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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.
Please Note:
Applicants should submit all application materials in electronic format only.
There should be distinct files saved to 1 or more CDs (as needed) which 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 or thumb 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 Pittman-Shaw at (804) 343-5733 or Rebecca Rowe
at (804) 343-5518. Please note that we cannot release the copy protection password.
9% Competitive Credits
Applications Must Be Received At VHDA No Later Than 2:00 PM
Richmond, VA Time On March 11, 2011
v1.1.2011
Low Income Housing Tax Credit Application for Reservation
Please indicate if the following items are included with your application by checking the appropriate boxes. Your assistance in organizing the
submission in the following order, and actually using tabs to mark them as shown, will facilitate review of your application. Please note that all
mandatory items must be included for the application to be processed. The inclusion of other items may increase the number of points for which
you are eligible under VHDA's point system of ranking applications, and may assist VHDA in its determination of the appropriate amount of
credits that it may reserve for the development.
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)
4. The Circuit Court Clerk's office in which the deed to the property is or will be recorded
City/County of Martinsville 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: 3
Is this a Qualified Census Tract: Yes No (If yes, attach required form in TAB A)
7. Is the development located in a Difficult Development Area? No If no, applicant may request that the property be treated
as if it is located in a DDA. If so, indicate by checking this box: (Note: This provision is NOT applicable to tax exempt bond deals.)
8. Is the development located in a revitalization area? Yes No (If yes, attach required form in TAB A)
9. Is the development an existing RD or HUD S8/236 development? Yes No (If yes, attach required form in TAB Q)
Note to #9: If there is an identity of interest between the applicant and the seller in this proposal, and the applicant is seeking points in
this category, then the applicant must either waive their rights to the developer's fee or other fees associated with acquisition and/or
rehabilitation, or obtain a waiver of this requirement from VHDA prior to application submission to receive these points.
a. Applicant agrees to waive all rights to any developer's fee or
other fees associated with acquisition and/or rehab. Yes n/a
b. Applicant has obtained a waiver of this requirement from VHDA
prior to the application submission deadline. Yes n/a
10. Is the development located in a census tract with a poverty
rate <10% with no tax credit units currently present? Yes No
11. Is the development listed on the RD 515 Rehabilitation Priority List? Yes No
12. Is the proposed development located in an urban development area as defined in §15.2-2223.1of the Code of Virginia?
Yes No (If yes, attach required form in TAB U)
13. Will the proposed development participate in a locally adopted affordable housing dwelling unit program area as described in
either §15.2-2304 or §15.2-2305 of the Code of Virginia? Yes No (If yes, attach required form in TAB U)
B. Project Description:
In the space provided below, give a brief description of the proposed project.
Spruce Village is an aging, existing 101 unit elderly apartment building which is covered by a Project Based Section 8 contract.
The property is in need of renovation in order to improve the quality of life for the tenants, improve energy efficiency and bring the building up to date.
v1.1.2011 Page 1
Low Income Housing Tax Credit Application For Reservation
C. Reservation Request
1. Total annual credit amount request (Must be the same as Part IX-D8) $546,383
Federal Subsidies
The development will not receive federal subsidies.
some buildings.
1. Regular Allocation
All of the buildings in the development are expected to be placed
in service this year. For those buildings the owner will, this year, request an
allocation of 2011 credits for new construction, or
rehabilitation, or
acquisition and rehabilitation.
2. Carryforward Allocation
All of the buildings in the development are expected to be placed
in service within two years after the end of this calendar year, 2011, but the
owner will have more than 10% basis in the development before the end of twelve
months following allocation of credits. For those buildings, the owner requests
a carryforward allocation of 2011 credits pursuant to Section 42(h)(1)(E) for:
new construction, or
rehabilitation, or
acquisition and rehabilitation (even if you acquired a building this year and
"placed it in service" for the purpose of the acquisition credit, you cannot receive
the 8609 form for it until the rehab 8609 is issued for that building once the rehab
work is "placed in service" in 2012 or 2013).
3. Federal Subsidies
The development will not receive federal subsidies.
This development will receive federal subsidies for:
all buildings or
some buildings.
v1.1.2011 Page 2
Low-Income Housing Tax Credit Application For Reservation
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.
NOTE: If no credits are being requested for rehabilitation expenditures, so indicate and go
on to Section II. No Rehabilitation
Proposed development is designed to serve as a replacement for housing being demolished through
redevelopment. Documentation Attached (TAB U)
Proposed development is housing that is an integral part of a neighborhood revitalization project sponsored by
a local housing authority. Documentation Attached (TAB U)
v1.1.2011 Page 3
Low-Income Housing Tax Credit Application For Reservation
A. Owner Information:
Name Spruce Village Preservation, L.P.
Contact Person First: Matthew Middle: K Last: Finkle
Address 60 Columbus Circle
(Street)
New York NY 10023
(City) (State) (Zip Code)
Principal(s) involved (e.g. general partners, LLC members, controlling shareholders, etc.)
Names ** Phone Type Ownership % Ownership
Stephen M. Ross 212-421-5333 Member of GP 68.30%
Jeff T. Blau 212-421-5333 Member of GP 6.30%
Michael Brenner 212-421-5333 Member of GP 0.80%
Bruce Beal 212-421-5333 Member of GP 3.60%
Mark E. Carbone 212-801-1068 Member of GP 16.00%
Matthew Finkle 212-801-1073 Member of GP 5.00%
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.
