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2011-062 Woodward Core.xlsx - DCA

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					         Georgia Department of Community Affairs                                                                                                                         Office of Affordable Housing
                                               2011 Application Binder Tabs Checklist For: 2011-062, Woodward Apartments, Dooly 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)                                                                Yes
                                                            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                                                                   Yes
           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
app2k11 Preservation Set Aside                              IRS Forms 8609 for first and final years of credit period                                                                                      Yes
                                                            Legal opinion that project will meet for the 15 year compliance period requirement specified for the Preservation Set-Aside                    Yes
                                                            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                                                                                                 N/a
                                                            Probationary participation approval                                                                                                             N/a
                                                            Explanation documentation, if applicable                                                                                                        Yes
                                                            Detailed statements and dates of all governmental debarments/ suspensions, criminal convictions, indictments, bankruptcies and pending criminal N/a
                                                            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
         92fa640a-3de3-4c8a-983f-34835e991c2c.xlsx - May 2011                                Application Tabs Checklist                                                                         1 of 74
       Georgia Department of Community Affairs                                                                                                                     Office of Affordable Housing
                                            2011 Application Binder Tabs Checklist For: 2011-062, Woodward Apartments, Dooly 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                                                                                  N/a
                                                         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                                                                                                      N/a

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



       92fa640a-3de3-4c8a-983f-34835e991c2c.xlsx - May 2011                               Application Tabs Checklist                                                                     2 of 74
       Georgia Department of Community Affairs                                                                                                                       Office of Affordable Housing
                                            2011 Application Binder Tabs Checklist For: 2011-062, Woodward Apartments, Dooly 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                                                                                        Yes
                                                         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)                                                                               Yes
   (Rehab projects)                                      Comprehensive Rehabilitation Work Scope                                                                                                                    Yes

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                                                                                                        N/a
                                                         Real estate properties disclosure                                                                                                                          N/a
                                                         Development fee sharing arrangements                                                                                                                       N/a
                                                         Guarantor agreements                                                                                                                                       N/a
                                                         Consulting agreements - direct or indirect, paid or unpaid                                                                                                 Yes
                                                         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


       92fa640a-3de3-4c8a-983f-34835e991c2c.xlsx - May 2011                              Application Tabs Checklist                                                                                      3 of 74
       Georgia Department of Community Affairs                                                                                                                              Office of Affordable Housing
                                                2011 Application Binder Tabs Checklist For: 2011-062, Woodward Apartments, Dooly 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                                                                                                                 N/a
                                                              US Census Tract documentation                                                                                                                               N/a
                                                              Certification for Contracts, Loans and Cooperative Agreements                                                                                               N/a
                                                              Disclosure of Lobbying Activities                                                                                                                           N/a
                                                              Applicant / Recipient Disclosure / Update Report                                                                                                            N/a
                                                              MBE / WBE Outreach Plan Guide form                                                                                                                          N/a
                                                              Affirmative Fair Housing Marketing Plan                                                                                                                     N/a

21 Required Legal Opinions                                    Legal Opinion for Assisted Living (as applicable)                                                                                                           N/a
                                                              LIHTC Legal Opinion as to Project Qualification for Acquisition Credits                                                                                     Yes
                                                              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                                                                                                                         Yes
                                                              Detailed Project-Specific Displacement/Relocation Plan and Budget                                                                                           Yes
                                                              Multifamily Tenant Relocation Plan Certification                                                                                                            Yes
                                                              Temporary Relocation Cost Estimate                                                                                                                          Yes
                                                              General Info Notice for Occupants at Time of App / Proof of Delivery                                                                                        Yes
                                                              Occupancy History                                                                                                                                           N/a
                                                              Site Map of Property                                                                                                                                        Yes
                                                              Tenant Household Data Forms                                                                                                                                 Yes
                                                              Site Relocation Survey                                                                                                                                      Yes
23 Marketing To Populations With Disabilities Or The Marketing Plan incorporates outreach efforts to each service provider, homeless shelter or local disability advocacy organization in project's county                Yes
   Homeless                                          Marketing Plan outlining how the project will market units to tenants with disabilities and the homeless                                                             Yes
                                                              Marketing Plan establishes and maintains relationships between the management agent and community service providers                                         Yes
                                                              Marketing Plan including a referral and screening process, the screening criteria and a plan to provide reasonable accommodations to facilitate the         Yes
                                                              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                          N/a
                                                              Documentation from transit authority showing relevant bus route and schedule                                                                                N/a




       92fa640a-3de3-4c8a-983f-34835e991c2c.xlsx - May 2011                                  Application Tabs Checklist                                                                                        4 of 74
       Georgia Department of Community Affairs                                                                                                                        Office of Affordable Housing
                                             2011 Application Binder Tabs Checklist For: 2011-062, Woodward Apartments, Dooly 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                                                                                         N/a

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



       92fa640a-3de3-4c8a-983f-34835e991c2c.xlsx - May 2011                              Application Tabs Checklist                                                                                       5 of 74
       Georgia Department of Community Affairs                                                                                                                           Office of Affordable Housing
                                              2011 Application Binder Tabs Checklist For: 2011-062, Woodward Apartments, Dooly 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                Yes
        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                                              Yes

36 DCA Community Initiatives                                Letter executed by Official Representative                                                                                                              Yes

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                                                                                                            N/a
                                                            DCA Compliance Certification for each state finance agency from which the Owner/Developer entity, affiliates or principals have received LIHTC          N/a

39 Other                                                  Analysis for Other Income regarding rent growth due to change in LURC           Part VI - Revenue and Expenses; and Party VII -Pro-Forma                  Yes
                                                          City of Vienna request for CDBG funds for Road and Walkway                      Tab 37 - Third Party Investment in Offsite Amenities                      Yes
        (Provide name of each item and what section it is
                                                          improvements
                                                          Letter of Commitment from Applicant for Social Programming Funds                Part VI - Revenue and Expenses; and Party VII -Pro-Forma                  Yes
        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




       92fa640a-3de3-4c8a-983f-34835e991c2c.xlsx - May 2011                                 Application Tabs Checklist                                                                                   6 of 74
                                                          Project Narrative
                                                        Woodward Apartments
                                                        Vienna, Dooly County

 Woodward Apartments are located in Vienna. Vienna is located in south central region of Georgia in Dooly County, approximately
 sixty miles south of Macon along the I-75 corridor. It is home of the Big Pig Jig, the Southeast’s largest barbecue cooking contest
 held annually in November. Vienna and Dooly County offer a quaint and hospitable place to live while continuing to be an economic
 driver for the south-central region of Georgia. The apartment complex is conveniently located at 409 East Woodward Street in Vienna.


 Woodward was developed in 1995 using Low Income Housing Tax Credits. It is comprised of 37 units with a reasonable size lease
 office and a small playground. One dwelling unit (already common space) is located within lease office which will be removed to allow
 for additional square footage for resident use after renovation. With this unit omission, 36 units will be the total count after
 rehabilitation.
 Woodward Apartments has been home to many of its current residents for over 10 years. It is time to reward them with an upgraded
 energy efficient earth-craft home to help them through the hot summers of South Georgia. The units will be completely renovated
 and increased in size on average by 20 percent. The increase in unit size will occur by placing additions off the back of each
 apartment building. Each unit will receive new wood cabinets, low VOC carpet, walls, flooring, modern efficient fixtures, ceiling fans,
 low-e windows, and doors. New high efficiency HVAC systems shall be installed to reduce energy consumption. Each kitchen will
 receive all new appliances including EnergyStar refrigerators and dishwashers. The residents will also be receiving new washers and
 dryers in their units so it is more convenient to continue to improve time with their family.
 The exterior of the units will get all new fiber cement hardi-plank siding while making noticeable changes to certain architectural
 elements to fit into the historic elements of Vienna and middle Georgia. The existing brick wainscot will be cleaned to look as new. In
 addition to upgrading the exterior wall faces, the roof will be replaced with a much higher quality shingles.
 The property has struggled both economically and physically over the past 15 year. The landscaping will get refreshed and updated
 to provide an oasis and play area that the residents look for in a home. The playground will be receiving a much larger system that
 will keep the children entertained for hours. We are additionally planning on adding a nice covered pavilion with grills and picnic
 tables for the residents to rest under while cooking out with the family and friends.
 The lease office will be improved with all new interiors and exterior sidings to coincide with the changes on the residential buildings.
 Inside of the lease office will be getting a make-over too to allow for an expanded community room, business center and exterior
 gathering area for the residents to make it a true clubhouse. Within the lease office also, the maintenance area will be remodeled so
 the maintenance team can be more organized and have more supplies on hand to provide quicker responses to residents work
 orders.
 Woodward will continue to provide not only a friendly and service oriented staff, it will become more purposeful with some unit
 changes to support the physical, mental, and emotionally challenged residents of Vienna and Dooly County. Integrity Development
 Partners will be modify units for these types of residents who need extras in their homes to make them as comfortable as possible
 while providing an affordable place to live.
 With a total development cost of about $4,700,000, made up of a construction renovation budget of $2,477,000, Integrity
 Development Partners believes they can make some dreams come true for these residents with these wonderful changes that are
 being proposed to Woodward Apartments. Integrity plans to not only significantly improve the property and units, but also work very
 diligently and purposefully through on-site staff and local community programs to help improve the lives of the residents living at
 Woodward. At Integrity, we believe that purposeful planning with purposeful people will make a positive impact on those around
 them.




92fa640a-3de3-4c8a-983f-34835e991c2c.xlsx                                                                                          7 of 74
                                             Project Narrative
                                            Woodward Apartments
                                            Vienna, Dooly County




92fa640a-3de3-4c8a-983f-34835e991c2c.xlsx                          8 of 74
       Georgia Department of Community Affairs                                           2011 Funding Application                                                       Office of Affordable Housing
                                                    PART ONE - PROJECT INFORMATION - 2011-062 Woodward Apartments, Vienna, Dooly 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.                                          2011-062

I.         DCA RESOURCES                              LIHTC (auto-filled based on later entries)                    $               428,014
                                                      DCA HOME (amount from Consent Form)                           $                     -

II.        TYPE OF APPLICATION                        Competitive Round                                    Other:
III.       APPLICANT CONTACT FOR APPLICATION REVIEW
           Name                                       Rhett J. Holmes                                                                                    Title       Manager of the GP
           Address                                    348 Enterprise Dr.                                                                                 Direct Line              (229) 219-8132
           City                                       Valdosta                                                                                           Fax                      (229) 219-8144
           State                                      GA                                              Zip+4                31601-5169                    Cellular                 (678) 427-9792
           Office Phone                               (229) 244-2800                                   Ext.             18132      E-mail     rholmes@idphousing.com
           (Enter phone numbers without using hyphens, parentheses, etc - ex: 1234567890)

IV.        PROJECT LOCATION
           Project Name                               Woodward Apartments                                                                                     Phased Project?       No
           Site Street Address                        409 East Woodward Street                                                                                Scattered Site?       No
           City                                       Vienna                                   9-digit Zip *       31092-1200                                 Acreage               3.48
           Within City Limits?                        Yes                                      County        Dooly                                            Census Tract #        13093970300
           In USDA Rural Area?                        Yes                                 HUD MSA/NonMSA Dooly Co.                                            QCT?          No           DDA? No
                                                            Congressional *                 State Senate                   State House
           Legislative Districts                                  2                              14                            147
           If on boundary, other district:
           Political Jurisdiction                     City of Vienna
           Name of Chief Elected Official             Emerson Lundy, Sr.                                                            Title     Mayor
           Address                                    P.O. Box 436, 203 West Cotton Street                                          City      Vienna
           Zip+4                                      31092-1432                  Phone                         (229) 268-4744                    Fax
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
           Adaptive Reuse
           Acquisition/Rehabilitation                       36       For Acquisition/Rehabilitation, date of original construction:                10/20/95
           Substantial Rehabilitation
           Historic Rehab

