Frank Roane

INSTRUCTIONS FOR THE
VIRGINIA 2010 LIHTC APPLICATION FOR RESERVATION
This application was prepared using Excel, Microsoft Office 2003. Please note that using the active Excel
workbook does not eliminate the need to submit the required PDF of the signed hardcopy of the application and
related documentation. A more detailed explanation of application submission requirements is provided
below and in the Application Manual.
An electronic copy of your completed application is a mandatory submission item.
Applications For 9% Competitive Credits

Applicants should submit an electronic copy of the application either on CD or by email, or both, prior to the
application deadline, which is 2:00 PM Richmond Virginia time on March 12, 2010. Failure to submit an electronic
copy of the application by the deadline will cause the application to be disqualified.
Applications For Tax Exempt Bond Credits

Applicants should submit an electronic copy of the application either on CD or by email, or both, at the at the time
of application submission. Applications will not be processed until an electronic copy is received.
NEW in 2010
Applicants should submit all application materials in electronic format only beginning in 2010
There should be 6 distinct files saved to 1 or more CDs and should include the following:
1. Application For Reservation – the active Microsoft Excel workbook
2. A PDF file which includes the following:
- Application For Reservation – Signed version of hardcopy
- All application attachments (i.e. tab documents, excluding market study and plans & specs)
3. Market Study – PDF or Microsoft Word format
4. Plans - PDF or other readable electronic format
5. Specifications - PDF or other readable electronic format (may be combined into the same file as the
plans if necessary)
6. Unit-By-Unit work write up (rehab only) - PDF or other readable electronic format
Notes: -Do not submit any files on a flash drive.
-Do not submit any application materials via TaxCreditApps@VHDA.com or to any email
address unless
specifically requested by the VHDA Allocation Department staff.
Disclaimer:
VHDA assumes no responsibility for any problems incurred in using this spreadsheet or for the
accuracy of the calculations. Check your application for correctness and completeness before
submitting the application to VHDA.
Entering Data:
Enter numbers or text as appropriate in the blank spaces highlighted in yellow. All other cells are
protected and will not allow any changes. The format for cells has been set to accept text, currency,
percentages, etc. as appropriate. Enter any number without commas or dollar signs. Enter
percentages beginning with a decimal point. There is no text wrap-around feature, so care must be
taken to enter text so that it does not extend beyond the right margin of the page. Enter in only enough
text to fill one line and then drop to the first yellow cell of the next line. Each page of the application is a
separate sheet in the spreadsheet. The spreadsheet contains numerous error checks which are
designed to assist you in identifying potential mistakes in your application. Please note that these may
appear as you enter data because many are dependent on entries later in the application. Do not be
concerned with these messages until all data has been entered. Also note that some cells contain
error messages such as "#DIV/0!" before you begin. These warnings will disappear as you enter
numbers necessary to complete the application.
Assistance:
If you have any questions, please call Jim Chandler at (804) 343-5786, Dale Wittie at (804)
343-5876, Cara Wallo at (804) 343-5714, Jaynell McFarland at (804) 343-5733 or Debbie Griner
at (804) 343-5518. Please note that we cannot release the copy protection password.
Staff email addresses:

jim.chandler@vhda.com - dale.wittie@vhda.com
cara.wallo@vhda.com - jaynell.pittman-shaw@vhda.com - debbie.griner@vhda.com
v12.31.09 Instructions
2010 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 12, 2010
Tax Exempt Bonds

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

601 South Belvidere Street
Richmond, Virginia 23220-6500
v12.31.09
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) (MANDATORY)
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 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
v12.31.09 Submission Checklist

Low-Income Housing Tax Credit Application For Reservation
VHDA TRACKING NUMBER 2010-C-06

I. General Information
All code "Section" references are to, and the term "IRC" shall be deemed to mean, March 1, 2010
the Internal Revenue Code of 1986, as amended. (Date of Application)
A. Development Name and Location:

1. Name of Development Frank Roane Apartments
2. Address of Development 900 Federal St.
(Street)
Lynchburg VA 24504
(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. 37.411567498/-79.147472605 37.410134351/-79.146254348
Documentation from surveyor attached (TAB A) (Only necessary if street address or street intersections are not available.
(Coordinates should be the same as those listed on pg 13, if applicable)
4. The Circuit Court Clerk's office in which the deed to the property is or will be recorded:
City/County of Lynchburg City (ie; Richmond City, Chesterfield County; see application manual)
5. Does the site overlap one or more jurisdictional boundaries? Yes No
If yes, what other City/County is the site located in besides the one mentioned above?
6. Census Tract the development is located in: 51680000600
Is this a Qualified Census Tract: Yes No (If yes, attach required form in TAB A)
7. Is the development located in a Difficult Development Area? No
8. Is the development located in a revitalization area? Yes No (If yes, attach required form in TAB A)
9. Is the development an existing RD or HUD S8/236 development? Yes No (If yes, attach required form in TAB Q)
Note to #9: If there is an identity of interest between the applicant and the seller in this proposal, and the applicant is seeking points in
this category, then the applicant must either waive their rights to the developer's fee or other fees associated with acquisition and/or
rehabilitation, or obtain a waiver of this requirement from VHDA prior to application submission to receive these points.
a. Applicant agrees to waive all rights to any developer's fee or
other fees associated with acquisition and/or rehab. Yes n/a
b. Applicant has obtained a waiver of this requirement from VHDA
prior to the application submission deadline. Yes n/a
10. Is the development located in a census tract with a poverty
rate <10% with no tax credit units currently present? Yes No
11. Is the development listed on the RD 515 Rehabilitation Priority List? Yes No
12. Is the proposed development located in an urban development area as defined in §15.2-2223.1of the Code of Virginia?
Yes No (If yes, attach required form in TAB U)
13. Will the proposed development participate in a locally adopted affordable housing dwelling unit program area as described in
either §15.2-2304 or §15.2-2305 of the Code of Virginia? Yes No (If yes, attach required form in TAB U)
14. Congressional District 6 http://dlsgis.state.va.us/congress/2001PDFs/chap7Tab.pdf

Planning District 11 http://www.vapdc.org/aboutpdcs.htm#PDC%20Map
State Senate District 23 http://dlsgis.state.va.us/senate/2001PDFs/Chap2Tab.pdf
State House District 23 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.
Frank Roane is a 26 unit elderly Section 8 property. The contract and the loan will mature in July of 2010. LCF, Inc. the non-profit owner plans to
renovate the property adding AC and upgrading all the systems in this historic building.
v12.31.09 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) $243,744
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 Geographic Areas)
Non-Competitive Pool (Preservation) Non-Competitive Pool (Disability)
Tax Exempt Bonds

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

all buildings or
some buildings.
D. Type(s) of Allocation/Allocation Year
1. Regular Allocation
All of the buildings in the development are expected to be placed
in service this year. For those buildings the owner will, this year, request an
allocation of 2008 credits for new construction, or
rehabilitation, or
acquisition and rehabilitation.
2. Carryforward Allocation
All of the buildings in the development are expected to be placed
in service within two years after the end of this calendar year, 2009, but the
owner will have more than 10% basis in the development before the end of six
months following allocation of credits. For those buildings, the owner requests
a carryforward allocation of 2009 credits pursuant to Section 42(h)(1)(E) for:
new construction, or
rehabilitation, or
acquisition and rehabilitation (even if you acquired a building this year and
"placed it in service" for the purpose of the acquisition credit, you cannot receive
the 8609 form for it until the rehab 8609 is issued for that building once the rehab
work is "placed in service" in 2010 or 2011).
3. Federal Subsidies
The development will not receive federal subsidies.
This development will receive federal subsidies for:
all buildings or
some buildings.
v12.31.09 Page 2
E. Acquisition Credit Information

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

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

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

The proposed new construction development (including adaptive reuse and rehabilitation that creates additional rental
space) is subject to an assessment of up to minus 20 points for being located in a pool identified by the Authority as a pool
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 13VAC10-180-60:
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)
v12.31.09 Page 3
II. OWNERSHIP INFORMATION
NOTE: VHDA may allocate credits only to the tax-paying entity which owns the development at the time of the allocation. The term "Owner" herein refers to that entity. Please
fill in the legal name of the owner. The ownership entity must be formed prior to submitting this application. Any transfer, direct or indirect, of partnership interests (except those
involving the admission of limited partners) prior to the placed-in-service date of the proposed development shall be prohibited, unless the transfer is consented to by VHDA in its
sole discretion. IMPORTANT: The Owner name listed on this page must match exactly the owner name listed on the Virginia State Corporation Commission
Certification.
Must be an individual or legally formed entity
A. Owner Information:
Name Frank Roane LLC
Contact Person First: Jewell Middle: P. Last: Kitchen
Address 412 Madison St.
(Street)
Lynchburg VA 24505
(City) (State) (Zip Code)
Federal I. D. No. Pending (If not available, obtain prior to Allocation)

Phone 434-847-9059 Fax Email address susiekitchen@ntelos.net
Type of entity: Limited Partnership Other LLC
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
LCF Housing LLC 434-847-9059 Manging Member 0.0050%
Wm. Tracey Shaw 434-847-9059 Member 0.0050%
Jewell Kitchen 434-847-9059 Exec. Director LCF 99.99%
Lynchburg Covenant Fellowship, Inc 434-847-9059 Owner 0.00%
0.00%
0.00%
0.00%
This should be 100% of the GP or managing member interest: 100.00%
** These should be the names of individuals who comprise the GP or managing members, not simply the names of
separate partnerships or corporations which may comprise those components.
Principals' Previous Participation Certification attached (Mandatory TAB D) & resumé.
B. Seller Information:
Name LCF and Associates, LP Contact Person Jewell Kitchen
Address 412 Madison St.
Lynchburg, VA 24504 Phone 434-847-9059
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
Lynchburg Covenant Fellowship 434-847-9059 GP/LP 71.00%
Mics. Investors 434-847-9059 LP 29.00%
Jewell Kitchen 434-847-9059 Exec. Director 0.00%
of LCF, Inc. 0.00%
v12.31.09 Page 4
C. Development Team Information:

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

Firm Name:
Address:
Phone: Fax:
2. Tax Accountant: Cherie James Related Entity? Yes No

Firm Name: Wall Einhorn
Address: 555 Main St. Norfolk, Va 23510
Phone: 757-533-4101 Fax:
3. Consultant: Ryne Johnson Related Entity? Yes No

Firm Name: Astoria, LLC Role: Tax Credit Consultant
Address: 3450 Lady Marian Ct. Midlotian, VA 23113
Phone: 804-320-0585 Fax:
4. Management Entity (Contact): Jewell Kitchen Related Entity? Yes No

Firm Name: Lynchburg Covenant Fellowship
Address: 412 Madison St. Lynchburg, Va 24504
Phone: 434-847-9059 Fax:
5. Contractor (Contact): Bill Jamerson Related Entity? Yes No

Firm Name: J.E. Jamerson and Sons, Inc.
Address: 1540 Confederate Blvd, Appamattox, Va 24504
Phone: 434-352-8227 Fax:
6. Architect: Hal Craddock Related Entity? Yes No

Firm Name: Craddock Cunningham Architectural Partners
Address: 10 Ninth St. Lynchburg, Virginia 24504
Phone: 434-846-8456 Fax: 434-846-4534
7. Real Estate Attorney: Tracy Shaw Related Entity? Yes No

Firm Name: Edmunds & Williams, P.C.
Address: 828 Main St, Lynchburg Va 24504
Phone: 434-846-9000 Fax:
8. Mortgage Banker: Ryne Johnson Related Entity? Yes No

Firm Name: Astoria, LLC
Address: 3450 Lady Marian Ct. Midlothian, Va 23113
Phone: 804-320-0585 Fax:
9. Other (Contact): Related Entity? Yes No

Firm Name: Role:
Address:
Phone: Fax:
v12.31.09 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
Lynchburg Covenant Fellowship, Inc.
(Name of nonprofit)
Jewell Kitchen 412 Madision St.
(Contact Person) (Street Address)
Lynchburg VA 24504
(City) (State) (Zip code)
434-847-9059 434-846-3164
(Phone) (Fax)
5. Percentage of Nonprofit Ownership (All nonprofit applicants)

Specify the nonprofit entity's percentage ownership of the general partnership interest: 100.0%
v12.31.09 Page 6
III. DEVELOPMENT INFORMATION
A. Structure and Units:

1. Total number of all units in development 26
Total number of rental units in development 26 bedrooms 30
Number of low-income rental units 26 bedrooms 30
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: 110
Elevator Number of stories: 4
3. Number of new units 0 bedrooms 0
Number of adaptive reuse units 0 bedrooms 0
Number of rehab units 26 bedrooms 30
4. Total Floor Area For The Entire Development 26,681.57 (Sq. ft.)
5. Unheated Floor Area (Breezeways, Balconies, Storage) 1,282.19 (Sq. ft.)