B. Seller Information:
Name Spruve Village Limited Partnership Contact Person Charles Nimmo
Address 3130 Chaparral Drive, Suite 200
Roanoke, VA 24018 Phone 540-774-1641
v1.1.2011 Page 4
Low-Income Housing Tax Credit Application For Reservation
v1.1.2011 Page 5
Low-Income Housing Tax Credit Application For Reservation
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
3. Type of involvement
Nonprofit meets eligibility requirement for points only, not pool or
Nonprofit meets eligibility requirements for nonprofit pool and points
(Name of nonprofit)
(Phone) (Fax)
v1.1.2011 Page 6
Low-Income Housing Tax Credit Application For Reservation
B. Building Systems:
Please describe each of the following in the space provided.
Community Facilities: Community Room, Laundry Room
v1.1.2011 Page 7
Low-Income Housing Tax Credit Application For Reservation
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 741.49 SF 3-Bdrm Gar 0.00 SF
1-Sty-Eff-Eld 0.00 SF 2Bdrm Eld 1,078.95 SF 4-Bdrm Gar 0.00 SF
1-Sty 1BR-Eld 0.00 SF Eff-Gar 0.00 SF 2+Sty 2BR TH 0.00 SF
1-Sty 2BR-Eld 0.00 SF 1-Bdrm Gar 0.00 SF 2+Sty 3BR TH 0.00 SF
Eff-Eld 0.00 SF 2-Bdrm Gar 0.00 SF 2+Sty 4BR TH 0.00 SF
2. Total gross usable, heated square feet for the entire project less nonresidential commercial area:
75,161.38 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.
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.
v1.1.2011 Page 8
Low Income Housing Tax Credit Application For Reservation
For all projects exclusively serving elderly and/or handicapped tenants, upon completion
of construction/rehabilitation: (Optional Point items)
For all rehabilitation and adaptive reuse projects, upon completion of construction or
or rehabilitation: (Optional Point items)
Accessibility
For any non-elderly property, or any elderly rehabilitation property, in which the greater of 5 or 10% of the units will be subject
to federal project-based rent subsidies or equivalent assistance in order to ensure occupancy by extremely low-income persons;
and (ii) the greater of 5 units or 10% of the units will conform to HUD regulations interpreting accessibility requirements of
section 504 of the Rehabilitation Act; and be actively marketed to people with special needs in accordance with a plan submitted
as part of the Application. (All of the units described in (ii) above must include roll-in showers and roll under sinks and front
controls for ranges, unless agree to by the Authority prior to the applicant's submission of its application). (50 points)
For any non-elderly property, or any elderly rehabilitation property, in which the greater of 5 or 10% of the units (i) have rents
within HUD’s Housing Choice Voucher (“HCV”) payment standard; (ii) conform to HUD regulations interpreting accessibility
requirements of section 504 of the Rehabilitation Act; and (iii) are actively marketed to people with mobility impairments,
including HCV holders, in accordance with a plan submitted as part the Application. (30 points)
For any non-elderly property, or any elderly rehabilitation property, in which at least four percent (4%) of the units conform
to HUD regulations interpreting accessibility requirements of section 504 of the Rehabilitation Act and are actively
marketed to people with mobility impairments in accordance with a plan submitted as part of the Application. (15 points)
(30 Points)
LEED Gold Certification
Earthcraft Certification - new construction development will be 20% more energy efficient than 2004 IECC.
Earthcraft Certification - rehabilitation development will be 40% more energy efficient post-rehabilitation
(45 Points)
LEED Platinum Certification
Earthcraft Certification - new construction development will be 25% more energy efficient than 2004 IECC.
Earthcraft Certification - rehabilitation development will be 50% more energy efficient post-rehabilitation
If seeking any points associated with LEED or Earthcraft certification, attach appropriate documentation at TAB F
Yes No N/A The market-rate units' amenities are substantially equivalent to those of the
low-income units. If no, explain differences:
v1.1.2011 Page 9
Low-Income Housing Tax Credit Application For Reservation
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. Relocation Plan Documentation attached (TAB G)
4. If leasing preference will be given to applicants on public housing waiting list and/or Section 8
waiting list, so indicate:
Yes
No
Locality has no such waiting list; If yes, provide the following information:
Organization which holds such waiting list: Martinsville Redevelopment & Housing Authority
Contact person (Name and Title) Wayne Knox - Housing Manager
Phone Number 276-403-5159 Required documentation attached (TAB H)
v1.1.2011 Page 10
Low-Income Housing Tax Credit Application For Reservation
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 Clarence Monday
Chief Executive Officer's Title City Manager
Street Address 55 West Church Street Phone 276-403-5000
City Martinsville State VA Zip 24112
Name and title of local official you have discussed this project with who could answer questions for the
local CEO: Wayner Knox - Zoning Director
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 9/11/2007 Mark Carbone
Site Acquisition 11/15/2011 Mark Carbone
Zoning Approval na
Site Plan Approval na
Financing
A. Construction Loan
Loan Application 6/15/2011 David Pearson
Conditional Commitment 8/15/2011 David Pearson
Firm Commitment 10/15/2011 David Pearson
B. Permanent Loan - First Lien
Loan Application 6/15/2011 David Pearson
Conditional Commitment 8/15/2011 David Pearson
Firm Commitment 10/15/2011 David Pearson
C. Permanent Loan-Second Lien
Loan Application 6/15/2011 David Pearson
Conditional Commitment 8/15/2011 David Pearson
Firm Commitment 10/15/2011 David Pearson
D. Other Loans & Grants
Type & Source, List
Application
Award/Commitment
Formation of Owner 2/2/2011 David Pearson
IRS Approval of Nonprofit Status na
Closing and Transfer of Property to Owner 11/15/2011 David Pearson
Plans and Specifications, Working Drawings 3/1/2011 Michael Antonik
Building Permit Issued by Local Government 10/15/2011 Michael Antonik
Start Construction 12/1/2011 Michael Antonik
Begin Lease-up in place rehab
Complete Construction 8/1/2012 Michael Antonik
Complete Lease-Up in place rehab
Credit Placed in Service Date 8/1/2012 David Pearson
v1.1.2011 Page 11
Low-Income Housing Tax Credit Application For Reservation
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.
