbly withheld (hereinlfter,efa,u,I to.
"MflI\agement Agent") 10 mlllUlge the ~tion oflha Project during the rmtllp period and following
Fillll Closing. The Managanem Ascnt shal l be paid a management fee lubject to the approval of the
Agency IUdior the Project Lmders, if ~ired, and the Spacial Me.nber, but in D(l event will the
annual ffiIfIlIgement fee be pter th.., 6.25% of the lllllual 8fOU revenues of the Project. The
$hilI be in the form set forth in ,.,Ibn

eon~ between tile Compal)' and the MtlDlgemeDt Agentlnd the mmagerneDI pi.., fortbe Project
G, wilhSlldt d!anges ~le 10 the Apncy andIOT the
Pro;ca Lcndc:n, irra[llired, and reaotIIIbly IllXepllble to the Special Member. Such COlotrllCt shill
provide, IIOOIl& 0Iher things, IhII it shall be c:aocelable upOn thirty (30) days' prior notice fn:mI the
Compey, and thai the M~ent A~ wiU..:x.:noe the ~ fee 10 tbeQlent,.. •1" 11
any time 10 prevent I defMIII under any Projcd Loan. Whenever the manqanent .gaM for the
Project il the Mmaging Member or .., Affiliate of the Manaama Member, the management
Igreement shall provide lbal it il immedillely ttnninable II the election of the Investor Member or
Special MerobCT in the event of (a) the removal orwithdnlwal of tile Man.ging Member, or (b) any
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lMlaialbrekhoforllOllcompliADc:ewith",ypo.ibonofthis~bytheM""'singMember
or In)' Affiliate oftbc ~ging Manba". Anyother "&I«:d1M!n1 CIlteml into by the Company IIId
any Managing Member or Illy Affiliate lbao:If shall apceificIUyprovide thIoI sueh &&i-,j(:IIl shall
be immediately tenninable at the elec:tioa of the inVCll« Member or SpcQ.al Member if the
Managing Member is mooved or withdraws is approval by the parties bm:co as the initial
-,"-.
8. 16 RcmoyJI oftbe MI!!I!!QIKOI ARent. The Managing M=ber.
<I) may, upon reo;eiving ... y rcq.l'i~ approval of the Proj«t Lenders find the
Investor Manber, dismiss the Managcmem Agent .. the cnrityR!SpODSible for the Project und~ the
lenns of the contract between the Company .00 the Managanenl Agc:nI, and
(b) s/IaIl, al the ~ grille InveskJr Member, mIlO"'" the Managanmt Aaall if
the Special Member-determines that the __ is neccuwy 10 poteet the intm:lt oftile O::mpanyori{
the Management Agent is dedlR!d e.nknIpt, il dissolw:d, orrruoka an assignment fortbe baIefit of
its <:ffldiron, or for any intmtion.al rnisronduct by the Mlnagcmt2l1 Agent or ibl ncalisencc in the
disclJarp of its duties and obtiplions as Management Agent (subject to the fulfiUmmt and
expinllion of any DOCice and/or opportunily 10 cure provisions of Ihe MlnJ,gcmmt Aarcancnl),
iDdOOin& wilhollllimitation, for any ICtion or failure 10 lake any aCliOll whim:
(i) violates in III)' mlterial respect any provision of tile M... agemmt
Agreentt,;,1entered into wRh tile Company find IpproVed by the Project Lenders, i f mjUired, andIor
any rmterill provisiOn of the Projed: DocumerltS and/or ~ Loan Documents applicable 10 Ihe
Project, or tht: Project Undl:l'$-Ipprovai managemem pbn for the Project;
(ii) violatcs in My material respect al)' provillon of thiJ A8J1~allocnl or

pfflvUioo ohpplicable law; or
(iii) awxs the Project 10 be~ed in a mamer which ifcontilJllld would

give rix to an event whim would cauK or would Iitdy_ I recapnn of UHTC.
8. 18 YMfIl 10 tht: Company The ComplllY is ",thorized to receive OpenIting Ddieil

Loans and MM Loans on the terms set forth in Ibis Agreement. In addition, if(I).dditional funds
ue required by the ComJlllDY for Illy purpo.se I1:lltins 10 the business oflhe ComplllY or fur 8I'IY of
its obliptions, opeD:SCt, costs or expendituru, and (b) the Company bas 001 received III Openlfing
Ddicit Loan, or MM Loan 10 pay such 1DIOlIIl1&, then the Company lIllY borrow such funds as an:
.
needed &om • p~ or organiutioD, otber than I Member or an Affilille of a Memba", in
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~ with the: tams alibis Soction 8.18, for.such pa;od of lime and 011 such tams .. !he
M_ging Member and the investOf" Memba- IMy.gree; proviIkd,~, that 110 such additiooal
loans shall be ICCUl'ed by Illy mort&age or oIhec CIIO.lIIIbnDee OIl the property of the COlnpMy
witboot the prior approval oflhe inV'CStot Member cx~ tNt such apjIio>1Ib sball not be requimI in
the caKoClbehypocbccatioo of personal VIiIjIM)' purc:bued by tbcComplnylllld not included ia the
security qremu:nts executed by tbeCompMY at the timeoflnitial dOling. NoIhilll ilIlhia Section
8.18 $hall mo<Iif)' 0<" _!fed the obIiption of the Manasina Member 10 make OpentingDeficit Loans
IIIld 10 pel'fonn itt obliptions wlw::n aDd I!l required by this Asreanenl
8.19 Affilia\c Gwpmy. ConeurrmcJywith thcuec:ution of this Apc:una.t, the Managina

Member shall deliver 10 the Invatar Member (_) the Affiliate Ouar.nty ful ly executed by Nell
Affiliate Guarantor. (b) • pledge and security agretmmI. aecuted by the Managing Mantia" in the
form of hblbl! E attached herdo (the - M-sing MeDIbcr Pledge"), when the MIIDqing
Member plcdpl and granU I -=urit)' interest in ilS Managilll Member inteTesI in the COlllpany...d
in each Affiliated Company to secure its obligation IIIlda lhis Agroement, and (c) an opinioo of
coonseI to the Affiliate Guaranlon in form SllisflCtOfy 10 the Invator Member ~ the
Affiliate Ouaranty and the Managing Member Pledge. Notwithstandillg the forqoin& the M-A
Member P1ed8e $hall at IlII times during the term of the Construction Lou remain expressly
subordinate to ConsIrudion LeDder's lien on the M_ging Member's membetahip intert:ll in the
""'npmy.
8.20 Intm!jona!ly Ddctcd.
8.2 1 Accoymjn@ Fee. An KC:OIlIIting Fee Jhlll be paid to Virgini. Housina C'Pilll
CoJpontioo under the AgrftIlICnl III Provide A~o.rnting and Reporting Scrvica. the form of wltidl
ilillachecl berdo as E""Ib!!; J
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8.22 PuWic RelatiON. The Managins Member wll provide: written and timely nolioe of
lilly groundbreaI::illg. ribbon-cutting or other public I'dMions ceremonies for the Projocl to the
Investor Metnber and recogniu the Investor Member and the Investor Member's mcmben I t tueh
public relations caemonies.
ARTICLE IX
TRANSfERS AND RfSTRlCIJONS ON DANSFERS
Of lNIER f.!ITS OF IID'ESJOR MEMBERS
9.01 Res!rjctjOOlOD TnnsferoOpvm>t Mgnbm' IO'Mh,
II) Under no circutnstaJ1CeS will any oikr, sale, IranlIfer, assignment,

bypolhcealion 01' pledge of any Investor Member Interest bepcrmitled unless the MlNging Member,
in it! .ole discmion, sba1I have Consenled tMmo, aDd the Project Lenders, i f requind, 1.110 $1\&11
have ConsaItecI tbemo, provided however, that the Managing Member shall l'1(li ~Iy
withhold its ~I I() the pledge by the inveslOr Member of its Investor Member Interat or •
tnnst'er ... fits ri&Jrt 10 R!OCive dilllributiona hemmder, 10 long all DO pLedgee or tnnsferee shall have
any rigbl 10 become. Substitute Investor Member in the Company or aeralle any voting righu of
the Invl!I$l(lf' Member.
(b) The Inves«lr Manba- whose interest is being tnIIISferml sball .,.y fIlCh
reuonabJe ellpmsel as may be incurred bytbe Company in connection with JUCh 1ranlIfa-.
(e) Notbin&in IhisSoction 9.01 shali limil theautborityoflhe lnvesIorManber

to sell., IrUlSfer aodIor assign inlereata within the Investor Member or 10 transfa' Intl:ft:StS of the
inYellOr Mmnbel" to (i) IDly Affiliate of the Inwstor Membel- or Special Member, in the 10k
di..:n:tion ... fthe Investor MI:I!lba", III any time lind from time 10 time, o..(ii) 10 anyothel- PUliIOII 0Il0I:
during the lam of this Ag,,;eh)(ul upon NO{;cc to the Managing Member{a).
9.02 Admissjon ofSpbstiIUte WestorMembm.
(I) Subject to the other provisions orthis Article IX, an assignceor!bc ~ of

I Investor Member (whim sha.ll be IDldcrstood. 10 include any purdtasa-. lraru:f=e, donoe, or other
recipic:nl of Illy disposition of IUCh intm:s!) sha.l l be dco:med lIdmit!cd • • SubstiMe Investor
Memba- of 1M Company only upon the $Mis~ory OOOlpluioo of the: following:
(i) Consent of the M_ging Member (whi m 1liiy be withheld in ituole

discrdion), and the c:onsart oftbe Project Lendcn., if requiml, shall have been liven; sud! Consent
of the Managing Member may be evidenced by the execution by the M-sing Member of an
amended Agrwnenl and/or certificate evidencing the admission of $\Ich Person as a IIl~or
Member pllfSUlIlt 10 the reqllircmenl5 to the Act, provided, howC\leF, thlt no Consent shall be
.
required for any sale, !mIsfuor assignment pumwlt to Section 9.0I(c) or if the Construction Lt:nda
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tbredoaeil on the GmenI ParIneI" interest or Limited p~ interc:sl punuant 10 the Construction
I...oan doc\Imenu;
•
(ii) Ihc~WIl ha~. jiC ,~CId~lO bebound.bytheltnnS
and provisions ofttn. Agreemart by cxecWnl • aMIDIerput tbcno( or an appiOjAiale amendmatl
hado, and such ~ documents or insaumenlS as tile Managing Membtr may reqtrire in order 10
cffcd the admission of IIUCb PeBOII 1$ .. investor Member,
(ii i) IIOlIIT\eIIded A~ent andIQT certificate evidencing the IIdmission of

such Penon as II Invator Member shall t..vc: been fik:d for reooniinl pwsuIIIl to the requimnmlS of
the Act;
(iv) if the assigoec: is. ootpolilion, the: assignee shall have prtMded the
M-sina Memba" with evidmce IIIlisfxtorytoC"'rmd for IheComplWlyof i1s IIrtOOrity 10 bwot ....
• Inv$llt Member.mdeo' !be terms and provisions oflbis Aar-nmt; and
(v) Ihc IISSigDcc or the lS3i~shall",,,,,reimbuncd tbeCompanyfor all

rtllSOllablc expenses, including ,II reasonable legal fees and recording charges, illClll'ml by the
CompilJl)' in COIUIe<:tion with such assignment.
(b) Forthe pwposeof . llocation ofprofil$, lones and ~ts. and for the JIW1IOX •
of diJtributing cash of the Company, I Substitute In vestor Member shall be tuated as having
bcoome, and lIS 'WUIillll in, tl'!e records of the Compmy as I Member upon his .signing of.l!l
.gRein,
l:Illendmcnllo this AgrllC!IllCI,l to be bound Mnby.
(e) I(!be: Managing Membac bas detennincd it will eon- 10 tbe.tmission,!he

Managing Mc:mber shall IlOOpCItIle with tbe Po::rson seeking to b«ollle .. Substitute lnvest« MerriNr
by pRparing the documc!lIItioo required by this Section and making III officilli fili!ll!l and
publications. In such event, the Company shall take all sueb action, including the filing, if requircd,
of any .mended AglcCiheulllndlor certificate evidencing the admusion of any Person as .lnveJ!or
Mcrnba-, and the making of lilly other offieia' filings IIIId publiClitions, as promptly as ~iCllble
.fteo' Ihu.tisfactioD by the assignee of the lnIercst ofa Investor Membcr ofthc cooditions<:Olllllioed
in this Article IX 10 the admission of..-ch Penon IS .InVCSlor Member of the Company. Any cost
or Qpm5C iTll:Wml in WIlIIOCtion with such lIdrniuion shall be borne by the SubstilUle Investor
Member.
9.03 Righ" ofAssjgpcc of Company In!erg!.

(Il Except as provided in !hi. Article and Q required by op<mion ofl.w, lbe
Company shall not be obligated for any purpose whal$OeVo::r to reooaniu the assignment by any
InvC310r Member of its Inlen:st until the Company has m:eivod Ictual Notice thereof.
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(b) Ally Penon who is the assignee of IiL or lny portion of • Investor Manl>er't
Inlel'al, but does not become • Substitute hM:stw Mantia", Itlld who desimllO make I furtbcI" •
assiJ!llllGlI ofSllcl! Inl~ sbaIl bo~«t 10 iii the provisiDDl of this Articlo IX 10 the same cxtml
and in the SIDle manner lOS my JJJvestor Member desiring 10 make an uaignmcnt of its 1n1ereSt.
11.04. DefaultBy [uYOIIar Mgnbg. The In~ Member hen:bypledge$ to the Company
aDd 8"*1'1$ the Company. first priority teCUricy mItre$! in the Inveslor Meonba"s Interest and Ihc:
PfO(e'fIds tha'ellf 1IJlda- the Virginia Uniform Commercial Code, .. security foc the plyment of the
Investor Member', Capiw ConbibuIiOllll. 10 f\IrtlImnce of the forecoinl plodsc, the lnvt:llar
Member and IIDY U1InIfe!ft of the In_or Member', Inta'al IJ,ad,y authorizes the filing of a
UDiform Conunercial Code Financina Statemau pnpared by the Company 10 perfect the seamty
interest aaled 1Iercunder. Upon failure bylbe lnvalQT Member to make III)' payment o(ilS Capital
ContributioDf wbe:o due in lICCOI'dancc with the ~.nd coDdilion$ ba-eof, and the OOIItinuation of
such dcfBUlI be)'OIId any applicable notia: and C!.II1I, the Company may realiu upon such ooll.teral
bydUpo$ing ofthc invEStOr Member Interest.I pIIbIic or piVito Slle, lit which the Company, any
Manba-, or Illy third pMty may bid. The Company IDly offer 10 sell the dcfiwlting Investor
Manbcr's Interest 10 lIn}'othcI" Penon on sud! cornmertiaJly I~lc lerms and oonditions III the
Company deems most r.YOfabIc under the QlWffiStances. If any notification of 8J\ intended
disposition oflhe lnvestor Memba'a lnll:ral is required by law, IIIICII DOtification shall be deemed
I'!lUOOIIbly and populy given if mailed It Iea.u ten (10) days before IUCb di$posilion. AnyllllOWll
which the PtnOn .cquirilll the Interest oCtile defaulting In~ Member shal l plyin considention
of the .c:quisition of IUd!. In~e$lor MeIDb« Int«est shall be I pPlied in the followina order: first, r.o
tile paymerol of tile Capital Contribution p!lymet'li then required 10 be pmd by the defllllting investot"
Member, second, 10 the p!lymmt, if any, of Illy filrwe addilionll ClpiIlJ Contn"buDom of the
de&II!tinS investOr Member. third, 10 the paymenl of aI] reuon.abIe ftJeS md t:XpcnteS, indudin8
Iepi CJ.pal$C$, i~ by the ComplDy in COIII1edion with NdI $lie or the related de&lIIl; md
fourth, .or bIIlanee 10 the de&1I]ling Invator Mcmbc:T or as RqUired by IppliCllb]e IIWS.
Nolwithstlndin, lOylhing in this Agrocmml or !be Unifonn Commercial Code of VirJinil 10 !be
contmy,lhc: CornplDy'llOle and ClIclvsive remedy in tbe reaIizatioD orits ICalrityinterelllJllderthis
Scdion 9.04 shall be 10 dispose of!be Investor Member'. Interest ala public OJ' pri~lte sale in the
manna' provided in !his Section 9.04 or by any available judicial JlIocedure. The righu IlPd
obligations ofl deflultinslnvestOJ' Member'" the Company shill be extinguished upon <;OI1Iplc:tion •
of the Il'anSfel" of llle defaulting lnvator Member's lntm:s! 10. p.ad '$eI" and the Idmissiool ohuch
purchaser to !be Campany purJUlftllO Section 9.02 1111 Substi lllte Inve:sIOf Member. Provided the
requireroenu of Section 9.02 ~ met, !be Colllpany IlPd Managiog Member qm: to reoogJlize as I
SlIbstil\l!e Investor Mcmba', any p<nOn or entity dailllina tide 10 the InVCRol' Mcmber'slntmst
through the Kalrity intaall granted tIercby.
The investpi' MemMuckllowled8C$ thaI the KCUrity interest grIOted hereby (the ~ Assigned
Interest") may be pledged, II'VIsfemd or as.si8Jled by IheCompany and ht:rd:ty OOD$CnlS 10 any such
pledge, trMsCer or assisnment the Construction Lender oftbe Construction Loan. Investor Mcmba'
acknowledp and a~ that \be An isned InllnSt.sl!aUWl'vive \DIlil the Constn>ction lo&n ill pm(! •
in filII . Notwilhslmdina the foregoin" noneoflbeprovi$ions contained within thil A$CWIMI {04hc:r
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than this Section 9.04) Ire for !he benefit of Illy ~ or any other penon that is not • J*1ner of
the Compmy. N«wlthUndiDg the li:ngoin& the Complfty'. MaIIity interest c:rcated unda- thia
•
Sec:tioa 9.04 shall terminate upon !he -US' of the final ~ of the Coostructiott LoIn and
OOIIv<:mon o[ the ConsVuetion I..oiIIIIO • pc:mIIIIlC2lt loin.
NotwithJtandina: mylhinglo the oonttmy Se! fQl1b in this Operating ABteeonmt durinS the
period ending on the eviler of the final pIIyI!lCnI of the ConsInx:tion Loan and a:mvon:ion of tile
Construction 1..0lIo 10. pcnnanmt loan, Ihetam Mlnve$lOrMcmbcr Interest" sball mean .11 ri&hl.
title and interest of Ihc: InVI!:IIIM Member in the Company IIIId in the Opcratina A8IocmeTIt, which
interest ineludes ,U of investor Member's interest in , II of Company's ptopMy and distributions
meae6 ......, all fees and charges to be paid by the Company to the Invmor Member, whether 110'"
owned or hereafter ac:quim;I, whether arising underthe Optn!ingAgreement; all indeb~ u(the
CO!I'IJ*1Y to Pledgor orany kind or desmption, including wilbouliimilation, Investor Member' s
right 10 receive p8)'IIIenI of its 1oa!lI1O the CompazIy; all cenifiQlca, doaImmlS and insuummt!
rep 'ling or evidenciDa owntnhip uribe fofe&oint: p"'pctty. all optioas and otber ripla to
subsa-joe fur or purdJac votint; or non\o'Olin& iokn:eb (induding the InV$Or Mcmba"lntcnsl) in
the Company and.U bcoclits 10 be derived tbeiefiOio IIihetber now or c:titiua orbereafter anlin,
with respecllO In)' fOQ;OiIll J1i oputy described earlierin this Pangraph, all substiMed or.sctitional
ptoperty and the pro«aIs of a1llhe frngoing.
ARllCLEX
RIGHTS ANP OBU GAJJQNS O F INVESTOR MEMBERS
10.01 Manugnmt of the Corop&DY. No malar Member IIhaIl lake pan in the
managemml or control of lhe bIaiMss of the Company IlOl' _ any business in the natne of the
Company. E>;ocpt lIS oIhawise u;pn:ssly provided in !his AIP<:anDIl, DO 1rJ~ Member shall
move thepow« or authority 10 bind !he Companyor 10 sign any.grocmcm Of docwImt in !he name
of the Company. No InVC$lOf Member !Ib.aL.I have Illy pow« or IIIIbority with respect 10 Ihe
Company exocpt iJuof... lIS the ~t of any Investor Member WJI be e:.:prcssly reqIlired lI!d
except as otherwise e:.:pressly provided in this Agreement.
10.02 Limitalioo on l.iibjlily of lnveslQl Members. The liabil ity of eacb Investor Member
is limited 10 its eap;,,1 Contribution IS INld when ~Ie under the provi!ions Millis AgJ'fJIlInent,
and IS provided undct the A~ No Investor Member shall have Illy other Ii.billty 10 conlribllle
moDe)' 10, or in respect of the lilbi lities or obligatiOllt o( the Company, IlOl' shall any lovatoi'
Member be personally lillblc for Illy obligMions of the Company, execpt as IIld 10 the Cl.lenl
proriOod in the Act. No Lovcstor Member shall be oblipted 10 make 10Int 10 the ComplllY.
10.0) Other Activities. Any !nvcst<X Memb« llIIy enp&e in Of possess interests in other
VCflIurcS of every kind I!Id desaiption for ill! own IC'OOWlt, including without limitation, xmll& as
gencnl partn« or managing memba' of other limited panncnhips or limited liability companies
which own, either directly or through interests in other li mited liabi lity companies or limited
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..... ble:ishi~ jIOVerttmczll·assisted ho\asin8 projeeu limilarto the I"rojeet Neith«~ COillpa"yllOl"
any of the Memben shaJI hav~ any right by virtue of Ibis Agreement in or to such other business
ve:oturq to the income or profits derived tbm:&om.
ARnCLEXI
PROFITS· LOSSES AND DISIRIBllIJONS
11.01 AU99rioo QfProfits ,",I we !'l!bq Th!g from Cepjtl! Ton"''!;'''\!.
(I) MInner ofDetgmjnation. Profits. Loaes and credits wall JIIIIJIOIleSoflhi.$

Agreement shall be defennined in accordance wilh the defInition of the same WIder Article II oftbe
Agreement (l1lI appJicable) and in ~ with the a<X:nla.i.ecountina method and in I'COOI'I!lIIIOC
with applic.ble Code sections and Treasury Regulations governing ume.
(b) N1?t!1ions. All Profits II.Dd Losses, exc:ept lime iUm. in S«Iions J1.02,
11 .05 .00 11.07 below, shall be a1loc8ted 10 the Members in ~ wilb !heir Percent...
lntcnsts. Every item of iDcome, gain, loa, deduction, or w. prdm:nce mterin& into the
oomputatiOQ of.!lllCh Profits aod I J)$S,"" or .pplieable 10 the period d..-ing whidl such Profits ..d
I..oues w~ mlliud, shall be romiden:d allocated 10 each Manba" in the Arne p:opotlion as ProfilS
and Losses are al located 10 such Memb«.
(e) NOIwilbstandingany provisions in the AlP etll-OU to the COIIII'ay. in no

evart shall the Spoo;ial Meml:M:r be allocated 11lOR!hen its PeR:eIliage mIcra!, determined as orthe
dale bereof, of any ;!em of Company inoome, pin. loss, deducUoo, credit or basis.
11.02 c\!Iocatipn of Profits and I e n fi'om Cepj1!I TzJC!'Stiont. &upt to the extent
provided in Sections 11,07. Profits and I..os&ea rooognizod by the Company upoo • Capital
'fnIns.ction shill be allocated in !he followins manner.
(a) Profits $hall be allOClltai (i) lint, to the Manbcn with negative Clpital
AQOOUIlt lNolances, Iblt portion of gains (inciOOinS Uly pm lreated as ordinary income for fedt:nJ
income tax JIIII"I'II*!) which il equal in amount 10, and in proportion kI, S\IIO'.h Members' le!ipe(:tiVC
neplive Capital .... ooounli in the CompilDy; prnvided IhIt 110 pin shill be allOCIled wda- this
Section 11.02(IXi) 10 I Member once such Member's Cepital ....ooouni is brougbt 10 zero aDd (ii)
KCOOd, pins in 900=1 or the amounl alioclled undet (i) shall be allocatod to the Members in the
MDOUIltS and 10 the a:lenl no try 10 rna- the Meml:>en' .cspc::rtiveClopittl Ac:counts iIO that the
proceeds distributed under Section 11.04(d) aDd (J) will be distributed in accordance with the
Membelll' respective Capital ACOOlDlIS.
(b) Losseuhall belilocatcd (i) lint, 10 the ~tcnt and in such proponion5as tM
~ve positive balances in all Members' Capital Accounts, and (ii) second, lilY mnaininS kiss 10 •
the Members in aocordancc with tbe I1IIDDet in which they bear !be economie risk of lOllS associated
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with such loa or, if DOIlC, to the Mcmbcn ill .:cordancc with their Company mtau15.
(e) Any portion of tho: Profitl treated asomi'*)' Income for federal iDcometax
pwpose:s lDlder SectiOlll 1245 and 12SO of the Code ("Recapture Amount") shall be alloRled on •
dol)gfor don... bui.s 10 those Members 10 wbom !he ilmll ofConJPlllYdcduction or Joss givina rile
10 1M R~ Amount hac! b=I previOll:Sly alloc:aUd.
1 LOJ Distributions: Net Cub flow.

(a) Ddenuination of Net Ctah Flow. Net Cash Row sh.n be determined
Jcpmtcly for each fi-' year orportion !hmo(oommc:ncingon the ibiy ,fteo' Final CJosin& IIOd $hall
noI be cwnulative. ~cr there is. refc:rc:nce to the distl'ibution orNe! Cash flow punuant to the
provisions of this Agreement, Net Cash Row shall be deemed 10 be limited 10 Surplus Cub
.vllil.ble for dislnlJution. Income received by the Company from lIle period eomrnencing with the
dale o(receipt oflhe initial catifitate of~ with rc:sped to the Project and ending on the
elMe oftbe Filial Closing $hall DOt be di$tribuled durin,SlICh period and WI] be ImIkd u Net Cash
Flow with respc:d 10 the first Payment Dale folJowjq: Filial Closing.
(b) Maooq pfPistributiS!o. Subject 10 the -wroval oftbe Project Lenden, if

required, Net Cash Flow shall be applied lIIdIor distribuled 0/1 each Payment o.te in the following
priority:
(i) fint, 10 the Investor Member in accordance with its respco;tive Pera:ntqc
ln~ until the aggregate amount of distributions made to tbe inVQfOr Member under this Section
I l.Ol(bXi) for Ihe c:umnl and aU prior )UQ o:q>.aW: the A$SUmed Investor Member Tax liability for
the cumnt and all prior ~;
(ii) second, 10 the Investor Member in an amGWlt equal 10 any UHTC Reduetion
0uJnnty Payment or Unpllid UHTC Shortfall;
(iii) thin:!, to !beManagingMetIlll« in accordance wi!h ill ~ve Perccouge

Inlcrest until !be ~te amount or distributioN mIIdc to !be Managing Manber UDder !his Section
II .03(b)(iii) for !be CUITaIt'" III prior ~ OCIl1all the AISUmCd MIlIqiDa MetIlbcrTIJI tiabilily
for !be Clb"ftIlt and aU priot )UI"I;
(iv) fourth, to the Developer \IIltil all amounts due under Ihc: Devdopment
Agrocmenl have been paid in full ;
(v) fifth, following !he full payment o f ImOUnis due undeJ the Developme!ll
Agm:mau, 10 the pro rate ~ent of any oulltanding Operating Deficit LoeDI and MM Loans,
ba$ed upon Ihe Icspecti\le o utsWdina balli"lCelJofeach;
(vi) li llth. 10 ~Jenish theOpenting RCICfVe'4' 10 . baJ...ac orS90,OOO;

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(vii) ICYcnth, et,hty pereent (80%) to thcpaymc:m oftbe Ince:oliveManagemcnl

Fee, DOt to exoeed SlO,OOOper annum; and
(viii) ~. to !he PII'tI)eI'I ttl aoxotdanoe with their p~ Interests.
Ie) Qi:!trjbutiona 10 be Swiccl to Pnndetzx Restrjdjnns. Notwithsu:ndin, the

foregoing, durilll such time u regullltiomoflbe Project Lendcn are applicable 10 !he Projcct, the
total amollnt orNet Cash Flow which rnay be 10 diJiribucod 10 the Members with respect to any
fiseal yeM lila/I not ac:eecl $UCb IIIDOUDtS as such regulltioo.s pennillO be distributed.
11.04 pjSbjbylj!W; <:anita! TT!mI£tinm ,00 LiQui<"tjoo o fCompooy. uc::qJ( as may be

roquin:d under Sec:tion 12.02(b)••"" pro<;>mb mulling from the liquidation oftbe Company assets
pIII5IWlt 10 Section 12,02, and the net pooecds rt:S1Illing fi'om any Capiw TlWlSII<:tion, as the c:ue
mlY be, shall be distributed and applied in the following onIa- of priority:
•
(I) 10 the payman olall matuJed ~ InC! liabilities of the Company (incluclin&
amounts due ~ 10 any Project Lo.m and all eJtpmseil oflbe Company incideral lO 111)' such sale
0.' ~firuncin&), excJudin, (I) dc:I:Ib md liabilities of!he Company 10 MemlN:n QI' any Affiliates, and
(2) aU WIpIIid f«>s owing to the: Managina Memb« .mder tbilI AgJeo_;
(b) to tbe teUiog up of any rcsc:rva which tbe Uquidator (or the Managin&
Member if the distribution ;$ not punuanl to the 1iqWd.tion of the Company) deems rcason.obJy
nee ' ry fon:OIltiogmt, IIIlD\IItured or llllforaecn liabilities or obligations o f \be Company;
(e) 10 the ]H)'IIIClll of anydebts and liabilities (includilli unpaid (_)owed 10 the
Memben or any Amliala by the Compan)' for Compan)' obliptions; provided, bowevcr, the! the
foregoing debts and liabilities owed 10 Members and their Affiliates shall be pajd or repaid, •
applicable, in the following order of priorit)" if mel 10 the extmt llpplic.ble: (i) 10 the Investor
Member, 8(1 amotIQt equal to an)' 0UISImldin& LD-ITC Reduction Cluarant)' PI)'nlf:l'It, or lID)' U.ud
L1HTC Shortl'all {applied tint to IICQUcd but unpaid interesI: (at the Oer.u!t ~If:) 8(ld tbaI
principal); (ii) to the Investor Member, 8(1 mIO\IIIl equaJ 10 lID)' Special Additional Clpital
CO<Itriburion; (iii) to the payment of.ny oulstlnding MM LoanI (i.. ) amounts due utIIIeJ the
~Iopmmt Asreemml; (v) amovntI due with respect 10 Opentin& Deficit t.o.ns, if any, and (vi)
an)' other such debts and liabilities;
(d) to the Mlnl&in& Member and Invesuw Members in pOjlOition to thenillive

amouDl$ of Net Projeded Tax Liabi lities of the Managina: Member and the Investor Member'1
Member'l or members and Ihe:i~ """..Clive Members or memben untillhey each have received,
cumulativel)',.., IID'IOUIIt cquallo their lespocrive Net Pro;cctcd Tax Liabi lities;
(e) 10 po)'IlIC!l1o f the Guar1nlor utrrC Complimce Loan (or, if bids provided
lI'e • capi tal ClOOtribvtion, under Sedion 8.11(e)(v). U I return of.-:li atpital); and
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(f) the b.lanoe, 10 the Partners in KCOrdance with Ihcir Percentage Interesta.
Wriltm determination of the propoIOd distrib\lliont of proeecds of Capital T~.

showing all relevllll caladaliona and lI8SIDlIJlIiOfll, shal l be delivera! to !he Investor Mernba and
Special Membel- IIOIlaler than twmty (20) daY' j'rior to the Company en1eno8 into all)' agreement
for. Cllpital ~ md writlea confirmation or III)' revision tbc:n:Iof Wli be ddivemllO the
IDvaIor Mmlba' and Special Member IlOl lata'" Ibm twarty (20) days prior 10 !be making of any
IUCb dislriblltion.
11.05 P'Slribulions and Allocations: Genera! Proyjpn,.,
Ca) In any year in which . Member sells, assigns or Il"Inlfc:n all or an)' portion of
11'1Interest to any Penon who during such year ;. admitted lIS a substiNle Member, the share oflll
. profitt and kisses "Located to, and of all Net Cash Row and of all cash poceeds distributable uno;!er
Scdion 11.04 di5tribuled 10, all Manbcn whktJ is .ttn"blltable to the inteRS! told, assigned or
transfcn'Dd sbalI bedividecl Mtwccn the as:si&oor and the aai~ rabbly on the basis of the number
o fmonth]yperiods in $IdI year before, and the IIUI1Ibcrofmoothly pcriodson and Ift« , the fiDI: cS.y
orlhe moolh during ",hid! sueb Person is lIdmincd u. substitute Member.
(b) The Company shall, subject 10 any applicable limitation on the distribution of
Net CQh Flow and lUI)' required approval by the Project l.eoders. distribute Net Cash Flow BOlles.
&cquently Iban annually in the I1'Wl/Ia" provided in Section 11 .03{b).
(e) 10 the evenl thaI there is I deumtination that then: is any original issue
diSoCOWll or imputed intc:n::st attributable 10 the Capilli ConrributiOll oflny Menbel', 0.- any ....
b d _ • M=nba- and \he Company, lilly income or dedlldion ofthc: Company . ttl'ibutable lOSIlCb
impu10d interest or original ilSUe discounl on such <:.pit.! Conuibutioo or la.n (whether statod or
1UI$la1od).naIi be . 1l0Clltod $Oldy \() such Member.
(d) In tbuvalt tIII1 the deduction ohll oc. portion ofIlly fee ~ or ineum:d by
!be Compllly 10 a M=nba- or III Affiliate of I Member i, disallowed feN- fedenl1 incometu JlIUPIlSCS
by the hlltmal Rew:nl.le Savico with 'C$JXCt \() • tullble yur of the O:mpIrIy, the Company $hall
then allocate to AIC:h Member an amount of goa ilKCtlle oflhc Compllly for AIC:h ,..-1!CpI*l1o the
IlOOUIlI of such fee IS 10 which the deduction is diSllI10w0d.
(e) If ""y Member's Interest in tbe Company is reduced but not e1iminalod
bocIIuse of the admission ofnew Members or otherwise, or iflny Member is lmItod It receivingany
ilem. ofprope>"ty described in Section 151(.) of the Code, 1M Member's Inlerest in sud! ilems of
Section 75 1(1) ptvye'!y that Will property of Ihe Company while SIlCb Penon Wit • Manbcr shall
no! be m!uoed, but shall be reWned by the Member 10 ionllS the Member h.. an interest in the
ComI*1Y and 10 long as 1M ComI*lY has an Inlt:reSl in RJCb pl opat)'.
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(f) In accordance with Section 704(c) orllle Code (nlating 10 allocations with
=pco;t 10 ~.Ied eontn'buted property) and the Regulations !hereund«, income, pin, loss, and
deduction with respoct to any plopeity contributed 10 !be capillli of tile Company shall be alJoeaccd,
solely for WI purposea. among the Memben MI as 10 take account of any variation between the
IIdjusted betU of .such POVQIy 10 the eomp.ny for federal ino::o.ne lAX purposes and ;ts fair lD.ITkec
value. Any elections or olher deci.sionI rdMing 10 1IUdI.nc-tiooIIbalJ be IDIIIk by the M-ai1lJ
Member in say manner that ............. ,y re&tu the purpose and intmtioa of this Agleema1I..
(g) In the event thaI the Managing Member make. any Opo:nting Deficit l.OIIIlS
•
pur$II8I1l to Seclion 8.11 (b), any deductions or losses of the Company ll1rihutable to theuse oftboee
funds shall be specially allocased to the ManagingMember.
(b) Any il100llKl attributable to the Capital Contribution of the Managing Member
will be allocated to the Managing Member.
(i) Any income alllibutab!e lo themodific.oon ofanyoflbc ~ I..ouJ(s) shall

,
be alloealed 100% 10 the Ml n.ogi", Mo::mbeo'.
11.06 ClPilii Aooount}.
(_) FM.bljshmmt and MAiolmaoce. A seplftIlC Capiu.l Aeoounl Bball be

maintained and adj\l!tcd for each Member. 'Tbc:R shall be cnditod \0 each Member's Capital
Acc:ouotlhe IIIIOunt of its Clpital Conuibulion. the fair market value of any Pioperty conmootcd 10
the Compall)' (lid of any liabilities secured by such property) and sud! Member'1 distributive sh.-e
oftbe lid income pins and profits for tax purposes of the Company; and !here shal l be ct.arp.l
qaillll cadi Member's Capital Aocouol the _WIt of al' cash flow distributed 10 ad! Manber, Ihe
fair market value ohny popa1y distnllUled 10 such Memb« (DCf ohllY lilMlilia secured by such
property), the net proceeds resulting from the: liquidauCNI of the Company't; asaets or from ~ weor
rdinam:ing of the: Proj«t distributed to IAICb Mernb«, IIId sud! Member's distributive share of the
1 _ for Iall purpoICS oftheCompaoy. EICh Member's Capital AC'COUIIt shill be maintained and
adjusted in IICC(lrdance witlJ the Code and the Trea.rury ReguialiOll!l theramder. The f"oregoinj:
provisiollil and the other provisiOllS of this Agrcanent rebotill3 to 1M mainlOWlCl: of Capital
A~UDts.-c intended to comply with Treu.. Rea. § 1.104-1(b}, and shall be interpreted and tppIiaI
in I DUDI"IeI" c:omUtent with such regulMions. II i. the inlention of the Manbtn !hit the Capital
ACX()UQts maintaiDcd un&.- this Apeemcnt be det(:l1"l"lincd and maintained t1wouplll the fUlllerm
of this Agm:menI in ICOOrdancc with the K"CIOUIItiqrulc:s ofTreas. RCJ. f 1.104-1{b)(2Xiv).
In the evenl thai the

Company · . . r
Manila's i ;
I CCNlln"buuOllS in the IlITIO\IIII ofsuch •
deficit in compliance with Treu. Reg. I II In W I Investor
Mcmben Capital Ac«MII should have
76
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fund or otherwise o;ontributc c.pi tal 10 the Company in COIlIIOCtion with such deficit
Notwithstanding the foregoing, in the CYalllhe Company i, liquidaled within the meanina of Treat.
Rea. f 1.7D4-1(bX2)(ii)(&)but noevemlhasoc:curredunderScdion 12.01IodissolveIhc:Comptn)',
the Company ISSCtI shall not be liqWdalod, the Comp.ay's Iilbilities shall DOt bepaid ordilChlrpd,
mel !he Company's a1fa:ira shall not be wound up. 1nsttai,!be Compml)' shall be deemed 10 have
I.'OIIlribuled all of its.-, ancI liabilitiello' new limitod liability OOInpIIly in Qdw!&e for lUI
Waul in the ~ limited liability .......1"'")'. bnmedillldy tbaafter, !be ImninIIled 0" '1_0)' WlI ••
be deemed 10 hive distributed inlereSU in the DeW limited !iIbility company 10 !he Manben: orlbe
tenninMed eomp.ny in ""opootion to their ~vc intcmts in the tenninated Cornpeny in
liqvid.ttion oftbc tmnillllled Company.
,
11.07 Special A1localiOlll. Norwiwlanding anything 10 the (:QIl1nry contained in SIlction •
11.01(.) OT (b), the foUowil\i special a11ocatiOllS in all events apply in determining the allocation of
Pro615 MId Losses IIIIlODi the Memben and are made prior to the allocations required uno;Ier
§ 11 .01(a) and (b):
<a) Pcpn;ciatiog ux! UHTC·
(i) Dcpreo::iiltion {OOS! rtwvcry)dcdudiOlll and UHTC are .llocated 10

the Membns in aeoordan!:e witb their Percentage lnleR:SU.
(ii) Any reca~ of UHTC is allocated to the Members th.t wen.

