Royal Hills Apartments

Application for Reservation
of Low Income Housing Tax Credits
Royal Hills Apartments

Front Royal, VA
Applicant
Royal Hills Family, LP
212 W. Main St., Ste 301A
Salisbury, MD 21801
Contact
David Layfield
Green Street Housing, LLC
212 W. Main St., Ste 301A
Salisbury, MD 21801
410-334-3671
2009 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 5:00
PM Richmond
Richmond, VA Time On May 15 15, 2009
Tax Exempt Bonds

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

601 South Belvidere Street
Richmond, Virginia 23220-6500
v1.4.2009
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. You are therefore encouraged to submit as much requested information as is available, but
their inclusion is not mandatory for review of your application.
Electronic Copy of the Microsoft Excel Based Application (MANDATORY)

Hard Copy of All Application Pages With Signature (MANDATORY)
Scanned Copy of the Tax Credit Application with all Attachments (excluding market study and plans & specs) (MANDATORY)
$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
T b JJ: H
Tab Homeownership hi Pl
Plan
Tab K: Site Control Documentation (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: (Reserved)
Tab V: Nonprofit or LHA Purchase Option or Right of First Refusal
Tab W: Original Attorney's Opinion (MANDATORY)
Tab X: (Reserved)
Tab Y: Marketing Plan for units meeting accessibility requirements of HUD section 504
Tab Z Market Study (MANDATORY-Application will be disqualified if market study not submitted with the application)
2009 Submission Checklist

Low-Income Housing Tax Credit Application For Reservation
VHDA TRACKING NUMBER 2009-Z-109

I. General Information
All code "Section" references are to, and the term "IRC" shall be deemed to mean, 5/14/2009
the Internal Revenue Code of 1986, as amended. (Date of Application)
A. Development Name and Location:

1. Name of Development Royal Hills Apartments
2. Address of Development 31 Royal Lane
(Street)
Front Royal Virginia 22630
(City) (State) (Zip Code)
3. If complete address is not available, provide longitude and latitude coordinates (x,y) from
location on site your surveyor deems appropriate.
Documentation from surveyor attached (TAB A) (Only necessary if street address or street intersections are not available.
(Coordinates should be the same as those listed on pg 13, if applicable)
4. The Circuit Court Clerk's office in which the deed to the property is or will be recorded:
City/County of Warren County (ie; Richmond City, Chesterfield County; see application manual)
5. Does the site overlap one or more jurisdictional boundaries? Yes No
If yes, what other City/County is the site located in besides the one mentioned above?
6. Is the development located in a Metropolitan Statistical Area? Yes No
7. Census Tract the development is located in: 51187020600
Is this a Qualified Census Tract: Yes No (If yes, attach required form in TAB A)
8. Is the development located in a Difficult Development Area? No
9. Is the development located in a revitalization area? Yes No (If yes, attach required form in TAB A)
10. Is the development an existing RD or HUD S8/236 development? Yes No (If yes, attach required form in TAB Q)
Note: If there is an identity of interest between the applicant and the seller in this proposal, and the applicant is seeking points in
this category, then the applicant must either waive their rights to the developer's fee or other fees associated with acquisition and/or
rehabilitation, or obtain a waiver of this requirement from VHDA prior to application submission to receive these points.
a. Applicant agrees to waive all rights to any developer's fee or
other fees associated with acquisition and/or rehab. Yes n/a
b. Applicant has obtained a waiver of this requirement from VHDA
prior to the application submission deadline. Yes n/a
11. Is the development located in a census tract with a poverty
rate <10% with no tax credit units currently present? Yes No
12. Is the development listed on the RD 515 Rehabilitation
Priority List? Yes No
13. Congressional District 10 http://dlsgis.state.va.us/congress/2001PDFs/chap7Tab.pdf
Planning District 7 http://www.vapdc.org/aboutpdcs.htm#PDC%20Map
State Senate District 26 http://dlsgis.state.va.us/senate/2001PDFs/Chap2Tab.pdf
State House District 18 http://dlsgis.state.va.us/House/2001HousePDFs/Chap1Tab.pdf
14. Location Map Attached (TAB A)
B. Project Description:
In the space provided below, give a brief description of the proposed project.
Royal Hills Apartments is an existing 88 unit RD financed family apartment community located in Front Royal, VA. The property was built in two phases
in 1983 and 1987 and is in need of rehabilitation. Rehab will include adding four new units, replacement of siding, adding brick, new facades, Energy
Star windows and appliances, high efficiency HVAC systems, new kitchen cabinets, new bathrooms, floor coverings, interior and exterior lighting,
landscaping, playground equipment, and a new community building.
2009 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) $921,937
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 Tidewater MSA Pool
Northern Virginia MSA Pool Small MSA/Micropolitan Pool
Richmond MSA Pool Rural Pool
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.
2009 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)
A waiver of the 10-year rule for all buildings has been or will be requested from the
Department of the Treasury pursuant to IRC Section 42(d)(6)(B)
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

req ested for rehabilitation expenditures,
e pendit res 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.
2009 Page 3
II. OWNERSHIP INFORMATION
NOTE: VHDA may allocate credits only to the tax-paying entity which owns the development at the time of the allocation. The term "Owner" herein refers to that entity. Please fill
in the legal name of the owner. The ownership entity must be formed prior to submitting this application. Any transfer, direct or indirect, of partnership interests (except those
involving the admission of limited partners) prior to the placed-in-service date of the proposed development shall be prohibited, unless the transfer is consented to by VHDA in its
sole discretion. IMPORTANT: The Owner name listed on this page must match exactly the owner name listed on the Virginia State Corporation Commission
Must be an individual or legally formed entity
A. Owner Information:
Name Royal Hills Family, LP
Contact Person First: David Middle: Franklin Last: Layfield
Address 212 W. Main St., Ste 301A
(Street)
Salisbury Maryland 21801
(City) (State) (Zip Code)
Federal I. D. No. 26-4760590 (If not available, obtain prior to Allocation)

Phone 410-334-3671 Fax 888-330-8115 Email address dave@davidlayfield.com
Type of entity: Limited Partnership Other
Individual(s) Corporation
Owner's organizational documents (e.g. Partnership agreements) 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
Royal
y Hills,, LLC 410-334-3671 General Partner 100.00%
David F. Layfield, Jr 4103343671 LLC Member 0.00%
O. Palmer Gillis, III 4103343671 LLC Member 0.00%
Dwight H. Miller 4103343671 LLC Member 0.00%
James B. Barnes 4103343671 LLC Member 0.00%
Bradley J. Gillis 4103343671 LLC Member 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, & ownership structure chart.
B. Seller Information:
Name Royal Hills Ltd Ptnrshp & Royal Hills Ph II Ltd PContact PersonRobert N. Bradley
Address PO Box 8187, 306 McClanahan St., SW, Ste F
Roanoke, VA 24014 Phone 540-767-3108
Is there an identity of interest between the seller and owner/applicant? Yes No

If yes, complete the following:
Principal(s) involved (e.g. general partners, controlling shareholders, etc.)
Names Phone Type Ownership % Ownership
0.00%
0.00%
0.00%
0.00%
2009 Page 4
C. Development Team Information:

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

Firm Name: Nixon Peabody
Address: 401 9th Street, NW, Suite 900, Washington, DC 20004
Phone: 202-585-8716 Fax: 202-585-8080
2. Tax Accountant: TBD Related Entity? Yes No

Firm Name:
Address:
Phone: Fax:
3. Consultant: Related Entity? Yes No

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

Firm Name: TM Associates Mangement Inc
Address: 15825 Shady Grove Road, Suite 55, Rockville, MD 20850
Phone: 240-683-0300 Fax: 240-683-0727
5. Contractor (Contact): Dwight Miller Related Entity? Yes No

Firm Name: Gillis Gilkerson, Inc
Address: 212 W. Main St., Ste 305, Salisbury, MD 21801
Phone: 410-749-4821 Fax: 410-749-7934
6. Architect: Kevin B. Oldland Related Entity? Yes No

Firm Name: AWB Engineers, Inc
Address: 1942 Northwood Drive, Salisbury, MD 21801
Phone: 410-742-7299 Fax: 410-742-0273
7. Real Estate Attorney: TBD Related Entity? Yes No

Firm Name:
Address:
Phone: Fax:
8. Mortgage Banker: Craig Hacket Related Entity? Yes No

Firm Name: Bonneville Multifamily
Address: 111 Broadway, Suite 1250, Salt Lake City, UT 84111
Phone: 801-323-1077 Fax: 801-323-1001
9. Other (Contact): Byron Waters Related Entity? Yes No

Firm Name: USDA Rural Development Role: Lender
Address: 1606 Santa Rosa Rd., Suite 238, Richmond, VA 23299
Phone: 804-287-15547 Fax: 804-287-1784
2009 Page 5
D. Nonprofit Involvement:
Applications For 9% Credits - Must be completed in order to compete in the nonprofit tax credit pool.
All Applicants - Must be completed for points for nonprofit involvement under the ranking system.
Tax Credit Nonprofit Pool Applicants: To qualify for the nonprofit pool, an organization described in IRC Section 501
(c)(3) or 501 (c)(4) and exempt from taxation under IRC Section 501 (a), whose purposes include the fostering of low-income housing:
1. Must "materially participate" in the development and operation of the project throughout the compliance period,
2. Must own all general partnership interests in the development .
3. Must not be affiliated with or controlled by a for-profit organization.
4. Must not have been formed for the principal purpose of competition in the nonprofit pool, and
5. Must not have any staff member, or member of the nonprofit's board of directors materially participate in the proposed project
as a for-profit entity.
All Applicants: To qualify for points under the ranking system, the nonprofit's involvement need not necessarily
satisfy all of the requirements for participation in the nonprofit tax credit pool.
1. Nonprofit Involvement (All Applicants)

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

The nonprofit organization involved in this development is:
the Owner
the Applicant (if different from Owner)
Other
(Name of nonprofit)
(Contact Person) (Street Address)
(City) (State) (Zip code)
(Phone) (Fax)
5. Percentage of Nonprofit Ownership (All nonprofit applicants)

Specify the nonprofit entity's percentage ownership of the general partnership interest: 0.0%
2009 Page 6
III. DEVELOPMENT INFORMATION
A. Structure and Units:

1. Total number of all units in development 92
Total number of rental units in development 92 bedrooms 186
Number of low-income rental units 92 bedrooms 186
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: 25
Elevator Number of stories: 3
3. Number of new units 0 bedrooms 0
Number of adaptive reuse units 0 bedrooms 0
Number of rehab units 92 bedrooms 186
4. Total Floor Area For The Entire Development 99,712.50 (Sq. ft.)
5. Unheated Floor Area (Breezeways, Balconies, Storage) 16,624.00 (Sq. ft.)

6. Nonresidential Commercial Floor Area 0.00 (Sq. ft.)
(Not eligible for funding)
7. Total Usable Residential Heated Area 83,088.50 (Sq. ft.)
8. Number of Buildings (containing rental units) 8
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)
B. Building Systems:
Please describe each of the following in the space provided.
Community Facilities: New playground, New community building, Expanded maintenance & laundry
Exterior Finish: Brick & vinyl

Heating/AC System: Central HVAC
Architectural Style: Garden Apartments
2009 Page 7
C. Amenities:
1. Specify the average size per unit type: (Including pro rata share of heated common area)
Assisted Lvg 0.00 SF 1Bdrm Eld 0.00 SF 3-Bdrm Gar 1,049.70 SF
1-Sty-Eff-Eld 0.00 SF 2Bdrm Eld 0.00 SF 4-Bdrm Gar 0.00 SF
1-Sty 1BR-Eld 0.00 SF Eff-Gar 0.00 SF 2-Bdrm TH 0.00 SF
1-Sty 2BR-Eld 0.00 SF 1-Bdrm Gar 681.50 SF 3-Bdrm TH 0.00 SF
Eff-Eld 0.00 SF 2-Bdrm Gar 922.73 SF 4-Bdrm TH 0.00 SF
2. Total gross usable, heated square feet for the entire project less nonresidential commercial area:
83,088.50 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,

project upon completion of construction/rehabilitation: (Optional Point items)
100% a(1) Percentage of 2-bedroom units that have 1.5 bathrooms
100% a(2) Percentage of 3 or more bedroom units that have 2 bathrooms
b. A community/meeting room with a minimum of 749 square feet is provided
55% 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 air conditioned with either (i) heat pump units with both a
SEER rating of 14.0 or more and a HSPF rating of 8.2 or more and a variable speed air handling unit
(for through- the-wall heat pump equipment that has an EER rating of 11.0 or more), or (ii) air
conditioning units with a SEER rating of 14.0 or more and a variable speed air handling unit, 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.
2009 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 (i) provide federal project-based rent subsidies or
equivalent assistance in order to ensure occupancy by extremely low-income persons; (ii) conform to HUD regulations
interpreting accessibility requirements of section 504 of the Rehabilitation Act; and (iii) are actively marketed to people with
special needs in accordance with a plan submitted as part of the Application. (If special needs include mobility impairments
the units described above must include roll-in showers and roll under sinks and front controls for ranges).
For any non-elderly property in which the greater of 5 or 10% of the units (i) have rents within HUD’s Housing Choice
V
Voucher ((“HCV”)
CV ) ppayment
y standard;; ((ii)) conform to HUD
U regulations
g interpreting
p g accessibilityy requirements
q 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
LEED Accredited Design Team Member

One or more members of the design team is a LEED accredited professional.
Yes No If Yes, 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:
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:
2009 Page 9
IV. TENANT INFORMATION
A. Set-Aside Election: UNITS SELECTED BELOW IN BOTH COLUMNS DETERMINE