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: 06/30/12 )
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.
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 12/31/11
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.
Obtain the following information from the Market Study conducted in connection with this tax credit application and enter below:
v1.1.2011 Page 12
Low-Income Housing Tax Credit Application For Reservation
C. Site Description
4. Will the proposal seek to qualify for points associated with proximity to public transportation?
Yes No
Required documentation form attached (TAB A)
Minimum submission requirements for all properties (new construction, rehabilitation and adaptive reuse)
v1.1.2011 Page 13
Low-Income Housing Tax Credit Application For Reservation
A. Rental Assistance
1. Do or will any low-income units receive rental assistance?
Yes No
2. If yes, indicate type of rental assistance:
B. Utilities
1. Monthly Utility Allowance Calculations
v1.1.2011 Page 14
Low-Income Housing Tax Credit Application For Reservation
C. Revenue
1. Indicate the estimated monthly income for the Low-Income Units: **
Total Number of Total Monthly
Unit Type Tax Credit Units Rental Income
Efficiency Units 0 $0
1 Bedroom Units 97 $54,417
2 Bedroom Units 3 $2,040
3 Bedroom Units 0 $0
4 Bedroom Units 0 $0
Total Number of Tax Credit Units 100
Plus Other Income Source (list): Laundry & Tenant Charges $550
Equals Total Monthly Income: $57,007
Twelve Months x12
Equals Annual Gross Potential Income $684,084
Less Vacancy Allowance ( 7.0% ) $47,886
Equals Annual Effective Gross Income (EGI) - Low Income Units $636,198
** 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
1 Bedroom Units 0 $0
2 Bedroom Units 0 $0
3 Bedroom Units 0 $0
4 Bedroom Units 0 $0
Total Number of Market Units 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 97 3 0 0
Efficiency Units
Unit Type / Net Rentable Monthly Rent Total
Rent Targeting Number Units Square Feet Per Unit Monthly Rent
1-Bedroom Units
Net Rentable Monthly Rent Total
Rent Targeting Number Units Square Feet Per Unit Monthly Rent
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: 97 49,513.40 Tax Credit Rent: $ 54,417
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
Market Units: 0 0.00 Total Monthly
1-BR Market Rent: $ -
v1.1.2011 Page 15
2-Bedroom Units
Net Rentable Monthly Rent Total
Rent Targeting Number Units Square Feet Per Unit Monthly Rent
2 BR - 40% 0 0.00 $ - $ -
2 BR - 40% 0 0.00 $ - $ -
2 BR - 40% 0 0.00 $ - $ -
2 BR - 40% 0 0.00 $ - $ -
2 BR - 40% 0 0.00 $ - $ -
2 BR - 40% 0 0.00 $ - $ -
2 BR - 40% 0 0.00 $ - $ -
2 BR - 40% 0 0.00 $ - $ -
2 BR - 40% 0 0.00 $ - $ -
2 BR - 40% 0 0.00 $ - $ -
2 BR - 40% 0 0.00 $ - $ -
2 BR - 40% 0 0.00 $ - $ -
2 BR - 40% 0 0.00 $ - $ -
2 BR - 40% 0 0.00 $ - $ -
2 BR - 40% 0 0.00 $ - $ -
2 BR - 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 $ - $ -
Total 2-BR Total Monthly 2-BR
Tax Credit Units: 3 2,508.30 Tax Credit Rent: $ 2,040
2 BR - Market 0 0.00 $ - $ -
2 BR - Market 0 0.00 $ - $ -
2 BR - Market 0 0.00 $ - $ -
2 BR - Market 0 0.00 $ - $ -
2 BR - Market 0 0.00 $ - $ -
2 BR - Market 0 0.00 $ - $ -
2 BR - Market 0 0.00 $ - $ -
2 BR - Market 0 0.00 $ - $ -
2 BR - Market 0 0.00 $ - $ -
2 BR - Market 0 0.00 $ - $ -
2 BR - Market 0 0.00 $ - $ -
2 BR - Market 0 0.00 $ - $ -
2 BR - Market 0 0.00 $ - $ -
2 BR - Market 0 0.00 $ - $ -
v1.1.2011 2 BR - Market 0 0.00 $ - $ - Page 15
Total 2-BR
Market Units: 0 0.00 Total Monthly
2-BR Market Rent: $ -
3-Bedroom Units
Net Rentable Monthly Rent Total
Rent Targeting Number Units Square Feet Per Unit Monthly Rent
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 $ - $ -
Total 3-BR Total Monthly 3-BR
Tax Credit Units: 0 0.00 Tax Credit Rent: $ -
