The Gardens at Almond Creek

2011 Federal Low Income Housing
Tax Credit Program
Application For Reservation
Deadline for Submission
9% Competitive Credits
Applications Must Be Received At VHDA No Later Than 2:00
PM Richmond, VA Time On March 11, 2011
Tax Exempt Bonds

Applications should be received at VHDA at least one month
before the bonds are priced (if bonds issued by VHDA), or
75 days before the bonds are issued (if bonds are not issued
by VHDA)
Virginia Housing Development Authority

601 South Belvidere Street
Richmond, Virginia 23220-6500
2011
Low Income Housing Tax Credit Application for Reservation
Please indicate if the following items are included with your application by checking the appropriate boxes. Your assistance in
organizing the submission in the following order, and actually using tabs to mark them as shown, will facilitate review of your
application. Please note that all mandatory items must be included for the application to be processed. The inclusion of other items
may increase the number of points for which you are eligible under VHDA's point system of ranking applications, and may assist
VHDA in its determination of the appropriate amount of credits that it may reserve for the development.
Electronic Copy of the Microsoft Excel Based Application (MANDATORY)

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

Low-Income Housing Tax Credit Application For Reservation
VHDA TRACKING NUMBER 2011-C-39

I. General Information
All code "Section" references are to, and the term "IRC" shall be deemed to mean, 3/7/11
the Internal Revenue Code of 1986, as amended. (Date of Application)
A. Development Name and Location:

1. Name of Development The Gardens at Almond Creek
2. Address of Development 1401 Bickerstaff Road
(Street)
Henrico County VA 23231
(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. 37.50214'N 77.39200'W
Documentation from surveyor attached (TAB A) (Only necessary if street address or street intersections are not available)
4. The Circuit Court Clerk's office in which the deed to the property is or will be recorded:
City/County of Henrico County (ie; Richmond City, Chesterfield County; see application manual)
5. Does the site overlap one or more jurisdictional boundaries? Yes No
If yes, what other City/County is the site located in besides the one mentioned above?
6. Census Tract the development is located in: 2015.01
Is this a Qualified Census Tract: Yes No (If yes, attach required form in TAB A)
7. Is the development located in a Difficult Development Area? No If no, applicant may request that the property be treated
as if it is located in a DDA. If so, indicate by checking this box: (Note: This provision is NOT applicable to tax exempt bond deals.
8. Is the development located in a revitalization area? Yes No (If yes, attach required form in TAB A)
9. Is the development an existing RD or HUD S8/236 development? Yes No (If yes, attach required form in TAB Q)
Note to #9: If there is an identity of interest between the applicant and the seller in this proposal, and the applicant is seeking points in
this category, then the applicant must either waive their rights to the developer's fee or other fees associated with acquisition and/or
rehabilitation, or obtain a waiver of this requirement from VHDA prior to application submission to receive these points.
a. Applicant agrees to waive all rights to any developer's fee or
other fees associated with acquisition and/or rehab. Yes n/a
b. Applicant has obtained a waiver of this requirement from VHDA
prior to the application submission deadline. Yes n/a
10. Is the development located in a census tract with a poverty
rate <10% with no tax credit units currently present? Yes No
11. Is the development listed on the RD 515 Rehabilitation Priority List? Yes No
12. Is the proposed development located in an urban development area as defined in §15.2-2223.1of the Code of Virginia?
Yes No (If yes, attach required form in TAB U)
13. Will the proposed development participate in a locally adopted affordable housing dwelling unit program area as described in
either §15.2-2304 or §15.2-2305 of the Code of Virginia? Yes No (If yes, attach required form in TAB U)
14. Congressional District 3 http://dlsgis.state.va.us/congress/2001PDFs/chap7Tab.pdf

Planning District PDC-15 http://www.vapdc.org/aboutpdcs.htm#PDC%20Map
State Senate District 9 http://dlsgis.state.va.us/senate/2001PDFs/Chap2Tab.pdf
State House District 62 http://dlsgis.state.va.us/House/2001HousePDFs/Chap1Tab.pdf
15. Location Map Attached (TAB A)
B. Project Description:
In the space provided below, give a brief description of the proposed project.
The Bickerstaff Apartments will consist of 60 one, two, and three-bedroom apartment homes. The community will feature an attractive modern
exterior consisting of a brick and hardi-plank façade; roofline offsets, and balconies to provide maximum architectural appeal. Various energy-efficient systems
will be utilized to increase building efficiency and lower energy costs. Exterior landscaping, such as flowers, perennials, and exterior lighting will provide
additional beauty as well as an attractive drive-by appearance.
The kitchens will be equipped with a dishwasher, disposal, range/oven, built in microwave, exhaust hood, and frost-free refrigerator/freezer. The units will have
wall to wall carpet, washer/dryer hook-ups, ceiling fans, patios/balconies, fire alarms, and individual hvac units.
Common areas will include: Community Room, Fitness Center, Library/Kids Room, and Business Center
v1.1.2011 Page 1
Low Income Housing Tax Credit Application For Reservation
C. Reservation Request
1. Total annual credit amount request (Must be the same as Part IX-D8) $745,797
2. Credits requested from:

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

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

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

D.
1. Regular Allocation
All of the buildings in the development are expected to be placed
in service this year. For those buildings the owner will, this year, request an
allocation of 2011 credits for new construction, or
rehabilitation, or
acquisition and rehabilitation.
2. Carryforward Allocation
All of the buildings in the development are expected to be placed
in service within two years after the end of this calendar year, 2011, but the
owner will have more than 10% basis in the development before the end of twelve
months following allocation of credits. For those buildings, the owner requests
a carryforward allocation of 2011 credits pursuant to Section 42(h)(1)(E) for:
new construction, or
rehabilitation, or
acquisition and rehabilitation (even if you acquired a building this year and
"placed it in service" for the purpose of the acquisition credit, you cannot receive
the 8609 form for it until the rehab 8609 is issued for that building once the rehab
work is "placed in service" in 2012 or 2013).
3. Federal Subsidies
The development will not receive federal subsidies.
This development will receive federal subsidies for:
all buildings or
some buildings.
v1.1.2011 Page 2
E. Acquisition Credit Information

NOTE: If no credits are being requested for existing buildings being acquired for the development,
so indicate and go on to Part F: No Acquisition
Ten-Year Rule For Acquisition Credits

All buildings satisfy the 10-year look-back rule of IRC Section 42 (d)(2)(B), including the
10% basis/$15,000.00 rehab costs ($10,000 for Tax Exempt Bonds) per unit requirement.
All buildings qualify for an exception to the 10-year rule under IRC Section 42(d)(2)(D)(i),
Subsection (I)
Subsection (II)
Subsection (III)
Subsection (IV)
Subsection (V)
The 10-year rule in IRC Section 42 (d)(2)(B) for all buildings does not apply pursuant to IRC Section 42(d)(6).
Different circumstances for different buildings: Attach a separate sheet and explain for each building.
F. Rehabilitation Credit Information
NOTE: If no credits are being requested for rehabilitation expenditures, so indicate and go
on to Section II. No Rehabilitation
Minimum Expenditure Requirements

All buildings in the development satisfy the rehab costs per unit requirement of IRC
Section
S ti 42(e)(3)(A)(ii).
42( )(3)(A)(ii)
All buildings in the development qualify for the IRC Section 42(e)(3)(B) exception to the
10% basis requirement (4% credit only).
All buildings in the development qualify for the IRC Section 42(f)(5)(B)(ii)(II) exception.
Different circumstances for different buildings. Attach a separate sheet and
explain for each building.
G. Request For Exception

The proposed new construction development (including adaptive reuse and rehabilitation that creates additional rental
space) is subject to an assessment of up to minus 20 points for being located in a pool identified by the Authority as a po
with little or no increase in rent burdened population. N/A - Does not apply to this proposed development.
Applicant seeks an exception to this restriction in accordance with one of the following provisions under 13VAC10-180-
Proposed development is specialized housing designed to meet special needs that cannot readily be addressed
utilizing existing residential structures. Documentation Attached (TAB U)
Proposed development is designed to serve as a replacement for housing being demolished through
redevelopment. Documentation Attached (TAB U)
Proposed development is housing that is an integral part of a neighborhood revitalization project sponsored by
a local housing authority. Documentation Attached (TAB U)
v1.1.2011 Page 3
II. OWNERSHIP INFORMATION
NOTE: VHDA may allocate credits only to the tax-paying entity which owns the development at the time of the allocation. The term "Owner" herein refers to that entity. Please fill
in the legal name of the owner. The ownership entity must be formed prior to submitting this application. Any transfer, direct or indirect, of partnership interests (except those
involving the admission of limited partners) prior to the placed-in-service date of the proposed development shall be prohibited, unless the transfer is consented to by VHDA in its
sole discretion. IMPORTANT: The Owner name listed on this page must match exactly the owner name listed on the Virginia State Corporation Commission
Must be an individual or legally formed entity
A. Owner Information:
Name Almond Creek, L.P.
Contact Person First: Gary Middle: R. Last: Hammond, Jr.
Address 7000 Peachtree Dunwoody Road, Suite 4-100
(Street)
Atlanta GA 30328
(City) (State) (Zip Code)
Federal I. D. No. 38-3831834 (If not available, obtain prior to Allocation)

Phone 770-481-0853 Fax 770-481-0854 Email address grh@grhco.com
Type of entity: Limited Partnership Other
Individual(s) Corporation
Owner's organizational documents (e.g. Partnership agreements & ownership structure chart) attached (Mandatory TAB B)
Certification from Virginia State Corporation Commission attached (Mandatory TAB C)
Principal(s) involved (e.g. general partners, LLC members, controlling shareholders, etc.):
Names ** Phone Type Ownership % Ownership
Chase Northcutt 404-364-2900 100% of Managing Mem 51.00%
Gary R. Hammond, Jr. 770-481-0855 51.01% of Sole Member 24.51%
Stephen R. Munier 770-481-0855 49.99% of Sole Member 24.49%
Almond Creek Management,
g Inc. 0.00%
Bridgeland Almond Creek, GP, LLC 0.00%
RHA/Housing, Inc. 0.00%
Bridgeland GP Investments, LLC 0.00%
This should be 100% of the GP or managing member interest: 100.00%
** These should be the names of individuals who comprise the GP or managing members, not simply the names of
separate partnerships or corporations which may comprise those components.
Principals' Previous Participation Certification attached (Mandatory TAB D) & resumé.
B. Seller Information:
Name Bickerstaff Townhomes, LLC Contact PersonStephen E. Scarce
Address 6802 Paragon Place, Suite 300
Richmond, VA 23233 Phone 804-261-7308
Is there an identity of interest between the seller and owner/applicant? Yes No

If yes, complete the following:
Principal(s) involved (e.g. general partners, controlling shareholders, etc.)
Names Phone Type Ownership % Ownership
0.00%
0.00%
0.00%
0.00%
v1.1.2011 Page 4
C. Development Team Information:

Complete the following as applicable to your development team.
1. Tax Attorney: Peter M. Wright, Esq. Related Entity? Yes No

Firm Name: Peter M. Wright, Esq.
Address: 3060 Peachtree Road, NW, Suite 900, Atlanta, GA 30305
Phone: 404-760-3433 Fax: 404-760-3443
2. Tax Accountant: Timothy Kemper Related Entity? Yes No

Firm Name: Reznick Group, PC
Address: 2002 Summit Boulevard, Suite 1000, Atlanta, GA 30319
Phone: 404-847-7734 Fax: 404-847-7735
3. Consultant: Ryne Johnson Related Entity? Yes No

Firm Name: Astoria, LLC Role: LIHTC Consultant
Address: 3450 Lady Marian Court, Midlothian, VA 23113
Phone: 804-320-0585 Fax:
4. Management Entity (Contact): M. Pinson Neal, III Related Entity? Yes No

Firm Name: Landmark Property Services, Inc.
Address: 4901 Dickens Road, #119, Richmond, VA 23230
Phone: 804-673-0900 Fax: 804-673-0963
5. Contractor (Contact): William Park Related Entity? Yes No

Firm Name: Pinnacle Construction
Address: 1821 Avon Street, Suite 200, Charlottesville, VA 22902
Phone: 434-979-2900 Fax:
6. Architect: Ed Winks Related Entity? Yes No

Firm Name: Winks-Snowa Architects, Inc.
Address: 2119 East Franklin Street, Suite 200, Richmond, VA 23223
Phone: 804-643-6196 Fax: 804-643-6190
7. Real Estate Attorney: R. Clay Powell Related Entity? Yes No

Firm Name: Coleman Talley, LLP
Address: 910 North Patterson Street, Valdosta, GA 31603
Phone: 229-671-8255 Fax: 229-333-0885
8. Mortgage Banker: NA Related Entity? Yes No

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

Firm Name: Role:
Address:
Phone: Fax:
v1.1.2011 Page 5
D. Nonprofit Involvement:
Applications For 9% Credits - Must be completed in order to compete in the nonprofit tax credit pool.
All Applicants - Must be completed for points for nonprofit involvement under the ranking system.
Tax Credit Nonprofit Pool Applicants: To qualify for the nonprofit pool, an organization described in IRC Section 501
(c)(3) or 501 (c)(4) and exempt from taxation under IRC Section 501 (a), whose purposes include the fostering of low-income housing:
1. Must "materially participate" in the development and operation of the project throughout the compliance period,
2. Must own all general partnership interests in the development .
3. Must not be affiliated with or controlled by a for-profit organization.
4. Must not have been formed for the principal purpose of competition in the nonprofit pool, and
5. Must not have any staff member, or member of the nonprofit's board of directors materially participate in the proposed project
as a for-profit entity.
All Applicants: To qualify for points under the ranking system, the nonprofit's involvement need not necessarily
satisfy all of the requirements for participation in the nonprofit tax credit pool.
1. Nonprofit Involvement (All Applicants)

If there is no nonprofit involvement in this development, please indicate by checking here:
and go on to part III
2. Mandatory Questionnaire
If there is nonprofit involvement, you must complete the Non-Profit Questionnaire
Questionnaire attached (Mandatory TAB E)
3. Type of involvement
Nonprofit meets eligibility requirement for points only, not pool or
Nonprofit meets eligibility requirements for nonprofit pool and points.
4. Identity of Nonprofit (All nonprofit applicants)

The nonprofit organization involved in this development is:
the Owner
the Applicant (if different from Owner)
Other
RHA/Housing, Inc.
(Name of nonprofit)
Chase Northcutt 3060 Peachtree Road, Suite 900
(Contact Person) (Street Address)
Atlanta GA 30305
(City) (State) (Zip code)
404-364-2937 404-760-3443
(Phone) (Fax)
5. Percentage of Nonprofit Ownership (All nonprofit applicants)

Specify the nonprofit entity's percentage ownership of the general partnership interest: 51.0%
v1.1.2011 Page 6
III. DEVELOPMENT INFORMATION
A. Structure and Units:

1. Total number of all units in development 60
Total number of rental units in development 60 bedrooms 127
Number of low-income rental units 60 bedrooms 127
Percentage of rental units designated low-income 100.00%
2. The development's structural features are (check all that apply):
Row House/Townhouse Detached Single-family

Garden Apartments Detached Two-family
Slab on Grade Basement
Crawl space Age of Structure: 0
Elevator Number of stories: 0
3. Number of new units 60 bedrooms 127
Number of adaptive reuse units 0 bedrooms 0
Number of rehab units 0 bedrooms 0
4. Total Floor Area For The Entire Development 72,030.50 (Sq. ft.)
5. Unheated Floor Area (Breezeways, Balconies, Storage) 8,122.50 (Sq. ft.)

6. Nonresidential Commercial Floor Area 0.00 (Sq. ft.)
(Not eligible for funding)
7. Total Usable Residential Heated Area 63,908.00 (Sq. ft.)
8. Number of Buildings (containing rental units) 3
9. Commercial Area Intended Use:
10. Project consists primarily of a building(s) which is (are)(CHOOSE ONLY ONE)
Low-Rise (1-5 stories with any structural elements made of wood)

Mid-Rise (5-7 stories with no structural elements made of wood)
High-Rise (8 or more stories with no structural elements made of wood)
11. a. Total Net Rental Square Feet 58,248.00

b. Percentage of Net Rentable Square Feet Deemed To Be New Rental Space 100.00%
B. Building Systems:
Please describe each of the following in the space provided.
Community Facilities: Community Room, Fitness Center, Library/Kids Room, Business Center
Laundry Room, and On-Site Management Office
Exterior Finish: 80% brick finish
Heating/AC System: Heat Pump (SEER rating of 15.0 or more); AC (Seer Rating 15.0 or more)
Architectural Style: Arts and Crafts with some traditional detailing
v1.1.2011 Page 7
C. Amenities:
1. Specify the average size per unit type: (Including pro rata share of heated common area)
Assisted Lvg 0.00 SF 1Bdrm Eld 0.00 SF 3-Bdrm Gar 1,176.20 SF
1-Sty-Eff-Eld 0.00 SF 2Bdrm Eld 0.00 SF 4-Bdrm Gar 0.00 SF
1-Sty 1BR-Eld 0.00 SF Eff-Gar 0.00 SF 2+Sty 2BR TH 0.00 SF
1-Sty 2BR-Eld 0.00 SF 1-Bdrm Gar 800.20 SF 2+Sty 3BR TH 0.00 SF
Eff-Eld 0.00 SF 2-Bdrm Gar 1,088.20 SF 2+Sty 4BR TH 0.00 SF
2. Total gross usable, heated square feet for the entire project less nonresidential commercial area:
63,908.00 Documentation attached (TAB F) Mandatory
(Sq. ft.)
NOTE: All developments must meet VHDA's Minimum Design and Construction Requirements.
By signing and submitting the Application For Reservation of Low Income Housing Tax Credits the
applicant certifies that the proposed project budget, plans & specifications and work write-ups incorporate
all necessary elements to fulfill these requirements.
3. Check the following items which apply to the proposed project:

Documentation attached (TAB F Architect Certification) Mandatory
For any project, upon completion of construction/rehabilitation: (Optional Point items)

100% a(1) Percentage of 2-bedroom units that have 1.5 bathrooms
100% a(2) Percentage of 3 or more bedroom units that have 2 bathrooms
b. A community/meeting room with a minimum of 749 square feet is provided
80.00% c. Percentage of exterior walls covered by brick (excluding triangular gable ends, doors and windows)
d. All kitchen and laundry appliances meet the EPA's Energy Star qualified program requirements
e. All windows meet the EPA's Energy Star qualified program requirements
f. Every unit in the development is heated and cooled with either (i) heat pump equipment with both a
SEER rating of 15.0 or more and a HSPF rating of 8.5 or more , or (ii) air conditioning equipment
with a SEER rating of 15.0 or more, combined with gas furnaces with an AFUE rating of 90% or
more
g. Water expense is sub-metered (the tenant will pay monthly or bi-monthly bill)
h. Each bathroom consists only of low-flow faucets (2.2 gpm max.) and showerheads (2.5gpm max.)
i. Provide necessary infrastructure in all units for high speed cable, DSL or wireless internet sevice.
j. All water heaters meet the EPA's Energy Star qualified program requirements.
k. Every unit in the development will be heated and cooled with a geothermal heat pump that meets
EPA Energy Star qualified program requirements.
l. The development will have a solar electric system that will remain unshaded year round, be oriented
to within 15 degrees of true south, and be angled horizontally within 15 degrees of latitude.
Expected Total Electrical Load (kilowatt hours per month): 0