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

Income Levels Rent Levels
# of Units % of Units # of Units % of Units
0 0.00% 40% Area Median 10 10.87% 40% Area Median
0 0.00% Non-LMI Units 0 0.00% Non-LMI Units
92 100.00% Total 92 100.00% 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: 20 Number of units 22% 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: Shenandoah County Dept of Social Services
Contact person (Name and Title) Sue Gill
Phone Number 540-459-6226 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 of 1 or less bedrooms).
Yes
No
2009 Page 10
V. LOCAL NEEDS AND SUPPORT
A. Provide the name and the address of the chief executive officer (City Manager, Town Manager, or
County Administrator) of the political jurisdiction in which the development will be located:
Chief Executive Officer's Name James M. Graham
Chief Executive Officer's Title Town Manager
Street Address PO Box 1560 Phone 540-635-8007
City Front Royal State Virginia Zip 22630
Name and title of local official you have discussed this project with who could answer questions for the
local CEO: A.J. Conlon
Letter from CEO attached (TAB I) CEO letter to be submitted separately by June 1, 2009
VHDA notification letter to CEO submitted prior to 5:00 PM 3/5/09: (9% competitive credits only) Yes No
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:
Letter from CEO attached (TAB I) CEO letter to be submitted separately by June 1, 2009
VHDA notification letter to CEO submitted prior to 5:00 PM 3/5/09: (9% competitive credits only) Yes No
B. Project
j Schedule
ACTUAL OR NAME OF
ACTIVITY ANTICIPATED PERSON
DATE RESPONSIBLE
Site
Option/Contract 2/16/2009 David Layfield
Site Acquisition 11/1/2009 David Layfield
Zoning Approval 7/19/1982 N/A
Site Plan Approval 4/29/2009 David Layfield
Financing
A. Construction Loan
Loan Application 6/1/2009 David Layfield
Conditional Commitment 7/1/2009 David Layfield
Firm Commitment 8/1/2009 David Layfield
B. Permanent Loan - First Lien
C. Permanent Loan-Second Lien
D. Other Loans & Grants
Type & Source, List
Application
Award/Commitment
Formation of Owner 4/16/2009 David Layfield
IRS Approval of Nonprofit Status
Closing and Transfer of Property to Owner 11/1/2009 David Layfield
Plans and Specifications, Working Drawings 8/1/2009 Kevin Oldland
Building Permit Issued by Local Government 10/20/2009 David Layfield
Start Construction 11/15/2009 Dwight Miller
Begin Lease-up 3/1/2010 Lester Severe
Complete Construction 11/30/2010 Dwight Miller
Complete Lease-Up 12/31/2010 Lester Severe
Credit Placed in Service Date 12/31/2010 David Layfield
2009 Page 11
VI. SITE CONTROL
Note: Site control by the Owner identified herein is a mandatory precondition of review of this application. Documentary
evidence of it, in the form of either a deed, option, purchase contract, or lease for a term longer than the period of time the
property will be subject to occupancy restrictions must be included herewith. (9% Competitive Credits - An option or
contract must extend beyond the application deadline by a minimum of four months.)
Warning: Site control by an entity other than the Owner, even if it is a closely related party, is not sufficient. Anticipated
future transfers to the Owner are not sufficient. The Owner, as identified in Subpart II-A, must have site control at the
time this Application is submitted.
NOTE: If the Owner receives a reservation of credits, the property must be titled in the name of or leased by (pursuant to a
long-term lease) the Owner before the allocation of credits is made this year.
Contact us before you submit this application if you have any questions about this requirement.
A. Type of Site Control by Owner:
Applicant controls site by (select one and attach document - Mandatory TAB K)
Deed - attached
Long-term Lease - attached (expiration date: )
Option - attached (expiration date: )
Purchase Contract - attached (expiration date: 07/31/10 )
If more than one site for the development and more than one form of site control, please so indicate
and attach a separate sheet specifying each site, number of existing buildings on the site, if any,
type of control of each site, and applicable expiration date of form of site control. A site control
document is required for each site.
B. Timing of Acquisition by Owner:

Select one:
Owner already controls site by either deed or long-term lease or
Owner is to acquire property by deed (or lease for period no shorter than period property
will be subject to occupancy restrictions) no later than 11/01/09 (must be prior to November 6, 2009).
If more than one site for the development and more than one expected date of acquisition by
Owner, please so indicate 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 32.00%

Project Wide Capture Rate - Market Units 0.00%
Project Wide Capture Rate - All Units 32.00%
Project Wide Absorption Period (Months) 48
2009 Page 12
C. Site Description
1. Exact area of site in acres 9.000
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. Photographs
Include photographs of the site and any existing structure(s) in TAB O. For rehabilitation projects,
provide interior pictures which document the necessity of the proposed work.
E. Plans and Specifications
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.
In addition: required documentation for rehabilitation properties
A unit-by-unit work write-up.
Plans and specifications/unit-by-unit work writeup attached (TAB P) or

Plans and specifications/unit-by-unit work writeup submitted separately
2009 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: 8

Number of years in rental assistance contract: 2
Expiration date of contract: 05/01/09
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 0 17 21 30 0
Air Conditioning Electric Owner X Tenant 0 17 21 30 0
Cooking Electric Owner X Tenant 0 10 13 18 0
Lighting Electric Owner X Tenant 0 13 17 24 0
Hot Water Electric Owner X Tenant 0 10 13 18 0
Water X Owner Tenant 0 0 0 0 0
Sewer X Owner Tenant 0 0 0 0 0
Trash X Owner Tenant 0 0 0 0 0
Total utility allowance for costs paid by tenant $0 $66 $85 $121 $0
2. Source of Utility Allowance Calculation (Attach Documentation TAB Q)

HUD
Utility Company (Estimate) Local PHA
Utility Company (Actual Survey) Other: USDA Rural Development
2009 Page 14
C. Revenue
1. Indicate the estimated monthly income for the Low-Income Units: **
Total Number of Total Monthly
Unit Type Tax Credit Units Rental Income
Efficiency Units 0 $0
1 Bedroom Units 18 $9,956
4 Bedroom Units 0 $0
Total Number of Tax Credit Units 92
Plus Other Income Source (list): Laundry/Vend, Tenant Charges, Fees, & Interest $375
Equals Total Monthly Income: $61,377
Twelve Months x12
Equals Annual Gross Potential Income $736,524
Less Vacancy Allowance ( 7.0% ) $51,557
Equals Annual Effective Gross Income (EGI) - Low Income Units $684,967
** Beginning at Row 75 enter the appropriate data for both tax credit and market rate units in the yellow shaded cells.
2. Indicate the estimated monthly income for the Market Rate Units: **
Total Number of Total Monthly
Unit Type Market Units Rental Income
Efficiency Units 0 $0
Total Number of Market Units 0
Plus Other Income Source (list): $0

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

0 0 0 0 0 18
2 BD RM-GAR 3 BD RM-GAR 4 BD RM-GAR 2 BD RM-TH 3 BD RM-TH 4 BD RM-TH

54 20 0 0 0 0
1 STY-EFF-ELD 1 STY-1 BR-ELD 1 STY-2 BR-ELD Note: Please be sure to enter the number of units in the
0 0 0 appropriate unit category. If not, you will find an error on
the scoresheet at 5a, 6a & 6b.
List number of units by type: TAX CREDIT UNITS
ASSISTED LVG EFF-ELD 1 BD RM-ELD 2 BD RM-ELD EFF-GAR 1 BD RM-GAR
0 0 0 0 0 18
2 BD RM-GAR 3 BD RM-GAR 4 BD RM-GAR 2 BD RM-TH 3 BD RM-TH 4 BD RM-TH

