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					       Georgia Department of Community Affairs                                                                                                                         Office of Affordable Housing
                                   2011 Application Binder Tabs Checklist For: 2011-012, Veteran Senior Housing - Assisted Living, DeKalb County
           Directions: Place an "X" in the green-shaded boxes beside items secured in the Application Package. Place completed Tabs Checklist in front of Tab 1 in the application binder.
  This tab checklist is formulated to aid applicants in appropriately organizing documentation. It is not meant to be a conclusive list of documentation which is required for an application.
                Applicant's should review the QAP carefully. The application must contain all required documentation which will allow DCA to adequately review each section
                                                                                                                                                                                                            Included
Tab   Required Application Binder Tabs                    Required Tab Contents and Specified Order                                                                                                          in App
Nbr                                                                                                                                                                                                          Binder

                                                          Completed Application Tabs Checklist                                                                                                               Yes
      CORE QAP DOCUMENTATION
1 Project Overview                                        Completed Core Application (Parts I through X)                                                                                                     Yes
                                                          Documents from USDA indicating project is located in rural area (if applicable)                                                                    N/a
                                                          Project Narrative / Project Concept (printed from electronic Core Application)                                                                     Yes
                                                          Copy of Tax Exempt Bond Inducement Resolution, if applicable                                                                                       N/a
                                                          Master Planned Community Documentation                                                                                                             N/a
                                                          Application Certification Letter (Tab X of electronic Core Application)                                                                            Yes
2 Set asides                                              The partnership’s tax returns for the first and final years of credit period                                                                       N/a
         Special Needs Set Aside                          Commitment from DCA Permanent Supportive Housing Program                                                                                           N/a
         CHOICE Neighborhoods / HOPE VI Set Aside         A copy of Grant Assistance Award (form HUD-1044) identifying PHA receiving grant and amount of grant                                               N/a
                                                          Additional documentation reflecting the time limits for use of the HOPE VI funds                                                                   N/a
                                                          A letter from the Executive Director of the identified PHA                                                                                         N/a
                                                          A copy of the HUD approved Revitalization Plan                                                                                                     N/a
         Preservation Set Aside                           IRS Forms 8609 for first and final years of credit period                                                                                          N/a
                                                          Legal opinion that project will meet for the 15 year compliance period requirement specified for the Preservation Set-Aside                        N/a
                                                          Replacement housing factor (RHF) funds documents                                                                                                   N/a
                                                          Section 515 financing documents                                                                                                                    N/a
                                                          Project Based Section 8 contract (Original and Renewal)                                                                                            N/a
                                                          HUD Section 236 decoupling documents                                                                                                               N/a
                                                          HUD/USDA Letter of Priority                                                                                                                        N/a
         Non Profit Set Aside                             IRS Tax-Exempt Status Determination Letter                                                                                                         N/a
                                                          Secretary of State Certification of Nonprofit Status                                                                                               N/a
                                                          General Partnership Joint Venture Agreement if applicable                                                                                          N/a
                                                          Legal Opinion regarding nonprofit tax-exempt status                                                                                                N/a
                                                          Documentation of ALL Nonprofit's ownership interest                                                                                                N/a
                                                          Board of Directors information: name, address, phone, occupation, positions                                                                        N/a
                                                          Development Agreement                                                                                                                              N/a
                                                          By-laws or Articles of Incorporation for Non Profit                                                                                                N/a

3 Project Participants                                    Copies of Performance Workbook for all project participants                                                                                        Yes
                                                          Copies of DCA experience determinations/Waivers                                                                                                    Yes
                                                          Probationary participation approval                                                                                                                N/a
                                                          Explanation documentation, if applicable                                                                                                           N/a
                                                          Detailed statements and dates of all governmental debarments/ suspensions, criminal convictions, indictments, bankruptcies and pending criminal    Yes
                                                          investigations of all Owners and Developers.
                                                          General Partner Organization Documents Including Operating Agreement                                                                               Yes
                                                          Developer Organization Documents                                                                                                                   Yes
                                                          Partnership or Consulting Agreement Between Inexperienced and Experienced Entities, if applies (must have training plan)                           N/a
       e3415f9c-4315-4346-aaa9-881a0bc9dd23.xlsx - May 2011                                Application Tabs Checklist                                                                             1 of 67
       Georgia Department of Community Affairs                                                                                                                     Office of Affordable Housing
                                 2011 Application Binder Tabs Checklist For: 2011-012, Veteran Senior Housing - Assisted Living, DeKalb County
          Directions: Place an "X" in the green-shaded boxes beside items secured in the Application Package. Place completed Tabs Checklist in front of Tab 1 in the application binder.
  This tab checklist is formulated to aid applicants in appropriately organizing documentation. It is not meant to be a conclusive list of documentation which is required for an application.
                Applicant's should review the QAP carefully. The application must contain all required documentation which will allow DCA to adequately review each section
                                                                                                                                                                                                   Included
Tab   Required Application Binder Tabs                   Required Tab Contents and Specified Order                                                                                                  in App
Nbr                                                                                                                                                                                                 Binder
4 Waivers/Preapprovals (Non financial)                   Pre determination of proposed Project Team Qualifications                                                                                  Yes
                                                         Architectural Standards Waiver                                                                                                             N/a
                                                         Amenities Pre-Approval                                                                                                                     N/a
                                                         Tenancy Characteristic Waiver Approval                                                                                                     N/a
                                                         Operating Expense Waiver Approval                                                                                                          N/a
                                                         Payment & Performance Bond Waiver                                                                                                          N/a
                                                         Other Waiver Approval                                                                                                                      N/a
      THRESHOLD DOCUMENTATION
5 Financing Commitments                                  Preliminary Financing Commitments - Debt, Equity, Historic Rehab Credits & Grants (if applicable)                                          Yes
                                                         CDBG documentation, if applicable                                                                                                          N/a
                                                         NSP Reservation and commitments, if applicable                                                                                             N/a
                                                         AHP Commitment and loan documents, if applicable                                                                                           N/a
                                                         Permanent Supportive Housing commitment                                                                                                    N/a
                                                         Documentation of Applicable Index Rate (for interest rates tied to an index), if applicable                                                N/a
                                                         DCA HOME Loan consent pursuant to the pre-application process, if applicable                                                               N/a
                                                         Operating Subsidy Agreements, if applicable                                                                                                N/a
                                                         HUD Under Consideration Letter & Lender Preliminary Commitment for HUD 221(d)3 or (d)4 Program, if applicable                              N/a
                                                         HUD Invitation to Submit, if applicable                                                                                                    N/a
                                                         USDA documentation, if applicable                                                                                                          N/a
                                                         Tax Abatement documentation, if applicable                                                                                                 N/a
                                                         Evidence of PBRA Agreements, if applicable                                                                                                 N/a
                                                         Other Financing Commitments                                                                                                                N/a
                                                         Support Documentation for Tax Exemption                                                                                                    N/a
                                                         Alternate Financing Commitments, if applicable, due on or before 8/17/11.                                                                  N/a

6 Assumption of Existing Debt (if applicable)            Estoppel Letter from Lender containing certifications required relating to assumption of existing debt                                     N/a
                                                         Copy of Original Promissory Note and Amendments                                                                                            N/a
                                                         Copy of Original Loan Agreement and Amendments                                                                                             N/a
                                                         Copy of Original Security Instruments                                                                                                      N/a

7 Operating Utility Allowance (UA)                       Current utility allowance schedule from applicable utility provider to be used by project                                                  Yes

8 Additional Feasibility documents                       Documentation back up for construction costs (i.e., Schedule of Values), insurance and taxes                                               Yes
                                                         DCA Operating expense waiver approval                                                                                                      Yes

9 Market Feasibility                                     Market Study for proposed site                                                                                                             Yes

10 Appraisal                                             Applicant Commissioned Appraisal (if applicable)                                                                                           N/a

11 Environmental Requirements                            Phase I Environmental Study (including all appendices in the format prescribed in the Environmental Manual)                                Yes
                                                         Phase II Environmental Study (if applicable)                                                                                               N/a



       e3415f9c-4315-4346-aaa9-881a0bc9dd23.xlsx - May 2011                               Application Tabs Checklist                                                                     2 of 67
       Georgia Department of Community Affairs                                                                                                                       Office of Affordable Housing
                                 2011 Application Binder Tabs Checklist For: 2011-012, Veteran Senior Housing - Assisted Living, DeKalb County
          Directions: Place an "X" in the green-shaded boxes beside items secured in the Application Package. Place completed Tabs Checklist in front of Tab 1 in the application binder.
  This tab checklist is formulated to aid applicants in appropriately organizing documentation. It is not meant to be a conclusive list of documentation which is required for an application.
                Applicant's should review the QAP carefully. The application must contain all required documentation which will allow DCA to adequately review each section
                                                                                                                                                                                                                   Included
Tab   Required Application Binder Tabs                   Required Tab Contents and Specified Order                                                                                                                  in App
Nbr                                                                                                                                                                                                                 Binder
12 Site Control                                          Executed Warranty Deed, Sales Option Contract or long-term ground lease                                                                                    Yes
                                                         Legal Description of Property                                                                                                                              Yes
                                                         HOME Contract Addendum (If applicable)/or right to withdraw                                                                                                N/a

13 Site Access                                           Appropriate drawings, survey and other documents reflecting roads                                                                                          Yes
                                                         Local Govt commitment for funding of paved roads, and timetable if applicable                                                                              N/a
                                                         Proof of ownership or executed easement of a private drive, if applicable                                                                                  N/a
                                                         Plans and costs for paving private drive, if applicable                                                                                                    N/a

14 Site Zoning                                           Documentation from authorized Local Government Official that details zoning, land use classification and conditions of zoning, explanation of              Yes
                                                         requirements, and any conditions of zoning and classification.
                                                         Copy of Ordinance                                                                                                                                          Yes

15 Operating Utility original letters:                   Letter of availability and capacity from local Natural Gas provider                                                                                        N/a
                                                         Public Water/Sewer Requirement Waiver Approval                                                                                                             N/a
                                                         Letter of availability and capacity from proposed local Electricity provider                                                                               Yes
                                                         Letter of availability and capacity from local public water authority                                                                                      Yes
                                                         Letter of availability and capacity from local public sewer authority                                                                                      Yes
                                                         Evidence of easements necessary to extend utilities (if applicable)                                                                                        N/a
                                                         Verification of Annexation and Improvements (if applicable)                                                                                                N/a

16 Local Government Support and Community                Evidence of public meetings and presentations regarding the proposed project to local government and residents of the community                            Yes
   Engagement                                            Resolutions of support or letters of support from local government officials (may be included, but are not required)                                       Yes
                                                         Other (Explain in "Other" tab section at end of this checklist)                                                                                            N/a

17 Rehabilitation Standards                              Physical Needs Assessment (See Rehabilitation Guide in Architectural Manual)                                                                               N/a
   (Rehab projects)                                      Comprehensive Rehabilitation Work Scope                                                                                                                    N/a

18 Site Info and Development Plan                        Location and Vicinity Map (all parcels for a scattered site must be indicated)                                                                             Yes
   (All Projects New AND Rehab)                          Conceptual Site Development Plan of the property                                                                                                           Yes
                                                         Site Maps & Photographs (photos must be color in all copies)                                                                                               Yes
                                                         Aerial Photos of proposed site                                                                                                                             Yes

19 Qualifications for Project Team (Performance)         Organizational Chart (s) with all entities and individuals in the Project Participant Team organizational structures                                       Yes
                                                         Qualification of Project Participants Determination                                                                                                        Yes
                                                         Real estate properties disclosure                                                                                                                          N/a
                                                         Development fee sharing arrangements                                                                                                                       N/a
                                                         Guarantor agreements                                                                                                                                       N/a
                                                         Consulting agreements - direct or indirect, paid or unpaid                                                                                                 N/a
                                                         Documentation of all pending litigation                                                                                                                    Yes
                                                         Conclusively demonstrative documentation of current ownership and operation of 5 (five) or more successful LIHTC projects in which you own a               Yes
                                                         minimum 20% interest in the General Partner and Development entities


       e3415f9c-4315-4346-aaa9-881a0bc9dd23.xlsx - May 2011                              Application Tabs Checklist                                                                                      3 of 67
       Georgia Department of Community Affairs                                                                                                                         Office of Affordable Housing
                                 2011 Application Binder Tabs Checklist For: 2011-012, Veteran Senior Housing - Assisted Living, DeKalb County
          Directions: Place an "X" in the green-shaded boxes beside items secured in the Application Package. Place completed Tabs Checklist in front of Tab 1 in the application binder.
  This tab checklist is formulated to aid applicants in appropriately organizing documentation. It is not meant to be a conclusive list of documentation which is required for an application.
                Applicant's should review the QAP carefully. The application must contain all required documentation which will allow DCA to adequately review each section
                                                                                                                                                                                                                    Included
Tab   Required Application Binder Tabs                   Required Tab Contents and Specified Order                                                                                                                   in App
Nbr                                                                                                                                                                                                                  Binder
20 Additional HOME/HUD Requirements                      Site & Neighborhood Standards documentation                                                                                                                 Yes
                                                         US Census Tract documentation                                                                                                                               Yes
                                                         Certification for Contracts, Loans and Cooperative Agreements                                                                                               Yes
                                                         Disclosure of Lobbying Activities                                                                                                                           Yes
                                                         Applicant / Recipient Disclosure / Update Report                                                                                                            Yes
                                                         MBE / WBE Outreach Plan Guide form                                                                                                                          Yes
                                                         Affirmative Fair Housing Marketing Plan                                                                                                                     Yes

21 Required Legal Opinions                               Legal Opinion for Assisted Living (as applicable)                                                                                                           Yes
                                                         LIHTC Legal Opinion as to Project Qualification for Acquisition Credits                                                                                     N/a
                                                         Accessibility exemption Legal Opinion (if applicable)                                                                                                       N/a
                                                         Legal opinion for scattered site projects. The legal opinion should address the proposed site plan and must be included as part of the opinion              N/a
                                                         Other legal (Explain in "Other" tab section at end of this checklist)                                                                                       N/a
22 Relocation (if applicable)                            Relocation Displacement Spreadsheet                                                                                                                         N/a
                                                         Detailed Project-Specific Displacement/Relocation Plan and Budget                                                                                           N/a
                                                         Multifamily Tenant Relocation Plan Certification                                                                                                            N/a
                                                         Temporary Relocation Cost Estimate                                                                                                                          N/a
                                                         General Info Notice for Occupants at Time of App / Proof of Delivery                                                                                        N/a
                                                         Occupancy History                                                                                                                                           N/a
                                                         Site Map of Property                                                                                                                                        N/a
                                                         Tenant Household Data Forms                                                                                                                                 N/a
                                                         Site Relocation Survey                                                                                                                                      N/a
23 Marketing To Populations With Disabilities Or         Marketing Plan incorporates outreach efforts to each service provider, homeless shelter or local disability advocacy organization in project's county       N/a
   The Homeless                                          Marketing Plan outlining how the project will market units to tenants with disabilities and the homeless                                                    N/a
                                                         Marketing Plan establishes and maintains relationships between the management agent and community service providers                                         N/a
                                                         Marketing Plan including a referral and screening process, the screening criteria and a plan to provide reasonable accommodations to facilitate the         N/a
                                                         admittance of persons with disabilities or the homeless into the project
      SCORING DOCUMENTATION
24 Desirable / Undesirable Characteristics               Desirable/Undesirable Form                                                                                                                                  Yes
                                                         A site map indicating the specific locations of each desirable and undesirable activity/ characteristics                                                    Yes
                                                         Photographs of the desirable and undesirable activities/characteristics                                                                                     Yes
                                                         Documentation from the owner of the site on which the undesirable condition exists or from a third party government source documenting how such             N/a
                                                         change will occur and the time frame
                                                         Documentation that evidences the desirable activity/characteristic that will be located in sites under construction                                         N/a
25 Community Transportation Options                      Map showing the location of the Rapid Rail Transit station and/or public transit stop in relation to the proposed development site                          Yes
                                                         Documentation from transit authority showing relevant bus route and schedule                                                                                Yes




       e3415f9c-4315-4346-aaa9-881a0bc9dd23.xlsx - May 2011                             Application Tabs Checklist                                                                                        4 of 67
       Georgia Department of Community Affairs                                                                                                                        Office of Affordable Housing
                                 2011 Application Binder Tabs Checklist For: 2011-012, Veteran Senior Housing - Assisted Living, DeKalb County
          Directions: Place an "X" in the green-shaded boxes beside items secured in the Application Package. Place completed Tabs Checklist in front of Tab 1 in the application binder.
  This tab checklist is formulated to aid applicants in appropriately organizing documentation. It is not meant to be a conclusive list of documentation which is required for an application.
                Applicant's should review the QAP carefully. The application must contain all required documentation which will allow DCA to adequately review each section
                                                                                                                                                                                                                    Included
Tab   Required Application Binder Tabs                    Required Tab Contents and Specified Order                                                                                                                  in App
Nbr                                                                                                                                                                                                                  Binder
26 Adaptive Re-Use                                        Documentation on the previous use of the building                                                                                                          N/a
                                                          Photographs of the building that to be reused                                                                                                              N/a
                                                          Documentation of whether or not the building is occupied                                                                                                   N/a
                                                          Narrative of how building will be reused                                                                                                                   N/a

27 Brownfield                                             Evidence of designation as a Brownfield site                                                                                                               N/a
                                                          Opinion letter from either an attorney or a PE that the property appears to meet requirements for issuance of EPD Letter of No Further Action              N/a
                                                          Proposed scope of work for clean up of a site                                                                                                              N/a
                                                          Detailed budget for clean up                                                                                                                               N/a
                                                          Time line for clean up of the site                                                                                                                         N/a

28 Sustainable Communities Certification                  Draft scoring sheet for the development that includes the minimum score under the program to qualify for the designation                                   N/a
                                                          Master site plan for the development                                                                                                                       N/a
                                                          Copy of an executed EarthCraft Communities Memorandum of Participation for the development the project is locating within or LEED-ND registration          N/a
                                                          for the larger development from US Green Building Council

29 Sustainable Building Certification                     Draft scoring sheet for the development that includes the minimum score under the program to qualify for the designation.                                  Yes
                                                          Certification of completion of Southface’s green building for affordable housing training course                                                           Yes

30 Stable Communitities                                   Each page of FFIEC census demonstrating project meets requirements                                                                                         Yes

31 Community Redevelopment /Revitalization Plans and Strategies
      HOPE VI or CHOICE Neighborhoods Initiatives A copy of the HOPE VI or Choice Neighborhoods Revitalization Grant Assistance Award (form HUD-1044) identifying funded PHA and amount                              N/a
                                                          Additional documentation reflecting the time limits for use of the HOPE VI or Choice Neighborhoods funds                                                   N/a
                                                          A certification letter from the Executive Director of the identified PHA                                                                                   N/a
                                                          A copy of the HUD approved Revitalization Plan.                                                                                                            N/a
        Statutory Redevelopment Plans                     Copy of the Plan                                                                                                                                           N/a
                                                          Website address where information regarding the plan can be located                                                                                        N/a
                                                          Copy of Resolution(s) adopting the Plan according to requirements of statute                                                                               N/a
                                                          Documentation of Public Hearing and Publication if required by statute                                                                                     N/a
                                                          Documentation that Plan is current, ongoing and directly affects the site                                                                                  N/a
        Redevelopment Zones                               Copy of Resolution adopting the state enterprise zone                                                                                                      N/a
                                                          Documentation evidencing that the proposed site is located in a QCT/DDA                                                                                    N/a
        Local Redevelopment Plans                         DCA Neighborhood Redevelopment Certification Form                                                                                                          N/a
                                                          Documentation of the process the government used for developing and adopting the plan                                                                      N/a
                                                          Details regarding community input and public hearings held prior to the adoption of the plan                                                               N/a
                                                          Copy of the entire plan                                                                                                                                    N/a
                                                          Evidence of adoption                                                                                                                                       N/a
                                                          Map of area targeted by plan identifying location of project                                                                                               N/a



       e3415f9c-4315-4346-aaa9-881a0bc9dd23.xlsx - May 2011                              Application Tabs Checklist                                                                                       5 of 67
       Georgia Department of Community Affairs                                                                                                                           Office of Affordable Housing
                                    2011 Application Binder Tabs Checklist For: 2011-012, Veteran Senior Housing - Assisted Living, DeKalb County
           Directions: Place an "X" in the green-shaded boxes beside items secured in the Application Package. Place completed Tabs Checklist in front of Tab 1 in the application binder.
  This tab checklist is formulated to aid applicants in appropriately organizing documentation. It is not meant to be a conclusive list of documentation which is required for an application.
                Applicant's should review the QAP carefully. The application must contain all required documentation which will allow DCA to adequately review each section
                                                                                                                                                                                                                   Included
Tab   Required Application Binder Tabs                      Required Tab Contents and Specified Order                                                                                                               in App
Nbr                                                                                                                                                                                                                 Binder
32 Tenant Ownership                                         Copy of Strategy meeting requirements                                                                                                                   N/a

33 Historic Designation                                     Copy of the Georgia DNR-HPD and NPS approved Part 1, Part 2 and, if applying, the Georgia-approved Part A                                               N/a
                                                            Copy of preliminary equity commitment for federal and Georgia historic rehab credits                                                                    N/a
                                                            NPS National Historic Designation documentation on or before 8/17/2011                                                                                  N/a

34 Preservation of Affordable Projects
        Expiring Tax Credit Properties                      Partnership’s tax returns for the first and last years in which credits were claimed, along with the appropriate IRS Forms 8609 attached                N/a
        USDA Properties                                     Documentation from USDA specifying the projects’ High Priority designation                                                                              N/a
        HUD Properties                                      Documentation from HUD specifying the projects High Priority designation                                                                                N/a

35 Tax Credit Experience                                    Letter from closing attorney evidencing final closing of equity and construction has occurred and the date                                              N/a

36 DCA Community Initiatives                                Letter executed by Official Representative                                                                                                              N/a

37 3rd Party Investment in Offsite Amenities                Commitment of Funds                                                                                                                                     N/a
                                                            Detailed Source of Funds                                                                                                                                N/a
                                                            Amount of Investment                                                                                                                                    N/a
                                                            Timeline for Completion                                                                                                                                 N/a
                                                            Description and location of improvements on site map                                                                                                    N/a
                                                            Narrative that includes benefit specific to the tenant base                                                                                             N/a

38 Compliance / Performance                                 DCA Compliance History Form for each project                                                                                                            Yes
                                                            DCA Compliance Certification for each state finance agency from which the Owner/Developer entity, affiliates or principals have received LIHTC          Yes

39 Other                                                    Superior Project Narrative                                                                                                                              Yes
                                                            State Boost Narrative                                                                                                                                   Yes
        (Provide name of each item and what section it is
        needed for)
                 Note: Additional Forms and Documentation required for the 2011 Application Submittal may be obtained on the DCA website at
                                     http://www.dca.state.ga.us/housing/HousingDevelopment/programs/QAP2011docs.asp




       e3415f9c-4315-4346-aaa9-881a0bc9dd23.xlsx - May 2011                                 Application Tabs Checklist                                                                                   6 of 67
                                                          Project Narrative
                                              Veteran Senior Housing - Assisted Living
                                                      Decatur, DeKalb County

 Currently, once a senior can no longer live independently, residing in a nursing homes is one of the few long term care options for
 low- to moderate-income seniors. While assisted living facilities can provide aging seniors with a more desirable community like
 setting, and delay or even prevent the need to being admitted into a nursing home, the high private pay costs make it unaffordable
 for most seniors.
 Housing makes up a substantial portion of the total cost of living in an assisted living facility, land and development costs have a
 considerable impact on affordability. Although many government agencies and private foundations hope to alleviate the situation by
 providing incentives such as loans or subsidies, the funds are fragmented and difficult to access (The Long Term Care Community
 Coalition 2008).