aJloc.ted (or whose ~in-inICftlSt _ a110Cllled) tbcdcpro;iationillOll n:oovuy dcductioo
and UHTC associated lhen:wilb.
(b) LimilatiOD on Allmons o[lcua
(i) To the olent the a1JocatioD oCaIlY I.osseI 10 a Memberwould ClIIW

IhIt M«nber 10 !live III AdjlWed Capital Account Deficit at the end of lUIy fi.wal year of the
Company, Iben those Losses will not be JlloCIted to thai Member, but 1"Ithcl- will be specialty
allocated to the mnaining Membcn in proportion with Ibeir relative interests in the Company.
(ii) In the event tome bul not all of Ihe Manbers would !live Adjutcd
Capital ACClOW\t Deficits due to an a110a0tioo of Losses, the limitalion lid forti! in this
SedMln I I.07(b) shill be applied on a Manber-by-Manber basis so IS 10 alloclte the maximum
permissible X - to each Member who is not • Mmaging Member UIldef T~ Reg.
t 1.704- I(b)(2)(ii)(d). All Losses in QOCSI of the Jimilltion set fOf1h in this Seerion 11.07(b) shall be
a1locMed 10 the MllIIging Member.
(e) Profit ctwatWk To the c;l;Ienl lIllY Los"es -re spa;:ill1y allocated to •
Member in KQ)ft!1QICC with Se<.1ion 11 .07(b), then Profits will thcnafta fim be lpCCially allocated to
such Member in proportion to and in an II1IOWlt (I) lip 10 001not exceeding the lIlJIOWli o f any such
special al location ofLos.ses away ftorn such Member unda- $Ur;h SIIbplnsraph (b) bul (2) not to the
n
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atcnIlh/d t..osso:. or ~ "r<bX'tioos wuuld be aUoated to \bI: ronainln& Manbea, in Qocst
oflbclmOUllt permitted by 11 .07(b).
Cd) Npmppuqc Do:4yc!jom. N(lIII~ Dedu(:(ions foranyfucal )'ell" shall be

a1locatod to the: Mcmben in aooordance with their P~tIgo lntcrata.
(e) MgphrrNonrecowse Dcduqjgm. Any MI:IrtNr NQiut<:OUr$e Deduc:Iiom fOr ,

-0)' fiSC*! year !hall be lpCCiaUy alloc:atod to the Member or Memben that bear the &:ooomic Risk
of I...oa with .espo::l 10 !be Member Nonm:oune Debt 10 which SIIclt Member Nonrccoune
Deductions are attributable in IICCOI"dance with T _ Rq. fI.1()4.2(bX4).nd Trea&. Reg. §1.7C)4.
2(i).
(0 Company Mjnimum Gain Cbarsel!lICk.. Notwithstanding ..yotherprovision

of thi, Agreement, i f there is • net decrease in the Company's Minimum Gain atmDutabJe 10
Nonreeour$e Liabilities during any tauble year, eadl Member $hall be specially alIocaIed _pro rata
portioo of each of the Comp.ny's items of inc:ornc and pill for sod! year (1Ild, ifneeessuy for
lUbsequcnt years) in proponion 10, and 10 !be extmt of, .. amount equailo web Member's sba:re of
the net decrease in sucb Minimwn Gain during tudI taxable year 1$ dda.nin«I in aocordaooe with
tho provisions ofTlUlI. Reg. fJ .7t)4.2(g)(l). In thcevent lhM such net ~ in the Company,
Minimum Gain oocun: in conneo;tion with thulisposition ohll or l1li)' portion oflhe Projcd, then
Ill)' items of Company income or pin allocated in lcoordanoe with !he previous sentence sb.aJJ fint •
a;>nSi$1 of ~ re<:ogniud by the Company as a I't$Ull of such disposition. II i$ the intent that the
allocations JIfOvidc:d in this S«tion I 1.07(0 shall be detmnined in ~ with and only to the::
Clltenl requind by Treas. Rea. §1 .7()4..2(f) and (iX2)(i).
(g) MqphcJ Mjnjmum Pm" ctwr't'rk Notwitbstao:Jdin&any~provision of

thil A&JMMIII, iftbere il. nee 6c:o::reuc in the amount of the COI1Ipany'1 Minimum Gain d...ina any
Iluble rearwilh respect 10 • Memba" NOII!'eCO\II'Se Debt, the Memb« bearinllhe EoonomicRisk of
Loss with ~ to such Member Nonrecourse Debl $hall be specially a1JOCIIted • pro rotQ portion
of eIId:J of the CompMy', ilems ofil'lOOltle and gain for such tuabJe)'Ql" (and, ifno:eeswy, for
subscxjvc:nl yean) io pioporlion 10, and 10 the extcol ofthnmo\lf1lof sud! Member'uhan: oflbenet
dec:. u in such Minimwn Gain durina sucb tauble year as delmnined in accordance with the
provisions ofTn:as. Reg. 11 .704-2(i)(4). In the ~ that sud! net dea'ease in the Member's
Minimum Gain 0CQII'1 in oonncdioa with the dillpOSition of all or lUIy portion ofProjoct. then any
items of Company inoome or pin Illocaed in ICCOI'dIllCe with !be previous IIft'Ilcnce IhaII first
consUl of pin recognized b)' the Company IS I resWt of tuch disposition. It i, the inteDl that Ihe
Illocetions provided in this So::ction J 1.07(g) shall be determined in ~ce with."d onl), to the
exleollll'luired by lhe promions ofT'R:a& Reg. §1. 704-2{i) and (j){2){ii).
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of Ib.t Member as quickly .. possible. 1'he spo;:ill Illoo:11ions roquired pInUIIIt 10 this
~ (h) are m.de only ifand 10 lheatml thallUCh Manber would have III AdjusIm Capital
AOCOUDl Deficit aft~all 0Iber aIJoca6o:ms provided for in this AJticle II hive beallUltativdymacieu
if this ~ (b)wa"C no( in !be Ap ...... ,_I. 'l'ln. ~ (b) is imended 10 comply with
!be qualified iua:cue of'&el: nquinmem:s of §1.704- I(bX2XiiXd) of the Rqp~"""" mel will be
inuJpreted ooosist=t!y Iba ewith.
(i) Groa lncpme AUocatioo. In the eveJIl my Manber bas I deficit Capital
ACCOWlI at !be end or.ny fiseal year in excess of the iI\IIJI of (i) the amount Ih$1 S\II.:h Member must
re$l0Fe pursuant 10 any provision ofthill Agn::ancut, if lillY, .nd Iii) the amount such Member is
deemed obligated 10 te$lQI'e pumIIIIlt to !he peoullimllt $eIIlence orTn:u. Reg. § I. 704-2(a) and f
1.704-2(i)(S), such Member Jhall be $peCiI.lIy aUoeltcd itanl ofCompaoyinoome and pin;n the
.mount of IUCh excess as quickly u possible, provided lhal an allocation punuant 10 this Section
11.07(;) shall be rna if and only to !he ateol thaI such Member would have I deficit Capil&l
ACCOWlI in t1a$$ of such JURI after all olba- liloc.tions pro"*<! for in this Article XI MVB been
IGlWiveJymade .. ;fthis Scdion J I.O?{i) and Sec:tion 11.07(11) hereof were not in the Agnoanent.
(j) §lSi Aclju5tmep1. To the alent In adjustmellt 10 the adjusted 11,1 ~ of any
Company Property \nIatlI(en pur1lWIllo §134{b) or 743{b) orllle Cock is requimI to be laken into
aeoour1t in detmnining!be Capital AcoounlSoftbe Manbcn WIder TR!IIS. Reg. §1.704-I(bX2XivXm).
then the amount of such adjustma'lt to the Capital Acooulll$ will be treated as III item of gain (i(!be •
adj\l$fTl«lt inaeases the buis of the asset) Of \0$$ (if the adjustment cIeaeases such basis) IUld .JUeh
pin or loss will bespolciaJlyalloealed 10 the Memben in I mar\flaconsiSlmt with the I!IIIIl1ICTm whid!
thdr ClpitaI Acrounls arc required 10 be adjusted ptII'SUIIII 10 the lforementioned -non or the
resWltions.
(k) Iptmtjocy!ly Pd*,.
(l) ExcmNin,pm' jelzjlities. SokIyfor~ofdelennirtingaM~.

proporUonate shire orthe "Q.CCSlI riOl.tIlOineMbilities" oftheCOi..... lfwilbin thelTlClllin&offras.
Reg. f 1.7S2·3(I)(3), the Mcmben' n:spoeti~ inlcrah in Company Profits shall cquallbeir PII"OeIlIaF
Intensu (detamined without regard. 10 Section 11.Q7(a.Hk»).
(m) &I!lmity 10 Vary AII?f!tions to Prgem and Wed Mgphg]' Woo

(i) It is the mtent ofthc Memben thai ach Member's diltributi~ sbarcof
iMomc, pin, Joss. deduction, or credit (or item thencf) $MI l be ddcrmined and allocated in
acoordaooe with this Article Xl 10 the fulleR e>r.tenl penniued by Sec6on. 704(b) of the Code. hi
order to peerve and proCed the ddcnninalions Ind alloationl provided for in this Anide Xl, the
M-.ginl Manber, shlilllpOll the direr:tion;n writing ofllle Spocial Member, allotateiDcomc, pin.
lou, deduction, or credit (or itan thereof) arising m any)Ul" ditrermdy tIwI otherwise provided for
in thi. Article XI 15 ~ to ensun: that allaUoeMions ofinoome, pin, lou, deduction or <.:Rdit
(or itan theteOf) to the Members an: penniu"", by Soclion 704(b) of the Code and Treasury
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Regullrioos JllODIU!pted Iherwnder. Any a1locMioo m.oe punuant 10 Ibis Section II J:f1 shall be
cleaned to be: • compktl ~Me for aoy alklcalioD otbeo witcl provided flll' in Ibis Article X1md
no amendment oftbis AgeonenI or appronJ of my Member shall be required..
(ii) In making Illy allocation (the "Dew allocation, wder Section

Il .01(m)(i), the MlDaging Member is .11Ihorizcd 10 !let only upon the dircctioo in writing of the
Special Mcmbel'01Ihe Investor Member.
(iii) If the Managing Member receives a recommendation fiom the ,

Accountants to make any new . llocation in IIIWlII« less €avorablc 10 the Investor Ml!II1ber than is
otherwise prcMded for in thi, Article XI, Ibm the M-sin& Member shall do $0 only with the
lnveslOO" Member', or the Speeial Member's Consent .nd only after having gi~ the: Invator
Member lind the Special Member the opportunity 10 diJcuss such a11ocation with \be Accountants,
mel ooIy afta' the M-ain& Manber has beallldvi$ed by the Aa:ounIaIlU that it is permitted by
Seetio:m 704(b) of die Code, 10 a1kxate income, gain, loss, 6eductioa, or atdil {(If i!em Iha'ooO
.nling in Iller years in such manDa" 10 lIS 10 bring the allocations ofilK'OmC, pin, loss, deduction, or
aedil (or item thereof) 10 the Investor Members lIS nearly u possible 10 lhe a11oca1i0ll$ thereof
otherwise contempllted by this Arti~Je XI.
(n) GOO Income. Any income recognized lIS a result of anyreceipt of gn.nu by
the Company shall be allocated one hundred percent (J 00%) 10 the Managing Member. Howeva', if
the Managing Memba" i, elIempt from r~ in<;ome tuition under Code Section SOl(c)(3)orany
otha- Code provision, Ibeo the allocatioN 10 the ManI&ini Member under this Sedion ] 1.07{D) abaIl
be limited to tbe hi~ pera:ntqe or tlle Compouoy's propatytrated &!I tax-ctempl uscpopeoty,,,
renected in the Projections.
11.08 Desjgnatjoo ofTn Millen Pannq. The Managina Memba' heRby il designated &!I
Tn MUlto Partna of tile Company, IIId IhalI engage in web undertakingl .. .re required of tile
Tax Manl:l1 Par1ner of the Company, as provided in rquJatlons punuanllO Section 6231 orthe
Code. Each Member, by il.l execution oflhi. Agreement, Consenl.to!JUeh designation of the Tn
Mallen Partner and agrees 10 exceule, certifY, acknowledge, deliver, swear 10, file IIld m:ord at tile
appropriate pub lic offices such documents IS mil)' be necessary or appopoule 10 evideflee such
Consent. Notwithstanding tbe fore&oing, the Limited Pctncr bas the rigbllO "PPfIWc and disapprove
aU lUb3IanliaillCliOlll thll mlY be taken by the Gcnenl PItIna in ita capecity IS Tu Matten P _.
Notwithstanding any other prOvisioa orlhis Ag,u:ment, the Special Member bttd:ry is gnnted
lutborily at any time 10 be Idmined IS • MMlaging Member by converting all or portion or itt
Inveslor Manber Inlerest 10 I MlIlqina Member inlmst for the purpose of IICting .. Ibe Tn
Mallen Panner with a1llhe IIIIhorily and POWI:I1 liven 10 \be Manalina Mcmba' IS Tu Millen
PIr1ner of !he Company under lhe Codc and under this Agra:mcnl. The Special Mcmb\.r mly
exercise ilS righllo assume thc Tilt Mallen Partner R!SpOIISibilitic:s for the Company, !iii provided
herewith, upon len (I 0) days nolice 10 Ihe then exisl;na Tax Millers PanneT IUld MlnagingMembcr
and mly conlinue 1$ Tax Mltters Partner indefinilely. In the evenl thaI the Special Member
exc:rc:i_ ill righllo bco;omc. Managina Member and to auume duties oflbe Tn Matters Panner,
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thepr1>-U~ Tax Matters P_er will RlSigo in acoordance with Tn:as. Reg. f 3OL623I(a)(7}W)
and will redcl!ipte the new M-sing Member as Tax MIttt:Q Putner in accordance wilh Tras.
Reg. f lOI .6231(t)(7}- I{e). Eac:h Member, by its c;(ccution "fthil A&r=nenl Cor\senl.s to such
Idmi"jon and designation and agrees 10 execute, certify, a.::tr1OW11!dae. ddivu, swear to, file and
n:o::onI.lI \be app:op:iate public officet such doeume:lts as ~ be nee_'ry CK iippiopiate to
evidence suet. Conscot. The Special Mcmba" shall, upon auch Qnjssion, replace the Manqina ,,
Memba' as Tax Matters Panna" and shal l have lhelafta all Chc IUlbority and powen giVUl to lbc
M..ugina Memb« as Tn Maners pllftnel of.me ComPl"Y 1mder the Code aDd uncI« \hi,
Agrccmml. Unless otheJwise ~fietnypr1)vided 01" t.grOCd. the new Tax Mitten P.mer in these:
circumstlll10el willoot be responsible for or hllVe the riglu to conduct Iny opcnIlionll or managerial
functions of the Company besides those required 10 discharge its ~ns_ibiliries as Tax Millers
P _.
11 .09 Au!boriIV orIp, MI!!m Partner·
(I) The Tax Maners Panner shall hllve and paf"nh all orlbe duties required
~!be Code, tncILiding the fo11owina duties:
Ii) Furnish Ihe name,.ddraa, profits imerest,.nd WlpII)'tI" ide:ltifiadion lIumber

of caclJ Member 10 the Internal Revenue Service (!be 'Servioe"); and
(ii) Within five calendar days after the receipt by the M_ging Member or an
Affiliate thereof orthc Company of any Wllespondence or commllDication ~Iltilli 10 the Comp.ny
or. Memba- or .... Affiliate oh MemIM::r &om the Service, the Tu. Malters PartDeI' shall forwmllO
each Member. pbotocopy of all such (lOI,espo.1denc:e or oommuniCMion{I). 'The Tn Manen
Partner wll, within five cakndar days lhereafter, advUe eacl! Member in writinaoftheS\lbsunoc:
aDd form of Illy conversation or oommuniC8tion hdd with lOy 'epi mllltive of the Service.
(b) The Tn M.ttas Partno:!" shall, upon request by the lnveslOr Member, permit
the lnvmor Member 10 include illl attorney in the power of attorney (Form 2848) for the Compimy
for any tlJ<ablc years undcr a tax audit Of in • lU administrative A~s PI'OCCIII.
(i) Extend 1he $laMe oflnrutations for 'O('es,;,,& or oomputioJ any tax lilbility
apinst the ComI*1Y(or the mIOWll of charac:l:cr of lilly eomp.ny tax itans);
(ii) Engage an accountin& firm Of OClIIDseito lept ,mt the Coml*1Y befon 1M
lntemaJ Revenue Service;
(iii) Settle any audit with the Service concmUng the adjustmml Of readjustment of
any Complllly item(s) (within the meaning ofSCdion 6231(a)(J) of the Code);
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(IV) File I request for III administrative adjustmall with !he Strncealllytimeor
Iik I pditioo f<w judicial review with respect 10 lilly sucb requen or seled:!he fOfUlD for judicial
~ of any [nterna! Revenue Sc:rYice ~io,,;
(v) lnitl.te or Sd1Ie any judic:i., review or IK:tion 00I10CI!nl1n8 the IllMUnt or
characua' of any Company tax itan(l) (wilhin the mcanina ofSection 62ll{I)(3) of the Code);
(VI) 1 0 _ in any action brought by anyotbtr Member for judicial review ofa
final Company adminUlrMive adjustmmt; or
Tne anyolher action not c:xpres;stypemlitted bythi3 Scdioo 11JH on behalf

(vii)
of!he Members of 1M Company in COIIIICdion with any IIdIniniStral;VC or j\ldiciallall proe«din&-
(d) In the event of any Company-level ."oceediOIl insl;tuIed by !he Se....dee

pD"$lWIt to Sections 6221 throuah 6233 "fthe Code, IlIe Tax Mltlen Partner wll consult with the
Speeial MCIllbcr repnfuIJ the narure and CODIml of all IIcIion and defense 10 be laken by !he
Company in rc:sponse to $\Jell poceeding. The Tax Mlueta PIIfIMr al.so WU COIlSUIt with 11M:
Special Mo:mb« rqanlinj; the nIhn and content of any ~ina pursuant to Sections 6221
through 6233 of the wde instituted by or on brbalf of the Company (incI..tina the deo.:ision to
institute pro<:«ding:!. whctht:r ..munistrltivc or judicial, ancI whether in raponse 10 • pRVious
Service peoooeding &pins( the CoiIljM1Y or otberwiJc).
11 .1 0 EJspgl5Q "rIp. Ma!IerJ Part!!«. The CompMIy shall indemnify IIJd reimbursetbc
Tax Millen Partner for all eJlpeniles, including IegaIIIDcI KCOIIIlting fees, claima, Habitilies, Josses
and darnap incumd ill COMeCtion wid!. any adminiJtralive or judicial phKltedih8 with respect 10
the tu. lilbility of th" MembeQ. The p!lyme:nl of all IUCh ex~ shall be made before 8Ily
di$lributions are IIUIde from Ne! Cash Flow or any discretionary .--vel an: lei asiIk by tbe
M.nati~g Memt>e.-. The Managing Member shell have tho obligation to prov;c!e funds for such
~ to the extent thaI Company fimdJ Ire 001 otherwise ""';1.able th<:refor. The taking of any
~ IIld the inwrring of any ~ by the Tu Mltters Putner in <.:OIIJ1ection with Illy web
pn::>cadina. except to the extent ~ by law, i•• mittel" in the 801" di3cmion of tile Tu MItten
Partner and the provisions on limitations oflillbilily of the Manqing Member md indcmnifialtion
set fonh ill Section 8.08 of this Agccmenl shall be fully appliCible to the TIX Mmen Panner in its
Clp8City as such.
ARTICLE XU
SAl E P1SSOUJDON AND UOUIDATION
12.01 Pim!\I!joo Of " Company. The Company sl...11 be diDoI\ffId upon the awlieroflhc
expiration ofthe tam of the Company, or upon: •
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(I) the wilbchwal, ~cy, death, o;Iiuotution or IIdjudiCMion of
iI!c:ompetency oflhe MAnaging Munbel' who is" thai tim", the IDle M-,illj: Member, subject to
!be pIOviaions ofSoction 6.03, unless. Dlljority in interest orllle olber Manbcn., within niDcty(90)
dliys after rceciving Notice ofsuch ..iIhdnWlll, a.nbuptq, darth, diaotuboa or adjudK:atioa of
incompctenoe, elect. to desipea:ruo ' - ManaM Membcr(I) and contiDue theComplny upon
the adnriasion of such IN" - M_PIlI Mtmber(s) 10 !be Company;
(b) the sale 01' Q(her disposition of III. or aubstaPtUoUy , II of !he ..sdS of the
CompanY. aubjed: to the provisiom of Section 6.03~
(e) the cledion by lIle Mtnaging Memba", with the Consent of. ~ty in
;otcrat arlb" other Members; or
(d) anyother event caosing the di~utionortbc Company III'Id« the laws ofthe
Commonwealth ofVirginiL
12.02 WjndjQl Up aod pjs!ribution.
(I) Upoo the diuol...tion of the eomp.ny pursuant to Section 12.01, (i) •
CeJlifio;:.tc of <Anodlation shill be filed in such officee within the Commonwallh of Virginia ..
may be RqUiml or appIopl illc and (ii) tbc: Company business shill be wound up and its IS$eIS
liquidated as provided ilIllIis Section 12.02 mel the net ptoceed;s of web liqujdation. except as
provided in Sa:tion 12.02(b} below, shall bedistributed in ac:oordance with Sectioa 1\ .04.
(b) II is the inlm! ofm" Membcn thai, upon liqlridation of the ComI*lY, any
liquidation ptoceeds ."ail.bln for diMribution to tho: Members be diroibutcd in -=:rdance with "'"
Members' respective positiye Capital Aa:uunt bal_1iIld in acocmlanee with Treas. Reg. fl. 704-
] (bX2Xiij(bX2). The Mmtbers beJi~ thllt distributions under Section 11.04 will effectuate aoch
intent. In die event thal, upon liquidation. there woWd othawix be lilly conflid betwocn •
distributioo pllfSUlnI to ~ Manben' rap«ti~ posili~ Capital Al;C()U:[)t balance:!1 and the intem of
the Mcmben with respect to distribution ofJII~ u provided ill Section 11.04.1be Uquidalor
1haI1. notwithstanding the proviaions of Sections 11.01. 11.02, 11.03 II1d I LOS, allocate the
Company's gain&, profits and losses in . manner-that will, u Marlyu JIOS'Iole, causethediwiblllion
of liquidation Jllooeecb to the Memben 10 be in KCOrdancc: both with the Members' coonomie
expectlltio.... IU $CI forth in Section ] 1.04 and their respc:o;tive Capital Awount balance:!l. If die
eo.npany. pi..... profil$ and Iouet ~ insufficien1 to callSO the Memb<::n' CApital Af;WUIII$Io be in
such amotIIIl$ u will pennilliquidation pnxeods to be distn'bllted boIh in KCOI'dancc with the
Memba's' .upc:dive positiw; Capillli A _t balant:eS and Scdion 11.04.1hen liquidation pi.....uVa
shall be distributed in aCOOl'l!.anclc with the Membcra' m;pectiw; positive Capital AOCOWlt balances
alter the .llocations desaibed hemn hive been made.
(e) The UquidllOf shall file all catifiClltu and notices of the dissollitioD of the
ComJ*lY required by I...... The Uquidator shall pI"(I(:ftd without any unnec:euary delay to ~l and
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othawise liquidate the Compaay'a property and useu; provided, h)weva', ~ i(the Liquidalot"
Iball detcmlinc th.! l1li iDunedide saleof part (W.u of the CompInypooptatywould _undue loss
10 the Mcmbcn, then in order 10 .void sudllOIlS, the Liquidlltor may. Qf;CpIlO the Qlent provided ,
by 1M Act, defer the liqlridttion as 11M)' be OccaMI)' to IMisfy the debts and liabilities of the
ComJNIDYto Penoos OIbetthan Ihe Membus. Upon the complete Iiquidldion and distribution artbe
CornpaD)' assets, the Memben sball cease 10 be Members of tbe CompaQ)" mel the LiqWdMor shall
execute, acknowledge and cause 10 be filed III certificate, and notices mjuired by the law to
unninale the Company.
(If) Upon the 6i5llOlution of !be Company pIDI.&IIIll 10 Sec:tioa 12.01, the
Aocouruants shaJJ promptly prepare, mel tile Liquidltor Ihall furnish 10 each Member, • Ilatcmml
Ktting fortb the QHtI and liabilities ortbe Company upon it! dissolution. Promptly fo1lowina the
complete liquidation and distribution of the Company prOperty and assets, the AccounlllDts shall
prepce, and the Liquiditor $hal! furnish to eedt Member •• stalc:menJ. showinJ: tbe mlMel' in wh>ch
the Company a5SIeU w«e liquidated and dislribut ....
ARTICLE XIJI
11.01 Books o[Aswtml.. The M-aillj Member shall keep proper and complete boob of
aa:ounl (oc !be Com.-),. Such boob of IICX:OUIIt sball be kept I I the plulCipll office of the
Company and shill be opeD at all times for eumma!ion and oopyin& by the Inve$t(lr Memberor its
autboriud ~talives. The Managing Mernba" sban ~in such boob of ac(:(lIIJll for six years
after the later of the tennination of the Company or the end. of all lIpFIiCllbIe complilDC:1e periods
III>dCI" the Regulations. All de<:isions all to 1M fiKal re- and lM:(Xluntinl metbo<ls 10 be used by the
Compaoy shall be mlldeonly with the prior written content of the Investor Member. In addilioa.the
Managing Memba' shall comply with III rec:onI keeping and record ~ention rcquirtSnClllt
applicable 10 low-income housing projec!S under the Code and Regulations, and sh&IJ provide sud!
information 10 !he Members for !heir complilllCC.
13.02 Financial 8s:porU,
(a> Agrecmmt wi th yuee. 1"bc Companysha11 CIIlter into an Igreement with Virpnil
Housing Capital ColpORlion ("YHCC"). essentially in \be form aUacbed hereto u E&b!bl! J ,
pIlfSuanf 10 wbich VHCC wil l provide certain IICOOUIltinland reportingserviccs 10 the Company,
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(b) Monthly Reports. Within leD da)'l after the end of cad! month, the ~
Membet Ihall delivS" 10 the Manben with raped 10 sud! month I cash flow ltattmall for \he
CclmpanY. with • detailed ileftlizatioo of all Company receipu mel expcmes, aDd with IIUCh
additional infonutiOllIll shall be rea5OIl4bly requested by the Memben (the ~ collectively,
\be "Cash Flow Report"). Notwi1h$l'ndml the foItgoin&. if the lnvutoc Mnnber bdieves thai: the
Projoct ;1 cxpaicnQlIJ or rnay cxpcrielloc adver3C ~ results or tIrl'i other JlU.leri&I adva3e
condition, the Investor Member, by notice to the Mamoging Manbclr, m-r
requm, the delivery of
Cash Flow Reports within five dl)'S after !be end of eac:b month, until such time IS the investor
Member beti_ that the adverse condition affoctin& the Projeel ;1 no IongerpracntOT lhreoIIencxI. •
At Investor Member's request, copies of al l proposed IeQeI and ImmI income aJtification
in~ for !he initial oo:eupaIlt of e.clI dwd1in8 unit Jhall be del ivered COI'ICIIITftItly with sud!
Cash flow Rep>rt prior \(I uec:ution thcn:Iofby tbe Company.
(e) Goyqnmenta! end !.mder RmML The MllllgingManbeuh.all a1""ddiverto tbe

inveslOr Member any financial or perfonnancc report nrquimIlo be provided bylbeCompinyIo any
feclenl, stale Of" local govallmanai qeocy or 10 any Compeny lender. Any such report shall be
delivered to the InVUlOf Member within five da)'l after sucll repcIf1 is filed with 1liiy sucb
&Ovenunml.ll. Igmcy or Company lender.
13.03 BvdWf ell!! Genco! !)jsclOS\KC. The ManaginJMe:mber!bal1 poepaR MId deiivcrto
the Investor Member no !.ta" \han the 60 dl}'l prior to tbc beginning of each fiscal year of the
Company. dceailcd aru:M>al operIting and capiw improvancnb budget for the opcntion of tbc
Projeo;t durinallUCh fISCal yeow. Such budgeullhall spec:ifie.11y list -'I budgeted Cltpmsel in all major
o;alegoria ineluding, but not limited 10, lIdministraiion, operation, repU1 and maintcMnOe, uclities,
taxes, i.nsunmce, interat, debt service willi respect 10 !be Projo;t Loans, <:apital improvements, and
all budtcced eJlpaIKI whid! IrC to be paid to tbe Managing Manba"or itsAffiUalCi. Such a budJCC
shall be deemed "approved" for JIUlllOIIeS of llIis Agreement only when such budget has been
approved by the lovestM Member. ThcMIIl&ginaMeDlba'mall keep the Investor Manlier infom:.ed
concetninll tbe a-nI state of tile busi_ and financial condition of tile Company and Jball. upon
tile ~able requesl of the InvestOl" Member, I'urnUh 10 tbe lnvator Member full infunnMion,
~IS aDd doo;:ument.ltioa wnceminll the stlte of the business and financial oonditioo of tile
Company. The Managing Manber 3hal1 1.1110 provide tile fol\owina $laIe!nalts M disclosures to the
Investor Mcmbcn:
(a) Sspj'Mua! Reports. Semiannually, withio 4S days afler the end of tile ICOOIld and
foorth fiKal quanas of tile Company. uotiJ the later 10 oca.r oftbe followillg evenll; (i) all Capital
Conlribution iOSlailments of tile Investor Member haw: been made, or (ii)!be Project is placed in
service, I report on the $laIUJ ortlle Company. Such report will include the folJowin& and will
oonIain updated IDd revised infomwion if there has been any change in facta previously reported.
(i) • description of the Project, indudinll the SWu$ of OOIlStruction or

rchabilitllrion 10 be pcrlom,ed in oonneo:tion with the Project (which infonnation sllft.1I be
provided on the Pn:ojcc1 until construction M rehabilitation i. oompldc);
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(ii) • deac:ription oftbe finaDcing for the Project, incllJdin& mortp&e finax:in&
""Y lItale or local aovenuncnll~ 1111)' opauing dt:6c:it guaranty, the Investor Membco'l
Capital ContributiOlll to the CompllDY mol anyothcrCODlnlnrtiorlt or 10III;lJ 10 the Company;
·
(iii) • daciiption of any appliCibIe reDIal subsidy foe the Projeo;t;
(iv) !be tennsof anyperfimnance boods. devclopmer.1COSI s-antees. optntin, •

deficit guanotetf mil olber aedit ~ts proftded in oonnection with the Proj«:l:; •
•
(v) !be fees, aDd other financial iDcentiws provided 10 the ManagiD, Manila' and
ill Affiliates; and
(vi) my'"'" or call1lpOfl or demand forpaymenl orOI' under any openlingdeficit

guarantee, operating reserve, oonlraclor pafonnanoe boDds or complcUoo suanntee. ,
(b) Annual Reports. Within 100 days afterthemdofeecb fiscal yaroftheCompaoy,.
IIlatemmt preparod by !be Managing Member, ",hid! statement shan include the followins:
• I'q)OIt $UIRDIarizing the fees, OOIllI1lissiona, compens.tion III!d otbcr

Ii)
~on and ~bur--.1 e><pc:n$a paid by the Company for aud! fu<;aJ yar to !be
M~ Member or any Affiliales of the Manqing Member md the services ~armcd;
(ii) • report o f!be activities and invcstmmU of the Company during tlw period
covered by the repent, and
(iii) • comparilOO of.ctual and projected tax benefits for the year.
The stalc:mc:nt win be accompMied by audited finandal SUllenlalts of any Affiliate

au.w.lor.
(e) Qqrvm4r; for Paymmt Within throe businca days of the e:JIercise thereof, anytr.....
or colI upon or demand for poIymeot of or unOeo- any opaating deficit guarantee, opcratinl resecve.
contractQr po:rfunnante bondJ or completion guanntec.
(d) NOOcg or"Debu ll. Immediately upon 1IDticc: of such • default, any deflult by tbe
CompllDy in.ny lollIl, including any stale or local plvenunmlloan or ~ financial Qbligation, of
the Company or its Msnqing Merolla.
(e) Notices oflRS Poe .w!jnp immediately upon receipt of wd! notice, any notice of
my IRS procccdill& orIn)' other audit, review or inspecrion by 111 rcdaal, state or local
govc:mmmlllagmeyor ProjeQ Lender involvinc!he Company .
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13.04 IN Informaljoo. The MIJIIoJing Membenhall fileall!!' Inry IU forms tdlled !()
the Connatioa oCtile ConIpaoy, inchlclina, 'frequire;!, Form 8264 (related to the rqistrarion of. tax
!bella"). VHee shatI abo provide IUCh (codaaI tax information., Rq\linod lOb its r.gtec:ruc:ut with
theCowp..I)' U Xl forth on E,_INt J .
13.05 Sdoctiqp o{AlWWltanlS. The Investor Manbcuhall beentitlcd 10 select. firm of

certified public K:C(lIIIItIIllS that lIn:experienced in tnfTC IIIlCI ht will jACj4ie tbeeomp.ny's yeII"_
mr:Ilinarw;ial swements and the CompMy'IInnua/ WI; 1'dIIms. The fee of such ICCOUnt&nlll5ilal1be
pHd by th~ Investor Member O\IC oflhc: aecovntilll fcc pIIy.ble 10 it pursuant 10 Section 8.21 of this
Ajlcanaot.
13.06 SQClj9!J 7$4 Elections. in !be eYent oh ttaIl$fer of all oun)' paI1 of the lntl:l'e$t oh
ManagUlg Member (lI"o( an Investw Me.nba', the CoInpanymayelect, pur$UMllkI Scdions 743 arid
754 of the Code (or any ~pondilli provision of pl(l(l!'"ti", Jaw), to IIdjIlSt the basis oftbc:
Cwopany JIIopaty if, in the OJ)inioa of the lnvaIO!" M=bCl'. hued upon the ..tvice of the
A«O\lIltantJ, sud! election would be most advUlIqt!ouS to the Invator Member. EadJ Mcmb«
qrecs to furnish !he Company with all informatio:o necessary to Jive elkcc 10 such election..
13.07 Fin Ya-.wI AGSWlting Merbnd. The 6Ka1 year ohbe CQIIlpulY shall be the
fiscal yg' of the inveslOr Member, whldI ends al December 31; provided., however, thaI ~
mpllSI from the Investor Member, the fisaJ year of the Company shal l b«oone the calendaryur.
Al l Complllly account. JlWI be determined on 811 accrual basi"
fonh
Wlli l the
In the evall
Article XIII are not
.. ""
the ~ion of II : :1,.,.. Accountllnb, ...,.. 11)f ACQOI1II\IllII shall be
Investor Manlln" in il$ tole ~ble ~ and the
be ~d by the Man.gillJ Member.
ARl1CLEXIV
AMENDMENTS
14.01 Prppnyl and AdO!l!jOll o{AmmdrnqJ\a. This Aar«ment m.y be llIIlended byIbe
MmlaginS Member with the Consent o{the lovator M~ providOl1 Uw sud! COMent WI] not
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be W!I'eUOD&bIy withheld III to any proposed amendment whichdoe:s ftOI affect !he obligations oCthe
Mana&ins: Member Of 1M rishu of any o(tbe Memben unoJer this Agreement; and ~ provided
!bit, iflbc Investor Member p,opose' an ameodment to this Agreanent which eitber{a) ilia: I : I or
impoHl upon the 1nva«Jr Member!he obliptioolo restore I deficit belance in its Capital Acmunl,
Of' (b) pooep«tivdy '*' ,= the obliplioo ofllle Investur ManberlOrtSUJreaddieit belance in iU
c.pilal Aec:ount in • subscqucot F"ascaI Ycw orllle Compiny, IbcMlMainaManber IhaIl cffectUlle
d_.
!be.oopt;oo ofllUdl. .DeDdI.If:III: provided, hoWfN«, thM \be ManagingMembtt shall not be liable
10 the Investor Me:mbeI- for any..:l_ tax ~ IluoIJN)' tesutl: ti'Ot'n any such increase or
ARTlCLEXV .
CONSENTS. VOTING AND MEFIlNQS
15.0 1 Mr;!OOd arOjyj"' Cpmmt. Any Consent rcquiml by this Agrcanem may be Jivm
by. written Consmt giVfII by tile consmtina Member and received by the Managing Member III or
P;0t' 10 the doin& of the act or lhinalOr whidr. !be Con:Ient is .oliciler:\..
15.02 Submis5loQl t9 Inyqror Memhm.. The Managing Member shall give the Investor
Memb« Notice of any JXOpOsll or other mane.- required by any provision of this ~ent or by
IIW 10 be S'Ubmined for 00Ni<krati0ll and approval of the Investor Members. SIlCb Notice shall
include any infonnation required by the relevant provision or by ll W,
15.03 Meetinq: Syhmjujon of Matler for VOIina. A majority in I n _ of the Investor

Members shall have the: a\llbority 10 gonva\e m«tings of the Complllly and to submit m.;IlIen to •
VOle of the Mcmben..
ARTICLExYJ •
GENERAL PROVISIONS
16.01 Burden and Bnti!. Thecoven.tnlll and agreemcnfSQOnlJined herein shall be binding
upon and inure to the benefit of Ihe heirs, executors, admini.w1Itors, successors and assigns of the
respective pantes hereto.
16.02 Applicable Law- This AJI'OCIIIenI shall be constNcd and enforced in 8CCOnIance willi
the I..... of the CornroonwaIIh OfVirJ:iniL
16,03 COUO!crnw. Thi. ~t mil)' be exeQlted in ~ 00W!t~ eadJ of

which WIt be deemed 10 be an original copy and all of which ~ Wli constitute one:
agreement binding on all parties ha"eto, notwithstanding that all the parties ~In not have signed Ihe
same countc::rpart.
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16.04 Sepapblljryo[frpyjsi!l!l!! Each provision oflhis Agreemart sbalI be considered
sepen;ble, and if for any reBOIl any provU;on whid! u not _tiallO the effectuation oftbe baric
pwposcs of this Agroeznml i, dctennincd 10 bel invalid. and contrary to any ClIistina or futuJe J.w.
mch invalidity shall not imJlllir the opcntioo of or ,ffoct those provisiom oflhi. Agreement which
are valid.
,
16.05 EntjreAgrscmmt. This hgrecmeat_ fonhall (and iI intended byalJ partiealObe
an integration of all) of th~ ie.. mlations, prumists, Is:r-nenU and 1bCItntandin&'l among the •
•
partieafM:r'eto with ~ 10 the CompeIy, the Compfl/l)' business and the popatyoftbeComp.ny.
and \here IIR no lepiCSenlattons, promises, agreements orundcm&Ddings, enl or written, apn:ss or
,
implied, IIDIII1g tbem other than u set furth or il'lCOlpotlled herein..
16.06 Uabj lily oftbc 10vg W Mmlbg. NOfWithstanding anything to the o;onlnllycontaincd
hereil1, oeitbertbe ln~tor Member nor any of ill rnembcn sh.aIl !lave any personaIliabililylo lIny of
the ~ 10 this Agreement with regard to the rqnsenWions and 1'0_11 exlc:D(led., or the
obJip\ionl undcrtU:en, by the InvalOt" Member under thi. Ageemem. ellcept that the Invaltor ,
Membtr shall be pasonaIly obliplecllO fund iU Capital Contributions wben, as and if required by
un. Agreement mo;I subject 10 any defenses and offllCtS it m.ty hIove with respeello the func!ing of
:ruch Cllpiu.1Contributions. In the evmt that the lnvalOr Member iWI1 be in def,"l! under soyof
lhe lemu of this Agreemmt, the sole m:ourse of any party hereto few my indebtedness due
hereunder, or for any damages re$Ulting from any such deClult by the Investor Member, sbalI be
either lpinsl !he Inluat of the Investor Member and the capital wntribulions of the investor
memben of the Jnvalor Member (either directly or IhroIlJh another Jnveslor Member) alloarted 10,
and mnIIillina for iDvestmmt in, tbeCompally, provided,~. that IIIXIfI" no circumstmoes shall
Ihe liability of !be Jnveaor Member for.lllY .$UI.:b defauJt be in exoess of the .mowlt of Capital
Contribution pay.ble by the Investor MemberlO the Company. undc:r the tmns ofthil Agrec:ment, at
the time of ..,.;h dcfllllh, less the value of the Jnlerest of the Investor Member, if aud! Jnterest il
claimed as compensation for darnlges.
16.07 Envi!J!O!QR!tal pmtrsjon.
(I) TheMuaainaMember .c:pi 11...nd. ...'W1l:tthal(i}itt..snokDcJwledgeof •

