Project Narrative - Georgia Department of Community Affairs _DCA_

Document Sample
Project Narrative - Georgia Department of Community Affairs _DCA_ Powered By Docstoc
					       Georgia Department of Community Affairs                                                                                                                         Office of Affordable Housing
                                       2011 Application Binder Tabs Checklist For: 2011-001, Lafayette Senior Village Phase 1, Fayette County
           Directions: Place an "X" in the green-shaded boxes beside items secured in the Application Package. Place completed Tabs Checklist in front of Tab 1 in the application binder.
  This tab checklist is formulated to aid applicants in appropriately organizing documentation. It is not meant to be a conclusive list of documentation which is required for an application.
               Applicant's should review the QAP carefully. The application must contain all required documentation which will allow DCA to adequately review each section
                                                                                                                                                                                                        Included
Tab   Required Application Binder Tabs                    Required Tab Contents and Specified Order                                                                                                      in App
Nbr                                                                                                                                                                                                      Binder

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

3 Project Participants                                    Copies of Performance Workbook for all project participants                                                                                     Yes
                                                          Copies of DCA experience determinations/Waivers                                                                                                 Yes
                                                          Probationary participation approval                                                                                                             N/a
                                                          Explanation documentation, if applicable                                                                                                        N/a
                                                          Detailed statements and dates of all governmental debarments/ suspensions, criminal convictions, indictments, bankruptcies and pending criminal 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
       fa0814e9-d685-4dfa-a134-096e437191bb.xlsx - May 2011                                Application Tabs Checklist                                                                         1 of 64
       Georgia Department of Community Affairs                                                                                                                     Office of Affordable Housing
                                      2011 Application Binder Tabs Checklist For: 2011-001, Lafayette Senior Village Phase 1, Fayette County
          Directions: Place an "X" in the green-shaded boxes beside items secured in the Application Package. Place completed Tabs Checklist in front of Tab 1 in the application binder.
  This tab checklist is formulated to aid applicants in appropriately organizing documentation. It is not meant to be a conclusive list of documentation which is required for an application.
               Applicant's should review the QAP carefully. The application must contain all required documentation which will allow DCA to adequately review each section
                                                                                                                                                                                                   Included
Tab   Required Application Binder Tabs                   Required Tab Contents and Specified Order                                                                                                  in App
Nbr                                                                                                                                                                                                 Binder
4 Waivers/Preapprovals (Non financial)                   Pre determination of proposed Project Team Qualifications                                                                                  Yes
                                                         Architectural Standards Waiver                                                                                                             N/a
                                                         Amenities Pre-Approval                                                                                                                     N/a
                                                         Tenancy Characteristic Waiver Approval                                                                                                     N/a
                                                         Operating Expense Waiver Approval                                                                                                          N/a
                                                         Payment & Performance Bond Waiver                                                                                                          N/a
                                                         Other Waiver Approval                                                                                                                      N/a
      THRESHOLD DOCUMENTATION
5 Financing Commitments                                  Preliminary Financing Commitments - Debt, Equity, Historic Rehab Credits & Grants (if applicable)                                          Yes
                                                         CDBG documentation, if applicable                                                                                                          N/a
                                                         NSP Reservation and commitments, if applicable                                                                                             N/a
                                                         AHP Commitment and loan documents, if applicable                                                                                           N/a
                                                         Permanent Supportive Housing commitment                                                                                                    N/a
                                                         Documentation of Applicable Index Rate (for interest rates tied to an index), if applicable                                                Yes
                                                         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                                               N/a
                                                         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



       fa0814e9-d685-4dfa-a134-096e437191bb.xlsx - May 2011                               Application Tabs Checklist                                                                     2 of 64
       Georgia Department of Community Affairs                                                                                                                       Office of Affordable Housing
                                         2011 Application Binder Tabs Checklist For: 2011-001, Lafayette Senior Village Phase 1, Fayette 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)                                                                               N/a
   (Rehab projects)                                      Comprehensive Rehabilitation Work Scope                                                                                                                    N/a

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

19 Qualifications for Project Team (Performance)         Organizational Chart (s) with all entities and individuals in the Project Participant Team organizational structures                                       Yes
                                                         Qualification of Project Participants Determination                                                                                                        Yes
                                                         Real estate properties disclosure                                                                                                                          Yes
                                                         Development fee sharing arrangements                                                                                                                       N/a
                                                         Guarantor agreements                                                                                                                                       N/a
                                                         Consulting agreements - direct or indirect, paid or unpaid                                                                                                 Yes
                                                         Documentation of all pending litigation                                                                                                                    N/a
                                                         Conclusively demonstrative documentation of current ownership and operation of 5 (five) or more successful LIHTC projects in which you own a               No
                                                         minimum 20% interest in the General Partner and Development entities


       fa0814e9-d685-4dfa-a134-096e437191bb.xlsx - May 2011                              Application Tabs Checklist                                                                                      3 of 64
       Georgia Department of Community Affairs                                                                                                                              Office of Affordable Housing
                                          2011 Application Binder Tabs Checklist For: 2011-001, Lafayette Senior Village Phase 1, Fayette 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                                                                                                                               Yes
                                                              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                                                                                     N/a
                                                              Accessibility exemption Legal Opinion (if applicable)                                                                                                       N/a
                                                              Legal opinion for scattered site projects. The legal opinion should address the proposed site plan and must be included as part of the opinion              N/a
                                                              Other legal (Explain in "Other" tab section at end of this checklist)                                                                                       N/a
22 Relocation (if applicable)                                 Relocation Displacement Spreadsheet                                                                                                                         N/a
                                                              Detailed Project-Specific Displacement/Relocation Plan and Budget                                                                                           N/a
                                                              Multifamily Tenant Relocation Plan Certification                                                                                                            N/a
                                                              Temporary Relocation Cost Estimate                                                                                                                          N/a
                                                              General Info Notice for Occupants at Time of App / Proof of Delivery                                                                                        N/a
                                                              Occupancy History                                                                                                                                           N/a
                                                              Site Map of Property                                                                                                                                        N/a
                                                              Tenant Household Data Forms                                                                                                                                 N/a
                                                              Site Relocation Survey                                                                                                                                      N/a
23 Marketing To Populations With Disabilities Or The Marketing Plan incorporates outreach efforts to each service provider, homeless shelter or local disability advocacy organization in project's county                N/a
   Homeless                                          Marketing Plan outlining how the project will market units to tenants with disabilities and the homeless                                                             N/a
                                                              Marketing Plan establishes and maintains relationships between the management agent and community service providers                                         N/a
                                                              Marketing Plan including a referral and screening process, the screening criteria and a plan to provide reasonable accommodations to facilitate the         N/a
                                                              admittance of persons with disabilities or the homeless into the project
      SCORING DOCUMENTATION
24 Desirable / Undesirable Characteristics                    Desirable/Undesirable Form                                                                                                                                  Yes
                                                              A site map indicating the specific locations of each desirable and undesirable activity/ characteristics                                                    Yes
                                                              Photographs of the desirable and undesirable activities/characteristics                                                                                     Yes
                                                              Documentation from the owner of the site on which the undesirable condition exists or from a third party government source documenting how such             N/a
                                                              change will occur and the time frame
                                                              Documentation that evidences the desirable activity/characteristic that will be located in sites under construction                                         N/a
25 Community Transportation Options                           Map showing the location of the Rapid Rail Transit station and/or public transit stop in relation to the proposed development site                          N/a
                                                              Documentation from transit authority showing relevant bus route and schedule                                                                                N/a




       fa0814e9-d685-4dfa-a134-096e437191bb.xlsx - May 2011                                  Application Tabs Checklist                                                                                        4 of 64
       Georgia Department of Community Affairs                                                                                                                        Office of Affordable Housing
                                      2011 Application Binder Tabs Checklist For: 2011-001, Lafayette Senior Village Phase 1, Fayette 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                                   Yes
                                                          Master site plan for the development                                                                                                                       Yes
                                                          Copy of an executed EarthCraft Communities Memorandum of Participation for the development the project is locating within or LEED-ND registration          Yes
                                                          for the larger development from US Green Building Council

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

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

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



       fa0814e9-d685-4dfa-a134-096e437191bb.xlsx - May 2011                              Application Tabs Checklist                                                                                       5 of 64
       Georgia Department of Community Affairs                                                                                                                            Office of Affordable Housing
                                         2011 Application Binder Tabs Checklist For: 2011-001, Lafayette Senior Village Phase 1, Fayette County
           Directions: Place an "X" in the green-shaded boxes beside items secured in the Application Package. Place completed Tabs Checklist in front of Tab 1 in the application binder.
  This tab checklist is formulated to aid applicants in appropriately organizing documentation. It is not meant to be a conclusive list of documentation which is required for an application.
               Applicant's should review the QAP carefully. The application must contain all required documentation which will allow DCA to adequately review each section
                                                                                                                                                                                                                    Included
Tab   Required Application Binder Tabs                       Required Tab Contents and Specified Order                                                                                                               in App
Nbr                                                                                                                                                                                                                  Binder
32 Tenant Ownership                                          Copy of Strategy meeting requirements                                                                                                                   N/a

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

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

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

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

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

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

39 Other                                                   Tab 19 - Conclusively demonstrate documentation of current ownership                                                                                      Yes
                                                          and operation of 2 (two) or more successful LIHTC projects in which you
        (Provide name of each item and what section it is
                                                          own a minimum 20% interest in the General Partner and Development
        needed for)
                                                          entities
                 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




       fa0814e9-d685-4dfa-a134-096e437191bb.xlsx - May 2011                                  Application Tabs Checklist                                                                                   6 of 64
                                                          Project Narrative
                                                   Lafayette Senior Village Phase 1
                                                     Fayetteville, Fayette County

 Lafayette Senior Village will consist of 72 senior units located within the City of Fayetteville, which will be the first 9% application
 approved within that city. The site is located within one-mile from the historic city square and will provide a quality housing option for
 both the existing senior population in Fayette County as well as the parents of adult children who live in Fayetteville. Lafayette Senior
 Village will continue the fine quality of craftsmanship that has become standard within our organization. The site is within the
 Villages of Lafayette planned mixed use community and is a few hundred yards west of the traditional downtown square. With
 shopping, the senior center, open-air amphitheater, restaurants, and more in close proximity the residents of Lafayette Senior Village
 will have direct access to all the amenities that make Fayetteville an attractive place to live.

 Lafayette Senior Village will consist of one and two bedroom units with extensive community areas. This project will provide an
 elegant, gracious living facility that will have on-site amenities such as a dining area, meditation room (chapel), game room/TV
 lounge, library and computer center, exercise room, dayrooms as well as walking trails. Resident services and ownership will be
 provided by the Beverly J. Searles Foundation. Development will be through CRT Realty & Development, Inc. With the support of the
 Fayetteville Community and governing factions as well as the support of the Beverly J Searles Foundation to provide services to
 these elderly, Lafayette Senior Village will provide that segment of our society that has been neglected for so long. American are
 living longer and longer and deserve to live their lives with dignity, grace, security and a sense of independence as provided by
 Lafayette Senior Village. Quality Senior Living is not expensive - its priceless.