Percent of Expected Load Offset By Solar Electric System: 0.00%
v1.1.2011 Page 8
Low Income Housing Tax Credit Application For Reservation
For all projects exclusively serving elderly and/or handicapped tenants, upon completion
of construction/rehabilitation: (Optional Point items)
a. All cooking ranges will have front controls

b. All units will have an emergency call system
c. All bathrooms will have an independent or supplemental heat source
d. All entrance doors have two eye viewers, one at 48" and the other at standard height
For all rehabilitation and adaptive reuse projects, upon completion of construction or
or rehabilitation: (Optional Point items)
The structure is listed individually in the National Register of Historic Places or is

located in a registered historic district and certified by the Secretary of the Interior as
being of historical significance to the district, and the rehabilitation will be completed
in such a manner as to be eligible for historic rehabilitation tax credits
Accessibility
Check one or none of the following point categories, as appropriate:
For any non-elderly property, or any elderly rehabilitation property, in which the greater of 5 or 10% of the units will be subject
to federal project-based rent subsidies or equivalent assistance in order to ensure occupancy by extremely low-income persons;
and (ii) the greater of 5 units or 10% of the units will conform to HUD regulations interpreting accessibility requirements of
section 504 of the Rehabilitation Act; and be actively marketed to people with special needs in accordance with a plan submitted
as part of the Application. (All of the units described in (ii) above must include roll-in showers and roll under sinks and front
controls for ranges, unless agree to by the Authority prior to the applicant's submission of its application). (50 points)
For any non-elderly property, or any elderly rehabilitation property, in which the greater of 5 or 10% of the units (i) have rents
within HUD’s Housing Choice Voucher (“HCV”) payment standard; (ii) conform to HUD regulations interpreting accessibility
requirements of section 504 of the Rehabilitation Act; and (iii) are actively marketed to people with mobility impairments,
including HCV holders, in accordance with a plan submitted as part the Application. (30 points)
For any non-elderly property, or any elderly rehabilitation property, in which at least four percent (4%) of the units conform
to HUD regulations interpreting accessibility requirements of section 504 of the Rehabilitation Act and are actively
marketed to people with mobility impairments in accordance with a plan submitted as part of the Application. (15 points)
Earthcraft or LEED Development Certification

A li t agrees tto obtain
Applicant bt i EEarthcraft
th ft or LEED certification
tifi ti prior
i tot issuance
i off IRS Form
F 8609.
8609 AArchitect
hit t
certifies in the Architect Certification that the development's design will meet the criteria for such certification.
(15 Points)
LEED Silver Certification
Earthcraft Certification - new construction development will be 15% more energy efficient than 2004 IECC.
Earthcraft Certification - rehabilitation development will be 30% more energy efficient post-rehabilitation
(30 Points)
LEED Gold Certification
(45 Points)
LEED Platinum Certification
If seeking any points associated with LEED or Earthcraft certification, attach appropriate documentation at TAB F
Universal Design - Units Meeting Universal Design Standards

a. The architect of record certifies that units will be constructed to meet VHDA's Universal Design standards.
Yes No If Yes, attach appropriate documentation at TAB F
b. Number of Rental Units constructed to meet VHDA's Universal Design standards:
18 Units 30%
VHDA Certified Property Management Agent

Owner agrees to use a VHDA Certified Property Management Agent to manage the property.
Yes No
Yes No N/A The market-rate units' amenities are substantially equivalent to those of the
low-income units. If no, explain differences:
v1.1.2011 Page 9
IV. TENANT INFORMATION
A. Set-Aside Election: UNITS SELECTED BELOW IN BOTH COLUMNS DETERMINE

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

Income Levels Rent Levels
# of Units % of Units # of Units % of Units
0 0.00% 40% Area Median 6 10.00% 40% Area Median
0 0.00% Non-LMI Units 0 0.00% Non-LMI Units
60 100.00% Total 60 100.00% Total
B. Special Housing Needs/Leasing Preference:
1. If 100% of the low-income units will be occupied by either or both of the following special needs
groups as defined by the United States Fair Housing Act, so indicate:
Yes Elderly (age 55 or above)
Yes Physically or mentally disabled persons (must meet the requirements of the federal
Americans with Disabilities Act)
2. Specify the number of low-income units that will serve individuals and families with children by
providing three or more bedrooms: 17 Number of units 28% of total low-income units
3. If the development has existing tenants, VHDA policy requires that the impact of economic and/or physical
displacement on those tenants be minimized, in which Owners agree to abide by the Authority's Relocation
Guidelines for LIHTC properties. Relocation Plan Documentation attached (TAB G)
4. If leasing preference will be given to applicants on public housing waiting list and/or Section 8
waiting list, so indicate:
Yes
No
Locality has no such waiting list; If yes, provide the following information:
Organization which holds such waiting list: Richmond Redevelopment and Housing Authority Section 8 Managem
Contact person (Name and Title) Shawn Williams, Housing Choice Voucher Program Manager
Phone Number 804-780-4361 Required documentation attached (TAB H)
5. If leasing preference will be given to individuals and families with children.

(Less than or equal to 20% of the units must have 1 or less bedrooms).
Yes
No
v1.1.2011 Page 10
V. LOCAL NEEDS AND SUPPORT
Note: Please refer to the Application Manual for specific instructions and deadlines for pertaining to locality
notification of proposed Low income Housing Tax Credit developments.
A. Provide the name and the address of the chief executive officer (City Manager, Town Manager, or
County Administrator) of the political jurisdiction in which the development will be located:
Chief Executive Officer's Name Mr. Virgil R. Hazelett
Chief Executive Officer's Title County Manager
Street Address 4301 East Parham Road Phone 804-501-4206
City Henrico County State VA Zip 23228
Name and title of local official you have discussed this project with who could answer questions for the
local CEO: John Young, Community Development Manager
If the property overlaps another jurisdiction please fill in the following:

Chief Executive Officer's Name
Chief Executive Officer's Title
Street Address Phone
City State Zip
Name and title of local official you have discussed this project with who could answer questions for the
local CEO:
B. Project Schedule
ACTUAL OR NAME OF
ACTIVITY ANTICIPATED PERSON
DATE RESPONSIBLE
Site
Option/Contract 1/2011 Gary R. Hammond, Jr.
Site Acquisition 12/2011 Gary R. Hammond, Jr.
Zoning Approval Already Zoned Steve Munier
Site Plan Approval 3/2011 Steve Munier
Financing
A. Construction Loan
Loan Application 7/2011 Gary R. Hammond, Jr.
Conditional Commitment 8/2011 Gary R. Hammond, Jr.
Firm Commitment 10/2011 Gary R. Hammond, Jr.
B. Permanent Loan - First Lien
Loan Application 7/2011 Gary R. Hammond, Jr.
Conditional Commitment 8/2011 Gary R. Hammond, Jr.
Firm Commitment 10/2011 Gary R. Hammond, Jr.
C. Permanent Loan-Second Lien
Loan Application
Conditional Commitment
Firm Commitment
D. Other Loans & Grants
Type & Source, List
Application
Award/Commitment
Formation of Owner 2/2011 Chase Northcutt
IRS Approval of Nonprofit Status 3/1995 Chase Northcutt
Closing and Transfer of Property to Owner 12/2011 Gary R. Hammond, Jr.
Plans and Specifications, Working Drawings 9/2011 Steve Munier
Building Permit Issued by Local Government 12/2011 Steve Munier
Start Construction 1/2012 Steve Munier
Begin Lease-up 10/2012 Steve Munier
Complete Construction 1/2013 Steve Munier
Complete Lease-Up 6/2013 Gary R. Hammond, Jr.
Credit Placed in Service Date 1/2013 Steve Munier
v1.1.2011 Page 11
VI. SITE CONTROL
Note: Site control by the Owner identified herein is a mandatory precondition of review of this application. Documentary
evidence of it, in the form of either a deed, option, purchase contract, or lease for a term longer than the period of time the
property will be subject to occupancy restrictions must be included herewith. (9% Competitive Credits - An option or
contract must extend beyond the application deadline by a minimum of four months.)
Warning: Site control by an entity other than the Owner, even if it is a closely related party, is not sufficient. Anticipated
future transfers to the Owner are not sufficient. The Owner, as identified in Subpart II-A, must have site control at the
time this Application is submitted.
NOTE: If the Owner receives a reservation of credits, the property must be titled in the name of or leased by (pursuant to a
long-term lease) the Owner before the allocation of credits is made this year.
Contact us before you submit this application if you have any questions about this requirement.
A. Type of Site Control by Owner:
Applicant controls site by (select one and attach document - Mandatory TAB K)
Deed - attached
Long-term Lease - attached (expiration date: )
Option - attached (expiration date: )
Purchase Contract - attached (expiration date: 6/30/2012 (incl. extensions )
If more than one site for the development and more than one form of site control, please so indicate
and attach a separate sheet specifying each site,
site number of existing buildings on the site,
site if any,
any
type of control of each site, and applicable expiration date of form of site control. A site control
document is required for each site.
Most recent property tax assessment - Mandatory TAB K
B. Timing of Acquisition by Owner:

Select one:
Owner already controls site by either deed or long-term lease or
Owner is to acquire property by deed (or lease for period no shorter than period property
will be subject to occupancy restrictions) no later than 06/30/12
If more than one site for the development and more than one expected date of acquisition by
Owner, please so indicate and attach separate sheet specifying each site, number of existing
buildings on the site, if any, and expected date of acquisition of each site by the Owner.
C. Market Study Data:
Obtain the following information from the Market Study conducted in connection with this tax credit application and enter below:
Project Wide Capture Rate - LIHTC Units 2.50%

Project Wide Capture Rate - Market Units NA
Project Wide Capture Rate - All Units 2.50%
Project Wide Absorption Period (Months) 5
v1.1.2011 Page 12
C. Site Description
1. Exact area of site in acres 5.070
2. Has locality approved a final site plan or plan of development?

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

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

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

Section 8 Moderate Rehabilitation
Section 8 Certificates
Section 8 Project Based Assistance
RD 515 Rental Assistance
Section 8 Vouchers
State Assistance
Other:
3. Number of units receiving assistance: 0

Number of years in rental assistance contract: 0
Expiration date of contract:
Contract or other agreement attached (TAB Q)
B. Utilities
1. Monthly Utility Allowance Calculations
Utilities Type of Utility Utilities Enter Allowances by Bedroom Size

(Gas, Electric, Oil, etc.) Paid by: 0-bdr 1-bdr 2-bdr 3-bdr 4-br
Heating Electric Owner X Tenant 12 16 20 24 30
Air Conditioning Electric Owner X Tenant 3 4 5 7 8
Cooking Electric Owner X Tenant 2 2 3 3 4
Lighting Electric Owner X Tenant 9 11 15 17 21
Hot Water Electric Owner X Tenant 5 7 9 11 14
Water Owner X Tenant 8 11 14 17 21
Sewer Owner X Tenant 10 13 17 21 27
Trash X Owner Tenant 0 0 0 0 0
Total utility allowance for costs paid by tenant $49 $64 $83 $100 $125
2. Source of Utility Allowance Calculation (Attach Documentation TAB Q)

HUD
Utility Company (Estimate) Local PHA
Utility Company (Actual Survey) Other: VHDA
v1.1.2011 Page 14
C. Revenue
1. Indicate the estimated monthly income for the Low-Income Units: **
Total Number of Total Monthly
Unit Type Tax Credit Units Rental Income
Efficiency Units 0 $0
1 Bedroom Units 10 $6,142
4 Bedroom Units 0 $0
Total Number of Tax Credit Units 60
Plus Other Income Source (list): Laundry, Vending, App. Fees, etc. $891
Equals Total Monthly Income: $45,455
Twelve Months x12
Equals Annual Gross Potential Income $545,463
Less Vacancy Allowance ( 7.0% ) $38,182
Equals Annual Effective Gross Income (EGI) - Low Income Units $507,281
** Beginning at Row 75 enter the appropriate data for both tax credit and market rate units in the yellow shaded cells.
2. Indicate the estimated monthly income for the Market Rate Units: **
Total Number of Total Monthly
Unit Type Market Units Rental Income
Efficiency Units 0 $0
Total Number of Market Units 0
Plus Other Income Source (list): $0

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

0 0 0 0 0 10
2 BD RM-GAR 3 BD RM-GAR 4 BD RM-GAR 2+Story 2 BR-TH 2+Story 3 BR-TH 2+Story 4 BR-TH

33 17 0 0 0 0
1 STY-EFF-ELD 1 STY-1 BR-ELD 1 STY-2 BR-ELD Note: Please be sure to enter the number of units in the
0 0 0 appropriate unit category. If not, you will find an error on
the scoresheet at 5a, 6a & 6b.
List number of units by type: TAX CREDIT UNITS
ASSISTED LVG EFF-ELD 1 BD RM-ELD 2 BD RM-ELD EFF-GAR 1 BD RM-GAR
0 0 0 0 0 10
2 BD RM-GAR 3 BD RM-GAR 4 BD RM-GAR 2+Story 2 BR-TH 2+Story 3 BR-TH 2+Story 4 BR-TH

33 17 0 0 0 0
1 Story-EFF-ELD 1 Story-1 BR-ELD 1 Story-2 BR-ELD

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

Efficiency - 40% 0 0.00 $ - $ -
Efficiency - 40% 0 0.00 $ - $ -
Efficiency - 40% 0 0.00 $ - $ -
v1.1.2011 Page 15
Efficiency - 40% 0 0.00 $ - $ -
Efficiency - 40% 0 0.00 $ - $ -
Efficiency - 40% 0 0.00 $ - $ -
Efficiency - 40% 0 0.00 $ - $ -
Efficiency - 40% 0 0.00 $ - $ -
Efficiency - 40% 0 0.00 $ - $ -
Efficiency - 40% 0 0.00 $ - $ -
Efficiency - 40% 0 0.00 $ - $ -
Efficiency - 40% 0 0.00 $ - $ -
Efficiency - 40% 0 0.00 $ - $ -
Efficiency - 40% 0 0.00 $ - $ -
Efficiency - 50% 0 0.00 $ - $ -

Efficiency - 50% 0 0.00 $ - $ -
Efficiency - 50% 0 0.00 $ - $ -
Efficiency - 50% 0 0.00 $ - $ -
Efficiency - 50% 0 0.00 $ - $ -
Efficiency - 50% 0 0.00 $ - $ -
Efficiency - 50% 0 0.00 $ - $ -
Efficiency - 50% 0 0.00 $ - $ -
Efficiency - 50% 0 0.00 $ - $ -
Efficiency - 50% 0 0.00 $ - $ -
Efficiency - 50% 0 0.00 $ - $ -
Efficiency - 50% 0 0.00 $ - $ -
Efficiency - 50% 0 0.00 $ - $ -
Efficiency - 50% 0 0.00 $ - $ -
Efficiency - 50% 0 0.00 $ - $ -
Efficiency - 60% 0 0.00 $ - $ -

Efficiency - 60% 0 0.00 $ - $ -
Efficiency - 60% 0 0.00 $ - $ -
Efficiency - 60% 0 0.00 $ - $ -
Efficiency - 60% 0 0.00 $ - $ -
Efficiency - 60% 0 0.00 $ - $ -
Efficiency - 60% 0 0.00 $ - $ -
Efficiency - 60% 0 0.00 $ - $ -
Efficiency - 60% 0 0.00 $ - $ -
Efficiency - 60% 0 0.00 $ - $ -
Efficiency - 60% 0 0 00
0.00 $ - $ -
Efficiency - 60% 0 0.00 $ - $ -
Efficiency - 60% 0 0.00 $ - $ -
Efficiency - 60% 0 0.00 $ - $ -
Efficiency - 60% 0 0.00 $ - $ -
Total Efficiency Total Monthly Eff.
Tax Credit Units: 0 0.00 Tax Credit Rent: $ -
Efficiency - Market 0 0.00 $ - $ -

Total Efficiency
Market Units: 0 0.00 Total Monthly
Eff. Market Rent: $ -
Total Eff. Units: 0 Total Eff. Rent $ -
1-Bedroom Units
Net Rentable Monthly Rent Total
1 BR - 40% 1 713.80 $ 490 $ 490

v1.1.2011 Page 15
1 BR - 40% 0 0.00 $ - $ -
1 BR - 40% 0 0.00 $ - $ -
1 BR - 40% 0 0.00 $ - $ -
1 BR - 40% 0 0.00 $ - $ -
1 BR - 40% 0 0.00 $ - $ -
1 BR - 40% 0 0.00 $ - $ -
1 BR - 40% 0 0.00 $ - $ -
1 BR - 40% 0 0.00 $ - $ -
1 BR - 40% 0 0.00 $ - $ -
1 BR - 40% 0 0.00 $ - $ -
1 BR - 40% 0 0.00 $ - $ -
1 BR - 40% 0 0.00 $ - $ -
1 BR - 40% 0 0.00 $ - $ -
1 BR - 40% 0 0.00 $ - $ -
1 BR - 50% 9 713.80 $ 628 $ 5,652