       92fa640a-3de3-4c8a-983f-34835e991c2c.xlsx - May 2011                                   Part I-Project Information                                                                          9 of 74
        Georgia Department of Community Affairs                                         2011 Funding Application                                                      Office of Affordable Housing
                                                    PART ONE - PROJECT INFORMATION - 2011-062 Woodward Apartments, Vienna, Dooly County

         C. Unit Breakdown                                                                          # of PBRA               D. Unit Area
            Number of Low Income Units                                                  36             Units                   Total Low Income Residential Square Footage                    40,086
                         Number of 50% Units                                             8                                     Total Unrestricted (Market) Residential Square Footage
                         Number of 60% Units                                            28                                     Total Residential Square Footage                               40,086
            Number of Unrestricted (Market) Units                                                                              Total Common Space Square Footage from Units
            Total Residential Units                                                     36                                     Total Square Footage from Units                                40,086
            Common Space Units
            Total Units                                                                 36
         E. Buildings    Number of Residential Buildings                                 6                                     Total Common Area Square Footage from Nonresidential areas      1,350
                         Number of Non-Residential Buildings                             1                                     Total Square Footage                                           41,436
                         Total Number of Buildings                                       7
         F. Total Residential Parking Spaces (min 1.5 per unit)                         60

VI.         TENANCY CHARACTERISTICS
         A. Family or Senior                                                        Family                                     If Other, specify:
         B. Mobility Impaired                           Nbr of Units Equipped:           2                                     % of Total Units                                                5.6%
         C. Sight / Hearing Impaired                    Nbr of Units Equipped:           2                                     % of Total Units                                                5.6%
         D. Special Needs Units                                     Nbr of Units:        4                                     % of Total Units                                               11.1%

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
                                          No         Nonprofit                          Yes       Rural                             No        CHOICE Neighborhoods / HOPE VI
                                          Yes        Preservation                       No        Special Needs                     No        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




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      Georgia Department of Community Affairs                                       2011 Funding Application                                               Office of Affordable Housing
                                                 PART ONE - PROJECT INFORMATION - 2011-062 Woodward Apartments, Vienna, Dooly 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:                                         2
       B. Amount of Federal Tax Credits in All Applications:                    1,048,289
       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
          Integrity Development Partners, LLC      Ashton Pines                                           8
          Stratford Capital Group, LLC             Ashton Pines                                           9
          SCG Development, LLC                     Ashton Pines                                           10
          RJH Investments, LLC                     Ashton Pines                                           11
          Rhett J. Holmes                          Ashton Pines                                           12
          6                                                                                               13
          7                                                                                               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                                                             Yes
       A. Subsequent Allocation                                                  Yes
          Year of Original Allocation                                            1994
          Original GHFA/DCA Project Number                                    GA-94-058
          First Year of Credit Period                                            1997                                  First Building ID Nbr in Project               GA-94-05801
          Expiring Tax Credit (15 Year)                                          Yes                                   Last Building ID Nbr in Project                GA-94-05806
          Date all buildings will complete 15 yr Compliance pd                December 31, 2011
       B. Expiring Section 8                                                       No
       C. Expiring HUD or USDA
          HUD funded affordable nonpublic housing project                          No                                  HUD funded affordable public housing project       No
          USDA funded affordable nonpublic housing project                         No

      92fa640a-3de3-4c8a-983f-34835e991c2c.xlsx - May 2011                               Part I-Project Information                                                                 11 of 74
       Georgia Department of Community Affairs                                       2011 Funding Application                                                   Office of Affordable Housing
                                                      PART ONE - PROJECT INFORMATION - 2011-062 Woodward Apartments, Vienna, Dooly County

XII.     ADDITIONAL PROJECT INFORMATION
      A. PHA Units
         Is proposed project part of a local public housing replacement program?
         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?                                                 Yes
         Total Existing Units                                                                36
         Number Occupied                                                                     32
         % Existing Occupied                                                             88.89%
      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?                                                        No                                        Payment & Performance Bond?                                  No
         Pre-determination of Qualification to Compete?                                      No
         Operating Expense?                                                                  No      ---------------------------> If Yes, new Limit is:
         Other (specify waiver):                                                             No
      F. Projected Place-In-Service Date
         Acquisition                                                                   April 1, 2012
         Rehab                                                                         January 1, 2013
         New Construction
XIII.    APPLICANT COMMENTS AND CLARIFICATIONS                                                                         XV.             DCA COMMENTS - DCA USE ONLY
Applicant did not request any Architectural or other waivers for this project.




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     Georgia Department of Community Affairs                                   2011 Funding Application                                                     Office of Affordable Housing
                                      PART TWO - DEVELOPMENT TEAM INFORMATION - 2011-062 Woodward Apartments, Vienna, Dooly County

I.    OWNERSHIP INFORMATION

      A. OWNERSHIP ENTITY                            Woodward Apartments, LP                                                                  Name of Principal    Rhett Holmes
             Office Street Address                   348 Enterprise Dr.                                                                       Title of Principal   Manager of GP
             City                                    Valdosta                             Fed Tax ID: Applied For                             Direct line          (229) 219-8132
             State                                       GA       Zip+4 *            31601-5169       HQ Congressional District *    1st      Cellular             (678) 427-9792
             10-Digit Office Phone / Ext.            (229) 244-2800             18132         Fax          (229) 219-8144              E-mail rholmes@idphousing.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             Woodward GP, LLC                                                                       Name of Principal    Rhett Holmes
               Office Street Address              348 Enterprise Dr.                                                                     Title of Principal   Manager
               City                               Valdosta                                                                               Direct line          (229) 219-8132
               State                                  GA       Zip+4 *        31601-5169         HQ Congressional District *     1st     Cellular             (678) 427-9792
               10-Digit Office Phone / Ext.       (229) 244-2800          18132        Fax             (229) 219-8144             E-mail rholmes@idphousing.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            TBD                                                                                       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. State Limited Partner              TBD                                                                                       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 - 2011-062 Woodward Apartments, Vienna, Dooly 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                             Integrity Development Partners, LLC                                      Name of Principal    Rhett Holmes
           Office Street Address            348 Enterprise Dr.                                                       Title of Principal   Manager
           City                             Valdosta                                                                 Direct line          (229) 219-8132
           State                                GA        Zip+4         31601-5169                                   Cellular             (678) 427-9792
           10-Digit Office Phone / Ext.     (229) 244-2800         18132         Fax         (229) 219-8144   E-mail rholmes@idphousing.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                Custom Relocation Specialists, LLC                                       Name of Principal    Carol Wisenbaker
           Office Street Address            4839 Hickory Grove Road North                                            Title of Principal   Owner
           City                             Valdosta                                                                 Direct line          (229) 559-1166
           State                                GA       Zip+4          31606-0707                                   Cellular             (229) 588-0301
           10-Digit Office Phone / Ext.     (229) 559-1166                       Fax         (229) 559-1166   E-mail cwisenbaker@crelosp.com




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 Georgia Department of Community Affairs                                2011 Funding Application                                        Office of Affordable Housing
                                   PART TWO - DEVELOPMENT TEAM INFORMATION - 2011-062 Woodward Apartments, Vienna, Dooly 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                    IDP Construction, LLC                                                      Name of Principal    Rhett J. Holmes
          Office Street Address             348 Enterprise Dr.                                                         Title of Principal   Manager
          City                              Valdosta                                                                   Direct line          (229) 219-8132
          State                                 GA       Zip+4         31601-5169                                      Cellular             (678) 427-9792
          10-Digit Office Phone / Ext.      (229) 244-2800                      Fax            (229) 219-8138   E-mail rholmes@idphousing.com
   C. MANAGEMENT COMPANY                    Ambling Management Company, LLC                                            Name of Principal    Kim Barkwell
          Office Street Address             348 Enterprise Dr.                                                         Title of Principal   President
          City                              Valdosta                                                                   Direct line
          State                                 GA       Zip+4     31601-5169                                          Cellular             (803) 309-2122
          10-Digit Office Phone / Ext.      (229) 244-2800                  Fax                (229) 218-8144   E-mail kbarkwell@ambling.com
   D. ATTORNEY                              Coleman Talley, LLLP                                                       Name of Principal     Thompson Kurrie, Jr.
          Office Street Address             910 N Patterson St.                                                        Title of Principal    Partner
          City                              Valdosta                                                                   Direct line           (229) 671-8216
          State                                 GA       Zip+4         31601-4531                                      Cellular              (229) 300-1404
          10-Digit Office Phone / Ext.      (229) 242-7562                      Fax            (229) 333-0885   E-mail tom.kurrie@colemantalley.com
   E. ACCOUNTANT                            Reznick Group, P.C.                                                        Name of Principal    Mike Beck
          Office Street Address             2002 Summit Blvd., Suite 1000                                              Title of Principal   Partner
          City                              Atlanta                                                                    Direct line
          State                                 GA       Zip+4                                                         Cellular
          10-Digit Office Phone / Ext.      (404) 847-9447                        Fax          (404) 847-7735   E-mail mike.beck@reznickgroup.com
   F. ARCHITECT                             IPG, Incorporated                                                          Name of Principal      Robert E. Byington Jr.
           Office Street Address            807 Northwood Park Drive                                                   Title of Principal     Architect
           City                             Valdosta                                                                   Direct line
           State                                GA       Zip+4       31601-4528                                        Cellular
           10-Digit Office Phone / Ext.     (229) 242-3357                    Fax              (229) 242-4339   E-mail rbyington@ipgarchitects.com




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     Georgia Department of Community Affairs                                            2011 Funding Application                                                    Office of Affordable Housing
                                          PART TWO - DEVELOPMENT TEAM INFORMATION - 2011-062 Woodward Apartments, Vienna, Dooly County

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


Manage GP                No                 No                  No                         Yes                        No                           No                   For Profit            0.0100%
Other GP1
Other GP2
Federal LP               No                 No                  No                         No                         No                           No                   For Profit           98.9900%
State LP                 No                 No                  No                         No                         No                           No                   For Profit            1.0000%
NP Sponsor
Developer                No                 No                  No                         Yes                        No                           No                   For Profit            0.0000%
Co-Develpr 1
Co-Develpr 2
Ownr Consult
Dev Consult              No                 No                  No                         No                         No                           No                   For Profit           0.0000%
Contractor               No                 No                  No                         Yes                        No                           No                   For Profit           0.0000%
Mgt Co                   No                 No                  No                         Yes                        No                           No                   For Profit           0.0000%
                                                                                                                                                                                 Total     100.0000%

V.       APPLICANT COMMENTS AND CLARIFICATIONS                                                                                        VI.           DCA COMMENTS - DCA USE ONLY
The GP, Developer, Contractor, and Management Company currently all have an Identity of Interest through the common ownership of
Rhett J. Holmes; however, as of July 1, 2011 Mr. Holmes will no longer have an interest in Ambling Management Company.