6. Nonresidential Commercial Floor Area 0.00 (Sq. ft.)
(Not eligible for funding)
7. Total Usable Residential Heated Area 25,399.38 (Sq. ft.)
8. Number of Buildings (containing rental units) 1
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 16,965.25

b. Percentage of Net Rentable Square Feet Deemed To Be New Rental Space 0.00%
B. Building Systems:
Please describe each of the following in the space provided.
Community Facilities: Community Room, Laundry Room
Exterior Finish: Brick

Heating/AC System: 15 Seer Electric Heat Pump
Architectural Style: Edwardian Eclectic
v12.31.09 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 926.97 SF 3-Bdrm Gar 0.00 SF
1-Sty-Eff-Eld 0.00 SF 2Bdrm Eld 1,351.88 SF 4-Bdrm Gar 0.00 SF
1-Sty 1BR-Eld 0.00 SF Eff-Gar 0.00 SF 2+Sty 2BR TH 0.00 SF
1-Sty 2BR-Eld 0.00 SF 1-Bdrm Gar 0.00 SF 2+Sty 3BR TH 0.00 SF
Eff-Eld 525.49 SF 2-Bdrm Gar 0.00 SF 2+Sty 4BR TH 0.00 SF
2. Total gross usable, heated square feet for the entire project less nonresidential commercial area:
25,399.38 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
0% a(2) Percentage of 3 or more bedroom units that have 2 bathrooms
b. A community/meeting room with a minimum of 749 square feet is provided
100% 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%
v12.31.09 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 in which the greater of 5 or 10% of the units will be subject to federal project-based rent
subsidies or equivalent assistance in order to ensure occupancy by extremely low-income persons; and (ii) the greater of 5
units or 10% of the units will conform to HUD regulations interpreting accessibility requirements of section 504 of the
Rehabilitation Act; and be actively marketed to people with special needs in accordance with a plan submitted as part of the
Application. (All of the units described in (ii) above must include roll-in showers and roll under sinks and front controls for
ranges, unless agree to by the Authority prior to the applicant's submission of its application).
For any non-elderly property in which the greater of 5 or 10% of the units (i) have rents within HUD’s Housing Choice
Voucher (“HCV”) payment standard; (ii) conform to HUD regulations interpreting accessibility requirements of section 504 of
the Rehabilitation Act; and (iii) are actively marketed to people with mobility impairments, including HCV holders, in
accordance with a plan submitted as part the Application.
For any non-elderly property in which at least four percent (4%) of the units conform to HUD regulations interpreting
accessibility requirements of section 504 of the Rehabilitation Act and are actively marketed to people with mobility
impairments in accordance with a plan submitted as part of the Application.
Earthcraft or LEED Development Certification

Applicant agrees to obtain Earthcraft or LEED certification prior to issuance of IRS Form 8609. Architect
certifies in the Architect Certification that the development's design will meet the criteria for such certification.
Yes - Earthcraft Yes - LEED
If Yes to either, 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:
0 Units 0%
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:
v12.31.09 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
3 11.54% 40% Area Median 3 11.54% 40% Area Median
0 0.00% Non-LMI Units 0 0.00% Non-LMI Units
26 100.00% Total 26 100.00% Total
B. Special Housing Needs/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: 0 Number of units 0% of total low-income units
3. If the development has existing tenants, VHDA policy requires that the impact of economic and/or physical
displacement on those tenants be minimized, in which Owners agree to abide by the Authority's Relocation
Guidelines for LIHTC properties.
4. If leasing preference will be given to applicants on public housing waiting list and/or Section 8
waiting list, so indicate:
Yes
No
Locality has no such waiting list; If yes, provide the following information:
Organization which holds such waiting list: Lynchburg Redevelopment and Housing Authority
Contact person (Name and Title) Edward McCann, Exec Director
Phone Number 434-485-7200 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
v12.31.09 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 L. Kimball Payne
Chief Executive Officer's Title City Manager
Street Address 900 Church St. Phone 434-455-3990
City Lynchburg State VA Zip 24504
Name and title of local official you have discussed this project with who could answer questions for the
local CEO: Tom Martin, Director of Planning
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 January 2010 Jewell Kitchen
Site Acquisition October 2010 Jewell Kitchen
Zoning Approval February 2010 Jewell Kitchen
Site Plan Approval February 2010 Jewell Kitchen
Financing
A. Construction Loan
Loan Application July 2010 Ryne Johnson
Conditional Commitment July 2010 Ryne Johnson
Firm Commitment October 2010 Ryne Johnson
B. Permanent Loan - First Lien
Loan Application July 2010 Ryne Johnson
Conditional Commitment July 2010 Ryne Johnson
Firm Commitment October 2010 Ryne Johnson
C. Permanent Loan-Second Lien
Loan Application
Conditional Commitment
Firm Commitment
D. Other Loans & Grants
Type & Source, List
Application
Award/Commitment
Formation of Owner January 2010 Tracey Shaw
IRS Approval of Nonprofit Status November 2009 Jewell Kitchen
Closing and Transfer of Property to Owner October 2010 Tracey Shaw
Plans and Specifications, Working Drawings November 2009 Hal Craddock
Building Permit Issued by Local Government October 2010 Jewell Kitchen
Start Construction October 2010 Jamerson Construction
Begin Lease-up November 2010 Jewell Kitchen
Complete Construction August 2011 Jamerson Construction
Complete Lease-Up August 2011 Jewell Kitchen
Credit Placed in Service Date January 2011 Jewell Kitchen
v12.31.09 Page 11
VI. SITE CONTROL
Note: Site control by the Owner identified herein is a mandatory precondition of review of this application. Documentary
evidence of it, in the form of either a deed, option, purchase contract, or lease for a term longer than the period of time the
property will be subject to occupancy restrictions must be included herewith. (9% Competitive Credits - An option or
contract must extend beyond the application deadline by a minimum of four months.)
Warning: Site control by an entity other than the Owner, even if it is a closely related party, is not sufficient. Anticipated
future transfers to the Owner are not sufficient. The Owner, as identified in Subpart II-A, must have site control at the
time this Application is submitted.
NOTE: If the Owner receives a reservation of credits, the property must be titled in the name of or leased by (pursuant to a
long-term lease) the Owner before the allocation of credits is made this year.
Contact us before you submit this application if you have any questions about this requirement.
A. Type of Site Control by Owner:
Applicant controls site by (select one and attach document - Mandatory TAB K)
Deed - attached
Long-term Lease - attached (expiration date: )
Option - attached (expiration date: 12/10/10 )
Purchase Contract - attached (expiration date: )
If more than one site for the development and more than one form of site control, please so indicate
and attach a separate sheet specifying each site, number of existing buildings on the site, if any,
type of control of each site, and applicable expiration date of form of site control. A site control
document is required for each site.
Most recent property tax assessment - Mandatory TAB K
B. Timing of Acquisition by Owner:

Select one:
Owner already controls site by either deed or long-term lease or
Owner is to acquire property by deed (or lease for period no shorter than period property
will be subject to occupancy restrictions) no later than 12/10/10
If more than one site for the development and more than one expected date of acquisition by
Owner, please so indicate and attach separate sheet specifying each site, number of existing
buildings on the site, if any, and expected date of acquisition of each site by the Owner.
C. 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 3.10%

Project Wide Capture Rate - Market Units 0.00%
Project Wide Capture Rate - All Units 3.10%
Project Wide Absorption Period (Months) 8
v12.31.09 Page 12
C. Site Description
1. Exact area of site in acres 1.020
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.
v12.31.09 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: 26

Number of years in rental assistance contract: 20
Expiration date of contract: 20 year Annual Renewal
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 16 29 22 0 0
Air Conditioning Electric Owner x Tenant 13 26 20 0 0
Cooking Electric Owner x Tenant 7 9 9 0 0
Lighting Electric Owner x Tenant 12 19 17 0 0
Hot Water Gas Owner x Tenant 8 14 13 0 0
Water x Owner Tenant 0 0 0 0 0
Sewer x Owner Tenant 0 0 0 0 0
Trash x Owner Tenant 0 0 0 0 0
Total utility allowance for costs paid by tenant $56 $97 $81 $0 $0
2. Source of Utility Allowance Calculation (Attach Documentation TAB Q)

HUD
Utility Company (Estimate) Local PHA
Utility Company (Actual Survey) Other: Actual 12 month average
v12.31.09 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 1 $389
1 Bedroom Units 21 $9,828
2 Bedroom Units 4 $2,236
3 Bedroom Units 0 $0
Total Number of Tax Credit Units 26
Plus Other Income Source (list): Laundry $62

Equals Total Monthly Income: $12,515
Twelve Months x12
Equals Annual Gross Potential Income $150,180
Less Vacancy Allowance ( 7.0% ) $10,513
Equals Annual Effective Gross Income (EGI) - Low Income Units $139,667
** 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 1 21 4 0 0
2 BD RM-GAR 3 BD RM-GAR 4 BD RM-GAR 2+Story 2 BR-TH 2+Story 3 BR-TH 2+Story 4 BR-TH

0 0 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 1 21 4 0 0
2 BD RM-GAR 3 BD RM-GAR 4 BD RM-GAR 2+Story 2 BR-TH 2+Story 3 BR-TH 2+Story 4 BR-TH

0 0 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% 1 525.49 $ 389 $ 389

Efficiency - 40% 0 0.00 $ - $ -
Efficiency - 40% 0 0.00 $ - $ -
v12.31.09 Efficiency - 40% 0 0.00 $ - $ - Page 15
Efficiency - 40% 0 0.00 $ - $ -
Efficiency - 40% 0 0.00 $ - $ -
Efficiency - 40% 0 0.00 $ - $ -
Efficiency - 40% 0 0.00 $ - $ -
Efficiency - 40% 0 0.00 $ - $ -
Efficiency - 40% 0 0.00 $ - $ -
Efficiency - 40% 0 0.00 $ - $ -
Efficiency - 40% 0 0.00 $ - $ -
Efficiency - 40% 0 0.00 $ - $ -
Efficiency - 40% 0 0.00 $ - $ -
Efficiency - 40% 0 0.00 $ - $ -
Efficiency - 50% 0 0.00 $ - $ -

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

Efficiency - 60% 0 0.00 $ - $ -
Efficiency - 60% 0 0.00 $ - $ -
Efficiency - 60% 0 0.00 $ - $ -
Efficiency - 60% 0 0.00 $ - $ -
Efficiency - 60% 0 0.00 $ - $ -
Efficiency - 60% 0 0.00 $ - $ -
Efficiency - 60% 0 0.00 $ - $ -
Efficiency - 60% 0 0.00 $ - $ -
Efficiency - 60% 0 0.00 $ - $ -
Efficiency - 60% 0 0.00 $ - $ -
Efficiency - 60% 0 0.00 $ - $ -
Efficiency - 60% 0 0.00 $ - $ -
Efficiency - 60% 0 0.00 $ - $ -
Efficiency - 60% 0 0.00 $ - $ -
Total Efficiency Total Monthly Eff.
Tax Credit Units: 1 525.49 Tax Credit Rent: $ 389
Efficiency - Market 0 0.00 $ - $ -

Total Efficiency
Market Units: 0 0.00 Total Monthly
Eff. Market Rent: $ -
Total Eff. Units: 1 Total Eff. Rent $ 389
1-Bedroom Units
Net Rentable Monthly Rent Total
v12.31.09 Rent Targeting Number Units Square Feet Per Unit Monthly Rent Page 15
1 BR - 40% 1 372.35 $ 468 $ 468
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% 1 591.05 $ 468 $ 468