 Fayette County has the fastest growing senior population (percentage wise) in the Atlanta metro area.




fa0814e9-d685-4dfa-a134-096e437191bb.xlsx                                                                                            7 of 64
       Georgia Department of Community Affairs                                           2011 Funding Application                                                      Office of Affordable Housing
                                             PART ONE - PROJECT INFORMATION - 2011-001 Lafayette Senior Village Phase 1, Fayetteville, Fayette 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.                                            2011-001

I.         DCA RESOURCES                              LIHTC (auto-filled based on later entries)                    $              900,000
                                                      DCA HOME (amount from Consent Form)                           $                    -

II.        TYPE OF APPLICATION                        Competitive Round                                    Other:
III.       APPLICANT CONTACT FOR APPLICATION REVIEW
           Name                                       Philip E. Searles                                                                                   Title        President
           Address                                    3555 Sweetwater Rd.                                                                                 Direct Line
           City                                       Duluth                                                                                              Fax                         (866) 655-1765
           State                                      GA                                              Zip+4              30096-4720                       Cellular                    (678) 467-6861
           Office Phone                               (678) 467-6861                                   Ext.                      E-mail       psearles@bjsfoundation.org
           (Enter phone numbers without using hyphens, parentheses, etc - ex: 1234567890)

IV.        PROJECT LOCATION
           Project Name                               Lafayette Senior Village Phase 1                                                                       Phased Project?
           Site Street Address                        440 W. Lanier Avenue                                                                                   Scattered Site?          No
           City                                       Fayetteville                             9-digit Zip *        30214-1502                               Acreage                  3.4
           Within City Limits?                        Yes                                      County        Fayette                                         Census Tract #           13113140404
           In USDA Rural Area?                        No                                  HUD MSA/NonMSA Atlanta-Sandy Springs-Marietta                      QCT?          No              DDA? No
                                                            Congressional *                 State Senate                 State House
           Legislative Districts                                  3                              34                           74
           If on boundary, other district:
           Political Jurisdiction                     City of Fayetteville
           Name of Chief Elected Official             Ken Steele                                                                    Title     Mayor
           Address                                    240 South Glenn Street                                                        City      Fayetteville
           Zip+4                                      30214-0000                       Phone                    (770) 719-4149                    Fax             (770) 460-4238

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                                 72
           Adaptive Reuse
           Acquisition/Rehabilitation                                For Acquisition/Rehabilitation, date of original construction:
           Substantial Rehabilitation
           Historic Rehab

       fa0814e9-d685-4dfa-a134-096e437191bb.xlsx - May 2011                                    Part I-Project Information                                                                           8 of 64
        Georgia Department of Community Affairs                                         2011 Funding Application                                                     Office of Affordable Housing
                                         PART ONE - PROJECT INFORMATION - 2011-001 Lafayette Senior Village Phase 1, Fayetteville, Fayette County

         C. Unit Breakdown                                                                         # of PBRA               D. Unit Area
            Number of Low Income Units                                                  66            Units                   Total Low Income Residential Square Footage                   59,260
                         Number of 50% Units                                            20                                    Total Unrestricted (Market) Residential Square Footage         5,392
                         Number of 60% Units                                            46                                    Total Residential Square Footage                              64,652
            Number of Unrestricted (Market) Units                                        6                                    Total Common Space Square Footage from Units
            Total Residential Units                                                     72                                    Total Square Footage from Units                               64,652
            Common Space Units
            Total Units                                                                 72
         E. Buildings    Number of Residential Buildings                                1                                     Total Common Area Square Footage from Nonresidential areas    18,000
                         Number of Non-Residential Buildings                                                                  Total Square Footage                                          82,652
                         Total Number of Buildings                                      1
         F. Total Residential Parking Spaces (min 1.5 per unit)                         72

VI.         TENANCY CHARACTERISTICS
         A. Family or Senior                                                       Senior (Elderly)                           If Other, specify:
         B. Mobility Impaired                          Nbr of Units Equipped:           5                                     % of Total Units                                               6.9%
         C. Sight / Hearing Impaired                   Nbr of Units Equipped:           2                                     % of Total Units                                               2.8%
         D. Special Needs Units                                    Nbr of Units:                                              % of Total Units

VII.        RENT AND INCOME ELECTIONS
         A. Tax Credit Election                                                          40% of Units at 60% of AMI
         B. DCA HOME Projects Minimum Set-Aside Requirement (Rent & Income)                                                    20% of HOME-Assisted Units at 50% of AMI                       No

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

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




        fa0814e9-d685-4dfa-a134-096e437191bb.xlsx - May 2011                                  Part I-Project Information                                                                   9 of 64
      Georgia Department of Community Affairs                                          2011 Funding Application                                              Office of Affordable Housing
                                          PART ONE - PROJECT INFORMATION - 2011-001 Lafayette Senior Village Phase 1, Fayetteville, Fayette 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:                        1,700,000
       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
          Beverly J. Searles Foundation            Myrtle Terraces Senior Village                            8
          CRT Reatly & Development                 Myrtle Terraces Senior Village                            9
          3                                                                                                  10
          4                                                                                                  11
          5                                                                                                  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                                                                 No
       A. Subsequent Allocation
          Year of Original Allocation
          Original GHFA/DCA Project Number
          First Year of Credit Period                                                                                    First Building ID Nbr in Project               GA-
          Expiring Tax Credit (15 Year)                                                                                  Last Building ID Nbr in Project                GA-
          Date all buildings will complete 15 yr Compliance pd
       B. Expiring Section 8                                                           No
       C. Expiring HUD or USDA
          HUD funded affordable nonpublic housing project                                                                HUD funded affordable public housing project
          USDA funded affordable nonpublic housing project

      fa0814e9-d685-4dfa-a134-096e437191bb.xlsx - May 2011                                  Part I-Project Information                                                             10 of 64
       Georgia Department of Community Affairs                                               2011 Funding Application                                           Office of Affordable Housing
                                            PART ONE - PROJECT INFORMATION - 2011-001 Lafayette Senior Village Phase 1, Fayetteville, Fayette County

XII.     ADDITIONAL PROJECT INFORMATION
      A. PHA Units
         Is proposed project part of a local public housing replacement program?                                            No
         Number of Public Housing Units reserved and rented to public housing tenants:                                                % of Total Residential Units
         Nbr of Units Reserved and Rented to PHA Tenants w/ PBRA or Households on Waiting List:                                       % of Total Residential Units
         Local PHA                                                                                                                    Contact
         Street Address                                                                                                               Email
         City                                                                             Zip+4                                       Direct line
         Area Code / Phone                                                       Fax                                                  Cellular
      B. Existing properties: currently an Extention of Cancellation Option?               No          If yes, expiration year:                        Nbr yrs to forgo cancellation option:
      C. Is there a Tenant Ownership Plan?                                                 No
      D. Is the Project Currently Occupied?                                                No
         Total Existing Units
         Number Occupied
         % Existing Occupied
      E. Waivers and/or Pre-Approvals - have the following waivers and/or pre-approvals been approved by DCA?
         Amenities?                                                                                                                   Other Tenancy?
         Architectural Standards?                                                                                                     Probationary Participation?
         HOME Consent?                                                                     No                                         Service Requirement (for small rural projects)?
         Qualification Determination?                                                      Yes                                        Payment & Performance Bond?
         Pre-determination of Qualification to Compete?
         Operating Expense?                                                                         ---------------------------> If Yes, new Limit is:
         Other (specify waiver):
      F. Projected Place-In-Service Date
         Acquisition
         Rehab
         New Construction                                                              June 1, 2013
XIII.    APPLICANT COMMENTS AND CLARIFICATIONS                                                                        XV.             DCA COMMENTS - DCA USE ONLY
Current zoning allows for 84 units however for financial feasibility the development team will only construct 72 units.



Seniors do not need 1.5 parking spaces per unit as demonstrated by the owner and developer's experience developing 15
senior communities since 1995. While phase 1 is approved for up to 89 spaces, we only need 72 spaces max. In fact, our senior
communities work quite well at 0.85 spaces per unit.




       fa0814e9-d685-4dfa-a134-096e437191bb.xlsx - May 2011                                       Part I-Project Information                                                                   11 of 64
     Georgia Department of Community Affairs                                     2011 Funding Application                                                     Office of Affordable Housing
                              PART TWO - DEVELOPMENT TEAM INFORMATION - 2011-001 Lafayette Senior Village Phase 1, Fayetteville, Fayette County

I.    OWNERSHIP INFORMATION

      A. OWNERSHIP ENTITY                            Lafayette Senior Village Phase 1, LP                                                     Name of Principal     Philip E. Searles
             Office Street Address                   3555 Sweetwater Rd.                                                                      Title of Principal    Manager
             City                                    Duluth                               Fed Tax ID:                                         Direct line           (678) 467-6861
             State                                       GA       Zip+4 *            30096-4720       HQ Congressional District *     7       Cellular              (678) 467-6861
             10-Digit Office Phone / Ext.                                                     Fax          (866) 655-1765              E-mail psearles@bjsfoundation.org
               (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             Lafayette General One, LLC                                                                Name of Principal     Philip E. Searles
               Office Street Address              3555 Sweetwater Rd.                                                                       Title of Principal    Manager
               City                               Duluth                                                                                    Direct line           (678) 467-6861
               State                                  GA      Zip+4 *        30096-4720            HQ Congressional District *      7       Cellular              (678) 467-6861
               10-Digit Office Phone / Ext.                                           Fax                (866) 655-1765              E-mail psearles@bjsfoundation.org
            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            Affordable Equity Partners, Inc.                                                          Name of Principal    Jeffery E. Smith
               Office Street Address              206 Peach Way                                                                             Title of Principal   President
               City                               Columbia                                                                                  Direct line
               State                                  MO       Zip+4            65203-0000                                                  Cellular
               10-Digit Office Phone / Ext.       (573) 443-2021                         Fax             (573) 874-7116              E-mail jesmith@aepartners.com
            b. State Limited Partner              Affordable Equity Partners, Inc.                                                          Name of Principal    Jeffery E. Smith
               Office Street Address              206 Peach Way                                                                             Title of Principal   President
               City                               Columbia                                                                                  Direct line
               State                                  MO       Zip+4            65203-0000                                                  Cellular
               10-Digit Office Phone / Ext.       (573) 443-2021                         Fax             (573) 874-7116              E-mail jesmith@aepartners.com



     fa0814e9-d685-4dfa-a134-096e437191bb.xlsx - May 2011                          Part II-Development Team                                                                               12 of 64
 Georgia Department of Community Affairs                                2011 Funding Application                                          Office of Affordable Housing
                           PART TWO - DEVELOPMENT TEAM INFORMATION - 2011-001 Lafayette Senior Village Phase 1, Fayetteville, Fayette County

      3. NONPROFIT SPONSOR
            Nonprofit Sponsor               Beverly J. Searles Foundation, Inc.                                          Name of Principal     Philip E. Searles
            Office Street Address           3555 Sweetwater Road                                                         Title of Principal    President
            City                            Duluth                                                                       Direct line
            State                               GA       Zip+4          30096-4720                                       Cellular              (678) 467-6861
            10-Digit Office Phone / Ext.                                         Fax         (770) 670-7006       E-mail psearles@bjsfoundation.org