54 20 0 0 0 0
1 STY-EFF-ELD 1 STY-1 BR-ELD 1 STY-2 BR-ELD

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

Efficiency - 40% 0 0.00 $ - $ -
Efficiency - 40% 0 0.00 $ - $ -
Efficiency - 40% 0 0.00 $ - $ -
2009 Page 15
Efficiency - 40% 0 0.00 $ - $ -
Efficiency - 40% 0 0.00 $ - $ -
Efficiency - 40% 0 0.00 $ - $ -
Efficiency - 40% 0 0.00 $ - $ -
Efficiency - 40% 0 0.00 $ - $ -
Efficiency - 40% 0 0.00 $ - $ -
Efficiency - 40% 0 0.00 $ - $ -
Efficiency - 40% 0 0.00 $ - $ -
Efficiency - 40% 0 0.00 $ - $ -
Efficiency - 40% 0 0.00 $ - $ -
Efficiency - 40% 0 0.00 $ - $ -
Efficiency - 50% 0 0.00 $ - $ -

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

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

Total Efficiency
Market Units: 0 0.00 Total Monthly
Eff. Market Rent: $ -
Total Eff. Units: 0 Total Eff. Rent $ -
1-Bedroom Units
Net Rentable Monthly Rent Total
1 BR - 40% 2 685.50 $ 459 $ 918

2009 Page 15
1 BR - 40% 2 685.50 $ 459 $ 918
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% 8 685.50 $ 580 $ 4,640

1 BR - 50% 6 673.50 $ 580 $ 3,480
1 BR - 50% 0 0.00 $ - $ -
1 BR - 50% 0 0.00 $ - $ -
1 BR - 50% 0 0.00 $ - $ -
1 BR - 50% 0 0.00 $ - $ -
1 BR - 50% 0 0.00 $ - $ -
1 BR - 50% 0 0.00 $ - $ -
1 BR - 50% 0 0.00 $ - $ -
1 BR - 50% 0 0.00 $ - $ -
1 BR - 50% 0 0.00 $ - $ -
1 BR - 50% 0 0.00 $ - $ -
1 BR - 50% 0 0.00 $ - $ -
1 BR - 50% 0 0.00 $ - $ -
1 BR - 50% 0 0.00 $ - $ -
1 BR - 60% 0 0.00 $ - $ -
1 BR - 60% 0 0.00 $ - $ -
1 BR - 60% 0 0.00 $ - $ -
1 BR - 60% 0 0.00 $ - $ -
1 BR - 60% 0 0.00 $ - $ -
1 BR - 60% 0 0.00 $ - $ -
1 BR - 60% 0 0.00 $ - $ -
1 BR - 60% 0 0.00 $ - $ -
1 BR - 60% 0 0.00 $ - $ -
1 BR - 60% 0 0.00 $ - $ -
1 BR - 60% 0 0.00 $ - $ -
1 BR - 60% 0 0.00 $ - $ -
1 BR - 60% 0 0.00 $ - $ -
1 BR - 60% 0 0.00 $ - $ -
1 BR - 60% 0 0.00 $ - $ -
Total 1-BR Total Monthly 1-BR
Tax Credit Units: 18 12,267.00 Tax Credit Rent: $ 9,956
1 BR - Market 0 0.00 $ - $ -
1 BR - Market 0 0.00 $ - $ -
1 BR - Market 0 0.00 $ - $ -
1 BR - Market 0 0.00 $ - $ -
1 BR - Market 0 0.00 $ - $ -
1 BR - Market 0 0.00 $ - $ -
1 BR - Market 0 0.00 $ - $ -
1 BR - Market 0 0.00 $ - $ -
1 BR - Market 0 0.00 $ - $ -
1 BR - Market 0 0.00 $ - $ -
1 BR - Market 0 0.00 $ - $ -
1 BR - Market 0 0.00 $ - $ -
1 BR - Market 0 0.00 $ - $ -
1 BR - Market 0 0.00 $ - $ -
1 BR - Market 0 0.00 $ - $ -
Total 1-BR
1-BR Market Rent: $ -
Total 1-BR Units: 18 Total 1-BR Rent $ 9,956
2009 Page 15
2-Bedroom Units
2 BR - 40% 6 931.25 $ 545 $ 3,270

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% 47 921.25 $ 675 $ 31,725

2 BR - 50% 1 941.25 $ 675 $ 675
2 BR - 50% 0 0.00 $ - $ -
2 BR - 50% 0 0.00 $ - $ -
2 BR - 50% 0 0.00 $ - $ -
2 BR - 50% 0 0.00 $ - $ -
2 BR - 50% 0 0.00 $ - $ -
2 BR - 50% 0 0.00 $ - $ -
2 BR - 50% 0 0.00 $ - $ -
2 BR - 50% 0 0.00 $ - $ -
2 BR - 50% 0 0.00 $ - $ -
2 BR - 50% 0 0.00 $ - $ -
2 BR - 50% 0 0.00 $ - $ -
2 BR - 50% 0 0.00 $ - $ -
2 BR - 50% 0 0.00 $ - $ -
2 BR - 60% 0 0.00 $ - $ -
2 BR - 60% 0 0.00 $ - $ -
2 BR - 60% 0 0.00 $ - $ -
2 BR - 60% 0 0.00 $ - $ -
2 BR - 60% 0 0.00 $ - $ -
2 BR - 60% 0 0.00 $ - $ -
2 BR - 60% 0 0.00 $ - $ -
2 BR - 60% 0 0.00 $ - $ -
2 BR - 60% 0 0.00 $ - $ -
2 BR - 60% 0 0.00 $ - $ -
2 BR - 60% 0 0.00 $ - $ -
2 BR - 60% 0 0.00 $ - $ -
2 BR - 60% 0 0.00 $ - $ -
2 BR - 60% 0 0.00 $ - $ -
2 BR - 60% 0 0.00 $ - $ -
2 BR - Market 0 0.00 $ - $ -
2 BR - Market 0 0.00 $ - $ -
2 BR - Market 0 0.00 $ - $ -
2 BR - Market 0 0.00 $ - $ -
2 BR - Market 0 0.00 $ - $ -
2 BR - Market 0 0.00 $ - $ -
2 BR - Market 0 0.00 $ - $ -
2 BR - Market 0 0.00 $ - $ -
2 BR - Market 0 0.00 $ - $ -
2 BR - Market 0 0.00 $ - $ -
2 BR - Market 0 0.00 $ - $ -
2 BR - Market 0 0.00 $ - $ -
2 BR - Market 0 0.00 $ - $ -
2 BR - Market 0 0.00 $ - $ -
2009 2 BR - Market 0 0.00 $ - $ - Page 15
Total 2-BR
3-Bedroom Units
3 BR - 40% 0 0.00 $ - $ -
3 BR - 40% 0 0.00 $ - $ -
3 BR - 40% 0 0.00 $ - $ -
3 BR - 40% 0 0.00 $ - $ -
3 BR - 40% 0 0.00 $ - $ -
3 BR - 40% 0 0.00 $ - $ -
3 BR - 40% 0 0.00 $ - $ -
3 BR - 40% 0 0.00 $ - $ -
3 BR - 40% 0 0.00 $ - $ -
3 BR - 40% 0 0.00 $ - $ -
3 BR - 40% 0 0.00 $ - $ -
3 BR - 40% 0 0.00 $ - $ -
3 BR - 40% 0 0.00 $ - $ -
3 BR - 40% 0 0.00 $ - $ -
3 BR - 40% 0 0.00 $ - $ -
3 BR - 50% 14 1,033.50 $ 775 $ 10,850