3 BR - Market 0 0.00 $ - $ -
3 BR - Market 0 0.00 $ - $ -
3 BR - Market 0 0.00 $ - $ -
3 BR - Market 0 0.00 $ - $ -
3 BR - Market 0 0.00 $ - $ -
3 BR - Market 0 0.00 $ - $ -
v1.1.2011 Page 15
3 BR - Market 0 0.00 $ - $ -
3 BR - Market 0 0.00 $ - $ -
3 BR - Market 0 0.00 $ - $ -
3 BR - Market 0 0.00 $ - $ -
3 BR - Market 0 0.00 $ - $ -
3 BR - Market 0 0.00 $ - $ -
3 BR - Market 0 0.00 $ - $ -
3 BR - Market 0 0.00 $ - $ -
3 BR - Market 0 0.00 $ - $ -
Total 3-BR
Market Units: 0 0.00 Total Monthly
3-BR Market Rent: $ -
4-Bedroom Units
Net Rentable Monthly Rent Total
Rent Targeting Number Units Square Feet Per Unit Monthly Rent
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 $ - $ -
Total 4-BR Total Monthly 4-BR
Tax Credit Units: 0 0.00 Tax Credit Rent: $ -
v1.1.2011 Page 15
4 BR - Market 0 0.00 $ - $ -
4 BR - Market 0 0.00 $ - $ -
4 BR - Market 0 0.00 $ - $ -
4 BR - Market 0 0.00 $ - $ -
4 BR - Market 0 0.00 $ - $ -
4 BR - Market 0 0.00 $ - $ -
4 BR - Market 0 0.00 $ - $ -
4 BR - Market 0 0.00 $ - $ -
4 BR - Market 0 0.00 $ - $ -
4 BR - Market 0 0.00 $ - $ -
4 BR - Market 0 0.00 $ - $ -
4 BR - Market 0 0.00 $ - $ -
4 BR - Market 0 0.00 $ - $ -
4 BR - Market 0 0.00 $ - $ -
4 BR - Market 0 0.00 $ - $ -
Total 4-BR
Market Units: 0 0.00 Total Monthly
4-BR Market Rent: $ -
v1.1.2011 Page 15
Low-Income Housing Tax Credit Application For Reservation
D. Operating Expenses
Administrative:
1. Advertising/Marketing $500
2. Office Salaries $0
3. Office Supplies $7,350
4. Office/Model Apartment (type______) $0
5. Management Fee $27,426
4.31% of EGI 274.26 Per Unit
6. Manager Salaries $33,261
7. Staff Unit (s) (type______) $0
8. Legal $200
9. Auditing $12,000
10. Bookkeeping/Accounting Fees $0
11. Telephone & Answering Service $4,650
12. Tax Credit Monitoring Fee $3,030
13. Miscellaneous Administrative $2,000
Total Administrative $90,417
Utilities
14. Fuel Oil $0
15. Electricity $92,000
16. Water $22,000
17. Gas $7,000
18. Sewer $20,000
Total Utility $141,000
Operating:
19. Janitor/Cleaning Payroll $0
20. Janitor/Cleaning Supplies $1,125
21. Janitor/Cleaning Contract $1,275
22. Exterminating $2,400
23. Trash Removal $5,250
24. Security Payroll/Contract $0
25. Grounds Payroll $0
26. Grounds Supplies $2,500
27. Grounds Contract $5,200
28. Maintenance/Repairs Payroll $54,530
29. Repairs/Material $4,650
30. Repairs Contract $3,925
31. Elevator Maintenance/Contract $4,500
32. Heating/Cooling Repairs & Maintenance $500
33. Pool Maintenance/Contract/Staff $0
34. Snow Removal $500
35. Decorating/Payroll/Contract $2,000
36. Decorating Supplies $3,000
37. Miscellaneous $2,000
Operating & Maintenance Totals $93,355
Taxes & Insurance
38. Real Estate Taxes $26,728
39. Payroll Taxes $7,500
40. Miscellaneous Taxes/Licenses/Permits $0
41. Property & Liability Insurance $25,000
42. Fidelity Bond $0
43. Workman's Compensation $500
44. Health Insurance & Employee Benefits $6,000
45. Other Insurance $150
Total Taxes & Insurance $65,878
6544
Total Operating Expense $390,650
D1. Total Oper. Ex. Per Unit $3,907 D2. Total Oper. Ex. As % EGI (from E3) 61.40%
Replacement Reserves (Total # Units X $300 or $250 New Const. Elderly Minimum) $30,300
v1.1.2011 Page 16
Low-Income Housing Tax Credit Application For Reservation
Stabilized
Year 1 Year 2 Year 3 Year 4 Year 5
Eff. Gross Income 636,198 648,922 661,901 675,139 688,641
Less Oper. Expenses 420,950 433,579 446,586 459,983 473,783
Net Income 215,248 215,344 215,315 215,155 214,858
Less Debt Service 176,081 176,081 176,081 176,081 176,081
Cash Flow 39,167 39,263 39,234 39,074 38,778
Debt Coverage Ratio 1.22 1.22 1.22 1.22 1.22
v1.1.2011 Page 17
Low-Income Housing Tax Credit Application For Reservation
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.
