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					       Georgia Department of Community Affairs                                                                                                                         Office of Affordable Housing
                                              2011 Application Binder Tabs Checklist For: 2011-017, Farmington Woods, Dawson County
           Directions: Place an "X" in the green-shaded boxes beside items secured in the Application Package. Place completed Tabs Checklist in front of Tab 1 in the application binder.
  This tab checklist is formulated to aid applicants in appropriately organizing documentation. It is not meant to be a conclusive list of documentation which is required for an application.
               Applicant's should review the QAP carefully. The application must contain all required documentation which will allow DCA to adequately review each section
                                                                                                                                                                                                        Included
Tab   Required Application Binder Tabs                    Required Tab Contents and Specified Order                                                                                                      in App
Nbr                                                                                                                                                                                                      Binder

                                                          Completed Application Tabs Checklist                                                                                                           Yes
      CORE QAP DOCUMENTATION
1 Project Overview                                        Completed Core Application (Parts I through X)                                                                                                 Yes
                                                          Documents from USDA indicating project is located in rural area (if applicable)                                                                Yes
                                                          Project Narrative / Project Concept (printed from electronic Core Application)                                                                 Yes
                                                          Copy of Tax Exempt Bond Inducement Resolution, if applicable                                                                                   No
                                                          Master Planned Community Documentation                                                                                                         No
                                                          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                                                                   No
         Special Needs Set Aside                          Commitment from DCA Permanent Supportive Housing Program                                                                                       No
         CHOICE Neighborhoods / HOPE VI Set Aside         A copy of Grant Assistance Award (form HUD-1044) identifying PHA receiving grant and amount of grant                                           No
                                                          Additional documentation reflecting the time limits for use of the HOPE VI funds                                                               No
                                                          A letter from the Executive Director of the identified PHA                                                                                     No
                                                          A copy of the HUD approved Revitalization Plan                                                                                                 No
         Preservation Set Aside                           IRS Forms 8609 for first and final years of credit period                                                                                      No
                                                          Legal opinion that project will meet for the 15 year compliance period requirement specified for the Preservation Set-Aside                    No
                                                          Replacement housing factor (RHF) funds documents                                                                                               No
                                                          Section 515 financing documents                                                                                                                No
                                                          Project Based Section 8 contract (Original and Renewal)                                                                                        No
                                                          HUD Section 236 decoupling documents                                                                                                           No
                                                          HUD/USDA Letter of Priority                                                                                                                    No
         Non Profit Set Aside                             IRS Tax-Exempt Status Determination Letter                                                                                                     No
                                                          Secretary of State Certification of Nonprofit Status                                                                                           No
                                                          General Partnership Joint Venture Agreement if applicable                                                                                      No
                                                          Legal Opinion regarding nonprofit tax-exempt status                                                                                            No
                                                          Documentation of ALL Nonprofit's ownership interest                                                                                            No
                                                          Board of Directors information: name, address, phone, occupation, positions                                                                    No
                                                          Development Agreement                                                                                                                          No
                                                          By-laws or Articles of Incorporation for Non Profit                                                                                            No

3 Project Participants                                    Copies of Performance Workbook for all project participants                                                                                     Yes
                                                          Copies of DCA experience determinations/Waivers                                                                                                 No
                                                          Probationary participation approval                                                                                                             No
                                                          Explanation documentation, if applicable                                                                                                        N/a
                                                          Detailed statements and dates of all governmental debarments/ suspensions, criminal convictions, indictments, bankruptcies and pending criminal No
                                                          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)                        No
       5611ee9e-3c2e-41b0-9242-6549699dd7a1.xlsx - May 2011                                Application Tabs Checklist                                                                         1 of 74
       Georgia Department of Community Affairs                                                                                                                     Office of Affordable Housing
                                                2011 Application Binder Tabs Checklist For: 2011-017, Farmington Woods, Dawson 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                                                                                  No
                                                         Architectural Standards Waiver                                                                                                             No
                                                         Amenities Pre-Approval                                                                                                                     No
                                                         Tenancy Characteristic Waiver Approval                                                                                                     No
                                                         Operating Expense Waiver Approval                                                                                                          No
                                                         Payment & Performance Bond Waiver                                                                                                          No
                                                         Other Waiver Approval                                                                                                                      No
      THRESHOLD DOCUMENTATION
5 Financing Commitments                                  Preliminary Financing Commitments - Debt, Equity, Historic Rehab Credits & Grants (if applicable)                                          Yes
                                                         CDBG documentation, if applicable                                                                                                          No
                                                         NSP Reservation and commitments, if applicable                                                                                             No
                                                         AHP Commitment and loan documents, if applicable                                                                                           No
                                                         Permanent Supportive Housing commitment                                                                                                    No
                                                         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                                                               No
                                                         Operating Subsidy Agreements, if applicable                                                                                                No
                                                         HUD Under Consideration Letter & Lender Preliminary Commitment for HUD 221(d)3 or (d)4 Program, if applicable                              No
                                                         HUD Invitation to Submit, if applicable                                                                                                    No
                                                         USDA documentation, if applicable                                                                                                          No
                                                         Tax Abatement documentation, if applicable                                                                                                 No
                                                         Evidence of PBRA Agreements, if applicable                                                                                                 No
                                                         Other Financing Commitments                                                                                                                No
                                                         Support Documentation for Tax Exemption                                                                                                    No
                                                         Alternate Financing Commitments, if applicable, due on or before 8/17/11.                                                                  No

6 Assumption of Existing Debt (if applicable)            Estoppel Letter from Lender containing certifications required relating to assumption of existing debt                                     No
                                                         Copy of Original Promissory Note and Amendments                                                                                            No
                                                         Copy of Original Loan Agreement and Amendments                                                                                             No
                                                         Copy of Original Security Instruments                                                                                                      No

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

8 Additional Feasibility documents                       Documentation back up for construction costs (i.e., Schedule of Values), insurance and taxes                                               Yes
                                                         DCA Operating expense waiver approval                                                                                                      No

9 Market Feasibility                                     Market Study for proposed site                                                                                                             Yes

10 Appraisal                                             Applicant Commissioned Appraisal (if applicable)                                                                                           No

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)                                                                                               No



       5611ee9e-3c2e-41b0-9242-6549699dd7a1.xlsx - May 2011                               Application Tabs Checklist                                                                     2 of 74
       Georgia Department of Community Affairs                                                                                                                       Office of Affordable Housing
                                             2011 Application Binder Tabs Checklist For: 2011-017, Farmington Woods, Dawson 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                                                                                                No

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                                                                                  No
                                                         Plans and costs for paving private drive, if applicable                                                                                                    N/a

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

15 Operating Utility original letters:                   Letter of availability and capacity from local Natural Gas provider                                                                                        N/a
                                                         Public Water/Sewer Requirement Waiver Approval                                                                                                             No
                                                         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)                                                                                        Yes
                                                         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)                                                                                            No

17 Rehabilitation Standards                              Physical Needs Assessment (See Rehabilitation Guide in Architectural Manual)                                                                               No
   (Rehab projects)                                      Comprehensive Rehabilitation Work Scope                                                                                                                    No

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                                                                                                        No
                                                         Real estate properties disclosure                                                                                                                          No
                                                         Development fee sharing arrangements                                                                                                                       N/a
                                                         Guarantor agreements                                                                                                                                       No
                                                         Consulting agreements - direct or indirect, paid or unpaid                                                                                                 No
                                                         Documentation of all pending litigation                                                                                                                    No
                                                         Conclusively demonstrative documentation of current ownership and operation of 5 (five) or more successful LIHTC projects in which you own a               Yes
                                                         minimum 20% interest in the General Partner and Development entities


       5611ee9e-3c2e-41b0-9242-6549699dd7a1.xlsx - May 2011                              Application Tabs Checklist                                                                                      3 of 74
       Georgia Department of Community Affairs                                                                                                                              Office of Affordable Housing
                                                 2011 Application Binder Tabs Checklist For: 2011-017, Farmington Woods, Dawson 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                                                                                                                 No
                                                              US Census Tract documentation                                                                                                                               No
                                                              Certification for Contracts, Loans and Cooperative Agreements                                                                                               No
                                                              Disclosure of Lobbying Activities                                                                                                                           No
                                                              Applicant / Recipient Disclosure / Update Report                                                                                                            No
                                                              MBE / WBE Outreach Plan Guide form                                                                                                                          No
                                                              Affirmative Fair Housing Marketing Plan                                                                                                                     No

21 Required Legal Opinions                                    Legal Opinion for Assisted Living (as applicable)                                                                                                           No
                                                              LIHTC Legal Opinion as to Project Qualification for Acquisition Credits                                                                                     No
                                                              Accessibility exemption Legal Opinion (if applicable)                                                                                                       No
                                                              Legal opinion for scattered site projects. The legal opinion should address the proposed site plan and must be included as part of the opinion              No
                                                              Other legal (Explain in "Other" tab section at end of this checklist)                                                                                       No
22 Relocation (if applicable)                                 Relocation Displacement Spreadsheet                                                                                                                         No
                                                              Detailed Project-Specific Displacement/Relocation Plan and Budget                                                                                           No
                                                              Multifamily Tenant Relocation Plan Certification                                                                                                            No
                                                              Temporary Relocation Cost Estimate                                                                                                                          No
                                                              General Info Notice for Occupants at Time of App / Proof of Delivery                                                                                        No
                                                              Occupancy History                                                                                                                                           No
                                                              Site Map of Property                                                                                                                                        No
                                                              Tenant Household Data Forms                                                                                                                                 No
                                                              Site Relocation Survey                                                                                                                                      No
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                No
   Homeless                                          Marketing Plan outlining how the project will market units to tenants with disabilities and the homeless                                                             No
                                                              Marketing Plan establishes and maintains relationships between the management agent and community service providers                                         No
                                                              Marketing Plan including a referral and screening process, the screening criteria and a plan to provide reasonable accommodations to facilitate the         No
                                                              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                                         No
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                          No
                                                              Documentation from transit authority showing relevant bus route and schedule                                                                                No




       5611ee9e-3c2e-41b0-9242-6549699dd7a1.xlsx - May 2011                                  Application Tabs Checklist                                                                                        4 of 74
       Georgia Department of Community Affairs                                                                                                                        Office of Affordable Housing
                                              2011 Application Binder Tabs Checklist For: 2011-017, Farmington Woods, Dawson 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                                                                                                          No
                                                          Photographs of the building that to be reused                                                                                                              No
                                                          Documentation of whether or not the building is occupied                                                                                                   No
                                                          Narrative of how building will be reused                                                                                                                   No

27 Brownfield                                             Evidence of designation as a Brownfield site                                                                                                               No
                                                          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              No
                                                          Proposed scope of work for clean up of a site                                                                                                              No
                                                          Detailed budget for clean up                                                                                                                               No
                                                          Time line for clean up of the site                                                                                                                         No

28 Sustainable Communities Certification                  Draft scoring sheet for the development that includes the minimum score under the program to qualify for the designation                                   No
                                                          Master site plan for the development                                                                                                                       No
                                                          Copy of an executed EarthCraft Communities Memorandum of Participation for the development the project is locating within or LEED-ND registration          No
                                                          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                              No
                                                          Additional documentation reflecting the time limits for use of the HOPE VI or Choice Neighborhoods funds                                                   No
                                                          A certification letter from the Executive Director of the identified PHA                                                                                   No
                                                          A copy of the HUD approved Revitalization Plan.                                                                                                            No
        Statutory Redevelopment Plans                     Copy of the Plan                                                                                                                                           No
                                                          Website address where information regarding the plan can be located                                                                                        No
                                                          Copy of Resolution(s) adopting the Plan according to requirements of statute                                                                               No
                                                          Documentation of Public Hearing and Publication if required by statute                                                                                     No
                                                          Documentation that Plan is current, ongoing and directly affects the site                                                                                  No
        Redevelopment Zones                               Copy of Resolution adopting the state enterprise zone                                                                                                      No
                                                          Documentation evidencing that the proposed site is located in a QCT/DDA                                                                                    No
        Local Redevelopment Plans                         DCA Neighborhood Redevelopment Certification Form                                                                                                          No
                                                          Documentation of the process the government used for developing and adopting the plan                                                                      No
                                                          Details regarding community input and public hearings held prior to the adoption of the plan                                                               No
                                                          Copy of the entire plan                                                                                                                                    No
                                                          Evidence of adoption                                                                                                                                       No
                                                          Map of area targeted by plan identifying location of project                                                                                               No