3 BR - 50% 4 1,087.50 $ 775 $ 3,100
3 BR - 50% 2 ,
1,087.50 $ 713 $ ,
1,426
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 $ - $ -
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 $ - $ -
2009 Page 15
3 BR - Market 0 0.00 $ - $ -
3 BR - Market 0 0.00 $ - $ -
3 BR - Market 0 0.00 $ - $ -
3 BR - Market 0 0.00 $ - $ -
3 BR - Market 0 0.00 $ - $ -
3 BR - Market 0 0.00 $ - $ -
3 BR - Market 0 0.00 $ - $ -
3 BR - Market 0 0.00 $ - $ -
3 BR - Market 0 0.00 $ - $ -
Total 3-BR
4-Bedroom Units
4 BR - 40% 0 0.00 $ - $ -
4 BR - 40% 0 0.00 $ - $ -
4 BR - 40% 0 0.00 $ - $ -
4 BR - 40% 0 0.00 $ - $ -
4 BR - 40% 0 0.00 $ - $ -
4 BR - 40% 0 0.00 $ - $ -
4 BR - 40% 0 0.00 $ - $ -
4 BR - 40% 0 0.00 $ - $ -
4 BR - 40% 0 0.00 $ - $ -
4 BR - 40% 0 0.00 $ - $ -
4 BR - 40% 0 0.00 $ - $ -
4 BR - 40% 0 0.00 $ - $ -
4 BR - 40% 0 0.00 $ - $ -
4 BR - 40% 0 0.00 $ - $ -
4 BR - 40% 0 0.00 $ - $ -
4 BR - 50% 0 0.00 $ - $ -
4 BR - 50% 0 0.00 $ - $ -
4 BR - 50% 0 0.00 $ - $ -
4 BR - 50% 0 0.00 $ - $ -
4 BR - 50% 0 0.00 $ - $ -
4 BR - 50% 0 0.00 $ - $ -
4 BR - 50% 0 0.00 $ - $ -
4 BR - 50% 0 0.00 $ - $ -
4 BR - 50% 0 0.00 $ - $ -
4 BR - 50% 0 0.00 $ - $ -
4 BR - 50% 0 0.00 $ - $ -
4 BR - 50% 0 0.00 $ - $ -
4 BR - 50% 0 0.00 $ - $ -
4 BR - 50% 0 0.00 $ - $ -
4 BR - 50% 0 0.00 $ - $ -
4 BR - 60% 0 0.00 $ - $ -
4 BR - 60% 0 0.00 $ - $ -
4 BR - 60% 0 0.00 $ - $ -
4 BR - 60% 0 0.00 $ - $ -
4 BR - 60% 0 0.00 $ - $ -
4 BR - 60% 0 0.00 $ - $ -
4 BR - 60% 0 0.00 $ - $ -
4 BR - 60% 0 0.00 $ - $ -
4 BR - 60% 0 0.00 $ - $ -
4 BR - 60% 0 0.00 $ - $ -
4 BR - 60% 0 0.00 $ - $ -
4 BR - 60% 0 0.00 $ - $ -
4 BR - 60% 0 0.00 $ - $ -
4 BR - 60% 0 0.00 $ - $ -
4 BR - 60% 0 0.00 $ - $ -
Tax Credit Units: 0 0.00 Tax Credit Rent: $ -
2009 Page 15
4 BR - Market 0 0.00 $ - $ -
4 BR - Market 0 0.00 $ - $ -
4 BR - Market 0 0.00 $ - $ -
4 BR - Market 0 0.00 $ - $ -
4 BR - Market 0 0.00 $ - $ -
4 BR - Market 0 0.00 $ - $ -
4 BR - Market 0 0.00 $ - $ -
4 BR - Market 0 0.00 $ - $ -
4 BR - Market 0 0.00 $ - $ -
4 BR - Market 0 0.00 $ - $ -
4 BR - Market 0 0.00 $ - $ -
4 BR - Market 0 0.00 $ - $ -
4 BR - Market 0 0.00 $ - $ -
4 BR - Market 0 0.00 $ - $ -
4 BR - Market 0 0.00 $ - $ -
Total 4-BR
Total 4-BR Units: 0 Total 4-BR Rent $ -
Total Units 92 Net Rentable SF: TC Units 83,088.50

MKT Units 0.00
Total NR SF: 83,088.50
Floor Space Fraction 100.0000%
2009 Page 15
D. Operating Expenses
Administrative:
1. Advertising/Marketing $650
2. Office Salaries
3. Office Supplies $8,606
4. Office/Model Apartment (type______)
5. Management Fee $48,256
7.05% of EGI 524.5217391 Per Unit
6. Manager Salaries $26,000
7. Staff Unit (s) (type______)
8. Legal $832
9. Auditing $6,500
10. Bookkeeping/Accounting Fees $2,172
11. Telephone & Answering Service $5,174
12. Tax Credit Monitoring Fee $1,380
13. Miscellaneous Administrative $4,992
Total Administrative $104,562
Utilities
14. Fuel Oil
15. Electricity $11,726
16. Water $35,048
17. Gas
18. Sewer $38,740
Total Utility $85,514
Operating:
19. Janitor/Cleaning Payroll
20. Janitor/Cleaning Supplies
21. Janitor/Cleaning Contract
22. Exterminating $2,720
23. Trash Removal $12,272
24. Security Payroll/Contract
25. Grounds Payroll
26. Grounds Supplies
27. Grounds Contract $5,460
28. Maintenance/Repairs Payroll $46,176
29. Repairs/Material $12,818
30. Repairs Contract $8,424
31. Elevator Maintenance/Contract
32. Heating/Cooling Repairs & Maintenance
33. Pool Maintenance/Contract/Staff
34. Snow Removal $1,404
35. Decorating/Payroll/Contract $8,403
36. Decorating Supplies
37. Miscellaneous
Operating & Maintenance Totals $97,677
Taxes & Insurance
38. Real Estate Taxes $19,740
39. Payroll Taxes $5,971
40. Miscellaneous Taxes/Licenses/Permits
41. Property & Liability Insurance $13,809
42. Fidelity Bond $0
43. Workman's Compensation $653
44. Health Insurance & Employee Benefits $4,420
45. Other Insurance
Total Taxes & Insurance $44,593
6544
Total Operating Expense $332,346
D1. Total Oper. Ex. Per Unit $3,612 D2. Total Oper. Ex. As % EGI (from E3) 48.52%
Replacement Reserves (Total # Units X $300 or $250 New Const. Elderly Minimum) $46,000
Total Expenses $378,346
2009 Page 16
E. Cash Flow (First Year)