 The demand for affordable senior living solutions is significant and growing exponentially. From 2007 to 2030, the population age 65+
 is projected to grown by 89%, that is more than four times as fast as the population as a whole (+21%). Most of this growth,
 especially over the next 10-15 years, will be amongst the young old (age 65-74) because of the aging of the baby boomers. A better
 barometer for the potential demand for long term care services is the growth in the population age 85 or older, which is expected to
 increase by 74% between 2007 and 2030. The oldest old not only have much higher rates of disability, but they also are much more
 likely to be widowed and without someone to provide assistance with daily activities (AARP Public Policy Institute. Eight Edition.
 2009). The population aged 85 or older, the age group that is most likely to need long term care services, is growing at a dramatic
 rate.

 As a developer, owner and manager of independent senior housing, Integral has observed that there is a growing number of seniors
 who are aging in-place and in need of an affordable assisted living option. Integral has developed 6 independent living senior
 facilities, and one private pay assisted living facility. As our residents age and can no longer live independently or afford to be
 transferred to a private pay facility (typically $3,000 - $5,000 per month in Metro Atlanta), they are forced to lose their independence
 and many times feel like a burden by either residing with a relative or being admitted to a rehabilitation or nursing home. Therefore,
 most residents attempt to hide the fact that they can no longer live independently for fear of being forced to choose one of the
 undesirable alternatives. This is a terrible decision that we force upon our elderly, but nevertheless, it is their frightening reality.
 Furthermore, when these seniors are veterans who have sacrificed life and limb for our freedom, it exacerbates the cruelty of this
 dilemma and highlights the need for making a change.
 Therefore, our initial project to address this problem will be a community for veterans only. As a result of this continued issue,
 Integral’s mission now includes pairing affordable assisted living services with affordable housing for those with low and moderate
 incomes. Veteran Senior Housing – Assisted Living (“VSH”) Facility will be the first of many facilities addressing the needs of veteran
 and non-veteran seniors. VSH will be a new construction, single building with approximately 60 units. VSH is located at
 approximately 3644 Memorial Drive, adjacent to the Wal-Mart Shopping Center. Our project will be in the midst of a vibrant
 community in close proximity to amenities for our residents. Our resident population will consist of 100% veterans. Therefore, in
 addition to being in close proximity to the amenities of the area, our property will also be in close proximity to the VA Medical Center
 located on Clairmont Road. Quality affordable housing availability, along with Health Care, are two of the most important issues
 facing our growing veteran senior population.
 More specifically, there are over 14,000 seniors who are veterans in DeKalb County where there are no affordable assisted living
 options. The only affordable long term care option of scale presently to low income veteran seniors is nursing home care. Our
 project will be designed and operated to allow seniors who are income qualified to choose assisted living services. The building will
 be designed based upon the Lifelong Communities principles of creating a vibrant streetscape, walkable community to the adjacent
 retails business and other services within a 1-mile radius. The building will have a commercial kitchen to offer meals for our
 residents, and other areas such as staff and management offices, resident care room, personal care room, laundry room and medical
 preparation space. Also, there will be a van owned by the facility, to facilitate transportation to medical/doctor appointments as well
 as providing activities for residents outside of the facility.




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                                                            Project Narrative
                                               Veteran Senior Housing - Assisted Living
                                                       Decatur, DeKalb County

 VSH combined demand for affordable assisted living units among veterans in DeKalb County was estimated at 422 persons. The
 proposed 60 units at DeKalb Veteran Senior housing represents only 14.2 percent of that demand (Documented in Tab 9 Market
 Study).
 VSH will be a full service Assisted Living Facility (ALF) that will operate 24 hours per day, 7 days per week, inclusive of serving 3
 meals per day. The service staff will assist residents with the activities of daily living (feeding, ambulating, toileting, grooming,
 bathing, transferring, etc.) as required and with medication management.
 This type of ALF typically costs $3,000 - $5,000 per month. There will be no project based rental assistance; therefore, our residents
 will pay typically between $550 and $685 for rent.

 All units will be private one bedroom and fully handicapped accessible. 100% of the project will be affordable to veteran seniors at or
 below 60% of the Area Median Income. Our residents that elect to receive assisted living services will be qualified to receive Aid and
 Attendance reimbursement from the Veterans Administration.
 Lastly, it is important to understand the human side of what a project like this can mean to the lives of one of our society’s most
 precious resources; our seniors. Below are two real stories that demonstrate why as a society we must to address this issue.




 Edna: A few years ago Edna was roaming the halls or sitting in the library of her independent elderly-designated public housing
 building. Edna was a real bright spot in this building. She was always smiling and had cheerful comments for the staff and other
 residents. She had lived at Town View Terrace since 1992 as a widow living on a social security pension after many years of
 working and raising her family.
 Edna was moved to a nursing home because she was having difficulty cooking and cleaning in addition to forgetting to take her
 medications daily. None of her three children were in a position to take her in or to visit her often. Her life and her close friends were
 at Town View Terrace.


 Several weeks later I had the opportunity to visit Edna in the nursing home. I found her sitting in a chair besides her bed, looking like
 she had lost her best friend. In fact, she had pretty much lost all her friends. She said she had been asked not to walk around and
 visit with other folks as they didn’t have enough staff to keep track of all the residents if they didn’t stay in their rooms or as a part of
 organized activity. While she still appeared to be healthy, she was definitely sad and lonely. My heart ached for Edna.
 I was able to visit Edna only once more sometime later and was extremely saddened to see her still sitting in the same chair but with
 no spirit left. She barely smiled when I walked in the room.
 Edna died in the nursing home alone and without her friends around her. They said she died after a period of declining health. I
 don’t believe it was poor health that caused Edna’s premature death. I believe it was a broken heart. I have been determined since
 then to find a way to help save other precious older citizens from having to suffer the same consequences unnecessarily.
 The majority of our elderly low-income residents are in very much the same predicament as Edna was, and many live every day in
 fear of the day they will be forced to move to a nursing home and lose their independence, friends and family ties.
                        Stan Popp, Executive Director of Wayne Metropolitan Housing Authority, Ohio
                                           Timoteo and Vera: The couple had been married for sixty-seven years and had lived in
 public housing for most of those years until Vera started experiencing symptoms of dementia. Being confined to a wheel-chair,
 Timoteo was not able to assist with the care that Vera was requiring in addition to taking care of the daily household chores such as
 housekeeping, cooking, and laundry. Several months later the housing director was forced to send Vera to a nursing home given her
 state of total neglect and Timoteo’s inability to properly care for her.




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                                                          Project Narrative
                                              Veteran Senior Housing - Assisted Living
                                                      Decatur, DeKalb County

 It was at this time that the building where they both lived was being converted to an assisted living facility, the first public housing
 assisted living project in the nation. After a short meeting with the administrator of the new program, Timoteo enrolled both himself
 and his wife Vera. The next day we visited Vera at the nursing home where she had lived for several months. We found her
 completely naked, sharing a tiny room with ten other women, tied to a bed and weighing less than eighty pounds. Arrangements
 were made to transfer Vera back to her old apartment where Timoteo was waiting for her. Their physical and cognitive health
 improved in just one month after arriving Vera moving back to her home, to the point that Timoteo was no longer using a wheel chair
 and Vera went back to dancing and playing her piano. She was often referred as the soul of the building.


 Timoteo died one year later of a heart attack with Vera at his side. Vera remained at the facility for eight more years and died in her
 sleep surrounded by friends, her cat and the adoring staff members who cared for her over so many years. Timoteo and Vera were
 indeed very lucky to live in a community such as this where they could age in place with dignity.
                                      Conchy Bretos, CEO Mia Senior Living Solutions




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        Georgia Department of Community Affairs                                            2011 Funding Application                                                    Office of Affordable Housing
                                            PART ONE - PROJECT INFORMATION - 2011-012 Veteran Senior Housing - Assisted Living, Decatur, DeKalb County

Please note:                           Blue-shaded cells are unlocked for your use and do not contain references/formulas.                                                           DCA Use Only - Project Nbr:
                                       Green-shaded cells are unlocked for your use and do contain references/formulas that can be overwritten.                                               2011-012

I.        DCA RESOURCES                              LIHTC (auto-filled based on later entries)                      $                 709,882
                                                     DCA HOME (amount from Consent Form)                             $                       -

II.       TYPE OF APPLICATION                        Competitive Round                                      Other:
III.      APPLICANT CONTACT FOR APPLICATION REVIEW
          Name                                       3644 Memorial Senior, LP c/o Vicki Lundy Wilbon                                                           Title         President
          Address                                    60 Piedmont Avenue NE                                                                                     Direct Line               (404) 224-1882
          City                                       Atlanta                                                                                                   Fax                       (404) 224-1899
          State                                      GA                                            Zip+4                    30303-0000                         Cellular
          Office Phone                               (404) 224-1860                                 Ext.                 1882       E-mail        vlwilbon@integral-online.com
          (Enter phone numbers without using hyphens, parentheses, etc - ex: 1234567890)

IV.       PROJECT LOCATION
          Project Name                               Veteran Senior Housing - Assisted Living                                                                  Phased Project?           No
          Site Street Address                        3644 Memorial Drive                                                                                       Scattered Site?           No
          City                                       Decatur                                       9-digit Zip *       30032-0000                              Acreage                   1.32
          Within City Limits?                        No                                            County        DeKalb                                        Census Tract #            231.02
          In USDA Rural Area?                        No                                       HUD MSA/NonMSA Atlanta-Sandy Springs-Marietta                    QCT?          No                DDA? No
                                                           Congressional *                  State Senate                    State House
          Legislative Districts                                  4                               55                              85
          If on boundary, other district:
          Political Jurisdiction                     DeKalb County
          Name of Chief Elected Official             Mr. W. Burrell Ellis, Jr                                                           Title     Chief Executive Officer
          Address                                    330 W. Ponce de Leon Avenue, 6th Floor                                             City      Decatur
          Zip+4                                      30030-0000                   Phone                            (404) 371-2881                     Fax           (404) 371-6291

V.        PROJECT DESCRIPTION                                                                                        * Must be verified by applicant using following websites:
       A. Mixed Use                                        No                                                        Zip Codes                http://zip4.usps.com/zip4/welcome.jsp
       B. Type of Construction:                                                                                      Congressional Districts: http://www.govtrack.us/congress/findyourreps.xpd
          New Construction                                 60
          Adaptive Reuse
          Acquisition/Rehabilitation                                For Acquisition/Rehabilitation, date of original construction:
          Substantial Rehabilitation
          Historic Rehab

        e3415f9c-4315-4346-aaa9-881a0bc9dd23.xlsx - May 2011                                   Part I-Project Information                                                                          10 of 67
        Georgia Department of Community Affairs                                          2011 Funding Application                                                      Office of Affordable Housing
                                       PART ONE - PROJECT INFORMATION - 2011-012 Veteran Senior Housing - Assisted Living, Decatur, DeKalb County

        C. Unit Breakdown                                                                             # of PBRA                D. Unit Area
           Number of Low Income Units                                                    60              Units                    Total Low Income Residential Square Footage                      39,000
                        Number of 50% Units                                              12                                       Total Unrestricted (Market) Residential Square Footage
                        Number of 60% Units                                              48                                       Total Residential Square Footage                                 39,000
           Number of Unrestricted (Market) Units                                                                                  Total Common Space Square Footage from Units
           Total Residential Units                                                       60                                       Total Square Footage from Units                                  39,000
           Common Space Units
           Total Units                                                                   60
        E. Buildings    Number of Residential Buildings                                   1                                       Total Common Area Square Footage from Nonresidential areas       10,000
                        Number of Non-Residential Buildings                                                                       Total Square Footage                                             49,000
                        Total Number of Buildings                                         1
        F. Total Residential Parking Spaces (min 1.5 per unit)                           25

VI.        TENANCY CHARACTERISTICS
        A. Family or Senior                                                       Senior (Elderly)                                If Other, specify:
        B. Mobility Impaired                          Nbr of Units Equipped:              3                                       % of Total Units                                                  5.0%
        C. Sight / Hearing Impaired                   Nbr of Units Equipped:              2                                       % of Total Units                                                  3.3%
        D. Special Needs Units                                    Nbr of Units:                                                   % of Total Units

VII.       RENT AND INCOME ELECTIONS
        A. Tax Credit Election                                                            40% of Units at 60% of AMI
        B. DCA HOME Projects Minimum Set-Aside Requirement (Rent & Income)                                                         20% of HOME-Assisted Units at 50% of AMI                          Yes

VIII.      SET ASIDES
                                                   Nonprofit                                          Rural                                      CHOICE Neighborhoods / HOPE VI
                                                   Preservation                                       Special Needs                              Supplemental (Noncompetitive - see QAP)

IX.        TAX EXEMPT BOND FINANCED PROJECT
           Issuer:                                                                                                                                              Inducement Date:
           Office Street Address                                                                                                                                Applicable QAP:
           City                                                                         State                          Zip+4
           Contact Name                                                                 Title                                                          E-mail
           10-Digit Office Phone                                                        Fax                                        Direct line                                Cellular




        e3415f9c-4315-4346-aaa9-881a0bc9dd23.xlsx - May 2011                                    Part I-Project Information                                                                     11 of 67
       Georgia Department of Community Affairs                                          2011 Funding Application                                                   Office of Affordable Housing
                                         PART ONE - PROJECT INFORMATION - 2011-012 Veteran Senior Housing - Assisted Living, Decatur, DeKalb County

X.       AWARD LIMITATIONS FOR CURRENT DCA COMPETITIVE ROUND
         The following sections apply to all direct and indirect Owners, Developers and Consultants (Entity and Principal) :
      A. Number of Applications Submitted:                                              3
      B. Amount of Federal Tax Credits in All Applications:                          2,409,882
      C. Names of Projects in which an Owner, Developer and Consultant(s) and each of its principals has a direct or indirect Ownership interest:
         Project Participant                Name of Project                                        Project Participant                   Name of Project
         Grady Multfamily II, LP                       Ashley Auburn Pointe II                                   Atlanta Housing Authority                Veranda at Centennial Place
                                                       Ashley
         The Housing Authority of the City of Atlanta, GeorgiaAuburn Pointe II                                   3644 Memorial Senior LP                  Veteran Senior Housing - Assisted Living
         Integral Development, LLC                     Ashley Auburn Pointe II                                   3644 Memorial Senior GP, LLC             Veteran Senior Housing - Assisted Living
         Grady Multifamily GP II, LLC                  Ashley Auburn Pointe II                                   Integral Development, LLC                Veteran Senior Housing - Assisted Living
         Centennial Senior Partnership I, LP           Veranda at Centennial Place                               12
         Centennial Senior GP I, LLC                   Veranda at Centennial Place                               13
         Integral Development, LLC                     Veranda at Centennial Place                               14

      D. Names of Projects in which the Owner, Developer and Consultant(s) and each of its principals is partnering with an inexperienced unrelated entity for purposes of meeting DCA
         Experience Requirements:
         Project Participant                Name of Project                                        Project Participant                   Name of Project
         1                                                                                                       8
         2                                                                                                       9
         3                                                                                                       10
         4                                                                                                       11
         5                                                                                                       12
         6                                                                                                       13
         7                                                                                                       14

XI.      PRESERVATION                                                                   No
      A. Subsequent Allocation
         Year of Original Allocation
         Original GHFA/DCA Project Number
         First Year of Credit Period                                                                                          First Building ID Nbr in Project                         GA-
         Expiring Tax Credit (15 Year)                                                                                        Last Building ID Nbr in Project                          GA-
         Date all buildings will complete 15 yr Compliance pd
      B. Expiring Section 8
      C. Expiring HUD or USDA
         HUD funded affordable nonpublic housing project                                                                      HUD funded affordable public housing project
         USDA funded affordable nonpublic housing project

       e3415f9c-4315-4346-aaa9-881a0bc9dd23.xlsx - May 2011                                  Part I-Project Information                                                                              12 of 67
       Georgia Department of Community Affairs                                              2011 Funding Application                                        Office of Affordable Housing
                                          PART ONE - PROJECT INFORMATION - 2011-012 Veteran Senior Housing - Assisted Living, Decatur, DeKalb County

XII.     ADDITIONAL PROJECT INFORMATION
      A. PHA Units
         Is proposed project part of a local public housing replacement program?                                          No
         Number of Public Housing Units reserved and rented to public housing tenants:                                              % of Total Residential Units
         Nbr of Units Reserved and Rented to PHA Tenants w/ PBRA or Households on Waiting List:                                     % of Total Residential Units
         Local PHA                                                                                                                  Contact
         Street Address                                                                                                             Email
         City                                                                              Zip+4                                    Direct line
         Area Code / Phone                                                       Fax                                                Cellular
      B. Existing properties: currently an Extention of Cancellation Option?                 No      If yes, expiration year:                        Nbr yrs to forgo cancellation option:
      C. Is there a Tenant Ownership Plan?                                                   No
      D. Is the Project Currently Occupied?                                                  No
         Total Existing Units
         Number Occupied
         % Existing Occupied
      E. Waivers and/or Pre-Approvals - have the following waivers and/or pre-approvals been approved by DCA?
         Amenities?                                                                          No                                     Other Tenancy?                                                 No
         Architectural Standards?                                                            No                                     Probationary Participation?                                    No
         HOME Consent?                                                                       No                                     Service Requirement (for small rural projects)?                No
         Qualification Determination?                                                       Yes                                     Payment & Performance Bond?                                    No
         Pre-determination of Qualification to Compete?                                     Yes
         Operating Expense?                                                                  No   ---------------------------> If Yes, new Limit is:
         Other (specify waiver):                                                             No
      F. Projected Place-In-Service Date
         Acquisition
         Rehab
         New Construction                                                              December 31, 2013
XIII.    APPLICANT COMMENTS AND CLARIFICATIONS                                                                      XV.             DCA COMMENTS - DCA USE ONLY
The Veteran Senior Housing - Assisted Living is the first Affordable Assisted Living Community in DeKalb County. The site is
located in a stable community with a poverty rate of 13.1 percent. The site is located with 5 miles of the VA Medical and
Administration Office for Atlanta, GA
The Veteran Senior Housing - Assisted Living submitted and received Special Land Use Permit (SLUP) under the OCR Zoning
Ordinance, to construct a four-story Veteran Senior Housing - Assisted Living Facility.




       e3415f9c-4315-4346-aaa9-881a0bc9dd23.xlsx - May 2011                                     Part I-Project Information                                                                   13 of 67
     Georgia Department of Community Affairs                                        2011 Funding Application                                                        Office of Affordable Housing
                              PART TWO - DEVELOPMENT TEAM INFORMATION - 2011-012 Veteran Senior Housing - Assisted Living, Decatur, DeKalb County

I.   OWNERSHIP INFORMATION

     A. OWNERSHIP ENTITY                            3644 Memorial Senior I LP                                                                 Name of Principal       Egbert Perry
            Office Street Address                   60 Piedmont Avenue NE                                                                     Title of Principal      CEO
            City                                    Atlanta                               Fed Tax ID:                                         Direct line             (404) 224-1861
            State                                       GA       Zip+4 *            30303-0000        HQ Congressional District *             Cellular
            10-Digit Office Phone / Ext.            (404) 224-1860              1861         Fax           (404) 224-1899              E-mail eperry@integral-online.com
              (Enter phone numbers without using hyphens, parentheses, etc - ex: 1234567890)          * Must be verified by applicant using following websites:
     B. PROPOSED PARTNERSHIP INFORMATION                                                           Zip Codes                                  http://zip4.usps.com/zip4/welcome.jsp
        1. GENERAL PARTNER(S)                                                                      Congressional Districts:                   http://www.govtrack.us/congress/findyourreps.xpd
           a. Managing Gen'l Partner             3644 Memorial Senior I GP LLC                                                              Name of Principal       Egbert Perry
              Office Street Address              60 Piedmont Avenue NE                                                                      Title of Principal      CEO
              City                               Atlanta                                                                                    Direct line             (404) 224-1861
              State                                  GA      Zip+4 *        30303-0000             HQ Congressional District *              Cellular
              10-Digit Office Phone / Ext.       (404) 225-1860          1861        Fax                 (404) 224-1899              E-mail eperry@integral-online.com
           b. Other General Partner                                                                                                           Name of Principal
              Office Street Address                                                                                                           Title of Principal
              City                                                                                                                            Direct line
              State                                            Zip+4                                                                          Cellular
              10-Digit Office Phone / Ext.                                               Fax                                         E-mail
           c. Other General Partner                                                                                                           Name of Principal
              Office Street Address                                                                                                           Title of Principal
              City                                                                                                                            Direct line
              State                                            Zip+4                                                                          Cellular
              10-Digit Office Phone / Ext.                                               Fax                                         E-mail
        2. LIMITED PARTNERS (PROPOSED OR ACTUAL)
           a. Federal Limited Partner            RBC Capital Markets                                                                        Name of Principal     Brian C. Flanagan
              Office Street Address              2101 Rexford Road, Suite 375W                                                              Title of Principal    Regional Director
              City                               Charlotte                                                                                  Direct line           (980) 233-6462
              State                                  NC       Zip+4         28211-0000                                                      Cellular
              10-Digit Office Phone / Ext.       (980) 233-6462                      Fax                                             E-mail brian.flanagan@rbc.com
           b. State Limited Partner              RBC Capital Markets                                                                        Name of Principal     Brian C. Flanagan
              Office Street Address              2101 Rexford Road, Suite 375W                                                              Title of Principal    Regional Director
              City                               Charlotte                                                                                  Direct line           (980) 233-6462
              State                                  NC       Zip+4         28211-0000                                                      Cellular
              10-Digit Office Phone / Ext.       (980) 233-6462                      Fax                                             E-mail brian.flanagan@rbc.com