A. Off-Site Improvements 0 0 0 0
B. Site Work 0 0 0 0
C. Geothermal System 0 0 0 0
D. Unit Structures (New) 0 0 0 0
E. Unit Structures (Rehab) 2,718,875 0 0 2,718,875
F. Solar Electric System 0 0 0 0
G. Asbestos Removal 0 0 0 0
H. Demolition 0 0 0 0
I. Commercial Space Costs 0 0 0 0
J. Structured Parking Garage 0 0 0 0
K. Subtotal A: (Sum 1A..1J) 2,718,875 0 0 2,718,875
L. General Requirements 163,133 0 0 163,133
M. Builder's Overhead 54,378 0 0 54,378
( 2.0% Contract)
N. Builder's Profit 136,133 0 0 136,133
( 5.0% Contract)
O. Bonding Fee 0 0 0 0
P. Other 0 0 0 0
Q. Contractor Cost
Subtotal (Sum 1K..1P) $3,072,519 $0 $0 $3,072,519
2. Owner Costs
A. Building Permit 5,000 0 0 5,000
B. Arch./Engin. Design Fee 50,000 0 0 50,000
( 500 /Unit)
C. Arch. Supervision Fee 10,000 0 0 10,000
( 100 /Unit)
D. Tap Fees 0 0 0 0
E. Soil Borings 0 0 0 0
v1.1.2011 Page 18
Low-Income Housing Tax Credit Application For Reservation
F. Construction Loan 0 0 0 0
Origination Fee
G. Construction Interest 0 0 0 0
( 0.0% for 0 months)
H. Taxes During Construction 20,250 0 0 0
I. Insurance During Construction 18,750 0 0 0
J. Cost Certification Fee 45,000 0 0 45,000
K. Title and Recording 40,000 18,000 0 20,000
L. Legal Fees for Closing 70,000 30,000 0 0
M. Permanent Loan Fee 44,850 0 0 0
( 0.0% )
N. Other Permanent Loan Fees 0 0 0 0
O. Credit Enhancement 0 0 0 0
P. Mortgage Banker 24,800 5,000 0 5,000
Q. Environmental Study 10,000 0 0 10,000
R. Structural/Mechanical Study 0 0 0 0
S. Appraisal Fee 5,000 0 0 5,000
T. Market Study 3,500 0 0 3,500
U. Operating Reserve 300,000 0 0 0
V. Tax Credit Fee 39,000 0 0 0
W. OTHER $2,010,665 $0 $0 $251,204
(SEE PAGE 19A)
X. Owner Cost
Subtotal (Sum 2A..2W) $2,696,815 $53,000 $0 $404,704
If this application seeks rehab credits only, in which there is no acquisition and no change in ownership, enter the greater of
appraised value or tax assessment value here: $0 Land
(Attach documentation at Tab K) $0 Building
1.1.2011 Page 19
Low-Income Housing Tax Credit Application For Reservation
v1.1.2011 Page 20
Low-Income Housing Tax Credit Application For Reservation
B. Sources of Funds
1. Construction Financing: List individually the sources of construction financing, including any such
loans financed through grant sources:
2. Permanent Financing: List individually the sources of all permanent financing in order of lien position:
v1.1.2011 Page 21
Low-Income Housing Tax Credit Application For Reservation
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) $4,643,327
v1.1.2011 Page 22
Low-Income Housing Tax Credit Application For Reservation
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.
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)
Other Subsidies
v1.1.2011 Page 23
Low-Income Housing Tax Credit Application For Reservation
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.
1. After the mandatory 15-year compliance period, a qualified nonprofit as identified in the
attached nonprofit questionnaire, or local housing authority will have the option to purchase
or the right of first refusal to acquire the development for a price not to exceed the outstanding
debt and exit taxes. Do not select if extended compliance is selected in IX.A above.
v1.1.2011 Page 24
Low-Income Housing Tax Credit Application For Reservation
$83,769 $0 $502,615
Qualified Basis Totals (must agree with VIII-A10)
v1.1.2011 Page 25
Low-Income Housing Tax Credit Application For Reservation
$0 $0 $0
Qualified Basis Totals (must agree with VIII-A10)
$0 $0 $0
Qualified Basis Totals (must agree with VIII-A10)
$0 $0 $0
Qualified Basis Totals (must agree with VIII-A10)
$0 $0 $0
Qualified Basis Totals (must agree with VIII-A10)
$0 $0 $0
Qualified Basis Totals (must agree with VIII-A10)
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.
6. Equals Annual Tax Credit Required to Fund the Equity Gap $546,383
v1.1.2011 Page 26
Low-Income Housing Tax Credit Application For Reservation
F. Statement of Owner
1. that, to the best of its knowledge and belief, all factual information provided herein or in connection
herewith is true and correct, and all estimates are reasonable.
2. that it will at all times indemnify and hold harmless VHDA and its assigns against all losses, costs,
damages, VHDA's expenses, and liabilities of any nature directly or indirectly resulting from, arising out of,
or relating to VHDA's acceptance, consideration, approval, or disapproval of this reservation request and
the issuance or nonissuance of an allocation of credits, grants and/or loan funds in connection herewith.
3. that points will be assigned only for representations made herein for which satisfactory documentation is
submitted herewith and that no revised representations may be made in connection with this application
once the deadline for applications has passed.
4. that this application form, provided by VHDA to applicants for tax credits, including all sections herein
relative to basis, credit calculations, and determination of the amount of the credit necessary to make the
development financially feasible, is provided only for the convenience of VHDA in reviewing reservation
requests; that completion hereof in no way guarantees eligibility for the credits or ensures that the amount
of credits applied for has been computed in accordance with IRC requirements; and that any notations
herein describing IRC requirements are offered only as general guides and not as legal authority.
5. that the undersigned is responsible for ensuring that the proposed development will be comprised of
qualified low-income buildings and that it will in all respects satisfy all applicable requirements of federal
tax law and any other requirements imposed upon it by VHDA prior to allocation, should one be issued.
6. that, for the purposes of reviewing this application, VHDA is entitled to rely upon representations of the
undersigned as to the inclusion of costs in eligible basis and as to all of the figures and calculations relative
to the determination of qualified basis for the development as a whole and/or each building therein
individually as well as the amounts and types of credit applicable thereof, but that the issuance of a
reservation based on such representation in no way warrants their correctness or compliance with IRC
requirements.
7. that VHDA may request or require changes in the information submitted herewith, may substitute its own
figures which it deems reasonable for any or all figures provided herein by the undersigned and may reserve
credits, if any, in an amount significantly different from the amount requested.
8. that reservations of credits are not transferable without prior written approval by VHDA at its sole
discretion.
v1.1.2011 Page 27
2011 LIHTC SELF SCORE SHEET:
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.