1. Annual EGI Low-Income Units from (C1) $684,967
2. Annual EGI Market Units (from C2) + $0
3. Total Effective Gross Income = $684,967
4. Total Expenses (from D) $378,346
5. Net Operating Income = $306,621
6. Total Annual Debt Service (from Page 21 B2) - $255,752
7. Cash Flow Available for Distribution = $50,869
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 684,967 705,516 726,682 748,482 770,937
Less Oper. Expenses 378,346 393,480 409,219 425,588 442,611
Net Income 306,621 312,036 317,463 322,894 328,325
Less Debt Service 255,752 255,752 255,752 255,752 255,752
Cash Flow 50,869 56,284 61,711 67,142 72,573
Debt Coverage Ratio 1.20 1.22 1.24 1.26 1.28

Eff. Gross Income 794,065 817,887 842,423 867,696 893,727
Net Income 333,749 339,158 344,546 349,903 355,223
Cash Flow 77,997 83,406 88,794 94,151 99,471

Eff. Gross Income 920,539 948,155 976,600 1,005,898 1,036,075
Net Income 360,494 365,709 370,855 375,924 380,902
Cash Flow 104,742 109,957 115,103 120,172 125,150
Estimated Annual Percentage Increase in Revenue 3.00% (Must be < 3%)
Estimated Annual Percentage Increase in Expenses 4.00% (Must be > 4%)
2009 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 0 0 0 0
C. Other: 0 0 0 0
D. Unit Structures (New) 0 0 0 0
E. Unit Structures (Rehab) 5,250,000 0 0 5,250,000
F
F. Accessory
A Building
B ildi ((s)) 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) 5,250,000 0 0 5,250,000
L. General Requirements 315,000 0 0 315,000
M. Builder's Overhead 105,000 0 0 105,000
( 2.0% Contract)
N. Builder's Profit 315,000 0 0 315,000
( 6.0% Contract)
O. Bonding Fee 59,850 0 0 59,850
P. Other: 0 0 0 0
Q. Contractor Cost
Subtotal (Sum 1K..1P) $6,044,850 $0 $0 $6,044,850
2. Owner Costs
A. Building Permit 80,000 0 0 80,000
B. Arch./Engin. Design Fee 190,000 0 0 190,000
( 2,065 /Unit)
C. Arch. Supervision Fee 0 0 0 0
( 0 /Unit)
D. Tap Fees 0 0 0 0
E. Soil Borings 0 0 0 0
2009 Page 18

2. Owner Costs Continued
F. Construction Loan 56,500 0 0 56,500

Origination Fee
G. Construction Interest 100,000 0 0 100,000
( 7.0% for 15 months)
H. Taxes During Construction 0 0 0 0
I. Insurance During Construction 34,665 0 0 34,665
J. Cost Certification Fee 20,000 0 0 0
K. Title and Recording 60,000 0 0 60,000
L. Legal Fees for Closing 195,000 0 0 195,000
M. Permanent Loan Fee 0 0 0 0
( 0.0% )
N. Other Permanent Loan Fees 0 0 0 0
O. Credit Enhancement 0 0 0 0
P. Mortgage Banker 0 0 0 0
Q. Environmental Study 3,000 0 0 3,000
R. Structural/Mechanical Study 3,000 0 0 3,000
S. Appraisal Fee 5,000 0 0 5,000
T. Market Study 5,000 0 0 5,000
U. Operating Reserve 317,049 0 0 0
V. Tax Credit Fee ,
65,300 0 0 0
W. OTHER $887,569 $5,235 $0 $667,910
(SEE PAGE 19A)
X. Owner Cost
Subtotal (Sum 2A..2W) $2,022,083 $5,235 $0 $1,400,075
Subtotal 1 + 2 $8,066,933 $5,235 $0 $7,444,925

(Owner + Contractor Costs)
3. Developer's Fees 1,472,000 227,643 0 1,244,357
4. Owner's Acquisition Costs

Land 650,000
Existing Improvements 2,840,301 2,840,301
Subtotal 4: $3,490,301 $2,840,301
5. Total Development Costs

Subtotal 1+2+3+4: $13,029,234 $3,073,179 $0 $8,689,282
If this application seeks rehab credits only, in which there is no acquisition and no change in ownership, enter the greater of
appraised value or tax assessment value here: $0 Land
(Attach documentation at Tab K) $0 Building
2009 Page 19

W. OTHER OWNER COSTS
Contingency Reserve 299,250 0 0 299,250

(Rehab or Adaptive Reuse only)
LIST ADDITIONAL ITEMS
Draw & Monitoring Fees 18,000 0 0 18,000
USDA Fees 17,577 0 0 0
TC Application Fee 750 0 0 0
Transfer Taxes 5,235 5,235 0 0
Electric During Const 19,800 0 0 19,800
Relocation 350,000 0 0 300,000
EarthCraft Fees 30,860 0 0 30,860
Overburden Reserve 100,000 0 0 0
Allocation Fee 46,097 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) $887,569 $5,235 $0 $667,910
2009 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 13,029,234 3,073,179 0 8,689,282
6. Reductions in Eligible Basis
Subtract the following:

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

(or excess portion thereof)
D. Historic Tax Credit (residential portion) 0 0 0
7. Total Eligible Basis (5 minus 6 above) 3,073,179 0 8,689,282
8. Adjustment(s) to Eligible Basis (For non-acquisition costs in eligible basis)

(i) For Earthcraft or LEED Certification AND 60 Bonus Points 0 434,464
(ii) For QCT or DDA (Eligible Basis x 30%) 0 0
Total Adjusted Eligible basis 0 9,123,746
9. Applicable Fraction 100.0000% 100.0000% 100.0000%
10. Total Qualified Basis (Same as Part IX-C) 3,073,179 0 9,123,746

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

(For 2009 9% competitive credits, use the May 2009 applicable percentages for acq.)
(For 9% non-competitive & tax exempt bonds, use the most recently published rates)
12. Maximum Allowable Credit under IRC §42 $100,800 $0 $821,137

(Qualified Basis x Applicable Percentage)
(Same as Part IX-C and equal to or more than $921,937
credit amount requested) Combined 30% & 70% P. V. Credit
2009 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. Bonneville Multifamily 06/01/09 07/01/09 $2,665,000 Craig Hackett
2. Const Lender 06/01/09 07/01/09 $1,550,000 TBD
3. USDA Sec 515 Asmpt 06/01/09 08/01/09 $2,258,301 Byron Waters
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. USDA Sec 538 06/01/09 07/01/09 $2,665,000 $187,229 6.50% 40 38
2. USDA Sec 515 Asmpt 06/01/09 08/01/09 $2,258,301 $68,523 1.00% 40 30
3.
4.
5.
6.
Totals: $4,923,301 $255,752
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. TCAP N/A N/A $1,099,912
Total Permanent Grants: $1,099,912