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   Georgia Department of Community Affairs                              2011 Funding Application                                             Office of Affordable Housing
                           PART TWO - DEVELOPMENT TEAM INFORMATION - 2011-012 Veteran Senior Housing - Assisted Living, Decatur, DeKalb County

      3. NONPROFIT SPONSOR
            Nonprofit Sponsor                                                                                           Name of Principal
            Office Street Address                                                                                       Title of Principal
            City                                                                                                        Direct line
            State                                         Zip+4                                                         Cellular
            10-Digit Office Phone / Ext.                                     Fax                               E-mail

II. DEVELOPER(S)

   A. DEVELOPER                            Integral Development LLC                                                   Name of Principal       Vicki Lundy Wilbon
           Office Street Address           60 Piedmont Avenue NE                                                      Title of Principal      President & COO
           City                            Atlanta                                                                    Direct line             (404) 224-1882
           State                               GA        Zip+4       30303-0000                                       Cellular                (404) 229-7238
           10-Digit Office Phone / Ext.    (404) 224-1860         1882        Fax          (404) 224-1899      E-mail vlwilbon@integral-online.com
   B. CO-DEVELOPER 1                                                                                                    Name of Principal
           Office Street Address                                                                                        Title of Principal
           City                                                                                                         Direct line
           State                                          Zip+4                                                         Cellular
           10-Digit Office Phone / Ext.                                      Fax                               E-mail
   C. CO-DEVELOPER 2                                                                                                    Name of Principal
           Office Street Address                                                                                        Title of Principal
           City                                                                                                         Direct line
           State                                          Zip+4                                                         Cellular
           10-Digit Office Phone / Ext.                                      Fax                               E-mail
   D. DEVELOPMENT CONSULTANT                                                                                            Name of Principal
           Office Street Address                                                                                        Title of Principal
           City                                                                                                         Direct line
           State                                          Zip+4                                                         Cellular
           10-Digit Office Phone / Ext.                                      Fax                               E-mail




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   Georgia Department of Community Affairs                                2011 Funding Application                                           Office of Affordable Housing
                           PART TWO - DEVELOPMENT TEAM INFORMATION - 2011-012 Veteran Senior Housing - Assisted Living, Decatur, DeKalb County

III. OTHER PROJECT TEAM MEMBERS

   A. OWNERSHIP CONSULTANT                                                                                              Name of Principal
          Office Street Address                                                                                         Title of Principal
          City                                                                                                          Direct line
          State                                           Zip+4                                                         Cellular
          10-Digit Office Phone / Ext.                                         Fax                             E-mail
   B. GENERAL CONTRACTOR                   IBG Construction Services LLC                                              Name of Principal   Kenneth Chestnut
          Office Street Address            100 Auburn Avenue NE Suite 200                                             Title of Principal  COO
          City                             Atlanta                                                                    Direct line         (404) 224-1871
          State                                GA       Zip+4         30303-0000                                      Cellular
          10-Digit Office Phone / Ext.     (404) 224-1871                      Fax          (404) 224-5177     E-mail kchestnut@ibgcs.com
   C. MANAGEMENT COMPANY                   Integral Property Management LLC                                           Name of Principal     Denise Koehl
          Office Street Address            100 Auburn Avenue NE Suite 200                                             Title of Principal    COO
          City                             Atlanta                                                                    Direct line           (404) 526-1882
          State                                GA        Zip+4       30303-0000                                       Cellular
          10-Digit Office Phone / Ext.     (404) 223-0588                     Fax           (404) 223-3201     E-mail DKoehl@integral-online.com
   D. ATTORNEY                             Arnall Golden Gregory                                                      Name of Principal   Jonathan Eady
          Office Street Address            171 17th Street NW Suite 2100                                              Title of Principal  Principal
          City                             Atlanta                                                                    Direct line         (404) 873-8656
          State                                GA       Zip+4         30363-0000                                      Cellular
          10-Digit Office Phone / Ext.     (404) 873-8656                      Fax          (404) 873-8657     E-mail jonathan.eady@agg.com
   E. ACCOUNTANT                           Habif, Arogeti & Wynne, L.L.P                                              Name of Principal     Allison Fossyl
          Office Street Address            Five Concourse Parkway, Suite 1000                                         Title of Principal    Senior Manager
          City                             Atlanta                                                                    Direct line           (770) 353-7115
          State                                GA        Zip+4         30328-0000                                     Cellular
          10-Digit Office Phone / Ext.     (404) 892-9651                       Fax         (770) 351-3271     E-mail alison.fossyl@hawcpa.com
   F. ARCHITECT                            Joe Lancaster                                                              Name of Principal     Joe Lancaster
           Office Street Address           255 Village Parkway, Suite 630                                             Title of Principal    Principal
           City                            Marietta                                                                   Direct line           (770) 955-2421
           State                               GA       Zip+4          30067-0000                                     Cellular
           10-Digit Office Phone / Ext.    (770) 955-2421                       Fax         (770) 955-2480     E-mail Jlancaster@jlainc.com




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     Georgia Department of Community Affairs                                                  2011 Funding Application                                                 Office of Affordable Housing
                                 PART TWO - DEVELOPMENT TEAM INFORMATION - 2011-012 Veteran Senior Housing - Assisted Living, Decatur, DeKalb County

IV. OTHER REQUIRED INFORMATION (Answer each of the questions below for each participant listed below.)
                    1. Has this entity    2. Is       3. Has any person,         4. Does this entity have      5. Does this entity have    6. Has this entity ever  7. Applicable    8. Project Ownership
                   withdrawn or been       this      principal, or agent for    an identity of interest with     an identity of interest      been debarred or      Organizational        Percentage
                 involuntarily removed   entity a     this entity ever been       any other entity in this     with any member, officer, suspended from any local, Type (For Profit,
                    from a HOME or        MBE/       convicted of a felony        chart? If yes, attach        or employee of DCA? If state, or federal housing Nonprofit, CHDO)
 Participant      LIHTC project in the
                                          WBE?       (Yes or No)?. If yes,            explanation.             yes, attach explanation. program? If yes, attach
                last 36 months (Y/N)?
                                                      attach explanation.                                                                       explanation.
                       If Y, attach
                      explanation.

Manage GP                 No               Yes                 No                            Yes                           No                      No                                              0.0100%
Other GP1
Other GP2
Federal LP                No                No                 No                            No                            No                      No                                            98.9900%
State LP                  No                No                 No                            No                            No                      No                                             1.0000%
NP Sponsor
Developer                 No               Yes                 No                            Yes                           No                      No
Co-Develpr 1
Co-Develpr 2
Ownr Consult
Dev Consult
Contractor                No               Yes                 No                            Yes                           No                      No
Mgt Co                    No               Yes                 No                            Yes                           No                      No
                                                                                                                                                                              Total             100.0000%

V.      APPLICANT COMMENTS AND CLARIFICATIONS                                                                                              VI.      DCA COMMENTS - DCA USE ONLY
The General Contractor and Management Company have an Identity of Interest with the Managing General Partner and Developer through
their affiliation with The Integral Group LLC.


RBC will acquire 98.99% interest in the LIHTC, RBC Tax Credit Manager II, Inc. (“RBC Manager”) will acquire a .001% interest in the
LIHTC, RBC State Credit Partner, its successors and assigns, will acquire 100% of the STC, as well as 1% of the LIHTC (collectively, the
“Interest”) in the Partnership. The LOI is included in Tab 5




     e3415f9c-4315-4346-aaa9-881a0bc9dd23.xlsx - May 2011                                       Part II-Development Team                                                                       17 of 67
      Georgia Department of Community Affairs                                         2011 Funding Application                                                    Office of Affordable Housing
                                       PART THREE - SOURCES OF FUNDS - 2011-012 Veteran Senior Housing - Assisted Living, Decatur, DeKalb County


I.       GOVERNMENT FUNDING SOURCES (check all that apply)

            Yes       Tax Credits                         DCA HOME* --> amt from DCA Consent Ltr:                                                            Historic Rehab Credits
                      Tax Exempt Bonds                    DCA PSHP HOME*                                               CDBG                                  FHA Insured Mortgage
                      Taxable Bonds              Yes      Other HOME*                                                  FHA Risk Share                        Other NSP* - Amount:
                      USDA 515                            USDA 538                             HOPE VI                 FHLB / AHP*                           Other - describe here
         *This source may possibly trigger Uniform Relocation Act and/or HUD 104(d) reqmts. Check with source. For DCA HOME, refer to Relocation Manual. NSP = Neighborhood Stabilization Program


II.      CONSTRUCTION FINANCING

         Financing Type                                                            Name of Financing Entity                                Amount            Effective Interest Rate    Term (In Months)
         Mortgage A                                                               DeKalb County HOME Loan                                         500,000           0.000%                     24
         Mortgage B
         Mortgage C
         Federal Grant
         State, Local, or Private Grant
         Deferred Developer Fees
         Federal Housing Credit Equity                                            RBC Capital Market                                            3,532,191
         State Housing Credit Equity                                              RBC Capital Market                                            1,774,705
         Other Type (specify)
         Other Type (specify)
         Other Type (specify)
         Total Construction Financing:                                                                                                          5,806,896
         Total Construction Period Costs from Development Budget:                                                                               5,806,896
         Surplus / (Shortage) of Construction funds to Construction costs:                                                                               0




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       Georgia Department of Community Affairs                                           2011 Funding Application                                                  Office of Affordable Housing
                                      PART THREE - SOURCES OF FUNDS - 2011-012 Veteran Senior Housing - Assisted Living, Decatur, DeKalb County

III.      PERMANENT FINANCING
                                                                                                                 Effective      Term       Amort.   Annual Debt Service                        Target
          Financing Type                    Name of Financing Entity                    Principal Amount         Int Rate      (Years)    (Years)      in Year One            Loan Type         DCR
          N/A                               Neither                                                       0      0.000%           0          0                                Amortizing         n/a
          Mortgage A                        DeKalb HOME Loan                                        500,000      2.500%          10         10                   56,562       Amortizing
          Mortgage B
          Other:
          Grant from foundation or charity
          Deferred Devlpr Fee        0.06% Integral Development                                          533     4.050%             1       1                                 Cash Flow
          Federal Grant
          State, Local, or Private Grant                                                                             Equity Check          +/-
          Federal Housing Credit Equity     RBC Capital Market                                    5,323,583           5,324,115                 -532 Proposed DCA HOME Loan Interest Rate by Operating
          State Housing Credit Equity       RBC Capital Market                                    1,774,705           1,774,705                    0           Year for Projects in Rural Areas:
          Historic Credit Equity                                                                                                                      Year:      1 -7        8         9         10
          Invstmt Earnings: T-E Bonds                                                                                                                 Rate:
          Invstmt Earnings: Taxable Bonds                                                                                                              11         12        13         14        15
          Income from Operations
          Other:                                                                                                                                        16        17        18         19        20
          Other:
          Other:                                                                                                                                        21        22        23         24        25
          Total Permanent Financing:                                                        7,598,821
          Total Development Costs from Development Budget:                                  7,598,820                                                   26        27        28         29        30
          Surplus/(Shortage) of Permanent funds to development costs:                           0
IV.       APPLICANT COMMENTS AND CLARIFICATIONS                                                                               IV.        DCA COMMENTS - DCA USE ONLY
The applicant has applied for funding for a HOME Loan from DeKalb County, GA. A copy of the letter from DeKalb County
Planning Department outlining the terms is included in Tab 5, Financing Commitments.



RBC will acquire 98.99% interest in the LIHTC, RBC Tax Credit Manager II, Inc. (“RBC Manager”) will acquire a .001%
interest in the LIHTC, RBC State Credit Partner, its successors and assigns, will acquire 100% of the STC, as well as 1% of
the LIHTC (collectively, the “Interest”) in the Partnership. The LOI is included in Tab 5




       e3415f9c-4315-4346-aaa9-881a0bc9dd23.xlsx - May 2011                                 Part III A-Sources of Funds                                                                     19 of 67
                               2011 Office of Affordable Housing Funding Application
                                   USDA 538 Guaranteed Loan Calculations
PART III B: USD 538 LOAN - 2011-012 Veteran Senior Housing - Assisted Living, Decatur, DeKalb County

                                                  I. Data Input
 Loan Amount:                                                                       $0.00                    $0.00
 Interest Rate:           USDA Spread               0.00%           (aka Interest Assistance Rate in USDA Handbook)
                          Effective Rate                            (Effective Interest Assistance Rate in USDA Handbook)
 USDA Annual Fee                                    0.00%           (per annum)
 Loan Term (yrs)
 Amortization Pd (yrs)
 Annual P & I                                       #NUM!                  #NUM!                    #NUM!
 Monthly P & I                                      #NUM!                  #NUM!                    #NUM!

                                 II. Interest Credit / USDA Annual Guaranty Fee
          Year               Interest Credit    Guarantee Fee                     Annual Debt Svc
            1                     $0.00            $0.00                              $0.00
            2                     $0.00            $0.00                              $0.00
            3                     $0.00            $0.00                              $0.00
            4                     $0.00            $0.00                              $0.00
            5                     $0.00            $0.00                              $0.00
            6                     $0.00            $0.00                              $0.00
            7                     $0.00            $0.00                              $0.00
            8                     $0.00            $0.00                              $0.00
            9                     $0.00            $0.00                              $0.00
           10                     $0.00            $0.00                              $0.00
           11                     $0.00            $0.00                              $0.00
           12                     $0.00            $0.00                              $0.00
           13                     $0.00            $0.00                              $0.00
           14                     $0.00            $0.00                              $0.00
           15                     $0.00            $0.00                              $0.00
           16                     $0.00            $0.00                              $0.00
           17                     $0.00            $0.00                              $0.00
           18                     $0.00            $0.00                              $0.00
           19                     $0.00            $0.00                              $0.00
           20                     $0.00            $0.00                              $0.00
           21                     $0.00            $0.00                              $0.00
           22                     $0.00            $0.00                              $0.00
           23                     $0.00            $0.00                              $0.00
           24                     $0.00            $0.00                              $0.00
           25                     $0.00            $0.00                              $0.00
           26                     $0.00            $0.00                              $0.00
           27                     $0.00            $0.00                              $0.00
           28                     $0.00            $0.00                              $0.00
           29                     $0.00            $0.00                              $0.00
           30                     $0.00            $0.00                              $0.00
           31                     $0.00            $0.00                              $0.00
           32                     $0.00            $0.00                              $0.00
           33                     $0.00            $0.00                              $0.00
           34                     $0.00            $0.00                              $0.00
           35                     $0.00            $0.00                              $0.00
           36                     $0.00            $0.00                              $0.00
           37                     $0.00            $0.00                              $0.00
           38                     $0.00            $0.00                              $0.00
           39                     $0.00            $0.00                              $0.00
           40                     $0.00            $0.00                              $0.00


Georgia Department of Community Affairs        Part III B-USDA 538 Loan                                               20 of 67
                               2011 Office of Affordable Housing Funding Application
                                   USDA 538 Guaranteed Loan Calculations
                         2011-012 Veteran Senior Housing - Assisted Living, Decatur, DeKalb County
                                              III. Amortization Schedule
         Month                   P&I Payment                 Interest            Principal           Balance       Year
          Close                                                                                            $0.00
            1                             $0.00                $0.00                $0.00                  $0.00
            2                             $0.00                $0.00                $0.00                  $0.00
            3                             $0.00                $0.00                $0.00                  $0.00
            4                             $0.00                $0.00                $0.00                  $0.00
            5                             $0.00                $0.00                $0.00                  $0.00
            6                             $0.00                $0.00                $0.00                  $0.00
            7                             $0.00                $0.00                $0.00                  $0.00
            8                             $0.00                $0.00                $0.00                  $0.00
            9                             $0.00                $0.00                $0.00                  $0.00
           10                             $0.00                $0.00                $0.00                  $0.00
           11                             $0.00                $0.00                $0.00                  $0.00
           12                             $0.00                $0.00                $0.00                  $0.00     1
           13                             $0.00                $0.00                $0.00                  $0.00
           14                             $0.00                $0.00                $0.00                  $0.00
           15                             $0.00                $0.00                $0.00                  $0.00
           16                             $0.00                $0.00                $0.00                  $0.00
           17                             $0.00                $0.00                $0.00                  $0.00
           18                             $0.00                $0.00                $0.00                  $0.00
           19                             $0.00                $0.00                $0.00                  $0.00
           20                             $0.00                $0.00                $0.00                  $0.00
           21                             $0.00                $0.00                $0.00                  $0.00
           22                             $0.00                $0.00                $0.00                  $0.00
           23                             $0.00                $0.00                $0.00                  $0.00
           24                             $0.00                $0.00                $0.00                  $0.00     2
           25                             $0.00                $0.00                $0.00                  $0.00
           26                             $0.00                $0.00                $0.00                  $0.00
           27                             $0.00                $0.00                $0.00                  $0.00
           28                             $0.00                $0.00                $0.00                  $0.00
           29                             $0.00                $0.00                $0.00                  $0.00
           30                             $0.00                $0.00                $0.00                  $0.00
           31                             $0.00                $0.00                $0.00                  $0.00
           32                             $0.00                $0.00                $0.00                  $0.00
           33                             $0.00                $0.00                $0.00                  $0.00
           34                             $0.00                $0.00                $0.00                  $0.00
           35                             $0.00                $0.00                $0.00                  $0.00
           36                             $0.00                $0.00                $0.00                  $0.00     3
           37                             $0.00                $0.00                $0.00                  $0.00
           38                             $0.00                $0.00                $0.00                  $0.00
           39                             $0.00                $0.00                $0.00                  $0.00
           40                             $0.00                $0.00                $0.00                  $0.00
           41                             $0.00                $0.00                $0.00                  $0.00
           42                             $0.00                $0.00                $0.00                  $0.00
           43                             $0.00                $0.00                $0.00                  $0.00
           44                             $0.00                $0.00                $0.00                  $0.00
           45                             $0.00                $0.00                $0.00                  $0.00
           46                             $0.00                $0.00                $0.00                  $0.00
           47                             $0.00                $0.00                $0.00                  $0.00
           48                             $0.00                $0.00                $0.00                  $0.00     4




Georgia Department of Community Affairs           Part III B-USDA 538 Loan                                         21 of 67
                                     2011 Office of Affordable Housing Funding Application
                                         HUD Insured Mortgage Loan Calculations
PART III C - HUD INSURED LOAN - 2011-012 Veteran Senior Housing - Assisted Living, Decatur, DeKalb County

                                                          I. Data Input

   Loan Amount:                                                                    NOTE: If this section is completed,
                                                                                   then Applicant must also complete
   Interest Rate:                    Investor Rate                                 the "Additional HUD Requirements"
                                     Servicing Fee                                 section in the Threshold Criteria tab.
                                     GNMA Gty Fee
                                     Effective Rate                0.000%

   HUD Mortgage Insurance Premium                                                  per annum

   Loan Term                                                                       years

   Amortization Period                                                             years

   Annual Debt Service at Effective Rate                           #NUM!           (Excluding MIP)

   Monthly Debt Service at Effective Rate                          #NUM!           (Excluding MIP)




                                 II. HUD Mortgage Insurance Premium / Debt Service


     Year              MIP             Annual Debt Svc              Year                   MIP         Annual Debt Svc
       1              $0.00                  $0.00                    21                   $0.00             $0.00
       2              $0.00                  $0.00                    22                   $0.00             $0.00
       3              $0.00                  $0.00                    23                   $0.00             $0.00
       4              $0.00                  $0.00                    24                   $0.00             $0.00
       5              $0.00                  $0.00                    25                   $0.00             $0.00
       6              $0.00                  $0.00                    26                   $0.00             $0.00
       7              $0.00                  $0.00                    27                   $0.00             $0.00
       8              $0.00                  $0.00                    28                   $0.00             $0.00
       9              $0.00                  $0.00                    29                   $0.00             $0.00
      10              $0.00                  $0.00                    30                   $0.00             $0.00
      11              $0.00                  $0.00                    31                   $0.00             $0.00
      12              $0.00                  $0.00                    32                   $0.00             $0.00
      13              $0.00                  $0.00                    33                   $0.00             $0.00
      14              $0.00                  $0.00                    34                   $0.00             $0.00
      15              $0.00                  $0.00                    35                   $0.00             $0.00
      16              $0.00                  $0.00                    36                   $0.00             $0.00
      17              $0.00                  $0.00                    37                   $0.00             $0.00
      18              $0.00                  $0.00                    38                   $0.00             $0.00
      19              $0.00                  $0.00                    39                   $0.00             $0.00
      20              $0.00                  $0.00                    40                   $0.00             $0.00




   Georgia Department of Community Affairs           Part III C-HUD Insured Loan                               page 22 of 67
  Georgia Department of Community Affairs                                    2011 Funding Application                                     Office of Affordable Housing
                                   PART FOUR - USES OF FUNDS - 2011-012 Veteran Senior Housing - Assisted Living, Decatur, DeKalb County

                                                        CERTIFICATION OF ACTUAL COST AND OPINION AS TO ELIGIBLE BASIS

I. DEVELOPMENT BUDGET                                                                                         New          Acquisition    Rehabilitation    Amortizable or
                                                                                    TOTAL COST             Construction      Basis           Basis         Non-Depreciable
                                                                                                              Basis                                             Basis
  PRE-DEVELOPMENT COSTS                                                                                                     PRE-DEVELOPMENT COSTS
  Property Appraisal                                                                         7,500                 7,500
  Market Study                                                                               7,500                 7,500
  Environmental Report(s)                                                                   20,000                20,000
  Soil Borings                                                                              10,000                10,000
  Boundary and Topographical Survey                                                         15,000                15,000
  Zoning/Site Plan Fees                                                                     20,000                20,000
  Other: <Enter detailed description here; use Comments section if needed>
  Other: <Enter detailed description here; use Comments section if needed>
  Other: <Enter detailed description here; use Comments section if needed>
                                                                        Subtotal            80,000                80,000            -                 -                 -
  ACQUISITION                                                                                                                      ACQUISITION
  Land                                                                                     450,000                                                                 450,000
  Site Demolition
  Acquisition Legal Fees (if existing structures)
  Existing Structures
                                                                        Subtotal           450,000                                  -                              450,000
  LAND IMPROVEMENTS                                                                                                            LAND IMPROVEMENTS
  Site Construction (On-site)                                                              532,480               432,480                                           100,000
  Site Construction (Off-site)
                                                                        Subtotal           532,480               432,480            -                 -            100,000
  STRUCTURES                                                                                                                       STRUCTURES
  Residential Structures - New Construction                                              3,374,836             3,174,836                                           200,000
  Residential Structures - Rehab
  Accessory Structures (ie. community building, maintenance building, etc.)
                                                                        Subtotal         3,374,836             3,174,836           -              -                200,000
  CONTRACTOR SERVICES                                    14.00%                                                               CONTRACTOR SERVICES
  Builder Profit:                                         6.00%          234,439           234,439               234,439
  General Requirements* and Builder Overhead              8.00%          312,585           312,585               312,585
  *Refer to General Requirements policy in QAP                          Subtotal           547,024               547,024             -                -                 -