       5611ee9e-3c2e-41b0-9242-6549699dd7a1.xlsx - May 2011                              Application Tabs Checklist                                                                                       5 of 74
       Georgia Department of Community Affairs                                                                                                                           Office of Affordable Housing
                                              2011 Application Binder Tabs Checklist For: 2011-017, Farmington Woods, Dawson 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                                                                                                                   No

33 Historic Designation                                     Copy of the Georgia DNR-HPD and NPS approved Part 1, Part 2 and, if applying, the Georgia-approved Part A                                               No
                                                            Copy of preliminary equity commitment for federal and Georgia historic rehab credits                                                                    No
                                                            NPS National Historic Designation documentation on or before 8/17/2011                                                                                  No

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                No
        USDA Properties                                     Documentation from USDA specifying the projects’ High Priority designation                                                                              No
        HUD Properties                                      Documentation from HUD specifying the projects High Priority designation                                                                                No

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                                                                                                              No

37 3rd Party Investment in Offsite Amenities                Commitment of Funds                                                                                                                                     No
                                                            Detailed Source of Funds                                                                                                                                No
                                                            Amount of Investment                                                                                                                                    No
                                                            Timeline for Completion                                                                                                                                 No
                                                            Description and location of improvements on site map                                                                                                    No
                                                            Narrative that includes benefit specific to the tenant base                                                                                             No

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                                                    Back-up documentation for Water and Sewer Tap Fees

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




       5611ee9e-3c2e-41b0-9242-6549699dd7a1.xlsx - May 2011                                 Application Tabs Checklist                                                                                   6 of 74
                                                          Project Narrative
                                                         Farmington Woods
                                                     Dawsonville, Dawson County

 Farmington Woods will add to an already well established residential area with recently developed neighborhoods that boast
 successful occupancy. With City Hall only 3/4 miles away and only one mile to the downtown Dawsonville square, the Farmington
 Woods location makes it easy for residents to be part of the strong local community. Families with school aged children with enjoy
 the convenience of having the new elementary school only 1.1 miles away and the beautiful new Dawsonville High School a 1/2 mile
 away. These new schools are only part of this locations ease of use. Daycare, public library, national chain grocery store and ample
 eateries are also very close by. With its recent growth, expanding community and the close proximity to Georgia Highway 400,
 Farmington Woods is an attractive place to live, work and to raise a family


 Farmington Woods will include five 2-story residential buildings and one community building. Amenities will include a community pool,
 club house, outdoor gathering areas and a large play center. In addition to earning a Sustainable Building Certification with Southface
 Energy Institute, Farmington Woods will provide ample protected green space for the residents to enjoy. Farmington Woods will
 feature 12 one bedroom one bath units, 36 two bedroom two bath units and 24 three bedroom 2 bath units.


 In an effort to utilize DCA's resources more efficiently, we are applying for an annual allocation of $808,965 or $11,235 credits per unit
 resulting in less DCA resources allocated to develop each unit and more credits available for other LIHTC projects for the State of
 Georgia. This request is approximately $140,000 less than the maximum credit amount we could have requested. In addition, from
 the perspective of the total development costs, our per unit costs are more than $1.4 million dollars below DCA's per unit cost
 limitation. These savings equate to a "reasonableness of costs" and credits utilized while serving a market area that has a favorable
 capture rate. Our construction and development budgets are realistic and accurate as we based them on recently closed, and
 successfully constructed, LIHTC projects. When compared to other similarily sized 2011 applications, the applicant believes
 Farmington Woods shows an Optimal Use of DCA Resources.

 Farmington Woods is in a unique position to add much needed affordable housing to Dawsonville. The attractive market study and
 capture rate is partly due to the fact that the PMA of Dawson county has not had the LIHTC investment that many other Georgia
 counties have enjoyed.




5611ee9e-3c2e-41b0-9242-6549699dd7a1.xlsx                                                                                            7 of 74
                                            Project Narrative
                                         Farmington Woods
                                     Dawsonville, Dawson County




5611ee9e-3c2e-41b0-9242-6549699dd7a1.xlsx                         8 of 74
                                            Project Narrative
                                         Farmington Woods
                                     Dawsonville, Dawson County




5611ee9e-3c2e-41b0-9242-6549699dd7a1.xlsx                         9 of 74
       Georgia Department of Community Affairs                                          2011 Funding Application                                                     Office of Affordable Housing
                                                 PART ONE - PROJECT INFORMATION - 2011-017 Farmington Woods, Dawsonville, Dawson 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.                                           2011-017

I.        DCA RESOURCES                              LIHTC (auto-filled based on later entries)                    $              808,965
                                                     DCA HOME (amount from Consent Form)                           $                    -

II.       TYPE OF APPLICATION                        Competitive Round                                    Other:
III.      APPLICANT CONTACT FOR APPLICATION REVIEW
          Name                                       Kevin Buckner                                                                                      Title         President
          Address                                    3825 Paces Walk, SE, Suite 100                                                                     Direct Line                 (678) 324-5550
          City                                       Atlanta                                                                                            Fax                         (678) 324-5561
          State                                      SC                                              Zip+4              29464-7933                      Cellular                    (770) 862-7333
          Office Phone                               (678) 324-5540                                   Ext.                      E-mail       kbuckner@tbgresidential.com
          (Enter phone numbers without using hyphens, parentheses, etc - ex: 1234567890)

IV.       PROJECT LOCATION
          Project Name                               Farmington Woods                                                                                      Phased Project?          No
          Site Street Address                        2201 Perimeter Road                                                                                   Scattered Site?          No
          City                                       Dawsonville                              9-digit Zip *      30534-4004                                Acreage                  15.93
          Within City Limits?                        Yes                                      County        Dawson                                         Census Tract #           9702
          In USDA Rural Area?                        Yes                                 HUD MSA/NonMSA Atlanta-Sandy Springs-Marietta                     QCT?          No                 DDA? No
                                                           Congressional *                 State Senate                 State House
          Legislative Districts                                  9                              51                            9
          If on boundary, other district:
          Political Jurisdiction                     City of Dawsonville
          Name of Chief Elected Official             Joe Lane Cox                                                                  Title     Mayor
          Address                                    415 Highway 53 East                                                           City      Dawsonville
          Zip+4                                      30534-4017                       Phone                    (706) 265-3256                   Fax             (706) 216-8796

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

       5611ee9e-3c2e-41b0-9242-6549699dd7a1.xlsx - May 2011                                   Part I-Project Information                                                                         10 of 74
        Georgia Department of Community Affairs                                        2011 Funding Application                                                      Office of Affordable Housing
                                               PART ONE - PROJECT INFORMATION - 2011-017 Farmington Woods, Dawsonville, Dawson County

         C. Unit Breakdown                                                                         # of PBRA               D. Unit Area
            Number of Low Income Units                                                 72             Units                   Total Low Income Residential Square Footage                    80,280
                         Number of 50% Units                                           11                                     Total Unrestricted (Market) Residential Square Footage
                         Number of 60% Units                                           61                                     Total Residential Square Footage                               80,280
            Number of Unrestricted (Market) Units                                                                             Total Common Space Square Footage from Units
            Total Residential Units                                                    72                                     Total Square Footage from Units                                80,280
            Common Space Units
            Total Units                                                                72
         E. Buildings    Number of Residential Buildings                                5                                     Total Common Area Square Footage from Nonresidential areas      2,400
                         Number of Non-Residential Buildings                            1                                     Total Square Footage                                           82,680
                         Total Number of Buildings                                      6
         F. Total Residential Parking Spaces (min 1.5 per unit)                        194

VI.         TENANCY CHARACTERISTICS
        A. Family or Senior                                                        Family                                     If Other, specify:                        NA
        B. Mobility Impaired                           Nbr of Units Equipped:           4                                     % of Total Units                                                5.6%
        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
                                          No        Nonprofit                          Yes       Rural                             No        CHOICE Neighborhoods / HOPE VI
                                          No        Preservation                       No        Special Needs                     No        Supplemental (Noncompetitive - see QAP)

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




        5611ee9e-3c2e-41b0-9242-6549699dd7a1.xlsx - May 2011                                  Part I-Project Information                                                                   11 of 74
      Georgia Department of Community Affairs                                      2011 Funding Application                                               Office of Affordable Housing
                                              PART ONE - PROJECT INFORMATION - 2011-017 Farmington Woods, Dawsonville, Dawson 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:                    1,664,546
      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
         Kevin Buckner/Brad Smith                 Farmington Hills Phase II                              8
         Kevin Buckner/Brad Smith                 Farmington Woods                                       9
         3                                                                                               10
         MHL, Inc.                                Farmington Hills Phase II                              11
         MHL, Inc.                                Farmington Woods                                       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
      C. Expiring HUD or USDA
         HUD funded affordable nonpublic housing project                                                              HUD funded affordable public housing project
         USDA funded affordable nonpublic housing project

      5611ee9e-3c2e-41b0-9242-6549699dd7a1.xlsx - May 2011                             Part I-Project Information                                                               12 of 74
       Georgia Department of Community Affairs                                          2011 Funding Application                                              Office of Affordable Housing
                                                 PART ONE - PROJECT INFORMATION - 2011-017 Farmington Woods, Dawsonville, Dawson County

XII.     ADDITIONAL PROJECT INFORMATION
      A. PHA Units
         Is proposed project part of a local public housing replacement program?                                          No
         Number of Public Housing Units reserved and rented to public housing tenants:                                              % of Total Residential Units
         Nbr of Units Reserved and Rented to PHA Tenants w/ PBRA or Households on Waiting List:                                     % of Total Residential Units
         Local PHA                                                                                                                  Contact
         Street Address                                                                                                             Email
         City                                                                             Zip+4                                     Direct line
         Area Code / Phone                                                       Fax                                                Cellular
      B. Existing properties: currently an Extention of Cancellation Option?               No        If yes, expiration year:                        Nbr yrs to forgo cancellation option:
      C. Is there a Tenant Ownership Plan?                                                 No
      D. Is the Project Currently Occupied?                                                No
         Total Existing Units
         Number Occupied
         % Existing Occupied
      E. Waivers and/or Pre-Approvals - have the following waivers and/or pre-approvals been approved by DCA?
         Amenities?                                                                        No                                       Other Tenancy?                                               No
         Architectural Standards?                                                          No                                       Probationary Participation?                                  No
         HOME Consent?                                                                     No                                       Service Requirement (for small rural projects)?              No
         Qualification Determination?                                                      No                                       Payment & Performance Bond?                                  No
         Pre-determination of Qualification to Compete?                                    No
         Operating Expense?                                                                No     ---------------------------> If Yes, new Limit is:
         Other (specify waiver):                                                           No
      F. Projected Place-In-Service Date
         Acquisition
         Rehab
         New Construction                                                              December 31, 2013
XIII.    APPLICANT COMMENTS AND CLARIFICATIONS                                                                      XV.             DCA COMMENTS - DCA USE ONLY
Project Participants changed due to DCA's response to Q & A #7 question #8. A new performance workbook has been included
in this final submission. Project Owner and Project Developer are now related parties.

The proposed PPT for this application is the same PPT for Farmington Hills Phase II which was approved without conditions.