1 BR - 50% 0 0.00 $ - $ -
1 BR - 50% 0 0.00 $ - $ -
1 BR - 50% 0 0.00 $ - $ -
1 BR - 50% 0 0.00 $ - $ -
1 BR - 50% 0 0.00 $ - $ -
1 BR - 50% 0 0.00 $ - $ -
1 BR - 50% 0 0.00 $ - $ -
1 BR - 50% 0 0.00 $ - $ -
1 BR - 50% 0 0.00 $ - $ -
1 BR - 50% 0 0.00 $ - $ -
1 BR - 50% 0 0.00 $ - $ -
1 BR - 50% 0 0.00 $ - $ -
1 BR - 50% 0 0.00 $ - $ -
1 BR - 50% 0 0.00 $ - $ -
1 BR - 60% 0 0.00 $ - $ -
1 BR - 60% 0 0.00 $ - $ -
1 BR - 60% 0 0.00 $ - $ -
1 BR - 60% 0 0.00 $ - $ -
1 BR - 60% 0 0.00 $ - $ -
1 BR - 60% 0 0.00 $ - $ -
1 BR - 60% 0 0.00 $ - $ -
1 BR - 60% 0 0.00 $ - $ -
1 BR - 60% 0 0.00 $ - $ -
1 BR - 60% 0 0.00 $ - $ -
1 BR - 60% 0 0.00 $ - $ -
1 BR - 60% 0 0.00 $ - $ -
1 BR - 60% 0 0.00 $ - $ -
1 BR - 60% 0 0.00 $ - $ -
1 BR - 60% 0 0.00 $ - $ -
Total 1-BR Total Monthly 1-BR
Tax Credit Units: 10 7,138.02 Tax Credit Rent: $ 6,142
1 BR - Market 0 0.00 $ - $ -
1 BR - Market 0 0.00 $ - $ -
1 BR - Market 0 0.00 $ - $ -
1 BR - Market 0 0.00 $ - $ -
1 BR - Market 0 0.00 $ - $ -
1 BR - Market 0 0.00 $ - $ -
1 BR - Market 0 0.00 $ - $ -
1 BR - Market 0 0.00 $ - $ -
1 BR - Market 0 0.00 $ - $ -
1 BR - Market 0 0.00 $ - $ -
1 BR - Market 0 0.00 $ - $ -
1 BR - Market 0 0.00 $ - $ -
1 BR - Market 0 0.00 $ - $ -
1 BR - Market 0 0.00 $ - $ -
1 BR - Market 0 0.00 $ - $ -
Total 1-BR
1-BR Market Rent: $ -
Total 1-BR Units: 10 Total 1-BR Rent $ 6,142
v1.1.2011 Page 15
2-Bedroom Units
2 BR - 40% 3 992.47 $ 582 $ 1,746

2 BR - 40% 0 0.00 $ - $ -
2 BR - 40% 0 0.00 $ - $ -
2 BR - 40% 0 0.00 $ - $ -
2 BR - 40% 0 0.00 $ - $ -
2 BR - 40% 0 0.00 $ - $ -
2 BR - 40% 0 0.00 $ - $ -
2 BR - 40% 0 0.00 $ - $ -
2 BR - 40% 0 0.00 $ - $ -
2 BR - 40% 0 0.00 $ - $ -
2 BR - 40% 0 0.00 $ - $ -
2 BR - 40% 0 0.00 $ - $ -
2 BR - 40% 0 0.00 $ - $ -
2 BR - 40% 0 0.00 $ - $ -
2 BR - 40% 0 0.00 $ - $ -
2 BR - 50% 30 992.47 $ 748 $ 22,440

2 BR - 50% 0 0.00 $ - $ -
2 BR - 50% 0 0.00 $ - $ -
2 BR - 50% 0 0.00 $ - $ -
2 BR - 50% 0 0.00 $ - $ -
2 BR - 50% 0 0.00 $ - $ -
2 BR - 50% 0 0.00 $ - $ -
2 BR - 50% 0 0.00 $ - $ -
2 BR - 50% 0 0.00 $ - $ -
2 BR - 50% 0 0.00 $ - $ -
2 BR - 50% 0 0.00 $ - $ -
2 BR - 50% 0 0.00 $ - $ -
2 BR - 50% 0 0.00 $ - $ -
2 BR - 50% 0 0.00 $ - $ -
2 BR - 50% 0 0.00 $ - $ -
2 BR - 60% 0 0.00 $ - $ -
2 BR - 60% 0 0.00 $ - $ -
2 BR - 60% 0 0.00 $ - $ -
2 BR - 60% 0 0.00 $ - $ -
2 BR - 60% 0 0.00 $ - $ -
2 BR - 60% 0 0.00 $ - $ -
2 BR - 60% 0 0.00 $ - $ -
2 BR - 60% 0 0.00 $ - $ -
2 BR - 60% 0 0.00 $ - $ -
2 BR - 60% 0 0.00 $ - $ -
2 BR - 60% 0 0.00 $ - $ -
2 BR - 60% 0 0.00 $ - $ -
2 BR - 60% 0 0.00 $ - $ -
2 BR - 60% 0 0.00 $ - $ -
2 BR - 60% 0 0.00 $ - $ -
2 BR - Market 0 0.00 $ - $ -
2 BR - Market 0 0.00 $ - $ -
2 BR - Market 0 0.00 $ - $ -
2 BR - Market 0 0.00 $ - $ -
2 BR - Market 0 0.00 $ - $ -
2 BR - Market 0 0.00 $ - $ -
2 BR - Market 0 0.00 $ - $ -
2 BR - Market 0 0.00 $ - $ -
2 BR - Market 0 0.00 $ - $ -
2 BR - Market 0 0.00 $ - $ -
2 BR - Market 0 0.00 $ - $ -
2 BR - Market 0 0.00 $ - $ -
2 BR - Market 0 0.00 $ - $ -
2 BR - Market 0 0.00 $ - $ -
v1.1.2011 2 BR - Market 0 0.00 $ - $ - Page 15
Total 2-BR
3-Bedroom Units
3 BR - 40% 2 1,079.91 $ 668 $ 1,336

3 BR - 40% 0 0.00 $ - $ -
3 BR - 40% 0 0.00 $ - $ -
3 BR - 40% 0 0.00 $ - $ -
3 BR - 40% 0 0.00 $ - $ -
3 BR - 40% 0 0.00 $ - $ -
3 BR - 40% 0 0.00 $ - $ -
3 BR - 40% 0 0.00 $ - $ -
3 BR - 40% 0 0.00 $ - $ -
3 BR - 40% 0 0.00 $ - $ -
3 BR - 40% 0 0.00 $ - $ -
3 BR - 40% 0 0.00 $ - $ -
3 BR - 40% 0 0.00 $ - $ -
3 BR - 40% 0 0.00 $ - $ -
3 BR - 40% 0 0.00 $ - $ -
3 BR - 50% 15 1,079.91 $ 860 $ 12,900

3 BR - 50% 0 0.00 $ - $ -
3 BR - 50% 0 0.00 $ - $ -
3 BR - 50% 0 0.00 $ - $ -
3 BR - 50% 0 0.00 $ - $ -
3 BR - 50% 0 0.00 $ - $ -
3 BR - 50% 0 0 00
0.00 $ - $ -
3 BR - 50% 0 0.00 $ - $ -
3 BR - 50% 0 0.00 $ - $ -
3 BR - 50% 0 0.00 $ - $ -
3 BR - 50% 0 0.00 $ - $ -
3 BR - 50% 0 0.00 $ - $ -
3 BR - 50% 0 0.00 $ - $ -
3 BR - 50% 0 0.00 $ - $ -
3 BR - 50% 0 0.00 $ - $ -
3 BR - 60% 0 0.00 $ - $ -
3 BR - 60% 0 0.00 $ - $ -
3 BR - 60% 0 0.00 $ - $ -
3 BR - 60% 0 0.00 $ - $ -
3 BR - 60% 0 0.00 $ - $ -
3 BR - 60% 0 0.00 $ - $ -
3 BR - 60% 0 0.00 $ - $ -
3 BR - 60% 0 0.00 $ - $ -
3 BR - 60% 0 0.00 $ - $ -
3 BR - 60% 0 0.00 $ - $ -
3 BR - 60% 0 0.00 $ - $ -
3 BR - 60% 0 0.00 $ - $ -
3 BR - 60% 0 0.00 $ - $ -
3 BR - 60% 0 0.00 $ - $ -
3 BR - 60% 0 0.00 $ - $ -
3 BR - Market 0 0.00 $ - $ -
3 BR - Market 0 0.00 $ - $ -
3 BR - Market 0 0.00 $ - $ -
3 BR - Market 0 0.00 $ - $ -
3 BR - Market 0 0.00 $ - $ -
3 BR - Market 0 0.00 $ - $ -
v1.1.2011 Page 15
3 BR - Market 0 0.00 $ - $ -
3 BR - Market 0 0.00 $ - $ -
3 BR - Market 0 0.00 $ - $ -
3 BR - Market 0 0.00 $ - $ -
3 BR - Market 0 0.00 $ - $ -
3 BR - Market 0 0.00 $ - $ -
3 BR - Market 0 0.00 $ - $ -
3 BR - Market 0 0.00 $ - $ -
3 BR - Market 0 0.00 $ - $ -
Total 3-BR
4-Bedroom Units
4 BR - 40% 0 0.00 $ - $ -
4 BR - 40% 0 0.00 $ - $ -
4 BR - 40% 0 0.00 $ - $ -
4 BR - 40% 0 0.00 $ - $ -
4 BR - 40% 0 0.00 $ - $ -
4 BR - 40% 0 0.00 $ - $ -
4 BR - 40% 0 0.00 $ - $ -
4 BR - 40% 0 0.00 $ - $ -
4 BR - 40% 0 0.00 $ - $ -
4 BR - 40% 0 0.00 $ - $ -
4 BR - 40% 0 0.00 $ - $ -
4 BR - 40% 0 0.00 $ - $ -
4 BR - 40% 0 0.00 $ - $ -
4 BR - 40% 0 0.00 $ - $ -
4 BR - 40% 0 0.00 $ - $ -
4 BR - 50% 0 0.00 $ - $ -
4 BR - 50% 0 0.00 $ - $ -
4 BR - 50% 0 0.00 $ - $ -
4 BR - 50% 0 0.00 $ - $ -
4 BR - 50% 0 0.00 $ - $ -
4 BR - 50% 0 0.00 $ - $ -
4 BR - 50% 0 0.00 $ - $ -
4 BR - 50% 0 0.00 $ - $ -
4 BR - 50% 0 0.00 $ - $ -
4 BR - 50% 0 0.00 $ - $ -
4 BR - 50% 0 0.00 $ - $ -
4 BR - 50% 0 0.00 $ - $ -
4 BR - 50% 0 0.00 $ - $ -
4 BR - 50% 0 0.00 $ - $ -
4 BR - 50% 0 0.00 $ - $ -
4 BR - 60% 0 0.00 $ - $ -
4 BR - 60% 0 0.00 $ - $ -
4 BR - 60% 0 0.00 $ - $ -
4 BR - 60% 0 0.00 $ - $ -
4 BR - 60% 0 0.00 $ - $ -
4 BR - 60% 0 0.00 $ - $ -
4 BR - 60% 0 0.00 $ - $ -
4 BR - 60% 0 0.00 $ - $ -
4 BR - 60% 0 0.00 $ - $ -
4 BR - 60% 0 0.00 $ - $ -
4 BR - 60% 0 0.00 $ - $ -
4 BR - 60% 0 0.00 $ - $ -
4 BR - 60% 0 0.00 $ - $ -
4 BR - 60% 0 0.00 $ - $ -
4 BR - 60% 0 0.00 $ - $ -
Tax Credit Units: 0 0.00 Tax Credit Rent: $ -
v1.1.2011 Page 15
4 BR - Market 0 0.00 $ - $ -
4 BR - Market 0 0.00 $ - $ -
4 BR - Market 0 0.00 $ - $ -
4 BR - Market 0 0.00 $ - $ -
4 BR - Market 0 0.00 $ - $ -
4 BR - Market 0 0.00 $ - $ -
4 BR - Market 0 0.00 $ - $ -
4 BR - Market 0 0.00 $ - $ -
4 BR - Market 0 0.00 $ - $ -
4 BR - Market 0 0.00 $ - $ -
4 BR - Market 0 0.00 $ - $ -
4 BR - Market 0 0.00 $ - $ -
4 BR - Market 0 0.00 $ - $ -
4 BR - Market 0 0.00 $ - $ -
4 BR - Market 0 0.00 $ - $ -
Total 4-BR
Total 4-BR Units: 0 Total 4-BR Rent $ -
Total Units 60 Net Rentable SF: TC Units 58,248.00

MKT Units 0.00
Total NR SF: 58,248.00
Floor Space Fraction 100.0000%
v1.1.2011 Page 15
D. Operating Expenses
Administrative:
1. Advertising/Marketing $3,300
2. Office Salaries
3. Office Supplies $1,800
4. Office/Model Apartment (type______) $0
5. Management Fee $30,437
6.00% of EGI 507.2833333 Per Unit
6. Manager Salaries $34,780
7. Staff Unit (s) (type______) $0
8. Legal $1,800
9. Auditing $6,500
10. Bookkeeping/Accounting Fees $0
11. Telephone & Answering Service $3,600
12. Tax Credit Monitoring Fee $1,800
13. Miscellaneous Administrative $2,165
Total Administrative $86,182
Utilities
14. Fuel Oil $0
15. Electricity $10,200
16. Water $2,250
17. Gas
18. Sewer $2,250
Total Utility $14,700
Operating:
19. Janitor/Cleaning Payroll $0
20. Janitor/Cleaning Supplies $0
21. Janitor/Cleaning Contract $0
22. Exterminating $2,410
23. Trash Removal $4,500
24. Security Payroll/Contract $1,200
25. Grounds Payroll $0
26. Grounds Supplies $0
27. Grounds Contract $18,000
28. Maintenance/Repairs Payroll $23,400
29. Repairs/Material $6,000
30. Repairs Contract $4,500
31. Elevator Maintenance/Contract $0
32. Heating/Cooling Repairs & Maintenance $0
33. Pool Maintenance/Contract/Staff $0
34. Snow Removal $0
35. Decorating/Payroll/Contract $9,000
36. Decorating Supplies $0
37. Miscellaneous $300
Operating & Maintenance Totals $69,310
Taxes & Insurance
38. Real Estate Taxes $33,888
39. Payroll Taxes $7,476
40. Miscellaneous Taxes/Licenses/Permits $0
41. Property & Liability Insurance $12,620
42. Fidelity Bond $0
43. Workman's Compensation $1,634
44. Health Insurance & Employee Benefits $7,200
45. Other Insurance $0
Total Taxes & Insurance $62,817
6544
Total Operating Expense $233,009
D1. Total Oper. Ex. Per Unit $3,883 D2. Total Oper. Ex. As % EGI (from E3) 45.93%
Replacement Reserves (Total # Units X $300 or $250 New Const. Elderly Minimum) $18,000
Total Expenses $251,009
v1.1.2011 Page 16
E. Cash Flow (First Year)

1. Annual EGI Low-Income Units from (C1) $507,281
2. Annual EGI Market Units (from C2) + $0
3. Total Effective Gross Income = $507,281
4. Total Expenses (from D) $251,009
5. Net Operating Income = $256,271
6. Total Annual Debt Service (from Page 21 B2) - $219,550
7. Cash Flow Available for Distribution = $36,721
F. Projections for Financial Feasibility - 15 Year Projections of Cash Flow
Stabilized
Year 1 Year 2 Year 3 Year 4 Year 5
Eff. Gross Income 507,281 517,426 527,775 538,330 549,097
Less Oper. Expenses 251,009 258,540 266,296 274,285 282,513
Net Income 256,271 258,887 261,479 264,046 266,584
Less Debt Service 219,550 219,550 219,550 219,550 219,550
Cash Flow 36,721 39,337 41,929 44,496 47,034
Debt Coverage Ratio 1.17 1.18 1.19 1.20 1.21

Eff. Gross Income 560,079 571,280 582,706 594,360 606,247
Net Income 269,090 271,562 273,996 276,389 278,737
Cash Flow 49,540 52,012 54,446 56,839 59,187

Eff. Gross Income 618,372 630,740 643,354 656,222 669,346
Net Income 281,037 283,284 285,475 287,606 289,672
Cash Flow 61,487 63,734 65,925 68,056 70,122
Estimated Annual Percentage Increase in Revenue 2.00% (Must be < 2%)
Estimated Annual Percentage Increase in Expenses 3.00% (Must be > 3%)
v1.1.2011 Page 17
VIII. PROJECT BUDGET
A. Cost/Basis/Maximum Allowable Credit

Complete cost column and basis column(s) as appropriate through A12. Check if the following
documentation is attached at TAB S:
Executed Construction Contract
Executed Trade Payment Breakdown
Appraisal
Other Cost Documentation
Environmental Studies
NOTE: Attorney must opine, among other things, as to correctness of the inclusion of each cost item in eligible
basis, type of credit and numerical calculations of this Part VIII.
Amount of Cost up to 100% Includable in

Eligible Basis--Use Applicable Column(s):
"30% Present Value Credit" (D)
Item (A) Cost (B) Acquisition (C) Rehab/ "70 % Present
New Construction Value Credit"
1. Contractor Cost
A. Off-Site Improvements 0 0 0
B. Site Work 1,333,320 0 0 1,244,820
C. Geothermal System 0 0 0 0
D. Unit Structures (New) 3,923,360 0 0 3,923,360
E. Unit Structures (Rehab) 0 0 0 0
F. Solar Electric System 0 0 0 0
G. Asbestos Removal 0 0 0 0
H. Demolition 0 0 0 0
I
I. Commercial Space Costs 0 0 0 0
J. Structured Parking Garage 0 0 0 0
K. Subtotal A: (Sum 1A..1J) 5,256,680 0 0 5,168,180
L. General Requirements 315,401 0 0 315,401
M. Builder's Overhead 105,134 0 0 105,134
( 2.0% Contract)
N. Builder's Profit 315,401 0 0 315,401
( 6.0% Contract)
O. Bonding Fee 52,567 0 0 52,567
P. Other 0 0 0 0
Q. Contractor Cost
Subtotal (Sum 1K..1P) $6,045,182 $0 $0 $5,956,682
2. Owner Costs
A. Building Permit 24,221 0 0 24,221
B. Arch./Engin. Design Fee 71,700 0 0 71,700
( 1,195 /Unit)
C. Arch. Supervision Fee 39,715 0 0 39,715
( 662 /Unit)
D. Tap Fees 516,000 0 0 516,000
E. Soil Borings 7,500 0 0 7,500
v1.1.2011 Page 18

2. Owner Costs Continued
F. Construction Loan 40,000 0 0 40,000

Origination Fee
G. Construction Interest 228,038 0 0 111,920
( 6.0% for 24 months)
H. Taxes During Construction 16,944 0 0 16,944
I. Insurance During Construction 12,000 0 0 12,000
J. Cost Certification Fee 20,000 0 0 20,000
K. Title and Recording 30,000 0 0 28,500
L. Legal Fees for Closing 67,500 0 0 52,500
M. Permanent Loan Fee 27,500 0 0 0
( 0.0% )
N. Other Permanent Loan Fees 0 0 0 0
O. Credit Enhancement 0 0 0 0
P. Mortgage Banker 0 0 0 0
Q. Environmental Study 11,700 0 0 11,700
R. Structural/Mechanical Study 0 0 0 0
S. Appraisal Fee 5,000 0 0 5,000
T. Market Study 6,000 0 0 6,000
U. Operating Reserve 226,280 0 0 0
V. Tax Credit Fee 52,956 0 0 0
W. OTHER $510,284 $0 $0 $461,784
(SEE PAGE 19A)
X. Owner Cost
Subtotal (Sum 2A..2W)
2A 2W) $1 913 338
$1,913,338 $0 $0 $1 425 484
$1,425,484
Subtotal 1 + 2 $7,958,520 $0 $0 $7,382,166