  Total Construction Hard Costs             74,239.00            per unit
  4,454,340.24                                 114.21            per sq ft



  e3415f9c-4315-4346-aaa9-881a0bc9dd23.xlsx - May 2011                             Part IV-Uses of Funds                                                         23 of 67
  Georgia Department of Community Affairs                                  2011 Funding Application                                        Office of Affordable Housing
                                  PART FOUR - USES OF FUNDS - 2011-012 Veteran Senior Housing - Assisted Living, Decatur, DeKalb County

                                                       CERTIFICATION OF ACTUAL COST AND OPINION AS TO ELIGIBLE BASIS
  CONSTRUCTION CONTINGENCY                                                                                      CONSTRUCTION CONTINGENCY
  Construction Contingency                                         5.0000%         222,717          222,717


I. DEVELOPMENT BUDGET                                                                                        New            Acquisition   Rehabilitation    Amortizable or
                                                                                   TOTAL COST             Construction        Basis           Basis        Non-Depreciable
  CONSTRUCTION PERIOD FINANCING                                                                                           CONSTRUCTION PERIOD FINANCING
  Construction Loan Fee
  Construction Loan Interest
  Construction Legal Fees
  Construction Period Real Estate Tax                                                      12,000                12,000
  Construction Insurance                                                                   15,438                15,438
  Bridge Loan Fee and Bridge Loan Interest
  Payment and Performance bonds                                                            60,750                60,750
  Other: <Enter detailed description here; use Comments section if needed>
                                                                       Subtotal            88,188                88,188             -               -                   -
  PROFESSIONAL SERVICES                                                                                                       PROFESSIONAL SERVICES
  Architectural Fee - Design                                                              173,492               173,492
  Architectural Fee - Supervision                                                          57,831                57,831
  Green Building Consultant Fee                                                            20,000                20,000
  Green Building Program Certification Fee (LEED or Earthcraft)                                                     -
  Accessibility Inspections and Plan Review                                                21,500                21,500
  Construction Materials Testing                                                                                    -
  Engineering                                                                             100,000               100,000
  Real Estate Attorney                                                                    100,000                50,000                                             50,000
  Accounting                                                                               56,000                56,000
  Other: <Enter detailed description here; use Comments section if needed>
                                                                      Subtotal            528,823               478,823             -              -                50,000
  LOCAL GOVERNMENT FEES                                                                                                      LOCAL GOVERNMENT FEES
  Building Permits                                                                         48,853                48,853
  Impact Fees                                                                              45,000                45,000
  Water Tap Fees                             waived?
  Sewer Tap Fees                             waived?
                                                                      Subtotal             93,853                93,853             -                -                  -




  e3415f9c-4315-4346-aaa9-881a0bc9dd23.xlsx - May 2011                            Part IV-Uses of Funds                                                          24 of 67
  Georgia Department of Community Affairs                                  2011 Funding Application                                       Office of Affordable Housing
                                    PART FOUR - USES OF FUNDS - 2011-012 Veteran Senior Housing - Assisted Living, Decatur, DeKalb County

                                                     CERTIFICATION OF ACTUAL COST AND OPINION AS TO ELIGIBLE BASIS
  PERMANENT FINANCING FEES                                                                                     PERMANENT FINANCING FEES
  Permanent Loan Fees
  Permanent Loan Legal Fees
  Title and Recording Fees                                                                 40,000                40,000
  As-Built Survey                                                                           7,760                 7,760
  Bond Issuance Premium
  Cost of Issuance / Underwriter's Discount
  Other: Insurance & Other Soft Costs                                                      35,000                                                                   35,000
                                                                      Subtotal             82,760                47,760             -                 -             35,000



I. DEVELOPMENT BUDGET                                                                                        New                                            Amortizable or
                                                                                                                          Acquisition     Rehabilitation
                                                                                                          Construction                                     Non-Depreciable
                                                                                   TOTAL COST                               Basis            Basis
                                                                                                             Basis                                              Basis
  DCA-RELATED COSTS                                                                                                           DCA-RELATED COSTS
  DCA HOME Loan Pre-Application Fee
  Tax Credit Application Fee                                                                4,000                                                                    4,000
  DCA Waiver Fees                                                                                                                                                      -
  LIHTC Allocation Processing Fee                                       49,692             49,692                                                                   49,692
  LIHTC Compliance Monitoring Fee                                       42,000             42,000                                                                   42,000
  DCA Front End Analysis Fee (HOME, when ID of Interest)                                                                                                               -
  DCA Final Inspection Fee (Tax Credit only - no HOME)                                      3,000                                                                    3,000
  Other: <Enter detailed description here; use Comments section if needed>                                                                                             -
  Other: <Enter detailed description here; use Comments section if needed>                                                                                             -
                                                                       Subtotal            98,692                                                                   98,692
  EQUITY COSTS                                                                                                                    EQUITY COSTS
  Partnership Organization Fees                                                            20,000                                                                   20,000
  Tax Credit Legal Opinion                                                                  5,000                                                                    5,000
  Syndicator Legal Fees                                                                    40,000                                                                   40,000
  Other: <Enter detailed description here; use Comments section if needed>                                                                                             -
                                                                      Subtotal             65,000                                                                   65,000
  DEVELOPER'S FEE                                                                                                               DEVELOPER'S FEE
  Developer's Overhead                                              0.000%                                          -
  Consultant's Fee                                                  0.000%
  Developer's Profit                                               100.000%               901,876               901,876
                                                                      Subtotal            901,876               901,876             -                 -                 -




  e3415f9c-4315-4346-aaa9-881a0bc9dd23.xlsx - May 2011                            Part IV-Uses of Funds                                                          25 of 67
Georgia Department of Community Affairs                               2011 Funding Application                                     Office of Affordable Housing
                                  PART FOUR - USES OF FUNDS - 2011-012 Veteran Senior Housing - Assisted Living, Decatur, DeKalb County

                                                  CERTIFICATION OF ACTUAL COST AND OPINION AS TO ELIGIBLE BASIS
START-UP AND RESERVES                                                                                         START-UP AND RESERVES
Marketing                                                                      55,000                                                                       55,000
Rent-Up Reserves                                                               98,202                                                                       98,202
Operating Deficit Reserve:                                                    195,920                                                                      195,920
Replacement Reserve                                                                                                                                            -
Furniture, Fixtures and Equipment                  Per Unit: 305750.000%      183,450          123,450                                                      60,000
Other: <Enter detailed description here; use Comments section if needed>                                                                                       -
                                                                     Subtotal 532,571          123,450              -               -                      409,121
OTHER COSTS                                                                                                       OTHER COSTS
Relocation
Other: <Enter detailed description here; use Comments section if needed>
                                                                     Subtotal     -                -                -               -                           -

TOTAL DEVELOPMENT COST                                                            7,598,820           6,191,007             -               -            1,407,813

Total Per Unit Cost Limitation:            7,598,820        TDC Per Unit:         126,647.00    TDC Per Sq Ft:            194.84




e3415f9c-4315-4346-aaa9-881a0bc9dd23.xlsx - May 2011                        Part IV-Uses of Funds                                                        26 of 67
   Georgia Department of Community Affairs                                     2011 Funding Application                                           Office of Affordable Housing
                                     PART FOUR - USES OF FUNDS - 2011-012 Veteran Senior Housing - Assisted Living, Decatur, DeKalb County

                                                        CERTIFICATION OF ACTUAL COST AND OPINION AS TO ELIGIBLE BASIS
II. TAX CREDIT CALCULATION - BASIS METHOD                                                          New          4% Acquisition                    Rehabilitation
    Subtractions From Eligible Basis                                                           Construction         Basis                            Basis

   Amount of federal grant(s) used to finance qualifying development costs
   Amount of nonqualified nonrecourse financing
   Costs of Nonqualifying units of higher quality
   Nonqualifying excess portion of higher quality units
   Historic Tax Credits (Residential Portion Only)
   Other <Enter detailed description here; use Comments section if needed>
   Total Subtractions From Basis:                                                                              0                                         0

   Eligible Basis Calculation
   Total Basis                                                                                              6,191,007             0                      0
   Less Total Subtractions From Basis (see above)                                                               0                                        0
   Total Eligible Basis                                                                                     6,191,007             0                      0
   Eligible Basis Adjustment (DDA/QCT Location or State Designated Boost)           Type: State Boost        130.00%
   Adjusted Eligible Basis                                                                                  8,048,309             0                      0
   Multiply Adjusted Eligible Basis by Applicable Fraction                                                   100.00%           100.00%                100.00%
   Qualified Basis                                                                                          8,048,309             0                      0
   Multiply Qualified Basis by Applicable Credit Percentage                                                   9.00%
   Maximum Tax Credit Amount                                                                                 724,348              0                      0
   Total Basis Method Tax Credit Calculation                                                                                   724,348

III. TAX CREDIT CALCULATION - GAP METHOD                                                                    Maximum TDC                                              If Historic Designation
                                                                                                                                                                           or Brownfield
     Equity Gap Calculation                                                                                  7,598,820    If TDC > PUCL, provide amount of grant Development involved,
     Total Development Cost (TDC or PUCL; explain in Comments if TDC > PUCL)                                 7,598,820    from foundation or charitable org to cover      indicate below:
     Subtract Non-LIHTC (excluding deferred fee) Source of Funds                                              500,000     the cost exceeding the PUCL:                                Y/N
     Equity Gap                                                                                              7,098,820        Grant Amt         Foundtn / Charitble Org Hist Desig
     Divide Equity Gap by 10                                                                                     / 10                                                   Brownfld
     Annual Equity Required                                                                                   709,882                 Federal                 State
     Enter Final Federal and State Equity Factors (not including GP contribution)                              1.0000         =       0.7500         +       0.2500
     Total Gap Method Tax Credit Calculation                                                                  709,882

   TAX CREDIT PROJECT MAXIMUM - Lower of Basis Method, Gap Method and DCA Limit:                              709,882

   TAX CREDIT REQUEST - Cannot exceed Tax Credit Project Maximum, but may be lower:                           709,882

IV. TAX CREDIT ALLOCATION - Lower of Tax Credit Request and Tax Credit Project Maximum                        709,882


   e3415f9c-4315-4346-aaa9-881a0bc9dd23.xlsx - May 2011                             Part IV-Uses of Funds                                                                        27 of 67
   Georgia Department of Community Affairs                                               2011 Funding Application                                         Office of Affordable Housing
                                          PART FOUR - USES OF FUNDS - 2011-012 Veteran Senior Housing - Assisted Living, Decatur, DeKalb County

                                                               CERTIFICATION OF ACTUAL COST AND OPINION AS TO ELIGIBLE BASIS


V. APPLICANT COMMENTS AND CLARIFICATIONS                                                                                          VI.   DCA COMMENTS - DCA USE ONLY
Construction hard costs were generated by our affiliate, IBG Construction Services, Inc (IBG). IBG has 15 years of General
Contracting and Construction funding for a HOME Loanon similar projects with DCA. copy of the letter from the construction cost
The applicant has applied for Management experience from DeKalb County, GA. A They have estimated DeKalb County
Planning Department outlining the terms is included in Tab 5, Financing Commitments.




   e3415f9c-4315-4346-aaa9-881a0bc9dd23.xlsx - May 2011                                        Part IV-Uses of Funds                                                            28 of 67
Georgia Department of Community Affairs                              2011 Funding Application                                            Office of Affordable Housing



                PART FIVE - UTILITY ALLOWANCES - 2011-012 Veteran Senior Housing - Assisted Living, Decatur, DeKalb County

                                                           DCA Utility Region for project:          Middle

    I. UTILITY ALLOWANCE SCHEDULE #1                       Source of Utility Allowances             DeKalb County Housing Authority
                                                           Date of Utility Allowances               December 1, 2010       Structure 3+ Story
                                                            Paid By (check one)                     Tenant-Paid Utility Allowances by Unit Size (# Bdrms)
       Utility              Fuel                             Tenant     Owner                          0           1           2          3          4
       Heat                 Electric Heat Pump                 X                                                  14
       Air Conditioning     Electric                           X                                                  17
       Cooking              Electric                           X                                                   9
       Hot Water            Electric                           X                                                  15
       Lights               Electric                           X                                                  28
       Water & Sewer        Submetered?      Yes               X                                                   6
       Refuse Collection                                       X                                                  24
       Total Utility Allowance by Unit Size                                                            0         113           0          0          0

    II. UTILITY ALLOWANCE SCHEDULE #2                      Source of Utility Allowances
                                                           Date of Utility Allowances                                        Structure
                                                            Paid By (check one)                     Tenant-Paid Utility Allowances by Unit Size (# Bdrms)
       Utility              Fuel                             Tenant     Owner                          0           1           2          3          4
       Heat                 <<Select Fuel >>
       Air Conditioning     Electric
       Cooking              <<Select Fuel >>
       Hot Water            <<Select Fuel >>
       Lights               Electric
       Water & Sewer        Submetered? <Select>
       Refuse Collection
       Total Utility Allowance by Unit Size                                                             0           0            0             0           0

       *Elderly allowances cannot be used except at properties that have 100% HUD PBRA and satisfy the DCA definition of "elderly"
       APPLICANT COMMENTS AND CLARIFICATIONS
       Lights include Other Electric (include Base Charge), Range/Microwave, and Refrigerator
       The utility allowances are applied to the tenant portion of the rent.
       DCA COMMENTS




e3415f9c-4315-4346-aaa9-881a0bc9dd23.xlsx - May 2011                    Part V-Utility Allowances                                                        page 29 of 67
Georgia Department of Community Affairs                                                       2011 Funding Application                                                              Office of Affordable Housing


                                      PART SIX - PROJECTED REVENUES & EXPENSES - 2011-012 Veteran Senior Housing - Assisted Living, Decatur, DeKalb County

        I. RENT SCHEDULE              DO NOT cut, copy or paste cells in this tab. Assign a Rent Type of "N/A-CS" to Common Space units.                      MSA/NonMSA: Atlanta-Sandy Springs-Marietta

            HOME projects - Fixed or Floating units:                  Floating                                                                                                                    AMI
            Are 100% of units HUD PBRA?                                  No                             PBRA Provider                                                                            71,800
                                                                                                         or Operating
                 Rent        Nbr of    No. of    Unit       Unit     Max Gross Proposed         Utility Subsidy ***          Monthly Net Rent      Employee     Building        Type of           Affordable to:
                Type         Bdrms     Baths    Count       Area     Rent Limit Gross Rent   Allowance (See note below)   Per Unit      Total        Unit        Type           Activity        Income
               50% AMI         1         1.0      12        650         641        628           113                           515         6,180     No         3+ Story    New Construction     25,120
               60% AMI         1         1.0      48        650         769        754           113                           641       30,768      No         3+ Story    New Construction     30,160
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                                                                                                                                -             -
                                                                                                                                -             -
                                                                                                                                -             -
                                                                                                                                -             -
                                      TOTAL            60   39,000                                              MONTHLY TOTAL            36,948
                                                                                                                 ANNUAL TOTAL            443,376

        *** NOTE: When selecting "PHA Operating Subsidy" in the "PBRA Provider or Operating Subsidy" column above, please also then enter a zero in the "Proposed Gross Rent" column above AND
        include the PHA operating subsidy amount in the "III. Ancillary and Other Income" section below. Also refer to the Application Instructions provided separately.




e3415f9c-4315-4346-aaa9-881a0bc9dd23.xlsx - May 2011                                           Part VI-Revenues & Expenses                                                                                  30 of 67
Georgia Department of Community Affairs                                                           2011 Funding Application                                                      Office of Affordable Housing


                                        PART SIX - PROJECTED REVENUES & EXPENSES - 2011-012 Veteran Senior Housing - Assisted Living, Decatur, DeKalb County

        II. UNIT SUMMARY
            Units:                                                                   Efficiency       1BR           2BR         3BR   4BR    Total
                             Low-Income                               60% AMI              -            48           -          -     -         48 (Includes manager units that are
                                                                      50% AMI              -            12           -          -     -         12 income restricted)
                                                                      Total                -            60           -          -     -         60
        NOTE TO              Unrestricted                                                  -           -             -          -     -        -
        APPLICANTS: If       Total Residential                                             -            60           -          -     -         60
        the numbers
                             Common Space                                                  -           -             -          -     -        -   (no rent to be charged)
        compiled in this
                             Total                                                         -            60           -          -     -         60
        Summary do
        not appear to
        match what was       PBRA-Assisted                            60% AMI              -           -             -          -     -        -
        entered in the       (included in LI above)                   50% AMI              -           -             -          -     -        -
        Rent Chart                                                    Total                -           -             -          -     -        -
        above, please
        verify that all      PHA Operating Subsidy-Assisted           60% AMI              -           -             -          -     -        -
        applicable           (included in LI above)                   50% AMI              -           -             -          -     -        -
        columns were
                                                                      Total                -           -             -          -     -        -
        completed in
        the rows used        Type of Construction Activity
        in the Rent                               New Construction    Low Inc              -            60           -          -     -         60
        Chart above.                                                  Unrestricted         -           -             -          -     -        -
                                                                      Total + CS           -            60           -          -     -         60
                                                  Acq/Rehab           Low Inc              -           -             -          -     -        -
                                                                      Unrestricted         -           -             -          -     -        -
                                                                      Total + CS           -           -             -          -     -        -
                                                  Substantial Rehab   Low Inc              -           -             -          -     -        -
                                                  Only
                                                                      Unrestricted         -           -             -          -     -        -
                                                                      Total + CS           -           -             -          -     -        -
                                                  Adaptive Reuse                                                                               -
                                                  Historic Rehab                                                                               -
                             Building Type:
                                                  Multifamily                              -            60           -          -     -         60
                                                  SF Detached                              -           -             -          -     -        -
                                                  Townhome                                 -           -             -          -     -        -
                                                  Duplex                                   -           -             -          -     -        -
                                                  Manufactured home                        -           -             -          -     -        -
            Unit Square Footage:
                          Low Income                                  60% AMI              -       31,200            -          -     -     31,200
                                                                      50% AMI              -        7,800            -          -     -      7,800
                                                                      Total                -       39,000            -          -     -     39,000
                             Unrestricted                                                  -          -              -          -     -        -
                             Total Residential                                             -       39,000            -          -     -     39,000
                             Common Space                                                  -          -              -          -     -        -
                             Total                                                         -       39,000            -          -     -     39,000




e3415f9c-4315-4346-aaa9-881a0bc9dd23.xlsx - May 2011                                              Part VI-Revenues & Expenses                                                                        31 of 67
Georgia Department of Community Affairs                                               2011 Funding Application                                                                Office of Affordable Housing


                                       PART SIX - PROJECTED REVENUES & EXPENSES - 2011-012 Veteran Senior Housing - Assisted Living, Decatur, DeKalb County

        III. ANCILLARY AND OTHER INCOME (annual amounts)

            Ancillary Income                                                 8,868      Laundry, vending, app fees, etc. Will be exactly 2% of potential gross income.


            Other Income (OI) by Year:

            Included in Mgt Fee:                                     1       2          3             4              5             6              7               8          9            10
            Operating Subsidy
            Other:
                              Total OI in Mgt Fee                        -        -          -            -              -             -              -                  -        -            -

            NOT Included in Mgt Fee:
            USDA 538 Loan Interest Credit (fill in Part III A tab)
            Property Tax Abatement
            Other:
                              Total OI NOT in Mgt Fee                    -        -          -            -              -             -              -                  -        -            -




            Included in Mgt Fee:                                     11      12         13           14             15            16             17              18          19           20
            Operating Subsidy
            Other:
                              Total OI in Mgt Fee                        -        -          -            -              -             -              -                  -        -            -

            NOT Included in Mgt Fee:
            USDA 538 Loan Interest Credit (fill in Part III A tab)
            Property Tax Abatement
            Other:
                              Total OI NOT in Mgt Fee                    -        -          -            -              -             -              -                  -        -            -




            Included in Mgt Fee:                                     21      22         23           24             25            26             27              28          29           30
            Operating Subsidy
            Other:
                              Total OI in Mgt Fee                        -        -          -            -              -             -              -                  -        -            -

            NOT Included in Mgt Fee:
            USDA 538 Loan Interest Credit (fill in Part III A tab)
            Property Tax Abatement
            Other:
                              Total OI NOT in Mgt Fee                    -        -          -            -              -             -              -                  -        -            -




e3415f9c-4315-4346-aaa9-881a0bc9dd23.xlsx - May 2011                                  Part VI-Revenues & Expenses                                                                                  32 of 67
Georgia Department of Community Affairs                                                                                2011 Funding Application                                                            Office of Affordable Housing


                                             PART SIX - PROJECTED REVENUES & EXPENSES - 2011-012 Veteran Senior Housing - Assisted Living, Decatur, DeKalb County

        IV. ANNUAL OPERATING EXPENSE BUDGET

            On-Site Staff Costs                                                                                     On-Site Security                                          Taxes and Insurance
            Management Salaries & Benefits                                              60,000                      Contracted Guard                                          Real Estate Taxes (Gross)*                 24,089
            Maintenance Salaries & Benefits                                             37,571                      Electronic Alarm System                        6,000      Insurance**                                16,000
            Support Services Salaries & Benefits                                        28,000                                      Subtotal                       6,000      Other (describe here)
            Other (describe here)                                                                                                                                                  Subtotal                              40,089
                               Subtotal                                               125,571

            On-Site Office Costs                                                                                    Professional Services                                     Management Fee:                            25,235
            Office Supplies & Postage                                                   12,240                      Legal                                          2,316          452.24        per unit per year
            Telephone                                                                    2,340                      Accounting                                     2,160           37.69        per unit per month
            Travel                                                                                                  Advertising                                   12,444
            Leased Furniture / Equipment                                                                            Other (describe here)                                     (Management Fee is from Pro Forma,
            Activities Supplies / Overhead Cost                                          4,600                                            Subtotal                16,920      Section 1, Operating Assumptions)
            Other (describe here)

                               Subtotal                                                 19,180

            Maintenance Expenses                                                                                    Utilities     ($/mth/unit)                                TOTAL OPERATING EXPENSES
            Contracted Repairs                                                           7,920                      Electricity      31.40                        22,608           5,238        per unit                314,277
            General Repairs                                                              4,000                      Natural Gas      13.60                         9,792
            Grounds Maintenance                                                          6,480                      Water&Swr        19.25                        13,862
            Extermination                                                                4,200                      Trash Collection                               1,920      Replacement Reserve                        21,000
            Maintenance Supplies                                                         4,320                      Cable                                          3,900      Enter desired per unit amount:                350
            Elevator Maintenance                                                         2,280                                            Subtotal                52,082
            Redecorating
            Other (describe here)                                                                                                                                             TOTAL ANNUAL EXPENSES
                               Subtotal                                                 29,200                                                                                                                          335,277

        V. APPLICANT COMMENTS AND CLARIFICATIONS                                                                                                         VI.   DCA COMMENTS
         The Real Estate Taxes are calculated by Dividing the NOI by an acceptable Cap Rate of 6% which equals the FMV. The FMV is multiplied by
        40% taxable assement then multiplied by the 2010 millage rate of 0.04009 - This calucation is included in Tab 8.