       5611ee9e-3c2e-41b0-9242-6549699dd7a1.xlsx - May 2011                                  Part I-Project Information                                                                      13 of 74
     Georgia Department of Community Affairs                                    2011 Funding Application                                                     Office of Affordable Housing
                                    PART TWO - DEVELOPMENT TEAM INFORMATION - 2011-017 Farmington Woods, Dawsonville, Dawson County

I.    OWNERSHIP INFORMATION

      A. OWNERSHIP ENTITY                            Farmington Woods, L.P.                                                                   Name of Principal     Kevin Buckner
             Office Street Address                   3825 Paces Walk SE, Suite 100                                                            Title of Principal    General Partner
             City                                    Atlanta                              Fed Tax ID: TBD                                     Direct line           (678) 324-5550
             State                                       GA       Zip+4 *            30339-4002       HQ Congressional District *    13       Cellular              (770) 862-7333
             10-Digit Office Phone / Ext.            (678) 324-5540                           Fax          (678) 324-5561              E-mail kbuckner@tbgresidential.com
               (Enter phone numbers without using hyphens, parentheses, etc - ex: 1234567890)         * Must be verified by applicant using following websites:
      B. PROPOSED PARTNERSHIP INFORMATION                                                         Zip Codes                                  http://zip4.usps.com/zip4/welcome.jsp
         1. GENERAL PARTNER(S)                                                                    Congressional Districts:                   http://www.govtrack.us/congress/findyourreps.xpd
            a. Managing Gen'l Partner             TBG Dawsonville, LLC                                                                    Name of Principal     Kevin Buckner
               Office Street Address              3825 Paces Walk SE, Suite 100                                                           Title of Principal    Managing Member
               City                               Atlanta                                                                                 Direct line           (678) 324-5550
               State                                  GA      Zip+4 *        30339-4002           HQ Congressional District *     13      Cellular              (770) 862-7333
               10-Digit Office Phone / Ext.       (678) 324-5540                      Fax               (678) 324-5561             E-mail kbuckner@tbgresidential.com
            b. Other General Partner                                                                                                         Name of Principal
               Office Street Address                                                                                                         Title of Principal
               City                                                                                                                          Direct line
               State                                           Zip+4                                                                         Cellular
               10-Digit Office Phone / Ext.                                              Fax                                        E-mail
            c. Other General Partner                                                                                                         Name of Principal
               Office Street Address                                                                                                         Title of Principal
               City                                                                                                                          Direct line
               State                                           Zip+4                                                                         Cellular
               10-Digit Office Phone / Ext.                                              Fax                                        E-mail
         2. LIMITED PARTNERS (PROPOSED OR ACTUAL)
            a. Federal Limited Partner            Boston Capital                                                                           Name of Principal    Corine Sheridan
               Office Street Address              1802 Lang Drive                                                                          Title of Principal
                                                                                                                                                           V    Vice President
               City                               Crofton                                                                                  Direct line          (410) 451-7309
               State                                  MD       Zip+4          21114-2146                                                   Cellular             (301) 873-8502
               10-Digit Office Phone / Ext.       (410) 451-7309                       Fax                                          E-mail csheridan@bostoncapital.com
            b. State Limited Partner              Gardner Capital                                                                          Name of Principal    Mark Gardner
               Office Street Address              1414 East Primrose, Suite 100                                                            Title of Principal   President
               City                               Springfield                                                                              Direct line          (417) 447-1802
               State                                  MO       Zip+4          65804-4283                                                   Cellular
               10-Digit Office Phone / Ext.       (417) 447-1800                       Fax              (417) 864-7894              E-mail mgardner@cardnercapital.com



     5611ee9e-3c2e-41b0-9242-6549699dd7a1.xlsx - May 2011                         Part II-Development Team                                                                               14 of 74
 Georgia Department of Community Affairs                               2011 Funding Application                                      Office of Affordable Housing
                                 PART TWO - DEVELOPMENT TEAM INFORMATION - 2011-017 Farmington Woods, Dawsonville, Dawson County

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

II. DEVELOPER(S)

   A. DEVELOPER                             MHL, Inc.                                                               Name of Principal     Kevin Buckner
           Office Street Address            3825 Paces Walk SE, Suite 100                                           Title of Principal    President
           City                             Atlanta                                                                 Direct line           (678) 324-5550
           State                                GA       Zip+4         30339-4002                                   Cellular              (770) 862-7333
           10-Digit Office Phone / Ext.     (678) 324-5540                      Fax         (678) 324-5561   E-mail kbuckner@tbgresidential.com
   B. CO-DEVELOPER 1                                                                                                  Name of Principal
           Office Street Address                                                                                      Title of Principal
           City                                                                                                       Direct line
           State                                        Zip+4                                                         Cellular
           10-Digit Office Phone / Ext.                                        Fax                           E-mail
   C. CO-DEVELOPER 2                                                                                                  Name of Principal
           Office Street Address                                                                                      Title of Principal
           City                                                                                                       Direct line
           State                                        Zip+4                                                         Cellular
           10-Digit Office Phone / Ext.                                        Fax                           E-mail
   D. DEVELOPMENT CONSULTANT                                                                                          Name of Principal
           Office Street Address                                                                                      Title of Principal
           City                                                                                                       Direct line
           State                                        Zip+4                                                         Cellular
           10-Digit Office Phone / Ext.                                        Fax                           E-mail




 5611ee9e-3c2e-41b0-9242-6549699dd7a1.xlsx - May 2011                    Part II-Development Team                                                          15 of 74
 Georgia Department of Community Affairs                                 2011 Funding Application                                      Office of Affordable Housing
                                 PART TWO - DEVELOPMENT TEAM INFORMATION - 2011-017 Farmington Woods, Dawsonville, Dawson 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                    Hunter's Walk Home Center                                                 Name of Principal     Kevin Buckner
          Office Street Address             3825 Paces Walk, SE Suite 100                                             Title of Principal    President
          City                              Atlanta                                                                   Direct line           (678) 324-5550
          State                                 GA       Zip+4        30339-4002                                      Cellular              (770) 862-7333
          10-Digit Office Phone / Ext.      (678) 324-5540                     Fax            (678) 324-5561   E-mail kbuckner@tbgresidential.com
   C. MANAGEMENT COMPANY                    Lane Company                                                              Name of Principal  Ashley Monroe
          Office Street Address             303 Perimeter Center North                                                Title of Principal Regional Vice President
          City                              Atlanta                                                                   Direct line        (404) 459-6245
          State                                 GA       Zip+4         30346-0000                                     Cellular
          10-Digit Office Phone / Ext.      (404) 459-6268                      Fax           (404) 459-6269   E-mail amonroe@lanecompany.com
   D. ATTORNEY                              Morris, Manning & Martin                                                  Name of Principal   Tim Pollock
          Office Street Address             3343 Peachtree Road, NE                                                   Title of Principal  Partner
          City                              Atlanta                                                                   Direct line         (404) 504-7710
          State                                 GA       Zip+4       30326-1022                                       Cellular
          10-Digit Office Phone / Ext.                                        Fax             (404) 365-9532   E-mail tpollock@mmmlaw.com
   E. ACCOUNTANT                            Reznick Group                                                             Name of Principal     Edward Lusk
          Office Street Address             2002 Summit Blvd., Suite 1000                                             Title of Principal    Principal
          City                              Atlanta                                                                   Direct line           (404) 847-7654
          State                                 GA       Zip+4         30319-1499                                     Cellular
          10-Digit Office Phone / Ext.      (404) 847-9447                      Fax           (404) 847-7655   E-mail eddi.lusk@reznickgroup.com
   F. ARCHITECT                             Martin Riley & Associates                                                 Name of Principal      Michael Riley
           Office Street Address            215 Church Street                                                         Title of Principal     Vice President
           City                             Decatur                                                                   Direct line            (404) 373-2800
           State                                GA        Zip+4         30030-3329                                    Cellular               (678) 373-2888
           10-Digit Office Phone / Ext.     (404) 373-2800                       Fax          (404) 373-2888   E-mail mriley@martinriley.com




 5611ee9e-3c2e-41b0-9242-6549699dd7a1.xlsx - May 2011                      Part II-Development Team                                                           16 of 74
     Georgia Department of Community Affairs                                             2011 Funding Application                                                    Office of Affordable Housing
                                        PART TWO - DEVELOPMENT TEAM INFORMATION - 2011-017 Farmington Woods, Dawsonville, Dawson County

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


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

V.       APPLICANT COMMENTS AND CLARIFICATIONS                                                                                            VI.        DCA COMMENTS - DCA USE ONLY




Kevin Buckner, the Presdident of TBG Residential, is also the President of Hunter's Walk Home Center (contractor) and president of MHL,
Inc. (developer).




     5611ee9e-3c2e-41b0-9242-6549699dd7a1.xlsx - May 2011                                  Part II-Development Team                                                                          17 of 74
      Georgia Department of Community Affairs                                         2011 Funding Application                                                    Office of Affordable Housing
                                               PART THREE - SOURCES OF FUNDS - 2011-017 Farmington Woods, Dawsonville, Dawson County


I.       GOVERNMENT FUNDING SOURCES (check all that apply)

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


II.      CONSTRUCTION FINANCING

         Financing Type                                                            Name of Financing Entity                                Amount           Effective Interest Rate     Term (In Months)
         Mortgage A                                                               Construction Loan                                             4,442,589           6.650%                     24
         Mortgage B
         Mortgage C
         Federal Grant
         State, Local, or Private Grant
         Deferred Developer Fees
         Federal Housing Credit Equity                                                                                                          2,948,677
         State Housing Credit Equity                                                                                                              910,085
         Other Type (specify)
         Other Type (specify)
         Other Type (specify)
         Total Construction Financing:                                                                                                          8,301,351
         Total Construction Period Costs from Development Budget:                                                                               8,269,072
         Surplus / (Shortage) of Construction funds to Construction costs:                                                                         32,279




      5611ee9e-3c2e-41b0-9242-6549699dd7a1.xlsx - May 2011                               Part III A-Sources of Funds                                                                           18 of 74
       Georgia Department of Community Affairs                                              2011 Funding Application                                                  Office of Affordable Housing
                                                  PART THREE - SOURCES OF FUNDS - 2011-017 Farmington Woods, Dawsonville, Dawson County

III.      PERMANENT FINANCING
                                                                                                                     Effective      Term       Amort.   Annual Debt Service                       Target
          Financing Type                    Name of Financing Entity                        Principal Amount         Int Rate      (Years)    (Years)      in Year One           Loan Type         DCR
          N/A                               Neither                                                           0      0.000%           0          0                               Amortizing         n/a
          Mortgage A                        Perm Loan                                                 1,784,483      7.210%          15         30                 145,499       Amortizing        1.20
          Mortgage B
          Other:
          Grant from foundation or charity
          Deferred Devlpr Fee               DDF                                                                       0.000%            10      10                               Amortizing
          Federal Grant
          State, Local, or Private Grant                                                                                  Equity Check         +/-
          Federal Housing Credit Equity     Boston Capital                                            6,552,615            6,552,617                 -2 Proposed DCA HOME Loan Interest Rate by Operating
          State Housing Credit Equity       Gardner Capital                                           2,022,412            2,022,413                 -1           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:                                                           10,359,510
          Total Development Costs from Development Budget:                                     10,359,512                                                  26        27        28         29        30
          Surplus/(Shortage) of Permanent funds to development costs:                              (2)
IV.       APPLICANT COMMENTS AND CLARIFICATIONS                                                                                   IV.        DCA COMMENTS - DCA USE ONLY
Please note that the total Federal Equity shown in the Permanent Financing chart reflects DCA's request to not incorporate
the ownership interest percentage. Boston Capital's 98.99% interest in the federal credits is reflected in their commitment
letter, therefore, their letter does not match what is shown in the chart above. Boston Capital would not state in their letter
that they were purchasing 100% of the credits.



Note that the equity provided by the state investor is actually $2,022,412. You will see in Boston Capital's letter, they
rounded up and have $2,022,413 in their letter. In the schedule above, the applicant has used the amount automatically
calculated by the form. We don't believe this is a significant issue, but wanted to point out the small descrepancy.