II. DEVELOPER(S)

   A. DEVELOPER                             CRT Realty & Development, Inc.                                               Name of Principal       Richard D. Searles
           Office Street Address            230 Summerfield Dr.                                                          Title of Principal      President
           City                             Alpharetta                                                                   Direct line             (770) 475-5505
           State                                GA       Zip+4        30022-4835                                         Cellular                (404) 406-5219
           10-Digit Office Phone / Ext.     (770) 475-5505                     Fax           (770) 475-5528       E-mail ricksearles@crtrealty.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                Peach Way Financial Services, LLC                                            Name of Principal     Robert A. Ring
           Office Street Address            3290 Northside Parkway, Suite 330                                            Title of Principal    Manager
           City                             Atlanta                                                                      Direct line
           State                                GA       Zip+4         30327-0000                                        Cellular              (573) 424-4587
           10-Digit Office Phone / Ext.     (404) 841-2227                      Fax                               E-mail bring@jesholdings.com




 fa0814e9-d685-4dfa-a134-096e437191bb.xlsx - May 2011                     Part II-Development Team                                                                 13 of 64
 Georgia Department of Community Affairs                                 2011 Funding Application                                         Office of Affordable Housing
                           PART TWO - DEVELOPMENT TEAM INFORMATION - 2011-001 Lafayette Senior Village Phase 1, Fayetteville, Fayette 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                    Fairway Construction Inc.                                                    Name of Principal    Jeffery E. Smith
          Office Street Address             206 Peach Way                                                                Title of Principal   President
          City                              Columbia                                                                     Direct line
          State                                 MO       Zip+4          65203-0000                                       Cellular
          10-Digit Office Phone / Ext.      (573) 443-2021                       Fax          (573) 442-4261      E-mail jesmith@aepartners.com
   C. MANAGEMENT COMPANY                    Fariway Management Inc.                                                      Name of Principal   Monica Swoboda
          Office Street Address             206 Peach Way                                                                Title of Principal  Vice President
          City                              Columbia                                                                     Direct line
          State                                 MO       Zip+4          65203-0000                                       Cellular
          10-Digit Office Phone / Ext.      (573) 443-2021                       Fax          (573) 442-4261      E-mail mswoboda@jesholding.com
   D. ATTORNEY                              Peck Shaffer & Williams, LLP                                                 Name of Principal     David Williams
          Office Street Address             3353 Peachtree Road Suite M20                                                Title of Principal    Partner
          City                              Atlanta                                                                      Direct line           (404) 926-4182
          State                                 GA       Zip+4          30326-0000                                       Cellular
          10-Digit Office Phone / Ext.                                           Fax          (404) 995-3851      E-mail dwilliams@peckshaffer.com
   E. ACCOUNTANT                            Habif Arogeti & Wynne LLP                                                    Name of Principal  Ed Deck
          Office Street Address             Five Concourse Parkway Suite 1000                                            Title of Principal Partner
          City                              Atlanta                                                                      Direct line        (404) 898-8245
          State                                 GA        Zip+4       30328-0000                                         Cellular
          10-Digit Office Phone / Ext.      (404) 892-9651                     Fax                                E-mail ed.deck@hawcpa.com
   F. ARCHITECT                             Morton Gruber & Associates                                                   Name of Principal     Joe Bruder
           Office Street Address            245 Peachtree Center Avenue Suite 2445                                       Title of Principal    Senior Project Manager
           City                             Atlanta                                                                      Direct line           (404) 584-1686
           State                                GA       Zip+4         30303-0000                                        Cellular
           10-Digit Office Phone / Ext.     (404) 584-1680                      Fax                               E-mail jbruder@mortongruber.com




 fa0814e9-d685-4dfa-a134-096e437191bb.xlsx - May 2011                      Part II-Development Team                                                              14 of 64
     Georgia Department of Community Affairs                                            2011 Funding Application                                                    Office of Affordable Housing
                                PART TWO - DEVELOPMENT TEAM INFORMATION - 2011-001 Lafayette Senior Village Phase 1, Fayetteville, Fayette 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                   Nonprofit             0.0100%
Other GP1
Other GP2
Federal LP               No                 No                  No                         Yes                        No                           No                   For Profit           98.9900%
State LP                 No                 No                  No                         Yes                        No                           No                   For Profit            1.0000%
NP Sponsor               No                 No                  No                         Yes                        No                           No                   Nonprofit
Developer                No                 No                  No                         Yes                        No                           No                   For Profit
Co-Develpr 1
Co-Develpr 2
Ownr Consult
Dev Consult              No                 No                  No                         No                         No                           No                   For Profit
Contractor               No                 No                  No                         Yes                        No                           No                   For Profit
Mgt Co                   No                 No                  No                         Yes                        No                           No                   For Profit
                                                                                                                                                                                 Total     100.0000%

V.       APPLICANT COMMENTS AND CLARIFICATIONS                                                                                          VI.         DCA COMMENTS - DCA USE ONLY
The Federal and State investor, General Contractor, and Management Company all have a common owner. Beverly J. Searles Foundation
(Managing GP and Non-Profit Sponsor) has two directors on its Board who are principles in CRT Realty & Development (developer). They
have less than 20% of the voting authority on the Board, and obstain from voting on any matters related to CRT Realty & Development.


Jeffrey E. Smith is the president of the Management Company (Fairway Management, Inc.), the Contractor (Fairway Construction Company,
Inc.), and is also the president of Affordable Equity Partners (the Federal and State Limited Partner).




     fa0814e9-d685-4dfa-a134-096e437191bb.xlsx - May 2011                                 Part II-Development Team                                                                          15 of 64
      Georgia Department of Community Affairs                                         2011 Funding Application                                                    Office of Affordable Housing
                                          PART THREE - SOURCES OF FUNDS - 2011-001 Lafayette Senior Village Phase 1, Fayetteville, Fayette County


I.       GOVERNMENT FUNDING SOURCES (check all that apply)

            Yes       Tax Credits                 No      DCA HOME* --> amt from DCA Consent Ltr:                                                           Historic Rehab Credits
                      Tax Exempt Bonds                    DCA PSHP HOME*                                               CDBG                                 FHA Insured Mortgage
                      Taxable Bonds                       Other HOME*                                                  FHA Risk Share                       Other NSP* - Amount:
                      USDA 515                            USDA 538                             HOPE VI                 FHLB / AHP*                          Other - describe here
         *This source may possibly trigger Uniform Relocation Act and/or HUD 104(d) reqmts. Check with source. For DCA HOME, refer to Relocation Manual. NSP = Neighborhood Stabilization Program


II.      CONSTRUCTION FINANCING

         Financing Type                                                            Name of Financing Entity                                Amount           Effective Interest Rate     Term (In Months)
         Mortgage A                                                               Sterling Bank                                                 7,862,061           6.500%                     30
         Mortgage B
         Mortgage C
         Federal Grant
         State, Local, or Private Grant
         Deferred Developer Fees
         Federal Housing Credit Equity                                            Affordable Equity Partners, Inc.                              1,313,869
         State Housing Credit Equity                                              Affordable Equity Partners, Inc.                                449,955
         Other Type (specify)
         Other Type (specify)
         Other Type (specify)
         Total Construction Financing:                                                                                                          9,625,885
         Total Construction Period Costs from Development Budget:                                                                               8,979,505
         Surplus / (Shortage) of Construction funds to Construction costs:                                                                        646,380




      fa0814e9-d685-4dfa-a134-096e437191bb.xlsx - May 2011                               Part III A-Sources of Funds                                                                           16 of 64
       Georgia Department of Community Affairs                                          2011 Funding Application                                                  Office of Affordable Housing
                                         PART THREE - SOURCES OF FUNDS - 2011-001 Lafayette Senior Village Phase 1, Fayetteville, Fayette 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
          Mortgage A                                                                                     0      0.000%          0          0                                 Amortizing         n/a
          Mortgage B                        Sterling Bank                                        1,830,000      7.000%         30         30                   146,100       Amortizing        1.20
          Mortgage C
          Other:
          Grant from foundation or charity
          Deferred Devlpr Fee        8.69% CRT Realty & Development                                112,157      2.270%            4       4                                  Cash Flow
          Federal Grant
          State, Local, or Private Grant                                                                            Equity Check         +/-
          Federal Housing Credit Equity     Affordable Equity Partners, Inc.                     6,570,000           6,570,000                    0 Proposed DCA HOME Loan Interest Rate by Operating
          State Housing Credit Equity       Affordable Equity Partners, Inc.                     2,250,000           2,250,000                    0           Year for Projects in Rural Areas:
          Historic Credit Equity                                                                                                                      Year:      1 -7       8         9         10
          Invstmt Earnings: T-E Bonds                                                                                                                 Rate:
          Invstmt Earnings: Taxable Bonds                                                                                                              11        12        13         14        15
          Income from Operations
          Other:                                                                                                                                       16        17        18         19        20
          Other:
          Other:                                                                                                                                       21        22        23         24        25
          Total Permanent Financing:                                                      10,762,157
          Total Development Costs from Development Budget:                                10,762,157                                                   26        27        28         29        30
          Surplus/(Shortage) of Permanent funds to development costs:                         0
IV.       APPLICANT COMMENTS AND CLARIFICATIONS                                                                             IV.        DCA COMMENTS - DCA USE ONLY
Construction overfunding is a result of not including the Construction Contingency, FFE, Rent-Up Reserve, or Syndication
costs nor paid developer fee during construction. Owner has had dialogue with the DCA concerning these matters.




       fa0814e9-d685-4dfa-a134-096e437191bb.xlsx - May 2011                                Part III A-Sources of Funds                                                                     17 of 64
                               2011 Office of Affordable Housing Funding Application
                                   USDA 538 Guaranteed Loan Calculations
   PART III B: USD 538 LOAN - 2011-001 Lafayette Senior Village Phase 1, Fayetteville, Fayette County

                                                  I. Data Input
 Loan Amount:                                                                       $0.00                    $0.00
 Interest Rate:           USDA Spread               0.00%           (aka Interest Assistance Rate in USDA Handbook)
                          Effective Rate                            (Effective Interest Assistance Rate in USDA Handbook)
 USDA Annual Fee                                    0.00%           (per annum)
 Loan Term (yrs)
 Amortization Pd (yrs)
 Annual P & I                                      #DIV/0!                 #DIV/0!                  #DIV/0!
 Monthly P & I                                     #DIV/0!                 #DIV/0!                  #DIV/0!

                                 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                                               18 of 64
                               2011 Office of Affordable Housing Funding Application
                                   USDA 538 Guaranteed Loan Calculations
                           2011-001 Lafayette Senior Village Phase 1, Fayetteville, Fayette 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                                        19 of 64
                                  2011 Office of Affordable Housing Funding Application
                                      HUD Insured Mortgage Loan Calculations
PART III C - HUD INSURED LOAN - 2011-001 Lafayette Senior Village Phase 1, Fayetteville, Fayette 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                          #DIV/0!         (Excluding MIP)

 Monthly Debt Service at Effective Rate                         #DIV/0!         (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 20 of 64
  Georgia Department of Community Affairs                                    2011 Funding Application                                     Office of Affordable Housing
                                     PART FOUR - USES OF FUNDS - 2011-001 Lafayette Senior Village Phase 1, Fayetteville, Fayette 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                                                                         2,000                 2,000
  Market Study                                                                               6,000                 6,000
  Environmental Report(s)                                                                    6,000                 6,000
  Soil Borings                                                                               4,000                 4,000
  Boundary and Topographical Survey                                                          6,000                 6,000
  Zoning/Site Plan Fees                                                                      6,000                 6,000
  Other: <Enter detailed description here; use Comments section if needed>
  Other: <Enter detailed description here; use Comments section if needed>
  Other: <Enter detailed description here; use Comments section if needed>
                                                                        Subtotal            30,000                30,000            -                 -                  -
  ACQUISITION                                                                                                                      ACQUISITION
  Land                                                                                     648,000
  Site Demolition
  Acquisition Legal Fees (if existing structures)                                           15,000
  Existing Structures
                                                                        Subtotal           663,000                                  -                                    -
  LAND IMPROVEMENTS                                                                                                            LAND IMPROVEMENTS
  Site Construction (On-site)                                                              925,000               865,000
  Site Construction (Off-site)
                                                                        Subtotal           925,000               865,000            -                 -                  -
  STRUCTURES                                                                                                                       STRUCTURES
  Residential Structures - New Construction                                              5,041,772             5,041,772
  Residential Structures - Rehab
  Accessory Structures (ie. community building, maintenance building, etc.)
                                                                        Subtotal         5,041,772             5,041,772          -              -                       -
  CONTRACTOR SERVICES                                    14.00%                                                              CONTRACTOR SERVICES
  Builder Profit:                                         6.00%          358,006           358,006               358,006
  General Requirements* and Builder Overhead              8.00%          477,342           477,342               477,342
  *Refer to General Requirements policy in QAP                          Subtotal           835,348               835,348            -                 -                  -
  Total Construction Hard Costs             94,473.89            per unit
  6,802,120.00                                 105.21            per sq ft
  CONSTRUCTION CONTINGENCY                                                                                                 CONSTRUCTION CONTINGENCY
  Construction Contingency                                           5.0000%               340,106               340,106