(Owner + Contractor Costs)
3. Developer's Fees 811,058 0 0 811,058
4. Owner's Acquisition Costs

Land 240,000
Existing Improvements 0 0
Subtotal 4: $240,000 $0
5. Total Development Costs

Subtotal 1+2+3+4: $9,009,578 $0 $0 $8,193,224
If this application seeks rehab credits only, in which there is no acquisition and no change in ownership, enter the greater of
appraised value or tax assessment value here: $0 Land
(Attach documentation at Tab K) $0 Building
1.1.2011 Page 19

W. OTHER OWNER COSTS
Contingency Reserve 262,834 0 0 262,834

(Rehab or Adaptive Reuse only)
LIST ADDITIONAL ITEMS
Boundary & Topo Survey 7,500 0 0 7,500
Zoning & Site Plan Fees 2,500 0 0 2,500
Electric Service and Site Lighting 100,000 0 0 100,000
Engineering 31,450 0 0 31,450
As Built Survey 2,500 0 0 2,500
Partnership Org Fees 1,000 0 0 0
Tax Credit Legal Opinion 5,000 0 0 0
Start-Up Marketing 15,000 0 0 0
Rent Up Reserves 27,500 0 0 0
FF&E 55,000 0 0 55,000
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
Subtotal (Other Owner Costs) $510,284 $0 $0 $461,784
v1.1.2011 Page 19A


"30 % Present Value Credit"
(C) Rehab/ (D)
New "70 % Present
Item (A) Cost (B) Acquisition Construction Value Credit"
5. Total Development Costs
Subtotal 1+2+3+4 9,009,578 0 0 8,193,224
6. Reductions in Eligible Basis
Subtract the following:

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

(or excess portion thereof)
D. Historic Tax Credit (residential portion) 0 0 0
7. Total Eligible Basis (5 minus 6 above) 0 0 8,193,224
8. Adjustment(s) to Eligible Basis (For non-acquisition costs in eligible basis)

(i) For QCT or DDA (Eligible Basis x 30%) 0 0
(ii) For Earthcraft or LEED Certification 0 819,322
Total Adjusted Eligible basis 0 9,012,546
9. Applicable Fraction 100.0000% 100.0000% 100.0000%
10. Total Qualified Basis (Same as Part IX-C) 0 0 9,012,546

(Eligible Basis x Applicable Fraction)
11. Applicable Percentage 3.33% 3.33% 9.00%

(For 2011 9% competitive credits, use the March 2011 applicable percentages for acq.)
(For 9% non-competitive & tax exempt bonds, use the most recently published rates)
12. Maximum Allowable Credit under IRC §42 $0 $0 $811,129

(Qualified Basis x Applicable Percentage)
(Same as Part IX-C and equal to or more than $811,129
credit amount requested) Combined 30% & 70% P. V. Credit
v1.1.2011 Page 20
B. Sources of Funds
1. Construction Financing: List individually the sources of construction financing, including any such
loans financed through grant sources:
Date of Date of Amount of

Source of Funds Application Commitment Funds Name of Contact Person
1. Boston Capital 03/03/11 $4,000,000 Sean Curry (617) 624-8932; scurry@bostoncapital.com
2.
3.
Commitments or letter(s) of intent attached (TAB T)
2. Permanent Financing: List individually the sources of all permanent financing in order of lien position:
Interest Amortization Term

Date of Date of Amount of Annual Debt Rate of Period of
Source of Funds Application Commitment Funds Service Cost Loan IN YEARS Loan (years)
1. Boston Capital 03/03/11 $2,750,000 $219,550 7.00% 30 15
2. $0 0.00% 1000 0
3. $0 0.00% 1000 0
4. $0 0.00% 1000 0
5. $0 0.00% 1000 0
6. $0 0.00% 1000 0
Totals: $2,750,000 $219,550
3. Grants: List all grants provided for the development:
Date of Date of Amount of

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

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

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

Cash Investment $0
Contributed Land/Building $0 Assessment Attached (TAB S)
Deferred Developer Fee $144,657
Other: $0
Equity Total $144,657
7. Total of All Sources (B2 + B3 + B4 + B5 + B6) $2,894,657
(not including syndication proceeds except for historic tax credits)
8. Total Development Cost $9,009,578

(From VIII-A5)
9. Less Total Sources of Funds (From B7 above) $2,894,657
10. Equals equity gap to be funded with low-income tax credit

proceeds (must equal IX-D3) $6,114,920
C. Syndication Information (If Applicable)
1. Actual or Anticipated Name of Syndicator Boston Capital

2. Contact Person Scott M. Arrighi Phone 617-624-8867
3. Street Address One Boston Place
City Boston State MA Zip 02108
4. a. Total to be paid by anticipated users of credit (e.g., limited partners) $6,114,924

b. Equity Dollars Per Credit (e.g., $0.85 per dollar of credit) $0.82
c. Percent of ownership entity (e.g., 99% or 99.9%) 99.99%
d. Net credit amount anticipated by user of credits $745,722
e. Syndication costs not included in VIII-A5 (e.g., advisory fees) $0
5. Net amount which will be used to pay for Total Development Cost (4a-4e)
as listed in Part VIII-A5 (same amount as Part IX-D3) $6,114,924
6. Amount of annual credit required for above amounts

(same amount as Part IX-D6) $745,797
7. Net Equity Factor [C5 / (C6 X 10)]
(same amount as Part IX-D4) 81.99%
8. Syndication: Public or Private

9. Investors: Individual or Corporate
v1.1.2011 Page 22
D. Recap of Federal, State, and Local Funds/Any Credit Enhancements
1. Are any portions of the sources of funds described above for the development financed directly or indirectly
with Federal, State, or Local Government Funds? Yes No
If yes, then check the type and list the amount of money involved.
Below-Market Loans Market-Rate Loans
Tax Exempt Bonds $0 Taxable Bonds $0

RD 515 $0 Section 220 $0
Section 221(d)(3) $0 Section 221(d)(3) $0
Section 312 $0 Section 221(d)(4) $0
Section 236 $0 Section 236 $0
VHDA SPARC/REACH $0 Section 223(f) $0
HOME Funds $0 Other: Boston Capital $2,750,000
Other: $0
Other: $0
Grants Grants
CDBG $0 State $0
UDAG $0 Local $0
Other: $0
This means grants to the partnership. If you received a loan financed by a locality which received one of the
listed grants, please list it in the appropriate loan column as "other" and describe the applicable grant program
which funded it.
2. Subsidized Funding: list all sources of funding for points. Documentation Attached (TAB T)
Source of Funds Commitment date Funds

1
1. $0
2. $0
3. $0
4. $0
5. $0
3. Does any of your financing have any credit enhancement? Yes No

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

Real Estate Tax Abatement on the increase in the value of the development.
New project based subsidy from HUD or Rural Development for the greater of 5 or 10% of the units in the development.
Other Subsidies
5. Is HUD approval for transfer of physical asset required?

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

For purposes of the 50% Test, and based only on the data entered to this
application, the portion of the aggregate basis of buildings and land financed with
tax-exempt funds is: N/A
v1.1.2011 Page 23
IX. ADDITIONAL INFORMATION
A. Extended Use Restriction
NOTE: Each recipient of an allocation of credits will be required to record an extended use agreement as
required by the IRC governing the use of the development for low-income housing for at least 30 years.
However, the IRC provides that, in certain circumstances, such extended use period may be terminated early.
This development will be subject to the standard extended use agreement which permits early
termination (after the mandatory 15-year compliance period) of the extended use period.
This development will be subject to an extended use agreement in which the owner's right to any
early termination of the extended use provision is waived for 25 additional years after the 15-
year compliance period for a total of 40 years. Do not select if IX.B is checked below.
This development will be subject to an extended use agreement in which the owner's right to any
early termination of the extended use provision is waived for 35 additional years after the 15-
year compliance period for a total of 50 years. Do not select if IX.B is checked below.
B. Nonprofit/Local Housing Authority Purchase Option/Right of First Refusal
1. After the mandatory 15-year compliance period, a qualified nonprofit as identified in the
attached nonprofit questionnaire, or local housing authority will have the option to purchase
or the right of first refusal to acquire the development for a price not to exceed the outstanding
debt and exit taxes. Do not select if extended compliance is selected in IX.A above.
Option or Right of First Refusal in Recordable Form Attached (TAB V)

Enter name of qualified nonprofit: RHA/Housing, Inc.
2. A qualified nonprofit or local housing authority submits a homeownership plan committing to

sell the units in the development after the mandatory 15-year compliance period to tenants whose
incomes shall not exceed the applicable income limit at the time of their initial occupancy.
Do not select if extended compliance is selected in IX.A above.
Homeownership Plan Attached (TAB J)
v1.1.2011 Page 24
C. Building-by-Building Information Must Complete

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

OF Credit for Acquisition Credit for Construction 70% Present Value Credit
TAX MARKET
CREDIT RATE Actual or Actual or Actual or
UNITS UNITS Estimate Anticipated Estimate Anticipated Estimate Anticipated
Build Street Qualified In-Service Applicable Credit Qualified In-Service Applicable Credit Qualified In-Service Applicable Credit
ing # Address Basis Date Percentage Amount Basis Date Percentage Amount Basis Date Percentage Amount
1. 24 0 1401 Bickerstaff Road, Bldg. 1 $0 0.00% 0 $0 0.00% 0 $3,001,168 04/01/13 9.00% 270,105
4. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
5. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
6. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
7. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
8. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
9. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
10. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
11. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
12. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
13. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
14. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
15. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
16. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
$0 $0 $8,286,630
$0 $0 $745,797
Qualified Basis Totals (must agree with VIII-A10)
Credit Amount Totals (must agree with VIII-A-12)
v1.1.2011 Page 25


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



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



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



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



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

D. Determination of Reservation Amount Needed
The following calculation of the amount of credits needed is substantially the same as the calculation which will be made by
VHDA to determine, as required by the IRC, the amount of credits which may be allocated for the development. However, VHDA
at all times retains the right to substitute such information and assumptions as are determined by VHDA to be reasonable for the
information and assumptions provided herein as to costs (including development fees, profits, etc.), sources for funding,
expected equity, etc. Accordingly, if the development is selected by VHDA for a reservation of credits, the amount of such
reservation may differ significantly from the amount you compute below.
1. Total Development Costs (from VIII-A5, Column A page 20) $9,009,578
2. Less Total Sources of Funds (from VIII-B7 page 22) $2,894,657
3. Equals Equity Gap $6,114,920
4. Divided by Net Equity Factor (VIII-C7 page 22) 81.99%

(Percent of 10-year credit expected to be raised as equity investment)
5. Equals Ten-Year Credit Amount Needed to Fund Gap $7,457,966
Divided by ten years 10
6. Equals Annual Tax Credit Required to Fund the Equity Gap $745,797
7. The Maximum Allowable Credit Amount $811,129

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

Credit per Unit 12,430 Combined 30% & 70% PV Credit
Credit per Bedroom 5,872 $745,797

Comprised of
$0 and $745,797
30% PV Credit 70% PV Credit
(Based on same relative percentages as VIII-A12)
E. Attorney’s Opinion Goal Seek Function

Attached in Mandatory TAB W) If you incur the error message that your reservation amount is not equal
to the equity gap amount you may use the goal seek function within the Excel
spreadsheet to eliminate the error message. To use the “Goal Seek” function first
place the curser box on cell V28. Using the mouse arrow, point and click on
“Tools” on the top line and then click on the “Goal Seek” option. A box will
appear with the V28 cell shown in the top space, place the cursor in the middle
box and type in the new amount that you want the equity gap to be which should
be the reservation amount below, then place the cursor in the bottom space and at
the bottom of the page click on page 22. Then place the cursor on cell N15
(Deferred Developer Fee) and click on “OK”. A message should then appear that
a solution has been found and if the amount is correct click “OK”. If the amounts
are now equal the error message will disappear.
v1.1.2011 Page 26
F. Statement of Owner
The undersigned hereby acknowledges the following:
1. that, to the best of its knowledge and belief, all factual information provided herein or in connection
herewith is true and correct, and all estimates are reasonable.
2. that it will at all times indemnify and hold harmless VHDA and its assigns against all losses, costs,
damages, VHDA's expenses, and liabilities of any nature directly or indirectly resulting from, arising out of,
or relating to VHDA's acceptance, consideration, approval, or disapproval of this reservation request and
the issuance or nonissuance of an allocation of credits, grants and/or loan funds in connection herewith.
3. that points will be assigned only for representations made herein for which satisfactory documentation is
submitted herewith and that no revised representations may be made in connection with this application
once the deadline for applications has passed.
4. that this application form, provided by VHDA to applicants for tax credits, including all sections herein
relative to basis, credit calculations, and determination of the amount of the credit necessary to make the
development financially feasible, is provided only for the convenience of VHDA in reviewing reservation
requests; that completion hereof in no way guarantees eligibility for the credits or ensures that the amount
of credits applied for has been computed in accordance with IRC requirements; and that any notations
herein describing IRC requirements are offered only as general guides and not as legal authority.
5. that the undersigned is responsible for ensuring that the proposed development will be comprised of
qualified low-income buildings and that it will in all respects satisfy all applicable requirements of federal
tax law and any other requirements imposed upon it by VHDA prior to allocation, should one be issued.
6. that, for the purposes of reviewing this application, VHDA is entitled to rely upon representations of the
undersigned as to the inclusion of costs in eligible basis and as to all of the figures and calculations relative
to the determination of qualified basis for the development as a whole and/or each building therein
individually as well as the amounts and types of credit applicable thereof, but that the issuance of a
reservation based on such representation in no way warrants their correctness or compliance with IRC
requirements.
7. that VHDA may request or require changes in the information submitted herewith, may substitute its own
figures which it deems reasonable for any or all figures provided herein by the undersigned and may reserve
credits, if any, in an amount significantly different from the amount requested.
8. that reservations of credits are not transferable without prior written approval by VHDA at its sole
discretion.
v1.1.2011 Page 27
2011 LIHTC SELF SCORE SHEET:
Self Scoring Process
This worksheet is intended to provide you with an estimate of your application score based on the selection criteria described in the
QAP. Most of the data used in the scoring process is automatically entered below as you fill in the application. Other items,
denoted below in the green shaded cells, are items that are typically evaluated by VHDA’s staff during the application review and
feasibility analysis. For purposes of self scoring, it will be necessary for you to make certain decisions and assumptions about your
application and enter the appropriate responses in the green shaded cells of this score sheet. All but two require yes/no responses,
in which case enter Y or N as appropriate. Item 2b pertaining to the Local CEO Letter will require one of the following responses: Y
– the letter indicates unconditional support; N – the letter indicates opposition to the project; NC – no comment from the locality, or
any other response which is neither unconditional support nor opposition. Item 5e1 requires a numeric value to be entered. Please
remember that the score is only an estimate based on the selection criteria using the reservation application data and the
responses you’ve entered on this score sheet. VHDA reserves the right to change application data and/or score sheet responses
where appropriate, which may change the final score.
MANDATORY ITEMS: Score

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

a. VHDA notification letter to CEO Y 0 or -50 0.00
b. Local CEO letter (Y,NC,N) Y 0 or 25 or 50 50.00
c. Location in a revitalization area Y 0 or 30 30.00
d Location in a Qualified Census Tract and revitalization area
d. N 0 or 5 0 00
0.00
e. Sec 8 or PHA waiting list preference Y 0 or 10 10.00
f. Subsidized funding commitments 0.00% Up to 40 0.00
g. Existing RD, HUD Section 8 or 236 program N 0 or 20 0.00
h. Tax abatement or new project based rental subsidy (HUD or RD) N 0 or 10 0.00
i. Census tract with <10% poverty rate, no tax credit units N 0 or 25 0.00
j. Development listed on the Rural Development Rehab Priority List N 0 or 15 0.00
k. Dev. located in area with little or no increase in rent burdened population Up to -20 0.00
l. Dev. located in area with increasing rent burdened population Up to 20 0.00
Total 90.00
3. DEVELOPMENT CHARACTERISTICS:
a. Unit size (See calculations below) Up to 100 100.00
b. Amenities (See calculations below) Up to 70 70.00
c. Project subsidies/HUD 504 accessibility for 5 or 10% of units N 0 or 50 0.00
or d. HCV payment standard/HUD 504 accessibility for 5 or 10% of units Y 0 or 30 30.00
or e. HUD 504 accessibility for 4% of units N 0 or 15 0.00
f. Proximity to public transportation N 0, 10 or 20 0.00
g. Development will be Earthcraft or LEED certified 0,15,30,45 45.00
h. VHDA Certified Property Management Agent Y 0 or 25 25.00
i. Units constructed to meet VHDA's Universal Design standards 30% Up to 15 4.50
j. Developments with less than 100 units Up to 20 16.00
Total 290.50
4. TENANT POPULATION CHARACTERISTICS:

a. <= 20% of units having 1 or less bedrooms Y 0 or 15 15.00
b. Percent of units with 3 or more bedrooms 28.33% Up to 15 15.00
Total 30.00
5. SPONSOR CHARACTERISTICS:
a. Developer experience - 3 developments with 3 x units or 6 developments with 1 x units Y 0 or 50 50.00
or b. Developer experience - 1 development with 1 x units N 0 or 10 0.00
c. Developer experience - uncorrected hazard N 0 or -50 0.00
d. Developer experience - noncompliance Enter Total Negative N 0 or -15 0.00
e1. Developer experience - did not build as represented Points Here: 0 0 or -x 0.00
e2. Developer experience - termination of credits by VHDA
v1.1.2011 N 0 or -10 0.00
f. Management company rated unsatisfactory N 0 or -25 0.00
Total 50.00
6. EFFICIENT USE OF RESOURCES:

a. Credit per unit If #N/A or #REF! appears in the score column of these point Up to 180 52.15
b. Cost per unit categories check spelling of Clerk's Office on pg 1. It must match Up to 75 25.93
Total exactly with the Jurisdiction names listed in the Application Manual. 78.08
7. BONUS POINTS: Locality AMI State AMI

a. Units with rents at or below 40% of AMI $73,900 $53,300 10% Up to 10 10.00
b. Units with rent and income at or below 50% of AMI 100% Up to 50 50.00
or c. Units with rents at or below 50% rented to tenants at or below 60% of AMI 100% Up to 25 0.00
or d. Units in Low Income Jurisdictions with rents <= 50% rented to tenants with <= 60% of AMI 100% Up to 50 0.00
e. Extended compliance 0 Years 40 or 50 0.00
or f. Nonprofit or LHA purchase option Y 0 or 60 60.00
or g. Nonprofit or LHA Home Ownership option N 0 or 5 0.00
Total 120.00
500 Point Threshold - 9% Credits TOTAL SCORE: 698.58