1 BR - 50% 1 583.78 $ 468 $ 468
1 BR - 50% 1 581.79 $ 468 $ 468
1 BR - 50% 1 577.37 $ 468 $ 468
1 BR - 50% 1 560.45 $ 468 $ 468
1 BR - 50% 1 805.54 $ 468 $ 468
1 BR - 50% 1 583.78 $ 468 $ 468
1 BR - 50% 1 541.36 $ 468 $ 468
1 BR - 50% 1 579.63 $ 468 $ 468
1 BR - 50% 1 579.30 $ 468 $ 468
1 BR - 50% 1 713.97 $ 468 $ 468
1 BR - 50% 1 708.49 $ 468 $ 468
1 BR - 50% 1 583.78 $ 468 $ 468
1 BR - 50% 1 541.36 $ 468 $ 468
1 BR - 50% 1 682.28 $ 468 $ 468
1 BR - 60% 1 683.68 $ 468 $ 468

1 BR - 60% 1 502.86 $ 468 $ 468
1 BR - 60% 1 617.77 $ 468 $ 468
1 BR - 60% 1 570.56 $ 468 $ 468
1 BR - 60% 1 687.36 $ 468 $ 468
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: 21 12,648.51 Tax Credit Rent: $ 9,828
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: $ -
v12.31.09 Page 15
Total 1-BR Units: 21 Total 1-BR Rent $ 9,828
2-Bedroom Units
2 BR - 40% 1 986.47 $ 559 $ 559

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% 1 933.95 $ 559 $ 559

2 BR - 50% 1 942.77 $ 559 $ 559
2 BR - 50% 1 928.06 $ 559 $ 559
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 $ - $ -
Tax Credit Units: 4 3,791.25 Tax Credit Rent: $ 2,236
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 $ - $ -
v12.31.09 Page 15
2 BR - Market 0 0.00 $ - $ -
2 BR - Market 0 0.00 $ - $ -
2 BR - Market 0 0.00 $ - $ -
2 BR - Market 0 0.00 $ - $ -
2 BR - Market 0 0.00 $ - $ -
Total 2-BR
Total 2-BR Units: 4 Total 2-BR Rent $ 2,236
3-Bedroom Units
3 BR - 40% 0 0.00 $ - $ -
3 BR - 40% 0 0.00 $ - $ -
3 BR - 40% 0 0.00 $ - $ -
3 BR - 40% 0 0.00 $ - $ -
3 BR - 40% 0 0.00 $ - $ -
3 BR - 40% 0 0.00 $ - $ -
3 BR - 40% 0 0.00 $ - $ -
3 BR - 40% 0 0.00 $ - $ -
3 BR - 40% 0 0.00 $ - $ -
3 BR - 40% 0 0.00 $ - $ -
3 BR - 40% 0 0.00 $ - $ -
3 BR - 40% 0 0.00 $ - $ -
3 BR - 40% 0 0.00 $ - $ -
3 BR - 40% 0 0.00 $ - $ -
3 BR - 40% 0 0.00 $ - $ -
3 BR - 50% 0 0.00 $ - $ -
3 BR - 50% 0 0.00 $ - $ -
3 BR - 50% 0 0.00 $ - $ -
3 BR - 50% 0 0.00 $ - $ -
3 BR - 50% 0 0.00 $ - $ -
3 BR - 50% 0 0.00 $ - $ -
3 BR - 50% 0 0.00 $ - $ -
3 BR - 50% 0 0.00 $ - $ -
3 BR - 50% 0 0.00 $ - $ -
3 BR - 50% 0 0.00 $ - $ -
3 BR - 50% 0 0.00 $ - $ -
3 BR - 50% 0 0.00 $ - $ -
3 BR - 50% 0 0.00 $ - $ -
3 BR - 50% 0 0.00 $ - $ -
3 BR - 50% 0 0.00 $ - $ -
3 BR - 60% 0 0.00 $ - $ -
3 BR - 60% 0 0.00 $ - $ -
3 BR - 60% 0 0.00 $ - $ -
3 BR - 60% 0 0.00 $ - $ -
3 BR - 60% 0 0.00 $ - $ -
3 BR - 60% 0 0.00 $ - $ -
3 BR - 60% 0 0.00 $ - $ -
3 BR - 60% 0 0.00 $ - $ -
3 BR - 60% 0 0.00 $ - $ -
3 BR - 60% 0 0.00 $ - $ -
3 BR - 60% 0 0.00 $ - $ -
3 BR - 60% 0 0.00 $ - $ -
3 BR - 60% 0 0.00 $ - $ -
3 BR - 60% 0 0.00 $ - $ -
3 BR - 60% 0 0.00 $ - $ -
Tax Credit Units: 0 0.00 Tax Credit Rent: $ -
v12.31.09 Page 15
3 BR - Market 0 0.00 $ - $ -
3 BR - Market 0 0.00 $ - $ -
3 BR - Market 0 0.00 $ - $ -
3 BR - Market 0 0.00 $ - $ -
3 BR - Market 0 0.00 $ - $ -
3 BR - Market 0 0.00 $ - $ -
3 BR - Market 0 0.00 $ - $ -
3 BR - Market 0 0.00 $ - $ -
3 BR - Market 0 0.00 $ - $ -
3 BR - Market 0 0.00 $ - $ -
3 BR - Market 0 0.00 $ - $ -
3 BR - Market 0 0.00 $ - $ -
3 BR - Market 0 0.00 $ - $ -
3 BR - Market 0 0.00 $ - $ -
3 BR - Market 0 0.00 $ - $ -
Total 3-BR
Total 3-BR Units: 0 Total 3-BR Rent $ -
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 $ - $ -
v12.31.09 Page 15
4 BR - 60% 0 0.00 $ - $ -
4 BR - 60% 0 0.00 $ - $ -
4 BR - 60% 0 0.00 $ - $ -
4 BR - 60% 0 0.00 $ - $ -
4 BR - 60% 0 0.00 $ - $ -
Tax Credit Units: 0 0.00 Tax Credit Rent: $ -
4 BR - Market 0 0.00 $ - $ -
4 BR - Market 0 0.00 $ - $ -
4 BR - Market 0 0.00 $ - $ -
4 BR - Market 0 0.00 $ - $ -
4 BR - Market 0 0.00 $ - $ -
4 BR - Market 0 0.00 $ - $ -
4 BR - Market 0 0.00 $ - $ -
4 BR - Market 0 0.00 $ - $ -
4 BR - Market 0 0.00 $ - $ -
4 BR - Market 0 0.00 $ - $ -
4 BR - Market 0 0.00 $ - $ -
4 BR - Market 0 0.00 $ - $ -
4 BR - Market 0 0.00 $ - $ -
4 BR - Market 0 0.00 $ - $ -
4 BR - Market 0 0.00 $ - $ -
Total 4-BR
Total 4-BR Units: 0 Total 4-BR Rent $ -
Total Units 26 Net Rentable SF: TC Units 16,965.25

MKT Units 0.00
Total NR SF: 16,965.25
Floor Space Fraction 100.0000%
v12.31.09 Page 15
D. Operating Expenses
Administrative:
1. Advertising/Marketing $700
2. Office Salaries $14,000
3. Office Supplies $3,000
4. Office/Model Apartment (type______) $0
5. Management Fee $6,500
4.65% of EGI 250 Per Unit
6. Manager Salaries $0
7. Staff Unit (s) (type______) $0
8. Legal $325
9. Auditing $2,510
10. Bookkeeping/Accounting Fees $0
11. Telephone & Answering Service $1,200
12. Tax Credit Monitoring Fee $0
13. Miscellaneous Administrative $2,100
Total Administrative $30,335
Utilities
14. Fuel Oil $0
15. Electricity $6,750
16. Water $6,800
17. Gas $0
18. Sewer $0
Total Utility $13,550
Operating:
19. Janitor/Cleaning Payroll $1,000
20. Janitor/Cleaning Supplies $500
21. Janitor/Cleaning Contract
22. Exterminating $900
23. Trash Removal $2,900
24. Security Payroll/Contract $1,200
25. Grounds Payroll $0
26. Grounds Supplies $500
27. Grounds Contract $2,000
28. Maintenance/Repairs Payroll $14,565
29. Repairs/Material $2,000
30. Repairs Contract $5,000
31. Elevator Maintenance/Contract $3,000
32. Heating/Cooling Repairs & Maintenance $0
33. Pool Maintenance/Contract/Staff $0
34. Snow Removal $0
35. Decorating/Payroll/Contract $1,700
36. Decorating Supplies $250
37. Miscellaneous $0
Operating & Maintenance Totals $35,515
Taxes & Insurance
38. Real Estate Taxes $7,625
39. Payroll Taxes $2,500
40. Miscellaneous Taxes/Licenses/Permits $100
41. Property & Liability Insurance $9,300
42. Fidelity Bond $0
43. Workman's Compensation $850
44. Health Insurance & Employee Benefits $8,000
45. Other Insurance $0
Total Taxes & Insurance $28,375
6544
Total Operating Expense $107,775
D1. Total Oper. Ex. Per Unit $4,145 D2. Total Oper. Ex. As % EGI (from E3) 77.17%
Replacement Reserves (Total # Units X $300 or $250 New Const. Elderly Minimum) $7,800
Total Expenses $115,575
v12.31.09 Page 16
E. Cash Flow (First Year)

1. Annual EGI Low-Income Units from (C1) $139,667
2. Annual EGI Market Units (from C2) + $0
3. Total Effective Gross Income = $139,667
4. Total Expenses (from D) $115,575

5. Net Operating Income = $24,092
6. Total Annual Debt Service (from Page 21 B2) - $9,014
7. Cash Flow Available for Distribution = $15,079
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 139,667 142,461 145,310 148,216 151,180
Less Oper. Expenses 115,575 119,042 122,614 126,292 130,081
Net Income 24,092 23,418 22,696 21,924 21,100
Less Debt Service 9,014 9,014 9,014 9,014 9,014
Cash Flow 15,079 14,405 13,683 12,910 12,086
Debt Coverage Ratio 2.67 2.60 2.52 2.43 2.34

Eff. Gross Income 154,204 157,288 160,434 163,643 166,915
Net Income 20,221 19,286 18,291 17,236 16,116
Cash Flow 11,207 10,272 9,277 8,222 7,102

Eff. Gross Income 170,254 173,659 177,132 180,675 184,288
Net Income 14,931 13,676 12,350 10,949 9,471
Cash Flow 5,917 4,662 3,336 1,935 457
Estimated Annual Percentage Increase in Revenue 2.00% (Must be < 2%)
Estimated Annual Percentage Increase in Expenses 3.00% (Must be > 3%)
v12.31.09 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 0
B. Site Work 62,410 0 0 62,410
C. Geothermal System 0 0 0 0
D. Unit Structures (New) 0 0 0 0
E. Unit Structures (Rehab) 1,616,609 0 0 1,616,609
F. Solar Electric System 0 0 0 0
G. Asbestos Removal 0 0 0 0
H. Demolition 0 0 0 0
I. Commercial Space Costs 0 0 0 0
J. Structured Parking Garage 0 0 0 0
K. Subtotal A: (Sum 1A..1J) 1,679,019 0 0 1,679,019
L. General Requirements 0 0 0
M. Builder's Overhead 127,051 0 0 127,051
( 7.6% Contract)
N. Builder's Profit 0 0 0
( 0.0% Contract)
O. Bonding Fee 0 0 0 0
P. Other 0 0 0 0
Q. Contractor Cost
Subtotal (Sum 1K..1P) $1,806,070 $0 $0 $1,806,070
2. Owner Costs
A. Building Permit 0 0 0
B. Arch./Engin. Design Fee 108,771 0 0 108,771
( 4,184 /Unit)
C. Arch. Supervision Fee 55,125 0 0 55,125
( 2,120 /Unit)
D. Tap Fees 0 0 0 0
E. Soil Borings 0 0 0 0
v12.31.09 Page 18