.Illy deposit, sunge, diSjXlSll I, burial, ~ spillage. uncontrolled loa, secpt&C or filtration of
.Illy Hazardowi Subsunc:es at, uPOIl, urwkrorwithin the LInd or..,y contiguous raI esme and (iI) il
1m not clllXd orpermitled to occur, and 'Ishall not permil to exist, any a:mdition which may cause
I discbatge oflilY Hazardous Substances It, IIpO'il, under Of within the Land or on any oontiguous
rnl alate.
(b) The Man.gina Member further rqwesents and warrants !hilt (i) ncitheo- il nor,
10 the best of its knowledge, any other party has been, il or will be involved in opentiom til or,
pumoant to lhe MlIlIIginJ Member'1 best mawledge. . - the Laod. which operations oould lead 10
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(A) I determination of liability undfr the Huardouli Willie LaWI as 10 the Company or (B) the
aution of. lien on the Land under the Haunious Wate Laws or under any similar llw. or
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rqulltiom; and (ii)!be Managing Manber h.u not pettnined, IIlld will use best efforta DIM IOpmnil,
any tenant QI' occupant of tile Projed 10 lllgaae in lillY activity thai could impose liability uncia the
Huardolas Waste u.ws on IIUCh tenant Ofoa::upant, on the LaQd or 0\1 "), othef<JWDt:l oCtile PtojecI:.
(e) The Manapi Mernba- IIhaI I Q)fI)piy lIIietIy and in all R3pCI:tS with all
maleri,1 requiremeals oftbe Hazardous Wate Laws lOd!'dual regulatiorwlDd with iii simi. laws ••
and regulation&.
(d) II IIIIIIII.I!I times illdenutify and bold 1wm1l$S the Iuve$lOl' Manbef tpinst
and from any 1Dd.1I claims, sui.., actions, debls, damages. oosts, cbaup. loJSeS, obIiplions,
judgmentS .00 expel leII, of IIllYIIJ/Ure ....tlal3ocver, suffeml or inc;um:d by the Inwstor ManberlDd
.nllng &om its investment in the Compllll)" urtder or on KCO\IIlt orthe HIIUIdous Waste Laws or
Illy similar llws or regulations, including !he assertion of any lim Iberc:wlder.
(e) For plII"JXl'SC* of this Section 16.07, the term °Haza-dous Slibstmces" .nail
IIlCUI and incllldc, wilhoul limitJolion, Illy t..urdou$, toxic or d~ substance, w&$le or
material, speQ 6aolly includin& for purpose of this Agt eu ,IC:UI DJ'f perrolCQ'll QI' audc: oil or fracliot,
thereof, liiablc ubestos .... IUbestoo OIlIltliOing material, poIyd1lorinatcd bipbcnylJ or _
formaJdeh)'lk fotm insulation defined 115 1uci1 in , rquI.Itcd by or for the pwpo;se of, or ill viobtion
of my Haz.rnous WNie t...WI. As IIICd ill this Agreement, the term "HtDrOOus Waste l..twI" wI!
mean my sovemmental mtuiremenu penainina to land \IX, lir, soil, subsoil, surface water,
groundwltct(includill& tbeqwJily of, pro«dion, clean-up, I'mlOval, mnediltion or damage of arlo
land. air, soil, subtoi l, surl'ace weter and groundWloler). including. without li mitation, !be foUowina
Jawa as the ,..",e m.y be from time to rime amended: tile Comprehensive Enviro:omanal RespoIUe
Uability and Compcmation Act, 42 U.S.C. f 9601 , $'I B!Q-, the Resouroe Coosavation I:I1d Recova")'
Act, 42 U.S.C. §690I, r! Hi., the TOlK: Slibstanees Control Act, I S U.S.C. I 2601 $'I M!iI., the
Fedcnol Wltl:!" Pollution Control Act, 33 U.S.C. f 12S I $'I .H!!I., tile Safe Drinkina Water Act, 42
U.s.C. f 300fs1.Kg., the Clean Air Act, 42 U.S.c. f 7401 s1 .K!Q., the Rivers and HIrborJ Act, 33
U.s.C. f 401 d .Kg., the:: TIUl~ion Sifety Act of 1974, porUom ofwhid! I n loet.ta;! II 49
U.s.C. f ISOI.C! K!Il., the Endangcno.l Species Act, 16 U.S.C. § IS31 lOt Z!l., or ""y.so-a.lla;!
"~or "superlim" 1."" together with ""yother foreign or domestic laws (fa;!craJ, stile,
provincill or kIcaI), common bo"" local rule, regulilion (including, ",ithout limitltioo, any fu!urc
change in judicial or adminislrltive decisions intnpming or IppJ)ing Illy of the lawl, rules or
reaulltions refemxl to herein) rellting to emissions, ~ release or thmIleoed reI_ OraD)'
Hu.ardous Sub$Unces into ambient air, lind, soil, subsoil,...n1Ce wall:!", groundwater, persocW
property or $lNCtIITe$, or otherwise ",I.tina to the TTWlufacture, proo:es:sing distribution. use
treatment, .tonse, d~l, Ir8QSpOrt, diJCha<ie or handlingof any Huardous S"U~ 1"10'" or II
~y time here.fter in effect.
16.08 NotiCCl. All notices, demInd3, mjucsts or otbc:r commWlK:ations to be 8eIIt by one ·
•
party to !heather hemmdcr or mjuired by II'" Ihall be in writing arxI shall be deemed 10 have been
validly given or served by ddivery of same in penon to the adcIres$ee or by depositing same ",ith
,
Federal Express for next business Illy delivery Of by depositin& Ame in the United StIte:!I mail,
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(I) T o the InvOSIOl' Member:
HoIIIin& £qui!)' Fund of Vugioia XI. LI...C.

do VirJjnia HOU$in& Capital Corp;Jntion
18040 West &o.d Smet, Suile 200
Richmond, Vifginia23220-2IS I
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with. eopy to: ·
Applepte &.Tborno-ThoRtSal. P.C.
322 South Green Street
Suitc400
Chicqo. Ulinoi, 60607
AUmtiOll: ThomM 1homc-l'bonum
10073 Kings Highway

King G~(II·se. Virgini a 22485 •
AClenlion: President
With. copy 10:
1..11.. OffICe of J...... c 0.:.-Tlyb-

lH21 Real e-eA........
Kmsa-.. VA 2241$
Altmtioo: J_Do_Taylar
AU notiecs, dem&nds md requesUI shall be effective upon such pcnonal delivery or upon
being deposited with Federal Expre$ll or in the United States mail as required above. However, with
respect 10 notices, demands or rcque$U I(l deposited with Federal Ellpn:u or in the United Stites
mail , the lime period in which. respoIIIC 10 lI1y.sud! notice, demand or reqllCSt must be givm shall
commence to run !Tom the nexl business day following any sucl1 deposit witb Federal &press (K, in
the cue or. deposi t in !be United SIMa mail as provided above, tbe date on the retLDn re<:t:ipt of the
notice, denIand or reqlle$l rdIec::tin& the dale of delivery or ~on of the same by the IIddres.He
thawf. Rejcdion or olher refusal 10 ac:o;:ept or the inability to ddiva becwx ofchanged .sdress of
which no notice was given IhaII be deemed to be rea:lptofthe notice, deonand orreque$l 5ent. By
givina 10 the other pitt)' hereto at lca$l 30 day.' written notice thcnIof in ~ with the
provi, iom hereof, the parties bCf"do shill Mve the righl from time to lime to change thei rrespoclive
tddresse!J .nd e.d! shelJ have the right to specify as in addre$$ Illy other addresl wi thin the United
.
States of America.
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16.09 Headina A1l lCCtioobeadinp are Corconva:li~onJy IUld shall notbc takertirdo
roruid«atioo in interpretilll or odlerwise CIODSlllIing Ibis Agrocmmt.
16.10. Propoum and PbgJla.All prooouns mil any vuiatioos Iba'eof shall be deemed to
refa-Io the muculine, feminine, neuter, singular or plunl, III !be identity I)ftbe penoII or petSOJIIJ
maymjuin!.
16.11. Notwithstanding any OCher provision of this

Agreemmt, CODlJIUIY the Memben ahell be subjOQl to regulation and
1;,::~~~~::,~r.;:;:~~·
~.. i :~""~d~:"""~ Authority
tbdl.u1esand ("VHDA") in aooordance
t
Regulmoa,o(VHDA, with !he
andlbeOeed o(
uccuted or to be o:lIOee\lled by the Company for the benefit of VHDA and shall be further
IUbjed to the eJlemlC by VHDA of Ibe rights and powm eonfaTed on VHDA tbenlby.
Notwidlslaoding any ocber provision of thi. A~cnt, VHDA may rely upon the oonlinuins efkd:
of this provision which ahalI DDt be amended, a1tcnd, waived, JUpplemmled or Othcowise ""-'&cd
without the prior written ocmscoI o(VHDA
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IN WJTNESS WHEREOF, the J*1i.. have affixed IbeU- liplurel and ~ 10 Ibi.
Ammded aDd Restated Opmatin& Ageemen\ ofProjer;:l FAmI Phuc TwoDovdopmclll, u..c. u
oftbl <1aIc dm Mitlellibove.
COUNTY OF DNG OEORGB )

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COMMONWEALTH OF VIRGINIA )
Before me, the und~ NOIwy Public wand for !be aforaai4 City and SWe, pmWQIIly
~ FIIXICe W. Wardlaw, in ber capad1y .. Pruidenl of NlFlwood II Manqcmcm. iDe., a
VirJim.. Wi""" idion. the Manap& Member ofProjIlCl FAmI Phuc Two Devel~ I...LC~ •
beUta: duly II'M)Ill, ICknowleciged the execution of 1hc
Virginia limited liability compillly, UId
foregoiq Amended and Reswed 0pentiDa Agl'eeJMnl
...
W"ltIIess my hand and oot.riaI-' !hi. ~ day ot D«.=ber. 2008.
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INYI!SI'OI. MPMBP"
By: V"uPi.HouI:iIJi~eo.pOi"'iII
m-.",manba"
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CITY OF l.ICHMOHD )
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Ny C ""oa Eq.iI:m:
'J"'»''''j '31 1 ?P 1'2
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SPHQALMPMBf!Il:
V"1rJinIA~Hc.uiqMm'S bWI
Oui,........ V~_,..atiOD
By. Arirzt'f!f.fTt:
lWon me, 1bIo .......... NotayPtlblk ill tad ilrdaab City ... $We, paaGillllly
weaod Arild O. TleI, iIIbiI~Iy"Pto ider«olVirpiaAtbdab. HouAas:
Curpc;ntiaa, • VIrsWa _,..1Iiw.
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die Spacial Member of Ptvjec:t PAmI """'- r -
DoM:Iopm<2'Il, u..c... I Vlqlllillinl.ited liabiljty~. tad bcini dgly-. ~ die
aec:ubcnoftb. ~ Anvndod 1IId" ...... (}penIiDt A&r-tJeot.
W'*- myllllld w-w l1>li dIi• ...lft...'o(De-" t r,2000.
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WJIHI)RAWINQ MEMBeR: ·
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1Dr;.,. ViraiDia DOD lIocli;
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COUNTY OF KlNG GEORGE )

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COMMONWEALTH OF YJRGlNlA )
Before me, t!= ar!dcnigned Notify Pllbli" in and. for 1M Ilf'onosaid City and Stal8, penoIIIlly
Ippe&nod Pbyllil B. Aih1Oll, in hcrcllplCity .. President ofPrajoct FAITH,~,. Viqini......,1IiXt.
~ !be Wilhclrawi!!& Member of Project FAITH Phase Two Development, l.L.C., •
VirJiuia limited. liAbility (:ODJpIDy, and being dul)' rwom, ad:nowled&ai the "oo;:ution or the
fungoing Am ....."' and RoJta!od ~I AjiXtGD«IL
Wi~.. my hmd.1IDd. notarial. se&l1IWI ~ ofDeec:rn.ber, 2008.
My Commi&sion Expira:
10_ '?>l - !O
ltegistratima
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?mjce( FAITH I'hQSc T,,'o
Developmo"t, LLC.
0.009% 0.001% 99.99%
Virginia Afford.ble Hous ing

Ango lwood II Hou, ing Equi,y Fund of
Mall agement CorporatiOIl
Man.gement. Inc . Virgillia XI
Speoial Member
Managing M~tnl)l;r It"'ostor Member
lIrild Trent . President
Project FAITH, Ille

Fro"". Wardlaw.
F,.o"(;"oOi""'l,,,"
Virginia HQu,ing C.p;'" ' Corp

Managing Member Investors
Ralph Noo ine. President
TABe
(V A sec Certification)
STATE CORPORATION COMMISSION
<Rjc/imotuf; Pe6ruary 26, 200T
'Iliu u to certify tfillt tfu certificate oforoanizatiDn of
Project FAITH Phase Two Development, l.l.C.
was tnu aay usuea arufaamittea to ncora in ,nu '!fJia aruf tfiat
tfu saitf limitea £ia6ility company u autliorize4 to transact its
6usiness su6ject to af[ 1!iroinia raws apptica6fe to tfu company
arufits 6usiness. 'Effective tfate: Pe6"",ry 26, 200T
State Corporation Commission

)lttest:
a"n"
TABD
(principal's Previous Participation Certification)
Previous Participation Certification
INSTRUCTIONS:
1hlI cert i ffce~on m."t b e .Igned by on indlvi(luOi whO il. or iI o<JlhOrized to oct on b e """" ollhe Conlrolirog ee,..,,01
p~"", lif lPI or MOr>Cgirog Memoer (II llC) o f fhe AppJcont, '" delignClted in t"" Applicollon. VHOA will OCC"PI on
""Ihorimtlon dcc~l • ....,.~h give. sig"",tory o<.rlhOrizotion to !ign on behalf 01 the principols,
2 MOCh 0 re<come lor e",h principof 01 the lI""8IaI ~p IGP) or ""fed Iklbflily componV (lle] 0 0><1 on
orgcnlzotlon chat tor the ~ rrM t ed partn&fl.hlp I"P) end LiC.
3 ... Sc""",,,,1e It 10 ,eq ...... lor tiII:b prln<:lpal 0( 11M GP.
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for eoch property b led '" ""non-complionce iolll\d.- pIe",e olroch d etc/led e>:plono1iOl1 o f th" rIOIUr" of the non-
eomplionce. • totlr1g whether or "",t ~ 1>0. been ,esotved.
5 The dole oflhio CM i n co~on R'IlIIt be "'" mo'e then 30 davl prior to wbmiuion of the A»PIicofion.
follure to c::Isclooe lntormotion obovt prepertle. wtWch ho"," be"" found to be out o f complionce or OIlY molerlol rrMS-
' epresento tioru 0 '" grour>dl for rejecHon 01 on oppkotlon ond prohibition og,,;n,1 flJlue oppl~oH ""'.
OEFINmONS:
for the f>I,O'po,e oflhio Certlflcrllior\ Ih" following definition. ,hOII opply:
peyelpprDMI 'MI mean the propoled mvllilomily rentol "-ou.ing development id .. n ~ fied 000"".
P~flc;pa!.hoI me<Jn OIlY perwn (Including orrf Indivlduol. joint venture. porl"""rop ....... ted 10b l~1y compony.
corporoIion. not'IprO ~ t orgonIUlTlon. trurl. or ony Olher pvl)tic or pm.ote "nlily) !hot Ii) wit!> """eet to the proposed
developmrmt. wII own or portfc\pot.. Tn lI1e ownenhlp of the proposed cl&vok>pmenl or Ii) with ""peel te on " .<I!Hng
mumlornRv "",101 projecl. MO owned or participaTed in the own .... r.;p 01 ,uch project. 01 '" more tutv described
herei~ _ _ TI1e p<mon whO 1> the owner 01 the proposed d ev" lopm<tnl or muffifomlly ,.,nto! project I, con,idered 0
pMclpol. In delermning WMthe, ,..,y omer P"""" ~ 0 pr\r>ciPQl Ihe n.owing guideline, >hoi \1Ovem:
1. in the cOle of 0 p<;rfner>tlip wtVch is 0 prlncipol (whether o. the owner or otherwf.e). on ge"""" portner, e re 0 110
cooride,ed princlpof,. ,egordle" of the p ercentoge 1r1t",e lT 01 tr.e g ene,ot porlner:
2, in the CO"" 01 0 pVbIIc or private corporot1oo or orgoniUltion or g ovemmentol entity !hOTI. 0 princlpollWMther 0'
!he own ... or otherwi,el, prlnclpolr oIse Include the pre<idenl . vice preoiOent• • eo-elory. and tree, ... "" ond other
offieer; who ore okeclly ,.,rpo",ibl" 10 Ihe t>oord o f directors 0.- ooy equ;volent go..-..rning body. e s wei 01 011
directors or o ther """"b.." of the governing body ond oRy 'lr>e khOlO"" having" m or more ;"""",1;
3, tn The co,e 01 e Jirnjjed ~obi,1y co",>,OIlY IllC) thOl I. 0 prlnelpof (wheth ... 01 the OW"", or o!herwlle l. ott member;
Ofe 0110 con.ld<>sed princlpolr. ,egordl"" of the percentoge m .... ' t of the meml>e<;
4, In the CO"" 01 0 ~ "'t thO! ~ 0 prlnc ipol lwhet~ '" !he owner or otherwl",). ott petlO", having 0 25" Of more
beneficiof Ownetlrop Inl..... " 1r1the o"ell 01 ,1>Ch fruit;
5. In the cwe 01 any o t""r penon thOT ~ 0 prlncipol (whethe' w the own ... or oll1erw1.e). oft perroru hovlng e 25~ 0.-
more owner,hip int",e,t "' .uch othe, """on ore o k o con~d<>sed princlpol.; ,..,d
6. Anv p eoon thol dlre<:IIV or If\d~e<: t ly c ontrols. or hoi The POW'" to conkot. 0 principal >11"" 01>0 De coruldellOd 0
pMcipol,
CERTIfiC ATIONS:
, .... _
c erlly It>oI "' .... " 0 _ mode by me .... _ . COITlQIoIe ono c.......:' 10 ... D."I 01 my ~Oge onO
tier.' ono .... rnocM in good Ioilh. inc:IudIng ... 0010 contain&<! in Sc""","", A end on,
"o/eI "",I> Ollocn.o 10 ....,
CMilkO"O<\.
O. Duri~ ony I,,.,., ''''''' ony 01 ,~ P<lf1;,;iponl> wer~ poi"dDOflln ~ mJ~lomi~ ".',,,,, "'~I. no prOj6cl "'" _
lO'ed<><e<l...,.,..., no mD<'o<>oe hoi t>een in oelouil ",,;gneo
10 _ moelgage ""9110OV9l",.,.n.0I 00 J)<0V(l10)
nor "'" mootllOO" ,"'1
by ~ """'1/09'" been 9""".
b 0utin0 """ lime t"oDI <IYf 01 .,.,., P<ric;parl> wero Jlri""ipDb in """ ...... ,,~ ~ P<Or'cl . ..,.,. "'" 0"101 be""
(Jnybo.och bv Itle .,.,....,... of Dn"I og~I' ,e'Oliog '0 Itoe COl"d~",,'1on Of "rKlt>Il.o,·O<\. .... . """,01;0<\.
moroooo-meni '" ~Iion 01 ~ ",o;ect:
c 10 'he be,' 0' my ' nowledg.e. them o<s "" "",,,,,*",,d tk"IdIno< ,(j<e;j 01 0 'owIl 01 ,'ole Of l.-derot oudIlI.
frKIlDlI"""'"' ,~";......, Of 0'...... govemmenlol inve,I'ooflOl"l' COflCOI"ino ony muUilomlly ... mot pooIc>c:l ln wl>k:n ........
o i l"" pootielponl! were .,.n::ipo:,.
dpoIs In "", muU"lOll"lil\' "n'of "'0,..:1. !tIere hOI "'" be"" (>
MP""""" or ~omina'ion 01 payment! ur"Ideo" ony 'I"t~ Of 10""'01 ""I"oncs c".,~oct teo ""'" ",ojecl:
e None 01 the portIdponl, 110, 0000 con"ie'&<! 01 0 I....."...,. one II no. ",ewnlty, 10 m~ . nowltKlOD tP>e WIJje<:. 01 0
comploint Of in<:Iiclmenl c h Of~ 0 1~1ony. A Ioiony ~ d<>~~d os onv 011...,,,, pUn)1h<Ib1o by I mPl~orwn"n' 10' a
term """""<IInQ
one ~9Of. bul doe, ""t IoclJde ooy oHem ... clo,,·tled 01 0 mi!oom&OnOO '-"'dO< ~""1OwI 01 0 IlotO
and punishot>le by irnpri~nl 01 two yeo<> or ,'...:
None of 'h" portic,pant> I"lOl been lu<p" n<H' <I. <1111><>1"" or oth_lle 'ellr\eleCl by a"~ Ift<leIU 01 ,Iole
ooveormentol ..,~ty ~om Cloing bu,,,,,,, wllt1 ",cn 00' ,.,.......,.,, 101" n"ty; "'"'"
\/. None ot 'he _ tie ie","" he< defo ulteCl on on obIlgallOn covereel by a ""et~ or pe<lotmonc:e t>onCl Q<"Id IlOl no.
OOiln I .... IUIljec' 01 0 c"';m urode, on 8mplO~U IkleOly bond.
,
2 1tumftr certily that no ~ of the pootici~onh ~ a If.oinio HoWno De"elopme~, "" H""lt~ lvtfO.o.1 om~Iov<:t' or 0
memt>e< 01 ' ..... ....,...,dIa'" Mllsehokl 01 ony 0 1ill e mplOyeel.
J. I Mtt>er ceflil1 '001 oone of The PQfIk:lponil i. porticlpotinQ '" ..... 0WI"18<'\111p 01 a multilomly '8<1/Q11\c:1uU"ig poQjKI
'" of If"IiI dale on which com""" tion no. ,,~ to< 0 poriod In " """ 01 20 dey! Of lin "'- "'00. 01 0 ""-'"i1Qrni1y
"'ntot ~ """no I>fOjK1 o";,led by ~ f_,01 0< 1101 ... OOVer_IOI 00'!yJ ""' k: ~ hoi iXlOO I'Jb<tOt'ollolly
COl"l"lPiele<l for moe.. 1h<II'IO O<J"VII><JI 10< ""*~ '''",",,!II documcnn Ie! clooinO. wen '" "'" IInaI "'OIt ~e<~ffc(>lion.
hov" noT be.., Iae<l with wen oov~ to l ..,.ty.
4. I turt"... eerily thol no<>e 01 "'" pcnidponll ~'" b<!<H> 10U"ld by 0"", '.cer«l or I'o'e ga"eMmenlOl ..,~'" '" couot to
00 ... n""""""""",,e w:" ........ ~cot>le C; ... ~g "". eQ""" ""'1> .......... '1 _.~'" or 1oI! ho<ning lOW! '"
'ego.mtion>.
5. , ,....- eelfly 1M' noM 01 1M porticil><"'I> WOS 0 pMebQll~ any """1iIomi"r' <en""
",oject wf>'ch _ - . kK.na
by any fe<le<ot Ofltot" go....mmenl<ll ..,,:1y 0< court 10 ....... ~ '0 eo<nPII' with Se<llQn .2 01 ..... " " _
R",..,,,,, Cod& 01 1986. QI '" ,oeroaer:l. ourInQ ,,.,. peoIod 01 H.... J~ ..t-OefI ..... f)Q1ICll><"'l _ . a polo tdpal ln wen
~ rl "",110 wIIlc:n I C{rIr"I<)t ",en:1y """0 been dele'&<! by Il<I<iIlg Jtooouon ..... VOOIOI WI tile cOS<!
Sro1e......... " Qboo,o ...
pi any '.JC ~ <l@Ie1ion.' noveottachedoInlClOn<! OCC\.O"Q" ,~ to • .ploi~ ... ,iJIeyonl lOCI! (Jrl0
circt.<nslao"v; ...
Id".+""" lhtolAl l 0'o.-o.. I '-"~' ''''lo<; h M IpoIlOlNoc.t!llk_
~"" .... ,.,.., ~og, ~.........,r. _til os _ ,.. Ot:>CII ..... ocio>cl LAlQl .,.,_, ... ,1> Il"Ol """"
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AGENCY RESUME
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fk,;II, A,."".. I'Taifk'" M_T;l"
J"""" I ".., ' 1", - . " AII/011I_
",.uI 1.1,,_ r '1« ft«l4<'" J"~ y(J() ",,~,
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PROJEC I' FA Il·n , INc.

10073 Kin" Higbway
King Gurge, Virginia 22 485
O ffice: 540. 775. 3492 Fu : 540. 775. 3518
proj«:t_ r. it h@,·eril.o n.net
~ ~' AC IUT ATll', G ACC ESS TO INDEPENOENT IIO US I N G ~
Principl r Objfftiu I M l$s ion :

To Facilitate Access to l oorpeooenT Ii ousing for persons with disabilities and elder individuals or low
,ncomes.
Sche ma
As a Community Housing Developmcnl Organiza,ion (CHDO). Project FAIT H. In<:. is oommined to
assisting p:rsons "'ith disabilities and elder indivi duals gain and maintain access ,o affordable housing
"'ith ,m, followi ng program ac, ivities:
I) New COIW.ruclion - Provid ing a varied newly constructed set of housing prodOCIS. ProjeclS
embrace Universal Design at levels ofaffordabilify for low income ~ Iigible househo lds.
2) Clienl Advocacy , Negotiating debt, stopping foreclosures and assisting in deb! restructuring
00 behalf of e1 ienlS thus allowing clienlS to rt1TLain in existi ng housing.
3) Pro viding voluntl!t:T IllIflsponation to needed services and access 10 food by being an acll\'e
mem1:lcr of the Fredericksburg A~a Food Dank
January 2009
Angel Court is planned. Angel COut1 will provid ~ 24 IWO and Ihree bed·room m ulti-family rental units in
response to offer affordable hous ing 10 displaced families due 10 foreclosures Wldjoblcssness in the
region.
King George County, Project FAITH and The George Washington Regional Commission began
submission deli"erables for 0 2009 Community Development Dlock Grant to be: sub mined to 11te
Department of Housing and Communi ty Developmen t (D I1(" D).
Decembe r 2008
Proj«:t FAITH through King George County receive 0 Planning Grant from DileO for $25,000. Gram
is to support the planning of The King Goorgc HELP Center - I lenlth f Higher r:ducation, Learning,
Parenting and Assistance Center.
POi< lorb
AGENCY RESUME
Oclobtr 2008
Constn.tCtion of Angelwood Phase II began. Delivery schedule: 16132 June 2009 and balance of 32
Novernb...... 2009. Lease up activi ties will begin April 2009.
Ju nr 2oo!!
The final site plan was submiued to King George County for Angdwood Phase II. Pre-eonsllUct ion
meeting hve been held witb the Eanh Craft review board. Conununity Housing PanllCr.i.!he: General
ContlllCtor and with VH DA construction depanmen1.. Land disturbance w ill be gram by July 15.2008.
Ma rc h 2008
The Vi rginia Departlnenl of Housing IIlId Community Development (VAD HCD) commined to $500,000
and the Virginia Housing Development Authority amended its commiunent to $1 ,689,000 in Spare and
VI-!D A FleK funds in support of me development of Angel"-ood Ph(lS¢ II.
fe bruary 2008
The Federal Home Loan Bank of Atianlllllwarded Project FAITH $160,000 in their Affordable Housing
I'roduclion grant program in support of the development of Angelwood Phase II.
King George County approved ProjecI FAITH 's request 10 pursue Com munity Development Block Grant
funds from VADHCD via King Gcorge County in support of the development of a "needs focused"
Community Center to be locale<! within the Angcll'rnod Development. The Community Center would
serve the low income resid ents of Angelwood and the community al large res iding in Planning District
16. Specifically the grant request is for the constructi on of a state maintained road. the ex tension of
water lind sewer. support ive infmstructl.lrc and lhe park ing 101 and lighting that would &erve the center.
October 2007
Community Design Stud ios, headed by architect Coli n Arnold, LEED, AlA compl eted construction
documcnts for Phase!1 of Angelwood. Phase II will offer 32 one, two nnd three bedroom muhi-fami ly
rcnloluni ts. AI! units arc to be universal ly designed utilizing "green principles" will earn the carth craft
certification upon comp leti on.
May 2007
Final al location reward of low income housing tax credits (UHTC) Phase 11 3.2 million and 5950,000
from Virgin ia Housi ng Development Authority. I'roject FAITH Inc. has a pending application for
S750,OOO from Department of Housi ng and Community Development. Phase 11 is env isioned to begin in
the wintcr of2007.
Allri l 2007
Projcct FAITH advances the agenda for the Community House to be localed wi thi n the Angelwood
Deve lopment. Community Housing Partners, General Comoctor. J.L.HowNh. Site En~ineer. Tom
Gannaway of Architectural Resources Iulve come together by the request of Project FA IT H \0 develop
the project. With the su pport of the Silver Corporation of Fredericksburg. VA and other philanthropic
organizations in the community, the project has advance<! thus far. 111c comm unity ilou.se will sct\le
Angely,"OO(\ rcsidents and the (:(Immuni ty at large.
"-10r6
AC ..:NCY RESUME
Muc h 2007
Project FAITI1 successfully submirted an appl ication for an allocation o f low income housing tax cKdils
( LlIITC) through the Virgi nia Housi ng Development Authority. The al location requesl of 3.25 milli on
",ill provide equity and supPOrt for the construction of Phase 11 o f Angel"'ood. If the allocation is
a ....·arded. Phase II ",ill serve an additional 85 persons ",ith disabi lities and elderly o f low income'S. AI the
completion of Phase II. the Angelwood Development "'ill serve over 250 persons Ihal are 40 10 SO
percent below lhe ,\rca Median Income.
J an uary 2001
Deve lo pmentleam ofPh9Se 1 reassembled with the cooperation or King George Board orSUpervi50rS
and The King George Dcpanment ofSociaJ Servi~s for the planning of Phase 11. Phase II of
Angelwood wi ll consist 002 one, two and three bedroom Universally Designed relllal units and a
community house.
Nov e", ix' r 2006

The Ikdicatioll of tirSt phase of Angd ....,ood. formally lllO .... 1I as The Kings Highway Projeci Phase I.
AlIgc lwood offers 24 Universall y Iksigned one and two bedroom Tellta l llllits specifically des igned for
pcr$Ons with disabilities. Total development cost is 5.6 million.
hne 2006
Project FA ITH i~ awarded a 2006 allocation of Low Income Housing TItX Credits (Ll HTC) from VA
Housing Deve lopment Authority (V HDA) in the amount of$300.oo0. All ocation was TO further suppon
development of The K illis I li gb way Proj ect.
May 2006
Project FAITII's Communily Block GranT through VA Department of Housin.g and Community
Development is awarded to J. L. Kent & Sons for the egress and ingress, water and sewer into ~ Kings
Highway Project.
April 2006
The Dedication of Wynter Green I'lace formally known as Johnny's House. Wymer Green is tile firsl
and only public facility designed for persons with a specific disabi lity (details can be discussed but no!
wrillen).
M lrc h 2006
Site work begins for The Kin gs Highway Project
Ot-Io bcr 2005

Groundbreaking cere mony for MThe Expansion of Johnny's House.
~p tcm ber 2005

ProjecT FA ITH was awarded S30.000 from Southeastern Rural Commun ity Assistance Project to assist
the organization in the payment of lap fees for the Kings Highway Proja:t.
AG ENCY RESUI'\H
July 1, 2005
Project FAITH re~ived the commitment for funding the Single Resident Occupancy (SRO) project
knoWll as "The Expansion o f Johnny' s House" . The total grant from DHCD including subsidies is
5289.000.
Jun., 10, 20n~

I' mject FAITH was successful in mcc lint\ Ih~ VHDA threshold of ex pending 10 percem of The Kings
High way Project deve lopment costS tOlllling 54 10,000. Thc 10 percent benchmark has clca red thc way
for cquity to fl ow imo the proje~t lind further ass ists thc project with construction Joan financing.
Project FA ITH has mllde commitmcnts to the King Gcorge branch of UB&T to exclusively provide all
the linancing for all of the organ izalioo' s construction projects.
A uguSl 04 - J\h y 05
Projcct FA ITH is advancing the agcnda of T he Kings Highway Project through collaborated efforts with
King George County. Southeasl,'m Rural Assistance Proj~cl and other ~rvice agencies. The
organi :zation has secured al l sou rces of fund ing lor IIIe 53.9 mil lion in development costs in permanent
financing urKIerwri tten by VHDA wKl DHCD (nOt inc luding public improvemems). In support of the
Kings Hillh way Project, Projec t FA ITH will reteive the benefit as a result ora 5696,000 CDBG award
to be granted to King George County for supportive infrastructure in the ofT-si te improvements, Project
FAITII has been awarded a grant from DIICD HO I' WA Division for the e)(pansion o f " Jollnny's House"'.
Tlle e>(pansion of Johnny's Ho use will increase the organization's service de li\'ery to penons with
disabilities al this location from 2 to 6. Building permi ts are in process and construction is scheduled to
begin in November 2005.
~ organization retei,·td a comm ilnlCnI packotte from VHDA in the amount of SI31.000 for a single-
fam ily accessible IIomc for a disabled displaced fam ily. Bui lding pem lits are in process and construction
i5 anticipated 10 begin in Dcccmba 2005.
07l l f04-011J 1104

Project FAITH WlL'l a",'lIJlied 2.68 million dollars in Low Income Housing Tax Credits from Virginia
Housing Development Authority (V HDA ), Riclunond. VA and 5694, J4{} in Community Block Grant
Funds from ~ Virginia Depatlmcnl of llOtlSi ng and Com munilY DeveJopmem ( DH CD) in !tUptlOn of
The Kings Highway Projcet .
OJ13l 104- 06/]010 4

n.e agency and its development learn positioned itselflO apply for IWO vital streams of funding to
support The Kings Highway Project: I) Commtmity Block Grant Funds and 2) Low Income Housing Tax
Credi ts
121110J- 03106104
Began condU~li n g regular briefings with Ihe Dcvelopme nt Team to support T he Kings Highway Project.
The !R\'elopment Team in conjunction wilh the Board of Directors aoo Advisory Board of Project
FAIT H. Inc. consist of: I) Danny Goins of Til e Highlands Group. PC' Archit~'Cts and Land Planning 2)
JefT Howeth. Site Engineer. 3) David Deputy. Land Surveyor. Virginia Comm un ity Development
1 ~40f6
AG ENC Y RESUM f:
Corporation. King George County Government and other supponive professionals. Began showcasing
the project in the community for exhibit. inpul and general questions and answers.
• Conducted Community Meetings wilh churehes leaders. congregations. neighbors to the proje<:t
and l(X:al Government Officials Hosted a Fair Housing Workshop open to the publie
• Engaged in aggressive Fund Development and ~Friend-Raising"
• Exhibited the Kings Highway Project at a 2· day event The King George Home Show
• Nominated lor HOl.lsing Hl.lmanitarian Award by Cen tra l VA Housing Coali tion
• Partnered with State Offiee of AARP to suppon volunteer effort I Project FAIT!-l in Action
• Rece ived approval from DHCO for AHP Pre-Development Loan Funds
• To dale Ihe agency has assisted 17 fami lies in debt restructuring. Total debt negotiated and
forgiven S3 00,OOO
6/1/03- 1211/03
1) Projecl FAITH and staff engaged in extensive ongo ing traini ng on and ofT site. to increase the capacity
and readiness of the organization. Board and staff attended the following training sessions:
• Fund Development I Department of Housing and Community Development (DHCD)

• Strategies Using Outcomes I OHCD; Office of Capacity Building (OCCB)
• CHOO Breakout Sessions al The Governor's Housing Conference I OCCB
• Fair Housing Accessibly Workshop 1 VHDA
• Federal Home Loan Bank of At lanta " How to Apply" Sessions I DHCD
• CDBG Workshops I DHCO
• Board member Responsib ili ti es I DHC D
2) Contracted Allen and AssociateS, Inc. ofCharloue, North Carolina to conduct a fonnal Market Survey
of the targeted area.
1I1S/03 - 6/1103
• Assisted five fam ilies by stopping pending foreclo~ure sales and arranging for debt restructuring.
Amongst thes~ families over $150.000 wu rth of d~ht wa, n<.'goti ate d and forg iven on behalf of the
d iems.
• Applied for and received a $35, 000 grant from the Roben Wood Johnson Foundation to suppon
a volunteer network in the foundation's Faith in Acton Program.
• Assisted four families with major home repair and renovation such as: extensive roofing,
plumbing, whole house painting exterior and interior, installation of heating app liances and duct
work. windows and doors.
• Hosted Community BBQ I Guest Speaker Lt. Governor. Tim Cain. the present Chair of the
Disabi lity Comm ission
• Completed Phase One Environmental Study on site
• Sought and secured 39+-acre parce l of land on Stale Route 3 10 be the home site of The Kings
Highway Proj ect.
Pqd of6
AGENCY RESUME
• Began daily office operations

• Entered into contract with DHCD for Seed Fundin g I CHDO Operating Funds
• Received $85,000 award from DHCD I Stan Up Funding
• The agency gained CHDO status
Co nception 3/2000 ·lf15/02