  fa0814e9-d685-4dfa-a134-096e437191bb.xlsx - May 2011                             Part IV-Uses of Funds                                                          21 of 64
  Georgia Department of Community Affairs                                  2011 Funding Application                                       Office of Affordable Housing
                                      PART FOUR - USES OF FUNDS - 2011-001 Lafayette Senior Village Phase 1, Fayetteville, Fayette 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
  CONSTRUCTION PERIOD FINANCING                                                                                           CONSTRUCTION PERIOD FINANCING
  Construction Loan Fee                                                                    78,621                78,621
  Construction Loan Interest                                                              323,579               323,579
  Construction Legal Fees                                                                  10,000                10,000
  Construction Period Real Estate Tax                                                      24,500                24,500
  Construction Insurance                                                                   15,000                15,000
  Bridge Loan Fee and Bridge Loan Interest
  Payment and Performance bonds
  Other:
                                                                      Subtotal            451,700               451,700            -               -                     -
  PROFESSIONAL SERVICES                                                                                                      PROFESSIONAL SERVICES
  Architectural Fee - Design                                                              220,000               220,000
  Architectural Fee - Supervision                                                          30,000                30,000
  Green Building Consultant Fee
  Green Building Program Certification Fee (LEED or Earthcraft)                            40,000                40,000
  Accessibility Inspections and Plan Review                                                15,000                15,000
  Construction Materials Testing
  Engineering                                                                              60,000                60,000
  Real Estate Attorney                                                                     75,000                75,000
  Accounting
  Other:
                                                                      Subtotal            440,000               440,000             -              -                     -
  LOCAL GOVERNMENT FEES                                                                                                      LOCAL GOVERNMENT FEES
  Building Permits                                                                         12,000                12,000
  Impact Fees                                                                              13,499                13,499
  Water Tap Fees                              waived?                                       4,000                 4,000
  Sewer Tap Fees                              waived?                                      15,686                15,686
                                                                      Subtotal             45,185                45,185            -                -                    -
  PERMANENT FINANCING FEES                                                                                                  PERMANENT FINANCING FEES
  Permanent Loan Fees                                                                      18,300
  Permanent Loan Legal Fees
  Title and Recording Fees                                                                 12,000                12,000
  As-Built Survey                                                                           4,000                 4,000
  Bond Issuance Premium
  Cost of Issuance / Underwriter's Discount
  Other: <Enter detailed description here; use Comments section if needed>
                                                                       Subtotal            34,300                16,000              -                -                  -

  fa0814e9-d685-4dfa-a134-096e437191bb.xlsx - May 2011                            Part IV-Uses of Funds                                                           22 of 64
  Georgia Department of Community Affairs                                  2011 Funding Application                                       Office of Affordable Housing
                                     PART FOUR - USES OF FUNDS - 2011-001 Lafayette Senior Village Phase 1, Fayetteville, Fayette 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                                                           500
  Tax Credit Application Fee                                                                3,000
  DCA Waiver Fees
  LIHTC Allocation Processing Fee                                        63,000            63,000
  LIHTC Compliance Monitoring Fee                                        50,400            50,400
  DCA Front End Analysis Fee (HOME, when ID of Interest)
  DCA Final Inspection Fee (Tax Credit only - no HOME)
  Other: Cost Cert                                                                         15,000
  Other: <Enter detailed description here; use Comments section if needed>
                                                                       Subtotal           131,900                                                                       -
  EQUITY COSTS                                                                                                                   EQUITY COSTS
  Partnership Organization Fees                                                             2,500
  Tax Credit Legal Opinion
  Syndicator Legal Fees
  Other: <Enter detailed description here; use Comments section if needed>
                                                                       Subtotal             2,500                                                                       -
  DEVELOPER'S FEE                                                                                                              DEVELOPER'S FEE
  Developer's Overhead                                               16.124%              208,000               208,000
  Consultant's Fee                                                   20.000%              258,000               258,000
  Developer's Profit                                                 63.876%              824,000               824,000
                                                                       Subtotal         1,290,000             1,290,000          -               -                      -
  START-UP AND RESERVES                                                                                                    START-UP AND RESERVES
  Marketing
  Rent-Up Reserves                                                                        119,846
  Operating Deficit Reserve:                                                              316,500
  Replacement Reserve
  Furniture, Fixtures and Equipment                   Per Unit: 131944.444%                95,000                95,000
  Other: <Enter detailed description here; use Comments section if needed>
                                                                       Subtotal           531,346                95,000           -                  -                  -
  OTHER COSTS                                                                                                                    OTHER COSTS
  Relocation
  Other: <Enter detailed description here; use Comments section if needed>
                                                                       Subtotal                -                    -              -                 -                  -
  TOTAL DEVELOPMENT COST                                                               10,762,157             9,450,111            -                 -                  -
  Total Per Unit Cost Limitation:           10,787,300           TDC Per Unit:          149,474.40    TDC Per Sq Ft:             166.46


  fa0814e9-d685-4dfa-a134-096e437191bb.xlsx - May 2011                            Part IV-Uses of Funds                                                          23 of 64
   Georgia Department of Community Affairs                                     2011 Funding Application                                              Office of Affordable Housing
                                        PART FOUR - USES OF FUNDS - 2011-001 Lafayette Senior Village Phase 1, Fayetteville, Fayette 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                                                                                               9,450,111               0                        0
   Less Total Subtractions From Basis (see above)                                                                 0                                           0
   Total Eligible Basis                                                                                      9,450,111               0                        0
   Eligible Basis Adjustment (DDA/QCT Location or State Designated Boost)           Type: State Boost         116.00%
   Adjusted Eligible Basis                                                                                  10,962,129               0                        0
   Multiply Adjusted Eligible Basis by Applicable Fraction                                                     91.66%              91.66%                   91.66%
   Qualified Basis                                                                                          10,047,883               0                        0
   Multiply Qualified Basis by Applicable Credit Percentage                                                     9.00%
   Maximum Tax Credit Amount                                                                                  904,309              0                          0
   Total Basis Method Tax Credit Calculation                                                                                    904,309

III. TAX CREDIT CALCULATION - GAP METHOD                                                                     Maximum TDC                                               If Historic Designation
                                                                                                                                                                            or Brownfield
     Equity Gap Calculation                                                                                   10,762,157   If TDC > PUCL, provide amount of grant from
                                                                                                                                                                       Development involved,
     Total Development Cost (TDC or PUCL; explain in Comments if TDC > PUCL)                                  10,762,157   foundation or charitable org to cover the       indicate below:
                                                                                                                           cost exceeding the PUCL:
     Subtract Non-LIHTC (excluding deferred fee) Source of Funds                                               1,830,000                                                                Y/N
     Equity Gap                                                                                                8,932,157        Grant Amt          Foundtn / Charitble Org Hist Desig
     Divide Equity Gap by 10                                                                                       / 10                                                    Brownfld
     Annual Equity Required                                                                                     893,216                  Federal                   State
     Enter Final Federal and State Equity Factors (not including GP contribution)                                0.9800        =         0.7300         +         0.2500
     Total Gap Method Tax Credit Calculation                                                                    911,445

   TAX CREDIT PROJECT MAXIMUM - Lower of Basis Method, Gap Method and DCA Limit:                               904,309

   TAX CREDIT REQUEST - Cannot exceed Tax Credit Project Maximum, but may be lower:                            900,000

IV. TAX CREDIT ALLOCATION - Lower of Tax Credit Request and Tax Credit Project Maximum                         900,000

   fa0814e9-d685-4dfa-a134-096e437191bb.xlsx - May 2011                             Part IV-Uses of Funds                                                                           24 of 64
   Georgia Department of Community Affairs                                                 2011 Funding Application                                         Office of Affordable Housing
                                              PART FOUR - USES OF FUNDS - 2011-001 Lafayette Senior Village Phase 1, Fayetteville, Fayette County
                                                                 CERTIFICATION OF ACTUAL COST AND OPINION AS TO ELIGIBLE BASIS
V. APPLICANT COMMENTS AND CLARIFICATIONS                                                                                            VI.   DCA COMMENTS - DCA USE ONLY
Construction Hard costs based on Contractor pricing using historcial data for developments in the State of Georgia.




Appliciant is requesting a Stable Community Basis Boost, also noted on Part III, of 16% which will result in a required DDF of at
least 8% per the QAP.




Front End Analysis cost has been removed from the uses but, we have accounted for the cost in our 3rd party plan and spec
review line item but have not included the actual front end analysis cost since it's a HOME only cost per the QAP.




   fa0814e9-d685-4dfa-a134-096e437191bb.xlsx - May 2011                                          Part IV-Uses of Funds                                                            25 of 64
Georgia Department of Community Affairs                                 2011 Funding Application                                          Office of Affordable Housing



                    PART FIVE - UTILITY ALLOWANCES - 2011-001 Lafayette Senior Village Phase 1, Fayetteville, Fayette County

                                                             DCA Utility Region for project:           Middle

    I. UTILITY ALLOWANCE SCHEDULE #1                         Source of Utility Allowances              DCA Utility Allowance Sheet
                                                             Date of Utility Allowances                June 1, 2011            Structure 3+ Story
                                                               Paid By (check one)                      Tenant-Paid Utility Allowances by Unit Size (# Bdrms)
       Utility              Fuel                                Tenant     Owner                           0           1           2          3          4
       Heat                 Electric                                         X
       Air Conditioning     Electric                                         X
       Cooking              Electric                                         X
       Hot Water            Natural Gas                                      X
       Lights               Electric                                         X
       Water & Sewer        Submetered?              No                      X
       Refuse Collection                                                     X
       Total Utility Allowance by Unit Size                                                                 0          0          0             0           0

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

       *Elderly allowances cannot be used except at properties that have 100% HUD PBRA and satisfy the DCA definition of "elderly"
       APPLICANT COMMENTS AND CLARIFICATIONS
       Since Owner is paying utilites the property will not be sub-metered unless Permitting requires it.

       DCA COMMENTS




fa0814e9-d685-4dfa-a134-096e437191bb.xlsx - May 2011                       Part V-Utility Allowances                                                      page 26 of 64
           Georgia Department of Community Affairs                                           2011 Funding Application                                                    Office of Affordable Housing
                                        PART SIX - PROJECTED REVENUES & EXPENSES - 2011-001 Lafayette Senior Village Phase 1, Fayetteville, Fayette County

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

          HOME projects - Fixed or Floating units:                   Floating                                                                                                                      AMI
          Are 100% of units HUD PBRA?                                   No                             PBRA Provider                                                                              71,800
                                                                                                        or Operating
Finish!