2. Owner Costs Continued
F. Construction Loan 10,000 0 0 10,000

Origination Fee
G. Construction Interest 29,000 0 0
( 5.3% for 8 months)
H. Taxes During Construction 6,250 0 0 6,250
I. Insurance During Construction 7,250 0 0 7,250
J. Cost Certification Fee 15,000 0 0 15,000
K. Title and Recording 1,120 0 0 1,120
L. Legal Fees for Closing 39,000 6,000 0 33,000
M. Permanent Loan Fee 1,310 0 0 0
( 0.0% )
N. Other Permanent Loan Fees 2,244 0 0 0
O. Credit Enhancement 0 0 0 0
P. Mortgage Banker 5,000 0 0 5,000
Q. Environmental Study 0 0 0 0
R. Structural/Mechanical Study 6,000 0 0 6,000
S. Appraisal Fee 3,000 0 0 3,000
T. Market Study 3,000 0 0 3,000
U. Operating Reserve 119,743 0 0 0
V. Tax Credit Fee 17,813 0 0 0
W. OTHER $236,825 $0 $0 $75,000
(SEE PAGE 19A)
X. Owner Cost
Subtotal (Sum 2A..2W) $666,451 $6,000 $0 $328,516
Subtotal 1 + 2 $2,472,521 $6,000 $0 $2,134,586

(Owner + Contractor Costs)
3. Developer's Fees 360,000 0 0 360,000
4. Owner's Acquisition Costs

Land 12,150
Existing Improvements 300,000 300,000
Subtotal 4: $312,150 $300,000
5. Total Development Costs

Subtotal 1+2+3+4: $3,144,671 $306,000 $0 $2,494,586
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
12.31.09 Page 19

W. OTHER OWNER COSTS
Contingency Reserve 20,000 0 0 20,000

(Rehab or Adaptive Reuse only)
LIST ADDITIONAL ITEMS
Soft Cost Contingency 20,000 0 0 20,000
Tax Credit Consultant 29,320 0 0 0
Marketing and Lease up 21,209 0 0 0
EarthCraft Cert 20,000 0 0 20,000
Tenant Relocation 15,000 0 0 15,000
Allocation fee 11,296 0 0 0
0 0 0 0
Project Reserve Funds 100,000 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
Subtotal (Other Owner Costs) $236,825 $0 $0 $75,000
v12.31.09 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 3,144,671 306,000 0 2,494,586
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 0 498,917
7. Total Eligible Basis (5 minus 6 above) 306,000 0 1,995,669
8. Adjustment(s) to Eligible Basis (For non-acquisition costs in eligible basis)

(i) For Earthcraft or LEED Certification AND 60 Bonus Points ( Eligible For Increase) 0 0
(ii) For QCT or DDA (Eligible Basis x 30%) 0 598,701
Total Adjusted Eligible basis 0 2,594,369
9. Applicable Fraction 100.0000% 100.0000% 100.0000%
10. Total Qualified Basis (Same as Part IX-C) 306,000 0 2,594,369

(Eligible Basis x Applicable Fraction)
11. Applicable Percentage 3.35% 0.00% 9.00%

(For 2010 9% competitive credits, use the March 2010 applicable percentages for acq.)
(For 9% non-competitive & tax exempt bonds, use the most recently published rates)
12. Maximum Allowable Credit under IRC §42 $10,251 $0 $233,493

(Qualified Basis x Applicable Percentage)
(Same as Part IX-C and equal to or more than $243,744
credit amount requested) Combined 30% & 70% P. V. Credit
v12.31.09 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. Seller note $850,000 Jewell Kitchen
2. VHDA Reserves $200,000 Neal Rogers
3. Historic credits $848,159
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. VHDA Sparc $144,246 $9,014 5.25% 35 35
2. $0 $0 0.00% 1000 0
3. $0 $0 0.00% 1000 0
4. $0 $0 0.00% 1000 0
5. $0 $0 0.00% 1000 0
6. $0 $0 0.00% 1000 0
Totals: $144,246 $9,014
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

v12.31.09 Page 21
4. Portion of Syndication Proceeds Attributable to Historic Tax Credit

Amount of Federal historic credits $498,917 x Equity % $0.85 $424,080
Amount of Virginia historic credits $623,647 x Equity % $0.68 $424,080
6. Equity that Sponsor will Fund:

Cash Investment $0
Contributed Land/Building $0 Assessment Attached (TAB S)
Deferred Developer Fee $0
Other: VHDA Reserve Fund $300,000
Equity Total $300,000
7. Total of All Sources (B2 + B3 + B4 + B5 + B6) $1,292,406
(not
(B2+B3+B4+B5+B6)
including syndication proceeds except for historic tax credits)
8. Total Development Cost $3,144,671

(From VIII-A5)
9. Less Total Sources of Funds (From B7 above) $1,292,406
10. Equals equity gap to be funded with low-income tax credit

proceeds (must equal IX-D3) $1,852,265
C. Syndication Information (If Applicable)
1. Actual or Anticipated Name of Syndicator Boston Capital

2. Contact Person Corine Sheridan Phone 410-451-7309
3. Street Address 1802 Land Dr.
City Crofton State MD Zip 21114
4. a. Total to be paid by anticipated users of credit (e.g., limited partners) $1,852,269

b. Equity Dollars Per Credit (e.g., $0.85 per dollar of credit) $0.76
c. Percent of ownership entity (e.g., 99% or 99.9%) 99.99%
d. Net credit amount anticipated by user of credits $243,720
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) $1,852,269
6. Amount of annual credit required for above amounts

(same amount as Part IX-D6) $243,744
7. Net Equity Factor [C5 / (C6 X 10)]
(same amount as Part IX-D4) Must be equal to or greater than 85% 75.99%
8. Syndication: Public or Private

9. Investors: Individual or Corporate
Weighted Average Credit Price Calculation

Exchange Component 40% $0.85 $0.34
Market Component 60% $0.70 $0.42
Weighted Average Credit Price: $0.76
v12.31.09 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 $144,246 Section 223(f) $0
HOME Funds $0 Other: $0
Other: $0
Other: $0
Grants Grants
CDBG $0 State $0
UDAG $0 Local $0
Other: $0
This means grants to the partnership. If you received a loan financed by a locality which received one of the
listed grants, please list it in the appropriate loan column as "other" and describe the applicable grant program
which funded it.
2. Subsidized Funding: list all sources of funding for points. Documentation Attached (TAB T)
Source of Funds Commitment date Funds

1. $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)

Section 8 Rent Supplement or Rental Assistance Payment
Tax Abatement
Other
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
v12.31.09 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. Such debt must be limited to the original mortgage(s) unless any refinancing
is approved by the nonprofit. Do not select if extended compliance is selected in IX.A above.
Option or Right of First Refusal in Recordable Form Attached (TAB V)
Enter name of qualified nonprofit: Lynchburg Covenant Fellowship, 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)
v12.31.09 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. 26 0 900 Federal St. $306,000 10/01/10 3.35% 10,251 $0 0.00% 0 $2,594,369 06/01/11 9.00% 233,493
2. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
3. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
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
$306,000 $0 $2,594,369
$10,251 $0 $233,493
Qualified Basis Totals (must agree with VIII-A10)
Credit Amount Totals (must agree with VIII-A-12)
v12.31.09 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
v12.31.09 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
v12.31.09 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
v12.31.09 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
v12.31.09 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
v12.31.09 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) $3,144,671
2. Less Total Sources of Funds (from VIII-B7 page 22) $1,292,406
3. Equals Equity Gap $1,852,265
4. Divided by Net Equity Factor (VIII-C7 page 22) 75.99%

(Percent of 10-year credit expected to be raised as equity investment)
5. Equals Ten-Year Credit Amount Needed to Fund Gap $2,437,435
Divided by ten years 10
6. Equals Annual Tax Credit Required to Fund the Equity Gap $243,744
7. The Maximum Allowable Credit Amount $243,744

(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 9,375 Combined 30% & 70% PV Credit
Credit per Bedroom 8,125 $243,744

Comprised of
$10,251 and $233,493

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.
v12.31.09 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.
v12.31.09 Page 27
2009 LIHTC SELF SCORE SHEET:
Self Scoring Process
This worksheet is intended to provide you with an estimate of your application score based on the selection criteria described in the
QAP. Most of the data used in the scoring process is automatically entered below as you fill in the application. Other items,
denoted below in the green shaded cells, are items that are typically evaluated by VHDA’s staff during the application review and
feasibility analysis. For purposes of self scoring, it will be necessary for you to make certain decisions and assumptions about your
application and enter the appropriate responses in the green shaded cells of this score sheet. All but two require yes/no responses,
in which case enter Y or N as appropriate. Item 2b pertaining to the Local CEO Letter will require one of the following responses: Y
– the letter indicates unconditional support; N – the letter indicates opposition to the project; NC – no comment from the locality, or
any other response which is neither unconditional support nor opposition. Item 5e1 requires a numeric value to be entered. Please
remember that the score is only an estimate based on the selection criteria using the reservation application data and the
responses you’ve entered on this score sheet. VHDA reserves the right to change application data and/or score sheet responses
where appropriate, which may change the final score.
MANDATORY ITEMS: Score

a. Signed, completed application Y Y or N 0
b. Duplicate copy of application Y Y or N 0
c. Partnership agreement Y Y or N 0
d. SCC Certification Y Y or N 0
e. Previous participation form Y Y or N 0
f. Site control document Y Y or N 0
g. Architect's Certification Y Y or N 0
h. Attorney's opinion Y Y or N 0
i. Nonprofit questionnaire (if NP) Y Y, N, N/A 0
0.00
1. READINESS:
a. Plan of development Y 0 or 40 40.00
b. Zoning approval Y 0 or 40 40.00
Total: 80.00
2. HOUSING NEEDS CHARACTERISTICS:

a. VHDA notification letter to CEO Y 0 or -50 0.00
b. Local CEO letter (Y,NC,N) Y 0 or 25 or 50 50.00
c. Location in a revitalization area Y 0 or 30 30.00
d. Location in a Qualified Census Tract Y 0 or 5 5.00
e. Sec 8 or PHA waiting list preference Y 0 or 10 10.00
f. Subsidized funding commitments 0.00% Up to 40 0.00
g. Existing RD, HUD Section 8 or 236 program Y 0 or 20 20.00
h. Tax abatement or new project based rental subsidy (HUD or RD) Y 0 or 10 10.00
i. Census tract with <10% poverty rate, no tax credit units N 0 or 25 0.00
j. Development listed on the Rural Development Rehab Priority List N 0 or 15 0.00
k. Dev. located in area with little or no increase in rent burdened population Up to -20 0.00
l. Dev. located in area with increasing rent burdened population Up to 20 0.00
Total 125.00
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 N 0 or 30 0.00
or e. HUD 504 accessibility for 4% of units N 0 or 15 0.00
f. Proximity to public transportation Y10 0, 10 or 20 10.00
g. Development will be Earthcraft or LEED certified Y 0 or 30 30.00
h. VHDA Certified Property Management Agent Y 0 or 25 25.00
i. Units constructed to meet VHDA's Universal Design standards 0% Up to 15 0.00
j. Developments with less than 100 units Up to 20 20.00
Total 255.00
4. TENANT POPULATION CHARACTERISTICS:

a. <= 20% of units having 1 or less bedrooms N 0 or 15 0.00
b. Percent of units with 3 or more bedrooms 0.00% Up to 15 0.00
Total 0.00
5. SPONSOR CHARACTERISTICS:
a. Developer experience - 3 developments with 3 x units or 6 developments with 1 x units N 0 or 50 0.00
or b. Developer experience - 1 development with 1 x units N 0 or 10 0.00
c. Developer experience - uncorrected major violation N 0 or -50 0.00
d. Developer experience - noncompliance Enter Total Negative N 0 or -15 0.00
e1. Developer experience - did not build as represented Points Here: 0 0 or -x 0.00
e2. Developer experience - termination of credits by VHDA N 0 or -10 0.00
f. Management company rated unsatisfactory N 0 or -25 0.00
Total 0.00
v12.31.09
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 44.70
b. Cost per unit categories check spelling of Clerk's Office on pg 1. It must match Up to 75 9.08
Total exactly with the Jurisdiction names listed in the Application Manual. 53.78
7. BONUS POINTS: Locality AMI State AMI

a. Units with rents at or below 40% of AMI $58,100 $53,100 12% 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: 633.78