       5611ee9e-3c2e-41b0-9242-6549699dd7a1.xlsx - May 2011                                     Part III A-Sources of Funds                                                                    19 of 74
Georgia Department of Community Affairs                         2011 Funding Application                                   Office of Affordable Housing
                                   PART THREE - SOURCES OF FUNDS - 2011-017 Farmington Woods, Dawsonville, Dawson County




5611ee9e-3c2e-41b0-9242-6549699dd7a1.xlsx - May 2011              Part III A-Sources of Funds                                                  20 of 74
                               2011 Office of Affordable Housing Funding Application
                                   USDA 538 Guaranteed Loan Calculations
          PART III B: USD 538 LOAN - 2011-017 Farmington Woods, Dawsonville, Dawson County

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

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


Georgia Department of Community Affairs        Part III B-USDA 538 Loan                                               21 of 74
                               2011 Office of Affordable Housing Funding Application
                                   USDA 538 Guaranteed Loan Calculations
                                  2011-017 Farmington Woods, Dawsonville, Dawson 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                               22 of 74
                                  2011 Office of Affordable Housing Funding Application
                                      HUD Insured Mortgage Loan Calculations
      PART III C - HUD INSURED LOAN - 2011-017 Farmington Woods, Dawsonville, Dawson County

                                                       I. Data Input

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

HUD Mortgage Insurance Premium                                                  per annum

Loan Term                                                                       years

Amortization Period                                                             years

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

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




                              II. HUD Mortgage Insurance Premium / Debt Service


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




Georgia Department of Community Affairs           Part III C-HUD Insured Loan                               page 23 of 74
  Georgia Department of Community Affairs                                    2011 Funding Application                                     Office of Affordable Housing
                                            PART FOUR - USES OF FUNDS - 2011-017 Farmington Woods, Dawsonville, Dawson 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                                                                         5,500                 5,500
  Market Study                                                                               5,500                 5,500
  Environmental Report(s)                                                                    4,750                 4,750
  Soil Borings                                                                               6,650                 6,500
  Boundary and Topographical Survey                                                          6,500                 6,500
  Zoning/Site Plan Fees                                                                         30                    30
  Other:
  Other:                                                                                                             -
  Other: <Enter detailed description here; use Comments section if needed>
                                                                        Subtotal            28,930                28,780            -                 -                  -
  ACQUISITION                                                                                                                      ACQUISITION
  Land                                                                                     488,000                                                                  488,000
  Site Demolition                                                                            7,500                                                                    7,500
  Acquisition Legal Fees (if existing structures)
  Existing Structures
                                                                        Subtotal           495,500                                  -                               495,500
  LAND IMPROVEMENTS                                                                                                            LAND IMPROVEMENTS
  Site Construction (On-site)                                                            1,143,500             1,143,500
  Site Construction (Off-site)
                                                                        Subtotal         1,143,500             1,143,500            -                 -                  -
  STRUCTURES                                                                                                                       STRUCTURES
  Residential Structures - New Construction                                              4,237,260             4,237,260
  Residential Structures - Rehab
  Accessory Structures (ie. community building, maintenance building, etc.)                320,000               320,000
                                                                        Subtotal         4,557,260             4,557,260          -              -                       -
  CONTRACTOR SERVICES                                    14.00%                                                              CONTRACTOR SERVICES
  Builder Profit:                                         6.00%          342,046           337,245               337,245
  General Requirements* and Builder Overhead              8.00%          456,061           449,600               449,600
  *Refer to General Requirements policy in QAP                          Subtotal           786,845               786,845            -                 -                  -
  Total Construction Hard Costs             90,105.63            per unit
  6,487,605.00                                  80.81            per sq ft
  CONSTRUCTION CONTINGENCY                                                                                                 CONSTRUCTION CONTINGENCY
  Construction Contingency                                           4.9995%               324,350               324,350




  5611ee9e-3c2e-41b0-9242-6549699dd7a1.xlsx - May 2011                             Part IV-Uses of Funds                                                          24 of 74
  Georgia Department of Community Affairs                                  2011 Funding Application                                       Office of Affordable Housing
                                            PART FOUR - USES OF FUNDS - 2011-017 Farmington Woods, Dawsonville, Dawson County
                                                         CERTIFICATION OF ACTUAL COST AND OPINION AS TO ELIGIBLE BASIS
                                                                                                             New                                             Amortizable or
I. DEVELOPMENT BUDGET                                                                                                       Acquisition    Rehabilitation
                                                                                                          Construction                                      Non-Depreciable
                                                                                   TOTAL COST                                 Basis           Basis
                                                                                                             Basis                                               Basis
  CONSTRUCTION PERIOD FINANCING                                                                                           CONSTRUCTION PERIOD FINANCING
  Construction Loan Fee                                                                    66,639                66,639
  Construction Loan Interest                                                              284,270               284,270                                                  -
  Construction Legal Fees                                                                  40,000                40,000
  Construction Period Real Estate Tax                                                       7,500                 7,500
  Construction Insurance
  Bridge Loan Fee and Bridge Loan Interest
  Payment and Performance bonds
  Other: Application Fee + construction monitoring fee                                     33,800                33,800
                                                                      Subtotal            432,209               432,209            -               -                     -
  PROFESSIONAL SERVICES                                                                                                      PROFESSIONAL SERVICES
  Architectural Fee - Design                                                              108,000               108,000
  Architectural Fee - Supervision                                                          24,000                24,000
  Green Building Consultant Fee                                                            20,000                20,000
  Green Building Program Certification Fee (LEED or Earthcraft)                             8,500                 8,500
  Accessibility Inspections and Plan Review                                                 6,200                 6,200
  Construction Materials Testing
  Engineering                                                                              45,000                45,000
  Real Estate Attorney                                                                     15,000                15,000
  Accounting                                                                               22,500                22,500
  Other:                                                                                                            -
                                                                      Subtotal            249,200               249,200             -              -                     -
  LOCAL GOVERNMENT FEES                                                                                                      LOCAL GOVERNMENT FEES
  Building Permits                                                                         45,000                45,000
  Impact Fees
  Water Tap Fees                              waived?       No                            144,000               144,000
  Sewer Tap Fees                              waived?       No                            288,000               288,000
                                                                       Subtotal           477,000               477,000            -                -                    -
  PERMANENT FINANCING FEES                                                                                                  PERMANENT FINANCING FEES
  Permanent Loan Fees                                                                      35,690                                                                    35,690
  Permanent Loan Legal Fees                                                                35,000                                                                    35,000
  Title and Recording Fees                                                                 18,000                14,400                                               3,600
  As-Built Survey                                                                           7,500                 7,500
  Bond Issuance Premium
  Cost of Issuance / Underwriter's Discount
  Other: <Enter detailed description here; use Comments section if needed>

  5611ee9e-3c2e-41b0-9242-6549699dd7a1.xlsx - May 2011                            Part IV-Uses of Funds                                                           25 of 74
Georgia Department of Community Affairs                          2011 Funding Application                                 Office of Affordable Housing
                                      PART FOUR - USES OF FUNDS - 2011-017 Farmington Woods, Dawsonville, Dawson County
                                               CERTIFICATION OF ACTUAL COST AND OPINION AS TO ELIGIBLE BASIS
                                                            Subtotal        96,190           21,900                 -              -               74,290




5611ee9e-3c2e-41b0-9242-6549699dd7a1.xlsx - May 2011                 Part IV-Uses of Funds                                                      26 of 74
  Georgia Department of Community Affairs                                  2011 Funding Application                                       Office of Affordable Housing
                                           PART FOUR - USES OF FUNDS - 2011-017 Farmington Woods, Dawsonville, Dawson County
                                                     CERTIFICATION OF ACTUAL COST AND OPINION AS TO ELIGIBLE BASIS

I. DEVELOPMENT BUDGET                                                                                        New          Acquisition     Rehabilitation    Amortizable or
                                                                                                          Construction      Basis            Basis         Non-Depreciable
                                                                                   TOTAL COST
                                                                                                             Basis                                              Basis
  DCA-RELATED COSTS                                                                                                           DCA-RELATED COSTS
  DCA HOME Loan Pre-Application Fee
  Tax Credit Application Fee                                                                4,000                                                                    4,000
  DCA Waiver Fees
  LIHTC Allocation Processing Fee                                       56,628             56,628                                                                   56,628
  LIHTC Compliance Monitoring Fee                                       50,400             50,400                                                                   50,400
  DCA Front End Analysis Fee (HOME, when ID of Interest)
  DCA Final Inspection Fee (Tax Credit only - no HOME)                                      3,000                                                                    3,000
  Other: <Enter detailed description here; use Comments section if needed>
  Other: <Enter detailed description here; use Comments section if needed>
                                                                       Subtotal           114,028                                                                  114,028
  EQUITY COSTS                                                                                                                   EQUITY COSTS
  Partnership Organization Fees
  Tax Credit Legal Opinion
  Syndicator Legal Fees                                                                    67,500                                                                   67,500
  Other: <Enter detailed description here; use Comments section if needed>                    -
                                                                       Subtotal            67,500                                                                   67,500
  DEVELOPER'S FEE                                                                                                              DEVELOPER'S FEE
  Developer's Overhead                                               0.000%
  Consultant's Fee                                                   0.000%
  Developer's Profit                                                100.000%            1,220,000             1,220,000
                                                                       Subtotal         1,220,000             1,220,000          -               -                      -
  START-UP AND RESERVES                                                                                                    START-UP AND RESERVES
  Marketing                                                                                35,000                                                                   35,000
  Rent-Up Reserves                                                                         72,000                                                                   72,000
  Operating Deficit Reserve:                                                              225,000                                                                  225,000
  Replacement Reserve                                                                         -
  Furniture, Fixtures and Equipment                   Per Unit: 48611.111%                 35,000                35,000
  Other: <Enter detailed description here; use Comments section if needed>
                                                                       Subtotal           367,000                35,000           -                  -             332,000
  OTHER COSTS                                                                                                                    OTHER COSTS
  Relocation
  Other: <Enter detailed description here; use Comments section if needed>
                                                                       Subtotal                -                    -              -                 -                  -
  TOTAL DEVELOPMENT COST                                                               10,359,512             9,276,044            -                 -           1,083,318
  Total Per Unit Cost Limitation:           11,845,368           TDC Per Unit:          143,882.11    TDC Per Sq Ft:             129.04


  5611ee9e-3c2e-41b0-9242-6549699dd7a1.xlsx - May 2011                            Part IV-Uses of Funds                                                          27 of 74
   Georgia Department of Community Affairs                                     2011 Funding Application                                            Office of Affordable Housing
                                              PART FOUR - USES OF FUNDS - 2011-017 Farmington Woods, Dawsonville, Dawson 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                                                                                               9,276,044             0                      0
   Less Total Subtractions From Basis (see above)                                                                0                                        0
   Total Eligible Basis                                                                                      9,276,044             0                      0
   Eligible Basis Adjustment (DDA/QCT Location or State Designated Boost)           Type: State Boost         100.00%
   Adjusted Eligible Basis                                                                                   9,276,044             0                      0
   Multiply Adjusted Eligible Basis by Applicable Fraction                                                    100.00%           100.00%                100.00%
   Qualified Basis                                                                                           9,276,044             0                      0
   Multiply Qualified Basis by Applicable Credit Percentage                                                    9.00%
   Maximum Tax Credit Amount                                                                                  834,844              0                      0
   Total Basis Method Tax Credit Calculation                                                                                    834,844

III. TAX CREDIT CALCULATION - GAP METHOD                                                                     Maximum TDC                                               If Historic Designation
                                                                                                                                                                            or Brownfield
     Equity Gap Calculation                                                                                   10,359,512   If TDC > PUCL, provide amount of grant from
                                                                                                                                                                       Development involved,
     Total Development Cost (TDC or PUCL; explain in Comments if TDC > PUCL)                                  10,359,512   foundation or charitable org to cover the       indicate below:
                                                                                                                           cost exceeding the PUCL:
     Subtract Non-LIHTC (excluding deferred fee) Source of Funds                                               1,784,483                                                               Y/N
     Equity Gap                                                                                                8,575,029        Grant Amt        Foundtn / Charitble Org Hist Desig    No
     Divide Equity Gap by 10                                                                                       / 10                                                  Brownfld      No
     Annual Equity Required                                                                                     857,503                Federal                 State
     Enter Final Federal and State Equity Factors (not including GP contribution)                                1.0600        =       0.8100         +       0.2500
     Total Gap Method Tax Credit Calculation                                                                    808,965

   TAX CREDIT PROJECT MAXIMUM - Lower of Basis Method, Gap Method and DCA Limit:                               808,965

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

IV. TAX CREDIT ALLOCATION - Lower of Tax Credit Request and Tax Credit Project Maximum                         808,965

   5611ee9e-3c2e-41b0-9242-6549699dd7a1.xlsx - May 2011                             Part IV-Uses of Funds                                                                         28 of 74
   Georgia Department of Community Affairs                                                 2011 Funding Application                                            Office of Affordable Housing
                                                     PART FOUR - USES OF FUNDS - 2011-017 Farmington Woods, Dawsonville, Dawson County
                                                                 CERTIFICATION OF ACTUAL COST AND OPINION AS TO ELIGIBLE BASIS
V. APPLICANT COMMENTS AND CLARIFICATIONS                                                                                               VI.   DCA COMMENTS - DCA USE ONLY
Construction costs were budgeted from current on-going projects and past projects over the last four years. Back-up
documentation for construction costs is in Tab 8. Developer fee is calculated by TDC - Developer Fee - Demolition - Land Cost -
Contractor Fee * 15%=$1,246,014. Fee stated below is $1,220,000. Operating Deficit Reserve is equal to six months Operating
expenses + six monts of permanent debt service = approximately $225,000. Both Federal and State syndicators require this
amount. Construction legal fees = $20,000 for lender legal and $20,000 for borrower legal.