        The insurance amount is based upon a quote from McGriff Seibels Williams that is included in Tab 8. The quote includes permanent property,
        general liability, and umbrella coverage using current pricing of $8,461.71. the remaining balance of $7,538.29 is estimated for an contracted
        services


          The Replacement Reserve amount per unit per year is the calculated amount required by the Equity Syndicator. That calculation yields the
        largest replacement reserve requirement.




e3415f9c-4315-4346-aaa9-881a0bc9dd23.xlsx - May 2011                                                                     Part VI-Revenues & Expenses                                                                              33 of 67
  Georgia Department of Community Affairs                                               2011 Funding Application                                                            Office of Affordable Housing
                           PART SEVEN - OPERATING PRO FORMA - 2011-012 Veteran Senior Housing - Assisted Living, Decatur, DeKalb County
I. OPERATING ASSUMPTIONS                                            Please Note:                 Green-shaded cells are unlocked for your use and contain references/formulas that may be overwritten if needed.
Revenue Growth            2.00%                                     Asset Management Fee Amount                             10,000           Yr 1 Asset Mgt Fee Percentage of EGI:                          2.38%
Expense Growth            3.00%                                     Incentive Management Fee Amount               80% Cashflow               Yr 1 Incent Mgt Fee Percentage of EGI:                         3.46%
Reserves Growth           3.00%                                     Property Mgt Fee Growth Rate (choose one):                               Yr 1 Prop Mgt Fee Percentage of EGI:                           6.00%
Vacancy & Collection Loss 7.00%                                        Expense Growth Rate (3.00%)                                       --> If Yes, indicate Yr 1 Mgt Fee Amt:
Ancillary Income Limit    2.00%                                        Percent of Effective Gross Income                         Yes --> If Yes, indicate actual percentage:                                  6.000%
II. OPERATING PRO FORMA
Year                                       1                2                    3                4                 5                 6                  7                  8                 9                10
Revenues                            443,376          452,244              461,288          470,514           479,924           489,523            499,313            509,300           519,486           529,875
Ancillary Income                      8,868            9,045                9,226            9,410             9,598             9,790              9,986             10,186            10,390            10,598
Vacancy                             (31,657)         (32,290)             (32,936)         (33,595)          (34,267)          (34,952)           (35,651)           (36,364)          (37,091)          (37,833)
Other Income (OI)                       -                -                    -                -                 -                 -                  -                  -                 -                 -
OI Not Subject to Mgt Fee               -                -                    -                -                 -                 -                  -                  -                 -                 -
Expenses less Mgt Fee              (289,042)        (297,714)            (306,645)        (315,845)         (325,320)         (335,079)          (345,132)          (355,486)         (366,150)         (377,135)
Property Mgmt                       (25,235)         (25,740)             (26,255)         (26,780)          (27,315)          (27,862)           (28,419)           (28,987)          (29,567)          (30,158)
Reserves                            (21,000)         (21,630)             (22,279)         (22,947)          (23,636)          (24,345)           (25,075)           (25,827)          (26,602)          (27,400)
NOI                                  85,309           83,914               82,399           80,758            78,986            77,075             75,023             72,822            70,465            67,947
                                        -                -                    -                -                 -                 -                  -                  -                 -                 -
                                        -                -                    -                -                 -                 -                  -                  -                 -                 -
D/S Mortgage A                      (56,562)         (56,562)             (56,562)         (56,562)          (56,562)          (56,562)           (56,562)           (56,562)          (56,562)          (56,562)
D/S Mortgage B                          -                -                    -                -                 -                 -                  -                  -                 -                 -
D/S Other Source                        -                -                    -                -                 -                 -                  -                  -                 -                 -
D/S Grant from fdn / charity            -                -                    -                -                 -                 -                  -                  -                 -                 -
DCA HOME Cash Resrv.
Asset Mgmt                          (10,000)             (10,103)         (10,207)          (10,312)          (10,418)         (10,526)            (10,634)           (10,744)          (10,854)         (10,966)
DDF                                    (545)
Incentive Mgmt                   (14,561.66)      (13,799.62)         (12,504.09)       (11,107.06)        (9,604.36)        (7,990.08)         (6,261.35)          (4,412.74)       (2,438.65)          (334.89)
Cash Flow                             3,640            3,450               3,126             2,777             2,401             1,998              1,565               1,103             610                 84


DCR First Mortgage                      1.51                1.48              1.46              1.43                1.40           1.36                1.33               1.29              1.25             1.20
DCR Second Mortgage
DCR Other Source
DCR Other Source
Oper Exp Coverage Ratio                1.25             1.24                1.23              1.22              1.21              1.20               1.19               1.18               1.17              1.16
                                        -                -                   -                 -                 -                 -                  -                  -                  -                 -
Mortgage A Balance                  455,430          409,732             362,879           314,841           265,588           215,090            163,315            110,230             55,803                 (0)
Mortgage B Balance
Other Source Balance
Other Source Balance
DDF Balance                               (0)                 (0)                (0)               (0)                (0)             (0)                (0)                 (0)              (0)               (0)




  e3415f9c-4315-4346-aaa9-881a0bc9dd23.xlsx - May 2011                                         Part VII-Pro Forma                                                                                        34 of 67
  Georgia Department of Community Affairs                                                2011 Funding Application                                                              Office of Affordable Housing
                           PART SEVEN - OPERATING PRO FORMA - 2011-012 Veteran Senior Housing - Assisted Living, Decatur, DeKalb County
I. OPERATING ASSUMPTIONS                                            Please Note:                 Green-shaded cells are unlocked for your use and contain references/formulas that may be overwritten if needed.
Revenue Growth            2.00%                                     Asset Management Fee Amount                             10,000           Yr 1 Asset Mgt Fee Percentage of EGI:                          2.38%
Expense Growth            3.00%                                     Incentive Management Fee Amount               80% Cashflow               Yr 1 Incent Mgt Fee Percentage of EGI:                         3.46%
Reserves Growth           3.00%                                     Property Mgt Fee Growth Rate (choose one):                               Yr 1 Prop Mgt Fee Percentage of EGI:                           6.00%
Vacancy & Collection Loss 7.00%                                        Expense Growth Rate (3.00%)                                       --> If Yes, indicate Yr 1 Mgt Fee Amt:
Ancillary Income Limit    2.00%                                        Percent of Effective Gross Income                         Yes --> If Yes, indicate actual percentage:                                  6.000%
II. OPERATING PRO FORMA
Year                                     11               12                   13               14                15                  16               17                 18                19                20
Revenues                            540,473          551,282              562,308          573,554           585,025             596,726          608,660            620,833           633,250           645,915
Ancillary Income                     10,809           11,026               11,246           11,471            11,701              11,935           12,173             12,417            12,665            12,918
Vacancy                             (38,590)         (39,362)             (40,149)         (40,952)          (41,771)            (42,606)         (43,458)           (44,328)          (45,214)          (46,118)
Other Income (OI)                       -                -                    -                -                 -                   -                -                  -                 -                 -
OI Not Subject to Mgt Fee               -                -                    -                -                 -                   -                -                  -                 -                 -
Expenses less Mgt Fee              (388,449)        (400,102)            (412,105)        (424,469)         (437,203)           (450,319)        (463,828)          (477,743)         (492,075)         (506,838)
Property Mgmt                       (30,762)         (31,377)             (32,004)         (32,644)          (33,297)            (33,963)         (34,643)           (35,335)          (36,042)          (36,763)
Reserves                            (28,222)         (29,069)             (29,941)         (30,839)          (31,764)            (32,717)         (33,699)           (34,710)          (35,751)          (36,824)
NOI                                  65,259           62,398               59,355           56,122            52,691              49,055           45,205             41,135            36,833            32,291
                                        -                -                    -                -                 -                   -                -                  -                 -                 -
                                        -                -                    -                -                 -                   -                -                  -                 -                 -
D/S Mortgage A
D/S Mortgage B                           -                -                    -                 -                   -                -                 -                  -                 -                 -
D/S Other Source                         -                -                    -                 -                   -                -                 -                  -                 -                 -
D/S Grant from fdn / charity             -                -                    -                 -                   -                -                 -                  -                 -                 -
DCA HOME Cash Resrv.
Asset Mgmt                          (11,079)          (11,193)            (11,308)          (11,425)          (11,543)           (11,662)          (11,782)           (11,903)          (12,026)         (12,149)
DDF                                     -                   0
Incentive Mgmt                   (43,344.28)       (40,964.25)        (38,437.16)        (35,757.35)       (32,918.59)         (29,914.75)      (26,738.66)       (23,385.33)        (19,845.54)       (16,113.03)
Cash Flow                            10,836            10,241              9,609              8,939             8,230               7,479            6,685             5,846              4,961             4,028


DCR First Mortgage
DCR Second Mortgage
DCR Other Source
DCR Other Source
Oper Exp Coverage Ratio                 1.15             1.14                 1.13              1.12                1.10             1.09              1.08               1.08              1.07             1.06
                                         -                -                    -                 -                   -                -                 -                  -                 -                -
First Mortgage Balance                     (0)              (0)                  (0)               (0)                 (0)              (0)               (0)                (0)               (0)              (0)
Second Mortgage Balance
Other Source Balance
Other Source Balance
DDF Balance                                  (0)              (0)                  (0)               (0)                 (0)              (0)               (0)                (0)               (0)               (0)




  e3415f9c-4315-4346-aaa9-881a0bc9dd23.xlsx - May 2011                                         Part VII-Pro Forma                                                                                        35 of 67
  Georgia Department of Community Affairs                                                  2011 Funding Application                                                              Office of Affordable Housing
                           PART SEVEN - OPERATING PRO FORMA - 2011-012 Veteran Senior Housing - Assisted Living, Decatur, DeKalb County
I. OPERATING ASSUMPTIONS                                              Please Note:                 Green-shaded cells are unlocked for your use and contain references/formulas that may be overwritten if needed.
Revenue Growth            2.00%                                       Asset Management Fee Amount                             10,000           Yr 1 Asset Mgt Fee Percentage of EGI:                          2.38%
Expense Growth            3.00%                                       Incentive Management Fee Amount               80% Cashflow               Yr 1 Incent Mgt Fee Percentage of EGI:                         3.46%
Reserves Growth           3.00%                                       Property Mgt Fee Growth Rate (choose one):                               Yr 1 Prop Mgt Fee Percentage of EGI:                           6.00%
Vacancy & Collection Loss 7.00%                                          Expense Growth Rate (3.00%)                                       --> If Yes, indicate Yr 1 Mgt Fee Amt:
Ancillary Income Limit    2.00%                                          Percent of Effective Gross Income                         Yes --> If Yes, indicate actual percentage:                                  6.000%
II. OPERATING PRO FORMA
Year                                     21               22                     23               24                25                 26                27                 28                29                30
Revenues                            658,833          672,010                685,450          699,159           713,142            727,405           741,953            756,792           771,928           787,367
Ancillary Income                     13,177           13,440                 13,709           13,983            14,263             14,548            14,839             15,136            15,439            15,747
Vacancy                             (47,041)         (47,982)               (48,941)         (49,920)          (50,918)           (51,937)          (52,975)           (54,035)          (55,116)          (56,218)
Other Income (OI)                       -                -                      -                -                 -                  -                 -                  -                 -                 -
OI Not Subject to Mgt Fee               -                -                      -                -                 -                  -                 -                  -                 -                 -
Expenses less Mgt Fee              (522,043)        (537,704)              (553,835)        (570,450)         (587,564)          (605,191)         (623,346)          (642,047)         (661,308)         (681,147)
Property Mgmt                       (37,498)         (38,248)               (39,013)         (39,793)          (40,589)           (41,401)          (42,229)           (43,074)          (43,935)          (44,814)
Reserves                            (37,928)         (39,066)               (40,238)         (41,445)          (42,689)           (43,969)          (45,288)           (46,647)          (48,046)          (49,488)
NOI                                  27,500           22,450                 17,132           11,534             5,645               (544)           (7,047)           (13,875)          (21,038)          (28,553)
                                        -                -                      -                -                 -                  -                 -                  -                 -                 -
                                        -                -                      -                -                 -                  -                 -                  -                 -                 -
D/S Mortgage A
D/S Mortgage B                           -                  -                    -                 -                   -               -                  -                  -                 -                 -
D/S Other Source                         -                  -                    -                 -                   -               -                  -                  -                 -                 -
D/S Grant from fdn / charity             -                  -                    -                 -                   -               -                  -                  -                 -                 -
DCA HOME Cash Resrv.
Asset Mgmt
DDF
Incentive Mgmt
Cash Flow                            27,500              22,450              17,132            11,534             5,645              (544)            (7,047)           (13,875)          (21,038)         (28,553)


DCR First Mortgage
DCR Second Mortgage
DCR Other Source
DCR Other Source
Oper Exp Coverage Ratio                 1.05               1.04                 1.03              1.02                1.01           1.00                0.99               0.98              0.97             0.96
                                         -                  -                    -                 -                   -              -                   -                  -                 -                -
First Mortgage Balance                     (0)                (0)                  (0)               (0)                 (0)            (0)                 (0)                (0)               (0)              (0)
Second Mortgage Balance
Other Source Balance
Other Source Balance
DDF Balance                                  (0)                (0)                  (0)               (0)                 (0)             (0)                (0)                (0)               (0)               (0)




  e3415f9c-4315-4346-aaa9-881a0bc9dd23.xlsx - May 2011                                           Part VII-Pro Forma                                                                                        36 of 67
  Georgia Department of Community Affairs                                                   2011 Funding Application                                                           Office of Affordable Housing
                           PART SEVEN - OPERATING PRO FORMA - 2011-012 Veteran Senior Housing - Assisted Living, Decatur, DeKalb County
I. OPERATING ASSUMPTIONS                                               Please Note:                 Green-shaded cells are unlocked for your use and contain references/formulas that may be overwritten if needed.
Revenue Growth            2.00%                                        Asset Management Fee Amount                             10,000           Yr 1 Asset Mgt Fee Percentage of EGI:                          2.38%
Expense Growth            3.00%                                        Incentive Management Fee Amount               80% Cashflow               Yr 1 Incent Mgt Fee Percentage of EGI:                         3.46%
Reserves Growth           3.00%                                        Property Mgt Fee Growth Rate (choose one):                               Yr 1 Prop Mgt Fee Percentage of EGI:                           6.00%
Vacancy & Collection Loss 7.00%                                           Expense Growth Rate (3.00%)                                       --> If Yes, indicate Yr 1 Mgt Fee Amt:
Ancillary Income Limit    2.00%                                           Percent of Effective Gross Income                         Yes --> If Yes, indicate actual percentage:                                  6.000%
II. OPERATING PRO FORMA
Year                                     31               32                     33                34                35
Revenues                            803,114          819,177                835,560           852,271           869,317
Ancillary Income                     16,062           16,384                 16,711            17,045            17,386
Vacancy                             (57,342)         (58,489)               (59,659)          (60,852)          (62,069)
Other Income (OI)
OI Not Subject to Mgt Fee
Expenses less Mgt Fee              (701,582)        (722,629)               (744,308)        (766,638)         (789,637)
Property Mgmt                       (45,710)         (46,624)                (47,557)         (48,508)          (49,478)
Reserves                            (50,973)         (52,502)                (54,077)         (55,699)          (57,370)
NOI                                 (36,430)         (44,684)                (53,330)         (62,380)          (71,851)
                                        -                -                       -                -                 -
                                        -                -                       -                -                 -
D/S Mortgage A
D/S Mortgage B                           -                   -                    -                 -                   -
D/S Other Source                         -                   -                    -                 -                   -
D/S Grant from fdn / charity             -                   -                    -                 -                   -
DCA HOME Cash Resrv.
Asset Mgmt
DDF                                     -                    -                   -                 -                 -
Incentive Mgmt                          -                    -                   -                 -                 -
Cash Flow                           (36,430)             (44,684)            (53,330)          (62,380)          (71,851)


DCR First Mortgage
DCR Second Mortgage
DCR Other Source
DCR Other Source
Oper Exp Coverage Ratio                 0.95                0.95                 0.94              0.93                0.92
                                         -                   -                    -                 -                   -
First Mortgage Balance                     (0)                 (0)                  (0)               (0)                 (0)
Second Mortgage Balance
Other Source Balance
Other Source Balance
DDF Balance                                  (0)                 (0)                  (0)               (0)                 (0)




  e3415f9c-4315-4346-aaa9-881a0bc9dd23.xlsx - May 2011                                            Part VII-Pro Forma                                                                                        37 of 67
   Georgia Department of Community Affairs                                                       2011 Funding Application                                                           Office of Affordable Housing
                                PART SEVEN - OPERATING PRO FORMA - 2011-012 Veteran Senior Housing - Assisted Living, Decatur, DeKalb County
I. OPERATING ASSUMPTIONS                                                    Please Note:                 Green-shaded cells are unlocked for your use and contain references/formulas that may be overwritten if needed.
Revenue Growth            2.00%                                             Asset Management Fee Amount                             10,000           Yr 1 Asset Mgt Fee Percentage of EGI:                          2.38%
Expense Growth            3.00%                                             Incentive Management Fee Amount               80% Cashflow               Yr 1 Incent Mgt Fee Percentage of EGI:                         3.46%
Reserves Growth           3.00%                                             Property Mgt Fee Growth Rate (choose one):                               Yr 1 Prop Mgt Fee Percentage of EGI:                           6.00%
Vacancy & Collection Loss 7.00%                                                Expense Growth Rate (3.00%)                                       --> If Yes, indicate Yr 1 Mgt Fee Amt:
Ancillary Income Limit    2.00%                                                Percent of Effective Gross Income                         Yes --> If Yes, indicate actual percentage:                                  6.000%
II. OPERATING PRO FORMA
III. Applicant Comments & Clarifications                                                                                            IV. DCA Comments

The terms of the Deferred Developer Fee are in the Development Services Agreement between Integral Development, LLC and 3644
Memorial Senior, LP. A copy of the agreement is included in Tab 5.




The Asset Management Fee includes a $10,000 Administrative Expense Reimbursement to RBC Capital per the terms of the LOI included
in Tab 5. It also includes an Incentive Management Fee of 80% of available cash flow to the GP is shown.




   e3415f9c-4315-4346-aaa9-881a0bc9dd23.xlsx - May 2011                                                 Part VII-Pro Forma                                                                                       38 of 67
       Georgia Department of Community Affairs                 2011 Funding Application                           Office of Affordable Housing
                      PART EIGHT - THRESHOLD CRITERIA - 2011-012 Veteran Senior Housing - Assisted Living, Decatur, DeKalb County
Preliminary Rating: Incomplete                                                                                       Applicant Response DCA USE
FINAL THRESHOLD DETERMINATION (DCA Use Only)
DCA's Comments / Approval Conditions:
1.)

2.)

3.)

4.)

5.)

6.)

7.)

8.)

9.)

10.)

11.)

12.)

13.)

14.)

15.)

16.)

17.)

18.)

19.)

20.)


       e3415f9c-4315-4346-aaa9-881a0bc9dd23.xlsx - May 2011       Part VIII-Threshold Criteria                                          39 of 67
      Georgia Department of Community Affairs                                         2011 Funding Application                                                   Office of Affordable Housing
                        PART EIGHT - THRESHOLD CRITERIA - 2011-012 Veteran Senior Housing - Assisted Living, Decatur, DeKalb County
Preliminary Rating: Incomplete                                                                                                                                        Applicant Response DCA USE
FINAL THRESHOLD DETERMINATION (DCA Use Only)
1   Project Feasibility, Viability Analysis, and Conformance with Plan                                                                                                      Pass?

     A. Are any commitments submitted as “Under Consideration” which need final approval before July 29, 2011?                                                                   A)      No
     B. If yes, then state the applicable financial assistance/funding:                                                    << Select >>
    Applicant's comments regarding this section of Threshold:
A Commitment letter for DeKalb Home funds is included in Tab 5



    DCA's Comments:




2   Tenancy Characteristics                                                                                                                                                 Pass?
       This project is designated as:                                                                      Senior (Elderly)
    Applicant's comments regarding this section of Threshold:                                                DCA's Comments:


3   Required Services                                                                                                                                                       Pass?

     A. Applicants certify that all selected services will meet QAP policies. Does Applicant agree?                                                                                    Agree
     B. Specify below at least 1 basic ongoing service from categories listed in QAP for Family projects, or at least 2 basic ongoing services from categories listed in QAP for Senior projects:
        1) Social and recreational programs planned and overseen by project mgr                                                                                                  1)      Yes
        2) Semi-monthly classes conducted on site                                                                                                                                2)      Yes
        3) Other service approved by DCA                                                                               3)
    Applicant's comments regarding this section of Threshold:
A complete list of services both optional and provided is outlined in Tab 21

    DCA's Comments:




      e3415f9c-4315-4346-aaa9-881a0bc9dd23.xlsx - May 2011                               Part VIII-Threshold Criteria                                                                           40 of 67
      Georgia Department of Community Affairs                                           2011 Funding Application                                                   Office of Affordable Housing
                        PART EIGHT - THRESHOLD CRITERIA - 2011-012 Veteran Senior Housing - Assisted Living, Decatur, DeKalb County
Preliminary Rating: Incomplete                                                                                                                                         Applicant Response DCA USE
FINAL THRESHOLD DETERMINATION (DCA Use Only)
4   Market Feasibility                                                                                                                                                      Pass?