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 0 525 725 925
Low Sq.Ft. / BDRM 0 420 580 740
Project Sq.Ft. / BDRM 0 525 927 1,352
Percentage of Units 0.00% 3.85% 80.77% 15.38%
Points per Bedroom 0.00 3.85 80.77 15.38
F-EFF-G F-1 BDRM-G F-2 BDRM-G F-3 BDRM-G

High Sq.Ft. / BDRM 0 0 0 0
Low Sq.Ft. / BDRM 0 0 0 0
Project Sq.Ft. / BDRM 0 0 0 0
F-4 BDRM-G F-2 BDRM-TH F-3 BDRM-TH F-4 BDRM-TH

High Sq.Ft. / BDRM 0 0 0 0
Low Sq.Ft. / BDRM 0 0 0 0
Project Sq.Ft. / BDRM 0 0 0 0
1 ST ELD-EFF 1 ST ELD-1 BDRM 1 ST ELD-2 BDRM If you do not receive a numeric point value
High Sq.Ft. / BDRM 0 0 0 in the unit size calculations, please
Low Sq.Ft. / BDRM 0 0 0 check the values entered on page 8, C1.
Project Sq.Ft. / BDRM 0 0 0 These must be whole number numeric
Percentage of Units 0.00% 0.00% 0.00% values only. Also check page 7, item 3,
Points per Bedroom 0.00 0.00 0.00 the number of units must be either new,
adapt or rehab only. Combinations do
Total Unit Size Points: 100.00 not calculate correctly.
Amenities:
All units have:
a. 1.5 or 2 Bathrooms 100.00% 15.00
b. Community Room 0.00
c. Brick Walls 100.00% 20.00
d. Kitchen/Laundry Appl-Energy Star 5.00
e. Windows-Energy Star 0.00
f. Heat/AC-SEER-AFUE 10.00
g. Sub-metered water expense 0.00
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 0.00%
Total 59.00
All elderly units have:
a. Front-control ranges 1.00
b. Emergency call system 3.00
c. Independent/suppl. heat source 1.00
d. Two eye viewers 1.00
Total 6.00
All rehab or adaptive reuse units:

b. Historic structure 5.00
Total amenities: 70.00
v12.31.09
$/SF = $118.62 Credits/SF = $7.48 Const $/unit = $69,464
TYPE OF PROJECT FAMILY = 11000; ELDERLY = 12000 12000 If an ERROR message appears here check
LOCATION BELT=100; NVM=110; NVNM=200; RIC=300; TID=400; SMA=500; SMA-C=510; RUR=600 500 spelling of Clerk's Office on pg 1. It must
TYPE OF CONSTRUCTION N C=1; ADPT=2;REHAB(35,000+)=3; REHAB(15,000-35,000)=4 3 match exactly with the Jurisdiction names
listed in the Application Manual.
ELDERLY
AS LVG EFF-E 1 BR-E 2 BR-E EFF-E-1 ST 1 BR-E-1 ST 2 BR-E-1 ST
AVG UNIT SIZE 0 525 927 1,352 0 0 0
NUMBER OF UNITS 0 1 21 4 0 0 0
PARAMETER-(COSTS=>35,000) 0 95,594 126,184 164,421 0 0 0

PARAMETER-(COSTS<35,000) 0 0 0 0 0 0 0
COST PARAMETER 0 95,594 126,184 164,421 0 0 0

PROJECT COST PER UNIT 0 62,332 109,954 160,355 0 0 0
PARAMETER-(CREDITS=>35,000) 0 7,044 9,298 12,115 0 0 0

PARAMETER-(CREDITS<35,000) 0 0 0 0 0 0 0
CREDIT PARAMETER 0 7,044 9,298 12,115 0 0 0

PROJECT CREDIT PER UNIT 0 3,928 6,929 10,105 0 0 0
COST PER UNIT POINTS 0.00 1.00 7.79 0.29 0.00 0.00 0.00
CREDIT PER UNIT POINTS 0.00 3.06 37.04 4.59 0.00 0.00 0.00
FAMILY
EFF-G 1 BR-G 2 BR-G 3 BR-G 4 BR-G 2 BR-TH 3 BR-TH 4 BR-TH
AVG UNIT SIZE 0 0 0 0 0 0 0 0
NUMBER OF UNITS 0 0 0 0 0 0 0 0
PARAMETER-(COSTS=>35,000) 0 0 0 0 0 0 0 0
PARAMETER-(COSTS<35,000) 0 0 0 0 0 0 0 0
COST PARAMETER 0 0 0 0 0 0 0 0
PROJECT COST PER UNIT 0 0 0 0 0 0 0 0
PARAMETER-(CREDITS=>35,000) 0 0 0 0 0 0 0 0
PARAMETER-(CREDITS<35,000) 0 0 0 0 0 0 0 0
CREDIT PARAMETER 0 0 0 0 0 0 0 0
PROJECT CREDIT PER UNIT 0 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 0.00
CREDIT PER UNIT POINTS 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
TOTAL COST PER UNIT POINTS 9.08
TOTAL CREDIT PER UNIT POINTS 44.70
Cost Parameters - Elderly

Standard Cost Parameter - low rise 0 95,594 126,184 164,421 0 0 0
Parameter Adjustment - mid rise 0 0 0 0 0 0 0
Parameter Adjustment - high rise 0 0 0 0 0 0 0
Adjusted Cost Parameter 0 95,594 126,184 164,421 0 0 0
Credit Parameters - Elderly

Standard Credit Parameter - low rise 0 7,044 9,298 12,115 0 0 0
Adjusted Credit Parameter 0 7,044 9,298 12,115 0 0 0
Cost Parameters - Family

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

Standard Credit Parameter - low rise 0 0 0 0 0 0 0 0
Adjusted Credit Parameter 0 0 0 0 0 0 0 0
v12.31.09
$/SF = $118.62 Credits/SF = $7.48 Const $/unit = $69,464
TYPE OF PROJECT FAMILY = 11000; ELDERLY = 12000 12000 If an ERROR message appears here check
LOCATION BELT=100; NVM=110; NVNM=200; RIC=300; TID=400; SMA=500; SMA-C=510; RUR=600 500 spelling of Clerk's Office on pg 1. It must
TYPE OF CONSTRUCTION N C=1; ADPT=2;REHAB(35,000+)=3; REHAB(10,000-35,000)=4 3 match exactly with the Jurisdiction names
listed in the Application Manual.
ELDERLY
AVG UNIT SIZE 0 525 927 1,352 0 0 0
NUMBER OF UNITS 0 1 21 4 0 0 0
PARAMETER-(COSTS=>35,000) 0 94,084 124,191 161,825 0 0 0

PARAMETER-(COSTS<35,000) 0 0 0 0 0 0 0
COST PARAMETER 0 94,084 124,191 161,825 0 0 0

PROJECT COST PER UNIT 0 62,332 109,954 160,355 0 0 0
PARAMETER-(CREDITS=>35,000) 0 7,044 9,298 12,115 0 0 0

PARAMETER-(CREDITS<35,000) 0 0 0 0 0 0 0
CREDIT PARAMETER 0 7,044 9,298 12,115 0 0 0

PROJECT CREDIT PER UNIT 0 3,928 6,929 10,105 0 0 0
COST PER UNIT POINTS 0.00 0.97 6.94 0.10 0.00 0.00 0.00
CREDIT PER UNIT POINTS 0.00 3.06 37.04 4.59 0.00 0.00 0.00
FAMILY
AVG UNIT SIZE 0 0 0 0 0 0 0 0
NUMBER OF UNITS 0 0 0 0 0 0 0 0
PARAMETER-(COSTS=>35,000) 0 0 0 0 0 0 0 0
PARAMETER-(COSTS<35,000) 0 0 0 0 0 0 0 0
COST PARAMETER 0 0 0 0 0 0 0 0
PROJECT COST PER UNIT 0 0 0 0 0 0 0 0
PARAMETER-(CREDITS=>35,000) 0 0 0 0 0 0 0 0
PARAMETER-(CREDITS<35,000) 0 0 0 0 0 0 0 0
CREDIT PARAMETER 0 0 0 0 0 0 0 0
PROJECT CREDIT PER UNIT 0 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 0.00
CREDIT PER UNIT POINTS 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
TOTAL COST PER UNIT POINTS 8.02
TOTAL CREDIT PER UNIT POINTS 44.70
Cost Parameters - Elderly

Standard Cost Parameter - low rise 0 94,084 124,191 161,825 0 0 0
Adjusted Cost Parameter 0 94,084 124,191 161,825 0 0 0
Credit Parameters - Elderly

Standard Credit Parameter - low rise 0 7,044 9,298 12,115 0 0 0
Adjusted Credit Parameter 0 7,044 9,298 12,115 0 0 0
Cost Parameters - Family

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

Standard Credit Parameter - low rise 0 0 0 0 0 0 0 0
Adjusted Credit Parameter 0 0 0 0 0 0 0 0
v12.31.09
This is what should be on page 1 of the application:
Project Description:
Frank Roane Apartments is a 26 unit elderly Section 8 development with expiring contracts. The
building is located in the Federal Hill historic district. The building was the first high school in Lynchburg.
Renovations include new appliances and the addition of air-conditioning.
LCF and Associates, LP Misc. Investors all with 3.2222% ownership
Lana S. Chen
Dr. A. Robert Bellows
Mr. Paul P. Daley
Dr. George A. Deemys
Mr. John A. Grant
Dr. Donald K. Kiersey
Mr. Peter M. Reveno
Mrs. Shirley Rich
Mr. Philip E. Steeves

TAB A
(Documentation of Development Location)
TAB A.1
(Qualified Census Tract Certification)
Qualified Census Tract Certification
Development Name: Frank Roane Apartments

Tracking #: 2010-C-06
1. General Instructions
 This Certification must be included with the Application (by Application Deadline,
3/12/10).
 The Owner/Developer completes this Certification.
 Any change in this form may result in a reduction of points under the scoring system. If
you have any questions, please call Jim Chandler at VHDA (804) 343-5786.
2. Definition of Qualified Census Tract

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

51680000600
To determine the development’s census tract, go to http://map.sba.gov/hubzone/init.asp and

put in the development address or county. The census tract number will be revealed
after pressing the “search” button. On a rare occasion, when a development spans
more than one census tract, this website may show incomplete information. IF the
subject development is across census tracts, please list each census tract by number
and provide supporting documentation.
Attach a map showing census tract boundaries and the development’s location!
4. Legal Description
Attach a copy of the development’s legal description; the legal description should
correspond to the site control document in the Application.
SBA HUBZone Locator Page 1 of 2
Address-Town-County Text-Only
U.S. Map Help
Search Version
DETERMINATION OF WHETHER AN ADDRESS IS IN A HUBZONE
900 Federal St, Lynchburg VA, 24504 is located in Census Tract "51680000600" which IS HUBZone qualified.
The map below shows the relationship of this address (marked with a star) to qualified HUBZone areas. Below the map, you
may find information on why the address was found to be in a HUBZone Area.
User can also define

display area by employing
the dragging function of
the mouse/cursor.
Dragging can be used to
recenter the map.
BASIS OF HUBZONE DETERMINATION
Is the address located in a Metropolitan Area? YES

Is the address located in a qualified or redesignated census tract? YES
Is the address located in a BRAC Commission-closed former
NO
military base?
Is the address located in a Difficult Development Area? NO
Is the address located in an Indian Country area? NO
If your firm's principal office is located in this area which is qualified as a HUBZone (Principal office means the location
where the greatest number of the concern's employees at any one location perform their work.,13 CFR PART 126.103), you
are encouraged to apply for the HUBZone Empowerment Contracting Program.
http://map.sba.gov/hubzone/hzqry.asp 1/27/2010
TAB A.2
(Surveyor’s Certification of Proximity To Public Transportation)
TAB A.2
(Location Map)
900 Federal St. Lynchburg Va 24504 - Google Maps Page 1 of 1
Address 900 Federal St

Lynchburg, VA 24504
©2009 Google - Map data ©2009 Google -
http://maps.google.com/maps?f=q&source=s_q&hl=en&geocode=&q=900+Federal+St.+L... 1/27/2010
TAB A.2
(Revitalization Area Certification)
TAB B
(Partnership or Operating Agreement)
Frank Roane Apartments
LCF, Inc.
(Non-Profit) FRLITC LLC
(LIHTC Member)
LCF Housing LLC . 005%