• Hosted Communi ty Open House for the first public Independent Living Faci lity in King George
County known as "Johnny's House", Supportive services were!are arranged for the resi den ts
• Through collaborative community efforts the organization raised over $70,000 and facilitm~d the
completion or"Johnny's House". A five room totally handicap accessible house ,
• Gai ~d IRS 50 I ( c ) J tax- exempt status
• The organization 'g Board increased from J to 7 Board Members
• Project FAITH, Inc. came into existence
After assisting a childhood friend who had become a recent double amputee, as a result of living in
subsl3ndard conditions with housing, Nadine Hooker began sharing her vision for access ible housing
for lo w-income persons. Realizing that King George County did not have accessible and affordable
li ving facilities to house her friend, Ms. Hooker teamed with Fro nce Wardlaw and Phyllis Ashton.
now the Corporat ion founders in hopes of changing this community il l. The three ~mpathetic
community volunteers together sought venues to incorporate .
•••
In additi on to the milestones lifted in the agency's resume. Project FAITH, Inc. remains a leading
housing advocate fo r persons with disabilities and elder individuals ofJow incomes. The ageney's dai ly
goal is to provide access to and to provide an opportunity for everyone to achieve that whi~h we all
des ire: a place to call home that is Affordablc, A\'cess iblc, Sde a nd Ind epend ent.
SupportiVl! documenrarion of the claims herein is availaOie upon reques/
Poge6of6
Fforw::e' WardI_ Is the Exi!CUthrl! Director at ~ F-'th and has held thb position for 6 years. $he has
IlD!TIPIeted various UHTC almplilnOl tralnIrC~ ilrw:! CUrret"ltly o.ersees the compli¥lOll and ~ement
0I1124 unit UKTC prDfIeftV In Klrc Georae County. She I!¥ned her ARM(At:oecNted Rl!Sldent:laI
M~j ~ from the Instlb.lte of ItPI Estate Mal\l&ement(IRfMjln 2008. She is alsoa
Certified Housirc CredIt Counsel«. project Faith Is,. state ~ted CHOO(Com-nunity HousIrc
Development Ora;aniratlonj.
Mrs. Wardlaw resides In Kine Geor&. County lind occasionally stili worn; for NnerlCiin Airlines liS iIIl
International Aliline Safety Professional.
Proj«1 FAITH ph,as" 1\,,,
D<veloponenl, LLC
0.009% 0.001"1. 99.99%
Virgin;. A ffCll"d.ble 11,,",ing

Ang~lwood
II HOU$ing Equi1y Fund of
M~',"&,·'nC"1 COrp<lrnlion
Man"somcm. Inc. Virginia XI
Speci.1 Mcmber
M~nas,ng MC"'~r Inveslor M,·",bc,
Arild Trenl . Pr~~jdcm
ProjcCll'AI1"1l. Inc
Fron •• W'lr<lInw.
(O'('Cul iy. [)ircCI",
Virginia H()"~ing Cop i,,) CO'1'

Mnnaginll. Membc, Inv.Slms
R.lph N<><iinc. Pre.idenl
TABE
(Nonprofit Questionnaire)
No nprofil Q uestionn aire
Par! II, I3VAClo.lIO--6O, of die Qwjifltd AIIoc:II!on Plin (die "fbrIi ofdle Vir&inia lloosing o.velopmmt
A\CboriIy (!he: • AIJIhoriIy") for !he 1!loaIion of r..sc..t low incx:IrM I!ousin& we mdits ("Credits') lvailable \J:ICb §42
of !he Incemal Rc-.'...... Code. ... amended (Il10 '"CoI;Ir") ~lishoII ccnain fUlUiremmu b re«iYing ClUliu from !he
NOIIpmr~ Pool f'<I4blished om<kr Ihc: "'"" IOd mignin, po;"', b P«IicipalOOll of I ~, organi>:alion ill "'"
"-,,.~ of q.... lirlOd Iolo'- t""""'.
""",inl..
Ans~ 10 !he fOlio..... ' qutllions ""II be: ontd by Ihc: Authonly ... ito e""l..arion of ~ Of no! an
applic2tll _ ouch .-equiremenu (and .Jdilj9!ll! HltN IS we • 10 CQ!!lI!cte qch gywjonl.
I . C"ofllf!J l lnf!lflll.tion.
• Name of"-",Iopmcm:
Project FAlrH Phase Two Dtwl<!p!M1t. LL.C.! Project FAITH . Inc.
, NaIM of Nonprofit entity: Froj O<"! FAIT H. loe.
Add ..... of priocipal place of bu,in • ., of Noo profit e ntity: 10073 Kin" Highway
••
Kin,Geory. VA 22485
lodiat. funding 'IOUI"CC' and IlmoonI used to poy for ome. ipl«: Pri .... te OO<Iati<)llS, devek?ptt', fets,
DIleO CHD(I ~i SS,400 . "'..... iy
•• Tax •• <mpl staN.: o SOI(o)I))

f. Date of legal funnatioo of Nonprofit· 031271'2001 (must be: prior to appIkalion dc.:Ilincj;
.... Odenccd by !he following documenwion: Ani<:1n and sec doc......-ion '''''tlable upon re<JIIO:'I.-
'" Dole of IRS SOI(o)(3) or SO l{c)(~) delamination ktt<r. 0411212006 - ,,,,,it.ble \IIXIII ~
{mlasl be prior '" """Iinlion <IoMli ..... and copy mu5I be: 1IIUd'Itd}.
••
"
;.
j.
Pe.g.e 1 of 8
'''''
NONPROFIT aUESTIONNAlRE, coollnued
,. ,.
Does !he ~rll WR alf willi any odler ft'Ilily besides. R~1Mtd Ncnpor>l ~ ave?
Dves 181,,"0 If)'CS,CJlplUlindtWl:
m.
n. Wh", are the """"". ""d """'roe< offundi"ll oftlle NoiIprof1l'l (You must dilCIO$C! alt financial and! '"
. i , . '" r", prolilft'1th)'.lnclool~glllyone <>r any tI'!tty ",late<!.
,.""".
FAI TH
il 1
Ll<!.1t dire<tcn of the: NonptQfi~ their OCC\IpOIIioos, their Ien&th ofservi~~ art the: boani. and !tIti,
residtn!if,IIdohsses: PLEASE sa: lllE ATTACHED
L Explain in <leuil the £!'fI"'i< oCthe fOfm.l1.ion ofdw Nonprofit.
b. 1< the Nonprofil, <>r has il""'" been. Iffilif,!Cd willi or tOnU"OIkd 1»'1 for profil tl'11ly '" Ioeal housin&
1OIth:lrity'! D Ves [8] No Ifye!, explain in dctoil:
c. II.slIIY fur profit Ofl\o1I1izolion or local I>oosing authority (Incil.odin, tho Owne-, ofdw ~>'1'~r.t.joim
.. ~nlO.11" patItItI". or any in(lividulJ or .nlily dim:tly or indire«1y .. Ialed to such Owner) appointed any
directOn to the: governing board of the: Nonprolil'l D Yes [8] No If ye$. ~"I'I.;n :
1109 P~g. 2 016

NONPROFI T QUESTIONNAIRE , continued
d, Does OIly f<>r-profit organi.ation or local housing authority 1Ia~ lIle righl lO make sLI<h appoinm;ents?
Dyes [3]No Ifyes.,e><plain :
C. Doe, .ny for profi t organizatioo or loca l hOl"ing authexity h.ve any other .ffil iation with the Nonprofil or
haw allY <>the, relat ionsh ip ,dth lh< NOHP",I;! in "hiclt it ",.", i"" or has the right to e,~"" ... tty ot her
type of COft ,rol? 0 Yes [3] No. If y", ~,p l.in:
Was the Nonprofn formed by My individual(, ) ot" fot" profn entity for the prin<ipal purpose of be ing
included in the Nonprofit Pool ot" = iving points for nonprofit participation UJtder the PiaJ1?
Dyes tsl No
If you included in your answer to the previoos question infoonatioo concerning any Rel.ted NonprofL~
describe the date oflegal foonalion lIlerwf. the date of IRS ~Ol(c)(3) or SOI(c)(4) statu!!, ils expeCled
life, ils charitable pmpose, and ils relallon,hip to the Nonprofit. N/A
J. Nonpto fl t ln, ol,-em tn].
a, b the Non"",!"n ASSured of o,,"ning an inte "" t io the Deve lopment (eit her directly or through. whol ly
oWlled subsid iary) throoghoot the Compliance Period ("' defitted in §42(ij( I) of the Code)?
tslYes 0 No
(i) Will the Nonpror" own At 1eM( 10'-'" of the genmol partnership/owning emity? IE'J 1'.. 0 No
( ii) Will the Nooprofit own 100% of the general partnership inte=tlownlng entity? [3] Yes 0 No
If no to either 3a.i ot" 3.. ii .bove, specifical ly describe the Nonprofir, ownership in"'rest:
Project fAITH, ItIC., through a sub.sidiaQ, ..",os as the Mamgiog Member ofL LC for this pro ject.
(i) Will the NOftprofltbe themanaging lnemberormanag:inggeoeralpanner? [8J Ye, 0 No

I f~, where in dte partoeJ'l.hip/openuing agreement is this provision specifical ly
~ferenced? Article V
(ii) Will the N011pror,t be tho mlillaging member or own m"", than SO% of the general partnorship inte",S!?
[8J Ye, 0 No
c, Will the NonprofLt ha.~ the opt ion 0.- right of r,~ refusa l to f'Ufc hO>e the JIfOP05ed development It tho
end oftlt~ COIl1p lia""e periGd fot • prj« nOlto exceed The OIJtstorid ing clebt ..,d e, it tax •• ~f the
for _profit ent ity? tsl Y.. 0 No If yes. "'here in the pattoer>hiploperallng agreemen, i. th i< pro.i<ion
"f'C'CiflCally referenced? Article IV, pro.ision (ag) ",ference, Exhib it L !.U 4~a<;hed
[8] Recordable agreement attached to tlte Tax Credit Applic.tioo as TAB V
If no At tho end of the oomplilillce period explain how the disposition of the =" will be ,tructured:
Pall" 3 of 8
NONPROF IT QUESTIONNAIRE, continued
d. Is the Noop<ofit materially participating (regular, continLlOU'. and , uMt.mial p"rticipal ionl in the
constNClion '" rehabilitation and operatioo 0< managemem of!he proposed De,clopment? IZJ Ye, 0 No If Y"'.
(i) Describe the M!Ure and ex~"t of the Nooprnfo(, proposed involvement in thc consttvClioo 0<
reh.bililIItion of the Development: ProjeCl FAITIi will coordinate construction activit ies. manage
construction financing 5OO",e.. coordinate completion of permanent loan closinss. and «>mp ktioo
(i ii) Will !he NonPfOfil invest in its overall interaction with !he d.velopment more than 500 houn annually
to th i' Venl"",? IZJ Ves 0 No If ye'.
",bdiv~ the annual hours by ",,!i ..ity arid $lIIff responsib le an d exPI~';i"i;i"i';'.2;'".=~~~~===
f. o..·"er of II>< De><lopment (<>n<" mu,t be ,n., r-tonPfOfLt) and
g If this is .joint 'emu",. (i.., the Nonprofot i, not lI1e ",Ie gentral partner/managing member), explain rn.
not"'" arid extont ofrn. joint .enIU", partnefs invol,emrnl in !he conStrC'Ct ion or rehab il itation and
operation ,.. managtmenl of the propoosed de' ek>pment ,
'"
1$ a for profn emity providing development ...... ic.' (.xcluding architoctural , engineering. legal, and
accounting services) to the pl'OJl'OS"d developmenl'l D Ye, IZJ No Ir ye" (il explain the ""lUre and . 'ttnl
of the con,ultanl"1 involvement in rn. OOristructiOTl 0< rehabil ilation and operation or man.gement
oflhe prOpOSed de •• lopmenl.
(i i) e~plain how this relationship was established, For exampl•. did the Nonprofit solid ! PfOposal, from
several f",-profots? Did the fur-profo! contac! the Nonprofot and offer !he services?
1109 Page40fB
NONPROF IT QUEST IO NNAIR E, continued
Wi ll the Nonprofil or !he Own.. (M idemi fied in tile~plicalion) po.y a join! vemure pIIrtner 0< COf!<ul!ant
f"" for providing de,'elopmenl servioes' 0 Ye, [;:1 No If yes, e,pl.,n me amounl .00 source oflhe
funds for such payments,
J, Will OIly porIion ofthe developer' s fee which (he Nonprofit expect> 10 collect from its partic ipalion in llie of
,,"vdopmenl be used '2.Pay any coo.uitam fee or any mller fee 10 a Ihird party emity or join! ven lure
partner? 0 Yes ~ No If~, up lain in doe ... il Ihe amoun! and ti ming ofwch payn,..n!>.
k, Wil l tl>e joint venrur. partner or for-profit oonsultanl be c<>mpensa!ed (receive income) ill any other manne"
s"<h as boilde" profiL archi!OCtural and engineering fees. 0< cash /low' 0 Yes !81 No If yts. (xplain:
I, Wi ll any member of me board of directors, officer, or staff member oflhe Nonprofil panicip'le in tile ,,"velopme,,!
8/1d1or operalion of the proposed deve lopm~nl in any for_profl! copacity? 0
Yel [8J No
I f~, up la in:
m, Dis<lose any bo,ine" or personal (i"" IOO'''1I f.mily) relalic""hi p' !hal any of !he Slatf members. direclors 0<
other principab in.o lved in the f{)<TJl.'llion !II: operation orthe NO<1profi l ha,e. either directly 0< ind irectly.
with any perw", or emitie. involved or to be involved in the Deve lopment on • for-profit b.,i,
including, but OOIlimiled to tile Owner of the Developm.nt, any of ilS for-profil general partner>.
e nlployees, limited partners or any other parti.. directly or indirectly related to such Owner:
Is lhe Nonprofit i , m
'"'
iii
"
4. Vll1I inia 89d CIII!>IPMQ jIY MU.Uy,
•. H05 Ihe Virgini. SUlle Corporalion Corn",i",i"" .uthorized the Nonprofit 10 do bus iness in Vi' gin i. ?
t8J Yes D No
o.fln~ !he Nonprofin geograph ic Ulrg~ area or popIJlation to be ",rv"d:
County and PlarlOing Diwict 16. Population - P'"'''''' with disabil ities
Page 5 018
'"'
NONPROFIT QUe STIONNAIRE , continued
,.
~, Does the NOf'profil', by laW$ or 00ard reoolLllioI\s provide. rannal pI'''''''"' for Tow i~, provom
btncfx:larics to ildvlse the Nonprofi\ Of' dcsif,'l. Io<:alioo "r sites, de .. 1<>pmen1 and managemen t "r.ffordablc
.....,.il1l1' t8l Ves 0 No Irye', <.pl.in:
As p!r! of its CHOO requ i.. menu,
e, Has The Virginl. lkparlnoeru of Agricu llU~ and CDMl1r1lC" S. ..... ice.s (Divi, ioo of Con.sumer Alfa i,,)
~uthofi;,c,d the Nooprolit 10 solicit oontribulionsldooalions in the Tar&et community? OVes t8l No
r, Doel tho NooproflL have do.'monltnlTed support (preferably fll\allciol) Ii'om cslabli,hed organiwioo,.
inMiM iOOl. buslrleSS('s and Indi.idUlI, In the \atget eornmunity1 t8J Yes ON" j fye~ ~,p"i n'
ProjecT FAI TH nas been luppo<!£d by King George County, UniOf' Bank and r""'.lIIher King George .....
M LrlUSes.1oIId numeroos volunlccrs,
An III lcilM l3% of the membt" of the 00ard of ditto:lOr5 ~i_ ofm. eornmunicy
btinjllftWd? t8lyes ONo Ifyu,(i)low-ineomertSiclenlSof1hecomnounily? l8Iy.. 0 No
\ii) et<':led repramtath"t$ of ....... ·incane nei&hJ>orhood .,...,umion'J?
t8l Yes 0 No
'. Are no _ dian 33% of1he membm orthe board of direcIIn .<ptcsr:ntalivu of t.. publit _
oflkiah or .mployees or tho:ioK appointed w the baud by publit o/focis"),! []Y.. t8l No
(i_._ publit
j. Does !he bo.wd of dnclOn Iw:>Id ... uTar m<CIinas which _ _ II antAded and lCCe!;Siblc to .... ~
_oily'? t8l Yes 0:.:0 Iryes. eAp"". the m('(1,.&!dItd .. Ic, Projecl FAITH 's Board meers
alleU1 moncIIly.1IM: Projea FAITH oflltu
II .. the Nonp'ofit ~iO'fd • C<InlITUIIIy IIOItsln& O-:Iopm<nT Orpni7arion (CHoo) designation. U def..,...
by the U. S. Dcpanmen1 "r llous"'L lind UI1>ln ()e.'elopme.", n OME n:gu\a1ion1. &om the stale or • local
ponicipoli"ljLrisdicrion? t8l Yes 0 No
Page 6 a4" 8
NONPROFIT QUESTIONNAIRE. continued
Hu!he Norf!ofit been . ...1'tdod iIate or Ioaollilnds for !he purpoo<' of suppor1ing ovem..d and o"enllina
t>.~ 181 V.. 0 No Irres. oxplain in detail' Projca FAITH has"-;ved CHDO op;nting
.. ppon Ifom V"V''' OHCO fi'oo, ,me 10 ,.....
m. Has thO' Nonpmfi' bun formaJly dai~ by !he local 1""'"""0'" as the prine"",1 commu" lly-based
nonpmfi, hobIoin3 do,-elopmenl orgonizalion for !he selected W'gCI .....1 0 Yes 0 No If yes. c.. plain .
1I1lS!he Nor\j>rofn._ 'l)plitd for low Income HO<ISin& Til>;. Crtdi!S fora <kvelopmem in vrhich i, o.tItd as.
jon" vennr", pirtner with I for"'jll"OT'ir cn"ty" 0 V.. 0 No If~. ""'c each ,uch IIJl!Ilicalioo including:
II><: dowk)!'",..,t na"", Il1ld 10<;.,"",. ,he ~. of """he.. ion. Itte NonpmfLr, ruk and ""·","",,ip <WUS in ,lie
"" •• Topmen\. tho name and principalo of the JOim venlu", par1n<n. tile n,me and pr;'; cipa l. of lhe &.".",1
OQIlIractor, ,he nlnlC and princIpal, of the mOll3iement cnmy. the co", I, of tile applicat""" arid tho current
SlIM .,ftlle dt •• lopIne'1I(5)_
H~$ III. Nonpmfi l • • cr app lltd lOr Low Inc<;>rnc Hoo,i'!l,T.. Cred its for a M •• I".,.".,nt in "'h irh i1",,'ed ...
•• the sc i. go".ra l P/lrt,.erlmanaging member? 0 Ves U No If~s. nolO tach SIKh develop,,,.m Including
Ute name ond loca"on. the dalO of the applicalion. Itte ,aull of the API'l icOlioo. OIld ,he current stalu, of ,he
,
,.
"
To the bes. of)'<lW koowledge. !\as ,his OeveTopment. or. sim ilN devcH>pmen' on ,he sarno , ilO, cver
~ived IU tr«l its bcfon:? 0 Yes 0 No .ryes. npllin: Anielwood Dovel"""""" Phe&oe
Il recti.td u ..n. in 2007. Thil app licllion setks 10 obW~ additional credits.
,. Hu Ihc NOOpror.1 bun an owner or Ipfllica,u for I de>-clopnent lhlllw rece ived a .......... ion in a pr•• i"",
!f?plitalion I'I)UIId trnm!he YilJ,inia Ilo<Isi"l l'IrtnmlIip or Ih< YIlOA lI""";ng Fun<h?
~Ves DNo Ir)'a.e:<plain:
Projeo:l FAI11II1u obuincd YHDA fundinll; for lilt Kin,'s Hillh ....ay I'rojea, WynlOr G=n Place. and
AnElwood Dndop lltn! 1'1.-11, !mO!!Jothcn.
•• llas lilt NOIIpr\>foI «omplctcd • cornm ... iIy.-ls us ''''~ !hoi is no III(ft !han Ihru J!.M' old and IIw,
1111m..,imum. idenlillQ allofllle defined ~ IWI'JhouIingneeds ..... ~ U Yes 18:1 No
If Y"o ...pt.in !he ne>ed ldtnIiroed.
NONPROfiT QUESTIONNAIRE, contonued

Page7of8
""
.. HIIS!he Nonpnflt comple\ed • rorrtJIUIiIy pion that (I) outlines • ~i~ .,."t<gy for add"""inl
iden!if.... oommuniry ~ing IIffik. (2) orrers. detailed ".ott. pion ond timeli"., for implemtnlinc
tho ~g)'. and (3) <Io<vnenu dill !he needs ~,and <;OIl1prehensi"" sa.tegy _re ,,",.. loped
.. o!h "'" mnim"'" pouible iO>pUl fJom!he tlIrgeI """"""",ity" D Yn IZI No
I( ye$. ~.ploin the pion:
The un:ltrsigned 0..""" WId Nonprofit !teteby each certify that. to the beSI of in kn<:J.,.' I~ . • 11 of the
fO<fi;(}ing information is cOII1piete ~ ""<,u,,,to. fur!~ . each certifoe. that roo . nettljll bIOS b<ett or wIll be ~ to
<if<""""'" II>t requ i~n1S for I1OfIJlfOfi' panidpou"" <"" .. illt'd in the Plan or So:c,;o., 42 of [he I,,~I R.""noe
M
5"' f/ ' oq
D."
~'l Ii · 0'7
D.,.
By:
F..ecut ivt Direetor
'''' Page 8 0/8