     A. Provide the name of the market study analyst used by applicant:                                                                  A.   RealPropertyResearchGroup
     B. Project absorption period to reach stabilized occupancy                                                                          B.   6 months to 93%
     C. Stabilization period                                                                                                             C.   50% AMI 3 Months 60% AMI 6 Months
     D. Overall capture rate for credit units                                                                                            D.   50% AMI 4.6% 60% AMI 22.9% Overall 16.2
     E. List DCA tax credit projects (inside a 2-mile radius for urban or, for rural, the greater of a 10-mile radius or the
                                                                                                                                                                                E.      No
        local jurisdiction) for years 2008 - 2010. Include both DCA project number and project name in each case.
             Project Nbr Project Name                                 Project Nbr Project Name                                 Project Nbr    Project Name
          1                                                        4                                                         7
          2                                                        5                                                         8
          3                                                        6                                                         9
     F. Does the unit mix/rents and amenities included in the application match those provided in the market study?                                                             F.
    Applicant's comments regarding this section of Threshold:




    DCA's Comments:




5   Appraisals                                                                                                                                                              Pass?

     A. Is there is an identity of interest between the buyer and seller of the project?                                                                                        A.      No
     B. Is an appraisal included in this application submission?                                                                                                                B.      No
            If an appraisal is included, indicate Appraiser's Name and answer the following questions:         Appraiser's Name:
         1) Does it include the “as is” value, "as built/as complete" (encumbered), "as built/ as complete" (unencumbered) values of the proposed subject                       1)
            property and tax credit value?
         2) Does the “as is” value delineate the value of the land and building?                                                                                                2)
         3) Does the total hard cost of the project exceed 90% of the as completed unencumbered appraised value of the property?                                                3)
     C. If an identity of interest exists between the buyer and seller, did the seller purchase this property within the past three (3) years?                                  C.      No
     D. Has the property been:
         1) Rezoned?                                                                                                                                                            1)      No
         2) Subdivided?                                                                                                                                                         2)      No
         3) Modified?                                                                                                                                                           3)      No
    Applicant's comments regarding this section of Threshold:
There is no identify of interest between 3644 Memorial Senior LP and the Seller Avondale Partners. The Purchase Agreement is included in Tab 12.


    DCA's Comments:




      e3415f9c-4315-4346-aaa9-881a0bc9dd23.xlsx - May 2011                                 Part VIII-Threshold Criteria                                                                      41 of 67
      Georgia Department of Community Affairs                                        2011 Funding Application                                                  Office of Affordable Housing
                        PART EIGHT - THRESHOLD CRITERIA - 2011-012 Veteran Senior Housing - Assisted Living, Decatur, DeKalb County
Preliminary Rating: Incomplete                                                                                                                                     Applicant Response DCA USE
FINAL THRESHOLD DETERMINATION (DCA Use Only)
6   Environmental Requirements                                                                                                                                            Pass?

     A. Name of Consultant that prepared the Phase I Assessment:                                                                    A. Prater & York, LLC
     B. Is a Phase II Environmental Report included?                                                                                                                          B.      No
     C. Was a Noise Assessment performed?                                                                                                                                     C.      Yes
        1) If "Yes", provide the maximum noise level on site in decibels:                                                                                                             65
        If "Yes", what are the contributing factors in decreasing order of magnitude?
        Memorial Drive
     D. Is the subject property located in a:                                                                                                                                 D.
         1) Brownfield?                                                                                                                                                       1)       No
         2) 100 year flood plain / floodway?                                                                                                                                  2)       No
             If "Yes", percentage of site that is within a floodplain:
             If "Yes", will any development occur in the floodplain?
                 If "Yes", is documentation provided as per Threshold criteria?
         3) Wetlands?                                                                                                                                                          3)      No
             If "Yes", enter the percentage of the site that is a wetlands:
             If "Yes", will any development occur in the wetlands?
                 If "Yes", is documentation provided as per Threshold criteria?
         4) State Waters/Streams area?                                                                                                                                         4)      No
     E. Has the Environmental Professional identified any of the following on the subject property:                                                                            E.
         1) Asbestos?                           No                              3) PCB's?           No                              5) Lead in water     No
         2) Lead-based paint?                   No                              4) Mold?            No                              6) Radon?            No
         7) Other (e.g., endangered species, Native American burial grounds, etc.):
     F. Is all additional environmental documentation required for a HOME application included?                                                                               F.      Yes
         1) Eight-Step Process for Wetlands and/or Floodplains required?                                                                                                      1)      No
         2) Has Applicant/PE completed the HOME and HUD Environmental Questionnaire?                                                                                          2)      Yes
         3) Owner agrees that they must refrain from undertaking any activities that could have an adverse effect on the subject property?                                    3)      Yes
     G. If HUD approval has been previously granted, has the HUD Form 4128 been included?                                                                                     G.      N/A
    Applicant's comments regarding this section of Threshold:
A Noise Survey for the subject property was conducted by Harry Walls Consulting. According to Harry Walls Consulting, it was concluded that the exterior use areas and the interior residential
areas, as planned, meet HUD/DCA regulations provided the developer uses the exterior wall materials as planned. Additional details are included in the Noise Survey Report included in
Appendix J.
    DCA's Comments:




      e3415f9c-4315-4346-aaa9-881a0bc9dd23.xlsx - May 2011                              Part VIII-Threshold Criteria                                                                          42 of 67
      Georgia Department of Community Affairs                                        2011 Funding Application                                                  Office of Affordable Housing
                         PART EIGHT - THRESHOLD CRITERIA - 2011-012 Veteran Senior Housing - Assisted Living, Decatur, DeKalb County
Preliminary Rating: Incomplete                                                                                                                                    Applicant Response DCA USE
FINAL THRESHOLD DETERMINATION (DCA Use Only)
7   Site Control                                                                                                                                                      Pass?
     A. Is site control provided through October 31, 2011?                                                                                                                A.   Yes
     B. Form of site control:                                                                                                                  B. Contract/Option
     C. Name of Entity with site control:                                                                   C.                   3644 Memorial Senior LP                       Yes
    Applicant's comments regarding this section of Threshold:
The Purchase Agreement is included in Tab 12

    DCA's Comments:



8   Site Access                                                                                                                                                       Pass?
     A. Is this site legally accessible by paved roads and are drawings or photographs included showing these roads?                                                      A.   Yes
     B. If access roads are not in place, does the application contain documentation evidencing a local commitment for the funding and the timetable for the              B.
         completion of such paved roads?
    Applicant's comments regarding this section of Threshold:
The site is accessible from Memorial Drive as evidenced by the survey and site map located in Tab 13.

    DCA's Comments:



9   Site Zoning                                                                                                                                                       Pass?
     A.   Is Zoning in place at the time of this application submission?                                                                                                 A.    Yes
     B.   Is Zoning conformance in writing by the authorized Local Government official, and includes the zoning & land use classifications?                              B.    Yes
     C.   Is documentation provided that demonstrates that the site layout conforms to any moratoriums, density, setbacks or other requirements?                         C.    Yes
     D.   Is this information included on the Architectural Site Conceptual Development Plan?                                                                            D.    Yes
     E.   Are all issues and questions surrounding the zoning and land use classification clearly defined prior to this application submission?                          E.    Yes
    Applicant's comments regarding this section of Threshold:
The Veteran Senior Housing - Assisted Living meets OCR zoning requirements with the approved Special Land Use Permit (SLUP) for DeKalb County.
A Variance was approved which allows 25 parking spaces for the proposed Veteran Senior Housing - Assisted Living Development
    DCA's Comments:



10 Operating Utilities                                                                                                                                                Pass?
     A. Check applicable utilities and enter provider name:                   1) Gas              <<Enter Provider Name Here>>                                            1)   No
                                                                              2) Electric         Georgia Power                                                           2)   Yes
    Applicant's comments regarding this section of Threshold:
The utility availibility letters are included in Tab 15.
    DCA's Comments:




      e3415f9c-4315-4346-aaa9-881a0bc9dd23.xlsx - May 2011                                  Part VIII-Threshold Criteria                                                             43 of 67
      Georgia Department of Community Affairs                                          2011 Funding Application                                                  Office of Affordable Housing
                        PART EIGHT - THRESHOLD CRITERIA - 2011-012 Veteran Senior Housing - Assisted Living, Decatur, DeKalb County
Preliminary Rating: Incomplete                                                                                                                                      Applicant Response DCA USE
FINAL THRESHOLD DETERMINATION (DCA Use Only)
11 Public Water/Sanitary Sewer/Storm Sewer                                                                                                                              Pass?

     A. 1) Is there a Waiver Approval Letter From DCA included in this application for this criterion as it pertains to single-family detached Rural projects?             A1)      No
          2) If Yes, is the waiver request accompanied by an engineering report confirming the availability of water and the percolation of the soil?                       2)
     B. Check all that are available to the site and enter provider          1) Public water DeKalb County Water Shed Authority                                            B1)      Yes
          name:                                                              2) Public sewer DeKalb County Water Shed Authority                                             2)      Yes
    Applicant's comments regarding this section of Threshold:
The utility availibility letters are included in Tab 15.
    DCA's Comments:


12 Local Government Support and Community Engagement                                                                                                                    Pass?
    Does documentation include:
     A. Evidence of public meetings regarding the proposed project to local government and residents of the community?                                                  A.      Yes
     B. Evidence of presentations regarding the proposed project to local government and residents of the community?                                                    B.      Yes
     C. Resolutions of support from local government officials?                                                                                                         C.      Yes
     D. Letters of support from local government officials?                                                                                                             D.      Yes
    Applicant's comments regarding this section of Threshold:
The applicant has received support from the DeKalb County Planning Department, the Community Council, and the Chief Executive Officer for DeKalb County. Letters of support and the DeKalb County
Resolution are included in Tab 16.


    DCA's Comments:




13 Required Amenities                                                                                                                                                   Pass?
    Is there a Pre-Approval Form from DCA included in this application for this criterion?
     A. Applicant agrees to provide the following required Standard Site Amenities in conformance with the DCA Amenities Guidebook (select one in each category):
         1) Community area (select either community room or community building):                                      A1) Room                                                     Agree
         2) Exterior gathering area (if "Other" is selected, applicant must explain in Comments Section below):       A2) Gazebo                                                   Agree
         3) On site laundry type:                                                                                     A3) On-site laundry                                          Agree
     B. Applicant agrees to provide the following required Additional Site Amenities to conform with the DCA Amenities Guidebook.                                           B.    Agree
        The nbr of amenities required depends on the total unit count: 1-125 units = 2 amenities, 126+ units = 4 amenities;                                                       Additional Amenities
           Additional Amenities (describe in space provided below)              Guidebook Met? DCA Pre-approved?      Additional Amenities (describe in space provided below) Guidebook Met? DCA Pre-approved?
        1) Wellness Center                                                                                         3)
        2) Furnished Arts & Craft /Activity Center                                                                 4)
     C. Applicant agrees to provide the following required Unit Amenities:                                                                                                  C.     Agree
        1) HVAC                                                                                                                                                             1)      Yes
        2) Refrigerator (Energy Star rated)                                                                                                                                 2)      Yes
        3) Dishwasher (Energy Star rated)                                                                                                                                   3)      Yes
        4) Stove                                                                                                                                                            4)      Yes
        5) a. Powder-based stovetop fire suppression canisters installed above the range cook top, OR                                                                      5a)      Yes
           b. Electronically controlled solid cover plates over stove top burners                                                                                          5b)      No



      e3415f9c-4315-4346-aaa9-881a0bc9dd23.xlsx - May 2011                                Part VIII-Threshold Criteria                                                                     44 of 67
       Georgia Department of Community Affairs                                          2011 Funding Application                                                 Office of Affordable Housing
                          PART EIGHT - THRESHOLD CRITERIA - 2011-012 Veteran Senior Housing - Assisted Living, Decatur, DeKalb County
Preliminary Rating: Incomplete                                                                                                                                      Applicant Response DCA USE
FINAL THRESHOLD DETERMINATION (DCA Use Only)
       D. Applicant agrees to provide the following additional required Amenities for Senior projects:                                                                      D.     Agree
          1) Elevators are installed for access to all units above the ground floor.                                                                                        1)      Yes
          2) Buildings more than two story construction have interior furnished gathering areas in several locations in the lobbies and/or corridors                        2)      Yes
          3) a. 100% of the units are accessible and adaptable, as defined by the Fair Housing Amendments Act of1988                                                       3a)      Yes
             b. If No, was a DCA Architectural Standards waiver granted?                                                                                                   3b)
      Applicant's comments regarding this section of Threshold:



      DCA's Comments:




14 Rehabilitation Standards (Rehabilitation Projects Only)                                                                                                              Pass?

      A. Type of rehab (choose one):                                                                                               A. <<Select>>                                 <<Select>>
      B. Date of PNA:                                                                                                              B.
      C. Name of consultant preparing PNA:                                                                                        C.
      D. Is 20-year replacement reserve study included?                                                                                                                    D.
      E. Applicant understands that in addition to propose work scope, the project must meet state and local building codes, DCA architectural                             E.
         requirements as set forth in the QAP and Manuals, and health and safety codes and requirements. Applicant agrees?
      Applicant's comments regarding this section of Threshold:
N/A


      DCA's Comments:




15 Site Information and Conceptual Site Development Plan                                                                                                                Pass?

     A. Is the Conceptual Site Development Plan included in this application and has it been prepared in accordance with instructions set forth in the Manual?              A.      Yes
     B. Are all site related amenities required and selected in this application indicated on the Conceptual Site Development Plan?                                         B.      Yes
    Applicant's comments regarding this section of Threshold:
The Site Map and photos are included in Tab 18.


      DCA's Comments:




       e3415f9c-4315-4346-aaa9-881a0bc9dd23.xlsx - May 2011                                Part VIII-Threshold Criteria                                                                       45 of 67
      Georgia Department of Community Affairs                                           2011 Funding Application                                                      Office of Affordable Housing
                        PART EIGHT - THRESHOLD CRITERIA - 2011-012 Veteran Senior Housing - Assisted Living, Decatur, DeKalb County
Preliminary Rating: Incomplete                                                                                                                                             Applicant Response DCA USE
FINAL THRESHOLD DETERMINATION (DCA Use Only)
16 Building Sustainability                                                                                                                                                     Pass?

     A. Applicant agrees that this proposed property must achieve a minimum standard for energy efficiency and sustainable building practices upon                                A.
        construction completionas set forth in the QAP and Manual?.                                                                                                                    Agree

     B. Applicant agrees that the final construction documents must clearly indicate all components of the building envelope and all materials and equipment that                 B.
        meet the requirements set forth in the QAP and Architectural Manual?.                                                                                                          Agree

     C. For 4% credit projects, applicant agrees that the project must also include additional sustainability items as outlined in the Exhibit A to Appendix I                 B.
        Building Sustainability Certification, and that the Building Sustainability Certification must be submitted with the Step II architectural documents
        submission detailing how the minimum standard will be achieved?
    Applicant's comments regarding this section of Threshold:
The project team has experience with multiple projects that have been EarthCraft Multifamily Certified. A Certificate of Attendance to DCA's Sustainability Workshop is included in Tab 29.


    DCA's Comments:




17 Accessibility Standards                                                                                                                                                     Pass?
     A. Does this project comply with all applicable Federal and State accessibility laws including but not limited to The Fair Housing Act, Section                              A.   Yes
        504, American with Disabilities Act, Georgia Fair Housing Law and Georgia Access Law?
     B. Does this project comply with applicable DCA accessibility requirements detailed in the Accessibility Manual of the 2011 Application Manual?                              B.   Yes
     C. Are at least 5% of the total units equipped for the mobility disabled, including wheelchair restricted residents, and at least 2% of the total units (to be part
                                                                                                                                                                                  C.   Yes
        of this 5%) are equipped with roll-in showers?
     D. Are at least an additional 2% of the total units equipped for hearing and sight-impaired residents?                                                                       D.   Yes
     E. Applicant agrees to arrange for the preconstruction plan review and inspection of the project by a DCA-qualified consultant 3 times during construction in
                                                                                                                                                                                  E.   Yes
        order to certify the project's as-built compliance with accessibility regulations?
    Applicant's comments regarding this section of Threshold:



    DCA's Comments:




      e3415f9c-4315-4346-aaa9-881a0bc9dd23.xlsx - May 2011                                  Part VIII-Threshold Criteria                                                                       46 of 67
      Georgia Department of Community Affairs                                        2011 Funding Application                                                    Office of Affordable Housing
                        PART EIGHT - THRESHOLD CRITERIA - 2011-012 Veteran Senior Housing - Assisted Living, Decatur, DeKalb County
Preliminary Rating: Incomplete                                                                                                                                        Applicant Response DCA USE
FINAL THRESHOLD DETERMINATION (DCA Use Only)
18 Architectural Design & Quality Standards                                                                                                                               Pass?
    Is there a Waiver Approval Letter From DCA included in this application for this criterion?                                                                                   No
    Does this application meet the Architectural Standards contained in the Application Manual for quality and longevity?                                                         Yes
     A. Constructed and Rehabilitation Construction Hard Costs - are the following minimum review standards for rehabilitation projects met or exceeded by this project?
         Rehabilitation projects will be considered for funding only if the per unit rehabilitation hard costs exceed $25,000 for properties less than 20 years old and  A.
         the per unit rehabilitation hard costs exceed $30,000 for properties that exceed 20 years old. The costs of furniture, fixtures, construction of community
         buildings and common area amenities are not included in these amounts.
     B. Standard Design Options for All Projects                                                                                                                             B.   Yes
        1) Exterior Wall Finishes (select one)   Exterior wall faces will have an excess of 40% brick or stone on each total wall surface                                    1)   Yes

        2) Attractive Features (select two)         Addition of new or redesign of existing durable attractive stair and railing elements                                    2)   Yes
                                                    Addition of or the redesign of existing covered entries                                                                       Yes
        3) Major Bldg Component Materials &         Fiber cement siding, hard stucco and/or wood siding will be installed on all exterior wall surfaces not already          3)   Yes
           Upgrades (select one)                    required to be brick
        4) Landscaping and Site Design Features     Site entry w/ permanent, illuminated entry sign and decorative fence                                                     4)   Yes
           (select two)                             Substantial replanting of trees and integrated vegetation                                                                     Yes
    Applicant's comments regarding this section of Threshold:



    DCA's Comments:



19 Qualifications for Project Participants (Performance)                                                                                                                  Pass?

    Is there a pre-application Qualification of Project Participants Determination from DCA included in this application for this criterion?                                      Yes
    Has there been any change in the Project Team since the initial pre-application submission?                                                                                   No
    DCA's pre-application Qualification of Project's Participants Determination indicated a status of (select one):        Qualified without Conditions                           Yes
    DCA Final Determination
    Applicant's comments regarding this section of Threshold:
The Applicant was qualified without Condition. The DCA Determination list is included in Tab 3 and 19



    DCA's Comments:




      e3415f9c-4315-4346-aaa9-881a0bc9dd23.xlsx - May 2011                              Part VIII-Threshold Criteria                                                                    47 of 67
       Georgia Department of Community Affairs                                            2011 Funding Application                                                  Office of Affordable Housing
                          PART EIGHT - THRESHOLD CRITERIA - 2011-012 Veteran Senior Housing - Assisted Living, Decatur, DeKalb County
Preliminary Rating: Incomplete                                                                                                                                          Applicant Response DCA USE
FINAL THRESHOLD DETERMINATION (DCA Use Only)
20 Compliance History Summary                                                                                                                                               Pass?

     A. Has the principal and entities of each General Partner, Developer, Management Company and Project Consultant(s) submitted a complete and correct                       A.
                                                                                                                                                                                    Yes
        DCA Compliance History Summary Form?
     B. Are five fully executed DCA Uniform Release Forms included in the application?                                                                                         B.   Yes
     C. Is the completed compliance questionnaire for each General Partner, Developer, and project consultant(s) included in the application?                                  C.   Yes
     D. Has Applicant included appropriate documentation or releases from other state housing agencies (both the MultiState Release Form and the Uniform                       D.
                                                                                                                                                                                    Yes
        Release Form)?
    Applicant's comments regarding this section of Threshold:
The Compliance for each agent of 3644 Memorial Senior LP is included in Tab 3 and previously submitted in the Performance Workbook on May 12, 2011


      DCA's Comments:




21 Eligibility for Credit under the Nonprofit Set-Aside                                                                                                                     Pass?
      A. Name of Qualified Nonprofit:                                                                         A.
      B. Is the organization a qualified nonprofit, defined as a 501c(3) or 501c(4) organization not affiliated or controlled by a for-profit organization,                    B.
         and whose tax-exempt purpose is the fostering of low-income housing?
      C. Does the qualified nonprofit materially participate in the project as described in IRC Section 469(h)?                                                                C.
      D. Does the qualified nonprofit own at least 51% of the GP's interest in the project and is the managing general partner of the ownership entity?                        D.
      E. If the nonprofit is also a developer of the project, does the nonprofit receive a percentage of the developer fee greater than or equal to its percentage of          E.
         its ownership interest?
       F. Is a copy of the GP joint venture agreement that indicates nonprofit's general partnership interest and developer fee amount included in application?                F.
      Applicant's comments regarding this section of Threshold:
N/A
      DCA's Comments:


22 Eligibility for HOME Loans under the CHDO Set-Aside*                                                                                                                     Pass?
      A.  Name of CHDO:                                                                                    A.
      B.  Is a copy of the State CHDO pre-qualification/renewal letter included in the Application?                                                                            B.
      C.  Is the CHDO either the sole general partner of the ownership entity or the managing general partner of the ownership entity?                                         C.
      D.  If the CHDO is a general partner with a for-profit or nonprofit general partner, does the CHDO own at least 51% of the general partnership interest?                 D.
      E.  Does the CHDO (or a wholly owned or controlled affiliate) receive a percentage of the Developer Fee greater than or equal to the percentage of                       E.
          ownership interest?
       F. Is a copy of the GP/joint venture agreement indicating CHDO’s GP interest and its share (or the share of the wholly owned and controlled affiliate) of               F.
          Developer Fee included in Application?
      G. Do all parties understand that the CHDO must exercise effective control of the partnership throughout the period of affordability?                                    G.
      Applicant's comments regarding this section of Threshold:
N/A
      DCA's Comments:




       e3415f9c-4315-4346-aaa9-881a0bc9dd23.xlsx - May 2011                                  Part VIII-Threshold Criteria                                                                 48 of 67
      Georgia Department of Community Affairs                                          2011 Funding Application                                                     Office of Affordable Housing
                        PART EIGHT - THRESHOLD CRITERIA - 2011-012 Veteran Senior Housing - Assisted Living, Decatur, DeKalb County
Preliminary Rating: Incomplete                                                                                                                                         Applicant Response DCA USE
FINAL THRESHOLD DETERMINATION (DCA Use Only)
23 Additional Reporting Requirements                                                                                                                                         Pass?
     A. The Census Tract for the property is characterized as [Choose either Minority concentration (50% or more minority),                            A.   Minority concentration       <<Select>>
        Racially mixed (25% - 49% minority), or Non-minority (less than 25% minority)]:
     B. List all contiguous Census Tracts:                     B. 231.07, 230.00, 231.06, 229.00
     C. Is Contract Addendum included in Application?                                                                                                                            C.    No
    Applicant's comments regarding this section of Threshold:
The applicant's understanding is that the Contract Addendum is only required for projects using DCA HOME funds