(Managing Frank Roane LLC
Member) (Owner)
FRSCM LLC
(VA. Historic
Rehab TC
100%
Member)
Frank Roane Apartments

TAB C
(VA SCC Certification)
TAB D
(Principal’s Previous Participation Certification)
Name Profession/Occupation Business Address/Telephone Resident AddresslTelephonelE-Mail
FLINT, Polly Realtor RElMax Platinum Properties 2717 Greenhill Lane

6000 Boonsboro Road Lynchburg, VA 24503
Lynchburg, VA 24503 434-384-52511CeIl434-841-1527
E-Mail: pollyb(a}msn.com
HARRIS, William P. Attorney Harris & Allen 3120 Rivermont Avenue

1004 Court Street Lynchburg, VA 24503
Lynchburg, VA 24504 434-384-8360
434-846-5288
HARVEY, Irene CNA 702 Federal Street, Apt. #1

Lynchburg, VA 24504
434-845-2594
E-Mail: harveyirene89@netzero.com
JOHNSON, Donald W. Pastor, Union Baptist 820 East Main Street 233 McWane Circle
Church Waynesboro, VA 22980 Lynchburg, VA 24501
(540) 943-3619 434-847-6978
E-Mail: dhjohnson(a}AOL.com
KHOURY, Esther C. Director, Connectivety GE Healthcare 2213 Granville Road

Solutions Greensboro, NC 27408
E-Mail: esther _ khoury@idx.com 336-379-0310
E-Mail: ekhoury@bellsouth.net
LANGHORNE, Arelia S. Attorney 2700 Langhorne Road 2039 Overbrook Road

Lynchburg, VA 24501 Lynchburg, VA 24501
434-528-1560 434-847-8761
E-Mail: lawasleacomcast.net
LONG, William G. Retired 212 Nottingham Circle

Lynchburg, VA 24502
434-237-0927
E-Mail: WMGLong(a}Yahoo.~om
MOORE, Jr., Herbert R. Executive Director, 3437 Ivylink Place

Emeritus Lynchburg, VA 24503
Lynchburg Covenant 434-384-5605
Fellowship, Inc.
SA WYER, Jr., L. Vincent Director, The Haven 201 Federal Street 2209 Ridgewood Drive
P. O. Box 245 Lynchburg, VA 24503
Lynchburg, VA 24505 434-384-1407
434-847-3093 E-Mail: lvsawyerjr@comcast.net
SCHEWEL, Elliot S. Former State Senator 10 1 13th Street 4316 Gorman Drive
P. O. Box 977 Lynchburg, VA 24503
Lynchburg, VA 24505 434-384-2772
434-528-3000
TURILLE, Stuart J. Retired 3020 Cranehill Drive

Lynchburg, VA 24503
434-384-6881
WHITE, Angilee W. Retired 1301 Park Avenue, # 17

Lynchburg, VA 24501
434-528-0478
Rev. 02117/2010
LYNCHBURG COVENANT FELLOWSHIP, INC.
BOARD OF DIRECTORS - 2010
Executive Committee Years on Committee

OFFICERS: President Will Cardwell 2
Vice President Stuart Turille 2
Secretary Nathan C. Brooks, III 3
Treasurer L. Vincent Sawyer 2
MEMBERS AT LARGE: Polly Flint 3

Elliot Schewel 3
Angilee White 2
OTHERS EX OFFICIO: Jewell "Susie" Kitchen, Executive Director
EXECUTIVE DIRECTORS EMERITI: P. G. Cosby, III

Herbert R. Moore, Jr.
Irma W. Seiferth
',' " " '" ."'" ..i'·

Name, Profession/Occupation Business Address/Telephone Resident Addressrrelephon~fE.ll\1ail .
BARNES, Tina Coordinator of 2500 Rivermont Avenue 56 N. Princeton Circle

Disability Services Lynchburg, VA 24503 Lynchburg, VA 24503
Randolph College 434-846-4434
E-Mail: tbarnesearandolohcolleae.edu
BROOKS, III, Nathan C. Director ofPastorial First Christian Church 1117 Rugby Road
Counseling Services 3109 Rivermont Avenue Lynchburg, VA 24503-2621
of Central Virginia Lynchburg, VA 24503 434-384-3787
434-384-5405 E-Mail: ncohn@juno.com
CAMM, Dr. Vivian M. Retired 603 Smyth Street

Lynchburg, VA 24501
434-847-8976
E-Mail: vcamm@Verizon.net
CARDWELL, William R. Retired 714 Trents Ferry Road

Lynchburg, VA 24503
434-384-2283
E-Mail: WilliamCardwell@Yahoo.com
COLEMAN, Diana 1. W. 406 Pearl Street

Lynchburg, VA 24504
434-846-1818(H) 426-9171 (Cell)
E-Mail: LDIWC(a)A01.com
COSBY, TerreIl Program Manager Central Virginia Community Svcs. 1404 Northwood Circle
620 Court Street Lynchburg, VA 24503
Lynchburg, VA 24504 434-384-2134
434-847-8035 E-Mail: itcosbycmhotrnail.com
EDWARDS, David 1. Minister, Church of the 4415 Boonsboro Road 1441 Tunbridge Road
Covenant Lynchburg, VA 24503 Lynchburg, VA 24501
434-384-1351 434-385-9452
E-mail: chcovucc@ntelos.net
FERGUSON, Rodney Owner, Harambee, Inc. P. O. Box 1170 203 Brookfield Road
Forest, VA 24551 Lynchburg, VA 24503
434-944-5298 434-385-5298
Continued Page 2
Lynchburg Covenant Fellowship, Inc.
1950-2010
Lynchburg Christian Fellowship was established in 1950 and the name was changed to
Lynchburg Covenant Fellowship in 1973 to reflect our faith-base, inclusive character. LCF is
governed by a self-perpetuating board of directors. Each year at the annual meeting the Board re-
commits itself to continued service by signing the “Book of Life”.
Over the years LCF has been involved in many programs, some of which have spun off into
separate 501 (c) (3) organizations such as Interfaith Outreach Association, Camp Kum-Ba-Yah,
Rush Life-Time Homes and many others.
In 1970 LCF saw that substandard housing in the central city was at an all time high. We
purchased an old Federal-style house located at 700 Federal Street, that was built in 1904, and
converted it into eight units of housing for low-income individuals and this was our first attempt
to provide good housing in the central city to those in need. Several of our residents have lived in
this building for more than fifteen years and look out for each other like family.
Our first major housing project was Shalom Apartments, forty-six one, two and three bedroom
apartments that was built as low-income housing. After forty years our residents are still
enjoying safe, decent and affordable housing. Shalom is a U.S. Department of Housing and
Urban Development Section 8 Program.
In 1973 City Gate was born as an LCF innovative program to help lift the social, physical and
economic life of the city’s people. In 1975, with the inspiration of Jim Rouse and assistance of
The Rouse Company of Columbia Maryland, LCF joined with Lynchburg City Government, area
county governments, the Chamber of Commerce and Tri-College Consortium in sponsoring a
planned development program called “Central Virginia Tomorrow”. More than 1,000 citizens of
Central Virginia participated in looking at areas such as employment, housing, law enforcement,
education and recreation.
Because it was not uncommon thirty years ago for rescuers to find a citizen frozen to death in a
substandard house, LCF began a wood ministry. This program was supported by scores of
volunteers who delivered to waiting families – hundreds of loads of wood each year.
In 1976 LCF saved one of Lynchburg’s oldest buildings that was scheduled for demolition. After
much hard labor from volunteers who peeled off as much as seven layers of wallpaper from the
walls of the Western Hotel/Joseph Nichols Tavern, it was ready to host many programs down
through the years. Today this property houses The Festival Center which is helping to build
community and caring for the families of the College Hill Neighborhood, a mentoring program,
and a budding neighborhood radio station.
In 1980 LCF, with the help of VHDA, developed two schools into ninety-six units of low-
income housing. Frank Roane Apartments has twenty-six units for the elderly and Lynchburg
High Apartments has seventy units that are elderly, handicap, and multi-family. All of these
apartments are Project Based Section 8.
The YWCA, operating a 30-day shelter for abused women, saw a need for longer term housing
for these women. LCF joined hands with the YWCA and brought into being Carey House,
named for Diane Carey who was the Director of the Y’s women’s shelter program. Today there
are fourteen units that are serving as low income housing.
Upon retirement, Jim and Patty Rouse established The Enterprise Foundation to assist
organizations like LCF all across the nation. With their assistance the Home Ownership Program
allowed nineteen families to buy their own homes. This program became the forerunner of
Lynchburg Habitat for Humanity.
In the late eighties, Central Virginia Community Services joined hands with LCF in developing
homes for 56 mentally challenged individuals. The first home we built was the Bedford Group
Home. Next, in 1987, came the Forest Hills Group Home in Lynchburg, followed by the
Appomattox Group Home in 1988, Rockbridge Apartments in Lynchburg in 1988 and two group
homes in Amherst in 1989.
The LCF Vision and Mission Statements are as follows:
Vision Statement
Lynchburg Covenant Fellowship is guided by the Judeo-Christian ethic of compassionate

commitment to and advocacy for the poor with a view to building an inclusive community in
Central Virginia marked by diversity, equal opportunity, fairness, and social justice for all
humanity and respect for God’s creation. We are called to be a catalyst for emerging ministries,
taking risks to address human need.
Mission Statement
The mission of Lynchburg Covenant Fellowship is to express the values of our respective faiths,
helping to facilitate a diverse community by providing affordable housing, education, and
advocacy for the poor, the disabled, and the disadvantaged, including children, youth, the
mentally challenged and the elderly of Central Virginia.
LCF has been providing low-income housing to families, the elderly, handicapped and disabled
for forty years and providing non-profit services for sixty years. LCF has demonstrated
commitment throughout its six decades of work. This commitment comes out of the knowledge
that major and lasting changes in a community cannot happen overnight but call for long-range
dedication and a willingness to serve over the long haul.
TAB E
(Nonprofit Questionnaire)
Nonprofit Questionnaire
Part II, 13VAC10-180-60, of the Qualified Allocation Plan (the “Plan”) of the Virginia Housing Development
Authority (the "Authority") for the allocation of federal low income housing tax credits ("Credits") available under §42
of the Internal Revenue Code, as amended (the "Code") establishes certain requirements for receiving Credits from the
Nonprofit Pool established under the Plan and assigning points for participation of a nonprofit organization in the
development of qualified low-income housing.
Answers to the following questions will be used by the Authority in its evaluation of whether or not an
applicant meets such requirements (attach additional sheets as necessary to complete each question).
1. General Information.
a. Name of development: Frank Roane Apartments
b. Name of owner/applicant: Frank Roane LLC
c. Name of Nonprofit entity: Lynchburg Covenant Fellowship, Inc.
d. Address of principal place of business of Nonprofit entity:

412 Madison Street Lynchburg, VA 24504
Indicate funding sources and amount used to pay for office space: See attached 2009 Income
Statement
e. Tax exempt status: 501(c)(3) 501(c)(4) 501(a)
f. Date of legal formation of Nonprofit: 2/12/1971 (must be prior to application deadline);

evidenced by the following documentation: 501(c)(3) Determination Letter
g. Date of IRS 501(c)(3) or 501(c)(4) determination letter: 2/12/1971