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      Georgia Department of Community Affairs                                         2011 Funding Application                                                      Office of Affordable Housing
                                                  PART THREE - SOURCES OF FUNDS - 2011-062 Woodward Apartments, Vienna, Dooly County


I.       GOVERNMENT FUNDING SOURCES (check all that apply)

            Yes       Tax Credits                 No      DCA HOME* --> amt from DCA Consent Ltr:                                                   No         Historic Rehab Credits
             No       Tax Exempt Bonds            No      DCA PSHP HOME*                                       No      CDBG                         No         FHA Insured Mortgage
             No       Taxable Bonds               No      Other HOME*                                          No      FHA Risk Share               No         Other NSP* - Amount:
             No       USDA 515                    No      USDA 538                     No      HOPE VI         No      FHLB / AHP*                  No         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
         Mortgage B
         Mortgage C
         Federal Grant
         State, Local, or Private Grant
         Deferred Developer Fees                                                  Integrity Development Partners, LLC                              67,496
         Federal Housing Credit Equity                                            Stratford Capital Group, LLC                                  2,849,856
         State Housing Credit Equity                                              Churchill Stateside Group                                       924,511
         Other Type (specify)                                                                                                                          -
         Other Type (specify)
         Other Type (specify)
         Total Construction Financing:                                                                                                          3,841,863
         Total Construction Period Costs from Development Budget:                                                                               3,841,863
         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 - 2011-062 Woodward Apartments, Vienna, Dooly 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
          Mortgage B
          Other:
          Grant from foundation or charity
          Deferred Devlpr Fee       11.37% Integrity Development Partners, LLC              67,496               0.000%            10                            10,921       Cash Flow
          Federal Grant
          State, Local, or Private Grant                                                                             Equity Check         +/-
          Federal Housing Credit Equity     Stratford Capital Group, LLC                 3,509,715                    3,509,715                    0 Proposed DCA HOME Loan Interest Rate by Operating
          State Housing Credit Equity       Churchill Stateside Group                    1,155,638                    1,155,638                    0           Year for Projects in Rural Areas:
          Historic Credit Equity                                                                                                                       Year:      1 -7        8         9         10
          Invstmt Earnings: T-E Bonds                                                                                                                  Rate:    0.000%     0.000%    0.000%     0.000%
          Invstmt Earnings: Taxable Bonds                                                                                                               11        12         13        14         15
          Income from Operations                                                                                                                      0.000%    0.000%     0.000%    0.000%     0.000%
          Other:                                                                                                                                        16         17        18        19         20
          Other:                                                                                                                                      0.000%    0.000%     0.000%    0.000%     0.000%
          Other:                                                                                                                                        21         22        23        24         25
          Total Permanent Financing:                                              4,732,849                                                           0.000%    0.000%     0.000%    0.000%     0.000%
          Total Development Costs from Development Budget:                        4,732,849                                                             26         27        28        29         30
          Surplus/(Shortage) of Permanent funds to development costs:                  0                                                              0.000%    0.000%     0.000%    0.000%     0.000%
IV.       APPLICANT COMMENTS AND CLARIFICATIONS                                                                              IV.        DCA COMMENTS - DCA USE ONLY
Once an award is made, there will some tweaks to the amount of federal credits the Federal Equity Investor and the State
Equity Investor each purchases of the actual federal credits. For simplicity sake in the above model, we assumed the state
credit investor does not purchase any federal credits.




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Georgia Department of Community Affairs                          2011 Funding Application                                  Office of Affordable Housing
                                      PART THREE - SOURCES OF FUNDS - 2011-062 Woodward Apartments, Vienna, Dooly County




92fa640a-3de3-4c8a-983f-34835e991c2c.xlsx - May 2011                Part III A-Sources of Funds                                                19 of 74
                               2011 Office of Affordable Housing Funding Application
                                   USDA 538 Guaranteed Loan Calculations
             PART III B: USD 538 LOAN - 2011-062 Woodward Apartments, Vienna, Dooly County

                                                  I. Data Input
 Loan Amount:                                       $0.00                           $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 74
                               2011 Office of Affordable Housing Funding Application
                                   USDA 538 Guaranteed Loan Calculations
                                   2011-062 Woodward Apartments, Vienna, Dooly 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 74
                                  2011 Office of Affordable Housing Funding Application
                                      HUD Insured Mortgage Loan Calculations
         PART III C - HUD INSURED LOAN - 2011-062 Woodward Apartments, Vienna, Dooly 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 74
  Georgia Department of Community Affairs                                       2011 Funding Application                                  Office of Affordable Housing
                                                    PART FOUR - USES OF FUNDS - 2011-062 Woodward Apartments, Vienna, Dooly County
                                                           CERTIFICATION OF ACTUAL COST AND OPINION AS TO ELIGIBLE BASIS
                                                                                                               New                                           Amortizable or
I. DEVELOPMENT BUDGET                                                                                                      Acquisition     Rehabilitation
                                                                                                            Construction                                    Non-Depreciable
                                                                                     TOTAL COST                              Basis            Basis
                                                                                                               Basis                                             Basis
  PRE-DEVELOPMENT COSTS                                                                                                     PRE-DEVELOPMENT COSTS
  Property Appraisal                                                                         11,000                                            11,000
  Market Study                                                                                6,000                                             6,000
  Environmental Report(s)                                                                    10,075                                            10,075
  Soil Borings                                                                                3,000                                             3,000
  Boundary and Topographical Survey                                                          12,000                                            12,000
  Zoning/Site Plan Fees
  Other: Physical Needs Assessment                                                            5,000                                                 5,000
  Other: Blueprints/Postage/Etc.                                                              3,500                                                                   3,500
  Other: Pursuit and Travel Costs                                                            15,000                                                                  15,000
                                                                         Subtotal            65,575                   -             -              47,075            18,500
  ACQUISITION                                                                                                                      ACQUISITION
  Land                                                                                       50,000                                                                  50,000
  Site Demolition
  Acquisition Legal Fees (if existing structures)                                             5,000                                                                   5,000
  Existing Structures                                                                       650,000                             650,000
                                                                         Subtotal           705,000                             650,000                              55,000
  LAND IMPROVEMENTS                                                                                                            LAND IMPROVEMENTS
  Site Construction (On-site)                                                               268,786                                            268,786
  Site Construction (Off-site)
                                                                        Subtotal            268,786                   -             -             268,786                -
  STRUCTURES                                                                                                                       STRUCTURES
  Residential Structures - New Construction
  Residential Structures - Rehab                                                          1,814,939                                          1,814,939
  Accessory Structures (ie. community building, maintenance building, etc.)                  89,913                                             89,913
                                                                        Subtotal          1,904,852                   -           -          1,904,852                   -
  CONTRACTOR SERVICES                                    14.00%                                                              CONTRACTOR SERVICES
  Builder Profit:                                         6.00%          130,418            130,418                                            130,418
  General Requirements* and Builder Overhead              8.00%          173,891            173,891                                            173,891
  *Refer to General Requirements policy in QAP                          Subtotal            304,309                   -           -            304,309                   -
  Total Construction Hard Costs                68,831.86            per unit
  2,477,947.00                                     61.82            per sq ft
  CONSTRUCTION CONTINGENCY                                                                                                 CONSTRUCTION CONTINGENCY
  Construction Contingency                                             6.7420%              167,063                                            167,063




  92fa640a-3de3-4c8a-983f-34835e991c2c.xlsx - May 2011                              Part IV-Uses of Funds                                                         23 of 74
  Georgia Department of Community Affairs                                  2011 Funding Application                                      Office of Affordable Housing
                                             PART FOUR - USES OF FUNDS - 2011-062 Woodward Apartments, Vienna, Dooly County
                                                     CERTIFICATION OF ACTUAL COST AND OPINION AS TO ELIGIBLE BASIS
                                                                                                             New                                            Amortizable or
I. DEVELOPMENT BUDGET                                                                                                      Acquisition    Rehabilitation
                                                                                                          Construction                                     Non-Depreciable
                                                                                   TOTAL COST                                Basis           Basis
                                                                                                             Basis                                              Basis
  CONSTRUCTION PERIOD FINANCING                                                                                          CONSTRUCTION PERIOD FINANCING
  Construction Loan Fee
  Construction Loan Interest
  Construction Legal Fees
  Construction Period Real Estate Tax
  Construction Insurance
  Bridge Loan Fee and Bridge Loan Interest
  Payment and Performance bonds                                                            22,000                                                 22,000
  Other: <Enter detailed description here; use Comments section if needed>
                                                                       Subtotal            22,000                   -             -             22,000                  -
  PROFESSIONAL SERVICES                                                                                                     PROFESSIONAL SERVICES
  Architectural Fee - Design                                                               96,600                                               96,600
  Architectural Fee - Supervision                                                          18,000                                               18,000
  Green Building Consultant Fee
  Green Building Program Certification Fee (LEED or Earthcraft)                            12,000                                                 12,000
  Accessibility Inspections and Plan Review                                                18,780                                                 18,780
  Construction Materials Testing                                                            5,000                                                  5,000
  Engineering                                                                               4,000                                                  4,000
  Real Estate Attorney                                                                     65,000                                                 65,000
  Accounting                                                                               15,000                                                 15,000
  Other: <Enter detailed description here; use Comments section if needed>
                                                                       Subtotal           234,380                   -              -          234,380                   -
  LOCAL GOVERNMENT FEES                                                                                                     LOCAL GOVERNMENT FEES
  Building Permits                                                                         12,000                                              12,000
  Impact Fees
  Water Tap Fees                              waived?
  Sewer Tap Fees                              waived?
                                                                       Subtotal            12,000                   -             -             12,000                  -
  PERMANENT FINANCING FEES                                                                                                 PERMANENT FINANCING FEES
  Permanent Loan Fees
  Permanent Loan Legal Fees
  Title and Recording Fees                                                                 17,500                                                 12,500             5,000
  As-Built Survey                                                                          15,950                                                 15,950
  Bond Issuance Premium
  Cost of Issuance / Underwriter's Discount
  Other: <Enter detailed description here; use Comments section if needed>

  92fa640a-3de3-4c8a-983f-34835e991c2c.xlsx - May 2011                            Part IV-Uses of Funds                                                          24 of 74
Georgia Department of Community Affairs                          2011 Funding Application                                Office of Affordable Housing
                                        PART FOUR - USES OF FUNDS - 2011-062 Woodward Apartments, Vienna, Dooly County
                                                CERTIFICATION OF ACTUAL COST AND OPINION AS TO ELIGIBLE BASIS
                                                             Subtotal        33,450              -                  -           28,450             5,000




92fa640a-3de3-4c8a-983f-34835e991c2c.xlsx - May 2011                  Part IV-Uses of Funds                                                    25 of 74
  Georgia Department of Community Affairs                                   2011 Funding Application                                      Office of Affordable Housing
                                             PART FOUR - USES OF FUNDS - 2011-062 Woodward Apartments, Vienna, Dooly County
                                                      CERTIFICATION OF ACTUAL COST AND OPINION AS TO ELIGIBLE BASIS

I. DEVELOPMENT BUDGET                                                                                         New         Acquisition     Rehabilitation     Amortizable or
                                                                                                           Construction     Basis            Basis          Non-Depreciable
                                                                                    TOTAL COST
                                                                                                              Basis                                              Basis
  DCA-RELATED COSTS                                                                                                           DCA-RELATED COSTS
  DCA HOME Loan Pre-Application Fee
  Tax Credit Application Fee
  DCA Waiver Fees
  LIHTC Allocation Processing Fee                                        29,961             29,961                                                                   29,961
  LIHTC Compliance Monitoring Fee                                        25,200             25,200                                                                   25,200
  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            58,161                                                                   58,161
  EQUITY COSTS                                                                                                                   EQUITY COSTS
  Partnership Organization Fees                                                             10,000                                                                   10,000
  Tax Credit Legal Opinion                                                                   5,000                                                                    5,000
  Syndicator Legal Fees                                                                     45,000                                                                   45,000
  Other: <Enter detailed description here; use Comments section if needed>
                                                                        Subtotal            60,000                                                                   60,000
  DEVELOPER'S FEE                                                                                                              DEVELOPER'S FEE
  Developer's Overhead                                               42.111%               250,000                                            250,000
  Consultant's Fee                                                    5.053%                30,000                                             30,000
  Developer's Profit                                                 52.836%               313,673                                            313,673
                                                                        Subtotal           593,673                   -           -            593,673                    -
  START-UP AND RESERVES                                                                                                    START-UP AND RESERVES
  Marketing                                                                                 12,000                                                                   12,000
  Rent-Up Reserves                                                                          55,000                                                                   55,000
  Operating Deficit Reserve:                                                                75,000                                                                   75,000
  Replacement Reserve                                                                       12,600                                                                   12,600
  Furniture, Fixtures and Equipment                   Per Unit: 180555.556%                 65,000                                                65,000
  Other:
                                                                        Subtotal           219,600                   -            -               65,000            154,600
  OTHER COSTS                                                                                                                    OTHER COSTS
  Relocation                                                                                84,000                                                84,000
  Other:
                                                                        Subtotal            84,000                   -             -              84,000                 -
  TOTAL DEVELOPMENT COST                                                                 4,732,849                   -         650,000          3,731,588           351,261
  Total Per Unit Cost Limitation:            6,448,628           TDC Per Unit:           131,468.03    TDC Per Sq Ft:            118.07