 The property is under contract for $488,000. There is a a need for affordable housing in the primary market area of this project.
No basis boost is being requested. Water and Sewer tap fees are as follows: Water: $2000x 72 =$144,000. Sewer:
$4000x72=$288,000. See Tab 39 for back-up documentation.




 Accessibilty Inspections & Plan Review: Contract will be with Zeffert & Associates, $800 deposit + $1200 for initial inspection and
comments + 3 site visits at $1400 per visit.       Permanent Loan Legal fees = $20,000 for lender legal and $15,000 for
borrower legal. Syndicator Legal Fees = $20,000 borrower equity legal, $40,000 Federal equity legal, $7500 state equity legal.




Furniture, Fixtures & Equipment: $35,000. This cost is made up of the following: $17,000 for clubhouse furniture and
decorations, $3000 for phones, copier, office computers, fax machine and other office items, $6500 for pool furniture and $8500
for office furniture.




   5611ee9e-3c2e-41b0-9242-6549699dd7a1.xlsx - May 2011                                           Part IV-Uses of Funds                                                              29 of 74
Georgia Department of Community Affairs                             2011 Funding Application                                             Office of Affordable Housing



                         PART FIVE - UTILITY ALLOWANCES - 2011-017 Farmington Woods, Dawsonville, Dawson County

                                                          DCA Utility Region for project:          North

    I. UTILITY ALLOWANCE SCHEDULE #1                      Source of Utility Allowances             Georgia Department of Community Affairs
                                                          Date of Utility Allowances               June 1, 2011           Structure 2-Story
                                                            Paid By (check one)                    Tenant-Paid Utility Allowances by Unit Size (# Bdrms)
       Utility              Fuel                             Tenant     Owner                         0           1           2          3          4
       Heat                 Electric Heat Pump                 X                                                 11          13         19
       Air Conditioning     Electric                           X                                                 23          29         36
       Cooking              Electric                           X                                                  9          11         14
       Hot Water            Electric                           X                                                 28          35         43
       Lights               Electric                           X                                                 26          33         40
       Water & Sewer        Submetered?      Yes               X                                                 36          42         56
       Refuse Collection                                                  X
       Total Utility Allowance by Unit Size                                                            0           133          163           208          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
       Utility Allowance used from DCA Website. Effective date 6-1-2011
       Farmington Woods is in Dawson County, GA. Utility Allowances from the Northern Region were used.
       DCA COMMENTS




5611ee9e-3c2e-41b0-9242-6549699dd7a1.xlsx - May 2011                   Part V-Utility Allowances                                                         page 30 of 74
    Georgia Department of Community Affairs                                           2011 Funding Application                                                    Office of Affordable Housing
                                       PART SIX - PROJECTED REVENUES & EXPENSES - 2011-017 Farmington Woods, Dawsonville, Dawson 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:                                                                                                                                                 AMI
   Are 100% of units HUD PBRA?                                                                  PBRA Provider                                                                              68,300
                                                                                                 or Operating
        Rent        Nbr of   No. of    Unit       Unit       Max Gross Proposed        Utility  Subsidy ***            Monthly Net Rent      Employee      Building        Type of           Affordable to:
       Type         Bdrms    Baths    Count       Area       Rent Limit Gross Rent   Allowance (See note below)      Per Unit     Total        Unit          Type          Activity        Income
      50% AMI         1         1.0     3          740          641        631           133                              498        1,494     No           2-Story    New Construction     25,240
      50% AMI         2         2.0     4         1,150         768        726           163                              563        2,252     No           2-Story    New Construction     29,040
      50% AMI         3         2.0     4         1,250         888        805           208                              597        2,388     No           2-Story    New Construction     32,200
      60% AMI         1         1.0     9          740          769        682           133                              549        4,941     No           2-Story    New Construction     27,280
      60% AMI         2         2.0     32        1,150         922        776           163                              613       19,616     No           2-Story    New Construction     31,040
      60% AMI         3         2.0     20        1,250        1,065       864           208                              656       13,120     No           2-Story    New Construction     34,560
                                                                                                                           -            -
                                                                                                                           -            -
                                                                                                                           -            -
                                                                                                                           -            -
                                                                                                                           -            -
                                                                                                                           -            -
                                                                                                                           -            -
                                                                                                                           -            -
                                                                                                                           -            -
                                                                                                                           -            -
                                                                                                                           -            -
                                                                                                                           -            -
                                                                                                                           -            -
                                                                                                                           -            -
                                                                                                                           -            -
                                                                                                                           -            -
                                                                                                                           -            -
                                                                                                                           -            -
                                                                                                                           -            -
                                                                                                                           -            -
                                                                                                                           -            -
                                                                                                                           -            -
                                                                                                                           -            -
                                                                                                                           -            -
                                                                                                                           -            -
                                                                                                                           -            -
                                                                                                                           -            -
                                                                                                                           -            -
                                                                                                                           -            -
                                                                                                                           -            -
                                                                                                                           -            -
                                                                                                                           -            -
                             TOTAL        72        80,280                                              MONTHLY TOTAL               43,811
                                                                                                         ANNUAL TOTAL              525,732

*** 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.
    5611ee9e-3c2e-41b0-9242-6549699dd7a1.xlsx - May 2011                               Part VI-Revenues & Expenses                                                                        31 of 74
    Georgia Department of Community Affairs                                       2011 Funding Application                                                   Office of Affordable Housing
                                       PART SIX - PROJECTED REVENUES & EXPENSES - 2011-017 Farmington Woods, Dawsonville, Dawson County
*** NOTE: When selecting "PHA Operating Subsidy" in the "PBRA Provider or Operating Subsidy" column above, please also then enter a zero in the "Proposed Gross Rent" column above AND include
the PHA operating subsidy amount in the "III. Ancillary and Other Income" section below. Also refer to the Application Instructions provided separately.




    5611ee9e-3c2e-41b0-9242-6549699dd7a1.xlsx - May 2011                           Part VI-Revenues & Expenses                                                                       32 of 74
    Georgia Department of Community Affairs                                             2011 Funding Application                                                  Office of Affordable Housing
                                            PART SIX - PROJECTED REVENUES & EXPENSES - 2011-017 Farmington Woods, Dawsonville, Dawson County

II. UNIT SUMMARY
   Units:                                                                  Efficiency       1BR            2BR           3BR       4BR    Total
                   Low-Income                               60% AMI              -                9             32            20   -            61   (Includes manager units that are
                                                            50% AMI              -                3              4             4   -            11   income restricted)

                                                            Total                -               12             36            24   -            72
NOTE TO            Unrestricted                                                  -           -              -             -        -        -
APPLICANTS: If     Total Residential                                             -               12             36            24   -            72
the numbers
                   Common Space                                                  -           -              -             -        -        -        (no rent to be charged)
compiled in this
                   Total                                                         -               12             36            24   -            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              -               12             36            24   -            72
above.                                                      Unrestricted         -           -              -             -        -        -
                                                            Total + CS           -               12             36            24   -            72
                                        Acq/Rehab           Low Inc              -           -              -             -        -        -
                                                            Unrestricted         -           -              -             -        -        -
                                                            Total + CS           -           -              -             -        -        -
                                        Substantial Rehab   Low Inc              -           -              -             -        -        -
                                        Only
                                                            Unrestricted         -           -              -             -        -        -
                                                            Total + CS           -           -              -             -        -        -
                                        Adaptive Reuse                                                                                      -
                                        Historic Rehab                                                                                      -
                   Building Type:
                                        Multifamily                              -               12             36            24   -            72
                                        SF Detached                              -           -              -             -        -        -
                                        Townhome                                 -           -              -             -        -        -
                                        Duplex                                   -           -              -             -        -        -
                                        Manufactured home                        -           -              -             -        -        -
   Unit Square Footage:
                 Low Income                                 60% AMI              -         6,660        36,800         25,000      -     68,460
                                                            50% AMI              -         2,220         4,600          5,000      -     11,820
                                                            Total                -         8,880        41,400         30,000      -     80,280
                   Unrestricted                                                  -           -             -              -        -        -
                   Total Residential                                             -         8,880        41,400         30,000      -     80,280
                   Common Space                                                  -           -             -              -        -        -


    5611ee9e-3c2e-41b0-9242-6549699dd7a1.xlsx - May 2011                                 Part VI-Revenues & Expenses                                                                    33 of 74
Georgia Department of Community Affairs                                 2011 Funding Application                                      Office of Affordable Housing
                                   PART SIX - PROJECTED REVENUES & EXPENSES - 2011-017 Farmington Woods, Dawsonville, Dawson County

               Total                                              -        8,880        41,400         30,000   -   80,280




5611ee9e-3c2e-41b0-9242-6549699dd7a1.xlsx - May 2011                     Part VI-Revenues & Expenses                                                        34 of 74
   Georgia Department of Community Affairs                                     2011 Funding Application                                                               Office of Affordable Housing
                                          PART SIX - PROJECTED REVENUES & EXPENSES - 2011-017 Farmington Woods, Dawsonville, Dawson County

III. ANCILLARY AND OTHER INCOME (annual amounts)

  Ancillary Income                                                    10,515     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                      -         -          -             -              -              -              -                -                 -                  -




   5611ee9e-3c2e-41b0-9242-6549699dd7a1.xlsx - May 2011                         Part VI-Revenues & Expenses                                                                                 35 of 74
      Georgia Department of Community Affairs                                                                       2011 Funding Application                                              Office of Affordable Housing
                                                   PART SIX - PROJECTED REVENUES & EXPENSES - 2011-017 Farmington Woods, Dawsonville, Dawson County

IV. ANNUAL OPERATING EXPENSE BUDGET

    On-Site Staff Costs                                                                                         On-Site Security                                            Taxes and Insurance
    Management Salaries & Benefits                                                 45,000                       Contracted Guard                                            Real Estate Taxes (Gross)*                  58,500
    Maintenance Salaries & Benefits                                                27,000                       Electronic Alarm System                                     Insurance**                                 18,000
    Support Services Salaries & Benefits                                                                                              Subtotal                              Other (describe here)
    Other (describe here)                                                                                                                                                        Subtotal                               76,500
                        Subtotal                                                   72,000

    On-Site Office Costs                                                                                        Professional Services                                       Management Fee:                             34,910
    Office Supplies & Postage                                                       2,500                       Legal                                            7,500           521.36       per unit per year
    Telephone                                                                       4,500                       Accounting                                       9,500           43.45        per unit per month
    Travel                                                                          1,000                       Advertising                                      4,400
    Leased Furniture / Equipment                                                                                Other (describe here)                                       (Management Fee is from Pro Forma, Section
    Activities Supplies / Overhead Cost                                             4,000                                             Subtotal                  21,400      1, Operating Assumptions)
    Other (describe here)

                        Subtotal                                                   12,000

    Maintenance Expenses                                                                                        Utilities            ($/mth/unit)                           TOTAL OPERATING EXPENSES
    Contracted Repairs                                                              8,000                       Electricity             12.73                   11,000           4,004        per unit                288,310
    General Repairs                                                                 9,000                       Natural Gas
    Grounds Maintenance                                                            10,000                       Water&Swr                8.68                    7,500
    Extermination                                                                   3,500                       Trash Collection                                10,000      Replacement Reserve                         18,000
    Maintenance Supplies                                                            7,000                       Other (describe here)                                       Enter desired per unit amount:                    250
    Elevator Maintenance                                                                                                              Subtotal                  28,500
    Redecorating                                                                    5,500
    Other (describe here)                                                                                                                                                   TOTAL ANNUAL EXPENSES
                        Subtotal                                                   43,000                                                                                                                             306,310

V. APPLICANT COMMENTS AND CLARIFICATIONS                                                                                                               VI.   DCA COMMENTS
See Tab 8 for documentation back-up for reatl estate taxes. For the first few years of operation, taxes will be high until applicant can demonstrate
an operating history where taxes can be based upon a Net Operating Income basis instead of a construction cost basis.