    DCA's Comments:




24 Required Legal Opinions State legal opinions included in application using boxes provided.                                                                                Pass?
     A. Credit Eligibilty for Acquisition                                                                                                                                        A.
     B. Credit Eligibilty for Assisted Living                                                                                                                                    B.   Yes
     C. Nonprofit Federal Tax Exempt Status                                                                                                                                      C.
     D. Accessibility Standards                                                                                                                                                  D.
     E. Other (If Yes, then also describe):                     E.
    Applicant's comments regarding this section of Threshold:
The Legal Opinion and Owner's Certification is included in Tab 21
    DCA's Comments:


25 Georgia Housing Search                                                                                                                                                    Pass?
     A. Applicant agrees that if Application is selected for funding, then the Applicant will list all of its existing developments in the Georgia Housing Search                A.
                                                                                                                                                                                      Agree
        within six months of selection. I agree.
     B. Has Applicant registered all available affordable Housing Units previously funded by DCA on the Georgia Housing Search website?                                          B.   Yes
    Applicant's comments regarding this section of Threshold:                                             DCA's Comments:




      e3415f9c-4315-4346-aaa9-881a0bc9dd23.xlsx - May 2011                                 Part VIII-Threshold Criteria                                                                       49 of 67
    Georgia Department of Community Affairs                                           2011 Funding Application                                                    Office of Affordable Housing
                       PART EIGHT - THRESHOLD CRITERIA - 2011-012 Veteran Senior Housing - Assisted Living, Decatur, DeKalb County
Preliminary Rating: Incomplete                                                                                                                                          Applicant Response DCA USE
FINAL THRESHOLD DETERMINATION (DCA Use Only)
26 Relocation and Displacement of Tenants                                                                                                                                   Pass?
   A. Does the Applicant anticipate displacing or relocating any tenants?                                                                                                      A.    No
   B. 1) Are any of the sources other than DCA HOME considered to be Federal Funding?                                                                                         B1)
      If Yes, applicant will need to check with the source of these funds to determine if this project will trigger the Uniform Relocation Act or 104(d).
      2) Will any funding source used trigger the Uniform Relocation Act or HUD 104 (d) requirements?                                                                          2)
   C. Is sufficient comparable replacement housing identified in the relocation plan according to DCA relocation requirements?                                                 C.
    D. Provide summary data collected from Relocation Displacement Spreadsheet:                                                                                                D.
       1) Number of Over Income Tenants                                                                                                                                        1)
       2) Number of Rent Burdened Tenants                                                                                                                                      2)
       3) Number of Vacancies                                                                                                                                                  3)
       4) Number of Down units                                                                                                                                                 4)
       5) Number of Displaced Tenants                                                                                                                                          5)
    E. Indicate Proposed Advisory Services to be used (see Relocation Manual for further explanation):                                                                         E.
       1) Individual interviews                                                                                                                                                1)
       2) Meetings                                                                                                                                                             2)
       3) Written Notifications                                                                                                                                                3)
       4) Other - describe in box provided:                  4)
   Applicant's comments regarding this section of Threshold:



   DCA's Comments:




27 Marketing to Populations with Disabilities or the Homeless                                                                                                               Pass?
    A. If selected, the Applicant agrees to prepare and submit a Marketing Plan outlining how the project will market units to tenants with special needs?                     A.   Agree
   B. If selected, the Applicant agrees to provide reasonable accommodation for these tenants in the Property Management’s tenant application?                                 B.   Agree
   C. If selected, the Applicant agrees to designate these populations as having priority for units with rental assistance if allowable under their rental assistance          C.   Agree
      agreements?
   Applicant's comments regarding this section of Threshold:




   DCA's Comments:




    e3415f9c-4315-4346-aaa9-881a0bc9dd23.xlsx - May 2011                                 Part VIII-Threshold Criteria                                                                       50 of 67
      Georgia Department of Community Affairs                                         2011 Funding Application                                                  Office of Affordable Housing
                        PART EIGHT - THRESHOLD CRITERIA - 2011-012 Veteran Senior Housing - Assisted Living, Decatur, DeKalb County
Preliminary Rating: Incomplete                                                                                                                                       Applicant Response DCA USE
FINAL THRESHOLD DETERMINATION (DCA Use Only)
28 Optimal Utilization of Resources                                                                                                                                        Pass?
     Applicant's comments regarding this section of Threshold:
Veteran Senior Housing Assisted Living is mixed-finance project that will combine public and private financing to bridge the gap of affordable housing for aging seniors and
continue the revitalization of an important WalMart - Mixed-Use corridor in Decatur, GA
     DCA's Comments:




      e3415f9c-4315-4346-aaa9-881a0bc9dd23.xlsx - May 2011                               Part VIII-Threshold Criteria                                                                 51 of 67
        Georgia Department of Community Affairs                                    2011 Funding Application                                                                   Office of Affordable Housing
                           PART NINE - SCORING CRITERIA - 2011-012 Veteran Senior Housing - Assisted Living, Decatur, DeKalb County
                                                                                                                                                                                          Score         Self DCA
                                                                                                                                                                                          Value        Score Score
                                                                                                                                                                         TOTALS:           90           47        10
1. APPLICATION COMPLETENESS/ORGANIZATION                                        (Applicants start with 10 pts. Any points entered will be subtracted from score value)                     10           10        10
    A. Missing or Incomplete Documents                Number:   0               For each missing or incomplete document, one (1) point will be deducted                                     7     A.
    B. Financial and Other Adjustments                Number:   0               1-3 adjustments/revisions = one (1) pt deduction total; then (1) pt deducted for each add'l adjustment.     0     B.
    C. Organization                                   Number:   0               One (1) pt deducted if not organized in DCA format and/or required document not in correct tab.             1     C.
Applicant's comments regarding this section of scoring:



DCA's Comments:                              Enter "1" for each item                                                                     Enter "1" for each item                          Enter "1" for each item
A. Missing / incomplete documents:           Nbr        0        B. Financial adjustments/revisions requested:                          Nbr         0          C. Documents not organized correctly: Nbr 0
1                                                                1                                                                                             1

2                                                               2                                                                                                   2

3                                                               3                                                                                                   3

4                                                               4                                                                                                   4

5                                                               5                                                                                                   5

6                                                               6                                                                                                   6

7                                                               7                                                                                                   7

8                                                               8                                                                                                   8

9                                                               9                                                                                                   9

10                                                              10                                                                                                  10

11                                                              11                                                                                                  11

12                                                              12                                                                                                  12




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       Georgia Department of Community Affairs                                                2011 Funding Application                                                                Office of Affordable Housing
                            PART NINE - SCORING CRITERIA - 2011-012 Veteran Senior Housing - Assisted Living, Decatur, DeKalb County
                                                                                                                                                                                                          Score         Self DCA
                                                                                                                                                                                                          Value        Score Score
                                                                                                                                                                                 TOTALS:                   90           47        10
2. DEEPER TARGETING / RENT AND INCOME RESTRICTIONS                                                                                                                                                          3           3
    50% Gross Rent Restrictions / 50% Income Restrictions:                                 Nbr units to have these restrictions:             12                    Percent of Residential Units:          20.0%
    Applicant's comments regarding this section of scoring:

    DCA's Comments:



3. DESIRABLE AND UNDESIRABLE CHARACTERISTICS                                               See QAP Scoring for further requirements. Applicants must complete Desirable/Undesirable Certification form.     12          12        0
                                                                                                                                                                                                            10          10        0
 A. Desirable Activities                 (1 pt each)                   Number of sites under construction                                                                                                   10    A.    10
 B. Bonus Desirable Sites                Pts only awarded if applicant scores 10+ pts in base Desirables section w/out any Undesirable deductions,                                                           2    B.     2
 C. Undesirable Sites                    (1 pt subtracted each)      Nbr sites where conditions making property undesirable are temporary & change/mitigation is imminent                                 various C.

     Applicant's comments regarding this section of scoring:
The project site is located on out parcel 1 of the Wal-Mart Development located on Memorial Drive. Wal-Mart's support letter is included in Tab 14. The Veteran Senior Housing – Assisted Living is located
near two significant commercial developments; Wal-Mart Plaza and Kroger/Belvedere Plaza. Other Desirables include, but are not limited to Wal-Mart’s Pharmacy, Bank of America,

Wells Fargo, Midway Recreation Center & Park, SALA Learning & Development Centers, Inc. Tiny Tots Decatur, South DeKalb Primary Care Center, Belvedere United Methodist Church, Taco Bell, and
Popeye’s. Also within one-half mile of the subject property is largely residential area with both single family detached homes and multi-family rental communities.



    DCA's Comments:




4. Community Transportation Options                                                        See scoring criteria for further requirements and information                                                    2           1         0
 A. Rapid Rail                                                                                                                                                                                              2     A.
 B. Public Transit Stop                                                                                                                                                                                     1     B.     1
    Applicant's comments regarding this section of scoring:
There are several Public Transit Stops adjacent to the project site located at 3644 Memorial Drive. A Public Transit Stop map is included in Tab 25.

    DCA's Comments:




       e3415f9c-4315-4346-aaa9-881a0bc9dd23.xlsx - May 2011                                        Part IX A-Scoring Criteria                                                                                          53 of 67
         Georgia Department of Community Affairs                                                            2011 Funding Application                                                           Office of Affordable Housing
                                   PART NINE - SCORING CRITERIA - 2011-012 Veteran Senior Housing - Assisted Living, Decatur, DeKalb County
                                                                                                                                                                                                          Score      Self DCA
                                                                                                                                                                                                          Value     Score Score
                                                                                                                                                                                              TOTALS:      90         47        10
5. Adaptive Reuse                                   (w/PNA & supporting documentation - see scoring criteria)                      See scoring criteria for further requirements and information            1          0
      Will the entire building be an adaptive reuse?
      Existing building to be adapted was formerly used as:
      For rehabilitation projects, is the building to be adapted for reuse already part of the existing multifamily development?
      Applicant's comments regarding this section of scoring:
N/A

      DCA's Comments:




6. Brownfield                                   (With EPA/EPD Documentation)                                           See scoring criteria for further requirements and information                        2          0
      Environmental regulatory agency which has designated the site as a Brownfield and determined:cleanup guidelines:
      Applicant's comments regarding this section of scoring:
N/A

      DCA's Comments:




7. SUSTAINABLE DEVELOPMENTS Choose only one. See scoring criteria for further req'mts.                                             Earth Craft House                                                        3          2
      Does project meet threshold requirement for Building Sustainability and does owner agree to implement the following to educate residents and management?                                                        Yes

       A. Educate tenants with a project manual provided to each tenant upon move-in and conduct at least 1 class on green building features of the units prior to the                                            A. Agree
           submission of LIHTC final allocation application. Submit a copy of the manual along with a sign-in sheet for the class conducted prior to the submission of LIHTC
           final allocation application.
       B. Educate management and maintenance staff with an orientation and produce a green operations and maintenance manual detailing sustainable features, the staff's                                          B. Agree
           role in maintaining those features, and a replacement parts product source guide. Submit a copy of the manual to DCA prior to the submission of LIHTC final
           allocation application.
     Applicant's comments regarding this section of scoring:
The project team has experience with multiple projects that have been EarthCraft Multifamily Certified. A Certificate of Attendance to DCA's Sustainability Workshop is included in Tab 29.




      DCA's Comments:




         e3415f9c-4315-4346-aaa9-881a0bc9dd23.xlsx - May 2011                                                    Part IX A-Scoring Criteria                                                                          54 of 67
        Georgia Department of Community Affairs                                                        2011 Funding Application                                                                 Office of Affordable Housing
                                  PART NINE - SCORING CRITERIA - 2011-012 Veteran Senior Housing - Assisted Living, Decatur, DeKalb County
                                                                                                                                                                                                                      Score          Self DCA
                                                                                                                                                                                                                      Value         Score Score
                                                                                                                                                                                           TOTALS:                     90            47        10

8. STABLE COMMUNITIES / REDEVELOPMENT / REVITALIZATION              Stable Communities < 20%                                                                                                                            6             2
                                    Additional required questions depending on option selected above:
 A. Stable Communities                                                                                                                                                                                                  4
       1.    Project is located in a census tract that meets the following demographics according to the most recent FFIEC Census Report (www.ffiec.gov/WebCensus/):                                                                Yes/No Yes/No
        a)   Less than 10% below Poverty level                          (see Income)                                                                                                                                          a)
        b)   Designated Middle or Upper Income level                    (see Demographics)                                                                                                                                    b)
        c)   Market study must demonstrate need for affordable housing                                                                                                                                                        e)
 X     2.    Project is located in a census tract that meets the following demographics according to the most recent FFIEC Census Report (www.ffiec.gov/WebCensus/):                                                                Yes/No Yes/No
        a)   Less than 20% below Poverty level                          (see Housing)                                                                                                                                         a)     Yes
        b)   Designated Middle or Upper Income level                    (see Demographics)                                                                                                                                    b)     Yes
        c)   Market study must demonstrate need for affordable housing                                                                                                                                                        e)     Yes
 B. Community Redevelop / Revitalization Plans and Strategies                                                                                                                                                           6
       1. HOPE VI or Choice Neighborhoods Initiatives - the Initiative will:                                                                                                                                                        Yes/No Yes/No
        a) Provide affordable units for an extended period of 30 years or more?                                                                                                                                               a)
        b) Be part of a mixed income phased community with a significant market component?                                                                                                                                    b)
        c) Facilitate the deconcentration of poverty?                                                                                                                                                                         c)
        d) Provide for community improvements or amenities?                                                                                                                                                                   d)
       2. Statutory Redevelopment Plans                                  Plan clearly targets project's specific neighborhood and is proven to be current, ongoing and directly affecting site of proposed project?           2.
       3. Redevelopment Zones                                            Type:                     <<Select>>             Identifier / Nbr:                                                                                   3.
       4. Local Redevelopment Plan - includes items below? Name of Plan:                                                                                                                                                      4.
        a) Adopted on or before January 1, 2011?                         Date adopted:                                                                                                                                        a)
        b) A discussion of potential sources of funding for the plan;                                                                                                                                                         b)
        c) A clearly delineated target area that includes the proposed project site                                                                                                                                           c)
        d) Detailed policy goals (one of which must be the rehabilitation or production of affordable rental housing)                                                                                                         d)
        e) Implementation measures along with specific time frames for the achievement of such policies and housing activities.                                                                                               e)
         f) The proposed development project must support at least one of the goals of the redevelopment or revitalization plan;                                                                                               f)
        g) An assessment of the existing physical structures and infrastructure of the community                                                                                                                              g)
 X Is the Plan:                                                                                                                                                                                                                     Yes/No Yes/No
        h) Formulated by the Owner of the project and submitted to a local government for approval?                                                                                                                           h)
         i) A short-term work plan?                                                                                                                                                                                            i)
         j) A comprehensive plan, consolidated plan, municipal zoning plan or land use plan?                                                                                                                                   j)
        k) More than four years old?                                                                                                                                                                                          k)
     Applicant's comments regarding this section of scoring:
An preliminary demand analysis performed by RealPropertyResearchGroup confirmed that the project site is located in a Stable Community with a high demand for affordable Senior Assisted Living housing.




     DCA's Comments:




        e3415f9c-4315-4346-aaa9-881a0bc9dd23.xlsx - May 2011                                                Part IX A-Scoring Criteria                                                                                              55 of 67
       Georgia Department of Community Affairs                                         2011 Funding Application                                               Office of Affordable Housing
                            PART NINE - SCORING CRITERIA - 2011-012 Veteran Senior Housing - Assisted Living, Decatur, DeKalb County
                                                                                                                                                                              Score            Self DCA
                                                                                                                                                                              Value           Score Score
                                                                                                                                                          TOTALS:               90             47         10
9. PHASED DEVELOPMENTS / PREVIOUS PROJECTS                                                                              (choose only one)                                        3              0          0
     A. Phased Developments                                                                                                                                                      3       A.     0
      1. Is the proposed project part of a Phased Development in which one or more phases received an allocation of 9% tax credits within the past 3 funding rounds and at               1.
         least one phase has commenced construction per that allocation?
         If Yes, indicate DCA Project Nbr and Project Name of that phase:             DCA Project Nbr:                  Project Name
      2. Was the community originally designed as one development with different phases?                                                                                      2.
      3. Are any other phases for this project also submitted during the current funding round?                                                                               3.
      4. Was site control over the entire site (including all phases) in place when the initial phase was closed?                                                             4.
OR B. Previous Projects                                                                                                                                                 3     B.    0       0
      Proposed development site is within the boundaries of a Local Government where a 9% Credit, 4% Credit and/or HOME project has not been awarded within the last <Select> DCA funding cycles.
   Applicant's comments regarding this section of scoring:

    DCA's Comments:


10. MARKET                                                                                                                                                                       2              2
    For DCA determination:                                                                                                                                                                               Yes/No
 a) Have occupancy rates at comparable DCA properties experienced a significant decline?                                                                                                            a)
 b) Are there more than two DCA funded projects in the primary market area which have occupancy rates of less than 90% and which compete for the same tenant base as the proposed
    project?                                                                                                                                                                                        b)

 c) Does analysis of one or more comparable properties in the market area indicate that the property may have difficulty reaching stabilized occupancy within the required timeframe?               c)
 d) Does DCA have one or more projects in the primary market area that have been unable to convert construction to permanent loans due to failure to reach stabilized occupancy?                    d)
 e) Has there been a significant change in economic conditions in the proposed market that was unknown at the time of Application and which could detrimentally affect the long term
    viability of the proposed project and the proposed tenant population?                                                                                                                           e)

  f) Will foreclosures in the proposed market area detrimentally affect the ability of the proposed project to lease up?                                                                          f)
  g) Are the proposed rents at or near market rate rents of comparable properties?                                                                                                                g)
  h) Does the proposed market area appear to be overestimated, creating the likelihood that the demand for the project is weaker than projected?                                                  h)
     Applicant's comments regarding this section of scoring:
The Veteran Senior Housing - Assisted Living will be located in City of Decatur, DeKalb County, immediately adjacent to Walmart and several other commercial business. This project will be able to
successfully reach and maintain a stabliized occupancy upon entrance.



    DCA's Comments:




       e3415f9c-4315-4346-aaa9-881a0bc9dd23.xlsx - May 2011                                Part IX A-Scoring Criteria                                                                         56 of 67
    Georgia Department of Community Affairs                                            2011 Funding Application                                                      Office of Affordable Housing
                          PART NINE - SCORING CRITERIA - 2011-012 Veteran Senior Housing - Assisted Living, Decatur, DeKalb County
                                                                                                                                                                                       Score         Self DCA
                                                                                                                                                                                       Value        Score Score
                                                                                                                                                                 TOTALS:                90           47        10



11. WAIVER OF QUALIFIED CONTRACT RIGHT / TENANT OWNERSHIP PLAN                                                            (choose only one)                                              1            1        0
   A. Waiver of Qualified Contract Right              Applicant agrees to forego cancellation option for at least 5 yrs after close of Compliance period?              Yes               1     A.     1
   B. Tenant Ownership                                                                                                                                                                   1     B.     0
  Applicant's comments regarding this section of scoring:

  DCA's Comments:



12. PRESERVATION                                                                                                          (choose only one)                                              6            0        0
   A. Historic Designation                                                                                                                                                               3     A.     0        0
      Indicate which category below the project falls into (select either category "One" or category "Two"). Documentation required by the QAP must be included in
      application binder where indicated by the Tabs Checklist:
   1. The property is a certified historic structure with an approved Part 1-Evaluation of Significance AND has submitted a Part 2- Description of Rehabilitation (and/or the            3
      Georgia equivalent, Part A-Preliminary Certification) and has received approval from the Georgia DNR-HPD and the NPS of the scope of the rehabilitation as
      presented in the Part 2 and/or Part A application(s)
   2. The property is a certified historic structure (either listed individually on the National Register, or as a contributing structure in a National Register Historic District),     1
      or is deemed via a Georgia DNR-HPD approved NPS Part 1-Evaluation of Significance to have a preliminary determination of listing on the National Register.