               Rent        Nbr of    No. of    Unit       Unit      Max Gross Proposed        Utility  Subsidy ***            Monthly Net Rent      Employee      Building        Type of           Affordable to:
               Type        Bdrms     Baths    Count       Area      Rent Limit Gross Rent   Allowance (See note below)      Per Unit     Total        Unit         Type           Activity        Income
             50% AMI         1          1.0     5         690          641        635                                             635       3,175     No          3+ Story    New Construction     25,400
             60% AMI         1          1.0     5         690          769        760                                             760       3,800     No          3+ Story    New Construction     30,400
 1          Unrestricted     1          1.0     1         690                     874                                             874         874     No          3+ Story    New Construction     34,960
             50% AMI         2          2.0     7         962          768        760                                             760       5,320     No          3+ Story    New Construction     30,400
             60% AMI         2          1.0     20        908          922        875                                             875      17,500     No          3+ Story    New Construction     35,000
             60% AMI         2          2.0     21        962          922        915                                             915      19,215     No          3+ Story    New Construction     36,600
 1          Unrestricted     2          2.0     3         962                    1,052                                          1,052       3,156     No          3+ Story    New Construction     42,080
 1          Unrestricted     2          1.0     2         908                    1,006                                          1,006       2,012     No          3+ Story    New Construction     40,240
             50% AMI         2          1.0     8         908          768        725                                             725       5,800     No          3+ Story    New Construction     29,000
                                                                                                                                  -            -
                                                                                                                                  -            -
                                                                                                                                  -            -
                                                                                                                                  -            -
                                                                                                                                  -            -
                                                                                                                                  -            -
                                                                                                                                  -            -
                                                                                                                                  -            -
                                                                                                                                  -            -
                                                                                                                                  -            -
                                                                                                                                  -            -
                                                                                                                                  -            -
                                                                                                                                  -            -
                                                                                                                                  -            -
                                                                                                                                  -            -
                                                                                                                                  -            -
                                                                                                                                  -            -
                                                                                                                                  -            -
                                                                                                                                  -            -
                                                                                                                                  -            -
                                                                                                                                  -            -
                                                                                                                                  -            -
                                                                                                                                  -            -
                                                                                                                                  -            -
                                                                                                                                  -            -
                                                                                                                                  -            -
                                                                                                                                  -            -
                                                                                                                                  -            -
 3                                  TOTAL         72       64,652                                              MONTHLY TOTAL               60,852
                                                                                                                ANNUAL TOTAL              730,224

*** 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.


           fa0814e9-d685-4dfa-a134-096e437191bb.xlsx - May 2011                               Part VI-Revenues & Expenses                                                                        27 of 64
    Georgia Department of Community Affairs                                              2011 Funding Application                                            Office of Affordable Housing
                                   PART SIX - PROJECTED REVENUES & EXPENSES - 2011-001 Lafayette Senior Village Phase 1, Fayetteville, Fayette County

II. UNIT SUMMARY
    Units:                                                                  Efficiency       1BR            2BR         3BR   4BR    Total
               Low-Income                                    60% AMI              -                5             41     -     -            46   (Includes manager units that are
                                                             50% AMI              -                5             15     -     -            20   income restricted)

                                                             Total                -               10             56     -     -            66
NOTE TO             Unrestricted                                                  -                1              5     -     -             6
APPLICANTS: If      Total Residential                                             -               11             61     -     -            72
the numbers
                    Common Space                                                  -           -              -          -     -        -        (no rent to be charged)
compiled in this
                    Total                                                         -               11             61     -     -            72
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              -               10             56     -     -            66
above.                                                       Unrestricted         -                1              5     -     -             6
                                                             Total + CS           -               11             61     -     -            72
                                         Acq/Rehab           Low Inc              -           -              -          -     -        -
                                                             Unrestricted         -           -              -          -     -        -
                                                             Total + CS           -           -              -          -     -        -
                                         Substantial Rehab   Low Inc              -           -              -          -     -        -
                                         Only
                                                             Unrestricted         -           -              -          -     -        -
                                                             Total + CS           -           -              -          -     -        -
                                         Adaptive Reuse                                                                                -
                                         Historic Rehab                                                                                -
                    Building Type:
                                         Multifamily                              -               11             61     -     -            72
                                         SF Detached                              -           -              -          -     -        -
                                         Townhome                                 -           -              -          -     -        -
                                         Duplex                                   -           -              -          -     -        -
                                         Manufactured home                        -           -              -          -     -        -
   Unit Square Footage:
                 Low Income                                  60% AMI              -         3,450        38,362         -     -     41,812
                                                             50% AMI              -         3,450        13,998         -     -     17,448
                                                             Total                -         6,900        52,360         -     -     59,260
                    Unrestricted                                                  -           690         4,702         -     -      5,392
                    Total Residential                                             -         7,590        57,062         -     -     64,652
                    Common Space                                                  -           -             -           -     -        -
                    Total                                                         -         7,590        57,062         -     -     64,652


    fa0814e9-d685-4dfa-a134-096e437191bb.xlsx - May 2011                                  Part VI-Revenues & Expenses                                                              28 of 64
   Georgia Department of Community Affairs                                     2011 Funding Application                                                               Office of Affordable Housing
                                  PART SIX - PROJECTED REVENUES & EXPENSES - 2011-001 Lafayette Senior Village Phase 1, Fayetteville, Fayette County

III. ANCILLARY AND OTHER INCOME (annual amounts)

  Ancillary Income                                                   14,604      Laundry, vending, app fees, etc. Will be exactly 2% of potential gross income.


  Other Income (OI) by Year:

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

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




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

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




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

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




   fa0814e9-d685-4dfa-a134-096e437191bb.xlsx - May 2011                         Part VI-Revenues & Expenses                                                                                 29 of 64
      Georgia Department of Community Affairs                                                                   2011 Funding Application                                           Office of Affordable Housing
                                           PART SIX - PROJECTED REVENUES & EXPENSES - 2011-001 Lafayette Senior Village Phase 1, Fayetteville, Fayette County

IV. ANNUAL OPERATING EXPENSE BUDGET

    On-Site Staff Costs                                                                                      On-Site Security                                        Taxes and Insurance
    Management Salaries & Benefits                                              85,200                       Contracted Guard                                        Real Estate Taxes (Gross)*                  71,279
    Maintenance Salaries & Benefits                                             34,200                       Electronic Alarm System                      1,037      Insurance**                                 16,200
    Support Services Salaries & Benefits                                        18,000                                            Subtotal                1,037      Other (describe here)
    Property Tax Load (23%)                                                     31,602                                                                                    Subtotal                               87,479
                        Subtotal                                              169,002

    On-Site Office Costs                                                                                     Professional Services                                   Management Fee:                             31,968
    Office Supplies & Postage                                                     2,004                      Legal                                                        477.42       per unit per year
    Telephone                                                                     8,004                      Accounting                                    8,500          39.78        per unit per month
    Travel                                                                                                   Advertising                                  12,600
    Leased Furniture / Equipment                                                                             Other (describe here)                                   (Management Fee is from Pro Forma, Section
    Activities Supplies / Overhead Cost                                           3,600                                           Subtotal                21,100     1, Operating Assumptions)
    Other (describe here)

                        Subtotal                                                13,608

    Maintenance Expenses                                                                                     Utilities           ($/mth/unit)                        TOTAL OPERATING EXPENSES
    Contracted Repairs                                                                                       Electricity            70.00                 60,480          6,504        per unit                468,258
    General Repairs                                                             18,000                       Natural Gas             9.00                  7,776
    Grounds Maintenance                                                         17,200                       Water&Swr              32.00                 27,648
    Extermination                                                                                            Trash Collection                              5,616     Replacement Reserve                         18,000
    Maintenance Supplies                                                                                                                                             Enter desired per unit amount:                    250
    Elevator Maintenance                                                          7,344                                           Subtotal               101,520
    Redecorating
    Other (describe here)                                                                                                                                            TOTAL ANNUAL EXPENSES
                        Subtotal                                                42,544                                                                                                                         486,258

V. APPLICANT COMMENTS AND CLARIFICATIONS                                                                                                        VI.   DCA COMMENTS
Property taxes are based on 40% of assessed value of the property, consistent with County regulations. Insurance is based on $225/unit/year
which is in-line with historic costs at similar properties.



**To all Applicants: Please provide methodology for insurance calculation.




      fa0814e9-d685-4dfa-a134-096e437191bb.xlsx - May 2011                                                        Part VI-Revenues & Expenses                                                               30 of 64
  Georgia Department of Community Affairs                                           2011 Funding Application                                                           Office of Affordable Housing
                            PART SEVEN - OPERATING PRO FORMA - 2011-001 Lafayette Senior Village Phase 1, Fayetteville, Fayette 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                                5,000          Yr 1 Asset Mgt Fee Percentage of EGI:                       0.72%
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:                        4.62%
Vacancy & Collection Loss 7.00%                                    Expense Growth Rate (3.00%)                                Yes --> If Yes, indicate Yr 1 Mgt Fee Amt:                                 31,968
Ancillary Income Limit    2.00%                                    Percent of Effective Gross Income                            No --> If Yes, indicate actual percentage:
II. OPERATING PRO FORMA
Year                                      1               2                  3                 4                 5                 6                 7                 8                 9                10
Revenues                           730,224         744,828            759,725           774,920           790,418           806,226           822,351           838,798           855,574           872,685
Ancillary Income                    14,604          14,897             15,195            15,498            15,808            16,125            16,447            16,776            17,111            17,454
Vacancy                            (52,138)        (53,181)           (54,244)          (55,329)          (56,436)          (57,565)          (58,716)          (59,890)          (61,088)          (62,310)
Other Income (OI)                      -               -                  -                 -                 -                 -                 -                 -                 -                 -
OI Not Subject to Mgt Fee              -               -                  -                 -                 -                 -                 -                 -                 -                 -
Expenses less Mgt Fee             (436,290)       (449,379)          (462,860)         (476,746)         (491,048)         (505,780)         (520,953)         (536,582)         (552,679)         (569,259)
Property Mgmt                      (31,968)        (32,927)           (33,915)          (34,932)          (35,980)          (37,060)          (38,171)          (39,317)          (40,496)          (41,711)
Reserves                           (18,000)        (18,540)           (19,096)          (19,669)          (20,259)          (20,867)          (21,493)          (22,138)          (22,802)          (23,486)
NOI                                206,432         205,699            204,804           203,742           202,503           201,080           199,465           197,647           195,620           193,373
D/S USDA/HUD Mortgage                  -               -                  -                 -                 -                 -                 -                 -                 -                 -
                                       -               -                  -                 -                 -                 -                 -                 -                 -                 -
D/S Mortgage B                    (146,100)       (146,100)          (146,100)         (146,100)         (146,100)         (146,100)         (146,100)         (146,100)         (146,100)         (146,100)
D/S Mortgage C                         -               -                  -                 -                 -                 -                 -                 -                 -                 -
D/S Other Source                       -               -                  -                 -                 -                 -                 -                 -                 -                 -
D/S Grant from fdn / charity           -               -                  -                 -                 -                 -                 -                 -                 -                 -
DCA HOME Cash Resrv.
Asset Mgmt                          (5,000)         (5,000)            (5,000)            (5,000)           (5,000)           (5,000)          (5,000)           (5,000)           (5,000)           (5,000)
DDF                                (44,266)        (43,678)           (27,809)                                                                    -                 -                 -                 -
Incentive Mgmt                         -               -                  -                 -                 -                 -                 -                 -                 -                 -
Cash Flow                           11,066          10,920             25,894            52,641            51,403            49,979            48,365            46,547            44,520            42,272
DCR First Mortgage
DCR USDA/HUD Fee
DCR Second Mortgage                    1.41              1.41             1.40              1.39              1.39              1.38              1.37              1.35              1.34              1.32
DCR Third Mortgage
DCR Other Source
DCR Other Source
Oper Exp Coverage Ratio               1.42            1.41              1.40              1.38              1.37              1.36              1.34              1.33               1.32              1.30
Mortgage A Balance                     -               -                 -                 -                 -                 -                 -                 -                  -                 -
Mortgage B Balance               1,811,411       1,791,478         1,770,103         1,747,184         1,722,608         1,696,255         1,667,998         1,637,697          1,605,206         1,570,367
Mortgage C Balance
Other Source Balance
Other Source Balance
DDF Balance                         70,000          27,470                    0                 0                 0                 0                 0                 0                 0                 1