475 Point Threshold - Tax Exempt Bond Credits
Unit Size Calculations:

E-AS LVG E-EFF E-1 BDRM E-2 BDRM
High Sq.Ft. / BDRM 0 0 0 0
Low Sq.Ft. / BDRM 0 0 0 0
Project Sq.Ft. / BDRM 0 0 0 0
Percentage of Units 0.00% 0.00% 0.00% 0.00%
Points per Bedroom 0.00 0.00 0.00 0.00
F-EFF-G F-1 BDRM-G F-2 BDRM-G F-3 BDRM-G

High Sq.Ft. / BDRM 0 775 1,050 1,175
Low Sq.Ft. / BDRM 0 620 840 940
Project Sq.Ft. / BDRM 0 800 1,088 1,176
F-4 BDRM-G F-2 BDRM-TH F-3 BDRM-TH F-4 BDRM-TH

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

High Sq.Ft. / BDRM 0 0 0 in the unit size calculations, pleas
Low Sq.Ft. / BDRM 0 0 0 check the values entered on page
Project Sq.Ft. / BDRM 0 0 0 These must be whole number num
Percentage of Units 0.00% 0.00% 0.00% values only. Also check page 7, it
Points per Bedroom 0.00 0.00 0.00 the number of units must be eithe
adapt or rehab only. Combination
Total Unit Size Points: 100.00 not calculate correctly.
Amenities:
All units have:
a. 1.5 or 2 Bathrooms 100.00% 15.00
b. Community Room 5.00
c. Brick Walls 80.00% 16.00
d. Kitchen/Laundry Appl-Energy Star 5.00
e. Windows-Energy Star 5.00
f. Heat/AC-SEER-AFUE 10.00
g. Sub-metered water expense 5.00
h. Low flow faucets & showerheads 3.00
i. High speed cable, DSL, wireless internet 1.00
j. Water heaters meet EPA Energy Star requirements 5.00
k. Geothermal Heat Pump - EPA Energy Star requirements 0.00
l. Solar Electric System - EPA Energy Star requirements 0.00
Total 70.00
All elderly units have:
a. Front-control ranges 0.00
b. Emergency call system 0.00
c. Independent/suppl. heat source 0.00
d. Two eye viewers 0.00
Total 0.00
All v1.1.2011
rehab or adaptive reuse units:
b. Historic structure 0.00
Total amenities: 70.00
v1.1.2011
$/SF = $125.61 Credits/SF = $11.67 Const $/unit = $100,753
TYPE OF PROJECT FAMILY = 11000; ELDERLY = 12000 11000 If an ERROR message appears here check
LOCATION BELT=100; NVM=110; NVNM=200; RIC=300; TID=400; SMA=500; SMA-C=510; RUR=600 300 spelling of Clerk's Office on pg 1. It must 300
TYPE OF CONSTRUCTION N C=1; ADPT=2;REHAB(35,000+)=3; REHAB*(15,000-35,000)=4 1 match exactly with the Jurisdiction names 1
*REHABS LOCATED IN BELTWAY ($15,000-$50,000) See Below listed in the Application Manual.
ELDERLY
AS LVG EFF-E 1 BR-E 2 BR-E EFF-E-1 ST 1 BR-E-1 ST 2 BR-E-1 ST
AVG UNIT SIZE 0 0 0 0 0 0 0
NUMBER OF UNITS 0 0 0 0 0 0 0
PARAMETER-(COSTS=>35,000) 0 0 0 0 0 0 0
PARAMETER-(COSTS<35,000) 0 0 0 0 0 0 0
PARAMETER-(COSTS=>50,000) 0 0 0 0 0 0 0
PARAMETER-(COSTS<50,000) 0 0 0 0 0 0 0
COST PARAMETER 0 0 0 0 0 0 0
PROJECT COST PER UNIT 0 0 0 0 0 0 0
PARAMETER-(CREDITS=>35,000) 0 0 0 0 0 0 0
PARAMETER-(CREDITS<35,000) 0 0 0 0 0 0 0
CREDIT PARAMETER 0 0 0 0 0 0 0
PROJECT CREDIT PER UNIT 0 0 0 0 0 0 0
COST PER UNIT POINTS 0.00 0.00 0.00 0.00 0.00 0.00 0.00
CREDIT PER UNIT POINTS 0.00 0.00 0.00 0.00 0.00 0.00 0.00
FAMILY
EFF-G 1 BR-G 2 BR-G 3 BR-G 4 BR-G 2 BR-TH 3 BR-TH 4 BR-TH
AVG UNIT SIZE 0 800 1,088 1,176 0 0 0 0
NUMBER OF UNITS 0 10 33 17 0 0 0 0
PARAMETER-(COSTS=>35,000) 0 152,605 206,756 231,369 0 0 0 0

PARAMETER-(COSTS<35,000) 0 0 0 0 0 0 0 0
PARAMETER-(COSTS=>50,000) 0 152,605 206,756 231,369 0 0 0 0

PARAMETER-(COSTS<50,000) 0 0 0 0 0 0 0 0
COST PARAMETER 0 152,605 206,756 231,369 0 0 0 0

PROJECT COST PER UNIT 0 100,511 136,686 147,739 0 0 0 0
PARAMETER-(CREDITS=>35,000) 0 13,061 17,695 19,802 0 0 0 0

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

CREDIT PARAMETER 0 13,061 17,695 19,802 0 0 0 0

PROJECT CREDIT PER UNIT 0 9,338 12,699 13,726 0 0 0 0
COST PER UNIT POINTS 0.00 4.27 13.98 7.68 0.00 0.00 0.00 0.00
CREDIT PER UNIT POINTS 0.00 8.55 27.95 15.65 0.00 0.00 0.00 0.00
TOTAL COST PER UNIT POINTS 25.93
TOTAL CREDIT PER UNIT POINTS 52.15
v1.1.2011
$/SF = $125.61 Credits/SF = $11.67 Const $/unit = $100,753
TYPE OF PROJECT FAMILY = 11000; ELDERLY = 12000 11000 If an ERROR message appears here check
LOCATION BELT=100; NVM=110; NVNM=200; RIC=300; TID=400; SMA=500; SMA-C=510; RUR=600 300 spelling of Clerk's Office on pg 1. It must 300
TYPE OF CONSTRUCTION N C=1; ADPT=2;REHAB(35,000+)=3; REHAB*(10,000-35,000)=4 1 match exactly with the Jurisdiction names 1
*REHABS LOCATED IN BELTWAY ($10,000-$50,000) See Below listed in the Application Manual.
ELDERLY
AS LVG EFF-E 1 BR-E 2 BR-E EFF-E-1 ST 1 BR-E-1 ST 2 BR-E-1 ST
AVG UNIT SIZE 0 0 0 0 0 0 0
NUMBER OF UNITS 0 0 0 0 0 0 0
PARAMETER-(COSTS=>35,000) 0 0 0 0 0 0 0
PARAMETER-(COSTS<35,000) 0 0 0 0 0 0 0
PARAMETER-(COSTS=>50,000) 0 0 0 0 0 0 0
PARAMETER-(COSTS<50,000) 0 0 0 0 0 0 0
COST PARAMETER 0 0 0 0 0 0 0
PROJECT COST PER UNIT 0 0 0 0 0 0 0
CREDIT PARAMETER 0 0 0 0 0 0 0
PROJECT CREDIT PER UNIT 0 0 0 0 0 0 0
COST PER UNIT POINTS 0.00 0.00 0.00 0.00 0.00 0.00 0.00
CREDIT PER UNIT POINTS 0.00 0.00 0.00 0.00 0.00 0.00 0.00
FAMILY
EFF-G 1 BR-G 2 BR-G 3 BR-G 4 BR-G 2 BR-TH 3 BR-TH 4 BR-TH
AVG UNIT SIZE 0 800 1,088 1,176 0 0 0 0
NUMBER OF UNITS 0 10 33 17 0 0 0 0
PARAMETER-(COSTS=>35,000) 0 152,605 206,756 231,369 0 0 0 0

PARAMETER-(COSTS<35,000) 0 0 0 0 0 0 0 0
PARAMETER-(COSTS=>50,000) 0 152,605 206,756 231,369 0 0 0 0

PARAMETER-(COSTS<50,000) 0 0 0 0 0 0 0 0
COST PARAMETER 0 152,605 206,756 231,369 0 0 0 0

PROJECT COST PER UNIT 0 100,511 136,686 147,739 0 0 0 0


CREDIT PARAMETER 0 13,061 17,695 19,802 0 0 0 0

PROJECT CREDIT PER UNIT 0 9,338 12,699 13,726 0 0 0 0
COST PER UNIT POINTS 0.00 4.27 13.98 7.68 0.00 0.00 0.00 0.00
CREDIT PER UNIT POINTS 0.00 8.55 27.95 15.65 0.00 0.00 0.00 0.00
TOTAL COST PER UNIT POINTS 25.93
TOTAL CREDIT PER UNIT POINTS 52.15
v1.1.2011
TAB A
(Documentation of Development Location)
TAB A.1
(Qualified Census Tract Certification)
The Gardens at Almond Creek

Tab A.1

QUALIFIED CENSUS TRACT CERTIFICATION

THIS SECTION IS NOT APPLICABLE.
TAB A.2
(Revitalization Area Certification)

Tab A.2

REVITALIZATION AREA CERTIFICATION

DOCUMENTATION HAS BEEN SUBMITTED TO HENRICO COUNTY FOR
SIGNATURE. THIS DOCUMENT WILL BE FORWARDED TO THE VHDA IN ORDER
TO MEET THE DEADLINE DATE OF 4/1/2011.
Revitalization Area Certification
The Gardens at Almond
Development Name: Creek
Tracking #: 2011-C-39
If you have any questions, please call Jim Chandler at VHDA (804) 343-5786.
1. General Instructions
• If the Owner/Applicant completes this Certification (see instructions under 2 below), it must be
included with the Reservation Application (by Application Deadline, 3/11/11). However, if the
Locality CEO is required to complete this Certification (see instructions under 2 below), it must
be received by VHDA no later than 4/1/11.
• Owner/Applicants are strongly encouraged to submit the Certification Letter attached (if
applicable-see instructions under 2 below) to the locality CEO at least three weeks in advance
of the 4/1/11 deadline, to ensure adequate time for review and approval by the locality.
• The Certification Letter should be on the locality’s letterhead (if applicable -see instructions
under 2 below).
• Any change in this Certification may result in a reduction of points under the scoring system.
• NOTE: The area within a redevelopment area, conservation area, or rehabilitation district
(established by a city or county), shall be deemed a revitalization area without certification.
• NOTE: A Comprehensive Plan does not qualify as certification of a revitalization area.
2. Designation
To qualify for revitalization area points, choose one of the following:
Evidence (submitted at Tab A of the Reservation Application) from the local housing authority
or locality, that the development is located in a conservation area or redevelopment area, as
defined in § 36-3 of the Code of Virginia, or rehabilitation district (as established by a city or
county). Evidence must include:
a. the type of developments that are encouraged;

b. the potential sources of funding; and
c. services to be offered in the area
OR
Evidence (submitted at Tab T of the Reservation Application) that the development is subject
to a plan using Hope VI funds from HUD
OR
Locality CEO certifies that the proposed development is located in an area that meets VHDA’s
definition of a Revitalization Area. If this option is chosen, the Owner/Applicant must have the
Locality CEO complete the letter attached.
REVITALIZATION AREA CERTIFICATION
[DATE]
Jim Chandler
Richmond, Virginia 23220
VHDA Tracking Number: 2011-C-39

Development Name: The Gardens at Almond Creek
Development Jurisdiction: Henrico County, VA
Name of Owner/Applicant: Almond Creek, L.P.
Dear Mr. Chandler:
I certify that the above-referenced development is located in a Revitalization Area in

my jurisdiction. A “revitalization area” is any area that is (i) either (1) blighted,
deteriorated, deteriorating or, if not rehabilitated, likely to deteriorate by reason that
the buildings, improvements or other facilities in such area are subject to one or more of
the following conditions- dilapidation, obsolescence, overcrowding, inadequate
ventilation, light or sanitation, excessive land coverage, deleterious land use, or faulty
otherwise inadequate design, quality or condition, or (2) the industrial, commercial or
other economic development of such area will benefit the city or county but such area
lacks the housing needed to induce manufacturing, industrial, commercial,
governmental, educational, entertainment, community development, healthcare or
nonprofit enterprises or undertakings to locate or remain in such area; and (ii) private
enterprise and investment are not reasonably expected, without assistance, to produce
the construction or rehabilitation of decent, safe and sanitary housing and supporting
facilities that will meet the needs of low and moderate income persons and families in
such area and will induce other persons and families to live within such area and
thereby create a desirable economic mix of residents in such area.
I understand that this Certification will be used by the Virginia Housing Development
Authority to determine whether the development qualifies for points available under
VHDA’s Qualified Allocation Plan.
Virgil R. Hazelett
County Manager
TAB A.2
(Surveyor’s Certification of Proximity To Public Transportation)

Tab A.2

SURVEYOR’S CERTIFICATION OF PROXIMITY TO PUBLIC
TRANSPORTATION

TAB A.2
(Location Map)
Virginia, United States, North America
0 mi 0.5 1 1.5 2 2.5

Copyright © and (P) 1988–2008 Microsoft Corporation and/or its suppliers. All rights reserved. http://www.microsoft.com/mappoint/
Certain mapping and direction data © 2008 NAVTEQ. All rights reserved. The Data for areas of Canada includes information taken with permission from Canadian authorities, including: © Her Majesty the Queen in Right of Canada, © Queen's Printer for
Ontario. NAVTEQ and NAVTEQ ON BOARD are trademarks of NAVTEQ. © 2008 Tele Atlas North America, Inc. All rights reserved. Tele Atlas and Tele Atlas North America are trademarks of Tele Atlas, Inc. © 2008 by Applied Geographic Systems. All rights
reserved.
Virginia, United States, North America
Subject Property
0 yds 50 100 150 200 250

Copyright © and (P) 1988–2008 Microsoft Corporation and/or its suppliers. All rights reserved. http://www.microsoft.com/mappoint/
Certain mapping and direction data © 2008 NAVTEQ. All rights reserved. The Data for areas of Canada includes information taken with permission from Canadian authorities, including: © Her Majesty the Queen in Right of Canada, © Queen's Printer for
Ontario. NAVTEQ and NAVTEQ ON BOARD are trademarks of NAVTEQ. © 2008 Tele Atlas North America, Inc. All rights reserved. Tele Atlas and Tele Atlas North America are trademarks of Tele Atlas, Inc. © 2008 by Applied Geographic Systems. All rights
reserved.
TAB B
(Partnership or Operating Agreement)
100%
Almond Creek GP, RHA Housing
L.L.C.
. 01 % Almond Creek, L.P.
99.99% Development,
(General Partner) (Owner)
L.L.C. (LIHTC
49%
Member)
51% To be replaced by
tax credit
Almond Creek
Almond Creek Bridgeland Almond Creek GP, LLC
Almond Creek GP LLC syndicator
Management, Inc.
100%
100 %
RHA/Housing, Inc.
/ Bridgeland GP Investments, LLC
(Non‐Profit)
51.01% 49.99%
Chase Northcutt
Chase Northcutt
(President) Gary R. Hammond, Jr. Stephen R. Munier
(Individually) (Individually)
TAB C
(VA SCC Certification)
TAB D
(Principal’s Previous Participation Certification)

Tab D

PRINCIPAL’S PREVIOUS PARTICIPATION CERTIFICATION

RHA/HOUSING, INC. – CERTIFICATION
RESUME

Holly Ridge Limited Partnership
aka/ The Park at Scotts Crossing Apartments
A subsidiary of RHA/Housing, Inc., is the sole general partner of Holly Ridge Apartments Limited Partnership,
which is the owner of Park at Scotts Crossing Apartments ("Scotts Crossing"). Through its subsidiary,
RHA/Housing owns a .0072% ownership interest in Scotts Crossing.
Scotts Crossing was a 2003 acquisition rehabilitation of a 30-year old apartment project financed with a combination
of a conventional loan from a bank and a CDBG loan from the City of Atlanta (payable solely from cash flow). The
project was developed by TC&G Tax Credit Development, LLC, whose principals personally guaranteed the
construction loan and limited operating deficits. Hammond Development, Inc., is a 15% member of TC&G Tax
Credit Development, LLC, and Gary Hammond is the sole owner of Hammond Development, Inc.
The tax credits were guaranteed for the investor by a substantial financial organization that guaranteed the fund for
the syndicator. The syndicator (Capmark) is no longer syndicating as it is going through a bankruptcy/restructuring.
RHA/Housing, Inc., provided no guarantees to anyone on the project and its only role is as general partner.
Problems receiving the equity payments were acerbated further with unforeseen moisture problems with the
renovated units, extremely high operating costs, and a depressed market in the City of Atlanta. All of these issues
have contributed to the project’s inability to generate sufficient net operating income to pay the required debt service
on the first mortgage loan. TC&G has funded an additional $1,000,000 in construction completion guarantees to
help eliminate the moisture problems. TC&G also funded operating deficits in excess of their maximum guaranty
($650,000). RHA/Housing, Inc., although not subject to the guarantees, has funded more than $100,000 in operating
costs to help with the efforts of TC&G to service the debt while the issues are resolved through a restructuring plan.
A restructuring plan has been submitted to the lender and equity guarantor to resolve the construction and operating
issues.
The project currently is 83% occupied.
The bank loan is not guaranteed by HUD, USDA, or any other governmental entity.
RHA/Housing is in good standing with the Georgia Department of Community Affairs. Furthermore, Kells Carroll
with Wells Fargo, Bill Tilly with AMLC, and John Rucker with Merchant Capital can all act as references for RHA.
While RHA Housing has well in excess of ten very successful new construction projects, it recognizes that it needs
to be upfront in its application and fully reveal the situation involving this one problem property.