3. DEVELOPMENT CHARACTERISTICS:
a. Unit size (See calculations below) Up to 100 100.00
b. Amenities (See calculations below) Up to 70 29.00
c. Project subsidies/HUD 504 accessibility for 5 or 10% of units Y 0 or 50 50.00
or d. HCV payment standard/HUD 504 accessibility for 5 or 10% of units N 0 or 30 0.00
or e. HUD 504 accessibility for 4% of units N 0 or 15 0.00
f. Proximity to public transportation Y10 0, 10 or 20 10.00
g. Development will be Earthcraft or LEED certified 0,15,30,45 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 0.00
Total 244.00
5. SPONSOR CHARACTERISTICS:
a. Developer experience - 3 developments with 3 x units or 6 developments with 1 x units Y 0 or 50 50.00
or b. Developer experience - 1 development with 1 x units N 0 or 10 0.00
c. Developer experience - uncorrected hazard N 0 or -50 0.00
d. Developer experience - noncompliance Enter Total Negative N 0 or -15 0.00
e1. Developer experience - did not build as represented Points Here: 0 0 or -x 0.00
e2. Developer experience - termination of credits by VHDA
v1.1.2011 N 0 or -10 0.00
f. Management company rated unsatisfactory N 0 or -25 0.00
Total 50.00
Amenities:
All units have:
a. 1.5 or 2 Bathrooms 0.00% 0.00
b. Community Room 5.00
c. Brick Walls 0.00% 0.00
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 0.00
k. Geothermal Heat Pump - EPA Energy Star requirements 0.00
l. Solar Electric System - EPA Energy Star requirements 0.00
Total 29.00
All elderly units have:
a. Front-control ranges 0.00
b. Emergency call system 0.00
c. Independent/suppl. heat source 0.00
d. Two eye viewers 0.00
Total 0.00
All v1.1.2011
rehab or adaptive reuse units:
b. Historic structure 0.00
v1.1.2011
$/SF = $116.42 Credits/SF = $7.27 Const $/unit = $30,725
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 500
TYPE OF CONSTRUCTION N C=1; ADPT=2;REHAB(35,000+)=3; REHAB*(15,000-35,000)=4 4 match exactly with the Jurisdiction names 4
*REHABS LOCATED IN BELTWAY ($15,000-$50,000) See Below listed in the Application Manual.
ELDERLY
AS LVG EFF-E 1 BR-E 2 BR-E EFF-E-1 ST 1 BR-E-1 ST 2 BR-E-1 ST
AVG UNIT SIZE 0 0 741 1,079 0 0 0
NUMBER OF UNITS 0 0 97 3 0 0 0
COST PER UNIT POINTS 0.00 0.00 17.06 0.34 0.00 0.00 0.00
CREDIT PER UNIT POINTS 0.00 0.00 70.05 1.79 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
PARAMETER-(COSTS=>50,000) 0 0 0 0 0 0 0 0
PARAMETER-(COSTS<50,000) 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
PARAMETER-(CREDITS=>50,000) 0 0 0 0 0 0 0 0
PARAMETER-(CREDITS<50,000) 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
v1.1.2011
$/SF = $116.42 Credits/SF = $7.27 Const $/unit = $30,725
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 500
TYPE OF CONSTRUCTION N C=1; ADPT=2;REHAB(35,000+)=3; REHAB*(10,000-35,000)=4 4 match exactly with the Jurisdiction names 4
*REHABS LOCATED IN BELTWAY ($10,000-$50,000) See Below listed in the Application Manual.
ELDERLY
AS LVG EFF-E 1 BR-E 2 BR-E EFF-E-1 ST 1 BR-E-1 ST 2 BR-E-1 ST
AVG UNIT SIZE 0 0 741 1,079 0 0 0
NUMBER OF UNITS 0 0 97 3 0 0 0
COST PER UNIT POINTS 0.00 0.00 18.85 0.40 0.00 0.00 0.00
CREDIT PER UNIT POINTS 0.00 0.00 73.14 1.90 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
PARAMETER-(COSTS=>50,000) 0 0 0 0 0 0 0 0
PARAMETER-(COSTS<50,000) 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
PARAMETER-(CREDITS=>50,000) 0 0 0 0 0 0 0 0
PARAMETER-(CREDITS<50,000) 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
v1.1.2011
TAB A
(Documentation of Development Location)
TAB A.1
(Qualified Census Tract Certification)
Qualified Census Tract Certification
1. General Instructions
• This Certification must be included with the Application (by Application Deadline,
3/12/11).
• 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.
Attach a map showing census tract boundaries and the development’s location!
4. Property Description
Attach a property description, e.g. building address, legal description, etc.
SBA HUBZone Locator Page 1 of 2
Address-Town-County Text-Only
U.S. Map Help
Search Version
1201 Spruce St, Martinsville VA, 24112 is located in Martinsville, VA 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.
http://map.sba.gov/hubzone/hzqry.asp 2/26/2011
SBA HUBZone Locator Page 2 of 2
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.