  fa0814e9-d685-4dfa-a134-096e437191bb.xlsx - May 2011                                      Part VII-Pro Forma                                                                                       31 of 64
  Georgia Department of Community Affairs                                           2011 Funding Application                                                           Office of Affordable Housing
                            PART SEVEN - OPERATING PRO FORMA - 2011-001 Lafayette Senior Village Phase 1, Fayetteville, Fayette 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                                5,000          Yr 1 Asset Mgt Fee Percentage of EGI:                       0.72%
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:                        4.62%
Vacancy & Collection Loss 7.00%                                    Expense Growth Rate (3.00%)                                Yes --> If Yes, indicate Yr 1 Mgt Fee Amt:                                 31,968
Ancillary Income Limit    2.00%                                    Percent of Effective Gross Income                            No --> If Yes, indicate actual percentage:
II. OPERATING PRO FORMA
Year                                     11              12                 13                14                15                16               17                18                 19                20
Revenues                           890,139         907,942            926,101           944,623           963,515           982,785        1,002,441         1,022,490          1,042,940         1,063,798
Ancillary Income                    17,803          18,159             18,522            18,892            19,270            19,656           20,049            20,450             20,859            21,276
Vacancy                            (63,556)        (64,827)           (66,124)          (67,446)          (68,795)          (70,171)         (71,574)          (73,006)           (74,466)          (75,955)
Other Income (OI)                      -               -                  -                 -                 -                 -                -                 -                  -                 -
OI Not Subject to Mgt Fee              -               -                  -                 -                 -                 -                -                 -                  -                 -
Expenses less Mgt Fee             (586,337)       (603,927)          (622,045)         (640,707)         (659,928)         (679,726)        (700,117)         (721,121)          (742,755)         (765,037)
Property Mgmt                      (42,962)        (44,251)           (45,579)          (46,946)          (48,354)          (49,805)         (51,299)          (52,838)           (54,423)          (56,056)
Reserves                           (24,190)        (24,916)           (25,664)          (26,434)          (27,227)          (28,043)         (28,885)          (29,751)           (30,644)          (31,563)
NOI                                190,896         188,179            185,211           181,983           178,482           174,696          170,615           166,224            161,511           156,463
D/S USDA/HUD Mortgage                  -               -                  -                 -                 -                 -                -                 -                  -                 -
                                       -               -                  -                 -                 -                 -                -                 -                  -                 -
D/S Mortgage B                    (146,100)       (146,100)          (146,100)         (146,100)         (146,100)         (146,100)        (146,100)         (146,100)          (146,100)         (146,100)
D/S Mortgage C                         -               -                  -                 -                 -                 -                -                 -                  -                 -
D/S Other Source                       -               -                  -                 -                 -                 -                -                 -                  -                 -
D/S Grant from fdn / charity           -               -                  -                 -                 -                 -                -                 -                  -                 -
DCA HOME Cash Resrv.
Asset Mgmt                          (5,000)         (5,000)            (5,000)           (5,000)           (5,000)
DDF                                    -               -                  -                 -                 -                 -                 -                 -                 -                 -
Incentive Mgmt                         -               -                  -                 -                 -                 -                 -                 -                 -                 -
Cash Flow                           39,796          37,079             34,111            30,882            27,382            28,596            24,514            20,123            15,411            10,363
DCR First Mortgage
DCR USDA/HUD Fee
DCR Second Mortgage                    1.31              1.29             1.27              1.25              1.22              1.20              1.17              1.14              1.11              1.07
DCR Third Mortgage
DCR Other Source
DCR Other Source
Oper Exp Coverage Ratio               1.29            1.28              1.27              1.25              1.24              1.23              1.22              1.21               1.20              1.18
First Mortgage Balance                 -               -                 -                 -                 -                 -                 -                 -                  -                 -
Second Mortgage Balance          1,533,008       1,492,950         1,449,995         1,403,935         1,354,545         1,301,585         1,244,797         1,183,903          1,118,607         1,048,591
Third Mortgage Balance
Other Source Balance
Other Source Balance
DDF Balance                               1                1                  1                 1                 1                 1                 1                 1                 1                 1


  fa0814e9-d685-4dfa-a134-096e437191bb.xlsx - May 2011                                      Part VII-Pro Forma                                                                                       32 of 64
  Georgia Department of Community Affairs                                             2011 Funding Application                                                              Office of Affordable Housing
                            PART SEVEN - OPERATING PRO FORMA - 2011-001 Lafayette Senior Village Phase 1, Fayetteville, Fayette 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                                5,000          Yr 1 Asset Mgt Fee Percentage of EGI:                       0.72%
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:                        4.62%
Vacancy & Collection Loss 7.00%                                      Expense Growth Rate (3.00%)                                Yes --> If Yes, indicate Yr 1 Mgt Fee Amt:                                 31,968
Ancillary Income Limit    2.00%                                      Percent of Effective Gross Income                            No --> If Yes, indicate actual percentage:
II. OPERATING PRO FORMA
Year                                     21              22                  23                24                25                26                27                28                 29                30
Revenues                         1,085,074       1,106,776           1,128,911         1,151,490         1,174,519         1,198,010         1,221,970         1,246,409          1,271,338         1,296,764
Ancillary Income                    21,701          22,136              22,578            23,030            23,490            23,960            24,439            24,928             25,427            25,935
Vacancy                            (77,474)        (79,024)            (80,604)          (82,216)          (83,861)          (85,538)          (87,249)          (88,994)           (90,774)          (92,589)
Other Income (OI)                      -               -                   -                 -                 -                 -                 -                 -                  -                 -
OI Not Subject to Mgt Fee              -               -                   -                 -                 -                 -                 -                 -                  -                 -
Expenses less Mgt Fee             (787,988)       (811,628)           (835,977)         (861,056)         (886,888)         (913,494)         (940,899)         (969,126)          (998,200)       (1,028,146)
Property Mgmt                      (57,738)        (59,470)            (61,254)          (63,092)          (64,984)          (66,934)          (68,942)          (71,010)           (73,140)          (75,335)
Reserves                           (32,510)        (33,485)            (34,490)          (35,525)          (36,590)          (37,688)          (38,819)          (39,983)           (41,183)          (42,418)
NOI                                151,065         145,304             139,165           132,631           125,687           118,316           110,501           102,225             93,468            84,212
D/S USDA/HUD Mortgage                  -               -                   -                 -                 -                 -                 -                 -                  -                 -
                                       -               -                   -                 -                 -                 -                 -                 -                  -                 -
D/S Mortgage B                    (146,100)       (146,100)           (146,100)         (146,100)         (146,100)         (146,100)         (146,100)         (146,100)          (146,100)         (146,100)
D/S Mortgage C
D/S Other Source                        -                 -                   -                 -                  -                -                 -                 -                 -                 -
D/S Grant from fdn / charity            -                 -                   -                 -                  -                -                 -                 -                 -                 -
DCA HOME Cash Resrv.
Asset Mgmt                             -                  -                  -                -                 -                 -                 -                 -                 -                 -
DDF                                    -                  -                  -                -                 -                 -                 -                 -                 -                 -
Incentive Mgmt                         -                  -                  -                -                 -                 -                 -                 -                 -                 -
Cash Flow                            4,965               (796)            (6,936)         (13,470)          (20,413)          (27,785)          (35,599)          (43,876)          (52,632)          (61,889)
DCR First Mortgage
DCR USDA/HUD Fee
DCR Second Mortgage                    1.03              0.99               0.95              0.91              0.86              0.81              0.76              0.70              0.64              0.58
DCR Third Mortgage
DCR Other Source
DCR Other Source
Oper Exp Coverage Ratio               1.17            1.16                 1.15              1.14              1.13              1.12              1.11              1.09              1.08               1.07
First Mortgage Balance                 -               -                    -                 -                 -                 -                 -                 -                 -                  -
Second Mortgage Balance            973,514         893,009              806,685           714,120           614,864           508,432           394,306           271,931           140,708                  (0)
Third Mortgage Balance
Other Source Balance
Other Source Balance
DDF Balance                                 1                 1                   1                 1                  1                1                 1                 1                 1                 1


  fa0814e9-d685-4dfa-a134-096e437191bb.xlsx - May 2011                                        Part VII-Pro Forma                                                                                       33 of 64
  Georgia Department of Community Affairs                                             2011 Funding Application                                                           Office of Affordable Housing
                            PART SEVEN - OPERATING PRO FORMA - 2011-001 Lafayette Senior Village Phase 1, Fayetteville, Fayette 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                                5,000          Yr 1 Asset Mgt Fee Percentage of EGI:                       0.72%
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:                        4.62%
Vacancy & Collection Loss 7.00%                                      Expense Growth Rate (3.00%)                                Yes --> If Yes, indicate Yr 1 Mgt Fee Amt:                                 31,968
Ancillary Income Limit    2.00%                                      Percent of Effective Gross Income                            No --> If Yes, indicate actual percentage:
II. OPERATING PRO FORMA
Year                                    31              32                  33                34                35
Revenues                         1,322,700       1,349,154           1,376,137         1,403,660         1,431,733
Ancillary Income                    26,454          26,983              27,523            28,073            28,635
Vacancy                            (94,441)        (96,330)            (98,256)         (100,221)         (102,226)
Other Income (OI)
OI Not Subject to Mgt Fee
Expenses less Mgt Fee           (1,058,990)     (1,090,760)          (1,123,483)       (1,157,187)       (1,191,903)
Property Mgmt                      (77,595)        (79,923)             (82,320)          (84,790)          (87,334)
Reserves                           (43,691)        (45,001)             (46,351)          (47,742)          (49,174)
NOI                                 74,437          64,123               53,249            41,792            29,730
D/S USDA/HUD Mortgage                  -               -                    -                 -                 -
                                       -               -                    -                 -                 -
D/S Mortgage B
D/S Mortgage C
D/S Other Source                        -                 -                   -                 -                  -
D/S Grant from fdn / charity            -                 -                   -                 -                  -
DCA HOME Cash Resrv.
Asset Mgmt                             -               -                    -                 -                 -
DDF                                    -               -                    -                 -                 -
Incentive Mgmt                         -               -                    -                 -                 -
Cash Flow                           74,437          64,123               53,249            41,792            29,730
DCR First Mortgage
DCR USDA/HUD Fee
DCR Second Mortgage
DCR Third Mortgage
DCR Other Source
DCR Other Source
Oper Exp Coverage Ratio                1.06              1.05               1.04              1.03              1.02
First Mortgage Balance                  -                 -                  -                 -                 -
Second Mortgage Balance                   (0)               (0)                (0)               (0)               (0)
Third Mortgage Balance
Other Source Balance
Other Source Balance
DDF Balance                                 1                 1                   1                 1                  1


  fa0814e9-d685-4dfa-a134-096e437191bb.xlsx - May 2011                                        Part VII-Pro Forma                                                                                       34 of 64
   Georgia Department of Community Affairs                                                             2011 Funding Application                                                       Office of Affordable Housing
                                     PART SEVEN - OPERATING PRO FORMA - 2011-001 Lafayette Senior Village Phase 1, Fayetteville, Fayette 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                                5,000          Yr 1 Asset Mgt Fee Percentage of EGI:                       0.72%
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:                        4.62%
Vacancy & Collection Loss 7.00%                                                   Expense Growth Rate (3.00%)                                Yes --> If Yes, indicate Yr 1 Mgt Fee Amt:                                 31,968
Ancillary Income Limit    2.00%                                                   Percent of Effective Gross Income                            No --> If Yes, indicate actual percentage:
II. OPERATING PRO FORMA
III. Applicant Comments & Clarifications                                                                                                      IV. DCA Comments

Initial DSCR is 1.4 due to CRT model of including utilities in our rents as a one-stop shop for our residents. The inclusion of over
$100,000 related to utilities with the 3% growth vs. the 2% growth related to rents results in a 1% increase per year of expense, therefore
we need to begin with a higher DSCR to ensure a 1.2 DSCR in year 15.




   fa0814e9-d685-4dfa-a134-096e437191bb.xlsx - May 2011                                                        Part VII-Pro Forma                                                                                   35 of 64
       Georgia Department of Community Affairs                   2011 Funding Application                            Office of Affordable Housing
                         PART EIGHT - THRESHOLD CRITERIA - 2011-001 Lafayette Senior Village Phase 1, Fayetteville, Fayette 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.)


       fa0814e9-d685-4dfa-a134-096e437191bb.xlsx - May 2011        Part VIII-Threshold Criteria                                            36 of 64
      Georgia Department of Community Affairs                                         2011 Funding Application                                                   Office of Affordable Housing
                            PART EIGHT - THRESHOLD CRITERIA - 2011-001 Lafayette Senior Village Phase 1, Fayetteville, Fayette 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:                                                                      Senior (Elderly)                                                              Yes
    Applicant's comments regarding this section of Threshold:                                                DCA's Comments:


3   Required Services                                                                                                                                                       Pass?