   B. Preservation of Affordable Projects                                                                                                                                                6     B.     0        0
   1. Expiring Tax Credit Properties                                                                                                                                                     6     1.
   2. USDA Properties                                                                                                                                                                    2     2.
   3. HUD Properties                                                                                                                                                                     2     3.
  Applicant's comments regarding this section of scoring:




  DCA's Comments:




    e3415f9c-4315-4346-aaa9-881a0bc9dd23.xlsx - May 2011                                   Part IX A-Scoring Criteria                                                                               57 of 67
      Georgia Department of Community Affairs                                            2011 Funding Application                                                       Office of Affordable Housing
                            PART NINE - SCORING CRITERIA - 2011-012 Veteran Senior Housing - Assisted Living, Decatur, DeKalb County
                                                                                                                                                                                         Score           Self DCA
                                                                                                                                                                                         Value          Score Score
                                                                                                                                                                   TOTALS:                 90            47        10
13. NONPROFIT                                                                                                                (choose only one)                                                 3          0        0
A. GP comprised of 100% qualified NP organization having ownership in 5+ successful LIHTC projects they developed, constructed/rehabbed and P-I-S.                                             3   A.
B. GP comprised of 100% qualified NP organization having ownership in 2+ successful LIHTC projects they developed, constructed/rehabbed and P-I-S.                                             2   B.
   Applicant's comments regarding this section of scoring:



   DCA's Comments:




14. TAX CREDIT EXPERIENCE                                                                                                    (choose only one)                                                 2          0        0
A. GP and Developer have been a project participant in two LIHTC projects. List project names and nbrs in Comments below.                                                                      2   A.
B. GP and Developer have been a project participant in one LIHTC project. List project name and nbr in Comments below.                                                                         1   B.
   Applicant's comments regarding this section of scoring:



   DCA's Comments:




15. RURAL                                                                                                                    (80 residential units or less)                                    3         0
   If claiming Rural points for both this project and another rural project, list the project name of the other rural project in box below and indicate points claimed. List all other rural
   projects submitted in this funding round in Comments below for which no points are being claimed.
        Project Name                                                                    Points Claimed for other project:                             Points Claimed for this project:
   Applicant's comments regarding this section of scoring:                                                                   DCA's Comments:




16. DCA COMMUNITY INITIATIVES                                                                                                                                                                  1
   Letter from a designated                           <<Select a DCA Community Initiative>>           that clearly:                                                                                     Yes/No Yes/No
    a) identifies the project as located w/in political jurisdiction:         < Select applicable GICH >                               <Select Community of Opportunity>                           a)
    b) is indicative of the community’s affordable housing goals                                                                                                                                   b)
    c) identifies that the project meets one of the objectives of the Community                                                                                                                    c)
    d) is excuted by the official representative of the Community                                                                                                                                  d)




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    Georgia Department of Community Affairs                                      2011 Funding Application                                           Office of Affordable Housing
                          PART NINE - SCORING CRITERIA - 2011-012 Veteran Senior Housing - Assisted Living, Decatur, DeKalb County
                                                                                                                                                               Score         Self DCA
                                                                                                                                                               Value        Score Score
                                                                                                                                                   TOTALS:      90           47        10

  Applicant's comments regarding this section of scoring:




  DCA's Comments:




17. LEVERAGING OF RESOURCES                                                                                                                                      8           1         0
  To be eligible for points under section A or B below, the following criteria must be met:                                                                                 Yes/No Yes/No
   1. Funding or assistance provided will be binding and unconditional except as set forth in this section.                                                            1.    Yes
   2. Resources will be utilized if the project is selected for funding by DCA                                                                                         2.    Yes
   3. Loans are for both construction and permanent financing phases                                                                                                   3.    Yes
   4. Loans are for a minimum period of ten years and reflect interest rates at or below AFR.                                                                          4.    Yes
   5. Commitment or award documentation meets the terms and conditions as applicable specified in Appendix I, Threshold Criteria, Section I (I).                       5.    Yes
A. Grants/Loans                                                                                                                                                  3     A.    1         0
    1.   Community Development Block Grant (CDBG) program funds                  ($500,000 minimum)                                                              1     1.
    2.   Federal Home Loan Bank Affordable Housing Program (AHP)                 ($500,000 minimum)                                                              1     2.
    3.   HOME Funds (non DCA source)                                             ($500,000 minimum)                                                              1     3.     1
    4.   Long term Ground leases for nominal consideration and no other land costs                                                                               1     4.
    5.   NSP not allocated from DCA                                              ($1,000,000 minimum)                                                            2     5.
    6.   Beltline Grant                                                        ($1,000,000 minimum)                                                              2     6.
    7.   Housing Opportunity Bonds                                             ($1,000,000 minimum)                                                              2     7.
    8.   HUD 202 or 811 program funds                                          ($3,000,000 minimum)                                                              3     8.
B. Efficient use of DCA Resources                                              DCA OAH HOME Loan Consent                                                         3     B.
C. Off Site Improvement, Amenity and Facility Investment                                                                                                         2     C.
    1. Name of Unrelated Third Party
    2. Description of Improvement(s)



    3. Full Cost of Improvement




    e3415f9c-4315-4346-aaa9-881a0bc9dd23.xlsx - May 2011                             Part IX A-Scoring Criteria                                                             59 of 67
       Georgia Department of Community Affairs                                           2011 Funding Application                                                    Office of Affordable Housing
                             PART NINE - SCORING CRITERIA - 2011-012 Veteran Senior Housing - Assisted Living, Decatur, DeKalb County
                                                                                                                                                                                      Score            Self DCA
                                                                                                                                                                                      Value           Score Score
                                                                                                                                                                 TOTALS:                90             47        10
    Applicant's comments regarding this section of scoring:
The applicant has applied for funding for a HOME Loan from DeKalb County, GA. A copy of the letter from DeKalb County Planning Department outlining the terms is included in Tab 5, Financing
Commitments.



     DCA's Comments:




18. SUPERIOR PROJECT CONCEPT AND DESIGN                                                                                                                                                  6
     Is the applicant claiming these points?                                                                                                                                                           Yes
     If Yes, a form for applicant's required narrative is located in Tab IX-B of this electronic core application. Is a completed printed copy (no more than two pages) included
                                                                                                                                                                                                       Yes
     in the application binder where indicated by the Tabs Checklist?
    Applicant's comments regarding this section of scoring:
Narrative requesting Superior Project Designation for DeKalb Veteran Senior Housing is included in Tab 39. This affordable assisted living facility wil be the first of its kind in Georgia. It will also serve an
important Constituency; U.S. Veterans and their spouses.

     DCA's Comments:




19. BONUS POINTS                                                                                                                                                                         6              3        0
 A. Compliance with DCA Web-Based MITAS System Requirements                                                                                                                              3       A.     0
 B. Marketing to Tenants with Special Needs                                                                                                                                              3       B.     3
     Owner and Developer agree to accept rental assistance from a state, federal or other approved organization for up to 5% of the units in their Georgia owned Tax credit
     developments for purposes of housing tenants covered by the settlement order between the State of Georgia and the Department of Justice in case # 1:10-CV-249-CAP?
     Applicant's comments regarding this section of scoring:

     DCA's Comments:




       e3415f9c-4315-4346-aaa9-881a0bc9dd23.xlsx - May 2011                                  Part IX A-Scoring Criteria                                                                               60 of 67
       Georgia Department of Community Affairs                                         2011 Funding Application                                                  Office of Affordable Housing
                            PART NINE - SCORING CRITERIA - 2011-012 Veteran Senior Housing - Assisted Living, Decatur, DeKalb County
                                                                                                                                                                                 Score            Self DCA
                                                                                                                                                                                 Value           Score Score
                                                                                                                                                             TOTALS:               90             47        10
20. COMPLIANCE / PERFORMANCE                                                                                                                                                       10             10         0
    Is there a Pre-Determination Letter From DCA included in this application for this criterion?                                                                                                 Yes
    A. Owner/Developer                                                                                                                                                                      A.    10
    B. Manager (Pass or Fail)                                                                                                                                                               B.   Pass
     Applicant's comments regarding this section of scoring:
There is an open 8823 on Centennial Phase I pertaining to a building set-aside issue. The issue arose from an incorrect selection to treat each building as an individual project on the 8609s, which resulted
in one building having too few units set aside to be treated as an individual project. A copy of the Private Letter Ruling request to the IRS seeking modification of the set-aside
election was provided to DCA by April 1, 2011. The open 8823 results in a 1 point deduction. The Project Team qualifies for 3 bonus points by owning & managing 10 qualifying projects.

    DCA's Comments:




                                                                                    TOTAL POSSIBLE SCORE                                                                           90             47        10




       e3415f9c-4315-4346-aaa9-881a0bc9dd23.xlsx - May 2011                                Part IX A-Scoring Criteria                                                                            61 of 67
Georgia Department of Community Affairs                                                                           Office of Affordable Housing
                          Scoring Section 18 - Superior Project Concept and Design Narrative
                                                Veteran Senior Housing - Assisted Living
                                                        Decatur, DeKalb County

  DCA’s stated criteria for electing a superior project includes the following areas of consideration: 1) Community changing effect on
  the neighborhood, 2) Unique concept or design / meets an overriding DCA objective, 3) Urgent need in the community are met, and
  4) Substantial community support and involvement. We truly believe that this project, Dekalb (County) Veteran Senior Housing,
  represents a superior project concept.




  Currently, once a senior can no longer live independently, residing in nursing homes is one of the few long term care options for low-
  to moderate-income seniors. While assisted living facilities can provide aging seniors with a more desirable community like setting,
  and delay or even prevent the need for admittance into a nursing home, the high private pay costs is unaffordable for most seniors.
  Housing makes up a substantial portion of the total cost of living in an assisted living facility; land and development costs have a
  considerable impact on affordability. Although many government agencies and private foundations hope to alleviate the situation by
  providing incentives such as loans or subsidies, the funds are fragmented and difficult to access (The Long Term Care Community
  Coalition 2008). We submit the Dekalb Veteran Senior Housing project as a viable option to address this senior housing dilemma.


  Our Dekalb Veteran Senior Housing – Assisted Living (“VSH”) Facility will, hopefully, be the first of many facilities addressing the
  needs of veteran and non-veteran seniors. VSH will be a new construction, single building with 60 units, located at 3644 Memorial
  Drive, adjacent to the Wal-Mart Shopping Center. Our project will be in the midst of a vibrant community in close proximity to
  amenities for our residents. Our resident population will consist of 100% veterans. Therefore, in addition to being in close proximity
  to the amenities of the area, our property will be in close proximity to the VA Medical Center located on Clairmont Road. Locating
  wonderful affordable housing, along with quality Health Care, are amongst the most important issues facing our growing veteran
  senior population.


  Community changing effect on the neighborhood - The demand for affordable senior living solutions is significant and growing
  exponentially. From 2007 to 2030, the population age 65+ is projected to grown by 89%, that is more than four times as fast as the
  population as a whole (+21%). Most of this growth, especially over the next 10-15 years, will be amongst the young old (age 65-74)
  because of the aging of the baby boomers. A better barometer for the potential demand for long term care services is the growth in
  the population age 85 or older, which is expected to increase by 74% between 2007 and 2030. The oldest old not only have much
  higher rates of disability, but they also are much more likely to be widowed and without someone to provide assistance with daily
  activities. (See Table 1 in attached supporting documentation)


  The population aged 85 or older, the age group that is most likely to need long term care services, is growing at a dramatic rate.
  Providing affordable assisted living to meet this need will have a huge impact on the neighborhood by offering alternative housing
  options which will allow seniors to live with dignity in facilities close to their current homes, family members and services. Additionally
  this alternative will save tax payers money, as the cost of nursing home care extends the cost of proving subsidized housing in the
  VSH facility.




2011 OAH Funding Round                         e3415f9c-4315-4346-aaa9-881a0bc9dd23.xlsx                                              62 of 67
Georgia Department of Community Affairs                                                                          Office of Affordable Housing
                         Scoring Section 18 - Superior Project Concept and Design Narrative
                                               Veteran Senior Housing - Assisted Living
                                                       Decatur, DeKalb County

  Unique concept or design / meets an overriding DCA objective - As a developer, owner and manager of independent senior housing,
  Integral has observed that there is a growing number of seniors who are aging in-place and in need of an affordable assisted living
  option. Integral has developed 8 independent living senior facilities, and one private pay assisted living facility. As our residents age
  and can no longer live independently or afford to be transferred to a private pay facility (typically $3,000 - $5,000 per month in Metro
  Atlanta), they are forced to lose their independence and many times feel like a burden by either residing with a relative or being
  admitted to a rehabilitation or nursing home. Therefore, most residents attempt to hide the fact that they can no longer live
  independently for fear of being forced to choose one of the undesirable alternatives.


  This is a terrible decision that we force upon our elderly, but nevertheless, it is their frightening reality. Furthermore, when these
  seniors are veterans who have sacrificed life and limb for our freedom, it exacerbates the cruelty of this dilemma and highlights the
  need for making a change. We believe that this concept is consistent with DCA’s desire to provide vibrant, safe and affordable
  housing for seniors unless or until they require rehabilitation or nursing home care. This type of project closes the gap in affordable
  senior housing presently available.




  Urgent need in the community is being met - Integral’s mission now includes pairing affordable assisted living services with
  affordable housing for those with low and moderate incomes. Our initial project to address the absence of affordable assisted living
  facilities will be a community for veterans only.
  There are over 14,000 seniors who are veterans in DeKalb County where there are no affordable assisted living options. The only
  affordable long term care option of scale presently to low income veteran seniors is nursing home care. Our project will be designed
  and operated to allow seniors who are income qualified to choose assisted living services.




  The building will be designed based upon the Lifelong Communities principles of creating a vibrant streetscape, walkable community
  to the adjacent retails business and other services within a 1-mile radius. The building will have a commercial kitchen to offer meals
  for our residents, and other areas such as staff and management offices, resident care room, personal care room, laundry room and
  medical preparation space. Also, there will be a van owned by the facility, to facilitate transportation to medical/doctor appointments
  as well as providing activities for residents outside of the facility.




  Substantial community support and involvement – The Dekalb County community (businesses, local government and neighboring
  residents) has embraced this affordable assisted living concept. All understand the need to provide affordable assisted living options
  to our aging populations and many have personal stories of family members or friends in need of such a facility. This development is
  cited on an out-parcel to a Wal-Mart Superstore. Wal-Mart has a veterans focused initiative and supported the project by signing
  aConsent To Project Development. The County is providing a $500,000 Home Loan and rezoned the property to support the
  proposed use. The surrounding neighbors welcome a facility that provides affordable assisted living to the senior citizens of Dekalb
  County and applaud the focus on housing military veterans.




2011 OAH Funding Round                        e3415f9c-4315-4346-aaa9-881a0bc9dd23.xlsx                                             63 of 67
    Georgia Department of Community Affairs
    Office of Affordable Housing
    60 Executive Park South, NE.
    Atlanta, Georgia 30329-2231

    Re: Application for Low-Income Housing Tax Credit and/or HOME Funding

    To DCA:

    This application is submitted in accordance with the 2011 Qualified Allocation Plan and the Office of
    Affordable Housing Application Manual. In submitting this application for funding consideration, the
    undersigned applicant hereby certifies:
    1)    I am responsible for ensuring that the project consists or will consist of a qualified low-income
          building (or buildings) as defined in the Internal Revenue Code section 42(c)(2) and will satisfy all
          applicable requirements of State and federal tax law in the acquisition, rehabilitation, and
          operation of the project to receive State and federal housing tax credits.
    2)    I am responsible for all calculations and figures relating to the determination of the eligible basis
          of the building(s). I understand and agree that the amount of the credit is allocated by reference to
          the figures that I submit as to eligible and qualified basis. I understand that the actual amount of
          credit allocated may vary somewhat from the amount initially reserved or committed due to (a) the
          determination by the Georgia Department of Community Affairs ("DCA") as to the amount of
          credit necessary for the financial feasibility of the project and its viability as a qualified low-
          income housing project; (b) revisions in the calculations of eligible and qualified basis as finally
          determined; (c) fluctuations in the prevailing credit percentage; and (d) availability of the credit.

    3)    I understand and agree that DCA makes no representations or warranties regarding the financial
          feasibility of the project, the amount of credit, or the appropriateness of the allocation of the credit
          and makes no independent investigation as to the eligible and qualified basis and that any and all
          credit awards and credit amounts are solely based on representations made by me. I therefore
          agree to hold harmless and indemnify DCA and the individual directors, employees, members,
          officers, and agents of DCA in the event that I or anyone acting on my behalf, at my request or by
          and through me incurs any loss in conjunction with the project, diminution of the credit, loss of
          the credit, recapture of part or all of the credit or failure to allocate the credit requested in my
          application.

    4)    I understand and agree that neither DCA nor any of its individual directors, employees, members,
          officers, or agents assume any responsibility or make any representations or warranties with
          respect to: (i) the amount or availability of credit for the project; or (ii) the financial feasibility of
          the project.



2011 OAH Funding Application                   DCA Office of Affordable Housing                                Page 64 of 67
    5)    I understand and agree that my application for a low-income housing credit and/or HOME loan, all
          attachments thereto, amendments, and all correspondence relating to my application in particular
          or the credit in general are subject to a request disclosure under the Georgia Open Records Act
          and I expressly consent to such disclosure. I further understand and agree that any and all
          correspondence to me from DCA or other DCA-generated documents relating to my application
          are subject to a request for disclosure under the Georgia Open Records Act and I expressly
          consent to such disclosure. I agree to hold harmless DCA and the individual directors, employees,
          members, officers, and agents of DCA against all losses, costs, damages, expenses, and liability of
          whatsoever nature or kind (including, but not limited to, attorneys' fees, litigation, and court costs)
          directly or indirectly resulting from or arising out of the release of all information pertaining to my
          application pursuant to a request under the Georgia Open Records Act.

    6)    I understand that any misrepresentations in this application or supporting documentation may
          result in a withdrawal of tax credits and/or HOME loan by DCA, my (and related parties) being
          barred from future program participation, and notification of the Internal Revenue Service and/or
          HUD.
    7)    I certify that all Federal, State and local subsidies have been disclosed and revealed.

    In addition, Applicant understands:
    •     The above certifications are of a continuing nature and apply at all stages of the application
          process: initial application, commitment, and final allocation/funding.
    •     The State of Georgia Department of Community Affairs (DCA) must be notified of any
          subsequent events or information, which would change any statements or representations in the
          attached application or amendments thereto;
    •     DCA reserves the right to verify all information or documents used in processing the application,
          including requiring credit checks on all parties involved in the transaction. Applicant hereby
          authorizes the financing bank, accountant, mortgage lender, creditors, other state housing agencies
          and others sources identified in the application to release information to DCA or its designee in
          order to verify the accuracy of information in the application and amendments thereto.

    Applicant agrees and understands that it may be charged for all fees and costs incurred by DCA in the
    inspection of funded properties during and after construction and in the enforcement of DCA
    regulations and policies.
    To the best of my knowledge, all of the information in the attached application, including all
    supporting documentation is correct, complete and accurate.

    APPLICANT/OWNER


                        Printed Name                                                   Title




                          Signature                                                    Date

                                                                                      [SEAL]




2011 OAH Funding Application                  DCA Office of Affordable Housing                              Page 65 of 67
                                                                                           SUMMARY OF DCA UNDERWRITING ASSUMPTIONS
Category                                                Specification                                                Scale                                                                          Minumum Maximum
Funding Limits                                          LIHTC                                                        Per Project                                                                      n/a          950,000
                                                                                                                     Per Owner Per Round                                                              n/a         1,700,000
                                                        HOME                                                         Per Project                                                                    800,000       2,500,000
                                                                                                                     Per Owner Per Round (% of HOME funds available)                                  n/a            25%
                                                                                                                         0 BR         1 BR         2 BR         3 BR                 4 BR
                                                        Unit Cost Limit - both LIHTC and HOME                          110,481      126,647      154,003     199,229               218,693            n/a         7,598,820
                                                        Brownfield Projects                                            132,577      151,976      184,804     239,075               262,432            n/a         9,118,560
                                                        Historic Rehab Projects                                        121,529      139,312      169,403     219,152               240,562            n/a         8,358,720
Annual Operating Expenses
  Annual Operating Expenses                             Urban          Atlanta                                       Per Unit                                                                          4,500            n/a
                                                                       Other                                         Per Unit                                                                          4,000            n/a
                                                        Non-MSA Rural w/out USDA Financing                           Per Unit                                                                          3,000            n/a
                                                        Rural w/USDA Financing                                       Per Unit                                                                          3,000            n/a
  Replacement Reserve Pymt                              Rehab                                                        Per Unit                                                                            350            n/a
                                                        New                                                          Per Unit                                                                            250            n/a
                                                        All Single Family                                            Per Unit                                                                            420            n/a
                                                        All Historic Rehab                                           Per Unit                                                                            420            n/a
Development Costs
  Pre-Development Costs                                 Tax Credit Application Fee                                   Per Project - For Profit or Joint Venture                                                4,000
                                                        Tax Credit Application Fee                                   Per Project - Nonprofit                                                                  3,000
                                                        DCA Loan Application Fee                                     Per Project - For Profit or Joint Venture                                                1,000
                                                        DCA Loan Application Fee                                     Per Project - Nonprofit                                                                   500
                                                        DCA Loan / LIHTC Application Fee                             Per Project - For Profit or Joint Venture                                                5,000
                                                        DCA Loan / LIHTC Application Fee                             Per Project - Nonprofit                                                                  3,500
  Hard Costs                                            Rehab                                                        Per unit - Properties 20 yrs old or less                                       25,000            see UCL
                                                                                                                     Per unit - Properties over 20 yrs old                                          30,000            see UCL
  Construction Contingency                              New                                                          LESSER OF % of Construction Hard Costs                                          N/A                5%
                                                                                                                     OR Dollar amount                                                                N/A              500,000
                                                        Rehab                                                        LESSER OF % of Construction Hard Costs                                          N/A                7%
                                                                                                                     OR Dollar amount                                                                N/A              500,000
  Builder Profit                                          n/a                                                        % of (Construction Hard Costs, exclusive of Contingency and Contractor Svcs)     n/a               6%
  Builder's Overhead                                      n/a                                                        % of (Construction Hard Costs, exclusive of Contingency and Contractor Svcs)     n/a               2%
  General Requirements (exclusive of Contractor Services) n/a                                                        % of (Construction Hard Costs, exclusive of Contingency and Contractor Svcs)     n/a               6%
  LIHTC Allocation Fee                                    LIHTC Fee                                                  Percent of Credit Request                                                                 7%
  4% LIHTC IRS Form 8609 Fee                              LIHTC Fee                                                  Percent of Credit Request                                                                 7%
  Front-End Analysis Fee                                                                                                                                                                                      2,700
  Compliance Monitoring Fee                               LIHTC Fee (both 4% and 9%)                                 Per Unit                                                                        700                n/a
                                                          USDA or URFA Fee                                           Per Unit                                                                        150                n/a
  Developer's Fee                                                                                                    Maximum                                                                                1,800,000
                                                          Identity of Interest     New Construction                  % of (TDC - budgeted DF - Demo - uw Land)                                                 15%
                                                                                   Acq / Rehab Acq portion           % of Existing Structures acquisition cost (including Acquisition Legal Fees)              15%
                                                                                                  Rhb portion        % of (TDC - budgeted DF - uw Land - Acq Lgl Fees - Existing Structures)                   15%
                                                                                   Rehabilitation                    % of (TDC - budgeted DF - uw Land - Acq Lgl Fees - Existing Structures)                   15%
                                                                                                  % DF to bldg acq   % of (TDC - budgeted DF - uw Land)                                                        15%
                                                          No Identity of Interest                                    LESSER OF % of (TDC - uw Land - budgeted DF - Bldr profit)                                15%
                                                                                                                     OR percentage proposed                                                                     ?
                                                        Deferred DF Term (Years)                                                                                                                       0                15
                                                        Deferred DF % of Total DF                                                                                                                     0%               50%
   Operating Deficit Reserve                                                      Mths of Year 1 Debt Service (out of 12)                                6             n/a
                                                                                  Mths of Year 1 O&M Expense (out of 12)                                 6             n/a
   Rent-Up Reserve                                                                Mths of projected operating expenses                                   3             n/a
   Final Inspection Fee                                                           Per Project                                                                  3,000
Proforma Operating Forecast
   Number of Persons in Family and Percentage Adjustments for Rent Calculations        1             2             3         4       5      6      7      8
                                                                                      70%          80%            90%       Base   108%   116%   124%   132%
   Revenue Growth Rate                                                            Per Operation Year                                                            2%
   V&C Loss Rate (Non-PBRA/USDA)                                                  Per Operation Year                                                            7%
   V&C Loss Rate (PBRA/USDA)                                                      Per Operation Year                                                            7%
   Operating Expense Growth Rate                                                  Per Operation Year                                                            3%
   Replacement Reserve Annual Payment Growth Rate                                 Per Operation Year                                                            3%
   Operating Reserve Annual Payment Growth Rate                                   Per Operation Year                                                            0%

				
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