  92fa640a-3de3-4c8a-983f-34835e991c2c.xlsx - May 2011                             Part IV-Uses of Funds                                                          26 of 74
   Georgia Department of Community Affairs                                     2011 Funding Application                                            Office of Affordable Housing
                                                PART FOUR - USES OF FUNDS - 2011-062 Woodward Apartments, Vienna, Dooly County
                                                        CERTIFICATION OF ACTUAL COST AND OPINION AS TO ELIGIBLE BASIS
II. TAX CREDIT CALCULATION - BASIS METHOD                                                                      New
                                                                                                                            4% Acquisition          Rehabilitation
                                                                                                            Construction
                                                                                                                                Basis                  Basis
   Subtractions From Eligible 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                                                                                                   0              650,000               3,731,588
   Less Total Subtractions From Basis (see above)                                                                0                                        0
   Total Eligible Basis                                                                                          0              650,000               3,731,588
   Eligible Basis Adjustment (DDA/QCT Location or State Designated Boost)           Type: State Boost         121.00%                                  121.00%
   Adjusted Eligible Basis                                                                                       0              650,000               4,515,221
   Multiply Adjusted Eligible Basis by Applicable Fraction                                                    100.00%           100.00%                100.00%
   Qualified Basis                                                                                               0              650,000               4,515,221
   Multiply Qualified Basis by Applicable Credit Percentage                                                    9.00%              3.33%                 9.00%
   Maximum Tax Credit Amount                                                                                     0               21,645                406,370
   Total Basis Method Tax Credit Calculation                                                                                    428,015

III. TAX CREDIT CALCULATION - GAP METHOD                                                                     Maximum TDC                                               If Historic Designation
                                                                                                                                                                            or Brownfield
     Equity Gap Calculation                                                                                    4,732,849   If TDC > PUCL, provide amount of grant from
                                                                                                                                                                       Development involved,
     Total Development Cost (TDC or PUCL; explain in Comments if TDC > PUCL)                                  4,732,849    foundation or charitable org to cover the       indicate below:
                                                                                                                           cost exceeding the PUCL:
     Subtract Non-LIHTC (excluding deferred fee) Source of Funds                                                   0                                                                   Y/N
     Equity Gap                                                                                               4,732,849         Grant Amt        Foundtn / Charitble Org Hist Desig    No
     Divide Equity Gap by 10                                                                                      / 10                                                   Brownfld      No
     Annual Equity Required                                                                                    473,285                 Federal                 State
     Enter Final Federal and State Equity Factors (not including GP contribution)                               1.0900         =       0.8200         +       0.2700
     Total Gap Method Tax Credit Calculation                                                                   434,206

   TAX CREDIT PROJECT MAXIMUM - Lower of Basis Method, Gap Method and DCA Limit:                               428,015

   TAX CREDIT REQUEST - Cannot exceed Tax Credit Project Maximum, but may be lower:                            428,014

IV. TAX CREDIT ALLOCATION - Lower of Tax Credit Request and Tax Credit Project Maximum                         428,014

   92fa640a-3de3-4c8a-983f-34835e991c2c.xlsx - May 2011                             Part IV-Uses of Funds                                                                         27 of 74
   Georgia Department of Community Affairs                                                 2011 Funding Application                                         Office of Affordable Housing
                                                       PART FOUR - USES OF FUNDS - 2011-062 Woodward Apartments, Vienna, Dooly County
                                                                 CERTIFICATION OF ACTUAL COST AND OPINION AS TO ELIGIBLE BASIS
V. APPLICANT COMMENTS AND CLARIFICATIONS                                                                                            VI.   DCA COMMENTS - DCA USE ONLY
The Applicant is requesting a State Basis Boost of 21% to allow the generation of sufficient equity to payoff the existing HOME
Loan on the project. The applicant is defering the required developer fee of at least 10.5%. We feel that this transaction should
be granted this request as inaddtion to paying off the HOME Loan which can be redeployed by the appropriate agencies we are
meeting every required architectual standard to insure that the project meets tenants needs for next 20 years.




   92fa640a-3de3-4c8a-983f-34835e991c2c.xlsx - May 2011                                          Part IV-Uses of Funds                                                            28 of 74
Georgia Department of Community Affairs                               2011 Funding Application                                             Office of Affordable Housing



                            PART FIVE - UTILITY ALLOWANCES - 2011-062 Woodward Apartments, Vienna, Dooly County

                                                            DCA Utility Region for project:          South

    I. UTILITY ALLOWANCE SCHEDULE #1                        Source of Utility Allowances             Georgia Deparment of Community Affairs
                                                            Date of Utility Allowances               June 1, 2011           Structure Townhome
                                                             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                                        2          2           2          3          3
       Air Conditioning     Electric                            X                                       27         38          48         59         75
       Cooking              Natural Gas                         X                                        5          8           9         12         15
       Hot Water            Natural Gas                         X                                       15         20          26         31         39
       Lights               Electric                            X                                       19         26          33         41         52
       Water & Sewer        Submetered?      Yes                X                                       31         39          49         58         69
       Refuse Collection                                                   X
       Total Utility Allowance by Unit Size                                                             99           133          167           204         253

    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
       Only One Utility Structure in Use on this property. The applicant will be submetering the water and sewer during the rehab. The rental rates have been
       been reduced by the full amount of the Water and Sewer Allowance.
       DCA COMMENTS




92fa640a-3de3-4c8a-983f-34835e991c2c.xlsx - May 2011                     Part V-Utility Allowances                                                          page 29 of 74
    Georgia Department of Community Affairs                                            2011 Funding Application                                                   Office of Affordable Housing
                                          PART SIX - PROJECTED REVENUES & EXPENSES - 2011-062 Woodward Apartments, Vienna, Dooly 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: Dooly Co.

   HOME projects - Fixed or Floating units:                                                                                                                                                AMI
   Are 100% of units HUD PBRA?                                   No                              PBRA Provider                                                                            44,000
                                                                                                  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         2          1.0     1         1,011         502        470           167                              303          303     No        Townhome    Acquisition/Rehab    18,800
      50% AMI         2          1.5     3         1,026         502        470           167                              303          909     No        Townhome    Acquisition/Rehab    18,800
      50% AMI         3          2.0     4         1,185         580        580           204                              376        1,504     No        Townhome    Acquisition/Rehab    23,200
      60% AMI         2          1.0     1         1,011         542        473           167                              306          306     No        Townhome    Acquisition/Rehab    18,920
      60% AMI         2          1.5     11        1,026         542        473           167                              306        3,366     No        Townhome    Acquisition/Rehab    18,920
      60% AMI         3          2.0     16        1,185         683        586           204                              382        6,112     No        Townhome    Acquisition/Rehab    23,440
                                                                                                                            -            -
                                                                                                                            -            -
                                                                                                                            -            -
                                                                                                                            -            -
                                                                                                                            -            -
                                                                                                                            -            -
                                                                                                                            -            -
                                                                                                                            -            -
                                                                                                                            -            -
                                                                                                                            -            -
                                                                                                                            -            -
                                                                                                                            -            -
                                                                                                                            -            -
                                                                                                                            -            -
                                                                                                                            -            -
                                                                                                                            -            -
                                                                                                                            -            -
                                                                                                                            -            -
                                                                                                                            -            -
                                                                                                                            -            -
                                                                                                                            -            -
                                                                                                                            -            -
                                                                                                                            -            -
                                                                                                                            -            -
                                                                                                                            -            -
                                                                                                                            -            -
                                                                                                                            -            -
                                                                                                                            -            -
                                                                                                                            -            -
                                                                                                                            -            -
                                                                                                                            -            -
                                                                                                                            -            -
                             TOTAL         36        40,086                                              MONTHLY TOTAL               12,500
                                                                                                          ANNUAL TOTAL              150,000

*** 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.
    92fa640a-3de3-4c8a-983f-34835e991c2c.xlsx - May 2011                                Part VI-Revenues & Expenses                                                                       30 of 74
    Georgia Department of Community Affairs                                       2011 Funding Application                                                   Office of Affordable Housing
                                          PART SIX - PROJECTED REVENUES & EXPENSES - 2011-062 Woodward Apartments, Vienna, Dooly County
*** 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.




    92fa640a-3de3-4c8a-983f-34835e991c2c.xlsx - May 2011                           Part VI-Revenues & Expenses                                                                       31 of 74
    Georgia Department of Community Affairs                                              2011 Funding Application                                                  Office of Affordable Housing
                                             PART SIX - PROJECTED REVENUES & EXPENSES - 2011-062 Woodward Apartments, Vienna, Dooly County

II. UNIT SUMMARY
   Units:                                                                   Efficiency       1BR            2BR           3BR       4BR    Total
                    Low-Income                               60% AMI              -           -                  12            16   -            28   (Includes manager units that are
                                                             50% AMI              -           -                   4             4   -             8   income restricted)

                                                             Total                -           -                  16            20   -            36
NOTE TO             Unrestricted                                                  -           -              -             -        -        -
APPLICANTS: If      Total Residential                                             -           -                  16            20   -            36
the numbers
                    Common Space                                                  -           -              -             -        -        -        (no rent to be charged)
compiled in this
                    Total                                                         -           -                  16            20   -            36
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
                    Type of Construction Activity
rows used in the
Rent Chart                               New Construction    Low Inc              -           -              -             -        -        -
above.                                                       Unrestricted         -           -              -             -        -        -
                                                             Total + CS           -           -              -             -        -        -
                                         Acq/Rehab           Low Inc              -           -                  16            20   -            36
                                                             Unrestricted         -           -              -             -        -        -
                                                             Total + CS           -           -                  16            20   -            36
                                         Substantial Rehab   Low Inc              -           -              -             -        -        -
                                         Only
                                                             Unrestricted         -           -              -             -        -        -
                                                             Total + CS           -           -              -             -        -        -
                                         Adaptive Reuse                                                                                      -
                                         Historic Rehab                                                                                      -
                    Building Type:
                                         Multifamily                              -           -              -             -        -        -
                                         SF Detached                              -           -              -             -        -        -
                                         Townhome                                 -           -                  16            20   -            36
                                         Duplex                                   -           -              -             -        -        -
                                         Manufactured home                        -           -              -             -        -        -
   Unit Square Footage:
                 Low Income                                  60% AMI              -           -          12,297         18,960      -     31,257
                                                             50% AMI              -           -           4,089          4,740      -      8,829
                                                             Total                -           -          16,386         23,700      -     40,086
                    Unrestricted                                                  -           -             -              -        -        -
                    Total Residential                                             -           -          16,386         23,700      -     40,086
                    Common Space                                                  -           -             -              -        -        -


    92fa640a-3de3-4c8a-983f-34835e991c2c.xlsx - May 2011                                  Part VI-Revenues & Expenses                                                                    32 of 74
Georgia Department of Community Affairs                                  2011 Funding Application                                     Office of Affordable Housing
                                      PART SIX - PROJECTED REVENUES & EXPENSES - 2011-062 Woodward Apartments, Vienna, Dooly County

                Total                                              -          -          16,386         23,700   -    40,086




92fa640a-3de3-4c8a-983f-34835e991c2c.xlsx - May 2011                      Part VI-Revenues & Expenses                                                       33 of 74
   Georgia Department of Community Affairs                                     2011 Funding Application                                                               Office of Affordable Housing
                                           PART SIX - PROJECTED REVENUES & EXPENSES - 2011-062 Woodward Apartments, Vienna, Dooly County