The caluculation for insurance costs is based upon WS Pharr & Company's letter dated June 13, 2011 found in Tab 8. $250/unit * 72 units =
$18,000.



The max gross rent limits in the rent chart are taken from the 2011 Program Maximum Gross Rents for LIHTC and HOME Programs.




      5611ee9e-3c2e-41b0-9242-6549699dd7a1.xlsx - May 2011                                                           Part VI-Revenues & Expenses                                                                   36 of 74
  Georgia Department of Community Affairs                                           2011 Funding Application                                                           Office of Affordable Housing
                                  PART SEVEN - OPERATING PRO FORMA - 2011-017 Farmington Woods, Dawsonville, Dawson 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                                5,400          Yr 1 Asset Mgt Fee Percentage of EGI:                       1.08%
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:                        7.00%
Vacancy & Collection Loss 7.00%                                    Expense Growth Rate (3.00%)                                  No --> If Yes, indicate Yr 1 Mgt Fee Amt:
Ancillary Income Limit    2.00%                                    Percent of Effective Gross Income                          Yes --> If Yes, indicate actual percentage:                                7.000%
II. OPERATING PRO FORMA
Year                                     1               2                   3                 4                 5                 6                 7                 8                 9                10
Revenues                          525,732         536,247             546,972           557,911           569,069           580,451           592,060           603,901           615,979           628,298
Ancillary Income                   10,515          10,725              10,939            11,158            11,381            11,609            11,841            12,078            12,320            12,566
Vacancy                           (37,537)        (38,288)            (39,054)          (39,835)          (40,632)          (41,444)          (42,273)          (43,119)          (43,981)          (44,861)
Other Income (OI)                     -               -                   -                 -                 -                 -                 -                 -                 -                 -
OI Not Subject to Mgt Fee             -               -                   -                 -                 -                 -                 -                 -                 -                 -
Expenses less Mgt Fee            (253,400)       (261,002)           (268,832)         (276,897)         (285,204)         (293,760)         (302,573)         (311,650)         (321,000)         (330,630)
Property Mgmt                     (34,910)        (35,608)            (36,320)          (37,046)          (37,787)          (38,543)          (39,314)          (40,100)          (40,902)          (41,720)
Reserves                          (18,000)        (18,540)            (19,096)          (19,669)          (20,259)          (20,867)          (21,493)          (22,138)          (22,802)          (23,486)
NOI                               192,399         193,534             194,609           195,622           196,569           197,445           198,248           198,973           199,614           200,168
                                      -               -                   -                 -                 -                 -                 -                 -                 -                 -
                                      -               -                   -                 -                 -                 -                 -                 -                 -                 -
D/S Mortgage A                   (145,499)       (145,499)           (145,499)         (145,499)         (145,499)         (145,499)         (145,499)         (145,499)         (145,499)         (145,499)
D/S Mortgage B                        -               -                   -                 -                 -                 -                 -                 -                 -                 -
D/S Other Source                      -               -                   -                 -                 -                 -                 -                 -                 -                 -
D/S Grant from fdn / charity          -               -                   -                 -                 -                 -                 -                 -                 -                 -
DCA HOME Cash Resrv.
Asset Mgmt                          (5,400)        (5,508)          (5,618.16)           (5,731)        (5,845.13)           (5,962)        (6,081.28)           (6,203)        (6,326.96)           (6,453)
DDF                                    -              -                   -                 -                 -                 -                 -                 -                 -                 -
Incentive Mgmt                                        -                   -                 -                 -                 -                 -                 -                 -                 -
Cash Flow                          41,500          42,526              43,492            44,392            45,225            45,984            46,667            47,270            47,788            48,216


DCR First Mortgage                    1.32               1.33             1.34              1.34              1.35              1.36              1.36              1.37              1.37              1.38
DCR Second Mortgage
DCR Other Source
DCR Other Source
Oper Exp Coverage Ratio              1.63            1.61               1.60              1.59              1.57              1.56              1.55              1.53               1.52              1.51
                                      -               -                  -                 -                 -                 -                 -                 -                  -                 -
Mortgage A Balance              1,767,077       1,748,374          1,728,277         1,706,682         1,683,478         1,658,544         1,631,752         1,602,963          1,572,028         1,538,788
Mortgage B Balance
Other Source Balance
Other Source Balance
DDF Balance


  5611ee9e-3c2e-41b0-9242-6549699dd7a1.xlsx - May 2011                                      Part VII-Pro Forma                                                                                       37 of 74
  Georgia Department of Community Affairs                                           2011 Funding Application                                                           Office of Affordable Housing
                                  PART SEVEN - OPERATING PRO FORMA - 2011-017 Farmington Woods, Dawsonville, Dawson 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                                5,400          Yr 1 Asset Mgt Fee Percentage of EGI:                       1.08%
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:                        7.00%
Vacancy & Collection Loss 7.00%                                    Expense Growth Rate (3.00%)                                  No --> If Yes, indicate Yr 1 Mgt Fee Amt:
Ancillary Income Limit    2.00%                                    Percent of Effective Gross Income                          Yes --> If Yes, indicate actual percentage:                                7.000%
II. OPERATING PRO FORMA
Year                                    11              12                  13                14                15                16                17                18                19                20
Revenues                          640,864         653,682             666,755           680,090           693,692           707,566           721,717           736,152           750,875           765,892
Ancillary Income                   12,817          13,074              13,335            13,602            13,874            14,151            14,434            14,723            15,017            15,318
Vacancy                           (45,758)        (46,673)            (47,606)          (48,558)          (49,530)          (50,520)          (51,531)          (52,561)          (53,612)          (54,685)
Other Income (OI)                     -               -                   -                 -                 -                 -                 -                 -                 -                 -
OI Not Subject to Mgt Fee             -               -                   -                 -                 -                 -                 -                 -                 -                 -
Expenses less Mgt Fee            (340,548)       (350,765)           (361,288)         (372,126)         (383,290)         (394,789)         (406,633)         (418,832)         (431,397)         (444,338)
Property Mgmt                     (42,555)        (43,406)            (44,274)          (45,159)          (46,063)          (46,984)          (47,923)          (48,882)          (49,860)          (50,857)
Reserves                          (24,190)        (24,916)            (25,664)          (26,434)          (27,227)          (28,043)          (28,885)          (29,751)          (30,644)          (31,563)
NOI                               200,630         200,995             201,259           201,415           201,457           201,381           201,181           200,849           200,379           199,767
                                      -               -                   -                 -                 -                 -                 -                 -                 -                 -
                                      -               -                   -                 -                 -                 -                 -                 -                 -                 -
D/S Mortgage A                   (145,499)       (145,499)           (145,499)         (145,499)         (145,499)         (145,499)         (145,499)         (145,499)         (145,499)         (145,499)
D/S Mortgage B                        -               -                   -                 -                 -                 -                 -                 -                 -                 -
D/S Other Source                      -               -                   -                 -                 -                 -                 -                 -                 -                 -
D/S Grant from fdn / charity          -               -                   -                 -                 -                 -                 -                 -                 -                 -
DCA HOME Cash Resrv.
Asset Mgmt                      (6,582.57)         (6,714)          (6,848.51)            (6,985)       (7,125.19)            (7,268)       (7,413.04)            (7,561)       (7,712.53)            (7,867)
DDF                                   -               -
Incentive Mgmt                        -               -                   -                 -                 -                 -                 -                 -                 -                 -
Cash Flow                          48,548          48,782              48,911            48,930            48,832            48,614            48,268            47,788            47,168            46,401


DCR First Mortgage                    1.38               1.38             1.38              1.38              1.38              1.38              1.38              1.38              1.38              1.37
DCR Second Mortgage
DCR Other Source
DCR Other Source
Oper Exp Coverage Ratio              1.49            1.48               1.47              1.45              1.44              1.43              1.42              1.40               1.39              1.38
                                      -               -                  -                 -                 -                 -                 -                 -                  -                 -
First Mortgage Balance          1,503,070       1,464,690          1,423,450         1,379,136         1,331,519         1,280,354         1,225,375         1,166,298          1,102,818         1,034,607
Second Mortgage Balance
Other Source Balance
Other Source Balance
DDF Balance


  5611ee9e-3c2e-41b0-9242-6549699dd7a1.xlsx - May 2011                                      Part VII-Pro Forma                                                                                       38 of 74
  Georgia Department of Community Affairs                                           2011 Funding Application                                                           Office of Affordable Housing
                                  PART SEVEN - OPERATING PRO FORMA - 2011-017 Farmington Woods, Dawsonville, Dawson 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                                5,400          Yr 1 Asset Mgt Fee Percentage of EGI:                       1.08%
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:                        7.00%
Vacancy & Collection Loss 7.00%                                    Expense Growth Rate (3.00%)                                  No --> If Yes, indicate Yr 1 Mgt Fee Amt:
Ancillary Income Limit    2.00%                                    Percent of Effective Gross Income                          Yes --> If Yes, indicate actual percentage:                                7.000%
II. OPERATING PRO FORMA
Year                                    21              22                  23                24                25                26                27                28                29                30
Revenues                          781,210         796,834             812,771           829,026           845,607           862,519           879,769           897,365           915,312           933,618
Ancillary Income                   15,624          15,937              16,255            16,581            16,912            17,250            17,595            17,947            18,306            18,672
Vacancy                           (55,778)        (56,894)            (58,032)          (59,192)          (60,376)          (61,584)          (62,816)          (64,072)          (65,353)          (66,660)
Other Income (OI)                     -               -                   -                 -                 -                 -                 -                 -                 -                 -
OI Not Subject to Mgt Fee             -               -                   -                 -                 -                 -                 -                 -                 -                 -
Expenses less Mgt Fee            (457,669)       (471,399)           (485,541)         (500,107)         (515,110)         (530,563)         (546,480)         (562,875)         (579,761)         (597,154)
Property Mgmt                     (51,874)        (52,911)            (53,970)          (55,049)          (56,150)          (57,273)          (58,418)          (59,587)          (60,779)          (61,994)
Reserves                          (32,510)        (33,485)            (34,490)          (35,525)          (36,590)          (37,688)          (38,819)          (39,983)          (41,183)          (42,418)
NOI                               199,003         198,082             196,994           195,734           194,292           192,661           190,832           188,795           186,543           184,065
                                      -               -                   -                 -                 -                 -                 -                 -                 -                 -
                                      -               -                   -                 -                 -                 -                 -                 -                 -                 -
D/S Mortgage A                   (145,499)       (145,499)           (145,499)         (145,499)         (145,499)         (145,499)         (145,499)         (145,499)         (145,499)         (145,499)
D/S Mortgage B                        -               -                   -                 -                 -                 -                 -                 -                 -                 -
D/S Other Source                      -               -                   -                 -                 -                 -                 -                 -                 -                 -
D/S Grant from fdn / charity          -               -                   -                 -                 -                 -                 -                 -                 -                 -
DCA HOME Cash Resrv.
Asset Mgmt                      (8,024.12)          (8,185)         (8,348.29)            (8,515)       (8,685.56)            (8,859)       (9,036.46)            (9,217)       (9,401.53)            (9,590)
DDF
Incentive Mgmt                        -               -                   -                 -                 -                 -                 -                 -                 -                 -
Cash Flow                          45,480          44,398              43,146            41,719            40,108            38,303            36,297            34,079            31,642            28,976