ZIP Code:
Search Reset
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http://map.sba.gov/hubzone/hzqry.asp 2/26/2011
FFIEC Geocoding System Page 1 of 1
Help on Data FFIEC Census Report Back to Geocode Search Contact Us Privacy Policy Disclaimer FFIEC Main
Geocoding System
Maintained by the FFIEC. For suggestions regarding this site, Contact Us.
http://www.ffiec.gov/Geocode/Geocodesearch.aspx?parmString=IKLPymYCDRsq%2bus... 2/26/2011
FFIEC Map Print Page 1 of 1
2010 Information
Street Address 1201 SPRUCE ST
City Name MARTINSVILLE
State Abbr VA
Zip Code 24112
MSA/MD Code NA
State Code 51
County Code 690
Tract Code 0003.00
http://maps.ffiec.gov/FFIECMapper/TGMapSrv.aspx?street_address=1201+SPRUCE+ST... 2/26/2011
TAB A.2
(Revitalization Area Certification)
Revitalization Letter to be provided separately
TAB A.2
(Surveyor’s Certification of Proximity To Public Transportation)
TAB A.2
(Location Map)
Map of 1201 Spruce St, Martinsville, Virginia | MapQuest Page 1 of 1
Notes
Map of:
1201 Spruce St
Martinsville, VA 24112-4537
Directions and maps are informational only. We make no warranties on the accuracy of their content, road conditions or route usability or
expeditiousness. You assume all risk of use. MapQuest and its suppliers shall not be liable to you for any loss or delay resulting from your use of
MapQuest. Your use of MapQuest means you agree to our Terms of Use
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TAB B
(Partnership or Operating Agreement)
State of Delaware
Secretary of State
Division of Corporations
Delivered 05:43 PM 02/02/2011
FILED 05:11 PM 02/02/2011
SRV 110110308 - 4935309 FILE
OF
3. Name and Address of the General Partner. The name and business
address of each General Partner of the Partnership is as follows:
61096.),11
Delaware PAGE I
OF
3. Name and Address of the General Partner. The name and business
address of each General Partner of the Partnership is as follows:
61096.),11
Spruce Village
Spruce Village
Preservation, L.P.
Preservation, L.P.
Spruce
Spruce Village
Village Mark
Mark Carbone
Carbone
Preservation
Preservation GP,
GP, LLC
LLC 99.99%
99.99% Initial
Initial Limited
Limited Partner
Partner
.01%
.01% General
General Partner
Partner
RAP,
RAP, LLC
LLC MRAP,
MRAP, LLC
LLC Affordable
Affordable Holdings,
Holdings, LLC
LLC
69%
69%Member
Member 16%
16%Member
Member 5%
5%Member
Member
The
The Related
Related Companies,
Companies, LP
LP Mark
Mark E.
E. Carbone
Carbone Matthew
MatthewFinkle
Finkle
100%
100%Member
Member 100%
100%Member
Member 100%
100%Member
Member
Stephen
Stephen Ross
Ross Jeff
Jeff Blau
Blau Bruce
Bruce Beal
Beal Michael
Michael Brenner
Brenner
86.5%
86.5% Member
Member 8%
8%Member
Member 4.5%
4.5% Member
Member 1%
1%Member
Member
2/26/2011
TAB C
(VA SCC Certification)
TAB D
(Principal’s Previous Participation Certification)
TAB F
(Architect’s Certification)
EarthCraft Multifamily Professional Training Listing
(This is a list of attendees only as of 2/28/11 and includes persons who are not registered Architects.)
1) Contact Information
Owner/Developer
Name Spruce Village Preservation, L.P.
Contact Person David Pearson
Address 60 Columbus Circle
New York, NY 10023
Phone 212-801-3515
Management Company
Name F&W Management Corporation
Contact Person Deanna Campbell
Address 1201 Spruce Street
Martinsville, VA 24115
Phone 276-632-5156
Individual apartments will also be significantly improved with such items as new kitchen
and bathroom cabinetry and countertops, painting of unit interiors, installation of new
light fixtures and replacement of windows. Replacement of existing kitchen and
bathroom cabinetry will require each resident to remove all of their belongings from their
kitchen and bathrooms prior to work beginning on their apartment. Furniture and
belongings from rooms other than the kitchen and bathroom need not be packed or
moved. Packed-up kitchen and bathroom items may be kept in unaffected rooms and
closets for easy unpacking once work is completed. Renovations in most apartments
should take no more than four days to complete, with potential punch-list work to follow.
Management staff will inform each resident well in advance of the date when their
apartment is to be renovated to allow ample time for packing up belongings.
Renovations of individual apartments are scheduled to begin in Early 2012. Work shall
progress a floor at a time, with all apartments completed on a floor within three to four
weeks. All apartments in all buildings are scheduled for completion by end of 2013.
Spruce Village will not be vacated during renovation since the apartments will be livable
throughout the entirety of the construction. While specific apartments undergo
renovation during the day, the community room will be open to those tenants.
Construction will not proceed into the night.
Spruce Village will also assist its residents in the packing of their kitchen and bathrooms
by providing packing materials such as cardboard boxes, tape, wrapping paper, etc.
Management staff will be available throughout this process to answer questions and
provide any assistance.
Construction crews will be responsible for maintaining a clean, safe site as they perform
their work. Construction work, particularly that which is loud or disturbing, will be
scheduled between 8AM-5PM and ample notice will be provided to all residents prior to
doing any work that requires access to their unit or otherwise affects them.
We will work to ensure that the renovation of the property causes as little inconvenience
to each resident as possible and are confident that each resident will be very happy with
the new Spruce Village.
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)
TAB M
(Zoning Certification Letter)
TAB N
(Copies of 8609’s To Certify Developer Experience)
TAB Q
(Documentation of Rental Assistance)
City of Martinsville (8-11-09 with Council Changes)
Sec. 21-12.5. Limitations on eligibility for partial tax exemption and tax
credit.
(a) The title of the property for which the partial exemption is claimed shall be held,
or partially held, on the first day of the taxable year by the person or persons
claiming the exemption, whether or not that person or persons initially performed
the rehabilitation.