Tab D

PRINCIPAL’S PREVIOUS PARTICIPATION CERTIFICATION

GARY R. HAMMOND, JR. – CERTIFICATION
STEPHEN R. MUNIER ‐ CERTIFICATION
DEVELOPMENT RESUME

Schedule A: List of All Tax Credit Developments for Each Principal to this Certification
Complete the following, using separate page(s) as needed, for each principal. List all developments that have
received allocations of tax credits under Section 42 of the IRC.
Gary R. Hammond, Jr. Controlling G. P. of Proposed Project? N
Principal's Name: Y or N
Controlling Non-
General Total Total Low compliance
Name of Ownership Entity Partner? Dev. Income Placed in 8609(s) Issue Found? Y/N
Development Name/Location and Phone Number (Y/N) Units Units Service Date Date (Explain Yes)
Augusta Hills Apartments I
The Peaks at West Atlanta,
1 Limited Partnership (404) N 214 160 6/20/2002 8/28/2003 No
Atlanta, GA
364-2937
Ashland Park Apartments Ashland Park Partners, L.P.
2 N 184 183 9/23/2003 7/13/2005 No
Rome, GA (770) 481-0853
The Peaks at Bells Ferry Limited
The Peaks at Bells Ferry
3 Partnership (404) 364- N 248 198 8/19/2003 4/3/2006 No
Acworth, GA
2937
MLK Drive Apartments Limited
The Peaks at Martin Luther
4 Partnership (404) 364- N 183 137 4/8/2004 9/21/2005 No
King Atlanta, GA
2937
5 Woodlawn Park Apartments Woodlawn Park Partners, L.P.
N 240 96 7/22/2004 12/7/2006 No
McDonough, GA (770) 481-0853
6 Regal Park Apartments Clayton County Partners, L.P.
N 168 168 6/13/2005 7/23/2007 No
Forest Park, GA (770) 481-0853
7 Waynesboro Senior Homes Waynesboro Estates, L.P.
N 39 39 NA NA No
Waynesboro, GA (770) 481-0853
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
LIHTC as % of
1st PAGE TOTAL: 1,276 981 77% Total Units

Bridgeland Development, LLC, is an Atlanta-based affordable housing developer established in

2009 as the successor to Hammond Development, Inc. Since 2000,
the companies have closed 18 transactions totaling 2,316 units using
a combination of conventional, tax-exempt, HOME and USDA 538
financing with either 4% or 9% credits. Three projects also included
establishment of Housing Enterprise Zones under City of Atlanta
code.
Bridgeland Development, LLC

shares office space, staff, and
systems with G. Randall Hammond & Co., a Real Estate
Appraisal and Consulting Company, and Perimeter Atlanta
Realty, Inc., a Real Estate Brokerage Company. The principals
and staff of Bridgeland Development, LLC have over 30 years
experience in a diverse range of real estate activities. The staff [and clients alike] benefit from
the synergy resulting from the relationship between the three companies.
PROJECT NAME UNITS CITY STATE YEAR

Loudon Investors, L.P. Owner/Developer Consultant 82 Loudon TN 2010
for an 82-unit multifamily
property. Under
Construction.
Waynesboro Estates, Co-owner/developer for a 39 Waynesboro GA 2010

L.P. mixed income 39-unit multi-
family senior property.
Under Construction.
Washington Estates, L.P. Developer for a mixed 54 Tennille GA 2008

income 54 home family
subdivision.
Tifton Estates, L.P. Developer for a mixed 34 Tifton GA 2008

subdivision.
Blakely Commons, L.P. Developer for a mixed 64 Blakely GA 2007

subdivision.
Magnolia Terrace Developer for a mixed 36 Fort Valley GA 2007

Apartments II, L.P. income 36-unit family
community. This is a Phase
II Project.
PROJECT NAME UNITS CITY STATE YEAR
Pecan Apartments II, Developer for a mixed 64 Waynesboro GA 2006
L.P. income 64 home family
subdivision.
Pecan Grove, L.P. Developer for a mixed 40 Waynesboro GA 2005

subdivision.
Clayton County Partners, Co-owner/developer for a 168 Forest Park GA 2004

L.P. 168-unit multifamily
property.
Pinewood Park Partners, Co-developer for a mixed 148 Macon GA 2004

L.P. income 148-unit family
community.
Woodlawn Park Co-owner/developer for a 240 McDonough GA 2003

Partners, L.P. mixed income 240-unit
multifamily property.
Heritage Green Co-developer for a mixed 109 Atlanta GA 2003

Apartments Limited income 109-unit family
Partnership community.
Holly Ridge Apartments Co-developer for a mixed 216 Atlanta GA 2003

Limited Partnership income 216-unit family
community.
Provence Place, L.P. Co-developer for a mixed 193 Jonesboro GA 2003

income 193-unit family
community.
Ashland Park Partners, Co-owner/developer for a 184 Rome GA 2002

L.P. 184-unit multifamily
property.
The Peaks at Bells Ferry Co-owner/developer for a 248 Acworth GA 2002

Limited Partnership mixed income 248-unit
MLK Drive Apartments Co-owner/developer for a 183 Atlanta GA 2002

Limited Partnership mixed income 183-unit
Augusta Hills Co-owner/developer for a 214 Atlanta GA 2001

Apartments I Limited mixed income 214-unit
Partnership multifamily property.
The Peaks at Loudon
1081 Carding Machine Road
Loudon, TN 37774
Located 30 miles southwest of Knoxville in the
City of Loudon, The Peaks at Loudon was
financed with 1602 Exchange Funds replacing the
2008 Tax Credit Allocation. One hundred percent
of the units are income and rent restricted.
**UNDER CONSTRUCTION**
z 82 Units on on 14.5 acres

z 2 and 3 Bedroom Apartment Homes
z Clubhouse
z OnSite Management
z Laundry Room
z Gazebo
z Playground
Leasing by Ambling Management

(865) 458-5877
Waynesboro Senior Homes
830 Academy Avenue
Waynesboro, GA 30830
Located 30 miles south of Augusta in the City of
Waynesboro, Waynesboro Senior Homes was
financed with 9% Federal, State and Historic Tax
Housing credits. One hundred percent of the units
are income and rent restricted.
**UNDER CONSTRUCTION**
z 39 homes on 2.5 acres

z 1 and 2 Bedroom Apartments
z Community Room
z Gazebo
z On-Site Laundry
z Arts & Crafts Activity Center
z Community Gardens
z Computer Center
z Walking Paths with Exercise Stations and
Sitting Areas
Leasing by Fairway Management

(473) 443-2021
Washington Estates
101 Washington Drive
Tennille, GA 31089
Located 40 miles east of Macon, just outside of
Sanderville in the City of Tennille, Washington
Estates was financed with 9% Federal and State
housing credits, a conventional loan, and USDA
Guarantees. Eighty-eight percent of the units are
income and rent restricted.
z 54 homes on 30 acres
z 3 and 4 Bedroom Rental Homes
z Clubhouse
z Computer Center
z Fitness Center
z Library
z Children's Activity Center
z Playground
z Laundry Room
z Covered Pavillion with Picnic BBQ Area
z Walking Trail with Benches
z Pond with Fountain

(478) 552-7445
Tifton Estates
1510 Coley Street
Tifton, GA 31794
Located 100 miles south of Macon in the City of
Tifton, Tifton Estates was financed with 9%
Federal and State housing credits, a conventional
loan, and USDA Guarantees. Eighty-eight percent
z 34 homes on 4 acres
z Clubhouse with Covered Porch
z Computer Center
z Fitness Center
z Library
z Children's Activity Center
z Playground
z Laundry Room

(229) 388-8255
Blakely Commons
North Church Street
Blakely, GA 39823
Located 50 miles southwest of Albany in the City
of Blakely, Blakely Commons was financed with
9% Federal and State housing credits, a
conventional loan, Federal Home Loan Bank
Grant, and USDA Guarantees. Eighty percent of
the units are income and rent restricted.

z Clubhouse
z Computer Center
z Library
z Children's Playroom
z Playground and Tot Lot
z Laundry Room
z Fenced Community Gardens
z Equipped Playing Fields
Leasing by Hediger Enterprises
(229) 724-7252
Magnolia Terrace II Apartments
716 Green Street
Fort Valley, GA 31030
Located 25 miles southwest of Macon in the City
of Fort Valley. Magnolia Terrace II was financed
with 9% Federal and State housing credits, a
conventional loan, Federal Home Loan Bank
Grant, and USDA Guarantees. Seventy-eight
percent of the units are income and rent restricted.
This project is currently under construction.
z 36 units on 2.26 acres

z 1, 2, and 3 Bedroom Apartment Homes
z Clubhouse
z Computer Center
z Library
z Playground
z Laundry Room
Leasing by Wellspring Community

Management
(478) 825-1478
Pecan Grove Apartments Phase II
100 Pecan Grove Drive
Waynesboro, Pecan Grove was financed with 9%
loan, and a Federal Home Loan Bank Grant.
Eighty percent of the units are income and rent
restricted.

z Clubhouse
z Computer Center
z Library
z Laundry Room
706-437-1108
Pecan Grove Homes
100 Pecan Grove Drive
Waynesboro, Pecan Grove was financed with 9%
loan, and a Federal Home Loan Bank Grant.
Eighty percent of the units are income and rent
restricted.

z 3 Bedroom Rental Homes
z Clubhouse
z Computer Center
z Library
z Laundry Room
706-437-1108
Regal Park
461 Old Dixie Way
Forest Park, GA 30297
Located 13 miles south of Atlanta in
unincorporated Clayton County, Regal Park was
financed with tax-exempt bonds issued by the
Housing Authority of Clayton County and 4%
Federal and State housing credits. One hundred
percent of the units are income and rent
restricted.

z 1, 2, and 3 bedroom Apartment Homes
z Detached Garages
z Clubhouse
z Fitness Center
z Business Center
z Playground
z Car Wash
z Gated Entrance
z Swimming Pool
z Picnic BBQ Area
z Nature Trail
Leasing by Lane Company

(404) 362-5224
Pinewood Park
4755 Mercer University Drive
Macon, GA 31210
Located 75 miles south of Atlanta in the City of Macon,
Pinewood Park was financed with 9% Federal and State
housing credits, a conventional loan, and a DCA HOME
loan. Ninety percent of the units are income and rent
restricted and 20% have project-based rental assistance.

z Clubhouse
z Fitness Center
z Business Center
z Playground
z Gated Entrance
z Swimming Pool
z Picnic BBQ Area

(478) 314-1900
Woodlawn Park
100 Woodlawn Park Drive
McDonough, GA 30327
Located 50 miles south of Atlanta in the City of
McDonough, Woodlawn Park was financed with
tax-exempt bonds issued by the Housing
Authority of the City of McDonough and 4%
Federal and State housing credits. Sixty percent

z Attached Garages
z Clubhouse
z Fitness Center
z Business Center
z Playground
z Car Wash
z Swimming Pool
z Media Center
z Lighted Tennis Court
Leasing by Lane Company

(770) 957-2578
Heritage Greene
2891 Springdale Road
Atlanta, GA 30315
Located in south Atlanta near Hartsfield-Jackson
International Airport, Heritage Greene was
financed with 9% Federal and State housing
credits, a conventional loan, and a Community
Development Block Grant. Eighty percent of the
units are income and rent restricted and 25%
have project-based rental assistance.
z 109 units on 6 acres

z Studios, 1, 2, and 3 bedroom Apartment
Homes
z Clubhouse
z Fitness Center
z Business Center
z Playground
z Gated Entrance
z Picnic BBQ Area
Leasing by Ledic Management

(404) 768-1158
The Park at Scotts Crossing
1620 Hollywood Road
Atlanta, GA 30318
Located in west Atlanta, The Park at Scotts
Crossing was financed with 9% Federal and State
housing credits, a conventional loan, a Community
Development Block Grant, and an Housing
Enterprise Zone tax abatement. Eighty percent of
the units are income and rent restricted and 25%
of the units have project-based rental assistance.

z Clubhouse
z Fitness Center
z Business Center
z Playground
z Car Wash
z Gated Entrance
z Swimming Pool
z Picnic BBQ Area

(404) 799-0074
Provence Place
701 Mount Zion Road
Jonesboro, GA 30236
Located 13 miles south of Atlanta in the City of
Jonesboro, Provence Place was financed with tax-
exempt bonds issued by the Housing Authority of
Clayton County and 4% Federal and State
housing credits. One hundred percent of the units

z Clubhouse
z Fitness Center
z Business Center
z Multi-Purpose Meeting Room
z Playground
z Gated Entrance
z Swimming Pool
z Picnic BBQ Area

(770) 968-0311
Ashland Park
123 Broadus Road
Rome, GA 30161
Located 70 miles northwest of Atlanta in the City
of Rome, Ashland Park was financed with tax-
exempt bonds issued by the Housing Authority of
Rome-Floyd County and 4% federal and state
housing credits. One hundred percent of the units
z 184 units on 16 acres

z Clubhouse
z Fitness Center
z Business Center
z Playground
z Car Wash
z Gated Entrance
z Swimming Pool
z Picnic BBQ Area
(706) 290-1040
The Peaks at Bells Ferry
101 Peaks Ridge
Acworth, GA 30102
Located 30 miles north of Atlanta in unicorporated
Cherokee County, The Peaks at Bells Ferry was
financed with tax-exempt bonds issued by the
Housing Authority of the City of Canton and 4%
Federal and State housing credits. Eighty percent

z Clubhouse
z Fitness Center
z Business Center
z Playground
z Car Wash
z Gated Entrance
z Swimming Pool
z Picnic BBQ Area

(770) 928-0860
The Peaks at Martin Luther King
2429 Martin Luther King Jr. Drive
Atlanta, GA 30311
Located in the south Atlanta, The Peaks at Martin
Luther King was financed with tax-exempt bonds
issued by the Urban Residential Finance
Authority, 4% Federal and State housing credits,
and a Housing Enterprise Zone tax abatement.
Seventy-five percent of the units are income and
rent restricted.

z Clubhouse
z Fitness Center
z Business Center
z Playground
z Car Wash
z Gated Entrance
z Swimming Pool
z Picnic BBQ Area

(404) 696-4500
The Peaks at West Atlanta
1212 James Jackson Parkway
Atlanta, GA 30318
Located in west Atlanta, The Peaks at West
Atlanta was financed with tax-exempt bonds
issued by the Urban Residential Finance
Authority, 4% Federal and State housing credits,
and a Housing Enterprize Zone tax abatement.
Seventy-five percent of the units are income and
rent restricted.

z Clubhouse
z Fitness Center
z Business Center
z Playground
z Car Wash
z Gated Entrance
z Swimming Pool
z Picnic BBQ Area

(404) 799-8000
TAB E
(Nonprofit Questionnaire)

Tab E

NONPROFIT QUESTIONNAIRE

THE PARTNERSHIP IS NOT APPLYING IN THE NONPROFIT POOL. THE
MAJORITY GP INTEREST IS OWNED BY RHA/HOUSING, INC. A
NONPROFIT ORGANIZED IN GEORGIA.

THE QUESTIONNAIRE IS INCLUDED AS PART OF THE NONPROFIT
PURCHASE OPTION/FIRST RIGHT OF REFUSAL REQUIREMENT.

TAB F
(Architect’s Certification)
TAB G
(Relocation Assistance Guidelines)

Tab G

RELOCATION ASSISTANCE GUIDELINES


TAB H
(PHA/Section 8 Notification Letter)
TAB I
(Local CEO Letter)

Tab I

LOCAL CEO LETTER

DOCUMENTATION HAS BEEN SUBMITTED TO HENRICO COUNTY FOR
SIGNATURE. THIS DOCUMENT WILL BE FORWARDED TO THE VHDA IN ORDER
TO MEET THE DEADLINE DATE OF 4/1/2011.
Locality CEO Support Letter
[DATE]
Jim Chandler
Richmond, Virginia 23220
VHDA Tracking Number: 2011-C-39

Development Name: The Gardens at Almond Creek
Name of Owner/Applicant: Almond Creek, L.P.
Dear Mr. Chandler:
The construction or rehabilitation of the above-named development and the

allocation of federal housing tax credits available under IRC Section 42 for said
development will help to meet the housing needs and priorities of Henrico County, VA.
Accordingly, Henrico County, VA supports the allocation of federal housing tax credits
requested by Almond Creek, L.P. for this development.
Yours truly,
Virgil R. Hazelett
County Manager
TAB J
(Homeownership Plan)

Tab J

HOMEOWNERSHIP PLAN

TAB K
(Site Control Documentation-
Documentation of Most Recent Real Estate
Tax Assessment – Acq. Rehab. Only)

Tab K

SITE CONTROL

ASSIGNMENT AND ASSUMPTION

Assignment and Assumption
of Contract of Purchase and Sale
THIS ASSIGNMENT AND ASSUMPTION Is made and entered into effective this 18th day of February,
2011 by BRIDGElAHD LAND, LLC., ("Assignor), and ALMOND CREEK, loP. (-Assignee").
wrrNESSETH:
WHEREAS, Assignor is a party to that certain Contract of Purchase and Sale dated January 27,
2011 (the ·Contract") by and between Assignor and Bickerstaff Townhomes, LLC (the "Seller").
WHEREAS, Section 14, Item G, of the Contract provides that the rights and obligations of the
Purchaser may be assigned by Assignor without the prior written consent of Seller; and
WHEREAS, Assignor desires to assign Hs Interest in the Agreement to Assignee, and Assignee
desires to accept the assignment thereof.
NOW, THEREFORE, in consideration of the promises and conditions contained herein, the parties
hereby agree as follows:
A. Assignor hereby assigns to ASSignee all of its rtght, title, claim, and interest in and under
the Agreement.
B. Assignee hereby assumes all of the obligations of Assignor arising out of the Agreement.
C. This ASSignment and Assumption shall be binding on and inure to the benefit of the parties
hereto, their successors in interest and assigns.
(Remainder of page intentionally left blank)

IN WITNESS WHEREOF, Assignor and Assignee have executed this Ass!gnment and Assumption
under seal effective as of the day and year first above written.
ASSIGNOR: BRIDGELAND lAND, LLC, a Georgia limited liability company
By: ~Q
Gary R. Hammond, Jr.
Its: Manager
[SEAL]
ASSIGNEE:
ALMOND CREEK, L.P., a Virginia limited partnership
By: ALMOND CREEK GP, LLC, a Virginia limited liability

company
Its: General Partner
By: ALMOND CREEK MANAGEMENT, INC., aGeorgia

corporation
Its: Sole M ber
By:
Its:
[SEAL]

Tab K

SITE CONTROL

PURCHASE CONTRACT


Tab K

SITE CONTROL

2011 REAL ESTATE TAX ASSESSMENT

TAB L
(Plan of Development Certification Letter)

Tab L

PLAN OF DEVELOPMENT CERTIFICATION LETTER

TAB M
(Zoning Certification Letter)
TAB N
(Copies of 8609’s To Certify Developer Experience)

Tab N

COPIES OF 8609’S TO CERTIFY DEVELOPER EXPERIENCE

ALMOND CREEK MANAGEMENT, INC.
THROUGH – RHA/HOUSING, INC.

PROPERTY TOTAL UNITS
THE PEAKS AT WEST ATLANTA 214
PINEWOOD PARK 148
GATES PARK CROSSING HFOP 179
THE PEAKS AT BELLS FERRY 248
THE PEAKS AT MLK 183
CONSTITUTION AVENUE APTS 168


Tab N

COPIES OF 8609’S TO CERTIFY DEVELOPER EXPERIENCE

BRIDGELAND ALMOND CREEK GP, LLC
THROUGH PRINCIPAL ‐ GARY R. HAMMOND, JR.