....... """-_
1-_"
~ ~
-,-Mr._
._"..
_ · W.If_. ~_r
.-
"'.... r ..... r' J1«_ ",In_
II1HIf ",.. rr.-",
--
....". "', , .
-.~
Board of I)iredor
1>S«_
PROJECT PAlnt, INC.
Ocellpatlon
10073 King.t Hi&h.uy
1'-1/1< ~"".
'
King George, V;~nla 22485
" .' AClL ITAT ING ACCESS TO INDEPENDF.NT HOUSING"
Addrcu lAngtb or Serviu
22485
22485
King George, VA 22485
~~~F;-----~~~~K:i,:,~o..;::.:,:--rK~i"'~ George, VA 22485
i
~~r:~~;---nDeVeJoper . ,
Century 21 Real Estale
540·775-0599 1 home Board of Diroclor - 6103

540·809-6726/ cell Exec. Assist. 610)·2105
Exec. Dir.- 2/05· Prescnt
22485
& Quinn,
Dept. of
,
TABF
(Architect's Certification)
INSTRUCTIONS FOR THE COMPLETION OF
APPENDIX F
ARCHITECT'S CERTIFICATION
(This Fonn Must Be Submitted Under Architect's Letterhead
and included In the Application - Tab F)
[NOTE: If !he d•.elopment h:tI.odft .-.y ~ of New ~ RehabiIi\iJtign and

Ad8pIIve Reule, Ihoo ~ An:hItect Certibtioo .. ~ be provided foreech ccnstructian type.
TIle propel" corropIetion of !his ..... titii;alioi. 1& critical to calculate IhIIIM!flI98 11M square
Ieet and neI rentable IIqI81l feel 01 each un~ type, to document amenity items lor whICh points
WiI be awarded, and 10 caIcuIaIa QIlftain elemenu; oIlIle ef1'oQeIlt use oIl'11110111'Cti poinIs.
If this certlIcation is notWi,ijAeted CO!f8dIy!hele may be loss of points or disquatilicalioi, oIlhe

appIicatioI. to compete lor \all CIWits. n O li dn.kH!mt'" rlStlyn 1 0 . 1I9Ution of tu ,mdg a nd
,
the Application! of the " "lop""", II liGuldlttd damtptl for .uch I/Iolatlon o r til. total loss of
credits may mylt. Therefore, ills inipeiatioe IIIat litis cenrficaIion reflect the true and II!X:lnte intent
of ...mat wiI be proYi(ied WI return for an lJIIDeebOn oIll1X credits
Each section oIlhis certificalloi, contains instructions on how the infmnabon 5hou1d be proYiOed.
For Unit Sizf! CalculationS- the A~ VIIi Sq\I8re Feel and MIl Rettlable SquBI\II Feel should be Hted
to two (2) dednaI pIKes. Thllnumber of una indicaled should be only the units lor wf'Iidl reo! ...... be
coIeded. For AI'Ilf1Jg8 UnA SquMe FfIfH cat:uIations, It1e Total Square Feel should equallhe Average
Un~ Square Feet rnufliplied by Ihe No..mber of UnitslType. The b:U11ll1he bottom ofllle Total Squal'l!
Fool column s.houId equal item (0) on !he same page ollhe cer1lbotion. or be within 1 digit due \0
rounding. llIe total at the boIklm of the Number of Unil$lType column s.hould equallhe nu.mber of units
in the tax credit appliciltion.
A,.,.....·oTrty certifications on page 8 are for tax credij point CIIIegories only and ere not to be
contused with minimum code requi~b.
The arehitecl5igning this document is certifying that all un~ and lite amen~ies Indicated In this
certification are incorporated into the ooYelopment plans and specifocations and un~.tJy-un~ wor1l
.... rite-up, and that all products necessary to fulfill these representations are available f« these purposes.
The Individu~1 who certifies th;. Inlo,.,..llon mull Inltl. 1the .,.9" .... h6te Ind lc.ted , provide
the pars.",,,1 info"mltion requnted and s ign on the lu t p~lIe. This certlflcatlon . ho ukl no!: be
m.. iled sepa ... tely to VHOA but returned to thl dl veloper for Inclusion In thl !.U credit . pplie..tio n.
; ,
Ackno wledged:
COMMUNITY 0
DES I GN
-C
:::J
I-
CIJ
TO: YqWa Housing De""Jopmmt Aulhority
601 SolIIh Belvidere Sln:eI
Richmond, Virginia 2322IJ.-6SOO
Attention: Jim Ch.or!dIer
JU:: AR.CHITECT'S CERTIFICATION

NIIItIe ofo.velopmc!lt
AdW=i ofDe""lopmenl:
Name ofOwner/App~c:anl:
The ot><.. e-refen:nccd o..ner has asked alii" office 10 provide tru. certiflCtlliOll regarding (i)
plans and specific:atiom, (ii) the M vdopmelll ~ foomges, I ...en!&" unit square f<>Ota&C!I and net =111 square
footages, (iii) the M'lCllities the developnem will have upon oompletion, and (iv) rede",l and oWe fCiJuirernenlS
pertainioi to developl1lent accessibility for penoN with disabilitias. This certiliClllion " rendered 5(>lely ror the
confIrmation of these ile!rul. II i. wtd=tood 11 WIl l be ""cd by Ibe VUgioia HOU$ing Developmem Authority solely
far the JIUIPOSC of deienniniDg whether lb. Development """lifo •• for poiotu>-ailabl. Ullder VlID"', Qualified
Allocation Plan for housing !aX credit! and future consequences for failure to provide items u n ified below.
Plant and Sp.. ifocations:
Required documeauotloa for alJ properties (DC'" ~D.I ... ction, n b. bilitoolioD lad ada pti ... e ",,,se)
I A [OCIItion ""'I' with J>I"Of"'fIY clearly defined
2 S~etcb p",," oflbe site :showing 0""",11 Wm<:n.<ioru of mau. buildin&(>), major ,itt elements
(e.g_. PlOOng lots and location of al.ling utilities, and w.ot .... ~. elcuric.
gas in the streets adjacent 10 the si\e). Conlour lilies and elevati .......... not fI:<I"imd,
) Skotcb plans of maiD buiJdlD&(s) reflectiD! ove",11 dimensions of:
a. Typical floor plan(s) ohowing apanmcot !)pC!: and plocemetlt
b. Groomd floorplan{$) $bowiDg ..........' ote.U;
c. Sketch Ooor plan(.) oftypic:al dw<:Uing un.i!{l );
d.. Typical wall sedion(l) sbowUogfootiJo& fo~. wall and IIoor 0IruCtilre.
Notes must iDdica\e bWc materials iD 5lr\.:t=. floor and ntmor fiilish.
TII.dditiOll: req uired don mu talJo. for rdI.I.biJiu ri<Hr. proJH"nicl

A W>il~ wurt. write-ltp.
,
ARCHI"rECf'S C ERTIFICATION, COIIIinued
n il "";1Ieo _ _ .......... (2) .. po .... ,,"'Iolleao., "l.... ........,

I. ,,_Ilys...... r..c: M _1O...,......A _ _ oI l _~C-Area
1. tkI RAY"" Sg.." r..c: M _ D o "'" ........... A _ $Ute 01 AlIt c..a- Area
oM IWloc:t All Aoor P..... oIEodI Ullil T 1-811., 2-8It., die.
For purposes of determ;.,inB lhc """*~ belled &quare feet, !he buildiDg(.) """'" measun.d fronI die
outside r.c.e of exterior walls and II!C cealerlDc orin)' pwty _lis. All unhaIlcd spIC:eI and SIa"""11s
wbich .., no """" IIwt be.wI brtc=.<ays and norn:sidtntiaI, income producina commcn:ill ..-es ~
5lIbtraacd from tltiJ mc:asurcrnt:rll Community roocns. _dry I'OOIlU, propa1y managommI offices and
..,..",..,..a. """"'" mointenMce facililies, and O!htt- ~ sp¥e desisned 10 _ n!SidenLiallC1lanlS .......
DOt d(dueted. Bued on Ihis proocdlR, I certifY !be folJowina caloulaliom;" do!cnnioin&!be ~ healed
"""an: feel for !he above referenced <levelopm..,!:
(A) TOlal floor 81..,. in (Iq. ft.) for !he ent'" development
(B) Unheattd floor _ (lm:<:l'J:"'8)'S, bIoknnies, storage)
(C) NOIIJ'Csidcfltial, commerci.1 (In~ producing) ~
(0) TOII.! usable residential heated area (&q. fl.) for the <I<""lopmMl
INSTRUCTIONS FOR AVERAGE UNIT SQUARE FE ET C ALCULATIONS:

Provide I~t an ... , e ... il l l4 ror ... 10 bedrootlllype,{1 ~roD<II dderly. 1 bed"", . ...... n, 3
bed~ la .... ba_, ric.) by IIddinjl 11>0 lotol "'Iun fed uf .llll1e u _IMd"", .. ."pes (2 bed"",,,,
p rdo:a ... lIb 1 brolb aod 1 bed"",. gardea .. i l ~ 1 btotlu) nd _,kllo, lbe prorated I ~ a re of totat td
lMIII_a nskkolliallpa«t u d d ivide by t M IOUI . . .bo:r o f t lHo ... _ bed ....... ly..... (2 Mol"",,,,
,_rde..). 00.'" _110' I.,. i\tc"" bdttw.
v•• 1)pcs
A_
ValiS,. Ft. ' ,
Number of
V.illffyPC -
Tocal
s.:,..n Fed
Assisted Uvina ,,
1 SIory/El'Y·EIdotIy
1 Sluy/ l 8 R. £I<I<" y ,,
I SioryI2 BR-F.JderIy
P1ficietlcy lildtrly ,,
llledroomEldtr1y
1 8cdmoms Elderly ,,
Efficiency 0 ........
11:1edroon10....t"" ,
2 Bedroom, Gardon
",
J 1\edroOm, Q l rden
4 Bodrooml Garden ,,
2 Bedmonu Townhouse
) Iledroarns Townhouse ,,
4 Ik"hoolTl!i TownhouJe
T,,", n T" JS,121.00
• IMludint pro /aU share ofheatcd, resid..,tiaI common '""
, InKIak ~ -
ARCH rrnCT'S CERllFICAnoN. oonIinucd
1. Sfl Rc,.",blc Sq •• ...,

I'Of poarposes of oalc.'laling Nt! RengbIe SoIllG 1'.... \he lUIits """'" ..........",.j from \he r-: o{ ach inferior walt The
val_ below Ibcrefore indicate !he IICtUaI ....... fuo4a&c of ead! uniI floor plan. (t"Of eumpIe, IlIcn: may be 2 dislincl
I-bodo.,.,." n.- plans, 3 distinct 2-bedroom I1oc>r plalls, ele. The pwpose oflhis...:tion o{dIe Ndlitecf Cenif!Cllim is (I)
docun>rnl and eenify !be flooJ SJ*e :r.llr'ibWblc 10 rcsirkmial nnul UJtits ill tile dcvelopme!Jt.)
floor Plan NwnberofUn its

Un~ Type ~..eful ')]tis Floor Plag r..J
I.ltrlClmcy 0 0.00
Etr",iency 0 0.00
EfficiEncy 0 0.00
Etr",ienty 0 0.00
Etr",icocy 0 0.00
Efficiaq 0 0.00
Err",iency 0 0.00
mr",dcy 0 0.00
Etr",icncy 0 0.00
Err",iency 0 0.00
BffiI;iency 0 0.00
I!fficiency 0 0.00
Err",iency 0 0.00
I!fficiency 0 0.00
,, ......
Efficimcy
......
0
,,
,
0.00
,, ......
......
IlkOooo.
,,......
......
......
0
0
0
......
,,
......
0
0
......
,,
I 8 edroom
0
0
0
0
I Bedroom 0
I Bedroom 0
I a.droom 0
~ ~ ..
•
(Nee Rentoble Squon: FOCI conlinued)
,
,......
, """"'m
' ''''''''''''' •,•

,,.......
......
,'''''''''''
...... •
•,
''''''''''' 0
''''''''''' 0
0
''''''''''"
, """"'m
2 Bedroom 0.00
0
0
'Ok..., 0.00 0
''''-
, - 0.00
0.00
0
0
.......
,,....... ,
,.......
,- 0
0
'''''- 0
''''''''''"
, """,",m
0
0
; ""'oom 0
"- 0
,-
''''''''''' 0
''''''''''' 0.00 0
'''''''''''''' 0.00 0
,
,-....... 0.00
0.00
OM
0
0
0
."""""
.""""""
0
0
000
000
.-
• """,",m
.-
• """"'m
0
0
0
0.00
0.00
0.00
.-
........
."""""'"
........
0
0
0
0
0
0.00
0.00
., ....... 0
.-
."...,
T()tol:
0
0
0
0
0.00
0.00
31,SS4.63
"
, Initials c;;{j
ARCHITflITS CERTlFlCA TION. ~on!inutd
I cenify thaI the dtw:lopmont's pla.u and specifications, w<>1i< wrif0.up. and J>lIlIl<*'d budget
incorpomre all irem. frwn VHDA'. most cum:ot Minimwn Design and Consnucrioo Requirement •.
11Ie Requirements apply to any new, adaptive reuse or rehabiliUllOd development
(in<:luding!hose ........mg elderlyand/or phy.ic.ally disabled Itouscbolds).
The Minim"," Design & Coosuuctioo Requirements may be found 00 YHDA'. wcb.~eat
www.llhda .com.
For!!!!y developmem upon completion of con'ilructionlrehabilitalion: (_,1IlIIIIdatory """"';ties)
o % '"-(I) P..-eentage of 2 bedroom unilS that will haw: l.5 or men bathrooms
100 % ",(2) Peroentag<e of 3 or more bedroom units that will hive 2 or more bathroonu
o b. The doveJ<)pmcn\ win bave a com,,,,milyfmceling room with a minimum of749 square feet.
30 % c. Percentage of CXlerior wa.llscov..-ed by brkk (excluding lriangular gable end area,
doors windows and retaining walls)
o d. All "itchen and laundr» applianoe. meet the EPA', EOOIlY Star qualified program
requirements
B '" All wiodow! mC'et \he EPA'. Energy Star qualified prognm requirements
o f. Every unil in the development i. beated and air conditioned with eimer (i) beal
pump units with both a SEER rating of 14.0 or more and a HSPF rating of8.1 or
more and I variable speed lir handling unil (for througl"'t~wall heat pump equipmoot
that ha! an EER rating of 11.0 or mo:e), or (ii) air conditioning units with.
SEER rating of 14.0 or """" and • variable speed air handling unil, combined with gas
furnace. with an AFUE rating of9O% or more
o g. Water expense will be .ub-toetercd (tenant will pay monlhly or bi_mOOlhly bill)
o h. Each bathroom consists only of low_II ow faucets (2.2 gpm mrucimum) and
sltowerheads (2.5 gpm maximum)
o L Provide necessary infrastntcture in alllDlits for bigh speed cable, DSL or
wireles. internet >crvice
o J. All water healers wiTl mOCl the EPA', Energy Star qualifIed progmm requiretnenl •.
Initial. ¥
,
ARC HITECT'S CIl RnFtCA TION, contin""d
For all de""lopmelus exclusively ICI'\Ilng elderly lIIIdIor handicapped lI:nanll, upon comp letion o f
conmucl ion/rehabi Iital'on: (non ·mandalory lII1onilia)
o a. All cooking ~ .... iII ha"" I'ronl oomrols

o b. All UD'U .... ill have an e"... ga ...y (l1J ')'$!em
o c. AU t.lhn>omI: will hove III in<kpo!ldc',l or 511J1111ema>ta1 heal $I)UfCe
o d AIJ ..,~ doon ho"" lwo q'O! ~ one N 48~ IIld lIw: other II !landan:1
~"'"
For alt rehabiUmtion IIJd MiIopIj... . - - dewlopl,,,,iJIS, upon compIcrioII o f comtructio&I rehabiJitIIlioto:
("""""""'ooy)
o TM ~ is listed irodividually III !he NllionaJ Rqjsler of Hisklric Plates or

.. io<:Mcd In • regiKemI ~isIorK dUIriet ond em","", by !he Su:reury oflbe
Inlcrior as being ot~i<IoricIl Jip'!ance 10 !be disIricc, ond \be rehobiliurion will
.....
be eoo>pklaI in .""~ ............ 10 be eligible fur ~isIorK rmabjl ..... ion lar.
o t.o .. -RiH ( I-S .wries ...." !!!!X I:tnJCI:\nI elenlmu beiJI& wood fi-lIoM constn.::tiooo)
o Mid-R ~ (S-7 storia wiIII.II!l >lnlCUn1 elemc:nts beina wood fi-lIoM COIISInIOtioQ)
o High-RiH (8 or more IIlOries wi1h!!ll s1nK:nnIelemcnu bein& wood hme COId1n>CIion)
Initials t?f=
,
A RC Hlrncr'S CERTIFIC ATION, continlled
Auallbll!!y:
I certify \...., the dev¢lopment plans and ~i/kati ()ll$ meet aU requirements oflbe federal
Amerit .... W~h Disabilities Act
, ceniIY thlll !he d!;:",,\(Jpmcnt pi ..... nd spoeifiCf.tions .ned &11 requirements of HUD regulations
interpreting lite _ibiJity requirements ufttction 5()4 of tile Rehabiliwion Act Please ",ference
UnifOl'1Tl Fc:deR1 A«essibility Standards (lJ FA S) for more panic:ular infonnation.
Cbeck one or nonn of tile f"ol lMo·inlI point c:&legoriea. ., appropri.ote:
o F.... ""y 1IOIH:1dcrly propcny in which the JfeaICr of ~ .... 10% o flbe ""its (I) provide fodenal prnjcd-based
mil subsid.,. or .¥BlenI usisWM:e ill order 1<1 msure occupMC)' by extremely Iow-ino:omt penons;
ful conform to HUO re&ulalioclns irllapm .... _ibitiry roquimDntu of _Um 5()4 oftbe Re!\abilitaUon
Act; and (iiI).,.., .oo.,,1y ~ 1<1 peoJIlc ... jlb special needllrl occordance ... ith • plaD submitted ..
port of the Appliaolion. (If spec.iallllCCdl iao::lude IIKIbilil)" impairmmIIlbe Wliu deseri"'" above _
inc:1ude roll-in $bowa1. and roU -""" 1M Mod fi"onI f;O/\lrOll f"ot fU&C3). 5t pU.
o For any 00tH1der1y poope.1)' .... .... ich 1M 8J'CIlCr on or 10% oflhe un;" (il have reutI with;" HUD's
HOW-It& Choi<:e Voud"Ior rHCVJ ~ studard; ( ii) COiIfona 10 HUD repalatioclns iDIcrprefine
l«eSIibilily mjIIin:mcn1l of K<:Iion SOokJcn" ill ooa:ordan<e with a pIMl ........intd
• '*' the AppLiaotiooo. JO pi ..
o For My IIOl>-eIdtrly properly in....-hidl. last f.,..- peroenI (4%) oflhe unilS COlIform 10 tnID
rcguIoItions inccrpn:ms aa:essibilily ........mnmtI o f -uo. 504 oftbe Rdlabililarion AD. and an:
actiftly mHe&cd 10 poopIc with mobility npainnen!s ill ac:cordance willi a p IM 5lIbmiuod .. pari
oflbe AppIio::Iotion. I! '*
M.-.::hilect of record for !be aboft refen:nocd development, !be above unifocaiom an:
oom:d 10 the beOI ormy """".Iodge..
Printed N."""
Tilk:
Viraini. RqiSt"'ion M: 11 337
Phone: 540.3&2. 20021<333
Date:
"''''''
NOTE TO ARC HITECT: Any ctunge in thill ror", ma y raullia d!5quMlilkoUo n Or .
reductio" Or points ander tM Korinl IYlte... If YOII bM~e any qllCltlo.... pleaH .all JI ..
Chudlet" ~ t VHOA (80-4) J.O..~7g6.
Ret •• a thill •• rtifka\iool 0\1 "",hited'. LcU.rbnd to tbe d.HlolKr fll. ladllJlon '" th~
t.uondit a ppliaotio" pac:uge.
•
Appendix F - VHDA's Univtrsal Design Standards Certifitation
o Units in !he development wi ll moct VHDA's Universa l Design Standard•.

Before issuanC(l ofiRS Fonn 8609, applicant will provide documentation to VHDA as
evidence that sl.lCh lll1its meet VHDA's Universal Design standards.
The nlllllber ofremalunits that will meet these standards; J2
The total number of rental units in this development: J2
NOT E; For Elderly IXvelopmems, 100"10 of the lIIlits in the development must meet the
Universal Design standards in order to qualifY for points.
For Family IXvciopments, points arc awanled based on a pc",cotage ofthe

number of units meeting the Universal IXsign standards.
For the tax credit applicant to qualifY for points associated with Universal IXsign,
the architect of record must on VHDA's list of Universal IXsign certified architects.
Initial.. ~
•
Appendix F - EartbCrafi 0 ... LEED Development Certifieation
o F.a rthcraft Ce rtification - The development's desigJI meets the criteria for
EarthCrafi cer1ifiC;llion according to energy modeling projections and the areas of
emphasis worksheet. Before issuance of IRS Form 8609, applicant will obtain and
provide EarthCraf't Certi fica1i011 to VI-IDA.
o L£ED Certir>eation _ The development's design meets the criteria for the U.S.
Green Building Council LEED green bui ldi ng certification. Before issuance oflRS Form
8609, applicant will obtain and provide LEED Certi fication to VHDA .
NOTE; Select ollly one of the above two optioru;.
For the \aX credit applicant to quali/)' for points associatod with this section,
the architect ofrocord must on VHDA's list ofLEED or Earthcraft certified
architects, as appropriate.
S'"," &2;;t~
Printed Name: Colin M. Arno ld
Aubilect of Record
(sam e Individual as on page 8)
Date:
Appendix F - LE[D A«redited Desigo Team Member Certifieadon
I. PI .... w identify the followinK info ... _tion of tile LEED A~cred;ted Professi""al;
Name ,
Company:
Title:
Phone Number:
FaJ< Number:
Email:
2. List below th •• ttribut .. ufthe propom:l d...dop.....l ... hicb would or may qualify fur points
ullder Ibe U.S. Gr.... Bulldln~ Coullell', l..EED .ertll'lu.IiOll .... lIlIg .)'Stem: •
(Add . pa •• a'II~'''''''ry)
• SS Credil I Sikl Selection

• SS Cred~ 4.4 AII"",,,live TI1Insportation: Parking Capacity
• SS Credit Sol Si", Development: Maximize Open. Space
• SS Credit 6.1 Stonnwater Design; Quantity Control
• SS Credit oS.1 SlQrmwateT Design: Quality Control
• SS Credil 7.1 Ileal Islaod Effect: Non· Roof
• WE Credil 1.2 Water EffK:ienl Lan",,"ping: No Potable Water U... or No IrrigatiOl1
• EA Credit I Optimize E""rgy Performance
• l'.A Credit 4 Enhanced Refrigerant Management
• MR Credi! 2. 1 Construction WUI<! Management: Diven 50% From Di'lpO$lll
• MR Credil 4.1 Recycled Content: 10% (post<OnSwner + If.! pre<OnSUroor)
• MR Credit S. I IWgionoJ Material" 10% &tnlCted, J>r-oc=ed &. Manuf.cIuR>d Regiooally
• EQ llidit 3.1 Construaion lAQ Manage""'ru Plan: During Construction
• EQ Credit 4.1 Low·Emiuing Material. : Adllesi""" k ScaW!is
• EQCredit 4.2 Lo .... Emitting Materials: Pain!! & Coolings
• EQ CrtKli14.3 Low·Emitting Mawial, : CaIJ>e! SyswlllS
• EQ Credit 6.2 Controllability of System. : Thennal Comfort
• EQCredit8. 1 Daylightk Views: Daylight 7S% ofSpa=
•
•
3. P,",so attach _ copy of Ihe LEED A~crediled Professional Certili""le 10 Ihis document.
• T~IJ page mUI! include it..... th.t would qu.lif, for points under tbe l..EED urtifi",,\ion
.,<lem. No points will bt u.ardtd in this qlel!ou il notbing ., !itt'" _t'to
• • Thi. i.di¥idua! i. 001 required 10 bt Ibe .,,,hil«t of reIlJIrd .ig.inllthe A...,hilect Certiroalion. It ..
"
EarthCrart Multifamily Professional Training Listing
(1'1010 10 . Iio< 01 _ .... _ -17 u otWlO9 ud lIIeh"l.. po.- .. ho .ro _ ...............1_.)
Vnlve"al DeslgD CertinCite lIolder Listing
(fIIlo . .... o l . _ 000l)0,, ol4'UlM" _ ,.... _ ON _,,,,,,,",,"'~
~
The U. S.GreenBuildingCouncil ·
hereby certifies that
Colin Arnold
. has sUcceSsfuUy del!\OI1Strated.knowledge of the
green building design and construction ind usb)' and the
Leadership in Energy and Envuorw161tal I::IftIign (LEElJW) 2.0
Green Building Rflliing System. Resowlt5 and Plocess required
to be awarded the title of
LEED® 2.0 Accredited Professional
(2-2;t/t ~
12 ..
s. Rkh.arJF;irizzi. President,
CEO and Founding Ch.irman
TABH
(PHA/Sectlon 8 Notification Letter)
Angelwood Development Phase II
Project FAITH Phase Two Development, LLC.
c/o Project FAITH, Inc.
10073 KIngs HIghway
PHA or Section 8 Notification Letter

(This Form Must Be Included With ApplIcation)
May 12, 2oo9
TO: Central Virginia Housing Coalition

208 Hudgins Road
Fredericksburg. VA 22408
Attention: Section 8 or PHA Wailing Ust Adminl$trator
RE: PROPOSED AFFORDABLE HOUSING DEVELOPMENT
Name of Development:
Name of OWner:
I wou ld like to take this opportunity to notify you of a proposed affordable housing
development to be completed in your jurisdiction. We are in the process of applying for
federal low-income housing tax credits from the Virginia Housing Development Authority
(VHDA). We expect to make a representation in that application that we wi. gille
leasing preference to households on the local PHA Of Section 8 waiting list. Units are
expected to be completed and available for occupancy
beginning June 2009
The following is a brief description of the proposed development:
Proposed Improvements: (Should correspond with I.B & D and III.A of the application)
oo Adaptille
New Construction:
Reuse:
~~32~= 1## Units
Units
13 1# Buildings
1# Buildings
~~35~'~2~20~= Total
Total Gross Floor Area
Gross Floor Area
D Rehabilitation: 1# Units 1# BuHdil'lgs Total Gross Floor Area
Proposed Rents (should correspond with Vtl.C of !he Application):
o Efficiencies: S I """""
t8I 1 Bedroom Units: S ' month
[g] 2 Bedroom Units: S ' month
t8I 3 Bed room Units: S I~~
o 4 Bed room Units: S I month
Angch.ood DC\e lopmcn ll>h as~ II
Projec( FAITI I PhaSl' r'H' [)evdoprncnl. L I ..C.
do Proj<",( fA ITH. loc.
loon Kings Highway
PHA or SEC 8 NotifICation Letter, continued
Other Descriptive Information :
We will appreciate your assistance in identifying qualified tenants. If you have

any questions about the proposed development, please call me at (540) 775-3492.
Please acknowledge receipt of this letter by signing below and retuming it to me.
Sincerely yours.
c.--:::o_ _ Y,,---u cJ/ / /~

Representative of Owner/Applicant
TrIle: Executive Director
Seen and Acknowledged By: _---'~~""~ ~LL-=-c

____ ___
Printed Name: _ _ _ __ _ ~
Title' _ __ _ __ ---"i:>k""'-==rn"'''''--P'' ' ' ' -=='''''-

'''''''-_____
Phone: _____,<'!O""'c--'".QL"~-~q'l=c'cJcX~I"2.-=
Dale: _ _ _--',.-~-'-'-
,,?.::-JO
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TAB I
(Local CEO Letter)
- "lEu. BROOKS. JR.
, .:.h ElediorI District
JOSEI"H W. ORZEIKA
Ja-nes Madi«>n EIi!IctIon 0istrId COUNTY ADMINISTRATOR
A. Tlt4.VlS QUESENBERRV. I'.E.
JAMES B. NOWARD 10450 Cowthouee DI"MI. SUiUl200
JaM. Monroe EIacIian 0i8lricl ~ George. VA 224as
T....ooo ..: (~)77!MI181
JAMES F. MUUEN FA)(: (~m s.5248
DaNg_ EIec:Ion DilJIIIcI WebeIIe: www. ~.va.us
DALE W. SlSSOfI. J R.
At.u.rge EIodion DieUIa
IN"n Chondier
V..gin!o Hous'ng DavBlopmant Authority
601 SOu th Belvidere Sweat
Richmond . Vrglnlo 23220
VHOA Trac king Number:

Development Nome:
Noma of Owner/Applicant;
I Dear f.N. Chondler:
Jha construction or rehabil ita tion of the above-nomad development and the a llocation
of federal housing fax credits available under IRC Section 42 lor said development M
help 10 meel the housing needs and priorities of King George County. Accordngy.
King George Caunty supports the otlocation of federal housing 10l( credits requesled by
Projecl FAITH Phose Two Development. l.l.c. and Project FAITH. Inc. for Ihis
development.
YOU'S lruly.
A. Travis Quesenberry. P.E.

County Administrator
,
TABJ
(Homeownen:hip Plan)
Not Applicable
TABK
(Site Control Oocumentadon)
P~lred by J ..nnl Dov..Tly1or, Esquire
Tu Mlp': 24-159
. . ..,... ,.. . . - ."
' " , , , .. ... -
...
.... I I
peeD OF ASSUMPTION
THIS DEED OF ASSUMPTION, made and entered into thit 2"" day of
November, 2007. by and between PCOI!et FAITH, Inc. , a Virginia corporation.
GRANTOR, party of the first part, and Prolect FAITH Pha" Two OeYllopment llC,
, I Virginia lim~ed liability company, GRANTEE, party of the second part. and Union
Bank and Trust ComPfny. LENDER, pany of the third part.
W I TNESSE TH:
That for and in conSideratiOn of !he sum of Three Hundred Four Thousand
Dollars and 001100 ($304.000.00), ofwhich ls cash in hand paid. and the m.lanoe of
which , being approximately One Hundred Sixteen Thousand One Hundred Fifty-Two
( I and 00/00 ($116. 152.00) Is by the 8$sumption of the balance due on a certain deed of
trusl note as hereinaltef sel forth, the receipt of a' ofwllich is hereby acknowledged by
the party of the first part. the uid party of the fnt pan does hereby grant, bargain, seU
and convey with GeNERAL WARRANTY and ENGLISH COVENANTS OF TITlE unto
the laid Project FAITH Phase Two Oe~elopment, LlC, tha following des.cribed tract or
parool of land with Improvements thereon, to-wit
All th.t certain lot o r pare.1 of I.nd situate, lying .nd baing In rtappahannock
M.glsteri.1 District, King (Morg. County, Vlrvlnl., containing 26.612 acres, and
more particularty shown .nd described .s tM Rea ldu. o f Tract On. on Minor
Subdivision Plat of Pareal ~A~ prePllAtd by Deputy Land Survaying, Inc., dated
Nov.mbar 3, 2004.
,
\
LESS AND EXCEPT .698 of.n .Clll conyeyed to King Geo llle County by Deed
d.led Aug ust 10, 2001.nd recorded <IS instrument Number 200108210011184110.
BEING part of the sam e property «Inyey.d unto Proj ect FAITH, Inc., ' Vlrglnl.
corporation , by Deed from W.yne T. Edwsrds .nd TenIN 8 . EdWsrds, h"",bllnd
.nd wife, d.tec! September 20, 2002 .nd recordMI in the OffIce of 1M Cter1t of the
Circuit Court of King GIIOfV8 County, Villlin ia in o..d Book 408,.t P.9I' 3041.
This conveyance Is made Sl.tI/ed to a certain deed of trust dated AugU&I10,
2005, reaK'ded in the Office of the eM of the Circuit Court of the County of KIng
George, VlIQinia in Deed Book 550, page 054, securing a note of Pn:l;ecI FAITH, Inc., 01
even date in the original amount 01 Three Hundred Four Thousand and 001100
($304,000.00) including Interest, payable to \he order of Union bank and Trust, and as
part 01 the consideration for this conveyance the party of the second part assumes the
balance due on said note. the present unpaid principal balance thereon being
approxmately One Hundred Sixteen Thousand One Hundred Fifty-Two Dollar. and
001100 ($1 16,152.00). The party of the second part hereby covenants and agrees to
pay the aforesaid note in accordaroce with its tenns and the terms of the aforesaid deed
01 trust as evidenced by its signing th:s deed.
Union Bank and Trust, notehoider, executes this Deed for the sole PIXpDS8 of
eviGenclng its knowledge of and consent to the hefein described assumption.
2
WITNESS the foIIQ'Ning signatlKes and seals:
STATE Of VIRGINIA
COUNTY OF KING GEORGE, to-wit:
•
,y>
NOTARY PU lIC
STATE OF VIRGINIA
COUNTY OF KING GEORGE, to-wIt:
"'\0 The foregoing Deed of ASSUmption"w;:':;'~:;~'~::;;:::;:~';~,~~p~;:~:thiS

~dayofNoVflmber . V.
FAITH, Inc.
My Commission Expires: IC/SI~'O .

Notary Reg istration Number: I' 100$
--
-"' -
3
FAITH Pl'Iasa Two
,,
"G'OR';', Io-wit:
C~~r:::~~:~Ooed::~~of~_~byumptlon
PI'IyIIis
was peI'SOf\lIlly acknowteOoed before me this
",o.LQ, P{ i!lLOc--
at Project FAITH. Ine.
~ton, Pr~ent
1I~~;~~i;$0FOFVIRGI
III NIA
KING GEORGE, Il>wiI:
The foregoing Deed

" d,', "f November, 2007 by F";~\WI ~
of Assumption wa"r.~~..::~:~:~~;~~:~;:~:~;;~:.thiS
.'
--
HHUIf. COlI
CGc ••• g . . . . . D.
_'M
II¥ Cor •• M...... " ' -
(Of WiJINO
hp 110. zoo.
OF VIRGINIA
KING GEORGE, 1o-wit:
~~
~ d:2~:~~:::"~~:7~:;:~~
2007 by David L.was personally acknoWledged
Clare, at before lindVICe-President Union Bank
me this
l\~UYfQL- /'J\\
<..:::!J+
NOTARY PUBLIC
My Corrvnission Expires: eH30\ ('9 .
Notll)" Registration Number: 30 o \5la
4
TAB L
(plan of Development Certification Letter)
TO : Virginia Housing Development Authority
60 I Soulh Belvidere SITeC1
Richmond, Virginia 2]220
AtteI1tion: J im Chandler
RE: PLAN O F DEVELOPMENT CERTIFlCA nON
Name of Development: Angelwood Deve lopment Phase U(2009-Z-008)

Name ofOv.ner/Applicant: Project FAITH Phase Two Develo pment, L.L.C.I
Project FAITH, Inc.
Name of Seller/Current Owner. Projoct FAlnl Phase Two Development, L.L.C.
The abovOoll'fercnced Owner/Applicant has asked this office to complete this form letler
Il'garding the site plan of the proposed Deve lopment (mote fully de§.Cribod below). Thi5 certification is
Il'ndcrcd solely for (he purpose of confil1Tling the SlaIUS of plan of developmcnt or l ite p lan approva l of
the DeveloplMnt. It is understood thai. this leller will be used by the Virginia Housing Development
,Authority solely for the plllpOsc o f determining whether the Development qualific$ for points available
under VHDA's Qualified Allocation rlRll for hnusing t.u credits,
DEVELOPMENT DESCRO'TION : (To be provided by Ibe Owner)
Legal Description (~uld CQrTespond to the siteeon.lrOI document in the application):

LEGAL DESCRlPTJON A ITACHED
Plan ofDe·.eIopmt-DI Number:
Proposed Impmv=>mu (1hould C(mespOrMi with I.B 8l. D and In.A of tIM: application):,
!Zl New Construction:
=
o Adaptive Reuse: ~"~= If
If Units
Units =~13~= IfIt Buildings
Buildings =~
3S~'~22~O~= Total
Total Cross FIoo!" Are3
CI"OSS floor Ana
o Rehabillutfon: II Units It Buildings Total CI"OSI; Roor Arell
Other Descriptive Information: (Should ~pond with infonnation in the application)
PLAN Of DEVELOPMENT CERTIFICATIO~, continued
LOCAL CERTIFICATION: (To be completed by !be:: appropriate local o ffICial )
OIeck ooe of the followm,; as appIopriate:
The proposed devdo~nt described above luis I n I pproved rllLlll plan of developrTKnt QT site
plan (as applicable to !he site), No funhet plan of ~lopmcnt or site plan approval is llXIUired
before issuance ofa building pennit.
o The proposed (\e\'eIOpmenl is an existing de~lopment with propoied renovations lind no

addi tional plan ofdevelopmcnt approval is n~ded .
The above plan of development approval i~ in errect until: No ex iration (work has commenced)_
Tide: Pim!Or of !he IXpartmcQI of Community Dcye[Qp!lW!lt
Phone: (540) 17S 1556
Date: May 13, 2009
NOTE TO LOCALITY:
I. Rei"" Ih .. elH'1;r~lit)n 101M dndoper for i~l-slo" in I~e IU emit appHcatit)D plM'iulge,
2. Aa,. chaDce iD Ihil form may naull I. a reduclio. of poi"ts ...dtr the KOring 5)"8lcm. If
yOIl h...e any ,!"oslit)n!, plcue calt J im C".dlrr at VlfDA (804) J43..5786.
!'IOTE TO DEvtLOP[.R: You Ire It""'11y Htc<I'1'IItd 10 subm it Ibis certification 10 Ihe
appropriale local official al Iorast tb ree wftkll I" adua cc of I~ e appllealiOi deadliDC to casure
ad"!ua" tim e for review u.d approval
EXIlffi lT A
DESCRIPTION OF REAL ESTATE

AII&chvood Devclopmtal Phase D
AU that certain lot or parcel of land situate, lying and being in Rappahannock
Magisterial District, King George County, Virginia. containing 26.612 acres, more or
less. shown zmd described on the survey entitled " ALTAlACSM Land Title Survey
Residue of Tract One, Being • Portion of Woodlawn", dated November 7, 2008 and
prepared by Deputy Land Surveying, Inc., which plat is to be recorded in the Clerk' s
Office of the Circuit Coun of King George County. Virginia.
(This p,opelty includes all tha! certain tract or parcel of land situate, lying and being in
Rappahanoock Magisteri.al District, King George County, Virginia, designated 8.!1 Lot 1,
Plat dated July 15,2008, prepared by Deputy Land Surveying. lnc:., which plat is to be
recorded in the Clerk's Office oflhe Circuit Coun orKing ~ County, Virginia)
TABM
(Zoning Certjflcadon Letter)
Depanmcot or J~k Green, AlCP, DircclOr
Comm un ity Devfiop'nut Bradley l looson, Acting Building Official
10459 Cowtbouse Drive, Suite 104 (540) 175-71 11 (offi<:c)
KingGeorp. VA 22485 (S40) 175-3 139 (fu)
TO: Virginia Housing Development Aulhorily

60 r Scuth BclviMtt Street
Richmond, Virginia 23220
Attention: lim Chandler
U : ZONING CERTIFICATION
Name o f Devt:lopment:
Nameofo...l!CTJAppl~:
Name of SdlcrfCurmlt Owner.
The above-referenced Owner/A pplicant hu uked thi s office to complete this form ktler
regarding the zoning of the proposed Development (more fully described be low), n tis cenification is
( rendered solely for the pUJPOSe of conftnning proper zoning for the site of the Development It is
undcr$tood that this letter will be used by the Virginia Housing Development Authority solely for the
PUr"JX* ofdetennining whether tlte Development qutJifleS for points available under VHDA's Qualified
'AIJocation Piau for bousinSI4X c~its.
DEVEl.OPJI,f[·NT m :SOUPT, ON, (fo be provided by th< Owner)
correspond to
Usal [kscriptioo (should correspond to tile sitt control document in the appliulion):
I,.EGAL DESCRIPTJON ATTACHED
F'ropow:Ilmprm=>CIIl$ {should correspond y,ilh I.B &. 0 and IlLA oftbc application):
, (81 Ne w Construction: 32 It Units 13 II Buildings 35,22

0
Total GrO$$ Floor Area
o Adaptive Reuse : /I Un its It Bu il d ings Total Gross Floor Area

o Rehabilil:<ltion: II UnIts /I Buildings Total Gross Floor Area
ZONIJ'iG CERTIFICA n ON, Pag<: Two
Cumn! Zoning: Multi-family Dwl'lIing Diwict (R_)) allowing I density of

Eight (8) units per acre, and the following other applicable <X>IKiitions:
Zoning is JP!'OPU ooly if the propeny on .... hich the devdopmetlt is or will be: located ~omplies with
eXiSfilll! zoning requirements: provided, howe""", that if the ;roning is not residential with an ~R~