III. ANCILLARY AND OTHER INCOME (annual amounts)

  Ancillary Income                                                    3,000      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:        See Attached Calculations in Tab 39                   10,014      20,405        30,296         30,902         31,520          32,151          32,794              33,450         34,119
                    Total OI in Mgt Fee                         -    10,014      20,405        30,296         30,902         31,520          32,151          32,794              33,450         34,119

  NOT Included in Mgt Fee:
  USDA 538 Loan Interest Credit (fill in Part III A tab)
  Property Tax Abatement
  Other:         Owner contribution for social programs      5,000                                                             5,000
                    Total OI NOT in Mgt Fee                 5,000          -          -             -              -          5,000              -                -                 -                  -




  Included in Mgt Fee:                                      11        12         13            14             15             16             17              18                 19              20
  Operating Subsidy
  Other:        See Attached Calculations in Tab 39         34,801    35,497      36,207        36,931         37,670         38,423          39,192          39,976              40,775         41,591
                    Total OI in Mgt Fee                    34,801    35,497      36,207        36,931         37,670         38,423          39,192          39,976              40,775         41,591

  NOT Included in Mgt Fee:
  USDA 538 Loan Interest Credit (fill in Part III A tab)
  Property Tax Abatement
  Other:         Owner contribution for social programs      5,000                                                             5,000
                    Total OI NOT in Mgt Fee                 5,000          -          -             -              -          5,000              -                -                 -                  -




  Included in Mgt Fee:                                      21        22         23            24             25             26             27              28                 29              30
  Operating Subsidy
  Other:        See Attached Calculations in Tab 39         42,423    43,271      44,136        45,019         45,919         46,837          47,774          48,729              49,704         50,698
                    Total OI in Mgt Fee                    42,423    43,271      44,136        45,019         45,919         46,837          47,774          48,729              49,704         50,698

  NOT Included in Mgt Fee:
  USDA 538 Loan Interest Credit (fill in Part III A tab)
  Property Tax Abatement
  Other:         Owner contribution for social programs      5,000                                                             5,000
                    Total OI NOT in Mgt Fee                 5,000          -          -             -              -          5,000              -                -                 -                  -




   92fa640a-3de3-4c8a-983f-34835e991c2c.xlsx - May 2011                         Part VI-Revenues & Expenses                                                                                 34 of 74
      Georgia Department of Community Affairs                                                                          2011 Funding Application                                            Office of Affordable Housing
                                                       PART SIX - PROJECTED REVENUES & EXPENSES - 2011-062 Woodward Apartments, Vienna, Dooly County

IV. ANNUAL OPERATING EXPENSE BUDGET

    On-Site Staff Costs                                                                                            On-Site Security                                          Taxes and Insurance
    Management Salaries & Benefits                                                   38,000                        Contracted Guard                                          Real Estate Taxes (Gross)*                  23,000
    Maintenance Salaries & Benefits                                                                                Electronic Alarm System                                   Insurance**                                  7,000
    Support Services Salaries & Benefits                                                                                                  Subtotal                           Other (describe here)
    Other (describe here)                                                                                                                                                         Subtotal                               30,000
                        Subtotal                                                     38,000

    On-Site Office Costs                                                                                           Professional Services                                     Management Fee:                              8,537
    Office Supplies & Postage                                                          3,500                       Legal                                          1,000           254.99       per unit per year
    Telephone                                                                          2,000                       Accounting                                     1,500           21.25        per unit per month
    Travel                                                                             1,500                       Advertising                                    2,100
    Leased Furniture / Equipment                                                                                   Compliance Support                              945       (Management Fee is from Pro Forma, Section
    Activities Supplies / Overhead Cost                                                1,000                                              Subtotal                5,545      1, Operating Assumptions)


                        Subtotal                                                       8,000

    Maintenance Expenses                                                                                           Utilities            ($/mth/unit)                         TOTAL OPERATING EXPENSES
    Contracted Repairs                                                                   700                       Electricity             17.74                  7,662           3,174        per unit                114,269
    General Repairs                                                                    3,000                       Natural Gas              0.75                   325
    Grounds Maintenance                                                                5,000                       Water&Swr                6.94                  3,000
    Extermination                                                                      1,300                       Trash Collection                               1,200      Replacement Reserve                         12,600
    Maintenance Supplies                                                                                           Other (describe here)                                     Enter desired per unit amount:                    350
    Elevator Maintenance                                                                                                                  Subtotal               12,187
    Redecorating                                                                       2,000
    Other (describe here)                                                                                                                                                    TOTAL ANNUAL EXPENSES
                        Subtotal                                                     12,000                                                                                                                            126,869

V. APPLICANT COMMENTS AND CLARIFICATIONS                                                                                                                VI.   DCA COMMENTS
Owner Contribution for Social Progams is contribution from the project ownership every five years to insure that adequate social programming is
being delivered to the site. Due to the small nature of the project the operational revenue is not sufficient to cover these items. It is part of the
mission and culture of the applicant to insure adequate programming is being performed on the projects they develop.


The Other Income subject to the Mgt Fee line is detailed on the documents included in Tab 39. This amount represents the phased in rent
increases on the property. Due to the existing income structure and rental rates the applicant will be phasesing in rental increases over the first
few years till they stabilize and grow at the underwritten 2% growth rate.

The property taxes and insurance have been underwritten as explained in Tab 8. The City of Vienna is still considering a full or partial abatement
of property taxes for the compliance period.




      92fa640a-3de3-4c8a-983f-34835e991c2c.xlsx - May 2011                                                              Part VI-Revenues & Expenses                                                                 35 of 74
  Georgia Department of Community Affairs                                           2011 Funding Application                                                              Office of Affordable Housing
                                     PART SEVEN - OPERATING PRO FORMA - 2011-062 Woodward Apartments, Vienna, Dooly 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                                7,500          Yr 1 Asset Mgt Fee Percentage of EGI:                       5.27%
Expense Growth            3.00%                                 Incentive Management Fee Amount                                           Yr 1 Incent Mgt Fee Percentage of EGI:
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%)                                  No --> 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                           150,000         153,000            156,060           159,181           162,365           165,612           168,924           172,303           175,749           179,264
Ancillary Income                     3,000           3,060              3,121             3,184             3,247             3,312             3,378             3,446             3,515             3,585
Vacancy                            (10,710)        (10,924)           (11,143)          (11,366)          (11,593)          (11,825)          (12,061)          (12,302)          (12,548)          (12,799)
Other Income (OI)                      -            10,014             20,405            30,296            30,902            31,520            32,151            32,794            33,450            34,119
OI Not Subject to Mgt Fee            5,000             -                  -                 -                 -               5,000               -                 -                 -                 -
Expenses less Mgt Fee             (105,732)       (108,904)          (112,171)         (115,536)         (119,002)         (122,572)         (126,250)         (130,037)         (133,938)         (137,956)
Property Mgmt                       (8,537)         (9,309)           (10,107)          (10,878)          (11,095)          (11,317)          (11,544)          (11,774)          (12,010)          (12,250)
Reserves                           (12,600)        (12,978)           (13,367)          (13,768)          (14,181)          (14,607)          (15,045)          (15,496)          (15,961)          (16,440)
NOI                                 20,421          23,959             32,798            41,113            40,643            45,123            39,554            38,933            38,256            37,522
                                       -               -                  -                 -                 -                 -                 -                 -                 -                 -
                                       -               -                  -                 -                 -                 -                 -                 -                 -                 -
D/S Mortgage A                         -               -                  -                 -                 -                 -                 -                 -                 -                 -
D/S Mortgage B                         -               -                  -                 -                 -                 -                 -                 -                 -                 -
D/S Other Source                       -               -                  -                 -                 -                 -                 -                 -                 -                 -
D/S Grant from fdn / charity           -               -                  -                 -                 -                 -                 -                 -                 -                 -
DCA HOME Cash Resrv.
Asset Mgmt                          (7,500)          (7,725)           (7,957)           (8,195)           (8,441)           (8,695)            (8,955)           (9,224)           (9,501)           (9,786)
DDF                                (12,921)         (16,234)          (24,841)          (13,500)              -                 -
Incentive Mgmt                         -                -                 -                 -                 -                 -                 -                 -                 -                 -
Cash Flow                              -                -                 -              19,417            32,201            36,429            30,599            29,709            28,755            27,737


DCR First Mortgage
DCR Second Mortgage
DCR Other Source
DCR Other Source
Oper Exp Coverage Ratio                1.16              1.18             1.24              1.29              1.28              1.30              1.26              1.25              1.24              1.23
                                        -                 -                -                 -                 -                 -                 -                 -                 -                 -
Mortgage A Balance
Mortgage B Balance
Other Source Balance
Other Source Balance
DDF Balance                         54,575           38,341            13,500                 -                  -                -                 -                 -                 -                 -


  92fa640a-3de3-4c8a-983f-34835e991c2c.xlsx - May 2011                                      Part VII-Pro Forma                                                                                       36 of 74
  Georgia Department of Community Affairs                                           2011 Funding Application                                                              Office of Affordable Housing
                                     PART SEVEN - OPERATING PRO FORMA - 2011-062 Woodward Apartments, Vienna, Dooly 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                                7,500          Yr 1 Asset Mgt Fee Percentage of EGI:                       5.27%
Expense Growth            3.00%                                 Incentive Management Fee Amount                                           Yr 1 Incent Mgt Fee Percentage of EGI:
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%)                                  No --> 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                           182,849         186,506            190,236           194,041           197,922           201,880           205,918           210,036           214,237           218,522
Ancillary Income                     3,657           3,730              3,805             3,881             3,958             4,038             4,118             4,201             4,285             4,370
Vacancy                            (13,055)        (13,317)           (13,583)          (13,855)          (14,132)          (14,414)          (14,703)          (14,997)          (15,297)          (15,602)
Other Income (OI)                   34,801          35,497             36,207            36,931            37,670            38,423            39,192            39,976            40,775            41,591
OI Not Subject to Mgt Fee            5,000             -                  -                 -                 -               5,000               -                 -                 -                 -
Expenses less Mgt Fee             (142,095)       (146,358)          (150,749)         (155,271)         (159,929)         (164,727)         (169,669)         (174,759)         (180,002)         (185,402)
Property Mgmt                      (12,495)        (12,745)           (13,000)          (13,260)          (13,525)          (13,796)          (14,072)          (14,353)          (14,640)          (14,933)
Reserves                           (16,933)        (17,441)           (17,965)          (18,504)          (19,059)          (19,630)          (20,219)          (20,826)          (21,451)          (22,094)
NOI                                 41,728          35,873             34,952            33,964            32,906            36,773            30,566            29,279            27,908            26,452
                                       -               -                  -                 -                 -                 -                 -                 -                 -                 -
                                       -               -                  -                 -                 -                 -                 -                 -                 -                 -
D/S Mortgage A                         -               -                  -                 -                 -                 -                 -                 -                 -                 -
D/S Mortgage B                         -               -                  -                 -                 -                 -                 -                 -                 -                 -
D/S Other Source                       -               -                  -                 -                 -                 -                 -                 -                 -                 -
D/S Grant from fdn / charity           -               -                  -                 -                 -                 -                 -                 -                 -                 -
DCA HOME Cash Resrv.
Asset Mgmt                         (10,079)         (10,382)          (10,693)          (11,014)          (11,344)          (11,685)          (12,035)          (12,396)          (12,768)          (13,151)
DDF                                    -                -                 -                 -                 -                 -                 -                 -                 -                 -
Incentive Mgmt                         -                -                 -                 -                 -                 -                 -                 -                 -                 -
Cash Flow                           31,649           25,491            24,259            22,950            21,561            25,088            18,530            16,882            15,140            13,300