     A. Applicants certify that all selected services will meet QAP policies. Does Applicant agree?                                                                                    Agree
     B. Specify below at least 1 basic ongoing service from categories listed in QAP for Family projects, or at least 2 basic ongoing services from categories listed in QAP for Senior projects:
         1) Social and recreational programs planned and overseen by project mgr                                                                                                 1)      Yes
         2) Semi-monthly classes conducted on site                                                                                                                               2)      Yes
         3) Other service approved by DCA                                                                              3)
    Applicant's comments regarding this section of Threshold:
Applicant will provide weekly exercise classes (considered a semi-monthly class) and monthly birthday parties (social and recreational program). Futhermore the property will
have other programs such as bingo, movie nights, potluck dinners, computer classes, and arts and crafts among other services.
    DCA's Comments:




      fa0814e9-d685-4dfa-a134-096e437191bb.xlsx - May 2011                               Part VIII-Threshold Criteria                                                                           37 of 64
      Georgia Department of Community Affairs                                           2011 Funding Application                                               Office of Affordable Housing
                             PART EIGHT - THRESHOLD CRITERIA - 2011-001 Lafayette Senior Village Phase 1, Fayetteville, Fayette 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.   Tad Scepaniak
     B. Project absorption period to reach stabilized occupancy                                                                          B.   7-8 months
     C. Stabilization period                                                                                                             C.   10-11 months
     D. Overall capture rate for credit units                                                                                            D.   16.30%
     E. List DCA tax credit projects (inside a 2-mile radius for urban or, for rural, the greater of a 10-mile radius or the
                                                                                                                                                                            E.   No
        local jurisdiction) for years 2008 - 2010. Include both DCA project number and project name in each case.
             Project Nbr Project Name                                  Project Nbr Project Name                                Project Nbr    Project Name
          1                                                          4                                                       7
          2                                                          5                                                       8
          3                                                          6                                                       9
     F. Does the unit mix/rents and amenities included in the application match those provided in the market study?                                                         F.   Yes
    Applicant's comments regarding this section of Threshold:
There are zero tax credit projects within a 2 mile radius of the site.




    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)   No
         2) Subdivided?                                                                                                                                                     2)   No
         3) Modified?                                                                                                                                                       3)   No
    Applicant's comments regarding this section of Threshold:
The property will be subdivided in the future to allow future phases for the Senior Campus.


    DCA's Comments:




      fa0814e9-d685-4dfa-a134-096e437191bb.xlsx - May 2011                                  Part VIII-Threshold Criteria                                                               38 of 64
     Georgia Department of Community Affairs                                     2011 Funding Application                                                 Office of Affordable Housing
                          PART EIGHT - THRESHOLD CRITERIA - 2011-001 Lafayette Senior Village Phase 1, Fayetteville, Fayette 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. GEC Environmental
    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:                                                                                                  64.1
       If "Yes", what are the contributing factors in decreasing order of magnitude?
       Roadway, railway, aircraft
    D. Is the subject property located in a:                                                                                                                        D.
        1) Brownfield?                                                                                                                                              1)    No
        2) 100 year flood plain / floodway?                                                                                                                         2)    No
            If "Yes", percentage of site that is within a floodplain:
            If "Yes", will any development occur in the floodplain?
                If "Yes", is documentation provided as per Threshold criteria?
        3) Wetlands?                                                                                                                                                 3)   No
            If "Yes", enter the percentage of the site that is a wetlands:
            If "Yes", will any development occur in the wetlands?
                If "Yes", is documentation provided as per Threshold criteria?
        4) State Waters/Streams area?                                                                                                                                4)   No
    E. Has the Environmental Professional identified any of the following on the subject property:                                                                   E.
        1) Asbestos?                           No                              3) PCB's?           No                              5) Lead in water  No
        2) Lead-based paint?                   No                              4) Mold?            No                              6) Radon?         No
        7) Other (e.g., endangered species, Native American burial grounds, etc.):
    F. Is all additional environmental documentation required for a HOME application included?                                                                      F.    N/A
        1) Eight-Step Process for Wetlands and/or Floodplains required?                                                                                             1)    No
        2) Has Applicant/PE completed the HOME and HUD Environmental Questionnaire?                                                                                 2)    Yes
        3) Owner agrees that they must refrain from undertaking any activities that could have an adverse effect on the subject property?                           3)    Yes
    G. If HUD approval has been previously granted, has the HUD Form 4128 been included?                                                                            G.    N/A
    Applicant's comments regarding this section of Threshold:




    DCA's Comments:




     fa0814e9-d685-4dfa-a134-096e437191bb.xlsx - May 2011                           Part VIII-Threshold Criteria                                                                 39 of 64
     Georgia Department of Community Affairs                                        2011 Funding Application                                                   Office of Affordable Housing
                           PART EIGHT - THRESHOLD CRITERIA - 2011-001 Lafayette Senior Village Phase 1, Fayetteville, Fayette 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.                 Beverly J. Searles Foundation
    Applicant's comments regarding this section of Threshold:



    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:



    DCA's Comments:



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

    DCA's Comments:




     fa0814e9-d685-4dfa-a134-096e437191bb.xlsx - May 2011                                  Part VIII-Threshold Criteria                                                              40 of 64
    Georgia Department of Community Affairs                                          2011 Funding Application                                                   Office of Affordable Housing
                          PART EIGHT - THRESHOLD CRITERIA - 2011-001 Lafayette Senior Village Phase 1, Fayetteville, Fayette County
Preliminary Rating: Incomplete                                                                                                                                     Applicant Response DCA USE
FINAL THRESHOLD DETERMINATION (DCA Use Only)
11 Public Water/Sanitary Sewer/Storm Sewer                                                                                                                             Pass?

    A. 1) Is there a Waiver Approval Letter From DCA included in this application for this criterion as it pertains to single-family detached Rural projects?             A1)     No
       2) If Yes, is the waiver request accompanied by an engineering report confirming the availability of water and the percolation of the soil?                         2)
    B. Check all that are available to the site and enter provider         1) Public water City of Fayetteville - Water Department                                        B1)     Yes
       name:                                                               2) Public sewer City of Fayetteville - Water Department                                         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.     No
    D. Letters of support from local government officials?                                                                                                                 D.     Yes
   Applicant's comments regarding this section of Threshold:



   DCA's Comments:




13 Required Amenities                                                                                                                                                  Pass?
   Is there a Pre-Approval Form from DCA included in this application for this criterion?
    A. Applicant agrees to provide the following required Standard Site Amenities in conformance with the DCA Amenities Guidebook (select one in each category):
        1) Community area (select either community room or community building):                                      A1) Room
        2) Exterior gathering area (if "Other" is selected, applicant must explain in Comments Section below):       A2) Gazebo
        3) On site laundry type:                                                                                     A3) On-site laundry
   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) Fitness Center                                                                                          3)
      2) Wellness Center                                                                                         4)
   C. Applicant agrees to provide the following required Unit Amenities:                                                                                                   C.    Agree
      1) HVAC                                                                                                                                                              1)     Yes
      2) Refrigerator (Energy Star rated)                                                                                                                                  2)     Yes
      3) Dishwasher (Energy Star rated)                                                                                                                                    3)     Yes
      4) Stove                                                                                                                                                             4)     Yes
      5) a. Powder-based stovetop fire suppression canisters installed above the range cook top, OR                                                                       5a)     Yes
         b. Electronically controlled solid cover plates over stove top burners                                                                                           5b)     No




    fa0814e9-d685-4dfa-a134-096e437191bb.xlsx - May 2011                                 Part VIII-Threshold Criteria                                                                    41 of 64
    Georgia Department of Community Affairs                                          2011 Funding Application                                                   Office of Affordable Housing
                          PART EIGHT - THRESHOLD CRITERIA - 2011-001 Lafayette Senior Village Phase 1, Fayetteville, Fayette County
Preliminary Rating: Incomplete                                                                                                                                     Applicant Response DCA USE
FINAL THRESHOLD DETERMINATION (DCA Use Only)
    D. Applicant agrees to provide the following additional required Amenities for Senior projects:                                                                        D.     Agree
       1) Elevators are installed for access to all units above the ground floor.                                                                                          1)      Yes
       2) Buildings more than two story construction have interior furnished gathering areas in several locations in the lobbies and/or corridors                          2)      Yes
       3) a. 100% of the units are accessible and adaptable, as defined by the Fair Housing Amendments Act of1988                                                         3a)      Yes
          b. If No, was a DCA Architectural Standards waiver granted?                                                                                                     3b)      Yes
   Applicant's comments regarding this section of Threshold:



   DCA's Comments:




14 Rehabilitation Standards (Rehabilitation Projects Only)                                                                                                             Pass?

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



   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:




    fa0814e9-d685-4dfa-a134-096e437191bb.xlsx - May 2011                                Part VIII-Threshold Criteria                                                                         42 of 64
     Georgia Department of Community Affairs                                           2011 Funding Application                                                      Office of Affordable Housing
                           PART EIGHT - THRESHOLD CRITERIA - 2011-001 Lafayette Senior Village Phase 1, Fayetteville, Fayette 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:




     fa0814e9-d685-4dfa-a134-096e437191bb.xlsx - May 2011                                  Part VIII-Threshold Criteria                                                                       43 of 64
     Georgia Department of Community Affairs                                         2011 Funding Application                                            Office of Affordable Housing
                          PART EIGHT - THRESHOLD CRITERIA - 2011-001 Lafayette Senior Village Phase 1, Fayetteville, Fayette 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.   No
        the per unit rehabilitation hard costs exceed $30,000 for properties that exceed 20 years old. The costs of furniture, fixtures, construction of community
        buildings and common area amenities are not included in these amounts.
    B. Standard Design Options for All Projects                                                                                                                        B.    Yes
       1) Exterior Wall Finishes (select one)   Exterior wall faces will have an excess of 40% brick or stone on each total wall surface                                1)   Yes

       2) Attractive Features (select two)         Addition of decorative elements                                                                                      2)   Yes
                                                   Addition of or the redesign of existing covered entries                                                                   Yes
       3) Major Bldg Component Materials &         Interior package upgrade                                                                                             3)   Yes
          Upgrades (select one)
       4) Landscaping and Site Design Features     Site entry w/ permanent, illuminated entry sign and decorative fence                                                 4)   Yes
          (select two)                             Substantial replanting of trees and integrated vegetation                                                                 Yes
   Applicant's comments regarding this section of Threshold:



   DCA's Comments:



19 Qualifications for Project Participants (Performance)                                                                                                           Pass?

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




   DCA's Comments:




     fa0814e9-d685-4dfa-a134-096e437191bb.xlsx - May 2011                              Part VIII-Threshold Criteria                                                                44 of 64
      Georgia Department of Community Affairs                                            2011 Funding Application                                                   Office of Affordable Housing
                            PART EIGHT - THRESHOLD CRITERIA - 2011-001 Lafayette Senior Village Phase 1, Fayetteville, Fayette 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. Beverly J. Searles Foundation                                          Yes
     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.   Yes
        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.   Yes
     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.   Yes
     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.   No
        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.   Yes
    Applicant's comments regarding this section of Threshold:
Non-profit is not the developer.
    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:




      fa0814e9-d685-4dfa-a134-096e437191bb.xlsx - May 2011                                  Part VIII-Threshold Criteria                                                                     45 of 64
      Georgia Department of Community Affairs                                           2011 Funding Application                                                     Office of Affordable Housing
                            PART EIGHT - THRESHOLD CRITERIA - 2011-001 Lafayette Senior Village Phase 1, Fayetteville, Fayette 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.        Non-minority              <<Select>>
        Racially mixed (25% - 49% minority), or Non-minority (less than 25% minority)]:
     B. List all contiguous Census Tracts:                    B. 13113140307                                                                                                             No
     C. Is Contract Addendum included in Application?                                                                                                                              C.    No
    Applicant's comments regarding this section of Threshold:
No HOME/HUD funding is included in the project.