d~ignalion, zoning will oot be deemed 10 be: proper, un~s the chkf executive OffKlCT of the locality
certifies, on behalf of such locality, approves the request o f the above-referenced OwnerlApplicant to
such locality that the WIling be deemed to be: proper for the sole purpose of awarding pointli uneItT the
Qualified Allocation Plan, notwithstanding that the zoning for the property does not have an MR~
designation.
Other ne""riplive lnfonnation: (Should correspond with infonnation in tbe application)
LOCAL CERTIFICATION: (To be completed by the appropriate local official or Civil Enginoer)
Check one of the foUowing as appropriate:
The zoning for the proposed development d-e""ribt>d above is proper and currently is an " R"
zoning designation or a special use permit has been issued. To the best of my knowledge, there
are presently no wn ing violations outstand ing 00 this property . No funlter zoning a pprovals
and/or special u...e penuits are required.
o The development de'iCTibed above is an approvOO non-ronfonning use in an UR" WIling

designation. To the best of my knowledge, there are presently no zoning violations outstanding
on this property. No funher WIling approvals and/or sp«ial use permil$ are requiRd.
o There are no zoning requirements cUITCntly applicable 10 the site described above.
Director of Community DevelOpment, King G«Jr&e County,

Virginia
(Title of Local OffICial or Civil Enginea')
540-775-3556
Date: Mly 12, 2009

EXHIBIT A
DF..sCRIYTION OF REAL ESTATE

Angelwood Develupmenl Phase II
ALL that certain lot or parcel of land situate. lying and being in Rappahannock
Magisterial District, King George County, Virginia., containing 26.612 acres, more or
less, shown and described on the survey entitled "ALTAlACSM Land Title Survey
Residue of Tract One, Being a Portion of Woodlawn", dated November 7, 2008 and
prepared by Deputy Land Surveying, Inc., which plat is to be recorded in the Clerk's
Office of the Cin:uit Court of King George County, Virginia.
(lllis property includes aU that certain tract or parcel of land situate, lying and being in
Rappahannock Magisterial District, King George County, Virginia., designated as Lot I,
Plat dated July 15, 2008, prepared by Deputy Land Surveying, Inc., which plat is to be
recordod in the Clerk's Office of the Circuit Coun of King George County, Virginia)
TABN
(Copies of 8609'8 To Certify Developer Experience)
_ 8609 Low-Income Housing Credit
Allo catIon Certification
A _ " , ...... (do ........ ' . O'I'.U....... ' . )

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TABQ
(Utility Allowances and Rental Assistance)
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al~tHlui U : 10 SUUH/80
At Its mHtlng of Tuesd.y , Marth 3, 2009, the King George County BOlird of SupeNlsora,
on a motion by Mr. Brooka, seconded by Mr. 8I,.on, .nd c.nied un.nlmously, ..ch
member voting a' follow. : Mr. Grzelk. Aye; Mr. Howard Aye; Mr. Brook. Aye; .nd Mr.
51 • .on, Ay. , adopted the following Ordlnanca, . . . mend.d:
Section No. _ Local Real and Personal Property Tax Exemption - Project felth
Purpose
The purpose of l hl, Ordinance i, to exempt the qualifying real and peraonal property ownad
and used by Project FAITH , Inc. known as Project FAITH, as a result of the Board's finding that
Project FAITH i, a nonprofit organization thaI uses such property for charilable and benevolenl
ptJrpo$eS by providing affordable housing to "Faci~tata Access to Independent Housing for
persons with d is~itlel and eld8l' individuals with low incomes" and that it I, beneficial for the
citizens of King Geotge County.
All of the qualifying real and penonal property , situate In King George County and located al
the FaeMy known II Angelwood, Tal( Map 2• . P3fOeI159A , with street addreMeS of 10259.
10255, 10253, 102&7 Falth Drive; and Tax Map 24, Parcel 1640, with a straet address of 10515
Tinsbloom Mill lane; and Tax Map 8·50 with a street address 1<4200 - , . 2{)2 Hilton Lane.
owned by Project FAITH and actually used for the charitable and benevolent purpose of
providing affordable houling shall be exempt from local taxation.
Du ration
This exemption shall be contingent on the continued use of the property in accordance with
the purpose for whicl'llhe organization Is classified or designal9d.
No Discrimination
No exemption shal be prOVided 10 any organization thai has any rule. regul ation. poIiq.
or practice that unlawfully discriminates 0fI the basis of relig ious conviction . raOl . color. sex, or
national origin.
Thi1; ordinance is made pursuant to subsection 5 (a) (5) of Article X of the Constitution of
Virgini a and Va. Code section 58.1-3651 , after advertisement, public hearing and comment.
CFDEll BROOKS, JR,
h Election o;~tric!
JOSEPH W. GRZEIKA
Jamea MadI80n EJodion Dls1rlct COUNTY ADM INISTRATOR
A. TRAVIS QU ESENB£RRY, P.E,
JAMES 9. HOWARD 1~ CcuIhouse Orf'.oe, SuiIe 200
.tame. Monroe Election Oiotrid KIng~, VA 22. 8.5
Telephone: (Soo«))77So9 181
JAMES F. MUllEN FAX: (~)l1So5248
DaNg .... Eleclion DIslrict w_: _.k01g~ ........
DAlE W. SISSOH. JR.
AI-bge ElIIcIion District
The King George County Board of Superviaon;, at its meeting of Tuesday. April 7, 2009,
adopted the foIowing f83OIution on a motion by Mr. CedeII Brooks, Jr.. seconded by Mr. James
B. Howard, and calried unanirnous.ly:
RESOlUnON
WHEREAS , in February of 2008 the King GeorQ& County Board of Supervisors voted
unanimously to support the deyelopment of road, water and sewer infrastructure to serve
Project FAITH's Angelwood project through the submission of a Community Deyelopment Block
Grant application: and
{
WHEREAS, the need for affOl"dable, s81e housing to seMI people with disabilities and the
eldeny in King George County;s well kllOWn 10 the Board of Supervisors and the citizens of the
County; and
WHEREAS , the ne)(t phase of the Angelwood de~elopment , known as Angel Cou rt, will result in
the constntction of 24 new housing units accessible to serve up 10 112 persons with disabil~ies
with incomes at or below 50% of the Area Median Income based on household si;te: and
WHEREAS , other funding in the project Includes: Virginia Housing Development Authority
funds - $735.000: Community Development Block GrantIOepartment of Housing and
Community Development - $680,000; Virginia Housing DeYeIoprnIInt AuihoritylOepartment of
Housing and Community Development Stimulus funds - $220,000: HOME funds through
Department of Housing and Community Development - S5OO,OOO; the Virginia Community
Development Corporation through purchase of Low-Income Housing Tax Cred~s allocated 10
the projecI - $2,647,000; and Project Faith Spon$Or Loan - $512 ,346; and
'M-IEREAS. King George County does support this pro;ect by seeking COOO funding 'Of
constroction of infrastructure to SE!fW the housing deYeIopment and by way of real estale tal(
el(emplion estimated to be $9,000 for the current year ($1 35,000 IOf the 15-year tax credit
compliance period), and providing administratille support for the ptoject Uling County staff and
resources estimated to be $40,000 for an estmated total County commitment of $175,000 IOf
the 15-year tal( cred~ compliance period.
THEREFORE, BE IT RESOLVED THAT, pursuant to two public hearings, King George County
wishes 10 apply fOf Virginia Community Development Bloc:II; Grant funding of up 10 $680,000 fOf
the Angel Court project; and
BE IT FU.R
~TH
:;~e
~;R;iR~e.so
:;,~l~
v~e,;D that the County Administrator is hereby authorized to sign and
~I for the submittal of this Virginia Community Development Block
ceDeLL MOOKS, JR,
Shlbh Eledlon Ili81r1ct
JOSEPH W. GRZEIKA
Jam... Macloon EIIIc:IIon DifIrk:t COlIfITY AtlMlNISlRATOR
.... lRAViS QUESENBERRY, P.E.
JAMES a. HOWARD Coi.othouoe Drfve. SUite 200
lQ4.5Q
Jam... Moo"", EIIIc:IIon ()jstrlcl King Goorg •• VA 22486
TeIep/Ioole: (5-4(lln5-11181
JAMES F. MUu.EN FAX: (540ln5-624ll
O"'igfIJn Eldon DIobicI W~ : WWW.I<FQ-george.V8.UI
DALE W. SISSQt<I, JR.

AI-urge EIcIcIDn 0I!ItrId
May 14, 2009
Mr. Chris sterling

Virgl~ Community Development Corporation
1840 W. Broad street. Suite 200
Richmond. Vlrginl, 23220
Dear Mr. stertng:
The King Geotge County BoIIIrd of Supervisors adopt&d an ordinarloe on March 3. 2009.
gnmting tax exempt Status to properties c;:urrently owned and Opilillled by Pro}ec:t Feith. Inc;:. for
c;:Raritable and benevolent purposes by p~ affordable houmg. As future properties are
developed by Project Faith, 100., for this seme purpose, the Boan:I of SupefvlSOflI may eonsidef
granting ta~ exempt mlus to 8IXto PfOpertle6 once they ere operatiooal.
" )'OU requi'e additional infonnaIIon, please do not hesitate to oontac:t me.
Sinc:erely,
A. Travis Quesenberry. P.
County Administrator
cc: Fronce' Wardlaw. Exec;:. Oirector. Project F.1th, Inc;:.

King George County has granted t.1x abatement to King's Highway Project, Project
FAITH's first J.1HTC·asslsted project in a March 3, 2009 ordinance (see attached).
King George County has also agreed, In a resolution, to tax abatement for Angel
Court. the third phase of the Angelwood project, as part of a CDBG app lication (also
attached). King George Is expected to grant tax abatement for Angelwood
Development Phase If once It Is fully operational in the Fall of 2009.
TABR
(Documentadon of Operating Budget)
TABS
(Documentation of Projed Budget)
AlA Document A101 " -1997
Stndarrl Fotm of Agreement Between Owner . OO Contntctor
!WIn /he basis of payment is 8 snPUtA TED SUM
~"F "T ..-.

(I'..,.yIu_.nj
of . .
T1Iirtiefo <101 oICIoIol>cr ill .... yea 01 Two IIoouand ciJb<
I!TWUN doc 0-.:

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ARTlCLE' THE CONTRACt DOCUMENTS
~ CCIIIIrOCI flooou"",n" con.i .. '" thia ""......nI. Conditio.. '" ~ Contta<:l W......"L SUpplm>oDW'y . nd ""'or
c.:.MIi __ ~ Orowi ..... Spe<:irlCOtiorto. ... _ Ilm<d prior 10 ueoution '" lhio ... va: .... ~ _ """" ...... li>Icd
;. lIoil ....... _ Ind J,locIiIi<aWRI iaoutd ofIcr o. KUtiooo '" Ibi. ~; q,.... form ibo Conuotl. and _ ..
lIIIly.
ond .ped. _
'*' '" Ibo c-.-.ct .. 1f 1Il0l:...... 10 IIIia ...........nI .. rtpealOd ....tid.. Tho: CcnIra<:I
.. '*-on ibo pon;a ..... oDd ..,pero«b prior ...~ ~ or
'epo"'''' Ihe C1'Itirc
""_"aU.
Anide._
o:ither .... _ or onl. Aa ..... , ... , ,1000 d ,be eo...... Docutnrtu. <IIIoo:r "'"" Moclifocaliol'l.. oppean in
ARtlCLE Z nw; WOItK 01' TlIII CONTRACT

n. eo... _ _ r.u, l .. Worii tIIl«'" _hod '"
the Conrra<:I 0 " .." ....... 01«Jll1O". ...... ~ficlPy
Ioodic:o~" i k e - Do:oa._ 10 be Iloo ---,bili\)' '" ocb<rs.
AITICU' IlAlE Of';( 1IICEllOO AllllIUa$TANTIAI. COIIIf'I.ETION

_ or,..,.....
t ", ......... "', ""'''''. oflllc Won ohaII be .... <10 .. of dr.is "' _ _ ....... difl'er9I_ .. . . -
10 ..... rot !be _ .. be IUeoI ;".1IOIkc 10"..,.,.. _ b)' ".. 0.._.
Tho
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_ _ will Ii< 111..., '" I Node< .. ~
If. prior .. _ _ .. '" ibo Won..lIoe 0......- rcqWn 0.... '" IiIo _ _ , • '.k', IioM - ' ......
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HI) <Ioyo fitono, N.T.!'.
]20".,. from N.T P •
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• ..to;oct Ii> odjuobooo... of ItO, c-.ot Ti...... pno. ;dod in .... c--act 1l<oa>onetotI:.
as-...wCoo.· .)0 of .... Won Iodtlayo:l b)' 4iroo1 r..III of . . ~lObet_ .. 321 ond lJ60t.y0of1<f
,,.
N'GIice Ii> """"""'- die C_OCb . . . - '" ..,. ' . . - oIarnafu 0( 5150 pel' dcll)W <loy ..... ond hodudO", <loy
U 5 d .;11 eo... ,
ioo ofd¥ Won: ia dcllJ""l by <Iltca floll of "'" c.:.", __ ... ])1 0100)'1 or ""'"' fro ... tho
N..., to I'foct.:od, tho ~ ocr<'<" Ii> """"' liqI>ido ..... daonoteO of 18'>10 .,..- dot.
'''Il10 ...... <ha, ~ of Om j.c, ... ohWned ..... y of .... 11 ..... <I&Ilier ....... 29D 0100". f""" Nooicc 10
I'roa!od..~...,dtbc I' " '..... Ii<;- _ nO<llyo f..... N"""" PI"oceod. iboO-UOllftU1O Ply ....
CoooIract« ....lIIIy ......- . _ of $JO por aoh$taniioll,~ .. 1liii, por oily. 1"110 uo1y .......1eti<on - . .
_ Ii< IiDtalIO 55.000.
f il,
AllTlCLE. COHT"lACT SUM
1"110 Owner ...... PlY \be c-..:u,.- it>< Cooono::! Sum in ......... fund, (or .... C.......""'. flCrf............., of\be
Controo<t. n.. Contraa Sum ohoIl ($ ~ ,312.9'I:i ). outoject 10 oddi,i""" .nd d<duo:..,...
U proridoool in \be C""""",
"""'-
~_ am> .......... !ho,
1. Seo AIIoIendo
.... followia, volooe ~noeri ... ,.UI be
.1 .,,1.
i,_.,.._ ;nlO \be oIe!.i"o:
f 4.2 The c-r.c, ~'" iI_ ..- do< folio"; .. 0 1 _ if Iii~ • ..tIi<h or. oIeo.CIibed ioo .... C _
OocGmefU ond ..., _ y oa:epood b)' ... 0..-:
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AfIlD.ES 'AI'IIEIITS
,s.t I'IIOGMSS rAYlllENTS
fl.l.1 _ .... A"'S"""on"fur P:o~"""oedlO"" ~ bJ .... C _....... ~ b
,.~;....,by ... A<dIiIta,_O""' ........ PRIIR.P1~ ........... ."Ibr.C-...S- .., . .
Cwto ....... ,.... · , • _ _ _ _ iII .... c.....""Doo .oa.
I s.1.2",. pniod _ _ by'" ",.;,. 'ion for " " ' - shall bo _ . - - . . - " eadUc" .... Iast cIoyof
.......... roDowl:
tl.UPlu' ? , _ . .. pptino'iM r... r.,...... it l"""_I1I)'1hc~
. - . .... o - _ _ ~"' .... CenIn<.... """~_ ... p;fIecMII da)lcflht folro..;",-.
... 10......... ~ · r1Mo dayof
I f . AppN=ri= b , . . , - ____ ...... .., _""""-.no. ... opp" S .. _tiud ....... P""- ibaIIbc
_by_o- ... .... ... ~ , )0 ) <byoofler Iloo ~,.,.,..;- .... ~,.,.~
II.1A EodIAPI' ..... ",",.".,... thoII ... _ ... 11>11 _ J'OOCIII .......... 01 nluco ............. hy ....
ea.o:...... lit • : . ..... Ibc eoa .... """"'_ Tk IldMdul< 01 ylllia .... U aIIocalt .... ...we CooIInct
_ ........ _poan;...<11 .... Wort. Tho .......... ofnl1l<f-..al be ......c>d .. ...,.,t_.r.!
.., IUd! doIa lei ........... ill..,......". .. 11M ~ fM)' '"'I1>iro.. Thio .......'It. _II ot;e<»:d 10 hy !be
4Fco,""
AtdiiIio<t, 1MB bo....s II . - . r.:.. ~ \be eo. .....!U', ~Iicooo for ...",.,....
II.U AppiLa_ far " " , - m.u iJdi<:a...... ~ d ~ of eo<b ~ of .... WaR .. of ....
end of ... period. ~ b)o Ib& Applioo .... r... P.ymcnl.
( t 1.1.1 sm:;.c.1D ....... pnm...... of .... Cln_ """"'_ .... ___ III of - " _ _ paymau ohaII be
.... , .... all foIlowl:
.1 Tate ... poRi""." .... Cooonx1 Sum propo:tly aIJo<lblo 10 COIII9I<ted Won. .. delermi""d by
-.01
mIlltip!,.u.a Iho """""'"'" ooonpIdioa of...,., ","",on 01 .... wort. by ""' ..... 01 .... ConIract Sum
........... "' ..... ,....... of .... wort ;n .... 1d>o<tu1c ofyll.,.. . .... Pi"" p<1UI'II (
S,1lO'IIo ). """"" final delertnimliua of ""'" to .... 0..- of _ , . . I~ .... wan.. ._nu "'" in
diIroIo du.lI ... i8dIIdod .. pr<Ividepc!'Iy oIlocalrlc 101I"IOIOIiaIs .... rquiponeM ddi-.:l ....
NiIabI)' _ lC Ibo silo lor ~ l....
poo&lioD .. dot ~ ~ (ot. If _0''''
La _ I I ) ' dot 0....:. ....- , . _ of\'!be,;1e " • 1o<:alio. .... 0001 UJIOII ion writi,.l . .....
.......... ( to
.l SebIno:, dot ourq,a .. <JI '""""'" PO)'1tW411 . . - by \be 0..--. •
.4 - . . . woo .. if...,.. lot '"""" .... ""''' _ _ widIhcW ot...wtlod I Ccrtifl<lle lot Po,..-
• pnMcIed iot Sec... 9..3 of AlA nox-. AlOI· , 99'l.
I5.UTK_po,....... ............... , · diot._._·_'S""'O" .1.6 _ _ fIIoIIoet~_

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c.-__ . ..,. _ _ _ PO)'Oblr. iJ, .."."otMo::c _ S - 9. 10.3 of .... " o..aa-
A2t11 -1997.
11.1.1 _ _ or~"""'" of """"1IqO. if...,.. _ k 01 folio....,

thrq""~
11.1.1 e...,.,.
wi .. die 0....'. prior lIPF"'O"oI. .... eo., ..... oNlIlI3I """'" ""'-'" PO~"'" IUfIPIien for
........... cqip_ 1Obio:b Imve _ ' - " 1Ieli_..., ..
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11.2.1 FilIal PO)'mMI. _ _ nnin& tho ....... yllpolcl boIonoc of "'" Cotn<t.<:I s-. obolI be 1IUIdc by <be o.m.r ",!he
e:._ """'"
.1 !be~ .. bas fidl Yl""'faaood <be ConIrut ou:op for ... COOl""""'" .. .,.,...ibilily '" C<1/"fW
W"", .. provid<d ;"S«tioo 12.2.201 ...." flow_ AlO1 _I'I'n •• ..t 'nsoliofyo<hr. req .............
.,tend
if MI)' . ..... "" bej'OOld final poyma>t; ood
.1 IIiDaI Ccrtlflclle for r.ymeIK I>orr ' - " i......! by !be M.'hltea.
I Ul Tb< 0 - ', _ """""" to ... Cor ........ o/IaIL be ...... 00 Jolt>" _ JO dayo of\cr ... ~ of ...
AtdIilecI', IIDIII c..aficole ''''' r.,......... <11"" 10lI0..... :
AImCLII TEIII I I"T1ONCIII SUSl'EIIWIiI

1 1.1 TIIo c-.... "'1 be _rooI<d by !be 0-.. <If . . . Cor....,. .. prOrioi<d" A:Uc1o I. of AI" o..c:..-
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AImCI.£. ElUlElU.TIOtI OF COHTIVoCT DOCUMENtS

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eo.e...... AlA OucW"',4 "IOI· lm.
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Certification of Documenfs Authenticity
A1~ DOCtIfIlfHIf D401/11 - 2003
L KC'tIn MiJ,oU. tr.ueby <C1IIfy, '" Ihe baI ol "'1 bowlocl",. information ond bo-lid. tlut I emoted tIo: attached rtNI
_ l I i r m l u _ l y ";111 ... "'toCi,1ed "'ddiliono ...., 0._ ,ion"
Rop<Ift MId tbio ""nir... 1~:26,1~ on
IQf29I1OOl ..... OrM No. UlOOO59lS1 wi "0lIl Al'" C _ Oocu_ oofi...are MId tho< 1ft ptq>Ari., lilt
_ Ii... _ no
I motIc dIont<o 10 thoI ....&Ino1 .u' <II AI"'-DonI"""" "' IO[TW ~ 1997 - SIandonl "'""
<II "' _ _ Bet...... 0 - MId C _ wiler< the - . ol~'" i• • STlPUL\TFD SUM .... ""bl.isbod try
......
eM AlA ill hi oofI~ ...... 1IIon'- additloN.nd <ltklioao --.. ill IIIe .......... ~ Ad.IitloN OIl<! Otleti"",
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,
TABT
(Documentation of Financing Sources)
• •
Apri l 14, 2008
Mr, David Clare:

Senior Vice P~idcnl
Union Bank and Tru$1 Com pany
p, O. BoK 446
Bowling Green, VA 22421.0«6
AND
Ms. Froncc Wardlaw

!>!(>jeer Manailu I Executive Director
Projec\ FAin!. Inc.
1(07) Kings Hiibway
King Gcor&c, VA 2248 5
RE: 01S0465 / Angel wood Development Pha,. II
Dear Mr. elate and Ms. Wardla w:
Endoscd for each ofya u is a sign<:d. copy Qftbc AffOf'lbble Ho .... ing Program AgIl'crn"'ll for
Angdwood Development Phase II. Please keep tllis agrumen! with your rttords.
If you have any questioos, please !pYC me acall 81 (800) 5J.6-%50 elll. 8359. Good luck
with your projeclt
Mthur L. Fleming
Finl Vic~ Pmiderlt.oo Direc!or
Communi\}' InvulI»<n'~'
c: Projecr FAITH Phase Two Devdopmenf, LLC
117 \ "< ." 1",,, . '''.'' N ! I ." ',n.. r. . ,,,,,,,,, -., . <. ", "
• •
AFFORDABLE I-lOUSING PROGRAM AGREEMENT
(REl'lT'AL PROJECI)
"[,hI, AFFORDABLE HOUS ING PROGRAM AGREEMENT (RENTAL PROJECT)

(rlu ••• Agn"",...nl'), doled .. of D~ccmb<:. 20, 2007, IS .m.~ into .mon, ,he Foo.",) Hoo ... [.oon
Sonk of .-\tbrJl> (.he " RIUIlI). Union B ..... and T .... , Compo"y (1'" ",u"mb<-",.
Proje:CI PAlTH,
Inc. (, ... "!>roi«' Spon,oI,).nd ProjeCI FAlTH Ph~.., Two Ot:vclopmcnl. LLC (!he " Proj«,
01<71<'1').
WIIEREAS. punw.n. 10 S«tion 10(j) of the F"",I1II'lolTlC r.o.n Ibnk ,\<~ !he rogubuor"
promulg:o.w by the I'Ner1l Hnu,ing FIrW\<c Ik=d (0< an, '''''IOU..,.. n-gub.m) (the " FHu~
Bo-Id). . nd the p<>b<:oco .<><1 pnx«lwe. ~,>bIisho<J by ,he FInO"'" Jj,,,,,rd ItI COfUlCCUOO ,h.,.,...,th
(c<>ll""""dy. :os thc .. me may be nlOdlrO«! from t>mc 10 rime, m... AHP HCgW1ltiorol"), the Bank hu
a. .. b/ishtd on Mfonhble Hou .ing Pmgnm (the " B~nk'5 AHP 1:
WHIiRF..AS, .". B.nk Iu.. oko el.Ilbli&hed . n Affotdable HOUJtng PK'l':flI" Implement.DO"
Plan (os the .. me mil)' be modified from ame to """'. the " lmpkm<::"UltHNJ l'1<>n"), .nd AH P
f><>liau. p",,<'<Iurc •. guidelinn., Ind ;nmucnons c"".ring. .moog OIh., tlungs. kuibtluy. fundtng.
monill>mg Ind rnodafying .rrordoblc hawing PIDfCCU puncipanng .. tIM: Ihnk', AHI' (mgcth .. ",-,th
the hnple~ .. oon !'bit, mll«<ively, u th~ "'nle ""'Y bt rr>Od>fied from time '0 rim<, tk " B .."k's
AliI' PoUd~. and Pnxr:cJu"y'; ond toR".h« "",do tk .\111' Regub""'li, <011«1;"..,"', " AHP
R~u~mtt"'''i;
WI ~ER.E.r\S, In C<)ru\«;OOo wido the proj«. dcK.l:>b.d in Scctioo I I.>et.- (the" Projrd), >he
M.mbt. IH.. subminell .0
the Bonk on .pplicotlOt'l unde, .he Boonk', ,\ HI> (u _h opp& ..ion ..
app",,'.d i" ""riang by <he 6.nk, InCluding m<><Il6conom, ,f lOY, It.>.he .pplicaciun opp""..,.! '" WOMB
hI'.,..,Ihnk, ,he " AJ>PIjafiDli), ~ 10 WN<h <he ~kmbc. 1"'I'«fU"S.. d llIot d'e B.nk 1',,,,.....,.
rul>oid)' UJ\d,o, ,he Ihnk'. AI II' (.he "sub6kJYi, which pursuan ••n the .~ H I' Rogub""'" m'1 be on ,ho:
form of. dIttct '"MI<!f and/ ... 0 ,uwidixcd odvuIa-; .",1
WHERf":.AS, llIe other ~ 10 .hi. Ago<."'''''' ..:knuwlnlg<. undem"nd and "g_ thOl ,I><
1I1Ok . h.U h.ve no ""ligon,," ,,.. """''''''tint'''
to K=" the .ub/.tdy f'rio, '0 the . crull t.Ioobwxrnc;m
,hcr«of, .,><1 ,hot ony such Ji.bulk..,.... ......bit., ro ,he ,,,,,,,I 000 <oo"d,,;o... , "'" f",.h on AHI'
R'"'Iwnmrn ... in .he APf'Iin......" .nll on .hu •\l!'""'n .. m.
NOW. THU!.l'FORF~ .. Ct,.,.,dc:...""" I'",m"""

of the ro.
"",I 510.00 ,ntI fOf OIhcr
(On.;Jomooo, the ~irt onJ ... rr.c..nc1 of wlu<:h :lIe horeb)' .dnuv.'~, th~ Bonk. the ~ I.mbe"
m..I ' roj<cr Spon ....,..,11 ,he />" >1«' 0 •.-"", h.rehy ' It""' .. loU"" ..:
j·lILII..,l Ill..... 1\<. uzoos

1.0
•
6pp!iCl! riQQ. The ,\1""""' •. ,he ['''',ora Owne, .• nd lho l'roje<l
• !'r<"'-
dulJ IJ<
!J<>Un1"-,,,..,", g<l\cIIUI'Ig the 'PI"ovol .n<! (umunS o f the I\ppbc.t~"" ~
.ny .I\d 1ft rq>f',..,nl.ll< .... m:tdc ;" ~.Kl 11.pplOCSIlt>n, Ce""In of ,h.
,\pplic.aon'. (c."' ..... . 11: . .
("II".....
Prot«' Nomr: Angdwt.H.'<l o.,,·dnpm<n. I'h • .., 11

l'roject Numlxr. 07K(~
J'<OjCCI S..,'" VA
Project 0.,.....,,, P"*,,, FAITH ['hut TWI1 o.,.·cluprncm, LLC
AmOlln t of Direcl Subsidy: $1 00,000.00

ToooI Number ofl'",,>: 32
,..t~
~ units., orbd<>v.· SO ~,c.m of ..... median income

2 Ufliu 0' or k l<>w 51 • 65 """,en, of un mrdio.n ItlCOO""
,1I1J1t at or below 6(, _ 80 finn,,' of IlteO median income
un;" gte> n: . ..... n 80 pe!l:<n' of,In n .. ollO" inc.,.....
2.0 AtiP Subtidt.
N1;' cuity of Suirtidy; f easibility. The ~oe of liM: lubo ,dy • •• ..,t r",th I!l tho:
2.01
Apploc.cion, is OS (<>loW" AtJP fundJ will be used fpc n e w oonllDICtip n o f 32 mll!li - r~mi!Y !CUuoJ
yoi" ;0 KiD¥ Groll'(. til ".dc, to ~ that the 'PJ><'l"ed Ieo..,t of sut..Ody (ton, Ih~ B.nk is ." It
",,,,,,,"red '" t/w: oclUIlfunding dlue through d .. ;,utW tnOrulOtv'l!; penod, In CCIOIfotmity ""h AUf'
R«jWrt.......,u, t/w: S.nk ,,;0 rnvalu.n: <he Nboicly level . nd will only fund ,h.. ponion o f 'he ..,boody
d.cm<d ~suy by <h . s..nk fO fund <h. Pr<>j<'C(. In .... h ,,"rt.Ju:.Oun <hc B.nIc ...111 l'M<ipaDy
~ flfl. ru:1al tlal>. In(:luiling. among om...
fOCfOD, u.. (011""""g:
(.) ,\n "''''''''It of ,he tT\2lkn volu< or ",·l:ind dot,.""", ..td volun ,=
p rufo •• ion>l bbo •• nd .",x.,. hue twX Iho v ..... o f _.,.., cquity.
(b) ProteCl em .., U .. 1I«:,cd in the 1""'"<Inr"",n' tI..dgo.1 (.. Jcfined bdc ...).
including ",..."hc:r ....h coots ••c ... snruobl<;and ClJstO""uy. In I .cmtl. n« ..... h
th. p...,... (u.iloiliry gw<I<IInn..,.
("n" '" ,Ix- I mplcm~n'."' ... l'bn
moJlf>eJ 11). ,I>< B."k from time 'v Ilm<) (,..., •• ~ k~$ibiliry
'0; "'' ) ....
gvf<klinn). in lish, "r uuluotrr ...""-,,,1. fo, ,..., Io.oca,oon "f ,h. I'"""" 1nd
'he Iong· ,erm fuuna>1 n«d. of .M f'torr< •.
Ikfo,. fundang. tho: U.nk J.IuI Jc,.,n..n .. """'the< !he 1.... lce' .. ''I'''rarionlll), fc • .;w.. •n ",coni""••
..·nh ,h. [hnk'. 1''''''''''
fouibillly gw.Jc1in.n. b>o.~ "" &e,M. including hut [101 ,,,,,..«I '<>' "M'l.c. blc
(IIUncul ... 00.. JlC<'V>p/Uc wtion. ncod. "r "'" ...... nto. • nJ Of"'"
,>0" . 6""",,;'1 ,....1)«',
,
~ltlJb.k .\,,,",, 1\.0 U:!O IS
• •
~h''''«~'';IK''.' ",eII~. ' h" fI.nk', c"n. id""",,,,, of the firun c•• l condi .."". ,,~nri"n., 1'''''I",nie. '"
P'OI!>':': " of PTQJ~C' Owne ' or 1"0,«' Spo,n,,,, ,h., .(f«. Ih~ 1'101'="'" ''f'CuUon.1 r...ibdiry. H,e
,wKl<l)' """" ~ I"I«<'.... <!. f()<
,nd anr ....m.-.
,h.
fin.no:ol (.,;ulbiliry "r tho P"""". on..! tl>c nte of Hue","" f'O"'rs, ftt ••
d urg •• (UI' ,.q Loan. fin.nang !he Pro,,,,,, mus, "'" "",""cd ...... b. ""e of intC"'~.
I'"im., fcrt .nod <>!he. chargco for Ioono or .urula.""''''''')', "rm,
and ",Ie
2.02 UK oISybsidy; Tim;ne. The Member ...np. .. 00 tho fUIl.mount of the .ub.ody ",
u,e J>n>joxt (Of which the .ubsid), """•• ppr<Wcd. F... ch of,~ Mcmbet, .he l'roject Cu''''''', .nd the
Pmj«, Spon...... agree. ro ...., the . ub.;dy In ootOtdanu ...... h the «1m. n( the '\f>TIIico.cion, ill M Il'
R~,mmcn,.. .0d.U .pplic.bIc t... ...... Th. M~' ....... Project Ownu, and 1'roje<.1 Span",. oW« f<)
<In... do",,, .nd ...., .11 • • ub. !dy and comp~l' the I'toj«t ,,~'hUl the blnef•• ",.(.) .., fortI> in thr
Implc">eru.tion I'!.n. If IlK . .. boody IS flOt oJ",wn down .nd """" by the I'm""" ""tlurt d,.
timor_(o) .. , f<,.,h in the [mplc"",,,,,,"'" Motl, the Bonk mar co.ncd 11. ~1'!'f""'01 of the Applica_
(or ,,,,,h ~· ~nd make tu<h .ub<ody • .....Joble foo- other AHI'·eligiblc p",;OCu.
2.03 Diu" Syllfjdy; Pkdgs by PmkCl SI!!!MQ(.
(a) If rM Member lend • • dim: • • "b,;dy fD "'" P"'lee'. • nf '~p"l· .... nll of ""nap.1
alld p.r"""'.. of in'~'.". ,f .nr •• ecei~ed b, ,I>( Member mu., bo: p2id p.(>mp'ly '0 ,he lI.nk.
(b) If ,he Proi"" Sponsor lend. a dir«. lu b. idy '0 the p,Oj.ct. ~ny reJUjment. o f
pnnCpal.nd p.ymcn .. of in,,,,.,.,.
if .nr. «<.,,·cd by Ihe PJ"O)«I Spun.".. must be p.id promptly lu
(he Membe •.• nd 'he Mcmb.. ,h. O promptly recover ,nd .ep'y , uch .....,..n!> '" Ihe Sonk The
Proi"'" Sponsor h.reby gnnt. 10 rhe Mcmbet a COtllUlU,ng seamr)· iDle ...1 '"~ 00 of 'he 1''''1«1
:>I"'n'o,', ngh .. '0 ,eceive such pa)·moen!> from ,he P,uj'" 0........ oil '''ottumen'' and OIh.,
tk""""<III.tion cvKlc ... ing . ,..h ngh!J (including. widlQu, hmitation. 'he Ret.nUOR Mee hani,m,
"",,".. ting uf. "",e.ud ..."(uriry in,uumcnl. 10 Oe givm by the P'DICC. 0..."", pun".nr to Section
3.08, and . 11 pf.-.ceeds of .ny o( th. forcg<>lng. Suc h R,,"'"non Mechanism , h.1l """u n: .Il
obligation. of 1M l'raj .... Sponso. undc. <Iu, .~gf .. men. (Including. "",.h",,, limiuuon, (he
obbg:,,;on.o make p_ ymenl. ro <he Membe, under IIw S<ction 2.03(b)}. The M<mba oholl ob","
fmtn the Project Sponsor ,b. original nOl. pkdgrd II put "f the Retention M~ch.ni .... pur",.", 10
II". Sc.-ction 1.0l(b) .nd , h.U I.kc , uc h orh.r !I<ps o....., be '""I""ed 10 pcrr«={ (ood n)2Jt1loin . he
rer(ection of) The ,«=ulltf ,nttr,,' g,"",.d p"rJu,,,, '0 ,h;, S«rioo 2.U.1(\».
2.04 Ad.dj!iona l Syb lidiud Adyaoc; Pnwisjonl. The fob 1ng .ddJuoII.I p""·il<ioo •
• holl >pply with ""p«t '0 sub.idi •• d ut>, nc..,
(a' Th. "l~",b..r ""'..... dul (i) "'" ICnn uf ••, ...1d1ttd ad..."ce may.- b.. k>ngot ,h ...
tho ""til ofth. :.I,.",".,.', k.. n(.) 10 tho Proi<>:1 funded hy Ihe . <I.· ..."" • • ntI (~J" leu, ' '''''. III <wry 12·
..
.....""b p<:,;",1 (rum the- dor,· 'he ""''''n<~ fundc..l. the Member "·i1II,,, ochc.lu....J '0 rna"" a rrino:tl""l
""" ,·"""'t 'n
10 the 11,,,k ..,.,,1 ,n ,he 0.....""" ""hoJulcJ I", "'1""0.1 In Ib,· ",",,,,I>,,...n ",I... n(_) .... th.
Pr~' in ,h:" period.
(h) ·11.. B.nk , h.D clu rg<: Ihe Member. P'"P'P""'" 14.... . 0 d .. <xtenl tho '\:Ink <ufk ..
• n """nomic b., (" .... ,ho prop' )""""" of •• ub,J<lizcJ ""·onee.
,
• •
(c) If aU .... a I"""IJOn of ,1." k... or 100,,, lim",,"" by •• ub.t<b7.....:1 ul,·.n..., ,,~ p....-pul h)'
(h~ r"""". f(> tho: Memlx., Ihc Mcmhcr m.y, Of in orOvn. ~Itl",r (Il Repay.n the Ihnk tho, portio" of
.he .u,.,,,c~....ro to ,,,,,k. ' he loa .. Of Ioons!O til.. I' """" •.• "d t"" ",bl"""o' ft'e ~ by the Bonk
...{foeitn. to tompcllsate !he Ihnx r..... ony «<><>Om", Lou ,b. /bilk ""p"nt1>CeO on .<iO\'<""'I: !he "'f'I'id
. ,.......",., • ",Ie of Knlm below d,(' <OS! of f\u>W origllloUy.....,.j by the: llank to aleua,. ,he In"''''..
",," ''''-'r inrort><,,,,,td in II>< ""''''I<C; u, (2) Cnonnur to ""..noun tht ,un""" .........oding..<Iibr«:.
tu the !lank ' <$tlnng the "",,<at "',., (0' d", =wning "'''n ..,f tht . unnt<: on th .. 1"',1>(0(1 ,,( the
odv&n<c u>e<l 10 nuke 1M 10.011 or b:.nt 10 me Pmj«t to • n.tc: ~""J ro ,he COS! of funds 0<IfI:II'"lf)' used
by ,boo Bank tu c.kul.~ tile into""1 ... te . uboJdy ,nc:<np<>n,w."he .d,'. """.
l.OS D oc llmentation RC!jyj ",d em oisl"'[Km co," Coops:ptioo. Prior If> .he
d .. buncmcnt o f !he . ub.;d), n:'luesttd by ' he Mom!>' •• Ptolcc, Owner• • nd p,"t«. Spo'"l(>r, the
Member. PrOlcct 0.._' , or 1"01«:' SporlJot, .. . pplic:&bk, . IuU dclJvcr Or 0105<: to be deliv~rn1 '0
,he Sonk, in f<l.m and oubsco<><:c uti,factOry '0 ~. Bonk, th~ ,Joc umenc. ond other required " ems
. p."fied In ,he Applicotlon, E.b ,bjt A .""hc4 he ••• o, . nd .he U.nk '. Implemen ••• /on l'bn,
' og<.h., ... IIb oucb n. h•• documt"" . ",,l in fo. mol1Otl ,dOling 10 '''1 po.1}' '0 .110 I'.ojeer, .h.
eoD ••• n l.• h. 1" "1"'" or .h. uon..ctiofll cnn.empb.ed by ,h. ,\ppl>caoon .. ,h. Bonk n,' Y
,.ooonabir '""Iuclt. I'n:wid.<i, b""'''''cr, ,Jocumennu"n o f ptOpCT '01\lng.nd bnd use de"'ll"";"'"
a, "'0'" parto<ullrly .pc<:ificd on E, b,bu A, mus. be p roVJLkd no Ia •• • Ih.n .ur (6) momh. from rile
Ihn k '. board of <Iitte.o'" .pp~l of ,b. T'rojec' ' 0 l<U;v. A HI> wbsidr (n<M .pphc.blc 10 0""""
.,.,..-developmen. pmj.e,.) . Th e ",• •nbc •• Prot<>:< o.vn. •. •nd I'rojtt' Sporuur .h.oH fully coop<rn,.
""th the U.nk in tad> .. kedoWLl. n,(><.Iificadon. <>r ... , .... ron '<:que. , o.od ogrtt ." pro\",de rile B.nk
wilh ony 1'"""". doo:u~ ..rivn .c~ucskd by .... Bank wuhtrI .u..)" «(,0) ""yo. "l"M M.mber, 1''''1'<'''
OW"". and Projec. Spon""" ..:luIowled;:e tho, &iIur.: '<l I'''''-Klo "",b ,,,, ,,.. reel .... ro..""rNn "'''lIIn
"",h ' ;"')" day ""riud ""'Y "'""'" ouch ' ""Iuto' ,0 b< den>ed. III the sole dotcreri.nn of.he: Bonk.
Z.06 Di.burlCmcnt Account. A demand de""" • •• Cl>Unl (DOA) h ... heen opened a' d..,
B.nk ,n ."" .... me of . he Meml>oo •. Upon me B.nk·, '1'1'."".1 o r .be di.hUrKm<n. o f 'he oul,..oJy•
•he procudt .h. D b< oJ"pooi.ed " LI" ,uch OOA, .nd .he Member . h.1I b< ""'po<I';hl~ for ,be
""hu. "" ",,n' of fund•• 0 'h e proj«. Spun.", '" Ptujccc Own<t... .xte.min~d w;,1> ...",,<1 10 .he
1>,<ljeCI. wi.hin Ib,..., (.10) d.y. of deposll on ..... h DDA .
3.0 Coven In!, o r.m: M e m bet, rOOKSc Owner lod Project SPOOlOt. Unlc .. Ihe
H. nk ",he,...·',.., coosen'"
H li tDmplj;ancc wilb AHP RC!,Iuir(uKnll and AppJjcablc l.awJ. 1~ "'ombc"

P.",..,. o..·nc •. on.J the f>1OJ«I ~""IQ"" m be bo." noJ broil AHI' KC<juu.,........... he,.me may
bot in d f"". frnm nrnc '" omc:, ~od .gn:. ,1> compl~ in . ll nlOTe ........ pc<: .. wi,k . 11 oth • • opphc..1k
(,-0. ,01 . • '>le and 1"",,1 !.l...., rule" "'IIU I,"""" nnl .... ncc •• nd c....ie. (" 1.2 ..... / .~I • •mg '1> Ih.
I'rot«< .• ",1 P.oi«. 0..'"", .nd Pn>j«c Sport"" OK''''' 1<> ohlOin .nd ""''''..''' aU .u,......... ,~"'.
''''luikU tn connection ...·,m , he I"0J<-"<:" In ,ho ."cn• •hen: i••• onlli<. 1)." ",,,,,,, .hc lmplc mm"'~,"
Ph" 000 ,h .. ,\111' .\greemene. ,Iw: ' e.on. Or 'M lmpk,nrnt.""" J'Io1I ,n .ffN ' .r .he Ume ,,( 'M
C<M. n,e. will m n"ol.
3.02 P, oice ! MOO ·fisalionl. ·In., ~Icmt>t: •• I'rojcc. ( "'·ne., .nd Po",""c Spon.", , h.U rloQ{
1"''''';' " I)' mndlfic.U"" .o.he ""'I<'c' ,,, be ,mplcrncn •• d ..."b...... he prku "I'P0,,·. I <"If Ih. II.nl:.
p"'~id.d ,hoi dno ,"" •• ion , h.ll , \01 P'''''cn l rouUfO< ch.nJ';'" to coru~rucOoo which ..vuIL! "'" .. "..
,Iw: l'n.oj.cCll0 (.,1 '0 bc '" . ub ...",...1 e' ", f",,,u~' " 'lIh ,he 'p(0)l"«J .\pplic.ri"n 'noJ ""h",h "'" "."
•
• •
"tI,rrw". nut.".1 in ,h. 'mc",", ., ,"""' '(K"Cific.lly s." fonh In :>CeOn" .UIS 1,<'1"....
MuJ,foc'hon ~ ...... In", t k ....bmiuod wllhin ,... (10) b""o... d')"1 ,,( .he ch.n~ '0 Ih.
,\ppbco.u"" 0. Ptn)<CI.
(b) kc..:p 'he Pro;...:r free .nd dn. "r aU lien •• nd

.f.
l .U Liep. MOd Tpt!!. The Prop:<:t Owne, " , 1'"",,<1 !'poooor... 'PJ>Uoc,l>lc, .h. D
(a) P'Y, 1" ;'" ro <khn'l".nCf •• 0 ''''' •• which <If .... y been ..... h<-n .ff..:ti", .ny of lho I'roJect.
.omib.
n81". of thtrd parrie., ,,,b,.. •• ""')' 10
f"'mUncd exception, .." for.h In the owne", ",It in.m.nee pnocy fOl the I'"*,,, 0, .. custonury
d\lnn~ con.lr\l<:rlun, . nd (el promptly pt.)' .... cou"" to I>fc p.od. and obtain nlid ."" enforceable- lien
rde •••• Of ,...lVen from, .U 111m claim.ntl, oxeep( thallh. Prot«< o.m.,
'llI.l ProteCt Sron""
.h.1I
...,. b.: '''Iuue<! 10 I"f ."ysuch tu." lien clo"". UI' o lhu "bug>"""" ....
hoch .re ~ .en'·ely
ron.", •• .! in good faith by '"prop""!. p«>cc.dings.
3.04 Book.!;. R«g' dM and IDlprsljQDI. Th. I'tOjeC. Own •• • nd r .... "'" Spon«><, u
'PI' ~{Oble. oh~U ••• U tim •• ,,,,,,,,.ain (.)
full and compl.. ~ I>o<>k. o f ,ccounl .nd ."ho, «<Oro...-"h
n.p«t 10 ,hot ~ ~nd i" bu,"",,, ~"d op.",,,ion •. (1)) comple'. cop;'" of !.he P'Of«' 'g'''''''lC''''
on<! .U .u.horu.non....u«I in connecuoo. wi,h the Proj<ct•• nJ (c). wmple'~ {~" of.U ",,,""'c',