(b) No property owner shall be eligible to apply for the partial tax exemption and tax
credit provided by this article for any property which has delinquent taxes,
penalties, or interest due the city.
(c) If any property, for which an application for the partial tax exemption and tax
credit provided by this article is made, has been damaged or destroyed as a
result of a sudden natural or manmade disaster prior to the application, and that
property will be repaired, rehabilitated or replaced through the use of any
insurance or self-insurance proceeds, then the base value of the property, as
provided herein, shall be computed based upon the fair market value of the
property immediately prior to the sudden disaster. For purposes of this article, a
sudden natural or manmade disaster shall include, but is not limited to damage
or destruction caused by fire, flood, windstorm, and explosion.
Sec. 21-12.6. Failure to pay real estate taxes in a timely manner; forfeiture
of partial exemptions and tax credits, and further qualification limitations.
(a) No tax credit described in Sec. 21-12.4 shall be issued to any owner of any
substantially rehabilitated, renovated or replaced structure if the real estate tax
on that property has not been paid on or before June 5 and December 5 of any
year as required by Sec. 21-2(1) of this Code. Failure to pay the real estate tax
on improved real property in any year on, or before, the date on which the real
estate tax is due shall result in the forfeiture of any partial tax exemption and tax
credti that otherwise would have been applied to the real estate tax due in that
year and in any future year. In such cases, the property shall be removed from
the partial tax exemption program and the annual real estate tax shall be
assessed on the full fair market value of the improved real property. Late
payment of the real estate tax on real property and any substantially
rehabilitated, renovated or replaced structure thereon shall be subject to late
payment penalties and interest in accordance with Sec. 21-3 of this Code.
(b) Notwithstanding any other provision of this article, no improved property which
has qualified for a tax credit in accordance with this article by means of
substantial rehabilitation, renovation or replacement shall be eligible to submit
any application for further tax credits based on subsequent improvements during
the initial or additional tax credit period.
Kitchens
4 Cabinet Replacements 101 $2,400 $242,400
5 Counters 101 $300 $30,300
6 Refrigerators 101 $500 $50,500
GFI Outlets 303 $75 $22,725
7 Ranges 86 $350 $30,100
Dishwashers 101 $350 $35,350
8 Lighting Replacement 101 $75 $7,575
9 Sinks 101 $75 $7,575
10 Faucets 101 $75 $7,575
11 VCT Flooring 101 $250 $25,250
Common Areas
15 Elevator Modernization 2 $150,000 $300,000
16 Hot Water Heater Replacement 1 $65,000 $65,000
17 Community Room Furnishings & Fixtures Lump Sum $55,000 $55,000
18 Office Upgrade (reconfigure, furniture) Lump Sum $40,000 $40,000
Additional Earthcraft requirements 101 $1,000 $101,000
Replace Doors 3 $800 $2,400
20 Hallway Finishes 4 $45,000 $180,000
Site Improvements
21 Landscape Upgrades Lump Sum $15,000 $15,000
22 Repair walks, curbs, ramp Lump Sum $5,000 $5,000
23 Asphalt Parking Lot Repairs and Seal coat/Stripe Lump Sum $20,000 $20,000
24 Exterior Lighting Upgrades Lump Sum $15,000 $15,000
25 Signage Lump Sum $25,000 $25,000
Building Envelope
25 Roof Replacement Lump Sum $225,000 $225,000
Façade Lump Sum $80,000 $80,000
26 Windows 250 $300 $75,000
Kitchens
4 Cabinet Replacements 101 $2,400 $242,400
5 Counters 101 $300 $30,300
6 Refrigerators 101 $500 $50,500
GFI Outlets 303 $75 $22,725
7 Ranges 86 $350 $30,100
Dishwashers 101 $350 $35,350
8 Lighting Replacement 101 $75 $7,575
9 Sinks 101 $75 $7,575
10 Faucets 101 $75 $7,575
11 VCT Flooring 101 $250 $25,250
Common Areas
15 Elevator Modernization 2 $150,000 $300,000
16 Hot Water Heater Replacement 1 $65,000 $65,000
17 Community Room Furnishings & Fixtures Lump Sum $55,000 $55,000
18 Office Upgrade (reconfigure, furniture) Lump Sum $40,000 $40,000
Additional Earthcraft requirements 101 $1,000 $101,000
Replace Doors 3 $800 $2,400
20 Hallway Finishes 4 $45,000 $180,000
Site Improvements
21 Landscape Upgrades Lump Sum $15,000 $15,000
22 Repair walks, curbs, ramp Lump Sum $5,000 $5,000
23 Asphalt Parking Lot Repairs and Seal coat/Stripe Lump Sum $20,000 $20,000
24 Exterior Lighting Upgrades Lump Sum $15,000 $15,000
25 Signage Lump Sum $25,000 $25,000
Building Envelope
25 Roof Replacement Lump Sum $225,000 $225,000
Façade Lump Sum $80,000 $80,000
26 Windows 250 $300 $75,000
To carry out the goals set forth under this Plan, it is necessary to attract qualified
residents from varied social and economic levels for these specially adapted
units. Attraction of prospective residents will be accomplished by using a wide
variety of advertising techniques, which may include broadcasting media,
newspaper advertisements (Martinsville Bulletin), brochures, signs, model
apartments, open houses, etc. All marketing attempts will include the
appropriate Equal Housing logo, slogan, or statement. Any qualified individual
will have the opportunity to apply for an apartment. Applications will be accepted
and processed in a reasonable, prompt, and courteous manner, without regard to
race, color, religion, national origin, sex, elderliness, familial status, or handicap.
Martinsville Bulletin
Advertising Department
204 Broad Street
Martinsville, VA 24112
276-638-8801