DCR First Mortgage
DCR Second Mortgage
DCR Other Source
DCR Other Source
Oper Exp Coverage Ratio                1.24              1.20             1.19              1.18              1.17              1.19              1.15              1.14              1.13              1.12
                                        -                 -                -                 -                 -                 -                 -                 -                 -                 -
First Mortgage Balance
Second Mortgage Balance
Other Source Balance
Other Source Balance
DDF Balance                             -                 -                 -                 -                  -                -                 -                 -                 -                 -


  92fa640a-3de3-4c8a-983f-34835e991c2c.xlsx - May 2011                                      Part VII-Pro Forma                                                                                       37 of 74
  Georgia Department of Community Affairs                                           2011 Funding Application                                                              Office of Affordable Housing
                                     PART SEVEN - OPERATING PRO FORMA - 2011-062 Woodward Apartments, Vienna, Dooly 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                                7,500          Yr 1 Asset Mgt Fee Percentage of EGI:                       5.27%
Expense Growth            3.00%                                 Incentive Management Fee Amount                                           Yr 1 Incent Mgt Fee Percentage of EGI:
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%)                                  No --> 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                           222,892         227,350            231,897           236,535           241,266           246,091           251,013           256,033           261,154           266,377
Ancillary Income                     4,458           4,547              4,638             4,731             4,825             4,922             5,020             5,121             5,223             5,328
Vacancy                            (15,914)        (16,233)           (16,557)          (16,889)          (17,226)          (17,571)          (17,922)          (18,281)          (18,646)          (19,019)
Other Income (OI)                   42,423          43,271             44,136            45,019            45,919            46,837            47,774            48,729            49,704            50,698
OI Not Subject to Mgt Fee            5,000             -                  -                 -                 -               5,000               -                 -                 -                 -
Expenses less Mgt Fee             (190,964)       (196,693)          (202,593)         (208,671)         (214,931)         (221,379)         (228,021)         (234,861)         (241,907)         (249,164)
Property Mgmt                      (15,232)        (15,536)           (15,847)          (16,164)          (16,487)          (16,817)          (17,153)          (17,496)          (17,846)          (18,203)
Reserves                           (22,757)        (23,440)           (24,143)          (24,867)          (25,613)          (26,382)          (27,173)          (27,988)          (28,828)          (29,693)
NOI                                 29,906          23,267             21,530            19,694            17,752            20,701            13,538            11,256             8,853             6,323
                                       -               -                  -                 -                 -                 -                 -                 -                 -                 -
                                       -               -                  -                 -                 -                 -                 -                 -                 -                 -
D/S Mortgage A                         -               -                  -                 -                 -                 -                 -                 -                 -                 -
D/S Mortgage B                         -               -                  -                 -                 -                 -                 -                 -                 -                 -
D/S Other Source                       -               -                  -                 -                 -                 -                 -                 -                 -                 -
D/S Grant from fdn / charity           -               -                  -                 -                 -                 -                 -                 -                 -                 -
DCA HOME Cash Resrv.
Asset Mgmt                         (13,546)         (13,952)          (14,371)          (14,802)          (15,246)          (15,701)          (13,538)          (11,256)            (8,853)           (6,323)
DDF                                    -                -                 -                 -                 -                 -                 -                 -                  -                 -
Incentive Mgmt                         -                -                 -                 -                 -                 -                 -                 -                  -                 -
Cash Flow                           16,360            9,315             7,159             4,892             2,506             5,000                 (0)               0                  0                 (0)


DCR First Mortgage
DCR Second Mortgage
DCR Other Source
DCR Other Source
Oper Exp Coverage Ratio                1.13              1.10             1.09              1.08              1.07              1.08              1.05              1.04              1.03              1.02
                                        -                 -                -                 -                 -                 -                 -                 -                 -                 -
First Mortgage Balance
Second Mortgage Balance
Other Source Balance
Other Source Balance
DDF Balance                             -                 -                 -                 -                  -                -                 -                 -                 -                 -


  92fa640a-3de3-4c8a-983f-34835e991c2c.xlsx - May 2011                                      Part VII-Pro Forma                                                                                       38 of 74
  Georgia Department of Community Affairs                                             2011 Funding Application                                                           Office of Affordable Housing
                                     PART SEVEN - OPERATING PRO FORMA - 2011-062 Woodward Apartments, Vienna, Dooly 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                                7,500          Yr 1 Asset Mgt Fee Percentage of EGI:                       5.27%
Expense Growth            3.00%                                   Incentive Management Fee Amount                                           Yr 1 Incent Mgt Fee Percentage of EGI:
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%)                                  No --> 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                           271,704         277,138              282,681           288,335           294,101
Ancillary Income                     5,434           5,543                5,654             5,767             5,882
Vacancy                            (19,400)        (19,788)             (20,183)          (20,587)          (20,999)
Other Income (OI)                   51,712          52,746               53,801            54,877            55,975
OI Not Subject to Mgt Fee
Expenses less Mgt Fee             (256,639)       (264,338)            (272,269)         (280,437)         (288,850)
Property Mgmt                      (18,567)        (18,938)             (19,317)          (19,703)          (20,098)
Reserves                           (30,584)        (31,501)             (32,446)          (33,419)          (34,422)
NOI                                  3,661             862               (2,079)           (5,168)           (8,410)
                                       -               -                    -                 -                 -
                                       -               -                    -                 -                 -
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                                  (3,661)             (862)               -                 -                 -
Incentive Mgmt                          -                 -                  -                 -                 -
Cash Flow                                 (0)               (0)           (2,079)           (5,168)           (8,410)


DCR First Mortgage
DCR Second Mortgage
DCR Other Source
DCR Other Source
Oper Exp Coverage Ratio                1.01              1.00               0.99              0.98              0.98
                                        -                 -                  -                 -                 -
First Mortgage Balance
Second Mortgage Balance
Other Source Balance
Other Source Balance
DDF Balance                          (3,661)         (4,523)              (4,523)           (4,523)           (4,523)


  92fa640a-3de3-4c8a-983f-34835e991c2c.xlsx - May 2011                                        Part VII-Pro Forma                                                                                       39 of 74
   Georgia Department of Community Affairs                                                             2011 Funding Application                                                       Office of Affordable Housing
                                                PART SEVEN - OPERATING PRO FORMA - 2011-062 Woodward Apartments, Vienna, Dooly 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                                7,500          Yr 1 Asset Mgt Fee Percentage of EGI:                       5.27%
Expense Growth            3.00%                                                Incentive Management Fee Amount                                           Yr 1 Incent Mgt Fee Percentage of EGI:
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%)                                  No --> 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 Other Income subject to the Mgt Fee line is detailed on the documents included in Tab 39. This amount represents the phased in
rent increases on the property. Due to the existing income structure and rental rates the applicant will be phasesing in rental increases
over the first few years till they stabilize and grow at the underwritten 2% growth rate.




   92fa640a-3de3-4c8a-983f-34835e991c2c.xlsx - May 2011                                                        Part VII-Pro Forma                                                                                   40 of 74
       Georgia Department of Community Affairs                  2011 Funding Application                         Office of Affordable Housing
                                  PART EIGHT - THRESHOLD CRITERIA - 2011-062 Woodward Apartments, Vienna, Dooly 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.)


       92fa640a-3de3-4c8a-983f-34835e991c2c.xlsx - May 2011        Part VIII-Threshold Criteria                                        41 of 74
      Georgia Department of Community Affairs                                             2011 Funding Application                                                Office of Affordable Housing
                                       PART EIGHT - THRESHOLD CRITERIA - 2011-062 Woodward Apartments, Vienna, Dooly 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:




    DCA's Comments:




2   Tenancy Characteristics                                                                                                                                                  Pass?
        This project is designated as:                                                                           Family                                                                  Yes
    Applicant's comments regarding this section of Threshold:                                                   DCA's Comments:
The applicant is rehabilitating an existing family project and maintaining that status.

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)
          3) Other service approved by DCA                                                                              3)
     Applicant's comments regarding this section of Threshold:
The property management company will conduct semimonthly activities on site for the residents in the new community room being built during the rehab. These activites will include movie
nights, game nights, birthday parties, social gatherings and educational seminars.
     DCA's Comments:




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      Georgia Department of Community Affairs                                         2011 Funding Application                                                    Office of Affordable Housing
                                      PART EIGHT - THRESHOLD CRITERIA - 2011-062 Woodward Apartments, Vienna, Dooly 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. Novogradic & Company, LLP
     B. Project absorption period to reach stabilized occupancy                                                                          B. Two Months after rehabilitation
     C. Stabilization period                                                                                                             C. 1-Mar-13
     D. Overall capture rate for credit units                                                                                            D. 19.80%
     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.   Yes
        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.   Yes
    Applicant's comments regarding this section of Threshold:
The market study clearly shows the rehabilitated project will be the nicest project in the community and attract the highest quality of qualified tenants.




    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 property               1)
            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.
     D. Has the property been:
         1) Rezoned?                                                                                                                                                            1)      Yes
         2) Subdivided?                                                                                                                                                         2)      No
         3) Modified?                                                                                                                                                           3)      No
    Applicant's comments regarding this section of Threshold:
The property was'nt rezoned but variances for front yard and rear yard set backs were obtained to allow for expansion of the buildings to provide adequate square footage for the units
to meet the minimum square footage standards of DCA.
    DCA's Comments:




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      Georgia Department of Community Affairs                                          2011 Funding Application                                                     Office of Affordable Housing
                                       PART EIGHT - THRESHOLD CRITERIA - 2011-062 Woodward Apartments, Vienna, Dooly 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. Geotechnical Enviromental Consultants, Inc
     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:                                                                                                         68.3
        If "Yes", what are the contributing factors in decreasing order of magnitude?
        Norfolk Southern Railroad (Railway #1)
     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.      Yes
         1) Asbestos?                           No                              3) PCB's?           No                              5) Lead in water   Yes
         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.      N/A
         1) Eight-Step Process for Wetlands and/or Floodplains required?                                                                                                  1)
         2) Has Applicant/PE completed the HOME and HUD Environmental Questionnaire?                                                                                      2)
         3) Owner agrees that they must refrain from undertaking any activities that could have an adverse effect on the subject property?                                3)
     G. If HUD approval has been previously granted, has the HUD Form 4128 been included?                                                                                G.
      Applicant's comments regarding this section of Threshold:
 The only concern on the site was the minor noise issue where the DNL was 68.3 as compared to the required allowable maximum of 65.0. This issue will be easily mitigated through the following
constuction methods in the effected area:
Constructing the exterior walls to a STC rating of 37; windows to a STC ratings of 33; doors to a STC ratings of 24. In addition continous acoustical-caulking and compressible neoprene weather stripping
shall be installed at all door and window openings, tight seals and acoustical caulking shall be installed around all exterior wall penetrations. All bathroom and kitchen exhaust fans shall duct through the
attic or away from the noise source with a duct layout that incorporates at least one 90 degree elbow. All equipment shall incorporate vibration mounting as appropriate.



As it relates to the Lead In Water issue the consultant found traces of lead in the water in one unit during the property inspection. The Applicant will be removing the entire plumbing lines in all units and
replacing them with new plumbling lines as part of the rehab scope.


    DCA's Comments:




      92fa640a-3de3-4c8a-983f-34835e991c2c.xlsx - May 2011                                 Part VIII-Threshold Criteria                                                                            44 of 74
   Georgia Department of Community Affairs                  2011 Funding Application                         Office of Affordable Housing
                              PART EIGHT - THRESHOLD CRITERIA - 2011-062 Woodward Apartments, Vienna, Dooly County
Preliminary Rating: Incomplete                                                                                  Applicant Response DCA USE
FINAL THRESHOLD DETERMINATION (DCA Use Only)




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      Georgia Department of Community Affairs                                          2011 Funding Application                                                    Office of Affordable Housing
                                       PART EIGHT - THRESHOLD CRITERIA - 2011-062 Woodward Apartments, Vienna, Dooly 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.                   Woodward Apartments, LP                                 Yes
    Applicant's comments regarding this section of Threshold:
Applicant is under contract with the property owner to purchase the property for $700,000.