    DCA's Comments:




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




      fa0814e9-d685-4dfa-a134-096e437191bb.xlsx - May 2011                                 Part VIII-Threshold Criteria                                                                         46 of 64
    Georgia Department of Community Affairs                                           2011 Funding Application                                                    Office of Affordable Housing
                          PART EIGHT - THRESHOLD CRITERIA - 2011-001 Lafayette Senior Village Phase 1, Fayetteville, Fayette County
Preliminary Rating: Incomplete                                                                                                                                          Applicant Response DCA USE
FINAL THRESHOLD DETERMINATION (DCA Use Only)
26 Relocation and Displacement of Tenants                                                                                                                                   Pass?
   A. Does the Applicant anticipate displacing or relocating any tenants?                                                                                                      A.    No
   B. 1) Are any of the sources other than DCA HOME considered to be Federal Funding?                                                                                         B1)    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.
    D. Provide summary data collected from Relocation Displacement Spreadsheet:                                                                                                D.
       1) Number of Over Income Tenants                                                                                                                                        1)
       2) Number of Rent Burdened Tenants                                                                                                                                      2)
       3) Number of Vacancies                                                                                                                                                  3)
       4) Number of Down units                                                                                                                                                 4)
       5) Number of Displaced Tenants                                                                                                                                          5)
    E. Indicate Proposed Advisory Services to be used (see Relocation Manual for further explanation):                                                                         E.
       1) Individual interviews                                                                                                                                                1)
       2) Meetings                                                                                                                                                             2)
       3) Written Notifications                                                                                                                                                3)
       4) Other - describe in box provided:                  4)
   Applicant's comments regarding this section of Threshold:



   DCA's Comments:




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




   DCA's Comments:




    fa0814e9-d685-4dfa-a134-096e437191bb.xlsx - May 2011                                 Part VIII-Threshold Criteria                                                                       47 of 64
    Georgia Department of Community Affairs                      2011 Funding Application                            Office of Affordable Housing
                         PART EIGHT - THRESHOLD CRITERIA - 2011-001 Lafayette Senior Village Phase 1, Fayetteville, Fayette 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:



   DCA's Comments:




    fa0814e9-d685-4dfa-a134-096e437191bb.xlsx - May 2011           Part VIII-Threshold Criteria                                            48 of 64
        Georgia Department of Community Affairs                                    2011 Funding Application                                                                   Office of Affordable Housing
                               PART NINE - SCORING CRITERIA - 2011-001 Lafayette Senior Village Phase 1, Fayetteville, Fayette County
                                                                                                                                                                                          Score         Self DCA
                                                                                                                                                                                          Value        Score Score
                                                                                                                                                                         TOTALS:           90           55        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




        fa0814e9-d685-4dfa-a134-096e437191bb.xlsx - May 2011                            Part IX A-Scoring Criteria                                                                                     49 of 64
     Georgia Department of Community Affairs                                                2011 Funding Application                                                                Office of Affordable Housing
                             PART NINE - SCORING CRITERIA - 2011-001 Lafayette Senior Village Phase 1, Fayetteville, Fayette County
                                                                                                                                                                                                        Score         Self DCA
                                                                                                                                                                                                        Value        Score Score
                                                                                                                                                                               TOTALS:                   90           55        13
2. DEEPER TARGETING / RENT AND INCOME RESTRICTIONS                                                                                                                                                        3           3
   50% Gross Rent Restrictions / 50% Income Restrictions:                                Nbr units to have these restrictions:             20                    Percent of Residential Units:          27.8%
   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          10        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.
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:




     fa0814e9-d685-4dfa-a134-096e437191bb.xlsx - May 2011                                        Part IX A-Scoring Criteria                                                                                          50 of 64
       Georgia Department of Community Affairs                                                            2011 Funding Application                                                          Office of Affordable Housing
                                      PART NINE - SCORING CRITERIA - 2011-001 Lafayette Senior Village Phase 1, Fayetteville, Fayette County
                                                                                                                                                                                                       Score      Self DCA
                                                                                                                                                                                                       Value     Score Score
                                                                                                                                                                                        TOTALS:         90         55        13
5. Adaptive Reuse                                 (w/PNA & supporting documentation - see scoring criteria)                      See scoring criteria for further requirements and information           1
    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?
    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
    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 Communities                                             3                                              3
    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:




       fa0814e9-d685-4dfa-a134-096e437191bb.xlsx - May 2011                                                    Part IX A-Scoring Criteria                                                                         51 of 64
      Georgia Department of Community Affairs                                                      2011 Funding Application                                                               Office of Affordable Housing
                                   PART NINE - SCORING CRITERIA - 2011-001 Lafayette Senior Village Phase 1, Fayetteville, Fayette County
                                                                                                                                                                                                                Score          Self DCA
                                                                                                                                                                                                                Value         Score Score
                                                                                                                                                                                     TOTALS:                     90            55        13
8. STABLE COMMUNITIES / REDEVELOPMENT / REVITALIZATION                                                               Stable Communities < 10%                                                                     6             4
                                    Additional required questions depending on option selected above:
A. Stable Communities                                                                                                                                                                                             4
X    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)     Yes
      b)   Designated Middle or Upper Income level                    (see Demographics)                                                                                                                                b)     Yes
      c)   Market study must demonstrate need for affordable housing                                                                                                                                                    e)     Yes
     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:




      fa0814e9-d685-4dfa-a134-096e437191bb.xlsx - May 2011                                              Part IX A-Scoring Criteria                                                                                            52 of 64
      Georgia Department of Community Affairs                                         2011 Funding Application                                                Office of Affordable Housing
                              PART NINE - SCORING CRITERIA - 2011-001 Lafayette Senior Village Phase 1, Fayetteville, Fayette County
                                                                                                                                                                              Score           Self DCA
                                                                                                                                                                              Value          Score Score
                                                                                                                                                          TOTALS:               90            55         13
9. PHASED DEVELOPMENTS / PREVIOUS PROJECTS                                                                             (choose only one)                                         3             3          3
    A. Phased Developments                                                                                                                                                       3      A.
     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.
     3. Are any other phases for this project also submitted during the current funding round?                                                                                          3.
     4. Was site control over the entire site (including all phases) in place when the initial phase was closed?                                                                        4.
OR B. Previous Projects                                                                                                                                                          3      B.    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:




      fa0814e9-d685-4dfa-a134-096e437191bb.xlsx - May 2011                                Part IX A-Scoring Criteria                                                                         53 of 64
       Georgia Department of Community Affairs                                            2011 Funding Application                                                       Office of Affordable Housing
                                PART NINE - SCORING CRITERIA - 2011-001 Lafayette Senior Village Phase 1, Fayetteville, Fayette County
                                                                                                                                                                                            Score         Self DCA
                                                                                                                                                                                            Value        Score Score
                                                                                                                                                                     TOTALS:                 90           55        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.
    Applicant's comments regarding this section of scoring:

    DCA's Comments:



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




    DCA's Comments:




13. NONPROFIT                                                                                                                 (choose only one)                                               3            2        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.     2
   Applicant's comments regarding this section of scoring:
Sweetwater Terraces (06-502), Lillie R. Campbell House (06-510)


    DCA's Comments:




       fa0814e9-d685-4dfa-a134-096e437191bb.xlsx - May 2011                                    Part IX A-Scoring Criteria                                                                                54 of 64
       Georgia Department of Community Affairs                                            2011 Funding Application                                                       Office of Affordable Housing
                                PART NINE - SCORING CRITERIA - 2011-001 Lafayette Senior Village Phase 1, Fayetteville, Fayette County
                                                                                                                                                                                          Score           Self DCA
                                                                                                                                                                                          Value          Score Score
                                                                                                                                                                    TOTALS:                 90            55        13
14. TAX CREDIT EXPERIENCE                                                                                                     (choose only one)                                                 2          1        0
 A. GP and Developer have been a project participant in two LIHTC projects. List project names and nbrs in Comments below.                                                                      2   A.
 B. GP and Developer have been a project participant in one LIHTC project. List project name and nbr in Comments below.                                                                         1   B.     1
   Applicant's comments regarding this section of scoring:
Sweetwater Terraces (06-502), Lillie R. Campbell House (06-510)


    DCA's Comments:




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




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

    Applicant's comments regarding this section of scoring:




    DCA's Comments:




       fa0814e9-d685-4dfa-a134-096e437191bb.xlsx - May 2011                                   Part IX A-Scoring Criteria                                                                                 55 of 64
    Georgia Department of Community Affairs                                      2011 Funding Application                                           Office of Affordable Housing
                              PART NINE - SCORING CRITERIA - 2011-001 Lafayette Senior Village Phase 1, Fayetteville, Fayette County
                                                                                                                                                               Score         Self DCA
                                                                                                                                                               Value        Score Score
                                                                                                                                                   TOTALS:      90           55        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.    Yes
   2. Resources will be utilized if the project is selected for funding by DCA                                                                                         2.    Yes
   3. Loans are for both construction and permanent financing phases                                                                                                   3.    Yes
   4. Loans are for a minimum period of ten years and reflect interest rates at or below AFR.                                                                          4.    Yes
   5. Commitment or award documentation meets the terms and conditions as applicable specified in Appendix I, Threshold Criteria, Section I (I).                       5.    Yes
A. Grants/Loans                                                                                                                                                  3     A.    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:




    fa0814e9-d685-4dfa-a134-096e437191bb.xlsx - May 2011                             Part IX A-Scoring Criteria                                                             56 of 64
    Georgia Department of Community Affairs                                          2011 Funding Application                                                    Office of Affordable Housing
                             PART NINE - SCORING CRITERIA - 2011-001 Lafayette Senior Village Phase 1, Fayetteville, Fayette County
                                                                                                                                                                                Score         Self DCA
                                                                                                                                                                                Value        Score Score
                                                                                                                                                            TOTALS:              90           55        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:



  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:

  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:




                                                                                  TOTAL POSSIBLE SCORE                                                                           90           55        13

    fa0814e9-d685-4dfa-a134-096e437191bb.xlsx - May 2011                                 Part IX A-Scoring Criteria                                                                          57 of 64
Georgia Department of Community Affairs                                                                            Office of Affordable Housing
                          Scoring Section 18 - Superior Project Concept and Design Narrative
                                                     Lafayette Senior Village Phase 1
                                                       Fayetteville, Fayette County

  Lafayette Senior Village should represent the Superior Project Concept for the 2011 Competitive Round for a variety of reasons as
  follows: 1) This will be the first ever affordable property within the City of Fayetteville which has one of the highest incomes per
  resident in the State; 2) Fayette County's growing poplulation has the highest percentage of seniors in the metro Atlanta MSA; the
  Market Study demonstrates a large need for affordable seniors housing in Fayetteville and the County; 3) This three-phased master
  planned communithy will greatly assist in revitalizing the Lafayette Villages community, a mixed-use development that has stalled in
  both home sales and retail development; 4) The Beverly J. Searles Foundation is commited to providing superior supportive services
  to our residents; and 5) This project will integrate itself in the local community by continuing bike and pedestrian trails that connect the
  property to amenities such as the local amphitheater and the historic downtown square with its shopping and restaurants.




2011 OAH Funding Round                         fa0814e9-d685-4dfa-a134-096e437191bb.xlsx                                               58 of 64
Georgia Department of Community Affairs                                               Office of Affordable Housing
                       Scoring Section 18 - Superior Project Concept and Design Narrative
                                              Lafayette Senior Village Phase 1
                                                Fayetteville, Fayette County




2011 OAH Funding Round                    fa0814e9-d685-4dfa-a134-096e437191bb.xlsx                      59 of 64
Georgia Department of Community Affairs                                               Office of Affordable Housing
                       Scoring Section 18 - Superior Project Concept and Design Narrative
                                              Lafayette Senior Village Phase 1
                                                Fayetteville, Fayette County




2011 OAH Funding Round                    fa0814e9-d685-4dfa-a134-096e437191bb.xlsx                      60 of 64
    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 61 of 64
    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 62 of 64
                                                                                           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        10,787,300
                                                        Brownfield Projects                                            132,577      151,976      184,804     239,075               262,432            n/a        12,944,780
                                                        Historic Rehab Projects                                        121,529      139,312      169,403     219,152               240,562            n/a        11,866,015
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%

				
DOCUMENT INFO
Shared By:
Categories:
Tags:
Stats:
views:15
posted:11/29/2011
language:English
pages:64