(must be prior to application deadline and copy must be attached).
h. Describe exempt purposes (must include the fostering of low-income housing in its articles of incorporation):
Charitable and educational and to provide on a non-profit basis housing for low and moderate income
families.
i. Expected life (in years) of Nonprofit: Perpetuity
j. Explain the anticipated future activities of the Nonprofit over the next five years:
Low and moderate income housing, rehabilitation and operation.
1/10 Page 1 of 8
NONPROFIT QUESTIONNAIRE, continued
k. How many full time, paid staff members does the Nonprofit and, if applicable, any other nonprofit
organization(s) ("Related Nonprofit(s)") of which the Nonprofit is a subsidiary or to which the Nonprofit is
otherwise related (by shared directors, staff, etc.) have? 10 How many part time,
paid staff members? 1 Describe the duties of all staff members:
Housing staff of 2
Accounting staff of 2
Maintenance staff of 5
Administrative staff of 2
l. Does the Nonprofit share staff with any other entity besides a Related Nonprofit described above?
Yes No If yes, explain in detail:
m. How many volunteers does the Nonprofit and, if applicable, any Related Nonprofit have?
Twenty member board of directors meet four times per year at a minimum.
n. What are the sources and manner of funding of the Nonprofit? (You must disclose all financial and/ or
the arrangements with any individual(s) or for profit entity, including anyone or any entity related,
directly, indirectly, to the Owner of the Development
Management fees, donations, grants, investment income
See attached 2009 Income Statement
o. List all directors of the Nonprofit, their occupations, their length of service on the board, and their
residential addresses:
See attached list
2. Nonprofit Formation.
a. Explain in detail the genesis of the formation of the Nonprofit: Started as a small non-profit in 1950
Providing recreation and education for youth in the community. In 1970 LCF saw the need for
Moderate and low income housing and expanded into that area. We have developed over 200
Units of housing.
b. Is the Nonprofit, or has it ever been, affiliated with or controlled by a for profit entity or local housing
authority? Yes No If yes, explain in detail:
c. Has any for profit organization or local housing authority (including the Owner of the Development, joint
venture partner, or any individual or entity directly or indirectly related to such Owner) appointed any
directors to the governing board of the Nonprofit? Yes No If yes, explain:
1/10 Page 2 of 8
d. Does any for-profit organization or local housing authority have the right to make such appointments?
Yes No If yes, explain:
e. Does any for profit organization or local housing authority have any other affiliation with the Nonprofit or
have any other relationship with the Nonprofit in which it exercises or has the right to exercise any other
type of control? Yes No, If yes, explain:
f. Was the Nonprofit formed by any individual(s) or for profit entity for the principal purpose of being
included in the Nonprofit Pool or receiving points for nonprofit participation under the Plan?
Yes No
g. Explain in detail the past experience of the Nonprofit including, if applicable, the past experience of any
other Related Nonprofit of which the Nonprofit is a subsidiary or to which the Nonprofit is otherwise
related (by shared directors, staff, etc.): LCF has three subsidiaries which are group homes. We are
The general partner to SAI Associates and Carey House Limited Partnership. We have shared board
Members in all of the above.
h. If you included in your answer to the previous question information concerning any Related Nonprofit,
describe the date of legal formation thereof, the date of IRS 501(c)(3) or 501(c)(4) status, its expected
life, its charitable purposes and its relationship to the Nonprofit. See attached
3. Nonprofit Involvement.
a. Is the Nonprofit assured of owning an interest in the Development (either directly or through a wholly
owned subsidiary) throughout the Compliance Period (as defined in §42(i)(1) of the Code)?
Yes No
(i) Will the Nonprofit own at least 10% of the general partnership/owning entity? Yes No
(ii) Will the Nonprofit own 100% of the general partnership interest/owning entity? Yes No
If no to either 3a.i or 3a.ii above, specifically describe the Nonprofit's ownership interest:
b. (i) Will the Nonprofit be the managing member or managing general partner? Yes No
If yes, where in the partnership/operating agreement is this provision specifically
referenced?
Section 9 of the Operating Agreement; LCF Housing LLC is wholly owned by LCF, Inc. the non-profit.
(ii) Will the Nonprofit be the managing member or own more than 50% of the general partnership interest?
Yes No
c. Will the Nonprofit have the option or right of first refusal to purchase the proposed development at the
end of the compliance period for a price not to exceed the outstanding debt and exit taxes of the
for-profit entity? Yes No If yes, where in the partnership/operating agreement is this provision
specifically referenced?
Section 9 of the Operating Agreement;
Recordable agreement attached to the Tax Credit Application as TAB V
If no at the end of the compliance period explain how the disposition of the assets will be structured:

1/10 Page 3 of 8
d. Is the Nonprofit materially participating (regular, continuous, and substantial participation) in the
construction or rehabilitation and operation or management of the proposed Development? Yes No If yes,
(i) Describe the nature and extent of the Nonprofit's proposed involvement in the construction or
rehabilitation of the Development: LCF will oversee all aspects of the rehabilitation and manage
The apartments.
(ii) Describe the nature and extent of the Nonprofit's involvement in the operation or management of the
Development throughout the Extended Use Period (the entire time period of occupancy restrictions of
the low-income units in the Development): Throughout the compliance period, LCF will
Provide management services to Frank Roane Apartments.
(iii) Will the Nonprofit invest in its overall interaction with the development more than 500 hours annually
to this venture? Yes No If yes,
subdivide the annual hours by activity and staff responsible and explain in detail: LCF staff
Will invest many hours on all aspects of the rehabbing of Frank Roane Apartments. LCF board
Will also invest many hours overseeing the various stages.
e. Explain how the idea for the proposed development was conceived. For example, was it in response to a
need identified by a local neighborhood group? local government? board member? housing needs study?
Third party consultant? other? Frank Roane was first converted in 1980 from an old school into
Elderly low income apartments. The mortgage will be paid in June 2009 and the property, after thirty years
Needs extensive rehabilitation. We would like to have more efficient heating and be able to offer our
Residents, among other things, air conditioning.
f. List all general partners/managing members of the Owner of the Development (one must be the Nonprofit) and
the relative percentages of their interests:
The Managing Member will be LCF Housing LLC which will be wholly owned by LCF, Inc. the non-profit.
g. If this is a joint venture, (i.e. the Nonprofit is not the sole general partner/managing member), explain the
nature and extent of the joint venture partner's involvement in the construction or rehabilitation and
operation or management of the proposed development.
NA
h. Is a for profit entity providing development services (excluding architectural, engineering, legal, and
accounting services) to the proposed development? Yes No If yes, (i) explain the nature and extent
of the consultant’s involvement in the construction or rehabilitation and operation or management
of the proposed development.
Ryne Johnson, Astoria LLC Consultant on the tax credit application.
(ii) explain how this relationship was established. For example, did the Nonprofit solicit proposals from
several for-profits? Did the for-profit contact the Nonprofit and offer the services? LCF had a
Past relationship with Ryne Johnson. We contacted Astoria for services.

1/10 Page 4 of 8
i. Will the Nonprofit or the Owner (as identified in the application) pay a joint venture partner or consultant
fee for providing development services? Yes No If yes, explain the amount and source of the
funds for such payments. LCF will pay Astoria, LLC to help oversee the tax credit
process until we receive our 8609’s. Payment will be made from tax credit proceeds, and predevelopment
Funds. Contract is $10,000 plus 1% of the tax credit reservation amount if we receive an award of credits.
j. Will any portion of the developer’s fee which the Nonprofit expects to collect from its participation in the of
development be used to pay any consultant fee or any other fee to a third party entity or joint venture
partner? Yes No If yes, explain in detail the amount and timing of such payments.
$10,000 paid to assemble application
1% of tax credit reservation amount if credits are awarded.
k. Will the joint venture partner or for-profit consultant be compensated (receive income) in any other manner,
such as builder’s profit, architectural and engineering fees, or cash flow? Yes No If yes, explain:
If LCF receives credits we plan to contract with Astoria, LLC to be the VHDA mortgage broker and over see
The development process to be paid from predevelopment funds.
l. Will any member of the board of directors, officer, or staff member of the Nonprofit participate in the development
and/or operation of the proposed development in any for-profit capacity? Yes No
If yes, explain: John Sparrow - Facilities Manager, Jewell Kitchen – Executive Director, both staff
Members who will be working closely with the project and is on the LCF payroll.
m. Disclose any business or personal (including family) relationships that any of the staff members, directors or
other principals involved in the formation or operation of the Nonprofit have, either directly or indirectly,
with any persons or entities involved or to be involved in the Development on a for-profit basis
including, but not limited to the Owner of the Development, any of its for-profit general partners,
employees, limited partners or any other parties directly or indirectly related to such Owner:
None.
n. Is the Nonprofit involving any local, community based nonprofit organizations in the development, role and
operation, or provision of services for the development? Yes No If yes, explain in detail,
including the compensation for the other nonprofits:
4. Virginia and Community Activity.
a. Has the Virginia State Corporation Commission authorized the Nonprofit to do business in Virginia?
Yes No
b. Define the Nonprofit’s geographic target area or population to be served:

Lynchburg, Amherst, Appomattox develop and manage low to moderate income apartments.
1/10 Page 5 of 8
c. Does the Nonprofit or, if applicable, Related Nonprofit have experience serving the community where the
proposed development is located (including advocacy, organizing, development, management, or
facilitation, but not limited to housing initiatives)? Yes No If yes, or no, explain nature, extent
and duration of any service: LCF has been working in Lynchburg and the surrounding counties
Developing and managing affordable housing for forty years. We own and/or manage many units of low
Income housing including three group homes.
d. Does the Nonprofit’s by laws or board resolutions provide a formal process for low income, program
beneficiaries to advise the Nonprofit on design, location of sites, development and management of affordable
housing? Yes No If yes, explain:
e. Has the Virginia Department of Agriculture and Consumer Services (Division of Consumer Affairs)
authorized the Nonprofit to solicit contributions/donations in the target community? Yes No
f. Does the Nonprofit have demonstrated support (preferably financial) from established organizations,
institutions, businesses and individuals in the target community? Yes No If yes, explain:
We have been an established non profit in the community since 1950 and we are well respected by
Community leaders.
g. Has the Nonprofit conducted any meetings with neighborhood, civic, or community groups and/or tenant
associations to discuss the proposed development and solicit input? Yes No If yes, describe the
meeting dates, meeting locations, number of attendees and general discussion points:
We have met with the current tenants. This housing project is rehabbing existing Section 8 housing.
h. Are at least 33% of the members of the board of directors representatives of the community
being served? Yes No If yes, (i) low-income residents of the community? Yes No
(ii) elected representatives of low-income neighborhood organizations? Yes No
i. Are no more than 33% of the members of the board of directors representatives of the public sector (i.e. public
officials or employees or those appointed to the board by public officials)? Yes No
j. Does the board of directors hold regular meetings which are well attended and accessible to the target
community? Yes No If yes, explain the meeting schedule: The LCF Board meets a
Minimum of four times per year.
k. Has the Nonprofit received a Community Housing Development Organization (CHDO) designation, as defined
by the U. S. Department of Housing and Urban Development’s HOME regulations, from the state or a local
participating jurisdiction? Yes No
1/10 Page 6 of 8
l. Has the Nonprofit been awarded state or local funds for the purpose of supporting overhead and operating
expenses? Yes No If yes, explain in detail:
m. Has the Nonprofit been formally designated by the local government as the principal community-based
nonprofit housing development organization for the selected target area? Yes No If yes, explain:
n. Has the Nonprofit ever applied for Low Income Housing Tax Credits for a development in which it acted as a
joint venture partner with a for-profit entity? Yes No If yes, note each such application including:
the development name and location, the date of application, the Nonprofit’s role and ownership status in the
development, the name and principals of the joint venture partners, the name and principals of the general
contractor, the name and principals of the management entity, the result of the application, and the current
status of the development(s).
o. Has the Nonprofit ever applied for Low Income Housing Tax Credits for a development in which it acted as
the sole general partner/managing member? Yes No If yes, note each such development including
the name and location, the date of the application, the result of the application, and the current status of the
development(s).
Carey House Limited Partnership
1987 won tax credits
Compliance period has ended
Currently still operating as low income housing
p. To the best of your knowledge, has this development, or a similar development on the same site, ever
received tax credits before? Yes No If yes, explain:
q. Has the Nonprofit been an owner or applicant for a development that has received a reservation in a previous
application round from the Virginia Housing Partnership or the VHDA Housing Funds?
Yes No If yes, explain:
r. Has the Nonprofit completed a community needs assessment that is no more than three years old and that,
at a minimum, identifies all of the defined target area’s housing needs and resources? Yes No
If yes, explain the need identified:
A market study is currently being completed. However the property has been operating for 30 years.