    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:



    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 applicant recently received a variance for the front and rear yard set backs which allow the applicant to expand the foot print of the existing buildings and create desirable livings spaces
that meet DCA's arhictectual standards.
     DCA's Comments:



10 Operating Utilities                                                                                                                                                        Pass?
     A. Check applicable utilities and enter provider name:                     1) Gas              City of Vienna                                                                 1)      Yes
                                                                                2) Electric         Georgia Power                                                                  2)      Yes
    Applicant's comments regarding this section of Threshold:

    DCA's Comments:




      92fa640a-3de3-4c8a-983f-34835e991c2c.xlsx - May 2011                                    Part VIII-Threshold Criteria                                                                          46 of 74
      Georgia Department of Community Affairs                                         2011 Funding Application                                                   Office of Affordable Housing
                                      PART EIGHT - THRESHOLD CRITERIA - 2011-062 Woodward Apartments, Vienna, Dooly 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)
        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 City of Vienna                                                                      B1)      Yes
        name:                                                               2) Public sewer City of Vienna                                                                       2)      Yes
    Applicant's comments regarding this section of Threshold:

    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 received a resolution of support and letter of support. In addition the City of Vienna is considering a full or partial abatement of property taxes for the term of the compliance period. In
addition the City is committed to improve the area's infrastructure if they are awarded the CDBG funding requested to improve the road and sewer infrastructure immediately adjacent to the property on
Woodward Street. Additional information can be found in Tab 39 for the CDBG funding request.


    DCA's Comments:




13 Required Amenities                                                                                                                                                        Pass?
    Is there a Pre-Approval Form from DCA included in this application for this criterion?                                                                                               No
     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
         2) Exterior gathering area (if "Other" is selected, applicant must explain in Comments Section below):       A2) Covered Porch
         3) On site laundry type:                                                                                     A3) Washer and dryer in each unit
     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) Equipped Playground                                                                                     3) Coverred Pavillion
        2) Equipped Computer 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)

      92fa640a-3de3-4c8a-983f-34835e991c2c.xlsx - May 2011                                Part VIII-Threshold Criteria                                                                           47 of 74
    Georgia Department of Community Affairs                                          2011 Funding Application                                                   Office of Affordable Housing
                                    PART EIGHT - THRESHOLD CRITERIA - 2011-062 Woodward Apartments, Vienna, Dooly 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.
       1) Elevators are installed for access to all units above the ground floor.                                                                                          1)
       2) Buildings more than two story construction have interior furnished gathering areas in several locations in the lobbies and/or corridors                          2)
       3) a. 100% of the units are accessible and adaptable, as defined by the Fair Housing Amendments Act of1988                                                         3a)
          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. Wholesale                                    <<Select>>
    B.Date of PNA:                                                                                                              B. June 1, 2011
    C.Name of consultant preparing PNA:                                                                                        C. Ray Engineering, Inc.
    D.Is 20-year replacement reserve study included?                                                                                                                      D.       Yes
    E.Applicant understands that in addition to propose work scope, the project must meet state and local building codes, DCA architectural                               E.
                                                                                                                                                                                  Agree
      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:



   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:



   DCA's Comments:




    92fa640a-3de3-4c8a-983f-34835e991c2c.xlsx - May 2011                                Part VIII-Threshold Criteria                                                                         48 of 74
     Georgia Department of Community Affairs                                           2011 Funding Application                                                      Office of Affordable Housing
                                      PART EIGHT - THRESHOLD CRITERIA - 2011-062 Woodward Apartments, Vienna, Dooly 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 construction                   A.
       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 Building           B.
       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:



   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:




     92fa640a-3de3-4c8a-983f-34835e991c2c.xlsx - May 2011                                  Part VIII-Threshold Criteria                                                                       49 of 74
      Georgia Department of Community Affairs                                           2011 Funding Application                                                  Office of Affordable Housing
                                       PART EIGHT - THRESHOLD CRITERIA - 2011-062 Woodward Apartments, Vienna, Dooly 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.               Yes
         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)   Rehab of bldgs w/out existing brick/stone over 40% (& ineligible for historic credits) will replace & upgrade                    1)      Yes
                                                 existing exterior finish surfaces on all wall faces w/brick or product w/40 yr warranty
         2) Attractive Features (select two)          Addition of decorative elements                                                                                             2)      Yes
                                                      Addition of or the redesign of existing covered entries                                                                             Yes
         3) Major Bldg Component Materials &          Upgraded roofing shingles, or roofing materials                                                                             3)      Yes
            Upgrades (select one)
         4) Landscaping and Site Design Features      Freestanding shelters                                                                                                       4)      Yes
            (select two)                              Site entry w/ permanent, illuminated entry sign and decorative fence                                                                Yes
    Applicant's comments regarding this section of Threshold:
The applicant is fully renovating the existing project to meet all of DCA's current architectual standards. The applicant has not asked for any waivers.

    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?                                              No
    Has there been any change in the Project Team since the initial pre-application submission?
    DCA's pre-application Qualification of Project's Participants Determination indicated a status of (select one):
    DCA Final Determination
    Applicant's comments regarding this section of Threshold:
The Project Participants did not turn in a pre-application for this particular project. However the exact same project team submitted a pre-application for the Ashton Pines project in St. Marys
and received a detemination on that project that the team was Qualified with Conditions. The applicant understand that the determination is made on a project by project basis but wanted to
advise DCA of the other application in order to help facilatate the review process.
    DCA's Comments:




      92fa640a-3de3-4c8a-983f-34835e991c2c.xlsx - May 2011                                 Part VIII-Threshold Criteria                                                                             50 of 74
     Georgia Department of Community Affairs                                            2011 Funding Application                                                   Office of Affordable Housing
                                      PART EIGHT - THRESHOLD CRITERIA - 2011-062 Woodward Apartments, Vienna, Dooly 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:



   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 its          E.
       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:

   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:

   DCA's Comments:




     92fa640a-3de3-4c8a-983f-34835e991c2c.xlsx - May 2011                                  Part VIII-Threshold Criteria                                                                     51 of 74
     Georgia Department of Community Affairs                                           2011 Funding Application                                                     Office of Affordable Housing
                                     PART EIGHT - THRESHOLD CRITERIA - 2011-062 Woodward Apartments, Vienna, Dooly 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.          <<Select>>              <<Select>>
       Racially mixed (25% - 49% minority), or Non-minority (less than 25% minority)]:
     B. List all contiguous Census Tracts:                    B.
     C. Is Contract Addendum included in Application?                                                                                                                             C.
    Applicant's comments regarding this section of Threshold:



    DCA's Comments:




24 Required Legal Opinions State legal opinions included in application using boxes provided.                                                                                  Pass?
     A. Credit Eligibilty for Acquisition                                                                                                                                         A.   Yes
     B. Credit Eligibilty for Assisted Living                                                                                                                                     B.   No
     C. Nonprofit Federal Tax Exempt Status                                                                                                                                       C.   No
     D. Accessibility Standards                                                                                                                                                   D.   No
     E. Other (If Yes, then also describe):                   E.                                                                                                                       No
    Applicant's comments regarding this section of Threshold:

    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 within           A.
                                                                                                                                                                                       Agree
       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:




     92fa640a-3de3-4c8a-983f-34835e991c2c.xlsx - May 2011                                 Part VIII-Threshold Criteria                                                                         52 of 74
      Georgia Department of Community Affairs                                           2011 Funding Application                                                    Office of Affordable Housing
                                       PART EIGHT - THRESHOLD CRITERIA - 2011-062 Woodward Apartments, Vienna, Dooly 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.   Yes
     B. 1) Are any of the sources other than DCA HOME considered to be Federal Funding?                                                                                         B1)   No
        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.   Yes
     D. Provide summary data collected from Relocation Displacement Spreadsheet:                                                                                                 D.
        1) Number of Over Income Tenants                                                                                                                                         1)    2
        2) Number of Rent Burdened Tenants                                                                                                                                       2)    5
        3) Number of Vacancies                                                                                                                                                   3)    4
        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)   Yes
        2) Meetings                                                                                                                                                              2)   Yes
        3) Written Notifications                                                                                                                                                 3)   Yes
        4) Other - describe in box provided:                    4) Posters                                                                                                            Yes
    Applicant's comments regarding this section of Threshold:
The Applicant is working with Custom Relocation Specialist to facilatate all of the required items under the Relocation Manual.

    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:
See the sample Marketing Plan in the binder.



    DCA's Comments:




      92fa640a-3de3-4c8a-983f-34835e991c2c.xlsx - May 2011                                 Part VIII-Threshold Criteria                                                                       53 of 74
      Georgia Department of Community Affairs                                        2011 Funding Application                                                  Office of Affordable Housing
                                      PART EIGHT - THRESHOLD CRITERIA - 2011-062 Woodward Apartments, Vienna, Dooly 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:
The applicant is requesting a 21% basis boost to allow sufficient equity to be raised to payoff the existing HOME Loan of approximately $822,000 which will then be allowed to be
redeployed by the appropriate govermental agency.
    DCA's Comments:




      92fa640a-3de3-4c8a-983f-34835e991c2c.xlsx - May 2011                              Part VIII-Threshold Criteria                                                                 54 of 74
        Georgia Department of Community Affairs                                    2011 Funding Application                                                                   Office of Affordable Housing
                                         PART NINE - SCORING CRITERIA - 2011-062 Woodward Apartments, Vienna, Dooly County
                                                                                                                                                                                          Score         Self DCA
                                                                                                                                                                                          Value        Score Score
                                                                                                                                                                         TOTALS:           90           57        13
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 - 2011-062 Woodward Apartments, Vienna, Dooly County
                                                                                                                                                                                                        Score         Self DCA
                                                                                                                                                                                                        Value        Score Score
                                                                                                                                                                               TOTALS:                   90           57        13
2. DEEPER TARGETING / RENT AND INCOME RESTRICTIONS                                                                                                                                                        3           3
   50% Gross Rent Restrictions / 50% Income Restrictions:                                Nbr units to have these restrictions:              8                    Percent of Residential Units:          22.2%
   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:




   DCA's Comments:




4. Community Transportation Options                                                      See scoring criteria for further requirements and information                                                    2           0         0
A. Rapid Rail                                                                                                                                                                                             2     A.
B. Public Transit Stop                                                                                                                                                                                    1     B.
   Applicant's comments regarding this section of scoring:



   DCA's Comments:




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       Georgia Department of Community Affairs                                                            2011 Funding Application                                                          Office of Affordable Housing
                                                     PART NINE - SCORING CRITERIA - 2011-062 Woodward Apartments, Vienna, Dooly County
                                                                                                                                                                                                       Score      Self DCA
                                                                                                                                                                                                       Value     Score Score
                                                                                                                                                                                        TOTALS:         90         57        13
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?                                                                                                                                                                 N/a
    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?                                                                                     Yes
    Applicant's comments regarding this section of scoring:



    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:



    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:




    DCA's Comments:




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Georgia Department of Community Affairs                    2011 Funding Application                         Office of Affordable Housing
                              PART NINE - SCORING CRITERIA - 2011-062 Woodward Apartments, Vienna, Dooly County
                                                                                                                       Score      Self DCA
                                                                                                                       Value     Score Score
                                                                                                         TOTALS:        90        57         13




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     Georgia Department of Community Affairs                                                      2011 Funding Application                                                               Office of Affordable Housing
                                              PART NINE - SCORING CRITERIA - 2011-062 Woodward Apartments, Vienna, Dooly County
                                                                                                                                                                                                               Score          Self DCA
                                                                                                                                                                                                               Value         Score Score
                                                                                                                                                                                    TOTALS:                     90            57        13
8. STABLE COMMUNITIES / REDEVELOPMENT / REVITALIZATION                                                              <Select a Stable Communities/Redevelopment/Revitalization option>                            6             0
                                    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)
    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)
     b)   Designated Middle or Upper Income level                    (see Demographics)                                                                                                                                b)
     c)   Market study must demonstrate need for affordable housing                                                                                                                                                    e)
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)
   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:




   DCA's Comments:




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      Georgia Department of Community Affairs                                         2011 Funding Application                                                Office of Affordable Housing
                                         PART NINE - SCORING CRITERIA - 2011-062 Woodward Apartments, Vienna, Dooly County
                                                                                                                                                                              Score           Self DCA
                                                                                                                                                                              Value          Score Score
                                                                                                                                                          TOTALS:               90            57         13
9. PHASED DEVELOPMENTS / PREVIOUS PROJECTS                                                                             (choose only one)                                         3             3          3
    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.
                                                                                                                                                                                              No
        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. N/a
     3. Are any other phases for this project also submitted during the current funding round?                                                                                          3. N/a
     4. Was site control over the entire site (including all phases) in place when the initial phase was closed?                                                                        4. N/a
OR B. Previous Projects                                                                                                                                                          3      B.    3       3
      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             4      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:




   DCA's Comments:




      92fa640a-3de3-4c8a-983f-34835e991c2c.xlsx - May 2011                                Part IX A-Scoring Criteria                                                                         60 of 74
Georgia Department of Community Affairs                    2011 Funding Application                         Office of Affordable Housing
                              PART NINE - SCORING CRITERIA - 2011-062 Woodward Apartments, Vienna, Dooly County
                                                                                                                       Score      Self DCA
                                                                                                                       Value     Score Score
                                                                                                         TOTALS:        90        57         13




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       Georgia Department of Community Affairs                                             2011 Funding Application                                                       Office of Affordable Housing
                                            PART NINE - SCORING CRITERIA - 2011-062 Woodward Apartments, Vienna, Dooly County
                                                                                                                                                                                             Score         Self DCA
                                                                                                                                                                                             Value        Score Score
                                                                                                                                                                      TOTALS:                 90           57        13
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            3        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), or     1
         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.    3        0
      1. Expiring Tax Credit Properties                                                                                                                                                  6      1.    3
      2. USDA Properties                                                                                                                                                                 2      2.    0
      3. HUD Properties                                                                                                                                                                  2      3.
    Applicant's comments regarding this section of scoring:
The applicant is submitting two applications that qualify for points under the Expiring Tax Credit Properties section and is claiming 3 points on this application and 6 points on the Ashton Pines application.




     DCA's Comments:




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:


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Georgia Department of Community Affairs                    2011 Funding Application                         Office of Affordable Housing
                              PART NINE - SCORING CRITERIA - 2011-062 Woodward Apartments, Vienna, Dooly County
                                                                                                                       Score      Self DCA
                                                                                                                       Value     Score Score
                                                                                                         TOTALS:        90        57         13




92fa640a-3de3-4c8a-983f-34835e991c2c.xlsx - May 2011         Part IX A-Scoring Criteria                                           63 of 74
       Georgia Department of Community Affairs                                            2011 Funding Application                                                       Office of Affordable Housing
                                           PART NINE - SCORING CRITERIA - 2011-062 Woodward Apartments, Vienna, Dooly County
                                                                                                                                                                                          Score           Self DCA
                                                                                                                                                                                          Value          Score Score
                                                                                                                                                                    TOTALS:                 90            57        13
14. TAX CREDIT EXPERIENCE                                                                                                     (choose only one)                                                 2          2        0
 A. GP and Developer have been a project participant in two LIHTC projects. List project names and nbrs in Comments below.                                                                      2   A.     2
 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         2
    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                            Ashton Pines                            Points Claimed for other project:         3                   Points Claimed for this project:         2
    Applicant's comments regarding this section of scoring:                                                                   DCA's Comments:
The applicant is submitting only two applications and both qualify for Rural Points. As indicated above the applicant
has elected to claim 2 points for this project and 3 points for Ashton Pines.

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

    Applicant's comments regarding this section of scoring:
The project is located in Vienna, GA which is a Georgia Institure for Community Housing Community. The community has designated this project as a project that is indicative of the community's affordable
housing goals and helps meet the objectives of the community as evidenced by the letter of support included in this application.



    DCA's Comments:




       92fa640a-3de3-4c8a-983f-34835e991c2c.xlsx - May 2011                                   Part IX A-Scoring Criteria                                                                                 64 of 74
    Georgia Department of Community Affairs                                      2011 Funding Application                                           Office of Affordable Housing
                                        PART NINE - SCORING CRITERIA - 2011-062 Woodward Apartments, Vienna, Dooly County
                                                                                                                                                               Score         Self DCA
                                                                                                                                                               Value        Score Score
                                                                                                                                                   TOTALS:      90           57        13
17. LEVERAGING OF RESOURCES                                                                                                                                      8           0         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.
   2. Resources will be utilized if the project is selected for funding by DCA                                                                                         2.
   3. Loans are for both construction and permanent financing phases                                                                                                   3.
   4. Loans are for a minimum period of ten years and reflect interest rates at or below AFR.                                                                          4.
   5. Commitment or award documentation meets the terms and conditions as applicable specified in Appendix I, Threshold Criteria, Section I (I).                       5.
A. Grants/Loans                                                                                                                                                  3     A.    0         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.
    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

  Applicant's comments regarding this section of scoring:




  DCA's Comments:




    92fa640a-3de3-4c8a-983f-34835e991c2c.xlsx - May 2011                             Part IX A-Scoring Criteria                                                             65 of 74
       Georgia Department of Community Affairs                                         2011 Funding Application                                                    Office of Affordable Housing
                                          PART NINE - SCORING CRITERIA - 2011-062 Woodward Apartments, Vienna, Dooly County
                                                                                                                                                                                  Score         Self DCA
                                                                                                                                                                                  Value        Score Score
                                                                                                                                                              TOTALS:              90           57        13
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:
The applicanct feels that this project clear meets the Superior Project Concept and Design for numerous reasons. Please refer the additional information on the write up on Pt IX-B.

    DCA's Comments:




19. BONUS POINTS                                                                                                                                                                    6            6        0
 A. Compliance with DCA Web-Based MITAS System Requirements                                                                                                                         3     A.     3
 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
                                                                                                                                                                                               Agree
    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:
The applicant agrees to this requirement and will market accordingly.
    DCA's Comments:



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:




    DCA's Comments:




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Georgia Department of Community Affairs                    2011 Funding Application                         Office of Affordable Housing
                              PART NINE - SCORING CRITERIA - 2011-062 Woodward Apartments, Vienna, Dooly County
                                                                                                                       Score      Self DCA
                                                                                                                       Value     Score Score
                                                                                                         TOTALS:        90        57         13
                                                         TOTAL POSSIBLE SCORE                                           90        57         13




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Georgia Department of Community Affairs                                                                           Office of Affordable Housing
                          Scoring Section 18 - Superior Project Concept and Design Narrative
                                                          Woodward Apartments
                                                          Vienna, Dooly County

  Woodward Apartments, a 36 unit property, located in Vienna is wonderful project to receive funding of a new tax credit allocation.
  The City of Vienna is in a real need of new or well renovated housing for the low income families in this rural town in middle Georgia.
  The local community has struggled economically over the years and has not new or renovated affordable housing in many years.
  Cordele has received much of the new or renovated housing in this middle Georgia region, and has made commuting to the local
  business much more difficult over the last several years with higher gas prices and lower wages. The main employer in the area is
  Tyson Foods, located just north of the property, and employes many of the residents at Woodward Apartments. The condition as
  Woodward have been declining over the years due to the lack of revenue, and lower occupancy and collections at the property. DCA
  has the ability to help transform this property to a community that the City of Vienna and the residents can be proud of and can call
  home and neighbors.
  The applicant has not requested any architectural or other waivers in order to make sure the property is upgraded and designed to
  today's standards and expectations. This 16 year old property is need of upgrading. There has traces of lead found in the water, and
  needs new plumbing. The units are smaller than necessary and needs an additional bathroom added in the 3 bedroom units. Many
  of the residents that live the at the property work in dusty and dirty work places, and are in need of constantly washing their clothes;
  therefore, we are installing new washers and dryers in each unit to allow for the residents who work so hard every day can maintain
  their clothes while spending important time with their families. Also being this is a hard working community in a rural area, the need
  for cooking at home is critical; therefore, the kitchens are being expanded and upgraded to allow the residents more room for
  groceries and interaction while cooking the meals at home to save money. The residents of Vienna despertely need a much higher
  quality affordable housing than is currently offered in Vienna. This renovated product will be far superior than anything done in the
  region with a much better financing structure.
  The exterior of the property is getting a major facelift. The entire skin is being removed, including siding and roof. Additional porch
  and patio space is being added. The exterior will be gaining architectural designs that fit into the regional area with large columns and
  white clapboard cement siding with brick accents. Please look at the exterior design versus what is currently inplace. It is a dramatic
  difference and will be well received by the community and residents. In addition to the skin being replaced, the windows, doors, and
  HVAC units are being upgraded to energy efficient and more durable products to help save the residents money in their operating
  costs. The landscaping and common areas are receiving substantial upgrades as well with large playground set, large picnic
  pavillion, and a covered porch attached to the expanded clubhouse. The clubhouse is being expanded also to allow for more inside
  gathering areas for when the weather is too hot or just not permissable to be outside; and allow for more and better social programs
  that are so important for this resident base.
  While we did not assume in it in the underwriting of this deal, we believe the city, and possibly the county, will grant a partial property
  tax exemption, though not known at this time, we continue to await the city attorney and council to make a final decision. They could
  not do it at last council meeting because the city attorney was not at meeting. The City of Vienna has requested a specific funding of
  CDBG funds to upgrade Woodward Street that our property is located on and will begin working at our end of the street once the
  funding is approved. All good things for the property and community. In addition to structuring our deal with federal and state tax
  credits; we have requested a basis boost in order to payoff the DCA HOME loan and have a debt free property which will give this
  small rural property the greatest chance to succeed and provide a wonderful home and neighbor in to residents of Vienna. With a
  debt free deal; and the strength of the applicant, if any shortfalls do arise, there is considerable reasoning to know they will fund such
  shortfalls or problems. If there was ever a time for this deal to be resyndicated and asset protected, now would be the time.

  The project is located in working class area with good access to work and downtown. This type of renovation would really help start
  the rejuvation and lift the spirits of this community. City of Vienna is GICH Community as well as Small Business HUB area. They
  need this level of public private partnership in the area from the state and quality developers and investors to help them as a
  community. The City of Vienna, the local residents, and the property desperatly needs DCA's support through an allocation of tax
  credits. The property is financially feasible and has strong support from the City and local residents. The property is being designed
  with the local and regional community in mind, and dramatically improving the quality of housing as well as reducing living expenses
  which is desperatly needed by these rural hardworking citizens of our great state.




2011 OAH Funding Round                         92fa640a-3de3-4c8a-983f-34835e991c2c.xlsx                                              68 of 74
Georgia Department of Community Affairs                                               Office of Affordable Housing
                       Scoring Section 18 - Superior Project Concept and Design Narrative
                                                   Woodward Apartments
                                                   Vienna, Dooly County




2011 OAH Funding Round                    92fa640a-3de3-4c8a-983f-34835e991c2c.xlsx                      69 of 74
Georgia Department of Community Affairs                                               Office of Affordable Housing
                       Scoring Section 18 - Superior Project Concept and Design Narrative
                                                   Woodward Apartments
                                                   Vienna, Dooly County




2011 OAH Funding Round                    92fa640a-3de3-4c8a-983f-34835e991c2c.xlsx                      70 of 74
    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 71 of 74
    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 72 of 74
                                                                                           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         6,448,628
                                                        Brownfield Projects                                            132,577      151,976      184,804     239,075               262,432            n/a         7,738,364
                                                        Historic Rehab Projects                                        121,529      139,312      169,403     219,152               240,562            n/a         7,093,488
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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