PROPERTY TOTAL UNITS
THE PEAKS AT WEST ATLANTA 214
ASHLAND PARK 184
WOODLAWN PARK 240
REGAL PARK 168
THE PEAKS AT BELLS FERRY 248
THE PEAKS AT MLK 183

42-1577780
Rodney F. Triplet 2006

TAB Q
(Documentation of Rental Assistance)

Tab Q

DOCUMENTATION OF RENTAL ASSISTANCE


Tab Q

DOCUMENTATION OF UTILITY ALLOWANCES

THE GARDENS AT ALMOND CREEK ARE LOCATED IN HENRICO
COUNTY. WE HAVE USED THE FOLLOWING FOR CALCULATING OUR
UTILITY ALLOWANCES.

REGION 3 – TWO EXPOSED WALL UTILITY ALLOWANCES

Henrico County, VA

Housing Choice Voucher Program
Allowances for
Tenant-Furnished Utilities
Family Name: __________________________________ Bedroom Size: _____
and Other Services Unit Address: __________________________________
__________________________________
Region: 3 - Central Virginia Unit Type: 2 Exposed Walls Effective Date: 07/01/2010
Monthly Dollar Amount
Utility Usage 0 BR 1 BR 2BR 3BR 4BR 5 BR
Appliance Range/Microwave $2.00 $2.00 $2.00 $2.00 $2.00 $2.00
Refrigerator $3.00 $3.00 $3.00 $3.00 $3.00 $3.00
Bottled Gas Cooking $8.00 $11.00 $14.00 $18.00 $22.00 $26.00
Home Heating $48.00 $65.00 $84.00 $103.00 $131.00 $149.00
Water Heating $20.00 $27.00 $35.00 $43.00 $55.00 $62.00
Electricity Cooking $2.00 $2.00 $3.00 $3.00 $4.00 $5.00
Cooling (A/C) $3.00 $4.00 $5.00 $7.00 $8.00 $11.00
Home Heating $12.00 $16.00 $20.00 $24.00 $30.00 $36.00
Other Electric $6.00 $8.00 $12.00 $14.00 $18.00 $20.00
Tax $3.00 $3.00 $3.00 $3.00 $3.00 $3.00
Water Heating $5.00 $7.00 $9.00 $11.00 $14.00 $16.00
Natural Gas Cooking $2.00 $3.00 $4.00 $4.00 $6.00 $6.00
Home Heating $12.00 $16.00 $21.00 $25.00 $33.00 $37.00
Tax $10.00 $10.00 $10.00 $10.00 $10.00 $10.00
Water Heating $5.00 $6.00 $8.00 $10.00 $13.00 $14.00
Oil Home Heating $39.00 $54.00 $69.00 $84.00 $107.00 $123.00
Water Heating $16.00 $22.00 $29.00 $35.00 $45.00 $51.00
Sewer Other $10.00 $13.00 $17.00 $21.00 $27.00 $30.00
Trash Collection Other $16.00 $16.00 $16.00 $16.00 $16.00 $16.00
Water Other $8.00 $11.00 $14.00 $17.00 $21.00 $24.00
UTILITY ALLOWANCE TOTAL: $ $ 64.00 $ 83.00 $ 100.00 $ $
VHDA/Utility Allowance Schedule – Revised 10/2009 Page 1 of 1

TAB R
(Documentation of Operating Budget)
ANNUAL OPERATING EXPENSE BUDGET
On-Site Staff Costs Professional Services
Management Salaries & Benefits 43,666 Legal 1,800
Maintenance Salaries & Benefits 30,824 Accounting 6,500
Support Services Salaries & Benefits Advertising 2,400
Other Other Screening/Credit 1,125
Subtotal 74,490 Subtotal 11,825
On-Site Office Costs Utilities
Office Supplies & Postage 1,800 Electricity 10,200
Telephone 3,600 Natural Gas 0
Travel 270 Water & Sewer 4,500
Leased Furniture / Equipment Trash Collection 4,500
Activities Supplies / Overhead Cost 900 Other
Other Chamber Dues, Bank Fees, Continuing Education, Etc. 770 Subtotal 19,200
Subtotal 7,340
Maintenance Expenses Taxes and Insurance
Contracted Repairs 4,500 Real Estate Taxes 33,888
General Repairs Insurance 12,620
Grounds Maintenance 18,000 Other Tax Credit Compliance 1,800
Extermination 2,410 Subtotal 48,308
Maintenance Supplies 6,000
Elevator Maintenance 0 Management Fee: Proforma Yr 1 Mgt Fee: -30437 30,437
Redecorating 9,000 (Amount entered here must match Property Mgt Fee amount shown in Year 1 of Proforma.)
Other Uniforms 300
Subtotal 40,210 TOTAL OPERATING EXPENSES 3,883.49 per unit 233,009
On-Site Security Replacement Reserve 300.00 per unit 18,000
Contracted Guard
Electronic Alarm System 1,200
Subtotal 1,200 TOTAL ANNUAL EXPENSES 4,183.49 per unit 251,009
Bridgeland Development, LLC
PROJECTED Operating Expense Worksheet
Almond Creek
. # OF UNITS 60
1 Advertising Frequency
Expense per GP Total Annual
NA Mthly Wkly Qtrly Yrly Frequency Expense Comments/Source
Weekly Newspaper $100 $1,200 Local Paper
Apartment Book $0
Yellow Pages $0
Internet $50 $600
Newsletters $25 $300
Recurring Marketing Materials $50 $600
Other (Explain) $50 $600 Resident Activities
TOTAL Per Unit $55 $3,300 Per Unit
For advertising we will run ads as needed .
2 Screening/Credit
GP Total Annual
Cost # per Year Expense Comments/Source
Credit Check $0
Background Check 25 45 $1,125 Verifax - Background Check

Verifax conduct full-service resident screening including a credit and criminal background check for $25 per applicant. This line item is based on a 550 % turnover ratio, at $25 cost per applicant, and an average of 1.5
applicants per household. A portion of this will be collected as an application fee and appears in the “other” income number.
3 Office Salaries
Hours per Annual GP Total Annual
NA Hourly Rate Week Bonus Expense Comments/Source
Manager $16.00 40 1500 $34,780
Assistant Manager $0
Leasing Manager - 1 $0
Part Time Help - 1 $0
Other $0
Based on Mgt Rule of Thumb - 0-30 units - 20 hours; 30-50 units - 24 hours; 50-100 units - 40 hours; $25/unit for bonus
4 Manager/Maint. Superintendent Free Unit
Annual Cost GP Total Annual

NA Monthly Rent Annual Rent of Utilities Expense Comments/Source
Manager Free Unit $0
Maintenance Super Free Unit $0
Other Free Units $0
TOTAL Per Unit $0 $0 Per Unit
No units will be provided as part of the compensation package.
GP Total Annual
5 Office Supplies Expense Comments/Source
Include cost of paper, paper products, postage, computer software, printing, lease of copier, copier paper, fax paper
and printer cartridges $1,800
Furniture Leasing Yes No

We have budgeted $30 per unit to pay for office supplies, computer paper, fax paper, printer cartridges, computer software, and postage.
Amount per GP Total Annual
6 Tax Credit Compliance & Monitoring Fees Unit Total Units Expense Comments/Source
State the amount per unit assessed by the State Housing Agency 30 60 $1,800
GP Total Annual
7 Audit/Accounting/Legal Expense Comments/Source
Cost of Annual Audit $6,500 includes tax return
Additional Cost of Bookkeeping or Accounting
# per Month Cost per month Total Annual Expense

Legal Fees for Evictions/Court Fees/Sheriff Fees/Other 1.5 $100 $1,800

The County Magistrates Court provides Dispossessory Warrant and Writ Service. Properties average 1 per 50 units per month (avg. cost $100).
GP Total Annual
8 Telephone Number Monthly Cost Expense Comments/Source
Office phone package (include long distance calls) $250 $3,000 VOIP
Internet included above
Pagers Based on Comparable Properties
Two-way radios, mobile phones 1 $50 $600 Based on Comparable Properties
Answering Service Based on Comparable Properties
Comps range from $32 to $95 PUPY with an average of $53 PUPY.
Hours per GP Total Annual

9 Security NA Monthly Cost Week Hourly Rate Expense Comments/Source
Alarm Monitoring 20 $240
Security Service - Manned $0
Courtesy Officer/Rent Free Unit $0 discount off rent
Fire Alarm - Phone Lines 2 40 $960
Other $0
Monthly GP Total Annual

10 Miscellaneous/Unallocated Estimate Expense Comments/Source
Membership Dues $250 Chamber of Commerce Avg. Dues
Seminars
Continuing Education $400
Bank Charges $10 $120
Mileage $10 $120
Other $150 Meals/Entertainment/Petty Cash/etc.
Other
GP Total Annual
11 Management Fee Yes No Amount Expense Comments/Source
Percent of Effective Gross Income 6.00% $30,437
Fixed per unit fees /Unit
The Management Fee is set at a % of collected income .
Total Administrative Expenses Per Unit $1,456 $87,382 Per Unit

12 Utility Expenses
Monthly GP Total Annual

12a Electricity Estimate Expense Comments/Source
Management Office $250 $3,000
Community Room/Clubhouse
Common Areas
Apartment Units
Vacant Units $100 $1,200
Exterior Lighting $500 $6,000
Please provide name and phone number of Power Company in Comments/Source Section
Rate/100 GP Total Annual

12b Water & Sewer Tenant Landlord Submetered gallons Expense Comments/Source
Water paid by Yes $4,500
Sewer paid by Yes
Private
Public (Well)
Lawn Irrigation System included above
Lawn-Hand watering
Swimming Pool
Please provide name and phone number of Water & Sewer Company in Comments/Source 0
Water and Sewer is based on units being submetered.
12c Fuel Electric Oil Natural Gas Propane Total Annual Expense Comments/Source
Type of fuel
Landlord
Tenant Pays Pays
Heating
Cooking
Hot Water
Per Month
Estimated Fuel Expenses equals units at turnover
NONE
GP Total Annual
12d Miscellaneous/Unallocated Amount Expense Comments/Source
Please estimate other unallocated Utility Expenses $0
Other $0
Other $0
Describe Other Miscellaneous/Unallocated Utility Expenses in Comments/Source
None
Total Utility Expenses Per Unit $245 $14,700 Per Unit

13 Maintenance Expenses
GP Total Annual
Materials & Supplies Expense Comments/Source
Include all general maintenance and repairs supplies, both interior and exterior. This includes glass, plumbing,
screens and blinds, appliance parts, electrical supplies, air conditioning and heating supplies, parts, small hand tools,
fire protection service. $6,000 Typical budget for this sized property
Based on the Comp Averages.
Charge Per Charge Per Annual GP Total Annual

14 Maintenance Contracts Yes No Visit? Unit? Contract? Expense Comments/Source
Repairs Contracts $675
Air Conditioning Service Contracts $1,575
Plumbing Contracts $900
Electrical Contracts $1,350
Janitorial Contracts
Based on the comparables.
Hours per GP Total Annual

15 Payroll NA Hourly Rate Week Annual Bonus Expense Comments/Source
Maintenance Supervisor $15.00 30 1000 $23,400
Assistant Maintenance Supervisor $0
Maintenance Tech - 1 $0
Janitor/Porter - 1 $0
Janitor/Porter - 2 $0
Part Time Help - 1 $0
This number is based upon employment of one maintenance/ground person.
GP Total Annual
16 Elevator Annual Maint. Contract Expense Comments/Source
NA Number Yes No
Elevators
Annual Maintenance Contract
Repairs/Parts/Equipment
No elevator.
GP Total Annual
17 Pool Yes No Expense Comments/Source
Do local ordinances require a Lifeguard?
Hours /
Hourly Rate Week # of weeks
Lifeguard wages
Annual Cleaning and Maintenance Contract
Pool Supplies & Chemicals
18 Grounds Supplies/Landscaping/Contracts
In-House Outside
Personnel Contractor
Landscaping is performed by Comments/Source
Price per Annual
# Units Unit Contract Total Annual Expense
Grass Mowing 60 $200 $12,000 $12,000
Spring Clean Up
Fall Clean Up
Fertilization
Seasonal Flowers $1,000
Pruning
Mulch $4,000 Mulch
Price per
Snow Removal # of Storms Storm Other
Sand, Ice Melt, etc. 4 250 $1,000
Sweeping
Cost per GP Total Annual

19 Exterminating Unit # of Units Expense Comments/Source
Treatments - Apartments $2.50 60 $1,800 Current rates
Treatments - Termite Bond $10 61 $610 Current rates
# of Cost per Cost for GP Total Annual

20 Trash Removal Containers month Each Pick-up Expense Comments/Source
Container/Compactor Rental $0
Trash Removal Contract $250 $4,500
21 Decorating and Turnover Comments/Source

In-House Outside
Personnel Contractor
Make Ready Expenses are provided by

Make-Ready
Total # of Turnover Units Turned
Expense per Total Annual Expense
Units Rate per Year
Unit Comments/Source
One-Bedroom Units 12 50% 6 $275 $1,650
Two-Bedroom Units 36 50% 18 $300 $5,400
Three-Bedroom Units 12 50% 6 $325 $1,950
Four-Bedroom Units 0 50% 0 $375 $0
We have budgeted for complete turnkey.
GP Total Annual
22 Miscellaneous / Unallocated Expense Comments/Source
Please estimate Other Miscellaneous/Unallocated Maintenance Expenses
Other: Uniforms $300 Office/Maintenance Uniforms
Other
Describe Other Miscellaneous/Unallocated Maintenance Expenses in Comments/Source/Source Section
Budgets for Uniforms 2x annually
Total Maintenance Expenses Per Unit $1,135 $68,110 $0 Per Unit

23 Taxes and Insurance Expenses
GP Total Annual
Real Estate Taxes Expense Comments/Source
Estimated Annual Real Estate Taxes $33,888 Average of Assesment Values
If PILOT or tax abatement applies, please provide documentation to support such agreement.
If PILOT or tax abatement applies, please provide length of time that the PILOT/abatement applies.
Please provide name and address of comparable multifamily properties used to validate your estimate.
For Tax Comparables see taxes tab
See Tax Tab
GP Total Annual
24 Payroll Taxes and Workmen's Compensation Expense Comments/Source
24a Payroll Taxes Tax % Total Taxes

Administrative Payroll 12.85% $4,469 $4,469
Maintenance Payroll 12.85% $3,007 $3,007
Total Payroll Tax Total $7,476
Workers
24b Workmen's Compensation Comp Rate
Number of Employees 2 W/C Total $1,634
Payroll taxes are estimated at 12.85% of total payroll (See Office Salaries) and worker's comp will run approximately $0.66 per $100 of wages for administrative staff and $6.00 per $100 of wages for maintenance staff.
# of Monthly Rate GP Total Annual

25 Health Insurance Benefits Employees per Expense Comments/Source
Total # of Employees Covered Under Plan 2 $300 $7,200
pay 70% of single coverage cost
GP Total Annual
26 Insurance Expense Comments/Source
Property Insurance $12,620
Liability Insurance
A. Commercial General Liability Insurance
B. Workers Compensation
C. Auto Liability
D. Umbrella liability
Fidelity and Crime Coverage
Yes No
Have you received quote from Insurance Agent
Current Umbrella Policy covers the property for property, liability, and umbrella coverage.
Total Taxes & Insurance Expenses Per Unit $1,047 $62,817 Per Unit
27 Other Expenses
GP Total Annual
Expense Comments/Source
Core Expense adjustment

28 Other Expenses
GP Total Annual
Please list other annual expense categories and their dollar amounts Expense Comments/Source
Total Other Expenses Per Unit $0 $0 Per Unit
Amount per GP Total Annual

29 Replacement Reserves # of Units Unit Expense Comments/Source
Replacement Reserves 60 $300 $18,000 Per DCA Guidelines
NC Requires - $250 new
............................................................................................................................................................................................................................................................................................................................................................................
Total Operating Expenses and Reserves Per Unit $4,183 $251,009 Per Unit
TAB S
(Documentation of Project Budget)
Project The Gardens at Almond Creek
Date February 16, 2011
# Buildings 3
Gross SF 72,031
Heated SF 63,908
Common SF 2,412
Specialty SF -
# of Units 60
Cost/GrossSF $83.93
Cost/Heated SF $94.59
Cost/Unit $100,753
Division Description Budget

1 General Conditions $318,167
2 Sitework $1,298,301
3 Concrete $353,526
4 Masonry $171,951
5 Metals $162,117
6 Wood & Plastics $998,131
7 Thermal & Moisture $364,898
8 Doors & Windows $184,096
9 Finishes $645,182
10 Specialties $37,347
11 Equipment $119,131
12 Furnishings $25,891
13 Special Construction $170,917
14 Conveying Systems $0
15 Mechanical $447,257
16 Electrical $324,047
Trade Subtotal $5,302,791
General Requirements $318,167.45