2009 Page 21
4. Portion of Syndication Proceeds Attributable to Historic Tax Credit

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

Cash Investment $0
Contributed Land/Building $0 Assessment Attached (TAB S)
Deferred Developer Fee $0
Other: $0
Equity Total $0
7. Total of All Sources (B2 + B3 + B4 + B5 + B6) $6,023,213
(not including syndication proceeds except for historic tax credits)
8. Total Development Cost $13,029,234

(From VIII-A5)
9. Less Total Sources of Funds (From B7 above) $6,023,213
10. Equals equity gap to be funded with low-income tax credit

proceeds (must equal IX-D3) $7,006,021
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 Lang Drive
City Crofton State Marylanf Zip 21114
4. a. Total to be paid by anticipated users of credit (e.g., limited partners) $7,006,021

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 $921,845
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) $7,006,021
6. Amount of annual credit required for above amounts

(same amount as Part IX-D6) $921,937
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
Syndication commitment or letter of intent attached (TAB U)
2009 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 $2,258,301 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 Section 223(f) $0
HOME Funds $0 Other: Sec 538 $2,665,000
Other:
Other: $0
Grants Grants
CDBG $0 State $0
UDAG $0 Local $0
Other: TCAP $1,099,912
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
2009 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

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:
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)
C. Building-by-Building Information (Complete page 25 as appropriate)
2009 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. 12 0 2700 Royal Lane, Front Royal, VA $400,849 3.28% 13,148 $0 0.00% 0 $1,190,054 9.00% 107,105
6. 8 0 6700 Royal Lane, Front Royal, VA $267,233 3.28% 8,765 $0 0.00% 0 $793,369 9.00% 71,403
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
$3,073,179 $0 $9,123,746
$100,800 $0 $821,137
Qualified Basis Totals (must agree with VIII-A10)
Credit Amount Totals (must agree with VIII-A-12)
2009 Page 25
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) $13,029,234
2. Less Total Sources of Funds (from VIII-B7 page 22) $6,023,213
3. Equals Equity Gap $7,006,021
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 $9,219,371
Divided by ten years 10
6. Equals Annual Tax Credit Required to Fund the Equity Gap $921,937
7. The Maximum Allowable Credit Amount $921,937

,
(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 10,021 Combined 30% & 70% PV Credit
Credit per Bedroom 4,957 $921,937

Comprised of
$112,762 and $809,175

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.
2009 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.
2009 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 N 0 or 5 0.00
e. Sec 8 or PHA waiting list preference Y 0 or 10 10.00
f. Subsidized funding commitments 0.00% Up to 40 0.00
g. Existing RD, HUD Section 8 or 236 program Y 0 or 20 20.00
h. Tax abatement or new project based rental subsidy (HUD or RD) N 0 or 10 0.00
i. Census tract with <10% poverty rate, no tax credit units N 0 or 25 0.00
j. Development listed on the Rural Development Rehab Priority List N 0 or 15 0.00
Total 110.00
3. DEVELOPMENT CHARACTERISTICS:
a. Unit size (See calculations below) Up to 100 100.00
b. Amenities (See calculations below) Up to 60 60.00
c. Project subsidies/HUD 504 accessibility for 5 or 10% of units N 0 or 50 0.00
or d. HCV payment standard/HUD 504 accessibility for 5 or 10% of units Y 0 or 30 30.00
or e. HUD 504 accessibility for 4% of units N 0 or 15 0.00
f. Proximity to public transportation Y20 0, 10 or 20 20.00
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 3.20
Total 268.20
4. TENANT POPULATION CHARACTERISTICS:

a. <= 20% of units having 1 or less bedrooms Y 0 or 15 15.00
b. Percent of units with 3 or more bedrooms 21.74% Up to 15 15.00
Total 30.00
5. SPONSOR CHARACTERISTICS:
a. Developer experience - 3 developments with 3 x units or 6 developments with 1 x units 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
g. LEED accredited design team member Y 0 or 10 10.00
Total 10.00
6. EFFICIENT USE OF RESOURCES:

a. Credit per unit If #N/A or #REF! appears in the score column of these point Up to 180 19.98
b.2009
Cost per unit categories check spelling of Clerk's Office on pg 1. It must match Up to 75 11.91
Total exactly with the Jurisdiction names listed in the Application Manual. 31.89
7. BONUS POINTS: Locality AMI State AMI

a. Units with rents at or below 40% of AMI $65,300 $50,600 11% Up to 10 10.00
b. Units with rent and income at or below 50% of AMI 100% Up to 50 50.00
or c. Units with rents at or below 50% rented to tenants at or below 60% of AMI 100% Up to 25 0.00
or d. Units in Low Income Jurisdictions with rents <= 50% rented to tenants with <= 60% of AMI 100% Up to 50 0.00
e. Extended compliance 35 Years 40 or 50 50.00
or f. Nonprofit or LHA purchase option N 0 or 60 0.00
or g. Nonprofit or LHA Home Ownership option N 0 or 5 0.00
Total 110.00
500 Point Threshold - 9% Credits TOTAL SCORE: 640.09

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

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

High Sq.Ft. / BDRM 0 625 900 1,000
Low Sq.Ft. / BDRM 0 500 675 800
Project Sq.Ft. / BDRM 0 682 923 1,050
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 5.00
c. Brick Walls 55.00% 11.00
d. Kitchen/Laundry Appl-Energy Star 5.00
e. Windows-Energy Star 5.00
f. Heat/AC-SEER-AFUE 10.00
g. Sub-metered water expense 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
Total 60.00
All elderly units have:
a. Front-control ranges 0.00
b. Emergency call system 0.00
c. Independent/suppl. heat source 0.00
d. Two eye viewers 0.00
Total 0.00
All rehab or adaptive reuse units:

b. Historic structure 0.00
Total amenities: 60.00
2009
$/SF = $145.17 Credits/SF = $12.65 Const $/unit = $65,705
TYPE OF PROJECT FAMILY = 11000; ELDERLY = 12000 11000 If an ERROR message appears here check
LOCATION BELT=100; NVM=110; NVNM=200; RIC=300; TID=400; SMA=500; SMA-C=510; RUR=600 200 spelling of Clerk's Office on pg 1. It must
TYPE OF CONSTRUCTION N C=1; ADPT=2;REHAB(25,000+)=3; REHAB(15,000-25,000)=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 0 0 0 0 0 0
NUMBER OF UNITS 0 0 0 0 0 0 0
PARAMETER-(COSTS=>25,000) 0 0 0 0 0 0 0
PARAMETER-(COSTS<25,000) 0 0 0 0 0 0 0
COST PARAMETER 0 0 0 0 0 0 0
PROJECT COST PER UNIT 0 0 0 0 0 0 0
PARAMETER-(CREDITS=>25,000) 0 0 0 0 0 0 0
PARAMETER-(CREDITS<25,000) 0 0 0 0 0 0 0
CREDIT PARAMETER 0 0 0 0 0 0 0
PROJECT CREDIT PER UNIT 0 0 0 0 0 0 0
COST PER UNIT POINTS 0.00 0.00 0.00 0.00 0.00 0.00 0.00
CREDIT PER UNIT POINTS 0.00 0.00 0.00 0.00 0.00 0.00 0.00
FAMILY
EFF-G 1 BR-G 2 BR-G 3 BR-G 4 BR-G 2 BR-TH 3 BR-TH 4 BR-TH
AVG UNIT SIZE 0 682 923 1,050 0 0 0 0
NUMBER OF UNITS 0 18 54 20 0 0 0 0
PARAMETER-(COSTS=>25,000) 0 121,032 157,019 183,500 0 0 0 0