1/10 Page 7 of 8
TAB F
(Architect’s Certification)
TAB H
(PHA/Section 8 Notification Letter)
TAB I
(Local CEO Letter)
TAB K
(Site Control Documentation-
Documentation of Most Recent Real Estate
Tax Assessment – Acq. Rehab. Only)
TAB L
(Plan of Development Certification Letter)
THE CITY OF LYNCHBURG,VIRGINIA
900 Church Street, Lynchburg, VA 24504

www.lynchburgva.gov
TEL: 434-455-3990
FAX: 434-847-1536
OFFICE OF THE
CITY MANAGER
Plan of Development Certification
TO: Virginia Housing Development Authority

Richmond, Virginia 23220
Attention: Jim Chandler
RE: PLAN OF DEVELOPMENT CERTIFICA nON
Name of Development: Frank Roane AI?artments

Name of Owner IApp lieant: Frank Roane LLC
Name of Seller/Current Owner: LCF and Associates
The above-referenced Owner/Applicant has asked this office to complete this form letter
regarding the site plan of the proposed Development (more fully described below). This certification is
rendered solely for the purpose of confirming the status of plan of development or site plan approval of
the Development. It is understood that this letter will be used by the Virginia Housing Development
Authority solely for the purpose of determining whether the Development qualifies for points available
under VHDA's Qualified Allocation Plan for housing tax credits.
DEVELOPMENT DESCRIPTION: (To be provided by the Owner)
Development Address (should correspond to LA.2 on page 1 of the application):

900 Federal Street
Lynchburg VA 24504
Legal Description (should correspond to the site control document in the application):
Federal Hill; Blk. 262-264, Disposition Parcel, 6-1 College Hill H.D.P. Area I Program
No. Va. A-I0 Located at the northeast corner of Federal and North Streets, the
improvements thereon being known As the old Frank Roane School Property and being
shown and designated on the attached plat entitled "Plat Showing Disposition Parcel 6-1.
College Hill N.D.P. Area I Program No Va. A-I0 Lynchburg Virginia for Lynchburg
Redevelopment & Housing Authority"
Plan of Development Number:
Proposed Improvements (should correspond with LB & D and IILA of the application):
D New Construction: # Units # Buildings Total Gross Floor Area

D Adaptive Reuse: # Units # Buildings Total Gross Floor Area
D Rehabilitation: 26 # Units 1 # Buildings 23000 Total Gross Floor Area
Other Descriptive Information: (Should correspond with information in the application)
@
International
City
Management
Association
PLAN OF DEVELOPMENT CERTIFICATION, continued
LOCAL CERTIFICATION: (To be completed by the appropriate local official)
Check one of the following as appropriate:
D The proposed development described above has an approved final plan of development or site
plan (as applicable to the site). No further plan of development or site plan approval is required
before issuance of a building permit.
The proposed development is an existing development with proposed renovations and no

additional plan of development approval is needed.
The above plan of development approval is in effect until:
Signed:
Printed Name: ------~---------=~~~~~-=~---
Title: ----------~--~~~~~~~~------------
Phone:
Date:
I {
NOTE TO LOCALITY:
1. Return this certification to the developer for inclusion in the tax credit application package.
2. Any change in this form may result in a reduction of points under the scoring system. If
you have any questions, please call Jim Chandler at VHDA (804) 343-5786.
NOTE TO DEVELOPER: You are strongly encouraged to submit this certification to the
appropriate local official at least three weeks in advance of the application deadline to ensure
adequate time for review and approval.
TAB M
(Zoning Certification Letter)
THE CITY OF LYNCHBURG, VIRGINIA
',f~,.:..'i~
900 Church Street, Lynchburg, VA 24504

www.lynchburgva.gov
TEL: 434-455-3990
FAX: 434-847-1536
OFFICE OF THE
CITY MANAGER
Zoning Certification
TO: Virginia Housing Development Authority

Richmond, Virginia 23220
Attention: Jim Chandler
RE: ZONING CERTIFICA nON
Name of Development: Frank Roane AI?,artments

Name of Owner/Applicant: Frank Roane LLC
Name of Seller/Current Owner: LCF and Associates
The above-referenced Owner/Applicant has asked this office to complete this form letter
regarding the zoning of the proposed Development (more fully described below). This certification is
rendered solely for the purpose of confirming proper zoning for the site of the Development. It is
understood that this letter will be used by the Virginia Housing Development Authority solely for the
purpose of determining whether the Development qualifies for points available under VHDA's Qualified
Allocation Plan for housing tax credits.
DEVELOPMENT DESCRIPTION: (To be provided by the Owner)
Development Address: (Should correspond to I.A.2 on page 1 of the application)

900 Federal Street
Lynchburg VA 24504
Legal Description (should correspond to the site control document in the application):
Federal Hill; Blk. 262-264, Disposition Parcel, 6-1 College Hill H.D.P. Area I Program No. Va. A-10
Located at the northeast corner of Federal and North Streets, the imI?,rovements thereon being known
As the old Frank Roane School ProI?,erty and being shown and designated on the attached plat entitled
"Plat Showing DisI?,osition Parcel 6-1 College Hill N.D.P. Area I Program No. Va. A-10 Lynchburg
Virginia for Lynchburg Redevelopment & Housing Authority"
Proposed Improvements (should correspond with I.B & D and Ill.A of the application):
o New Construction: # Units # Buildings Total Gross Floor Area

o Adaptive Reuse: # Units # Buildings Total Gross Floor Area
o Rehabilitation: 26 # Units 1 # Buildings 26681 Total Gross Floor Area
@
International
City
Management
Association
ZONING CERTIFICATION, Page Two
Current Zoning: ----RJ.:+-Il£------------------ allowing a density of

units per acre, and the following other applicable conditions:
Other Descriptive Information: (Should correspond with information in the application)

26 units of Section 8 elderl~artments located in a historic district.
LOCAL CERTIFICATION: (To be completed by the appropriate local official or Civil Engineer)
Check one of the following as appropriate:
~ The zoning for the proposed development described above is proper for the proposed residential
development. To the best of my knowledge, there are presently no zoning violations outstanding
on this property. No further zoning approvals and/or special use permits are required.
D The development described above is an approved non-conforming use. To the best of my

knowledge, there are presently no zoning violations outstanding on this property. No further
zoningapprovalsand/or specialuse permitsarL~~Q p<-"\~~ _
(Signature) ~
L. ~\v'\/\ ~C\ LL }AyAltZ,m

(Printed Name)
CA
Phone: ~. Lf0C;. '2.7ct~ a
Date: I7J~(O
NOTE TO LOCALITY:
1. Return this certification to the developer for inclusion in the tax credit application package.
2. Any change in this form may result in a reduction of points under the scoring system. If you have
any questions, please call Jim Chandler at VHDA (804) 343-5786.
NOTE TO DEVELOPER: You are strongly encouraged to submit this certification to the appropriate local
official at least three weeks in advance of the application deadline to ensure adequate time for review and
approval.
TAB N
(Copies of 8609’s To Certify Developer Experience)
This deal does not require
information behind this tab.
TAB Q
(Documentation of Rental Assistance)
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TAB R
(Documentation of Operating Budget)
D. Operating Expenses
Administrative:
1. Advertising/Marketing $700
2. Office Salaries $14,000
3. Office Supplies $3,000
4. Office/Model Apartment (type______) $0
5. Management Fee $6,500
4.68% of EGI 250 Per Unit
6. Manager Salaries $0
7. Staff Unit (s) (type______) $0
8. Legal $325
9. Auditing $2,510
10. Bookkeeping/Accounting Fees $0
11. Telephone & Answering Service $1,200
12. Tax Credit Monitoring Fee $0
13. Miscellaneous Administrative $2,100
Total Administrative $30,335
Utilities
14. Fuel Oil $0
15. Electricity $6,750
16. Water $6,800
17. Gas $0
18. Sewer $0
Total Utility $13,550
Operating:
19. Janitor/Cleaning Payroll $1,000
20. Janitor/Cleaning Supplies $500
21. Janitor/Cleaning Contract
22. Exterminating $900
23. Trash Removal $2,900
24. Security Payroll/Contract $1,200
25. Grounds Payroll $0
26. Grounds Supplies $500
27. Grounds Contract $2,000
28. Maintenance/Repairs Payroll $14,565
29. Repairs/Material $2,000
30. Repairs Contract $5,000
31. Elevator Maintenance/Contract $3,000
32. Heating/Cooling Repairs & Maintenance $0
33. Pool Maintenance/Contract/Staff $0
34. Snow Removal $0
35. Decorating/Payroll/Contract $1,700
36. Decorating Supplies $250
37. Miscellaneous $0
Operating & Maintenance Totals $35,515
Taxes & Insurance
38. Real Estate Taxes $7,625
39. Payroll Taxes $2,500
40. Miscellaneous Taxes/Licenses/Permits $100
41. Property & Liability Insurance $9,300
42. Fidelity Bond $0
43. Workman's Compensation $850
44. Health Insurance & Employee Benefits $8,000
45. Other Insurance $0
Total Taxes & Insurance $28,375
6544
Total Operating Expense $107,775
D1. Total Oper. Ex. Per Unit $4,145 D2. Total Oper. Ex. As % EGI (from E3) 77.66%
Replacement Reserves (Total # Units X $300 or $250 New Const. Elderly Minimum) $7,800
Total Expenses $115,575
v12.31.09 Page 16
TAB S
(Documentation of Project Budget)
FRANK ROANE APARTMENTS - CONSTRUCTION COSTS
General Requirements
Building Permit
Insurance (Builders Risk)
Temp. Utilities
Bond
Office & Storage
Misc. Equipment Rental
Superintendent & G.C. Labor $ 111,227
Site Work
Grading
Paving (See Attached Proposal)
Retaining Walls
Landscaping Allowance (10,000)
Dumpster Pad & Enclosure
Metal Rails (Includes Int. Rails) $ 62,410
Demolition
All Ceilings
All Floor Covering
All Wall Board (Ext. Walls)
Doors/Frames
Dump Fees $ 73,875
Concrete $ 2,500
Masonry & Masonry Restoration $ 43,567
Rough Carpentry
Misc. Framing Materials
Composite Decking $ 9,992
Finish Carpentry
Base
Trim
Closet Shalving
1
Frank Roane
Materials Only $ 6,500
Casework
Kitchen Cabinets
Vanities $ 71,625
Insulation $ 53,909
Fiber Cement Siding $ 17,295
Roofing $ 15,200
Caulking $ 5,000
Doors/Frames/Hardware $ 20,465
Replace Sliding Glass Doors $ 3,171
Re-Work Windows $ 30,000
Storm Panels/Insulated Panels $ 102,700
Skylights $ 12,680
Gypsum Wall Board $ 115,000
Floor Covering $ 52,000
Painting $ 59,429
Signage Allowance $ 3,000
2
Frank Roane
Appliances $ 32,474
Window Shades $ 10,500
HVAC/Plumbing/Electrical $ 779,500
Total $ 1,694,019
O.H. & Profit $ 127,051
Contingency $ -
Total Construction $ 1,821,070
3
Frank Roane
TAB T
(Documentation of Financing Sources)
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)

Frank Roane

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INSTRUCTIONS FOR THE

VIRGINIA 2010 LIHTC APPLICATION FOR RESERVATION

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

Applications For 9% Competitive Credits

Applications For Tax Exempt Bond Credits

Staff email addresses:

Application For Reservation

Deadline for Submission

Tax Exempt Bonds

Virginia Housing Development Authority

Electronic Copy of the Microsoft Excel Based Application (MANDATORY)

v12.31.09 Submission Checklist

VHDA TRACKING NUMBER 2010-C-06

A. Development Name and Location:

14. Congressional District 6 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. Pending (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: Related Entity? Yes No

2. Tax Accountant: Cherie James Related Entity? Yes No

3. Consultant: Ryne Johnson Related Entity? Yes No

4. Management Entity (Contact): Jewell Kitchen Related Entity? Yes No

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

6. Architect: Hal Craddock Related Entity? Yes No

7. Real Estate Attorney: Tracy Shaw Related Entity? Yes No

8. Mortgage Banker: Ryne Johnson 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) 1,282.19 (Sq. ft.)

8. Number of Buildings (containing rental units) 1

9. Commercial Area Intended Use:

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

11. a. Total Net Rental Square Feet 16,965.25

Exterior Finish: Brick

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