,o:<:';p" and lien rclC'11n .nd "",;v<'N obuil><d by rhe p,<>t«' Owne. 0< f>t~c, Sp""""" "".h
'''peel ,o .mowltS pord foc p""..",. COfl1l. n.. Membe, ,h.II ••• Ulime. mO"II,;n full .nd cump"'~
.cco,d. of .U pr<",ok.Jown docu ... <n,.,pon .nd .... thoti .. ti"" •.
oJi.butKmen. <.Iocum.nUllon. ond
""""""''''g compba"c. documon ..<ioo III CO"".. 110<1 wi,h ,h. I'rojc<:t. "l"h. Member. Prot«' Owner
.oo I'roj<<I ~l'()n .... ohoU""''''I[ ,h. Bonk I"d irs age"". "f'O'l "'1"e" (tum Ii.... 10 to W,.,.,. ""pee'
lru:I copy .n1 of ."ch book.....o,d. onJ arho. Jocu",en".nd t<l .n •• , .11.1 .... pcc. the Pu".. • • nd
.U wo.k ond ...... l<rilIl. (u,n"bed in ",,,,,,cellOn ...... h!he pr<>p«I.
( 3.1)5 C onlgucl;o" I,,(o rmatio n and Rc:portilli' RC<j uin:m cm l. The M.~,. 1'",,«.
Own ... Ol P.oje.1 Span..,..•• J ,pph""bk ••hall CO"S<! '0 bC' deliwm:l.o ,"" B.nk. In fo.m.OO Uc ..il
.. ",foc.nl)' to .h. B.nk •• U in funu. tion n«nury fo, the Ihnk '0 ".I<uni"" <Ofnpli.nco wi,h .ho
,\ 'I P R"'I"""""'''''' ;nc1udu.s bu. no, Ij"'Jlw .,,:
(a) promptly .fler <Ii"",,,co}" by Ih. Montb",. I'ro,c,,' Own.,. '" Pro""" SpoIl.... os
~pp1lcoble. onuce of (i) .ny roc. 0 1 cucum", oee ,lui ....y or will 0 ...... b. P.ojec. """10 (n
dlf(...... <tn.H)· {,om ,he :uno,," U .." {,," h ;n ,he bud~ • ..,boUl."d wnh ,he ,\pr l"""" .. (If,.
·· Ik~Jopm.nt Oudlld"j, (u) on)' f.. lure .. (the Ptujec. '0 be in ."h .. ~nn . 1 c;nn(orm,ty ..,,,h Ih,
Apphc. uOtl . nd in <o'''pb.nee in .n nu,..n.1 tnp<e .. wid, .U "!'Pliable' U"',. (..) .ny CI·.n'
""hieh hot Of ..... r ",.<o .. . bly h.,·c • ",,,<,,,,I Ird,..,....
imp'c, on u... l'rolCCI Of ,he "llIm".
dc ... l!>pmem . nd """ of .he i>rojec, for ' .. ,,,,, .. Jed pU'J">Of" •• nd r...)
the occu'rcncc of 00)'
b·tnl o( Def.ult or ~."", "'h,cn , ",-j,h the gi>"ing Df nOUCe and/", ,h. P'''''''g< o( wuId ""I<:.
""come.n I'.,·.nl "f Def... I,;
(b) upon ""1"." 1»- ,ho lIank fmm ""1<: '" .i"", or;n cnn...-c:unn wllh • nk"'"''';''K
c"mpb.ncc .~.,,-'W .• nnual Fin.II.,,1 S.... m~n .. ,,' T., Reo"",. (0 ' l',uIO:<:' t,.h.- ne, '"~ I' .. ~ .. t
S"' .....,..•• nd e,'I''''' "f . nr • ...Jiled l'in,ne ..1SIOI"",.n .. PI<,,"IC" for l'n.>p«I 0",,,<, '" PoIfCC'
S""n""!I. ,f on)"; .,,<.1
ee) "",h , .. tw:, 1),)(;"",..... DI ,,,f<"m~""" n·bunJ.: '" .h. l'n'f<"CI. ~n)' ",",eml 1""""
,,",,,,,,1"" "'nh .he 1.... .;.."< •• ,,' ,h< ,ran.. c';'",. con' cmplo.rtI L>)" .he: ..\I'plic.,. ... ".,. "" ,he h.nk
"U~ ..... ""'bI~· n·~II\'.. from lime 10 '1m<'.
,
• •
-Inc H.nk .. . uthorll'..,J ., .Ily urno :tnd from urne ,<> l~"" In <.Ii,.cdr conl'ct th" gene ...!
(""''''<10', If o"y. 01 .ny ."bcontnClQt' Of other ~ cbim.nl ,,' 1">1<"".11",,, d"m,n, ,n "o,if)" ''')'
'"(,,",,"OO" p,,,,,,<k.i ~. ,he ~I<:m~ •• rmt~« ()u,,,,,, , ."d J'tnj«. S:pon.or or (01 any ",h~r
P"'r<-
3.(16 Indcmn jliclOOp by the fru j«! Owner Mnd PlO;':" Spgnsor. The, !',ojeci
Own." .nd Projoec. ~, ,hall ,ru;kmn.fy. dofcnJ . 0<1 "\'~ ."d hold h.rml"" ,he H.nk .00 j"
.ub..,JU ..... ond .ffibo,c •• and the ~'f'«nve direc!o ... off"' • ••.• gent., "nolners and ~mploj-cn nf
• • eh (coIkcuvc:ly ,h. "!ndcuulj!ttJ) from and og,""'I, Ind .h.aU p:ay on dtrrutnd,.oy .nd .11 100M/I.
~.l>i1ib"'. domogn. <"".... pcn..,• • nd ch.<gtl (IIIdud'''g 'he ,uron. l>\., (<<s. eh.rg ••• nJ
.rubu""m<"", of .nrtrrul .n<! u ,. rruoll<goJ COWl",,!) ."((,,,«1 '" lIICurnd by .n)' )ndemno'« ...
n;$"~ or (.) oily r••lul. of Prolec! Ow"". IX !'ro,e<:\ Spo ....... tQ p.,f",m . oy o f ill obbgotton. unde.
the Applicooon. this Agrnmenr 0. ,I,~ ,\ 111' ~quitomen rs. (b) ony (.~uro of Iny "'prcsent...on Of
"'.TT.nly by Project Ow .... 01 proj~.' Sponso< to N conee. In .U m"on.1 .especu ",he n m. <k.
(e) ",jury Of <.lath 10 [><"on. 01 ohm.g« .0 p.opc.!}' 01' o.hu I".. occumng 011 or on cOIlnc<:uon
",·lth .I,c Project .... hcther e....,d by th .. ""Slig«ncc or any oilier .e. ot omi. "on o( the Proj«.
0.."",. or !>mjce. $ponoor or ony bon d .. m. n, or .ny othe. ~rwn or by ,"ghgen~ f ... ky,
in.d""... ,,: or dde.tIV' d"lf\11, bwldJng. construction o[ fJUlIlfcn,nct 0 •• ny o .hc[ cundJ'JUn OT
ocherwi ... (d) '''Y cl.itn uf ony ....cry '" connection ""ifh "'Y bond ",u,ing ' 0 . oo'ouu<tion of .ny
Imf>""·cmcn,. o . off..,. ,ml"""<11\IOn .., ond (c) .n)' claim. ..... m.nd o. co .. se o f .erion, Of '11)' •• <>On
o. othe. pfocccdinj(. ",h".he. "",n'OllO", or nOf, 1,.-.ugI>. or >uerted "19'"'" ."y In,Jcmru'~ ",Iuo;h
.... 'CI '0 "" .~. out o f .I,e '\Pl'~c.tion. dul '\lVccment or the AH I' Re'lmn:men'" Ihc l'rotCCl. ...
• n~· ' .. n ••,,:1•..., ."nl.mp.. ' .... by. or 'he ",loltOn.h,p Ixtwccn the Member, I'IO)CCI Own ••. ,00
l'toIee. Spo"............ I,c Bonk nr ony .c~"n <>< IflxbOn by the n.ok .. n ..... ', 'ho Appbc:lII0n, Ih ..
'\II.e~, or the AHP Roqu"ermnu, pruvidcd tha, no Indtmrul<C ,h.U Ix enrided .0
"'lknuuflC.<>O" ,",<kr til" oection fOI mo"c .. co ....,d ooIcly bJ ouch lnd,mn ..«', S'"'' '''lIiogm«
nt willful mMCmtdu Cl. . \n)· obtill'U"n "f the Ptoleel CN.·n .. 0' I'roj.t.-ct Span ....... under ,h .. """"011
.h~U 'u"'"" the ",aking ond .. pa),m.nt of the: ... t.>dy ."d ,he up .... ,,"', or ",,,,unouon of ,hi.
AII"«""'''''
3.07 Informa tion Sharing. The Jolcnb<:r, l'rujc~, 0.,.""'. ond ,hc I'n:>tttt SponOlO"VCC'
,h., .h. Ihnk to .u.ho"..," to verif), with ",he. I"'rtico ond.o ",ok" .ny,m'<C";g.n,,n of fh. nl",. . .
.. , fOfth In ,h" '\Pf'lic.uo" ond tlu •.\glcc"",," • • ,the.: thrc~tly "r through ony "S"""'Y or ,fwd P"I)"
employ"d by ,h. D." k r., •• ho, P"<V<-' The Bonk ....y discl,,~. to '''y orhe' "lie.""cd p..li..
infurm.cion a ••" .he Ibnk', up<'riI."'«'I or tnnsaclJon. WIth 'he Member, "'f~<1 Own ••. nt
l''''iee. !ipont<>. <If w;,h "'Sf>«'
'0 Ih. 1""i«1 01' orh •• m.lte", ..I ("rth ;n ,he Applic.uon or ,1m
;\w •• tnrn •. M..... h"r. !'mJcer Ow""', ."d 1"0"" Spr>ruor "oJcn •...,..j Iha. ,he Blnk WlU ret .. n the
.\Pf'~<Ob<ln .• hi, ,1K"'rn>cllf, .ttd any "'her , uPI""''''& on(enol ,ion teccivcd. eW" ,f nu .... boody i•
• ",.. ,.,J"d. M.m~ ••• Prni<rt Owne.>.nd P<ojcc. Spon_ f.... h. r .".hori~~ .h. B.nk '" !>fO\'uk .ny
" 'ch 'o!e""''''' p"I)" 0")' ... fOfm.lln" ."d d"o"m<,n" ,,,,,, .boy the m'1 "",un, wi.1, Tt" P«' '"
~kmh"f.l'ro;....,r Owne •. n. 1" "1«' 5po" "" ••• he: P"'l«t. 'ho :Ippbc.ti, .... e, ,hi •. \~l'<'Cmcn'. Th.....
n:l'reo.:n •• oon< and .ud",,,... ,,,,,,, c~'"nd nttt ""Ir 10 the lI.nk. bill .1", to .n)' ,n,'..,o< ,n fh.
1" "1«' ",i.h IVhe m.be B.nk m.), "h.re ,nf",m, unn .•,.... ,he Fin.nec: IhaN.
3.08 Rctc nlipn Mct:baniMw Rcq yjrcm(QlI. T\'e ··Rckncion r-k",h • .-rJ R"'Iui.emcn ....
~"..,h"d t<t ...... \~""'nt •• Ellhibi. B .re hcrcbr tneotp""'t...J """ .nJ mod(> • port o( thll
,
l·lIIJI""" I, ,,",, 1l<Y. l/!0011
. \~",,·m.
• •
"n.. Member. 1'"""", 0...""•.• ,,<1 I'rottt' Spc",.,,, """,by .tI"'~ t" ~~cn of II. "blog>oon•
.... (<o"h III "iJ e.hlbtt.
1.09 Advance. ond Sec urity Averment. '11" M~~r ..ck"owk~ .nd 'K"' •.' ,h., (0)
, hi. Agttcmml and.1I ,0101...1 docu"",,,,, """' ''Nle "&no"'~lR I)ocumen,," und~r ,he "<lvon.r.
and S«unry .\g.ecrncn. 1><"...,,,,, the Mem ber on<.! d .. H.nk Coo ,he ... ~ ",or be amtndcd. •." or<d,
wpplcm cntcd or mo<Lr",d (, ym urn< '" tlInc, .he "AJv.n«o, """"'e"",,, f'), {b) the .... Lobgo ........ of
.he Mcmb.;, uo,k. ,hi, .I&",,<m<n. and .U .dated dncumtnto conSUlul. " I...,;,.biliun" un .... ' he
,Id,".ncco Agt«mcnt, (el .11,,,,,h obugau"""
are S<'CUttd by 1M colla,... 1 gr.o"Icd f, om rime 10 tin",
pu",""n, ,., ,he .\<h,.nets Agr"""",m, (d) "")I failure by the Memb.. 10 ",,"'ply ....." any of "'
ob~/t"""n. und ... tIus Agreemc.", or ony ,do .. d docum<"1 . h.1l (""";Me .n "!i"cm of o.:r.u l!"
und.. ,.... :Idv."".. ,\&"'."1<0', and (e) ]l.1"mb.. "S"''' ,h., "')" li.bilil)'. loss, COSt '" exm"'"
mfr••..:! ()f U1cuUed b)' the flank ~I ~ resull o f 0 Membe. E"en. of Drr.ull sh.n bt dc<:mcd .,' be.
[..0. •••• such I.rm to defined in s.-crloo 6. [ 2 o f ,he Ad".nces Agooomcn., for whio;:h Membcr .gt<:ff
10 "'demnify. dound (ullth cou"sel oceep l,bL. 10 <he a.nk), and hnId h. rtn [,.. Ihe 8.nk .nd iIi
Indmm"."", .. defined "' Se<:POQ 3_06 .bove_
4.0 acpraC IIIII;opI and WOm B" " o f Ihe Me mber. ProjecJ O YfDC ' aDd Projw;
Spo nsor. 11K Member, f'rorcCI Own ..... nd Proj«:r Sporuo. ueh repro..,"r OIld ,.,.".nl 10 .he
B.nk .hot:
4.01 Eorma ljoll a nd O"aij rgaljo D. Each o f ~ [emt>c" l'rotcCI Own~' .•nd Pro,...:1
~po<lOO' which is • OOrp<>"II;or\ " duly IDCOfp"nOied ."d q ... ~licd, v.Ji..Dy u is Wlg ond ,n It"'Jd
,,,,,<lingunder .~c L."", of the jU'LSdicnf>ll o f ... InCOrpontion; uch of Member, Proi<" Owner,
ond P",jecr Span..,.. IIIh;';h IS • I"'"r"... hip, IN" .... odiC! cn.;,y i:I duly fonned 000 ,-alidJyui, o"g
""",", m. Low. " f.he luti,dieri"" of ,II fo.motlon .nd, '" 'he eu" of. lirni,ed pan"'",,,,,, 10"""'.1
unde • •1>< .pplicable La ....; .".1
each of Member, ""'!<"C'
Owno,. ond l'rnj«=' Spon..,.. hn .U
,«[ui"", pow~ • • nd .",""nry 10 cond"", fT. b .... in . ...
4.02 Proittl Tjtlc. The Prui"'" 0..'1\<:, h.. ond wiD "o.uir",. '0 h.". good "".I
",o,k. .. bL. li~. '0 ."., 1'"",'<:1, wi,h on aa:CN righ .. ne«mry '0 deyeloop ond op<:."e Ihe 1''''7''<',
["''' and ck~. uf . 11 lien. soo , irnilA' righ'" of thud p.,ric" IUbj...,~ onl~ '0 I"'nn>ued ."'<:pI>OI1S n
••:l fo<!h '" the owo<:,', IIIlc "''''ranec po~cy fOf the l',oje.'_ lJpon .. cord.tion " f ,h., Il«en!><>fl
Meehan"m .~ccilled by 'he plotc<:' o..·no. Of Projc<:' Sponsor, ~. opplicoble , In f.vor of II,.
MCl1lbt, .• he RCICRuon ~Ic'<:h.ni'm .."U creo '_ a ".bd .nd ",defea.ible fJ<'rfcc .. d lien In !he ""'le<:I
.«"....g <he p'yn",n l ...d J'<',f"rmoncc of oU obhgalioru unde••hi, Agree.....", ."d .he ,\ Hp
R"'I utremnlQ •
~ ,OJ Proi«, Infonna'jQP. (0) To .he bti • • " ",,"big. of ~he p,,>t«. o,,'nc, and
I'",icc' S",,,,,,,,, tk<-I' .. >\<c' c<>mpbco ,n all "",'e.....1 ' CO!""," ,,·u),.U ' pph""bk: I ... ,,·, ",t..un~." . h.
tl".i""n ond de,·d""rnen. " f .h. ,col"ro",.'.~·, and .he I'..". •• OW".,.OO 1'!<>fCC' ~m .... "e. 000
Ihe .".,.uuotion 01 an)' ""f""' ·,,m."" '" accordanc" WIth the ..,m. of Ihl< .\g"",,,,,,ol will be, ;n
.ol"plUne. '" .11 m'le,,"! "'1""''' "'i,h . u o.rpa;eablc I"""". ,cl~ting '" Ih. P"'J«'. (1)) Th.
"",'ck'!'m,..,! and UM' " f Ih" 1'n.>t«' f", i .. ,n.cndot! 1""1"'" do,," ROI co n'''''''ene onr .pph •• ble
1.oWl<. and .rt! nn, .ubj,.." '" .n)' ",her 1qp.1, com"c""l r>r £><"CI"'.I In"",dimo,,,,, "'hreh OK =."n.l
i" the ~ ..g'"'' (e) Tho: O""ei'1,n",,,! t\OOJ«!1 ..Jeh,·"red '" .h" a.nk ;. b..ed on I"f"rm.""'"
de,·""", ",lUbL. b)' Ilr. I'",,,",,, Ow,,", .".1 I'rnjcc. Spo" ..... . nd ",,,,,,,,·n.. ,he I'rojO,'" O,,'no, 000.1
,
•
...~ S»<ln""" he" ""1m",,, o f aU 1''''Ie<:1 c<""
•
ct.. , wtI.I he 'C'luuW in coMcCI"'" ""h .he
1""1«', ,nd ouch ~'duprncn l Budgo" IS ""'t~n"lIy "'I",vak,lt tu In)" buJg<:. p"",iJ,-d ,<> to'M'
ro"'nual funding """.Cer for .he 1',01<,(1. (<I) E.1<ccp' ". ' .. Mr......, di""I",...d ,n "",ung to .hr !l,ok.
.U m..e".l conine" ,<I.
ring ." It.. I'",JC'" ore ;n full (",a .nd c{f""" . nd fr~ frum . 0)' m .. " ..>'
b.ne h Of dcfsuk br ony p.tty .
•. 04 Flnanc;,,1 l ofornu,tin... (0) Any f""n<-t>1 ,WenK''''' Protect "r.,1<1 o..'nc:,

l'roj«t SfK>MO' whICh h ..,c heen F"m ..1w:d to .he !lank I"'rswnr to Section 3.05«) . bove f,,,1y
pre'em fuel! I"'''y'. finan.'" coodi!ion •• of lhe obre. of .ueh Iinofl( .. l ""emen" .nd .h. reml'" "f
opel''''o ... lOt the periods covc...d by such r",.om! ",",...m.
10 ""<""lonc,, ",uh 8"n~"'lI)'
.cc<p..,d .cmunnng principle. cOt"".rndy . ppbt'd (no: .""h ulh •• method of prep' DrKlf' op1'""."d
b)' the Roo k), .nri .mee .h. rcspcc,h'c <btu of .uch fi"oncial'l>tcm<o lS, the", h.. ""cn nu ""'t~n"1
.dv.,,", d .....So in the f, ...naaI wndiuon, opt .. tion •. p~'t>e. Of P""'[>CCfI of !he P""oct 0,.."."
OJ Project Sponoor, (b) P",!""" o,..ne. Ind !'rojecl Spall"" h ..·c fik:d .U 101 ",,,,m,
'Cljuir.d to bC'
fda! by .uch entity, .nd h. ,'o P'''' oU tues d.... ""flllonl TO such teN' nl 0< in rCIpt:c1 of .ny <>f ,"
propt. O<. (OXccpl fot any such IU... willch ate bc:i"S tcrwdy ~onlo$trd In good ro"h by opp<Op"'"
ptnUC!ding.) .
•. 05 Ljtigalj90 lod O lher MI ll1:;q. Ex~epl " ome ....... e dll<:Josro '" "'''Ilng 10 11M:
Bonk: (.) 110 .«>OrIs 01 orht, p_udlnv '((«ring or tel1ung To . he J'fOjee. u c f>C1I<hng or. 10 Ihe
Ix-so knowlcd8'" or each of jl,lemk. , I'roi«' Owner.• nd P' oj""l Sf->OO'. 11".O(~nrd. Of (b) no
aClJOln 0 ' OIhel proc«dinv or. "".. ding 0'.'0 the 1><:.. k_'IflJg<: o f each M~,nb. ,. l'fOI"cl Ownt •.
• nd I'rojec:t Spun"'., Ihml •• ned .go.in •• or .((ecting onJ of ProiK' Owner or p~, Span ..... O. any
pr<>f>Cny ,,( p,"",CI Own~r 01 1'."1"« Spo,,"'. ,,·hteh. ir de,ermo ... d .dY~,..,ly '0 luch P""f'. could
mOlo.i~Uy ;mpall 'M fi ... ne ..1 condiuon. ~"'I>On" P"'f>CrtJel< 0/ ptosp«!O of 'hOI I"'.ty o. 1he
.bility of thOl I"'rt)" m p..fonll . he .. <>b!IV.ion. under 'he Applic. uon. d ... Ag' centen' 0< , he ,I HI'
Rnru;,.crMn ...
4.06 DncuQl( o !l a nd P,h" In fQrmatiQ P. AU dotumcn" .0<1 <><he. Inf"nnotlOO

dO~Y<Trd .O the nank punu.nt.o .n)' o f .he Appliation.. thi, ,\grttmen. or Ihe AHp Roqultemen{J
..... <\<1 ...,11 I>< "omplete .nd COtttt. in aU m ....n.J respc"to • • ~ uo>( of dclive'1 I() ,h. Ib nk.
Membe., I'm,.c' OwIlOf. • nd 1'<010<' Spon",. b .~by 'SIN to inform the B. nk of '''Y "",.crill
ch.n~ I" .ny .uch document. tk", or ",1M:. ,nfmm.lJO/t.
5.0 Eyc;0!' o rDda!!I! . OO Rerned;". pfthe Bank.
5.01 Eytp tl 01 Ptfau " . ''he ",,,,me",C" of any ...Ie u. m...,,· "f tke f"II""'lng Ct·.,,,.
,h,n con'"lUt •• n b 'ont o f Dd.ult :
(al 'he .\ !eml.x', .h,1I (..it to po)' ,II '" ".OY fkJ",,,n "f !t..... p.JtI.ip ..1 or Ul" .. Un,,·nl uf
, .. torn! <Ill • • uh.l<li>rd .d\'Ollco ",'h~n due; or
(h) tho ~lcnTI><., I'",!"", 0....."•. nt I'roj«. Spnn"'" , h.b f.~ .n ,.. r anI' .... ht •
• nt''''''' I"'pbk: b)' !he ,\lc-mlw •• Pmj<:<:! O""n ••• '" 1''''1<''<: ' ~pon .... , '" 'hc lI .. nk WlJ« Ih •
.\pphc .. io m • th., . Igt""m~ ... , '" . f>., .11-1 P R<"I",",,,,e'lIJ ",,,h,n }O oh)" .f.r, Ih" d."" .... lwn Jue:
••
•
A IIlhnk .lllm .. It... ! / 3lI'OI
• •
(c) onr of Member. '>"'1«' Ch.-n~ •• .... ",,,,c.t
Sr< ........ . h.11 f.il 10 r<tfnrm ,.,.
, ~,,,,,,,c " '1' no"'" "'m>, . ...·co.n' or >w"""'~n'c""""",,:d HI .ny of 11.. ,\rf>Iico.uon, .11"
.\g~('mt'n .. .... tho, .\ H I' R~"'''·n''''''. on 0" 1""" m I~ p<'.fom-..d '" ob"''''e<! .nd ""hn-
{~J, .. h b~u"" ,haU cOfltm"" (0, mo,,, ,h.n 30 do)... f.er n<m~ of such f.,."'"
i. /t"'e,, t.r Ill<:
!lInk 10 "'eml>c:., Proiccl Own" r•• nd 1',,*«~p<>nj.(l" unle ... uch bil",,, .. nu' "" 50n.bl)'
<'p.b l. of being <" •• 0.1 within ouch ,j.() d,y I'onod.•"d Memb,- •. P«>jcc' Owno •. or Pln,oe.
S[><>"w •. at opplJab\t, commence. ICuon '" <u'" . ""h (.du« ,,;i,hio ,oeh XI ,J.v I"'n<><! ."d
ililig<:nrl)' ."oJ continuou.lr pm..c",c. such ao:Qnn to cumpklion . nd ","usc> . ueh foil" ... to k
<"•...J ...·"h,n 90 """s . (t", ouch fK>l>Ce; Of (II) ....II f.il".., .. r>OI rnsonabty ClIp1blc uf bnng
cu«d ..."hin 'Xl do)'s .fle. "...ace of such fail .... IS gn'cn bf me, O.nk '0 Mc",bc., P",!«,
O .... n.', KOO "roitt. Sp<>noor: or
.ny R~pf~..,n '"tion or Wornnl)' .~. f"nh In Seen,,,, 4,[1 .bov~ p'''v~. '0 h"'e
(d)
been u~""e. 0. in~oH~<' '" ."y",.,e".1 re'p"'" when m.d. Or .ny tim," ,h •• ufto. dunng Ih~
'e.m o f ,h. Retention P.riod; or
(e) Membe •• P,oj«. Owne" or l'fOj«' ~f'<H'''''' f:UJ. co.. pn:wodc "'("'m.""""
'«{UNfed hy .he fun k in connecl1OCl .. uh moniWMg ITO''''''' for &""Ire, du" (,(I dop; or
(I) ~H or . .... bot.nuol or mo.eriol po,tion o\f Ihe I',ojeer is d.t'rUogtd o. dc>1I0)'ed.nd
.he n.nle It .. , ••• on.bl)· d.,e.m",c<.l 'hOI 'he """unl)' or .he R",.ntlOn Meeh.n .. m h.. b"'n
""p.ired <> •• h... ,he rep.i, ...11".....,on Or .epbc. ",.", of the ProjeCt i, not .conorrunllt·
pracucabk o. i. rt<)t ijkdy to bc . ..mple.ed prio, to tho .00 of th. Retention ['criod; 0<.11 0 ••
.... I.>.'.n ....1 or """......1 "",000 of ,he ['roj"" ;, co.w.,fTIIl.d, >c:,zed 0. "1'1""1'"..«1 by .ny
I!"'"mmcnul agency u' ....1>]« • • 0 ony action '" ... he. p.ocuding ",."""td by 0"1
govcn>men",1¥ncr for ony such ~; 0.-
il) l'mje.! 0 ..."". or l'fOlee. Spotl"" to di..ok.,J o. b.juidJlcd Of metgW " -lIh 0 .
,n.o o~r ",her cnu,)'; ur.U o• • uh .!.nu.Uy oU "f .he • ...,IJ of Project O"mer Or l'tOJee, Spoil"'"
a.rc .old o r othe"";,,, tnn. ferrcd w,thuul the prim ' ppm ...1 uf the Me mb." .nd Ihe B.nk; o.
(h) ,h" I',o;.c' is w1d in ,·",brion of the ,e" ", of the '\pplic'''on, . tw. Ag,umcm or
,he ,\Hl' R(~ui.re_n ..; or .nr " f I>J..."ber, l'""..,. Ow""'. or projec. Sport .... , '"''&'''
or
o.ttempt. ' 0 ..... ~ .ny right> o. "',."".. un&;, ./>¢ ,\ppht.t>on. .his AgKCt'Mn •• Of .nr
Rei."""" I>Jeehom'ln ",.thou, ,he pri.......·nr ...... CO<Uen' ,,( ,he 8 0nk; 01 .he ... f'I'loc ....... 0, ,N •
.\grecment b..:oo""o nr iJ claimed by .nr of M~mbc,. l'wtee, Own"., nt l't'OJ<Cl Spot.""" 10 bo
... n"n(oI"Cc.. bl. OS""" "'ch 1'''1)'; <>I.he R..""tion ~1<"Ch"ujm ,h.U cc...~ tn c<>n,uru ,,, • ,·.~d
.nd inJ<f... ii>I'· p",rectc<1 ~cn On ,h. l''''iee'; m
(i) 1'"oio--.:' ()",ene. 0' 1'...;"" , SpnnY>r " "'btoc. '0 .n nttk< fn. ",lid b,· ,h.
bankrup.c,' COUll. ' " '" un.hk or ~nu .. in w,;ng i" ,n;ob,I,I)" " pal' u, d.b .. o. Ih~r lnalll", or
"",k",.n IOSS'K"mc", fur 'he boner.. nf c.~,J,rors; u, W"" (,.. ", CUt1Knro ,o .he Ipt'<>in.mcm
of ony roc."I,· ......,... cc o. ""';Ia. ..ff" .. l for " c'" ro...H " • • n)" pu. of" i .. pro~' (,,.. .nr ' '''h
'P?,''''''''''''' iJ ,u • .k ,,·;,h..,u! II. c' ..... ~"! .nd ,he "PI""""n<'" con"n ..... un,J,..,h'rg<--d .M
U"',")" o,J (,,' 60 <.I.)".) ; o. ,n'''tut • • Of con ... n" .0 .n)" i>.n kru f'"''1". i",,,h'rney, "-'''K""'''Uo)n,
''''''8''men" "",I,."tmc"t uf deb •• ,J,,,olution, eu'too,,",h,p. eun."n·a!onlh,I', IkJuid.tion.
reh obihrou"" ,or .,mib r pro"cnlillg rei"",,!! '0 " '" to ..u "•• IlY p... "f iii P'0f''''')" "nokr the
,
~111 .11 .. ~ .1,..,,,. Rn. ! / :JJUti
•
r..... '. or ' ")' iuri odJetion (or .ny .",,11 proc~'nll .. m' to'U'N
""..ti>rTlIn«l and ul1,t.rN (ur 60 d.)..); 01
•
"'tlm", 11 0 ",..,..,", .nd cf>IlWlUes
( k) .n)' m"~oUl .dl'. .... <Mill'" ,h.U ,,",u In ,h. fin.ne .. 1 <o"Jilin". ''f'C'''0' .... ,
[,ropt.m. or pru>p«" uf p",,....: , OWII'" ot l'roi<'c, Sp<",.... , or ,n)' c~·.n. shon OCC ur ...'hlch
h" • ",",emf ..h 'e"" "'1(>'''' ,,"
,I.e 1''''1<'<1. ",eluding ... nh".... ~mi .. uon 1M h~urc .,( rho
1'"*,,, to <kn><)ll'''''t~ r"'gr" .. ">WOrd d."", """'... of ,'HI' . uholdy <>. pro;"., compkuon, o'
.... (o"h in Ihe Imrlm .. ",,!ion Plan.
5.02 Rcg!l:dju o r t he Bank. L'P'"' ,M O(nmence "r ""Y Event of Ikf.u1t .•I>c ~.nk
""'1 Jet.,,,,,,,., in ,II "",I. dttcrenon .nd up"'" .orm • • nd .undioon...... r. c'ory fO II... !bilk
.nd 1M Fin.nce 1IM.rd. .f opplic. blc. tIur the E",.", of iXfwh c:u1 Iw: cun..! l>y d,. Mernb,,,.
P,,~cc. Ow""., Or l'roi«' SpoIl.." within o.u .. ",. ble ~ ,,(lim< .. dctcrmin.ed by the n."....
or the cim"","""" of .ud> Ev.n. of Defoult ""'Y'" d""in.,«1 du",ogh • m(ltblic:.oon of the
.\pplocotion, •• ..,~ fonh in the "HI' Regul.rlons, or i1..........-c/y .hr Ihnk ""'Y w:tll·~ ....:h E~cn.
ofDef,uI. If .uch E,· ...., of Dof."I... no. ,,-";vcd or ""ted:u..,~ fonh U, ~ p<<eeding Jc1\t<n<e,
the B."k m.y, wi,hou. notia '" or <kmlnd upon 'he M...... I'roj...:! Ow ......, I nd I'm,e<:l
$1"'11$0" wluch I.e •• p.u.ly .... liy.d by the 1-1..,,,1>... 1" 01"'" Owne ••• nJ P<O)eC' Sponsor
{u cc" , Co. nO\lC'" or <km.nd. ",he",,;'" re'luittd by .pp~u ble 1.0..... nd . ny noDe.. or
demond. 'p"".(,,,d U, .ht Applicat>on, this "gtc.menr o. ,he ;\ HI' lI.e<Ju ... emcnu), <-«.COSC ..,y
o ne Or <nO'" o f .he followmg Rem ed.J.... the Ranlr. m.y d".rmme:
(_j ...."h ~'P«' '0

.n)" ",b,idy th.,
h .. been u:udcd b"t nOl)",,' been dllbuned, ,he
B.nk may, ., ill <>r1lOll, ,umin.orc .11 commiun<:n,. '0 make dubun~tl\"",".ntI u.ob~g,,,, .he
,\ HI' .ub.ody;
(l>j wi. h '.'p"c~ '" .n)" .ubood)· ,h •• h.. !wen .Ii.hurled. ,ho< B.nk ""Y dcd ... ....
unp. id ptin-cip,1 . nd .11 ..ctu<d ,n«",... I( .nr, ond othu .mnun, . p")"" h'" unJe •• hi.
'\g."."", n'.10 be i.mmedio,dl' d"" .nd p'r. bIe. If ' h" .emedy is d.,.'cd .• h. B.nk .... ill direc,
.h. " Iembc •• o ~PO I' u.. ."budl'. U,.M ....... , 0 ( ' "'emhe. liVen! of o.,r."I., 0, fee.plU« ,he
... ~1."d "n<kruloc ",,"Hub)., collection dfo" s, .. d<:{1tIcd in the AHI> R..'f'.m.men tl.nd
(""h., .." fo rth ""In.... ,n s.c''''''' S.m. in ,he ",'en( o{ . I't<>j«. Own •• o. l'I"Oj«' Spon.....
Il,'''''' of o.,r.ulf.;
(e) with re.pec. '0 • Mem"". I:v.... , of Dd.uI" ,It.< fI.nk m.)· procew protcc" '0
~xcrc.,.. .nd .... ft>ree .ny .n.! ~II of ito rcrnnIiD p,ol'idcd un<k. ' he Ad"n-c~ . nd $cc"",)"
Agrc<:.""n,. , •• ncorpo",.cd herein pun".",.o Sec""" HI9: .oJ
(d j '0
,h. Ibnk '''''I' p,occ<l1 I'"" ec'. no",," .nol .... {<>te~ .n)" , nJ.1I o,lt.<, «mcJ,..
I"'''."jed "nok.,h" .... H I' Rcqu''''mt"nto Of b)' . ""hobl" J... wo.
I'.... h "f l'fOject ~<'" .nd I.....,''''. Owne, 'g=' .0 1'")" . 11 ok''lI'"'.nd u penSCI ,nru" N by ,h.
1\onlo '" ,h. ).I,·mlx, (,.,ck"hnl( .noon.hI< ."orno~.· (.... . nd np ........) on conncctoon I.."h (oj onv
'n'·..' '''......... b)' .he 11.,,10 01" (he Member", ""p«'"f .h.. ;\gr<"<'mc"' , on)" rcbo.cd .....cllml·n. .... on)'
,\111' R'"'I",'"men, .. i. ,dOles ".. ,he I'mjC"Ct; (1)) ,he ene, 'recm ...... rrnucuotl fl,
p,..,....... UO" of .nr
" gh, .. , d .. m ,,(.It.< fI.nk or ."" Memlx •• ~.Itl .. ,It.< 1·"'l"e. »I'''n .... 0, ""'jcc< 0 ...... , ""dc. ,h ..
• •
:\)It"''''''"'. an}' .d.".! d<x:umcnt. '>r .n)- .\HI' R<"luirom<'1l1 OS" ",lot•• '" ."" 1',,,,«1 , 'If (c) tIM:
c"UecUon ,,( .ny .mounts due und~r d". Agr>:.:mcm. •n)' ,dotc<l <10("" "'" l i t '01)' .IHI'
R<'l~"l'1n~'" •• It ",b... In Ih~ I>«oit'cl. ,I, ",«I
he.ein, ",d..cJ docum~nl" ,ncluJ"" but Ij not
Iutu.«l tn, on)' ond.U R",,.nt;un Meehan .. m. "'~uircd u"d", ~tK," 3.0!I uf ,h .. Ag'e<'mcnl.
Eoch of .he «In«h... or thc Ibox 1''''''Kkd h.... in " ."mw.ove .od nOI cod",,,". of, ."J ,,,:tlI
nul
r'Ojudiec .• ny u,he. ",,,,.dyI,,{wod. d in .he '\PI'II<'lioo, ,hi, '\g.«""" ", the J\ I'IJ> Il"'lu"cmcnto or
hI" "pplic. bk I"' ..... , F..eh ,.meJ)' mol' be u~",osnI (rom tim. '0 urn... ofl." Of ....... med ",cr.ury
~. 'he Bonk,.OO in such ",de •• 00 IJUnnct .. the Ibnk moy ,kt.rminc. Nil f,il"'e 01 dd.y un .h.
pan of 'he B.nk In ue'C1~"\K .n)' ..,m«Iy , h.ll "1""". at . . .·."·er <or .uch ",mcd)" no • • h.U .nI'
.in~1. 01 p.rti>.1 ••• "'..., " f '''1 romcdr pr«1u<k .ny ~M' o. fu .. he. u"",uc of .ueh ,.m...I)· of (I,
'''~ (lfM' ",,,...I,. N" opplic.tion or p.)"'"em .. Of ."y .../I·one"" ..... n ,h...ction by 'h, Bank. ,,"Ill
cu •• 0' ..... n·....., Eve n, o r Der.ut. o. pr.'·..." . cc.kr.uion, 0' conun""d a<"<clte .."on, of "'lOIln"
pal""bl~ ul\<k. the ,\ ppbcation, 'hIS "'grum...", or.... o. p .. , ...... ,he u.,cir<:. Of con tin.""
~xem ••. (If .ny Remedies of .he alnk.
S.U Rcq,IlJlIIC otAtiP 511i1tkb:
(a) Puc to E ycw oCpd joul1 by !be Membe •. Ifm. Ihnk ekcts 10~.'CUcitc me "'1'I"I<"dy
oct (onh III Sccuon 0;.02(1.», the MemL>o, . h.U repay 10 .M B.nk d,., ponion of the 5\:MKIy (plu.
""e..,.., i( o.!ccm<tl "PP'opn.'" hJ' the lI.nk) ,h •• , ... ,.. ul, of.ho Member', .c"on. ".. uno .."""
corullMe.n E.... n< of 0.,.,,1 •. in •• ch cu. 01 nuy be <ktum",cu by .he R.nk OT .... I''''a",e B"...d .
11-.: M.mb<:l'o obligal1On under <hi, ..<ti"" IS '" .UdilJon 10 .D or .... ".her oIlIIgotioru and liobilr.... o{
the M.mbc, wKk, ,he Appliarion, ,hi.
Agrttm<n., and ,\ HP R<ijw,.~", ....:IudinB. ,vi"""'.
li,ni'Aoon. the Momb.... obligobQt1 !O ,CCO\'" .... btldy .moon" from .... Pro;..:. o..n.ct and the
Projcct SponOOl" an.J '''P')........ 10 oN: Bank .. Je' f"onh bdow.
(b) Ou< 10 Even] of D di!!k by Projc<:! Owoc:' AI Project 5J!QI!!IU. If d,. B'lIk <I",e"
to ,,-~.n:U< ....
",rncd)' . . ' forth in S«uon S.02(b). the Proj",,' O"'no, or Proi«' Sp"'''''', ..
1pplitlb~ .• haU repay '0 .... MemL>o" o • •he ~l.mb.;. ,h1ll 1'«0." r,..,m the Pl"OfC'c' Owne. ot"
I'n.,...' Sf>onso< . nd .epo)" to lhe lIank . •h .. poollO<l of 'M IUboody (plu. in'ere", if d<~rnN
0pp"'l,n.,. by 'M Bonk) .h." ... ""uh of .he J>,<>I"'" OIV"er'. Of I'fOJCCI SponOOl" .c"" ... 0.
0flUS';"". cOIlI"ru'e an E"ent of Def.ult. ,n e.ch co .. OJ moy "" dcremu".d by ,he Sonk oc ,he
Fin.nee Bna,d.
(c) McOl hc(' Exe rc:jlC o f RtUQnabk C pllr<:tion Effo" ". The Momb.. .loon nOl he
bo.blc '0 th. lIonk "nder Sttlion 5JJ3(b) for the .num o f "".,\1"" ,h .. unn". he '<'Ct.We •• d ftom
,I", Proj"", ()v....... IJ< Proj"", Sporu< .. ""0"81, rho r.aoon.bl. cnllrchon dr"", b)" ,he Memb.;.
unJo..: {I) .he lhnk ..Ie.. m",,,,' ,h.. I<"UOIUbk ."U<"<:"",,, e((' .... "'ore 1\<" m.d" by ,ho: Me.... bc •. ,"
(2) .he '·' n.,.." pu"w,",
tIvorJ 01 II.... ff .1", ......,....... '0 t~ C.t'.R. ~ IISLA(.). ,hOI Th. B.nk ..
'"'1u"e.l .1.> ,.":Me' auth lmoun" f,,~n ,he Meml... r '"~ '0 n.,,,,b,,toe 'he .\HI' 1',,".1 '" 'f ,he
Fin • ."c Ji,,,,,,1 o . " •• mff Ilk'" oIhe' "n(o"'emen, l eu.'n un"", ,ho .\111' Rcgulonon.. E.c h of .h.
~ 1",,,Loc •• p,,>t«' Owner. and .he 1''''fCC' Sponoor "II:'e<: ' 0 he Pof'"" '" on)' .nfo",."","' .c.~'" .".1
'" be hu.ond i>}' , I.. Firunc" II, ""d', (.....1ucre"n,narion "'g.rJ.in~ '.,...ymcn' ," """hur<crno.·n'. If.
~I'"mbct can",,' I<"C<W'" .\HI' .uboiJ)· from d,. 1'"""". 0.. .... '" I'«*", ~ p<J<1'I.I" ,he Moml!<.
' lull. "1"'" n"'l"'"'" "f the Ihnk.pfO'·"'e "'"lien o.locum .... '"'~ ... '0 .h~ n ank "''''''11 ("tlh ~I" .... br.·.
coHee'"'" eff,on /.. C"llce ....... e ((o .... h.U io:"ncnll)' "" d".~,,,,,,,<"<l ,,, h" ' .......... blte br 'he lI.uk if
, j". ~k",I"" <~'l\"8''' ,n .uch ""'~..,. ~, " would "",null)' un&: ...k •• n .ht eulk"tion u( uj o ... ·n ""n,
"
• •
. \ HI' ("",mere .. 1.ooJ co,h""I<, 10"'" . nd In .«""!>"c~ ","h 1'_I.n, b."lung rl'Ocllc~,. C"IIN:'~ ...
errort< .hd gt'r><",U), ",., ...... u" . od. r<:d ,,,",,,,,b~ hy Ihe B.nk ,f (~ ""'''K utoo ,,,,,,0''') Ih . B.nk
.Je'CfnU,,,,,, ft....uch cfl'om • .., :wvcrJd)' . rr~td h)' .n)' foal .... "f the Me",b~r ,,, ("Ifill '"
ubli)?tionJ un .... Sc.:""n ,;'OlI, 2.03 .,. 1.04 of ,hi. _\grrcmo:nt.
6.0 e rojt<'. M on.i«J nng Obligatiollll
6.01 M oo j!9ririj. Rn l>!' lI!\jbiijcjn _ M cmbrr. During ,he period o f (o">lNC""" or

roh.bib,u",,,,, o f .he 1""1"<"', the: M.mber ..... " ... k. ,h . ""PI 1I«<:....y to tIc •• ""i".
wh.,!w:.
",",on . ble progrco'" Iw:"'g mad. tow.... I. compkrion o f 1M Pro~c • • ncl m .. It "'I"'''
' 0 ,he n.nk .1
\u" ;crn;'nn... a)' on ' he " .IUO of 'he I'f'Ot«l. In ..Jdid"", M"",be . ogree. I<> cO"'l'ly wi.h the
monitOring ~uuc""'n" ... 'I'p~bk, .," forlh on Exlul", C, .,.. chtd he'Clo ."d l>y tim rcfe",nce
DUd. , put h c~ f.
6,02 M Qn jlC!rinIj' Real!Omibiij!j!!t ProKc! Owp£(.
Ca) During the pcnod o f con,I.nlCDon or r.h.bd,,,,uon of th~ I'rot<Ct. ,h. Pmjecl Owner
must ."potl 10 ,he Membe ... I....... miannuaU, "n "'h"the. ~.b'c p~ .. II being mode
.uw..d, <ompkoon o f the Pro,. • •.
(b) Wi.1un ' he ru..

y..... ft", I'ro,.." completion. the 1',,,,..,.
( h'ner "' .. ," (I) C<:rtIFy 10 !he
Member 3ftd the Ihnk duo the ..",-.cef and oc~~itJcs convm.",d I" in <he Application h.~" bc.:n
p.m·idtd III a;mnccl>OD ",-ith the l'rojecl:.nd (2) pto'<ide I~" of """,al len ..." ran. o..d incomes 10 the
Me",bc:, ond ,he l:I.nk .nd «rory <hot, rhc IUWlI renfl and lI"loCOfnt • ..., 'ccw'u" and In compuna:
will, the rml .nd income flrgt'ring CommilmCnts made in Ihc "'Wllcauon; .nd (3) m.IIl' .."
( doa"""nl>.""" rqp.nIing I."'nl rents .oJ ;,>eomel I ywble for ,<view by ,he Membe. or tho lI.nk. to
wppnn such <cttloooo" •.
(e) Fo. ,of J>rojen ,ha,

hu noo been aUoat<d fmc .. , Low [ncom< Ho... inS Tn Crn/i"', ,n
Ihe ><"Conol yet, ,r,c' complctiQn of d... "1OfOCI: and ."n...rly the"",f"" un til the: .. nd of the ~" I IS·
y.... .~HP Rr;",,,",,,,, PtnOd. 1M ""'Ie" 0....... , "",,"" (1) a:rofy 10 the Bank Ih., Ihe "",.n, ",n.. and
inc......... X<" on cocnpiar>ee WIth the ce'" and """"'" =gering commlmlCnto nuok on th<: Apl'lioto""":
. " d (2) munt:ul1 dtICu .....!lt.uon .eganlinl! tenon, ""'.. and incomes .,..ibble fOl" ."'·ocw
by ,he Bank. 10
wI'I"-'" .""h c"";ficotioou.
Cd ) In odd,,,,,,,.
P .... jecl Ow"". 's"'''' 10 comply wilh IIx """,,,o,;ng "'qu .... mtn" 5<:1
funh on l:XhLlm c. an..chcd he",'o and by lhi< .d~rencc mode a pot! hereof.
'-OJ C!:!9J!<fJ rirm ·n.. Pro;.a 0..""', 1'"*,,, Sponoor and the M<mbc, .s." .0 1Uli).
('><"'1"""" ( ...>lh.t>c Il",k '" ~ffi:<:tu:>MR Orr·f'le.nd ",, ·.i,~ '~""I"""'·f o r...., P",;..", .nd to ptovtdc ." ,he
Ib"k .n~ 1'n>fC"C1 Jt>(um"' lalJo"m ""....-...Ir(.U,. fL"iIQrnl ur>o.lc •• h.. ,\g......""""',. 11,0 .\rrlic,,,,,,- 0 •• n)"
.\111' R"'IWfL'''<"nL
7.0 Lou ol M CmbtOi hip ip the: Bllpk:Allign!D(Q!
7.01 In the ...·.n, ..f K> 10M of m.:mbc:n.h;p in the R.... k.lhe: "I<n,be, ..,.U "", I«' be .. ~ff"rt. to
",,,,,r,,, "' ""lrW-nn,,. un';'. tho "!'Plica""" . 00 ...... '\lVe<'TT>CfI' 'n '" '\l'I'n""'" T "m. fc......'" prior to
.Iw.: J\ot\k ., ruul ~mc ... , ol ,he IUb."'r. ,\0 ,..N "'''.'''. ".I I'P""·...r T ... ".fcm.·· mc:on, . 001),."
1·1U.n ...... I.u. .. Roy. U:!Ol8

•
mcmI.oct 01"'" II.nk appm,'ed by th" Ronk .n writing, ouch """",... 1 h) 1><
r>C[C,$< "f th~ Bonk', ", ••<m.bk- di><: ... ti .n.
• grvl''' f>r wi,hheld It> the
7.02 1",,"'1" ...... fotth I"

subocclion (.) 'bc.... c. I>0o'I< of Ihe ~k",""" •. 1''''I''cI 0"",.., • ..or
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BY fEDERAL EXPRW
Projed FAml Pba.TwoOe'w.Iop<.ICN, LLC.
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Re: Aattlwood n ApartnwJ\I

VHDA Dtv. No. 0S-5631-R£ACH-SPFI.X; O$-S6lZ-REACH·PWO
Please tlnd (n<;losed two d~plicaIC or\a:h..11 of tbD Virtlnil lto~sinK Oevelopneot
Authority Amcndod -.:od. Reltll6d Mortpp Low> ComrDitmom (Iloe "VHDA Coiwnitment") for
the fDWidnl of Angelwood TT AJ>*ItmMIS. Also fiiCIo!oed ..-0 m. I.¥;!I<d N= uod Deed of
Tl'1I~1 "'fle<:ring the ch."8'l in Ibe IOl1llUDOUIIL
AIle. reviewin g m.
Commitmenl and 4ooumenD, you may ..",. pl lM Comminnenl by
( cxccutiul one uflbe dupli~e origint!t IiDd rel\JJllinl il to a ... bara MacIver, Construclion Loau
AdmlIlistrntor in VHJ.)A ·_ Multi-hmily Dhoisioo, by) p.m .• July 20, 2009. l ioni ffith!he
'fuUowmg omoWIU roquirod by !)ooo;tiun 6 DftheCommitmert
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1 lool b,,1td 10 womna ... itll )'0" 10 cloM Ihia lou. PJeaso: ftoel m.. to <:Ill me or have
your lItOllIey call me if you .... ve llIIy qlleSlions.
CC; a.ut.n MloCl"I'Cr

Rm Fuller
Vl ~NIA HOUSttt:> OEVElOI'MEf'll' AlJTHOIIITY

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TAB V
(Nonprofit 01'" LHA Purchase Option or Right of First Refusal)
[XHlBIl'L
•
This Purehase Option and Righ! of Fin! Refusal A~nt ('J>un:hase Agreement");s ?,
made as of the 15th day of ~ber, 200S, by ..,d between Project FAITH PIwe Two
Development, L.L.C., a Vir&inia limited liability (the "Company'). Project FAITH, Inc., a
:
Virginia non stock corporation ('Orantee'), and Anllelwood II Management, Inc., I Virginia
COlpOratiaD (the "M&naging Member'), tIIld is consented \0 hereinbelow by Housing Equity Fund
afVirginia Xl, L. t .C., a Virginia limited liability <Xlmpany (the ' Consenting Investor Member").
Whm:as, the Managing Member and one or more other panies, concurmltly with the
eJlecution and dclivuy of this Purchase Agreement, all! entering intO certai n Amended and
RC$Wed Opemting Agreement dated &$ of the date hereof (the 'A~t") contilluing the ,
Company by amendins and rcstatin&. rrior Company openItinllagreement; and
•
~,the MQnaging Member is whelly owned and eontroUed by Grantee; and
WhemlS, Grantee has been ilUUUDlental in the development of tbe Project Propcny, as
described in the A~cnt, WId will '"" as go.uu-antor of the obligaliCln$ of the Managing
Memhct in the continuation of the Company for the furthudevelopmcnt afllle Project Property;
"'"
Whereas, the Project Propeny is or will be subject 10 one Of ITIOI"e govemmeotal agency
regulatory a~mcnt5 (oollectivdy, the 'Regulatory Agreement") restricting its use \0 Iow-
illOOlnC housi ng and may become subject \0 a low-;!lC(lJf>e use restriction (the 'Special
Covenant") JIIITSIIIllt to the 1emu and conditions Of 1his Agreement (such use restrictions W1der
the Regulatory Apeement and any Special Covenant being refmed 10 coJJ~vdy herein as tbe
'Use RClitrictioos"); and
Whereas, Grantee and the Managing Member ck:si~ 10 provide for the continuation of the