DCR First Mortgage                    1.37               1.36             1.35              1.35              1.34              1.32              1.31              1.30              1.28              1.27
DCR Second Mortgage
DCR Other Source
DCR Other Source
Oper Exp Coverage Ratio              1.37            1.36                1.34              1.33              1.32              1.31              1.30              1.28              1.27               1.26
                                      -               -                   -                 -                 -                 -                 -                 -                 -                  -
First Mortgage Balance            961,312         882,555             797,928           706,993           609,281           504,286           391,466           270,237           139,973                  (0)
Second Mortgage Balance
Other Source Balance
Other Source Balance
DDF Balance


  5611ee9e-3c2e-41b0-9242-6549699dd7a1.xlsx - May 2011                                      Part VII-Pro Forma                                                                                       39 of 74
  Georgia Department of Community Affairs                                             2011 Funding Application                                                           Office of Affordable Housing
                                  PART SEVEN - OPERATING PRO FORMA - 2011-017 Farmington Woods, Dawsonville, Dawson 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                                5,400          Yr 1 Asset Mgt Fee Percentage of EGI:                       1.08%
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:                        7.00%
Vacancy & Collection Loss 7.00%                                      Expense Growth Rate (3.00%)                                  No --> If Yes, indicate Yr 1 Mgt Fee Amt:
Ancillary Income Limit    2.00%                                      Percent of Effective Gross Income                          Yes --> If Yes, indicate actual percentage:                                7.000%
II. OPERATING PRO FORMA
Year                                   31              32                    33               34                35
Revenues                          952,291         971,337               990,763        1,010,579         1,030,790
Ancillary Income                   19,046          19,427                19,815           20,212            20,616
Vacancy                           (67,994)        (69,353)              (70,740)         (72,155)          (73,598)
Other Income (OI)
OI Not Subject to Mgt Fee
Expenses less Mgt Fee            (615,068)       (633,520)             (652,526)         (672,102)         (692,265)
Property Mgmt                     (63,234)        (64,499)              (65,789)          (67,104)          (68,447)
Reserves                          (43,691)        (45,001)              (46,351)          (47,742)          (49,174)
NOI                               181,350         178,389               175,172           171,687           167,921
                                      -               -                     -                 -                 -
                                      -               -                     -                 -                 -
D/S Mortgage A
D/S Mortgage B                         -                  -                   -                 -                  -
D/S Other Source                       -                  -                   -                 -                  -
D/S Grant from fdn / charity           -                  -                   -                 -                  -
DCA HOME Cash Resrv.
Asset Mgmt                          (9,590)         (9,590)               (9,590)           (9,590)           (9,590)
DDF
Incentive Mgmt                        -               -                     -                 -                 -
Cash Flow                         171,760         168,799               165,582           162,097           158,332


DCR First Mortgage
DCR Second Mortgage
DCR Other Source
DCR Other Source
Oper Exp Coverage Ratio               1.25               1.24               1.23              1.22              1.21
                                       -                  -                  -                 -                 -
First Mortgage Balance                   (0)                (0)                (0)               (0)               (0)
Second Mortgage Balance
Other Source Balance
Other Source Balance
DDF Balance


  5611ee9e-3c2e-41b0-9242-6549699dd7a1.xlsx - May 2011                                        Part VII-Pro Forma                                                                                       40 of 74
   Georgia Department of Community Affairs                                                         2011 Funding Application                                                        Office of Affordable Housing
                                           PART SEVEN - OPERATING PRO FORMA - 2011-017 Farmington Woods, Dawsonville, Dawson 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                                5,400          Yr 1 Asset Mgt Fee Percentage of EGI:                       1.08%
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:                        7.00%
Vacancy & Collection Loss 7.00%                                                Expense Growth Rate (3.00%)                                  No --> If Yes, indicate Yr 1 Mgt Fee Amt:
Ancillary Income Limit    2.00%                                                Percent of Effective Gross Income                          Yes --> If Yes, indicate actual percentage:                                7.000%
II. OPERATING PRO FORMA
III. Applicant Comments & Clarifications                                                                                                 IV. DCA Comments

The State Credit Investor, Gardner Capital, does not collect an asset management fee.




Boston Capital calls for an Incentive Management fee and a Partnerhsip Management fee. These are fees to be paid to the partnership.
We see these fees as distributions that will come from available cashflow. We chose not to insert them as they negatively scew the
cashflow in the last few years of the loan. The project will pay these fees from available cashflow. Boston Capital's Asset Management
fee is $75/unit or $5400 escalated by 2%.




   5611ee9e-3c2e-41b0-9242-6549699dd7a1.xlsx - May 2011                                                    Part VII-Pro Forma                                                                                    41 of 74
       Georgia Department of Community Affairs                       2011 Funding Application                            Office of Affordable Housing
                                     PART EIGHT - THRESHOLD CRITERIA - 2011-017 Farmington Woods, Dawsonville, Dawson 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.)




       5611ee9e-3c2e-41b0-9242-6549699dd7a1.xlsx - May 2011            Part VIII-Threshold Criteria                                           42 of 74
       Georgia Department of Community Affairs                                               2011 Funding Application                                                         Office of Affordable Housing
                                           PART EIGHT - THRESHOLD CRITERIA - 2011-017 Farmington Woods, Dawsonville, Dawson County

Preliminary Rating: Incomplete                                                                                                                                       Applicant Response             DCA USE
FINAL THRESHOLD DETERMINATION (DCA Use Only)
1   Project Feasibility, Viability Analysis, and Conformance with Plan                                                                                                      Pass?

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




    DCA's Comments:




2   Tenancy Characteristics                                                                                                                                                 Pass?

        This project is designated as:                                                                        Family                                                                    Yes
    Applicant's comments regarding this section of Threshold:                                                DCA's Comments:
Farmington Woods is a Family project.

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)      No
         3) Other service approved by DCA                                                                              3)
    Applicant's comments regarding this section of Threshold:
Applicant will provide semi-monthly movie nights held in the clubhouse.

    DCA's Comments:




       5611ee9e-3c2e-41b0-9242-6549699dd7a1.xlsx - May 2011                                     Part VIII-Threshold Criteria                                                                          43 of 74
          Georgia Department of Community Affairs                                               2011 Funding Application                                                    Office of Affordable Housing
                                            PART EIGHT - THRESHOLD CRITERIA - 2011-017 Farmington Woods, Dawsonville, Dawson 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. Connie Downing and Associates
     B. Project absorption period to reach stabilized occupancy                                                                         B. 8 Months
     C. Stabilization period                                                                                                            C. 11 Months
     D. Overall capture rate for credit units                                                                                           D. 16.90%
     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 no LIHTC projects in this market area or within a 10-mile radius of the site. For stabilization and absorbtion periods, see page 12 of the market study.

Applicant defines stabilized occupancy period at 90 days at 90% occupied.

    DCA's Comments:




5   Appraisals                                                                                                                                                             Pass?

     A. Is there is an identity of interest between the buyer and seller of the project?                                                                                      A.   No
     B. Is an appraisal included in this application submission?                                                                                                              B.   No
            If an appraisal is included, indicate Appraiser's Name and answer the following questions:        Appraiser's Name:
         1) Does it include the “as is” value, "as built/as complete" (encumbered), "as built/ as complete" (unencumbered) values of the proposed subject                     1)
                                                                                                                                                                                   No
            property and tax credit value?
         2) Does the “as is” value delineate the value of the land and building?                                                                                              2)   No
         3) Does the total hard cost of the project exceed 90% of the as completed unencumbered appraised value of the property?                                              3)   No
     C. If an identity of interest exists between the buyer and seller, did the seller purchase this property within the past three (3) years?                                C.   No
     D. Has the property been:
         1) Rezoned?                                                                                                                                                          1)   Yes
         2) Subdivided?                                                                                                                                                       2)   No
         3) Modified?                                                                                                                                                         3)   No
    Applicant's comments regarding this section of Threshold:
Property was re-zoned in 2005 by the current propery owner.


    DCA's Comments:




          5611ee9e-3c2e-41b0-9242-6549699dd7a1.xlsx - May 2011                                     Part VIII-Threshold Criteria                                                                  44 of 74
       Georgia Department of Community Affairs                                              2011 Funding Application                                                Office of Affordable Housing
                                          PART EIGHT - THRESHOLD CRITERIA - 2011-017 Farmington Woods, Dawsonville, Dawson 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. United Consulting
     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:                                                                                                  55
        If "Yes", what are the contributing factors in decreasing order of magnitude?

     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)   Yes
            If "Yes", enter the percentage of the site that is a wetlands:                                                                                                0%
            If "Yes", will any development occur in the wetlands?                                                                                                         No
                If "Yes", is documentation provided as per Threshold criteria?
         4) State Waters/Streams area?                                                                                                                               4)   Yes
     E. Has the Environmental Professional identified any of the following on the subject property:                                                                  E.   No
         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.):           No
     F. Is all additional environmental documentation required for a HOME application included?                                                                      F.   N/A
         1) Eight-Step Process for Wetlands and/or Floodplains required?                                                                                             1)
         2) Has Applicant/PE completed the HOME and HUD Environmental Questionnaire?                                                                                 2)
         3) Owner agrees that they must refrain from undertaking any activities that could have an adverse effect on the subject property?                           3)
     G. If HUD approval has been previously granted, has the HUD Form 4128 been included?                                                                            G.   N/A
    Applicant's comments regarding this section of Threshold:
See Tab 11 for Phase I Environmental Report
The cell for the percentage of wetland does not allow for decimal places. The percentage of the site that has wetlands is .01%

    DCA's Comments:




       5611ee9e-3c2e-41b0-9242-6549699dd7a1.xlsx - May 2011                                    Part VIII-Threshold Criteria                                                              45 of 74
       Georgia Department of Community Affairs                                               2011 Funding Application                                                         Office of Affordable Housing
                                            PART EIGHT - THRESHOLD CRITERIA - 2011-017 Farmington Woods, Dawsonville, Dawson 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.                            MHL, Inc.                                 Yes
    Applicant's comments regarding this section of Threshold:
Applicant hs site under control. This site is comprised of 2 parcels, which will be used for the entire project.
MHL, Inc. is the purchaser and shall have the right to assign its rights and obligations to a third party such as the LP or GP. See item #4 in site control document in Tab 12.
    DCA's Comments:



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

    DCA's Comments:



9   Site Zoning                                                                                                                                                            Pass?
      A. Is Zoning in place at the time of this application submission?                                                                                                        A.    Yes
      B. Is Zoning conformance in writing by the authorized Local Government official, and includes the zoning & land use classifications?                                     B.    Yes
      C. Is documentation provided that demonstrates that the site layout conforms to any moratoriums, density, setbacks or other requirements?                                C.    Yes
      D. Is this information included on the Architectural Site Conceptual Development Plan?                                                                                   D.    Yes
      E. Are all issues and questions surrounding the zoning and land use classification clearly defined prior to this application submission?                                 E.    Yes
     Applicant's comments regarding this section of Threshold:
This site is zoned R-6, Multiple Family Residential.