6% profit $318,167.45
2% overhead $106,055.82
Total $6,045,182
QUANTITY UNIT UNIT COST ADJUSTMENT BUDGET COMMENT
1300.00 GENERAL REQUIREMENTS $318,167.45
1300.10 Project Management 1 ls $191,266.00 $191,266.00
1316.00 Travel Expense 1 ls $17,608.00 $17,608.00
1413.00 Project Bond 1 ls $45,398.00 $45,398.00
1416.00 Liability Insurance 1 ls $27,085.00 $27,085.00
1521.00 Field Office & Sheds 1 ls $20,851.45 $20,851.45
1522.00 Office Supplies 1 ls $4,471.00 $4,471.00
1523.00 Blueprints 1 ls $2,108.00 $2,108.00
1525.00 Safety Equipment 1 ls $3,599.00 $3,599.00
1528.00 Construction Toilets 1 ls $3,783.00 $3,783.00
1531.00 Temporary Containers 1 ls $1,998.00 $1,998.00
2000.00 SITE WORK $1,298,300.62
2101.00 Construction Staking 1 ls $23,735.85 $23,735.85
2230.00 Site Clearing 5 acres $7,500.00 $37,500.00
2311.00 Grading $0.00
rough 40000 cy $3.25 $130,000.00
wall cut 25000 cy $3.25 $81,250.00
wall fill 10000 cy $4.00 $40,000.00
fine 215000 sf $0.28 $60,200.00
2325.00 Soils Testing 1 ls $12,741.22 $12,741.22
2360.00 Soil Treatment 1 ls $18,124.39 $18,124.39
2370.00 Erosion Control 1 ls $60,398.79 $60,398.79
pond 1 ls $20,000.00 $20,000.00
2510.00 Water Distribution 1 ls $65,175.00 $65,175.00
2514.00 Temporary Utilities 1 ls $5,162.19 $5,162.19
2530.00 Sanitary Sewerage 1 ls $57,640.00 $57,640.00
2531.00 Gravity Collection System 1 ls $96,342.00 $96,342.00
secondary drainage 1 ls $11,498.05 $11,498.05
2750.00 Asphalt Paving 1 ls $273,510.08 $273,510.08
2771.00 Concrete Curb and gutter 4400 lf $12.00 $52,800.00
2775.00 Sidewalks 6500 sf $3.75 $24,375.00
2830.00 site retaining walls 10900 sf $14.50 $158,050.00
2931.00 Shrubs 1 ls $46,424.88 $46,424.88
2932.00 Trees 1 ls $23,373.17 $23,373.17
3000.00 CONCRETE $353,525.56
3310.00 Slab on Grade 1 ls 160,966.10 160,966.10
split walls 610 lf $150.00 $91,500.00
3325.00 Concrete Testing 1 ls $26,574.88 $26,574.88
3511.00 Interior Gypcrete 1 $74,484.58 $74,484.58
4000.00 MASONRY $171,951.22
4211.00 Brick 1 ls $171,951.22 $171,951.22
5000.00 METALS $162,116.98
5510.00 Metal Stairs & Ladders 1 ls $121,756.00 $121,756.00
5521.00 Exterior Railings 1 ls $40,360.98 $40,360.98
fencing 1 ls $16,900.00 $16,900.00
6000.00 WOOD & PLASTICS $998,131.27
6101.00 Rough Carpentry Labor 1 ls $172,700.29 $172,700.29
6110.00 Rough Carpentry Materials 1 ls $561,411.23 $561,411.23
6110.20 Wood Debris Removal 1 ls $35,560.98 $35,560.98
6166.00 Soffit Material 1 ls $24,658.54 $24,658.54
6210.00 Trim Carpentry Labor 1 ls $40,219.02 $40,219.02
6411.00 Kitchen Cabinets 1 ls $119,296.09 $119,296.09
6451.00 Trim Material 1 ls $44,285.12 $44,285.12
7000.00 THERMAL & MOISTURE PROTECTION $364,897.74
7200.00 Thermal Protection 1 ls $11,707.32 $11,707.32
7210.00 Building Insulation 1 ls $33,658.54 $33,658.54
7310.00 Shingles 1 ls $77,939.25 $77,939.25
7450.00 Siding panels 1 ls $9,000.00 $9,000.00
7470.00 Cementitious Siding 1 ls $187,073.17 $187,073.17
7475.00 Cementitious Trim 1 ls $22,682.93 $22,682.93
7610.00 Waterproofing Flashing 1 ls $5,632.81 $5,632.81
7711.00 Gutter & Downspouts 1 ls $12,191.53 $12,191.53
7920.00 Caulking 1 ls $5,012.19 $5,012.19
8000.00 DOORS AND WINDOWS $184,096.26
8150.00 Unit Metal Entry Doors 1 ls $52,156.83 $50,775.78
8151.00 Unit Metal French Doors 1 ls $19,680.00 $19,680.00
8265.00 Six Panel Hollow Core Door 1 ls $41,525.12 $41,525.12
8560.00 PVC Windows 1 ls $47,277.80 $47,277.80
8711.00 Unit Entry Door Hardware 1 ls $4,200.00 $4,200.00
8713.00 Unit Interior Door Hardware 1 ls $13,761.22 $13,761.22
common doors 1 ls $1,717.07 $1,717.07
8831.00 Unit Mirrors 1 ls $5,159.27 $5,159.27
9000.00 FINISHES $645,181.79
9250.00 Gypsum Board 1 ls $282,963.41 $282,963.41
9251.00 Debris Removal 1 ls $12,750.00 $12,750.00
9252.00 Cleaning 1 ls $9,000.00 $9,000.00
9253.00 Punch Labor/ Supplies 1 ls $15,138.29 $15,138.29
9315.00 Bath Surround 1 ls $25,375.61 $25,375.61
9650.00 Resilient Flooring 1 ls $74,702.20 $74,702.20
9680.00 Carpet 1 ls $79,140.33 $79,140.33
9920.00 Interior Paint 1 ls $50,087.56 $50,087.56
9925.00 Exterior Paint 1 ls $96,024.39 $96,024.39
10000.00 SPECIALTIES $37,347.08
10521.00 Unit Fire Extinguisher 1 ls $5,127.07 $5,127.07
10551.00 Unit Post Boxes 1 ls $5,025.37 $5,025.37
10820.00 Unit Accessories 1 ls $16,868.05 $16,868.05
10910.00 Unit Wire Shelving 1 ls $10,326.59 $10,326.59
11000.00 EQUIPMENT $119,131.37
11172.00 Dumpster Enclosed 1 ls $6,141.22 $6,141.22
11451.00 Unit Kitchen Appliances 1 ls $112,990.15 $112,990.15
12000.00 FURNISHINGS $25,890.73
12490.00 Window Treatments 1 ls $25,890.73 $25,890.73
13000.00 SPECIAL CONSTRUCTION $170,916.58
13121.00 Clubhouse finishes 1 ls $39,370.24 $39,370.24
13852.00 Fire Alarm System-looped 1 ls $31,317.07 $31,317.07
13910.00 Residential Sprinkler System 1 ls $100,229.27 $100,229.27
14000.00 CONVEYING $0.00
15000.00 MECHANICAL $447,256.57
15142.00 Plumbing 1 ls $275,339.50 $275,339.50
15700.00 HVAC Equipment 1 ls $171,917.07 $171,917.07
16000.00 ELECTRICAL $324,047.08
16110.00 Unit Wiring 1 ls $229,985.37 $229,985.37
16510.00 Unit Light Fixtures 1 ls $63,328.54 $63,328.54
16720.00 Telephone Pre-Wire 1 ls $19,757.56 $19,757.56
16770.00 Cable TV Pre-Wire 1 ls $10,975.61 $10,975.61
TAB T
(Documentation of Financing Sources)

Tab T

DOCUMENTATION OF FINANCING SOURCES

EQUITY PROVIDER

BOSTON CAPITAL


Tab T

DOCUMENTATION OF FINANCING SOURCES

CONSTRUCTION AND PERMANENT LOAN PROVIDER

BOSTON CAPITAL/FINANCE LLC

TAB U
(Documentation – include any as applicable to development:)
• To Request Exception To Restriction-Pools With Little/No Increase In Rent
Burdened Population
• Of site location in an urban development area as defined in §15.2-2223.1 of the
Code of Virginia
• Of the development participating in a locally adopted affordable housing
dwelling unit program area as described in either §15.2-2304 or §15.2-2305 of
the Code of Virginia

Tab U

DOCUMENTATION – INCLUDE ANY AS APPLICABLE TO
DEVELOPMENT

TAB V
(Nonprofit or LHA Purchase Option or Right of First Refusal)
TAB W
(Original Attorney’s Opinion)
TAB Y
(Marketing Plan for units meeting accessibility
requirements of HUD section 504)
Marketing Plan for Units Which Conform to

Section 504 of the Rehabilitation Act
This Marketing Plan for Units Which Conform to Section 504 of the Rehabilitation Act (the “Marketing
Plan”) has been designed to convey to current and potential residents with disabilities that The Gardens at
Almond Creek will be a new rental housing experience, with a commitment to excellent management and
resident service, as well as an expectation of resident responsibility. Therefore, the majority of this plan
will address ways in which property management will endeavor to secure qualified tenants, ensure quality
tenancy, and effective management and maintenance of the property.
The Management Agent will be responsible for the management of The Gardens at Almond Creek. The
Management Agent will be responsible for all of the traditional management functions, including rent
collection, maintenance, record keeping, reports, development of budgets, and monitoring resident income
qualifications. Additionally, the Management Agent will be responsible for the development and
management of community and resident services program.
I. Affirmative Marketing
The Management Agent is pledged to the letter and the spirit of the U.S. policy of the achievement of equal
housing opportunity throughout the Nation and will actively promote fair housing in the development and
marketing of this project. The Management Agent’s Officers, Directors and employees will not
discriminate on the basis of race, creed, color, sex, religion, familial status, elderliness, disability or sexual
orientation in its programs or housing. They will also comply with all provisions of the Fair Housing Act
(42 U.S.C. 3600, et. Seq.).
Any employee who has discriminated in the acceptance of a resident will be subject to immediate
dismissal. All persons who contact the office will be treated impartially and equally with the only
qualification necessary for application acceptance being income and credit, and conformity with the
requirements of the Section 8 Program and Tax Credit programs. All interested parties will be provided a
copy of the apartment brochure. Any resident who has questions not answered by the housing staff will be
referred to the Associate Director or the Executive Director of the Management Agent.
Any unit which is designated as a unit for people with disabilities and that conforms to Section 504 of the
Rehabilitation Act will be held vacant as long as it takes to find a qualified tenant.
II. Marketing and Outreach
Locating people with disabilities to occupy the units which conform to the requirements of Section 504 of
the Rehabilitation Act will be accomplished as follows:
1. Networking
The Management Agent will contact local centers for independent living and disability services
boards and other service organizations via phone and printed communication. The contacts will
include the following organizations:
• Commonwealth of Virginia: Independent Living (804-236-3705)
A/72428543.1 1
• Commonwealth of Virginia: Rehabilitative Services (800-552-5019)
• Central Virginia Independent Living Center (804-743-3798)
• Virginia Board for People with Disabilities (804-786-0016)
• Virginia Vocational and Rehabilitation Agency (804-662-7000)
• Virginia Rehab Association (804-662-7075)
2. Print Media
Print media sources will also be identified in the Richmond area that cater to people with
disabilities as well as the public at large. These sources may include, but are not limited to rental
magazines such as the Apartment Shoppers Guide, Apartments For Rent, local newspapers, etc.
All advertising materials related to the project will contain the Equal Housing Opportunity
logotype, slogan or statement, in compliance with the Fair Housing Act, as well as the fact the
units for people with disabilities are available.
3. Resident Referrals
An effective Resident Referral program will be set up, in which current residents are rewarded for
referring friends, coworkers, and others who may have disabilities to the property. These referrals
are generally the best form of advertising as it attracts friends who will want to reside together,
thus binding the community. Residents will be offered incentives, to be determined, for referring
qualified applicants who rent at the property. Flyers will be distributed to residents along with
the project newsletter announcing the tenant referral program.
4. Marketing Materials
Additional marketing materials are needed in order to further support the specific marketing effort
to people with disabilities. All printed marketing materials will include the EHO logo. The
marketing will also emphasize the physical and administrative compliance with Americans with
Disabilities Act.
These marketing materials include:
• Brochures –A simple, two color brochures can be produced at low cost which will effectively
sell the apartments and community. This brochure will include the floor plans, a listing of
features and amenities. The floor plans should be printed in as large a format as possible.
• Flyers - As mentioned earlier, a flyer campaign can be used effectively to market the
community. Each flyer should incorporate graphics as well as a small amount of copy and
should be designed to generate traffic.
• Resident Referral - The least expensive form of advertising is through Resident Referrals. A
flyer should be created and distributed to all residents. ($50 per referral, paid upon move in).
In addition to being distributed to all residents, the referral flyer should be left in the
Management office and should be included in the move in packet. (People are most inclined
to refer their friends in the first few weeks of their tenancy.) The flyers should be changed
several times each year to reflect the season or any type of special referral program.
A/72428543.1 2
III. Public and Community Relations
Equal Housing Opportunity promotions - all Site Signage containing the EHO logo and Fair Housing
posters are displayed in English and Spanish in the Rental Office. The Management Agent encourages and
supports an affirmative marketing program in which there are no barriers to obtaining housing because of
race, color, religion, national origin, sex, elderliness, marital status, personal appearance, sexual orientation,
family responsibilities, physical or mental handicap, political affiliation, source of income, or place of
residence or business.
Additionally, a public relations program will be instituted to create a strong relationship between
management and local disability organizations, neighborhood civic organizations, churches, mosques, and
synagogues, city officials, and other sources of potential qualified residents still to be identified.
IV. Tenant Selection and Orientation
The first contact with the management operations is an important one in attracting qualified residents;
therefore the management/leasing offices should convey a sense of professionalism, efficiency, and
cleanliness. The management/leasing office is designed to provide a professional leasing atmosphere, with
space set aside specifically for resident interviews and application assistance. The leasing interviews will be
used to emphasize the respect afforded to the resident and the responsibilities which the resident will be
expected to assume.
Times of Operation - the Management Office will be open Monday through Thursday from 8:30 A.M. to
4:30 P.M. Applicants will be processed at the Management Office in accordance with approved criteria.
Move-in process and orientation to property - applicants meet with the Housing Manager or designated
staff to discuss programs available on the property and will be supplied relevant information to assist them
in their move.
On-site staff will check previous landlord and personal references, verify income, perform criminal/sex
offender and credit background checks for each application taken. Tenant Selection will include minimum
income limits assigned by the Owner. New tenants will be given an orientation to the property including a
review of the rules and regulations, information on the area, proper use of appliances, move-out procedures,
maintenance procedures, rent payment procedures, energy conservation, grievance procedures and a review
of the Lease documents.
• Tenant Selection Criteria

Tenant Selection will include maximum income standards under the Low-Income Tax Credit and
Section 8 programs. New tenants will be given an orientation to the property including a review
of the rules and regulations, information on the area, proper use of appliances, move-out
procedures, maintenance procedures, rent payment procedures, energy conservation, grievance
procedures and a review of the Lease documents.
• Application Processing
Application processing will be done by the housing staff at the Management Office, well versed in
Fair Credit Law. As stated before, the processing will include a review of prior landlord
references, personal references, criminal/sex offender and credit reporting and income
verification. The on-site staff will make further review for inaccuracies in the application.
The annual income and family composition are the key factors for determining eligibility.
However, the Property Manager will also use the following criteria in selecting applicants for
occupancy:
Applicants must be individuals, not agencies or groups.
A/72428543.1 3
Applicants must meet the current eligibility income limits for tax credits and any other
program requirements.
Note- If the applicant's denial is based upon a credit report, the applicant will be advised of
the source of the credit report in accordance with the Federal Fair Reporting Act. Guidelines
published by the Federal Trade Commission suggest that apartment managers fall under the
provisions of the Act and are obligated to advise the person refused an apartment for credit
reasons, the name and address of the credit reporting firm in writing. The credit report will not
be shown to the applicant, nor will specific information be revealed.
We will process the Rental Applications through a credit bureau to determine the credit
worthiness of each applicant. If the score is below your threshold, but you have determined
the applicant has no bad credit and no negative rental history and no criminal history and
enough income to qualify, then you can conditionally approve the application after you have
contacted the prior landlord. In these cases, the application must be reviewed by the Associate
Director before final approval.
We will process the Rental Application through a credit bureau to determine any possible
criminal conduct. Convictions will be considered, regardless of whether "adjudication" was
withheld. A criminal background check will be used as part of the qualifying criteria. An
applicant will automatically be denied if;
• There is a conviction for the manufacture, sale, distribution, or possession with the intent to
manufacture, sell or distribute a controlled substance within the past five years.
• There is evidence in the criminal history that reveals that the applicant has developed a pattern
of criminal behavior, and such behavior presents a real or potential threat to residents and/or
property.
• The application will be suspended if an applicant or member of the applicant's family
has been arrested for a crime but has not yet been tried. The application will be
reconsidered, within the above guidelines, after such legal proceedings have been
concluded.
Applicants must provide complete and accurate verification of all income of all family
members. The household’s annual income may not exceed the applicable limit and the
household must meet the subsidy or assisted Income Limits as established for the area in
which The Gardens at Almond Creek is located. The annual income is compared to the area’s
Income Limits to determine eligibility.
Family composition must be compatible for units available on the property.
Applicants must receive satisfactory referrals from all previous Landlords.
Applicants must provide verification of full-time student status for all individuals listed on the
application as full-time student for tax credit units.
Applicants must not receive a poor credit rating from the Credit Bureau and other credit
reporting agencies and must demonstrate an ability to pay rent on time.
Applicants must provide a doctor's statement and/or other proof of any handicap or disability
if required.
Applicants must provide a birth certificate or other acceptable HUD approved forms of
documentation for all household members.
Applicants must fill out the Application for Lease and all verification forms truthfully.
A/72428543.1 4
Applicants must provide all information required by current Federal regulations and policies.
Applicants must have the demonstrated ability to maintain acceptable housekeeping

standards.
Applicants must have the demonstrated ability to pay the rent for the proposed unit, without
spending a disproportionate amount of income for rent.
Applicants must meet current Federal program eligibility requirements for tax credits and any
other programs.
Preference will be given to those households whose family members are handicapped or
disabled for housing in the units specifically designated for the handicapped or disabled.
Applicants who meet the above criteria will be placed on a waiting list based on the date and
time of their application. If an applicant turns down a unit for any reason, the applicant will be
moved to the bottom of the waiting list. If the applicant turns down a unit for any reason a
second time, the applicant will be removed from the waiting list.
A/72428543.1 5

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2011 Federal Low Income Housing

Tax Credit Program

Application For Reservation

Deadline for Submission

Tax Exempt Bonds

Virginia Housing Development Authority

Electronic Copy of the Microsoft Excel Based Application (MANDATORY)

v1.1.2011 Submission Checklist

VHDA TRACKING NUMBER 2011-C-39

A. Development Name and Location:

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

15. Location Map Attached (TAB A)

2. Credits requested from:

Tax Exempt Bonds

This development will receive federal subsidies for:

D Type(s) of Allocation/Allocation Year

E. Acquisition Credit Information

Ten-Year Rule For Acquisition Credits

F. Rehabilitation Credit Information

Minimum Expenditure Requirements

G. Request For Exception

II. OWNERSHIP INFORMATION

Must be an individual or legally formed entity

Federal I. D. No. 38-3831834 (If not available, obtain prior to Allocation)

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

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

C. Development Team Information:

1. Tax Attorney: Peter M. Wright, Esq. Related Entity? Yes No

2. Tax Accountant: Timothy Kemper Related Entity? Yes No

3. Consultant: Ryne Johnson Related Entity? Yes No

4. Management Entity (Contact): M. Pinson Neal, III Related Entity? Yes No

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

6. Architect: Ed Winks Related Entity? Yes No

7. Real Estate Attorney: R. Clay Powell Related Entity? Yes No

8. Mortgage Banker: NA Related Entity? Yes No

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

1. Nonprofit Involvement (All Applicants)

4. Identity of Nonprofit (All nonprofit applicants)

5. Percentage of Nonprofit Ownership (All nonprofit applicants)

III. DEVELOPMENT INFORMATION

A. Structure and Units:

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

Row House/Townhouse Detached Single-family

5. Unheated Floor Area (Breezeways, Balconies, Storage) 8,122.50 (Sq. ft.)

8. Number of Buildings (containing rental units) 3

9. Commercial Area Intended Use:

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

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

11. a. Total Net Rental Square Feet 58,248.00

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

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

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

a. All cooking ranges will have front controls

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

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

Earthcraft or LEED Development Certification

Universal Design - Units Meeting Universal Design Standards

VHDA Certified Property Management Agent

IV. TENANT INFORMATION

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

Units Provided Per Household Type:

B. Special Housing Needs/Leasing Preference:

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