Project Propeny III low-income holl!illg lipan tennination of the Company by Grantee
pulchasing the Project Property at the applicable price detamined under this Pllr<.:hase
Agreement and operating tbe Project Properly in acrordance with the Use Restrictions; and
Whereas, III • eondition precedent to the fo:mnation or continuation of the Company L

purnIIIItlO the Agreemcllt, Grantee and the Managing Member have negotiated and required that
the Company shall execute and deliver this Pun:ha~e A8I eemco,\ in order 10 provide for sud!
low·income housing, and the Consenting Investor Member has consented to thi s Agreement in r
order to induc:e the Managinll. Member to execute and deliver the J>urclwe Agreemerot and to
ioooct Grantee to guanmtee the Managing Member's obligations thereunder; I
1.- 1
j
,
i
•
Whereas, !he Company and Grantee enteml into I Purehase Option and Right of First
Refusal A~ment dated IS of MardiS, 2007 regardi,,& the Project Property, which .grenncnt
waJ r=mIed on November ~. 2007 willi the King George County RCWfder, Virgini., Book
2007] 105000183420, Pall<' 1-5, and lhe parties hcrctD intend iNot this Pu.rd\ase Agreement i. an
Qnendmen\ and Il'Sllternent of such 2007 Purthase Option and RighI of Fil1l Refusal
Apment, ,
Now, 1berefon, in con.sidcl'luion of the cxeclllion and delivery oflhe Agreement and !he
payment by Ihc: Grantee 10 the CQmpany orren and Noll 00 Doilars (II OJ)O) and other good and
),
valuable consideration, the receipt and sufficiency of which i, hereby acknowledged, 1M panies
hereby avee a.') f"Uows:
,!
I. GAn' of OptIon , The Company hereby grants to Gnm\el: an option (the
' Option') to purchase the: real es\lIl~ fixtures, and penonal property comprising the Proj«;1
Property Of associaled with the physical operation lheKof, owned by the Company III the lime of
purthuc (the "Propmy"J, after the dim oflhc fiftoen (15) year compliance period for !he low-
income bousing til)< credit for the Project Proveny (!he "Compliance Period") as dnerminc:d
wxlcr Section 42(iXl) of the Internal Revcn~ Code of 19i6, as amended (the- 'Code'), on the
IemU Illd oonditiOTlll set folth in this Purch.se Agreement and subject to the conditions ~edmt
to exercise of the Option specified berein. The Project Properly real estate is legally described in
Exhibit A attached hereto and made a part hereof. The RC8UI.tory Agm:ment containinj the •
Usc Restriction! to which the Proje<:t Property real ~tate will remain rubject under Section 9
hcnofi. described in Exhibit B .ttached h=to JIId made a JNIl1 hereof.
2. Gnnl 01 Refunl Ric"!. In the event that the Company rec:eivt!5 a bona fide
offer to pw-ehase the Project Properly, which 'offer the Company intends to Iccept, Gran," IhlIn
~ve. right of first refusal 10 pun:hase the Property (the "Refll5ll Right") after the dose of the
Compliance Period, on the terms JIId conditiOll5 ",I forth in tbis Agreement JIId ~bjcct to the
conditions preo::edenl to exercbe of the ReMal Right specified ~jn. In addition 10 all other
lIJlPlicable conditions set forth in this AJreC:ment, (a) the foregoina a;rant of the Refusal Ri&ht
lhalJ be effeceive only if Grantee is C\IfTCI\tJy and remains at all times hau.fter, until (i) the
Refusal Right has \>wi ellettised and the result;n8 pur<:hasc JIId :sale has been elosed or (ii) the
Refusal Right has been assigned to a Permitted A!!ignee described in Section 10 hereof,
whidw:ver fim Ocew,., • qualifi~ nonprofit orpnization, as defined in Section 42(h) (5) (C) of
the Code, and (b) allY assigrunent of the Rcfu,ar Right permitted under this Agreement and the
Refusal Right so usigned shall be effective only irthe assignee is at the lime of the assignment ,
and remains at all times then:after. \Ultil the Refusal Right has been exercised and the resulting
Jllm:hase JIId sale has been closed,' Permilted Anipee described in Section 10 hcn:of meeting
the requirements of Section 42(iX7)(A) of the CDik u determined in its judll111ent by WI c:ounsel
10 the Consenting Investor Member. Prior to ietepling any luch bona fide offer 10 purdla$e Ihe
Property, the Company shall nolify Gntntee, the MI\Ilagin8 Mnnbcr, ~nd the Consenting Investor
Member ofsuc:h offer and deliver to each of them • t(lpy thcreot The Company sbllll nol accept
Illy such offer unless and until the Refusal Right has expired wilhout exercise by Grantee under
Seoctioo 6 hereof. ,,•
,
L-2
•
,.
the Option
The purcliase price (or tile Property pur$lWIIlO
amount$, subject to the proviso se1 forth
hereinbelow:
a. ' An amount sufficient (i) to pay al l debu (including

partner lQalU) I Company Upoll ils termination and liquidation as
projected to occur immediately followina; the sale pUDlW11 to the Option. and (ii) to
distribute to the Members, after paymen13 under Section 11 .04(1) and (b) of the
Agreement and paymenu to the Investor Member of an amount equal 10 Illy L1HTC !
Reduction Guarvlly Payment, Unpaid LIHTC Shortfall or lnvt:Slor Member Special
Additional Capital Contrlbulion. QSh-proce<:ds equal to the llXes projmed 1(1 be ;mpo...d I
on the Members oftbe Company as a result uflbe $RIo: pursuant to the OpIion, all all more:
fuUy stated in Sectioos of the A~t, which is hereby incorporated hen;n by
ref=ncc; or
,
b. Pair Mukfl V,'ut. The fait martc:t value of the Property, appr8ised IS
low-income hausiuS to lhe extenl continualion of ~ use ;s ro:quimJ under the Usc
Resnictionl, any such appraisal to be made by a licensed appraiser, selected by the
Company's regular certified public accountants, who is. member of me Master Appraiser
Institute and who has experience in the geographic area;n whidl the Project Propc:.ty is
Ioc;ated;
provided, Ilowever, thaI if prior 10 e~ercisc of lhe Option the IntDnal Revenue: Service (Ihe
' Scrvicej has issued & revenue ruling or provmd a privale letter ruling to lhe Company, the
applicability of which rulina shill be determined in its judgment by tax oollD!ltl to the
Consenting Investor Member, or tIIx oounxl to the Con5cnting Investor Member his issued an
opimon letter concluding thaI properly of the natwe and usc of the Property lMy be: sold undc:r
circWllS\anCa described in thls Agr«ment 1\ the greater of the price detennincd llllder Section
42(i) (7) of the Code or lhe price determined under subsection)a hereinabove witbout Limiting
\IX credits or deductiol1$ that would otherwise be available to lbe Consenling Inveslor Member,
then the Option price shall be: such price.
4. Punhuf 1>00 Und er gduul RiIlM. The pun:lwc pri~ for the propeJty
pursuanltG the Refusal Right 5ball be: equal 10 the sum of (a) lID unounl suffieicRi 10 pay all
debtl (including paymer 108.11$) and liabililies of the Company upon ill Imnination and
•;
liquidation as projected 10 occur immediately following the sale pumI.an1 10 the Refusal RighI,
and (b) an amounl sufflCienllO distribute to the Memben. after paymcnl$ under Seelion 11.04(1)
and (b) of the AJlft:emenl and an amOWlI equal 10 lilly L1HTC Reduction Guaranty Plyment,
,
•
Unpaid UHTC Shortfall or Investor Member Special Addi tional Capilal Conlrib\ltion, cash ,I
•
proceeds cquallO the lax~ projected to be imposro oolhe Membtn oCthe Company as 1 resu lt i
of the sale pursuant 10 the Refu$al RiJht, all as more fully !liIted in Seetion 11 .04 of the I
J\ir«menl, which is ~by inoolpOl1lled ~in by refertnCe.
L-l
,.
contrary, the
Notwithstand ing lJ1ything In this A~enl 10 the
Right granled hereunder shall be COIItingmt on the
following:
•. Mlnging Mtmbu. The Managing Member $hall ha~ remained in ,

good standing as Mana&ina Member ohhe Compeny witho\ll the occurrence of &II)' event
\
of default under the AgrffillCnl; and
c. RHUlatOrv Al!l'ftmml. Either (i) the Regulatory AgrftIIlcnt shall hove

been enlered into and remained in full fOlW and eff"!, and those Use Re:strietiops 10 be
contained therein, 8$ here1ofore approved in writing by lite COIISI:ntinalnve$I(lf Member,
shall haw mnained ulUl100ifltd without iu prior wrincn CllllXllt, or (ii) if the Regubtory ,t
Agreement i.I no longer in cffcd due to reasons other than I default tbcr<:under by the
Company. such Use i«wiClions, all so lIpproved and unmodified,.\hall ha~ remained in
effeci by (lther means and shall continue ill effect by inclusion in the deed as required
under Paragraph [0 hereof. ,
If "")' or all of such t:OIIditions precedent h.lw not been met, the Option and the Refusal Right
shall not be exercisable. Upon any of the evenu tenninatina the Managina Member as
M.naging Member of the Company WIder the Agn:cment or affecting the Regul atory Agreement
as dc:s<.:ribcd in thi, Section S, the Option and the Refusal Righi $hall be void and ofoo further
force and effecl.
6. "lucile of QptiOIi or fiery!!1 Right. Th~ Option 1Jld the Refu.sal Right IIlIIY
each be exercilled by Grantee: by (II) giving priorwrittcn notice ofi" ietent \0 exercise the Option
or the Refusal Right to the Company and each of ill Members in the manner provided in the
A~t and in compIiMIce with the ro=<juircmen\s of this Sec:tion 6, and (b) c:cmplyiDg with
the toIlIr8Ct ami closina teqlliranet11l1 o(Section 8 hereof. Any suoCh notice o(iDteQtlO cxercix
til<: Option shall be gi~en durinllthe lastlWl:lve (12) months of the Compliance Period. Any
such oolite of intent 10 exercise the RetilSlll Right shall be siven within one hundml ~ghty (1 80)
dliys after Grantee has n«ived the Company's nolio;e: of I bona fide offer pUl$uant to Seo:tion 2
hereof, b\!t in no cvo:nt liter !han one hundred eighty ( 180) days inunediatcly following the end
of the Ccmpliance Period, notwithstanding any subsequent =rip! by the COIIIpMy orany $loeb
offer. In either cut., the notice of intent shallspccify I closing date within one hundred ei&hty
(180) days inunediltcly following the end of the Compliance Period. If the fon:going /
mauimnents (including those of Section 9 hereof) >m: not met as and when provided herein, the
Option or the Refusal RighI, or both, ., applicable, ,hall expire and he of no further fon:!!: or
effect. Upon ootice by Grantee ofi" inlentlO exm:ise the Option or the Refusal Ri&hl, , II rights
under the otbc:r shall be .ubordinate lO the righll then being so exeralled unless lII!d unlil such
eJ<emJe ill withdrawn or discontinued, and upon the closing of any sale of the Propert)' pursuant
r,
to such OOIiee shall expire and be of no ~r force or etTe~, provided that in tbe even! tballbc
Option ami the Refusal RighI an: hereafter held by different parliQ by reason of any permiUcd
lWignmem or olherwi~e. Onntee in its assignmenl(') or such parties by wrinen agreement may I
•
i
specify any othel order of priority coosiSleDI wil.b the other \ef1Jl$ and eond.iUOII3 of thil
A""""."
7. D!ltrminlllol! of !'lig. Upon notice by 0rIn!ee of its intent !O exercise the
Option or 1M Refusal RighI, the ComplOn), and Granlee slWl exercise bellI efforts in good faith 10
agree on the purchase price for the Properly. Any sucb agreemenl shall be subjcd!O the prior
wrincn consenl of the Consenuna Investor Member, which shall not be withhe ld as II) any
purcllax price delennined propcTiy in ICOOI"dance wilh thil A~enl.
8.
and Granlee I
. Upon detennination of the pun:hase price, the Company
coOllllct for the purchase and we of the Property in
I
accordanee with Ibis Agreement and containing such Other tenns and oonditious 8$ are S!aDCW"d
Wld t\I51Omary for similar commercial lmISIIdions in the aeoa:raphie IIl9 which the Proj~
Property is louted, providing for I closing no! lalrr!han the dale specified in Grantee', noliceof
inlenl 10 exercise oC the Oplion or the RefUlaI Righl, 8:1 appJiuble. or thirty (30) daysllfier Ole
purchase price has bHn detennined, wbichever is lila". In Ihe ab$ento! of any such oonttKI, lhis
Agreemenl shall be sp:cifically enforeeable upon Ole exercise oflhe Option or the Refusal Rip.I,
as applicable. The purchase and sale hereunder shall be dosed Ihrough a deed-and·money
escrow with the lide in.suref for the J>r-oj«1 Property or another mUlually IICttpUble lide
w mp6IlY·
,.
herewxler 81 ,~C;;;
In wnsiden.lion of !he and !he Refusal Riahl granted
herein, Granlee thaI t~ deed of the Project
of !he Project
10 the ex!en! in the
as approved in Consenting InYeStor Member and
prior wrincn consen!. C:OVC:llUIl shall ...ontain a reverter clause,
enfon::eable by the Conxnling Investor Member, its S' ........ oms M.d assigns, in the even! of
materia! violltiol! of such Use Restrictions. Such deed oovenanl shall include a provision
requiring Grantee 10 ply any and all COSIS, including a!lomeys' fees, incum:d by the Conscntins
Investor Member or any other holdCf of such reverter righQ in enforc:ina or Ittempting!O enforce:
lhe Use Restrietions or suc.b reverter rights, and to pay any and all damages incurred by the
Consenting Investor Member from M.y df:1ay in or lack of enforceability of Ole same. All
m'encr provisions con~ined in 8uch deed and in this AgrI:ement $t..ll be subjecl and
subordinale 10 any tJtird-pany lim! encumbering !he Projecl Properly.
If prior 10 ex.erci:te of Ole Option or the Rdilsal RighI, II! applic.ble, the Service ha!
i$$Utd I I"CVCnuc [IIling or provided a private [et1CI rulin& to the Company boldina !hI1 I
covenanl of !he nalure d~bed hereinbelow m.y be uliliud without limiting tax credits or
dedutlions Wt would olherwise be available to the Consentina inveslor Member, the
applicabilily of whicb rulin@, shall be dckl"minc<l by CO\IIIsd 10 the Consenting Investor Member
in its IOlejudgmeDI,!hen I t a condilion of!he Oplion and !he Refusal RighI, the deed 10 Ormltee
•
shall include a Special Covenanl speo;ificaUy restricting continued use of !he Project Property 10
low·income bousinS as determined In aeeonianee wilh lhe same low-income and maximum rent
••
requil'l:lDelllS (eJlctuding any riaJlt under the Code to raise renIlI after oolkc to the applimle
ltIte or local bou.sing credit 'geney if it is UMble to find I bIIyer I t the statutory price) ILl: ~
=nlly SpeCified in the Apeanent with rcf!:mlCC to the low-income housing lax credit
(notwithstandina any future discootiDuation of such credit Of modifice.tion of federal
requimnenu therefor), e~eept insofllt ILl: JnOre stringenl \l3e requirements are imposed by the
Re&ulalOrY Agreement ILl: IJlPI'Oved by the Co~ntina Investor Member and unmodified without
its prior wrinm COO$e1lI. The Special Covenant ~l constitute part of the UIC Restriction:!. The I•
Special Covenant may slate thaI il is appJiCIble and enfon:cable only to the extent such bousing
prOduces income sufficient 10 pay all operating eJlpenICt and debt $CrYice and ftmd customary ~
reserves and there is. need for low-income housina in the geographic are& in whicll the Project I
Propen)' is Located. The Special CoVClWlt shaJJ TWI with the land for a period of fifteen (is)
~an aftu closing of the purchlllC under the Option or the Refusal Right, ILl: JppIicftble, or, if
,
longer, for the period measlRd by the then remainillg period of Use Re$tric:timu under the ,
Re&ulatory Al"'=l'lent, provided that the Special Covenant shall terminate at the option of any
bolder of the rcvcner ria.hu: dC$Cribed hereinabove, upon enforcementthercof.
In IIu: event that neither thc Option nor the Refusal Ria.ht is e~m:ised, or the 1liiie
PW'$lWlt thereto is oot consununated, then upon conV8Yance of the Project PiOjIU ty to anyone
olher thM Grant« or its pennitted assignee bemmder, !be foregoing provisionl shftI l tennin.ate
and have no further fon:c or elTfI!OCI.
10. "'I';p mtnl. Gnmtcc lDIIy assign ell or any of ilS righu under this Agreement to
(a) a qualilied oonprofit organizatioo, ILl: defined in Section 42(h) (5) (C) of the Code, (b) •
government agmcy, or (c) a tenant organization (in coopellllive rorm or otl!erwise) or resident
maoagemeot corporation of the Project Property (each a ·Permitted Anignee") tMt demon.1Irate!
iu .bilil)' and willingness to maintain the Project Property ILl: low-income boll!ing in.cconllnee
with the Use Restrictions, in ~ny C8.SC JIIbjKlIO the prior written consent of the Con"enti:ng
Jnve$!or Member, which s.haIl /lOt be unreasonably withheld ir the proposed grantee
demonstntcs that it is repulJblc and creditworthy Md i! a capable, e~perienced owner and
opmotor or rl:Sidmtial rental pi openy, and subject in any event to !be conditions pi ev:xlem 10 the
Refusal Righi grant and the: Option price llet forth in Sections 2 and ) hereof, Prior 10 any
assignment Or proposed lL\:Signment of i1$ righ1$ hcmmder, Grantee .shall live written notice
Lhereof to!be Company, the Managing Member, Md the Conswtina Investor Member. Upon
My permitted U$ignmcnt hereunder, refen:nces in this Agn:<:meot 10 Grantee shall mean the
permillcd Assignee wbere the C(lQtext so requires, subject to all applicable coDditions :0 tile
effectiveness of the righu granted under this Aarecmmt and so assigned. No assignment of
Grantee's righu hereunder shall be effective unless and Wltil the permitted Auignec emns into a
,•
written agnemeJlt acceptinlthe assigoment and asswning all ofOl'8Qtce's ob1i&atiOn:! under this
Agreement and copies of such written agreement ail' delivered 10 the Compllny, the Managing
Member, and the Comenting In~tOT Member. Except ILl: specifically pennined berein,
Grantee's rights bcn:under shall not be _ignable.
II , MiKtlllM2MJ, 'I'his Apancnt shlIl be ~ by !be laws ofllle Swe of
Vlr,iniL This A,rmnent may be> C)<ec;:uted in cOW!tefpIrU or couoterpart signallft pII,a.
which to,ether shall constitute. sinale IKJeemenl.
12. Supeuede Prior AgrtImICl.. This Agreaneal replaees and supenc:Ou in its
m~ ~ eertain I'un:hasoe ClpticIn and Riebl or first Refusal Ap=nmt betWf!erl the •
Company and the Orantee dated as or Man:h I, 2001,
(continued OJ! nex t pase)

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In Wi!neA Whereof, the paro... have elcculed thil doo;umenl .. of the date fiBI set fonh ,
bcuinabove.
Compuy:
Projoct fAITH Phase Two Deveklpment, LLC, I

Virginia limiled tidlHily CQIIIptrly ,
I
,.
COMMONWEALTH Of VIRGTNlA )
COUNTY OF KlNG GEORGE

).
) I
do
.~:~;::.
'I,
:;::;:;:: ):
~1 Pid Cily in the SII1e doresaid,
Pnsidml of Angelwood U Mlllagtmellt, Ine,
known 10 me 10 be the _ penon whole _ is subKn'bed 10 the fO"'soilli
II ..och officer, tppea=I before me: thiJ day in penon aDd acknowledged WI she
delivered JUc.b IhllNmenl as her own !i-ee and volunwy acl, and AI \be lice md
oflhc Compllly knOW1lIS Angclwood n Management, Inc. on bdIIlf of which said
execulocllbe fon:going instrumml as I Managina Member, all fix IlIc usea ami •,
purposes seI forth therein.
Given unda my hand lIld no1lrial ..., ~ D"~'~d:>' "O~1

i
i
MyComminion E:.pi",,: 10 Is?! 110 [Sl!ALj f
,
Regiltl"alion Number:
15 \D01, [
!
I
Grantte!
COMMONWEALnI OF VIR GIN IA )

).
COUNTY OF KING GEORGE )
Given lIIIder my hand mel noIa'ill$Ul on Deeember ~ 2008.
~1:!(",o.Q
'~
My CommissionExpiIu: IOlll ho [SEAL] I
ROiiltIation
\5\()
Numor
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By. ~lwoocI. II Managane:nl, lnc-
• Virginia corporation ,
• ~-;F~roou W, Wardl,w. President
COMMONWEALTII OF VIRGINIA
COUNTY OF KINO GEORGE

,.
)
J, ~5, WQs&l~ ,. NowyPublil; in and fOJ aaid City in the Stl1elf«Uaid,

do hmby cntif !hal f'ronce W. Wardlaw, Praide:n! of An&elwood n MAnIogeJllUll, Inc.,
per3<lnaUy known 10 me 10 be ~ tame penon whose name i. iJUbecn'bcd to the forc&0in8
instnImeftl .. Jlll;h OffICer, appeved before me Ihis day in penon and -..:knowled&ed thai she
slf;ned mel delivered .mcb illllnlm<Zlt ai hu own free and voluntary ..:t, and at !he 6-ee mel
volunlary act of lueh WlpOrt.tion. all for the \lIeS mel J>IlIPO'C' 8Cl funh therein.
Re&istntion
15)~
N.
MyComm.i3sion Expims; ~~ {SEAL1
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to \be bCj~'" AI' .........
.............
The IIIIdcniped binb), • a as or the dIM fiqt Jet bill
,
HOUSING EQUITY FUND OF VIRGINIA XI, !
LLC., • VifJini. litnitod liability tompaIIy
,!•
By. VirJinia HaIIsin& CIopiw COOp,,,,,ti,,,,", ill
-»IIIIJIOIIllCl ,
By. fl",~ (
Arild O. T1coI, VIOOI P'IwIIdCIII
COMMONWEALm OF VIRGINIA )
i
).
CITY Of> RlCHMOND )
do
to _
:
to be Ibe _
~:,:~:'~'.•~ mel for sUd City .. the Slalo at.... •
~
of Virginia HOUIin, Capital Clrpo..uao.
"""- name iI IUblcr:ibod tt. msom,10
d,
II IlldI offiur. IppearOd befCn . . IIIia 4Iy ill ~ .... ..:kno.. \edaed Ibal be
ddivaa:I sucII i".II_1I I I 1M own Ita I11III volunUry Kt, and II the hi: aI
8Ct of the 0- p4WlY tnowr. • IIouIi,. EqWIy I'Imd o!Vup.ia XI,l..L.C. 011 bdWf
said ~ II. aecutd IIuI ro....... iat1namcm I I . Manoaini Med>a", aU for
1hI_ m! pUrpOIeIld btb IheftiD.
Oi~m IODdcrmyblnd..oo-w _011 I)! LIO' ~ 2008.
~...1?'~
Regi ..... ion NIImbcr:
ISBALj
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EXHIBIT A
LEGAL DESCRIPTION OF
PROJECT REAL ESTATE
ALL THAT CERTAIN TRACT OR PARCEL OF LAND SmJATE. LYING AND BETNG IN
RAPPAHANNOCK MAOIS'ffiRlAL DISTRICT, KING GEORGE COUNTY, VIRGINIA, .
DESIGNATED AS MRESJ DUE OF TRACT ONE" CONTA IN ING 26.612 ACRES, MORE OR
LESS, AND MORE PARTICUlARLY SHOWN ON PLAT OF SURVEY EN'11LED
~WOODLAWN". DATED NOVEMBER 7, 2008, PREPA RED BY DEPUTY LAND
,,I
SURVEYING, INC., WHICH PLAT IS TO BE RECORDED IN THE CLERK'S OFFICE OF
TIlE CIRCUIT COURT OF KING GEORGE COUI'ITY, VIRGINIA. I
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L.A-]
TABW
(Original Attorney's Opinion)
KANADY & QUINN , P.C,
7 130 Gu .. F"QOOQT 0......: . $......, 12 0

~~. V~ 2322e
TO' 0",. • " .041 2 "2 ........

~~ i _ )z .. z .........
C· ........ ' . @ '" '" '''-.0000
May 14,2009
Virginia Housing Development Autixlrity

601 South Belvidere Street
Ri:hmond, Vrrginia 2J:!20
RE: 2009 Tax Credit Reservation Request

Name of [)eo.relopmelll: Angelwood Development Phase n
Name of Owner: Pro;ea FAITH PhueTwo Development, L.L.C.
Gentlemen:
Thil firm represenu the aOOvo.referCIJoed Owner as its counsel. It has received a CQJIY of
and has reviewed the completed application package dated as of May 14, 2009 (of which this
opinion is a part) (the "Application") IkIbmined 10 you for the purpose of requesting, in
connection with the captioned Development, I reservation of low inoome housing lax credits
("Credits") available und« Seclion 42 of the lntanaI Revewc Code of 1986, as amended (the
"Codc·). II has also revi.cwtd Section 42 of the Code, the regulations iMucd JM'SU8flI thereto and
such other binding authority u it believes 10 be applicable 10 the iS$U&llCe hacof(the regulationl
and binding amhority hereinafter oolleaively referred to as lhe ''Regulations").
Bued upon the foregoing reviews and upon due investigation of such martCl"ll as it deems
necessary in order to render this opinion, but without eJCpressing lilly opinion as 10 either the
reasonableness of the estimated or projocted figures or the vCfllCity Of accuracy of the factual
represcntatiOllll set fOl1h in the Application, the undersigned is of the opinion that:
I. wis of the Development of

It is more likely than DOl thar the iDcllJ5ion in eligible
such C05I items or ponioos tbe£eof; u Sft forth in Parts VlD and IX of the
Application form, complies with all applicable rcquiremenu of the Code and
RcguIatiOM
2. The calculalions <a) of the Maximum Allowable Credit availablc under the Code
with respect to the Devdopmmt in Pan vm of the Application form and (b) of the
Estimated Qualified Buis of each building in the Development in Part IX of the
Application form comply with all applicable requirements of the Code and
regulations, including the !!demon of credit type implicit in such calculations.
3. The appropriate type(s) of alloca1ion(,) have been requested in SUbpan 1·0 of the
Application fonn.
v~ Housing DevclopmcDt Authority
May 1", 2009
"" 1
The information set forth in Subpart Vl1 -C of the Application form as to proposed
rents satisfies aU applicable requirementJ of the Code and Regulations.
S. The site of me captioned Development is COOlrolled by the Owner, as identified in

Subpar1 ll-A of the Application, fOl" I period of not less than four (4) months
beyond the appIicadoo deadline.
6. The t)'pC of the nonprofit organization involved in the Oevdopment is an

organization described in Code Section SOI(cP) or SOI(cX4) and exempt from
fcderaltaxalion under Code Section 501(a), whose pwpoltS inc lude the fostering of
low-inoome housi ng.
7. The nonprofit organizat ion's ownership interest in the development is all the
managing member interests of the owner$hip tntity of the devdopment as
described in Subpart U-D ofthe AppliClition fom!.
Finally, the unders.ignod. ill of the opinion that. if all inf01llUltion and representations
contained in the Application and all currer( law were to remain unchanged. upon compliance by
the Owner with the requirements of Code Section 42(hX IXE). the Owner would be eligible under"
the !lppIicable provisions of the Code and the Regulatioos to an allocation of Credits in the
amount(s) rcq\Iested in the Application.
~ of inducing the Vtrgi nia Housing

This opinion ill rendcrt:d solely fOl"" tbc
Dcvdopment Authority ("VHDA") to iD.Je a ~ ofCrcdits to the Owner. Acoor"dingly, it
may be relied upon only by VHDA and may 001 be relied upon by any other p¥ly fOf" any other
""""k
Thil DplmGn was 001. prepared in aceordancc with the rt:quiremenu of Trca5Ury
Dcpartmetll Circular No. 230. ~y. it may not be rdiod upon for the purpose of avoiding
u .s . Federal tax penalties 01" to support the promotion or marketing of tile lran$IIaion Of" matters
addressed herein.
Kanady & Qu inn. P.C.

TAB X
(Locality Notification Form)
VHDA Locality Notification Information Form
l ocality Notific ation Information Form
,.u'I · INSTRUCTIONS,
Seellon (2 (mj(lIlA)fil 01 Ihe Inlamo1 Reven;e Code ~I '*"':<"I\ng

ogene •• 10 notify "thIt CNeI
&eeult... Offie..- (CEO) or &q<ivalenl 01 the 10<;<:11 Jv<IKI<:flon within wtkh TM building illo<;ated and pmvlde
weh Indvldual a rea,oncbIe oppoffirity 10 comment on the doveIQprMnT." VHDA ~ inlOlTTKlfion you
provide in TI'IiI rorm 10 comply willl lhil re quiremenT. I' YOI.! dOyelooment oyedaQt two or more kljidjctjooL
you ore reQVi'ecI 10 lubmit IhIs form lor each .
in addition to cOl'lIocfing ,he l ocality C EO , VHDA wil 0110 be contacting the Mayor or Chairman 01 the
IIoatd or Supetvbon.11 ~ protxJble ttlO! each posilion wi ho"<e 0 .eparote mal ..... oddre, •.
AIIIlough VIIDA pr. paoes the doe..menls sent 10 eaclllo<;alily. w e rely on YOU. Ihe de'telopet',,"*,onl. 10
prO'o'ide US with key nlom>aIIon. Including !he nane 01 !he lOCaiIy haYIng [uil.dclion O'o'er !he de.eIopment.
names. addre1.se$ and <e*Jlatlons. as well as a sum"I>OIY 01 boIk: cleveloQment Informolion.
I.
II yQIJ gHady /"eWe
COTQ"I.
"..,M
o local supporI leti ..... you con Inci.odoIo n ....,'tI\ !he ClPPkollon 01 TAa I.
'* r<ml and Sl.t>mil II 10 VItOA or the ClPPkolion IoIIhh dIY'!:PIT*,1 wiI be penoIztd SO
~. you must
faf InIotmCllion CIbouI oddifionat point. associated with 'e<;eNIng 0 ~ L.h..- "em ..... Iocol ~
pIeose relerlO .... Appieofion MOnuoI.
Developen leeldrg ,,,,,~xemp! bond ~"credits or ~Iifly. ' " credts. shoUd wbmli lhil lorm 01
~t 30 o;Ioys prior to ~Iion 01 the ' '''' cred"1 ClP()lcolion.
Fe...... e TO c~le and ,ubmit thi. form pOOr 10 5:00 p .m. EST time on M orch 2$, 2009 wi re.ult in" SI)-pojnt
penalty (~ pointl) for orw oppIication lubmilted in conneclion with the 2009 eompeTillve tQX c redin .
De""",.,.. 01 a.clronlc Copy oIlhll tonn 10 \IHO...,

via tjDPiI 10 TCI><Oeclitk)psOVHDA.com. E-moil on'y one lorm a t a timet
II you .... e Ihb ~ option. you wII rec eive on 0010 r&PIY melloge cOO ,No" oio og "messClQe rec";'ecI: The
Jy3tem DOES NOT contkm lhol on atlaetvnonl has been re<:e/Vod.
yIg [ ' 0 ' +x mqiI (on CD) 10'
m"
I"" Credil AIocolion Depo1rn&n1
c/o DebbIe om...
601 S,8eMdete SlrlM!
I!Iehrnorod. VA 2322O-OSOO
\IHD ... C _' ....... _ :
Col Debbie Griner Of ~ I a if you /"eWe quMtions ot:>oo.A compIe*>g Ihb form.
'AU H · CfO" JURISDICTION INfO RMATIO N
_ _ 1NS1JlUCIIC:lNS _ c.".,."". _ COtI"IPIO""II .... _ '11 _
A..OWI ...c....... OIIk: .. (C~OI_ ... :n
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TABY
(Marketing Plan for units meeting accessibility
requirements of HUD section 504)
An gelwood Developme nt Phase II
Marketing Plan
Angelwood Development Phase JJ Includes 5 apartments that will conform to HUD

regulations interpreting actesslbllity requirements of Section 504 of the
Rehabilitation Act. These five apartments will be reserved for, and actively
marketed to, people with mobility impairments.
The rema ining Z7 apartments within the 32 apartment development are

constructed according to Universal Design Standards. These apartments will not
need to be reserved for particular household s, but will be marketed to households
requiring housing with improved accessibility.
Project FAITH, the Propeny Manager. will market these reserved 504 units and the
remaining Universally-Designed units to qualified households on the local Section 8
waiting list managed by Central Virginia Housing Coalition, to households on an
overall Angelwood Development waiting list. to clients of the King George
Department of Sodal Services, and to other service providers and advocacy
organizations in the King George County are(l.

Angelwood Development Phase II - 2009 VA

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Angelwood Development Phase II - 2009 VA

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2009 Federal Low Income Housing

Tax Credit Program

Application For Reservation

Deadline for Submission

Tas Exempt Bonds

Virginia Housing Development Authority

o Eleetronie Copy of the Microsoft Excel Based Application (MANDATORy)

2009 Submission Checklist

VHDA TRACKING NUMBER 2009-Z-008

A. Development Name and Location:

14. Location Map Attached (TAB A)

2. Credits requested from:

o Tax Exempt Bond.

o This development will receive rederal ,ubsidies for:

E. Acquisition Credit Information

F. Rehabilitation Credit Information

II. OWNERSffiP INFORMATION

MlI.'l.t be 3Il individual or legally funnedentity

Federal 1. D. No. 26.0467998 (If not available, obtain prior to Allocation)

Principal(s) involved (e.g. general partners, controlling shareholders, etc.)

C. Development Team Information:

I. Tax Attorney: Tom Thorne-Thomsen Related Entity? 0 Yes 0 No

5. Contractor (Contact): Todd Peacock Relared Entity? 0 Yes 0 No

6. Architect: Colin Arnold, AlA Related Entity? 0 Yes 0 No

8. Mortgage Banker: Related Entity? 0 Yes 0 No

1. Nonprofit [nvolvement (All Applicants)

5. Percentage of Nonprofit Ownership (AJl nonprofit applieants)

III. DEVELOPMENT INFORMATION

A. Structure and Units:

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

o Row House/Townhouse o Vctached ~ingle-tilll1lly

4. Total Floor Area For The Entire Development 35,220.00 (Sq.~)

6. Nonresidential Commercial Floor Area 0.00 (Sq."

8. Number of Buildings (containing rental units) 13

9. Commercial Area Intended Use:

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

Exterior Finish: Vinyl and Hardiplank siding with asphalt shingles

3. Check the tollowing items willch apply to the proposed project:

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

_...;0:.,:.%;..0 a(l) Percentage of2-bedroom units that have 1.5 bathrooms

0 b. A community/meeting room with a minimum of749 square feet is provided

DO. All cooking ranges will have front controls

Db. All units wj]] have an emergency eall system

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

Check one or none nt/he followmg pomt categones, as appropnate:

Earthcraft or LEED Development Certification

LEED Accredited Design Team Member

Universat Design - Units Meeting LniversalUesign Standards

VHDA Certif"red Property Management Agent

IV. TENMIT INFORMATION

A. Set-Aside Eleetion: UNITS SELECTED BELOW IN BOTH COLUMNS DETERMINE

Units Provided Per liousehold Type:

B. . Special Housing NeedslLeasing Preference:

5. Ifleasing preference will be given to individuals and families with children.

V. LOCAL NEEDS AND SUPPORT

If tbe property overlaps another jurisdiction preaso fill in the following:

~!o ,It', e. IMarch 200' , ronce " ' '

Llan, MaylOOg' IFrollCe Wardlaw'

·'1. SITE CONTROL

A. Type of Site Control by Owner:

B. Timing of Acquisition by Owner:

o Owner already controls site by either deed or long·term lease or

C. Market Study Data:

Project Wide Capture Rate· LlHTC Units 22.20%