PARAMETER-(COSTS<25,000) 0 0 0 0 0 0 0 0
COST PARAMETER 0 121,032 157,019 183,500 0 0 0 0

PROJECT COST PER UNIT 0 98,935 133,955 152,388 0 0 0 0
PARAMETER-(CREDITS=>25,000) 0 9,982 12,950 15,134 0 0 0 0

PARAMETER-(CREDITS<25,000) 0 0 0 0 0 0 0 0
CREDIT PARAMETER 0 9,982 12,950 15,134 0 0 0 0

PROJECT CREDIT PER UNIT 0 8,623 11,676 13,282 0 0 0 0
COST PER UNIT POINTS 0.00 2.68 6.47 2.76 0.00 0.00 0.00 0.00
CREDIT PER UNIT POINTS 0.00 4.79 10.40 4.79 0.00 0.00 0.00 0.00
TOTAL COST PER UNIT POINTS 11 91

11.91
TOTAL CREDIT PER UNIT POINTS 19.98
Cost Parameters - Elderly

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

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

Standard Parameter - low rise 0 121,032 157,019 183,500 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 0 121,032 157,019 183,500 0 0 0 0
Credit Parameters - Family

Standard Credit Parameter - low rise 0 9,982 12,950 15,134 0 0 0 0
Adjusted Credit Parameter 0 9,982 12,950 15,134 0 0 0 0
2009
$/SF = $145.17 Credits/SF = $12.65 Const $/unit = $65,705
TYPE OF PROJECT FAMILY = 11000; ELDERLY = 12000 11000 If an ERROR message appears here check
LOCATION BELT=100; NVM=110; NVNM=200; RIC=300; TID=400; SMA=500; SMA-C=510; RUR=600 200 spelling of Clerk's Office on pg 1. It must
TYPE OF CONSTRUCTION N C=1; ADPT=2;REHAB(25,000+)=3; REHAB(10,000-25,000)=4 3 match exactly with the Jurisdiction names
listed in the Application Manual.
ELDERLY
AVG UNIT SIZE 0 0 0 0 0 0 0
NUMBER OF UNITS 0 0 0 0 0 0 0
PARAMETER-(COSTS=>25,000) 0 0 0 0 0 0 0
PARAMETER-(COSTS<25,000) 0 0 0 0 0 0 0
COST PARAMETER 0 0 0 0 0 0 0
PROJECT COST PER UNIT 0 0 0 0 0 0 0
PARAMETER-(CREDITS=>25,000) 0 0 0 0 0 0 0
PARAMETER-(CREDITS<25,000) 0 0 0 0 0 0 0
CREDIT PARAMETER 0 0 0 0 0 0 0
PROJECT CREDIT PER UNIT 0 0 0 0 0 0 0
COST PER UNIT POINTS 0.00 0.00 0.00 0.00 0.00 0.00 0.00
CREDIT PER UNIT POINTS 0.00 0.00 0.00 0.00 0.00 0.00 0.00
FAMILY
AVG UNIT SIZE 0 682 923 1,050 0 0 0 0
NUMBER OF UNITS 0 18 54 20 0 0 0 0
PARAMETER-(COSTS=>25,000) 0 121,032 157,019 183,500 0 0 0 0

PARAMETER-(COSTS<25,000) 0 0 0 0 0 0 0 0
COST PARAMETER 0 121,032 157,019 183,500 0 0 0 0

PROJECT COST PER UNIT 0 98,935 133,955 152,388 0 0 0 0
PARAMETER-(CREDITS=>25,000) 0 9,982 12,950 15,134 0 0 0 0

PARAMETER-(CREDITS<25,000) 0 0 0 0 0 0 0 0
CREDIT PARAMETER 0 9,982 12,950 15,134 0 0 0 0

PROJECT CREDIT PER UNIT 0 8,623 11,676 13,282 0 0 0 0
COST PER UNIT POINTS 0.00 2.68 6.47 2.76 0.00 0.00 0.00 0.00
CREDIT PER UNIT POINTS 0.00 4.79 10.40 4.79 0.00 0.00 0.00 0.00
TOTAL COST PER UNIT POINTS 11 91

11.91
TOTAL CREDIT PER UNIT POINTS 19.98
Cost Parameters - Elderly

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

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

Standard Parameter - low rise 0 121,032 157,019 183,500 0 0 0 0
Adjusted Cost Parameter 0 121,032 157,019 183,500 0 0 0 0
Credit Parameters - Family

Standard Credit Parameter - low rise 0 9,982 12,950 15,134 0 0 0 0
Adjusted Credit Parameter 0 9,982 12,950 15,134 0 0 0 0
2009

TAB Q
(Documentation of Rental Assistance)

Royal Hills Apartments - 2009 VA

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Royal Hills Apartments - 2009 VA

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Application for Reservation

of Low Income Housing Tax Credits

Application For Reservation

Deadline for Submission

Tax Exempt Bonds

Virginia Housing Development Authority

Electronic Copy of the Microsoft Excel Based Application (MANDATORY)

2009 Submission Checklist

VHDA TRACKING NUMBER 2009-Z-109

A. Development Name and Location:

14. 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

NOTE: If no credits are being requested

Minimum Expenditure Requirements

II. OWNERSHIP INFORMATION

Must be an individual or legally formed entity

Federal I. D. No. 26-4760590 (If not available, obtain prior to Allocation)

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

C. Development Team Information:

1. Tax Attorney: Richard M. Price Related Entity? Yes No

2. Tax Accountant: TBD Related Entity? Yes No

3. Consultant: Related Entity? Yes No

4. Management Entity (Contact): Lester Severe Related Entity? Yes No

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

6. Architect: Kevin B. Oldland Related Entity? Yes No

7. Real Estate Attorney: TBD Related Entity? Yes No

8. Mortgage Banker: Craig Hacket Related Entity? Yes No

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

1. Nonprofit Involvement (All Applicants)

4. Identity of Nonprofit (All nonprofit applicants)

(Contact Person) (Street Address)

(City) (State) (Zip code)

5. Percentage of Nonprofit Ownership (All nonprofit applicants)

III. DEVELOPMENT INFORMATION

A. Structure and Units:

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

Row House/Townhouse Detached Single-family

5. Unheated Floor Area (Breezeways, Balconies, Storage) 16,624.00 (Sq. ft.)

8. Number of Buildings (containing rental units) 8

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)

Exterior Finish: Brick & vinyl

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

For any project,

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

LEED Accredited Design Team Member

Universal Design - Units Meeting Universal Design Standards

VHDA Certified Property Management Agent

IV. TENANT INFORMATION

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

Units Provided Per Household Type:

B. Special Housing Needs/Leasing Preference:

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