    DCA's Comments:



10 Operating Utilities                                                                                                                                                     Pass?
     A. Check applicable utilities and enter provider name:                   1) Gas           <<Enter Provider Name Here>>                                                    1)    No
                                                                              2) Electric      Georgia Power                                                                   2)    Yes
    Applicant's comments regarding this section of Threshold:
Electric provider is GA Power. Gas will not be used for this project.
    DCA's Comments:




       5611ee9e-3c2e-41b0-9242-6549699dd7a1.xlsx - May 2011                                     Part VIII-Threshold Criteria                                                                       46 of 74
       Georgia Department of Community Affairs                                            2011 Funding Application                                                       Office of Affordable Housing
                                          PART EIGHT - THRESHOLD CRITERIA - 2011-017 Farmington Woods, Dawsonville, Dawson 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)      No
      B. Check all that are available to the site and enter provider          1) Public water City of Dawsonville                                                          B1)      Yes
         name:                                                                2) Public sewer City of Dawsonville                                                           2)      Yes
     Applicant's comments regarding this section of Threshold:
Per the sewer letter found in Tab 15, the City of Dawsonville commits to extending, completing and testing the sewer line along Perimeter Road to the proposed site. DOT Permit is also in Tab 15. No easements are
necessary Per the Water letter found in Tab 15, the City of Dawsonville commits to extending, completeing and testing this water line from Highway 9 to the proposed site. No easements are necessary.

    DCA's Comments:


12 Local Government Support and Community Engagement                                                                                                                   Pass?
    Does documentation include:
     A. Evidence of public meetings regarding the proposed project to local government and residents of the community?                                                    A.      Yes
     B. Evidence of presentations regarding the proposed project to local government and residents of the community?                                                      B.      Yes
     C. Resolutions of support from local government officials?                                                                                                           C.      Yes
     D. Letters of support from local government officials?                                                                                                               D.      Yes
    Applicant's comments regarding this section of Threshold:
Ads were run May 18 and 28th and a meeting took place June 2, 2011 at the Comfort Inn in Dawsonville, GA. Also a sign was placed on site to advertise for this meeting. See City support letter dated May 11, 2011 in
Tab 16


    DCA's Comments:




13 Required Amenities                                                                                                                                                  Pass?
    Is there a Pre-Approval Form from DCA included in this application for this criterion?                                                                                         No
     A. Applicant agrees to provide the following required Standard Site Amenities in conformance with the DCA Amenities Guidebook (select one in each category):
         1) Community area (select either community room or community building):                                      A1) Building                                               Agree
         2) Exterior gathering area (if "Other" is selected, applicant must explain in Comments Section below):       A2) Covered Porch                                          Agree
         3) On site laundry type:                                                                                     A3) On-site laundry                                        Agree
     B. Applicant agrees to provide the following required Additional Site Amenities to conform with the DCA Amenities Guidebook.                                         B.     Agree
        The nbr of amenities required depends on the total unit count: 1-125 units = 2 amenities, 126+ units = 4 amenities;                                                             Additional Amenities
           Additional Amenities (describe in space provided below)             Guidebook Met? DCA Pre-approved?      Additional Amenities (describe in space provided below) Guidebook Met? DCA Pre-approved?
        1) Equipped Playground                                                                                    3) Pool and Cabana area
        2) Covered Pavilion with picnic/BBQ facilities                                                            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




       5611ee9e-3c2e-41b0-9242-6549699dd7a1.xlsx - May 2011                                  Part VIII-Threshold Criteria                                                                              47 of 74
          Georgia Department of Community Affairs                                            2011 Funding Application                                                  Office of Affordable Housing
                                           PART EIGHT - THRESHOLD CRITERIA - 2011-017 Farmington Woods, Dawsonville, Dawson County

Preliminary Rating: Incomplete                                                                                                                                   Applicant Response       DCA USE
FINAL THRESHOLD DETERMINATION (DCA Use Only)
     D. Applicant agrees to provide the following additional required Amenities for Senior projects:                                                                    D.
         1) Elevators are installed for access to all units above the ground floor.                                                                                     1)
         2) Buildings more than two story construction have interior furnished gathering areas in several locations in the lobbies and/or corridors                     2)
         3) a. 100% of the units are accessible and adaptable, as defined by the Fair Housing Amendments Act of1988                                                    3a)
             b. If No, was a DCA Architectural Standards waiver granted?                                                                                               3b)
    Applicant's comments regarding this section of Threshold:
Applicant is providing more site amenities than required.
See Conceptual Development Site Plan in Tab 18 for details.
    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:
Not Applicable.


    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:
See Tab 18 for plan.


    DCA's Comments:




          5611ee9e-3c2e-41b0-9242-6549699dd7a1.xlsx - May 2011                                   Part VIII-Threshold Criteria                                                               48 of 74
        Georgia Department of Community Affairs                                                  2011 Funding Application                                                        Office of Affordable Housing
                                             PART EIGHT - THRESHOLD CRITERIA - 2011-017 Farmington Woods, Dawsonville, Dawson County

Preliminary Rating: Incomplete                                                                                                                                             Applicant Response      DCA USE
FINAL THRESHOLD DETERMINATION (DCA Use Only)
16 Building Sustainability                                                                                                                                                     Pass?

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

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

     C. For 4% credit projects, applicant agrees that the project must also include additional sustainability items as outlined in the Exhibit A to Appendix I                    B.
        Building Sustainability Certification, and that the Building Sustainability Certification must be submitted with the Step II architectural documents
        submission detailing how the minimum standard will be achieved?
    Applicant's comments regarding this section of Threshold:



    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:
If project is selected for allocation, applicant will retain a DCA-qualified consultant to monitor the project for accessibility compliance.

    DCA's Comments:




        5611ee9e-3c2e-41b0-9242-6549699dd7a1.xlsx - May 2011                                         Part VIII-Threshold Criteria                                                                     49 of 74
       Georgia Department of Community Affairs                                                 2011 Funding Application                                                       Office of Affordable Housing
                                           PART EIGHT - THRESHOLD CRITERIA - 2011-017 Farmington Woods, Dawsonville, Dawson County

Preliminary Rating: Incomplete                                                                                                                                          Applicant Response      DCA USE
FINAL THRESHOLD DETERMINATION (DCA Use Only)
18 Architectural Design & Quality Standards                                                                                                                                 Pass?
    Is there a Waiver Approval Letter From DCA included in this application for this criterion?                                                                                     No
    Does this application meet the Architectural Standards contained in the Application Manual for quality and longevity?                                                           Yes
     A. Constructed and Rehabilitation Construction Hard Costs - are the following minimum review standards for rehabilitation projects met or exceeded by this project?
         Rehabilitation projects will be considered for funding only if the per unit rehabilitation hard costs exceed $25,000 for properties less than 20 years old and  A.
         the per unit rehabilitation hard costs exceed $30,000 for properties that exceed 20 years old. The costs of furniture, fixtures, construction of community
         buildings and common area amenities are not included in these amounts.
     B. Standard Design Options for All Projects                                                                                                                               B.   Yes
        1) Exterior Wall Finishes (select one)   Exterior wall faces will have an excess of 40% brick or stone on each total wall surface                                      1)   Yes

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

    DCA's Comments:



19 Qualifications for Project Participants (Performance)                                                                                                                    Pass?

    Is there a pre-application Qualification of Project Participants Determination from DCA included in this application for this criterion?                                        No
    Has there been any change in the Project Team since the initial pre-application submission?                                                                                     Yes
    DCA's pre-application Qualification of Project's Participants Determination indicated a status of (select one):                                                                 No
    DCA Final Determination
     Applicant's comments regarding this section of Threshold:
Project Participants changed due to DCA's response to Q & A #7 question #8. A new performance workbook has been included in this final submission. Project Owner and Project Developer are now related entities.
Original developer decided to heed to the verbiage in DCA's response and will not partner with a nonprofit entity.
The PPT in this application is the same PPT in the Farmington Hills Phase II application. The PPT for that project was QUALIFIED WITHOUT CONDITIONS.


    DCA's Comments:




       5611ee9e-3c2e-41b0-9242-6549699dd7a1.xlsx - May 2011                                       Part VIII-Threshold Criteria                                                                     50 of 74
          Georgia Department of Community Affairs                                               2011 Funding Application                                                     Office of Affordable Housing
                                            PART EIGHT - THRESHOLD CRITERIA - 2011-017 Farmington Woods, Dawsonville, Dawson 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.   No
     C. Is the completed compliance questionnaire for each General Partner, Developer, and project consultant(s) included in the application?                                 C.   Yes
     D. Has Applicant included appropriate documentation or releases from other state housing agencies (both the MultiState Release Form and the Uniform                      D.
                                                                                                                                                                                   Yes
        Release Form)?
    Applicant's comments regarding this section of Threshold:
The Uniform Release Forms not required per Q & A #8 Question 22, provided a Performance Workbook was submitted.
Compliance History forms are found in Tabs 3 and 38 as requested. The Compliance Questionnaires and Multi-State Release forms are in Tab 3
    DCA's Comments:




21 Eligibility for Credit under the Nonprofit Set-Aside                                                                                                                    Pass?
     A. Name of Qualified Nonprofit:                                                                         A.                                                                     No
     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.    No
        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.    No
     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.    No
     E. If the nonprofit is also a developer of the project, does the nonprofit receive a percentage of the developer fee greater than or equal to its percentage of          E.    No
        its ownership interest?
     F. Is a copy of the GP joint venture agreement that indicates nonprofit's general partnership interest and developer fee amount included in application?                 F.    No
    Applicant's comments regarding this section of Threshold:
Not Applicable.
    DCA's Comments:


22 Eligibility for HOME Loans under the CHDO Set-Aside*                                                                                                                    Pass?
     A. Name of CHDO:                                                                                    A.                                                                         No
     B. Is a copy of the State CHDO pre-qualification/renewal letter included in the Application?                                                                             B.    No
     C. Is the CHDO either the sole general partner of the ownership entity or the managing general partner of the ownership entity?                                          C.    No
     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.    No
     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.
                                                                                                                                                                                    No
        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.    No
        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.    No
    Applicant's comments regarding this section of Threshold:
Not Applicable.
    DCA's Comments:




          5611ee9e-3c2e-41b0-9242-6549699dd7a1.xlsx - May 2011                                      Part VIII-Threshold Criteria                                                                  51 of 74
       Georgia Department of Community Affairs                                                 2011 Funding Application                                                           Office of Affordable Housing
                                           PART EIGHT - THRESHOLD CRITERIA - 2011-017 Farmington Woods, Dawsonville, Dawson County

Preliminary Rating: Incomplete                                                                                                                                           Applicant Response           DCA USE
FINAL THRESHOLD DETERMINATION (DCA Use Only)
23 Additional Reporting Requirements                                                                                                                                             Pass?
     A. The Census Tract for the property is characterized as [Choose either Minority concentration (50% or more minority),                           A.            <<Select>>                   <<Select>>
        Racially mixed (25% - 49% minority), or Non-minority (less than 25% minority)]:
     B. List all contiguous Census Tracts:                    B.
     C. Is Contract Addendum included in Application?                                                                                                                               C.
    Applicant's comments regarding this section of Threshold:
Not Applicable.


    DCA's Comments:




24 Required Legal Opinions State legal opinions included in application using boxes provided.                                                                                    Pass?
     A. Credit Eligibilty for Acquisition                                                                                                                                           A.
     B. Credit Eligibilty for Assisted Living                                                                                                                                       B.
     C. Nonprofit Federal Tax Exempt Status                                                                                                                                         C.
     D. Accessibility Standards                                                                                                                                                     D.
     E. Other (If Yes, then also describe):                   E.
    Applicant's comments regarding this section of Threshold:
Not Applicable.
    DCA's Comments:


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




       5611ee9e-3c2e-41b0-9242-6549699dd7a1.xlsx - May 2011                                       Part VIII-Threshold Criteria                                                                           52 of 74
        Georgia Department of Community Affairs                                                 2011 Funding Application                                                        Office of Affordable Housing
                                            PART EIGHT - THRESHOLD CRITERIA - 2011-017 Farmington Woods, Dawsonville, Dawson 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:
Project will not be relocating or displacing any tenants.

    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:
Per Q&A #4, Question 10, the applicant will provide a Marketing Plan if awarded credits.



    DCA's Comments:




        5611ee9e-3c2e-41b0-9242-6549699dd7a1.xlsx - May 2011                                       Part VIII-Threshold Criteria                                                                      53 of 74
       Georgia Department of Community Affairs                                             2011 Funding Application                                                       Office of Affordable Housing
                                          PART EIGHT - THRESHOLD CRITERIA - 2011-017 Farmington Woods, Dawsonville, Dawson 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 stated at their Feasability Workshop that they would be looking for applications that displayed reasonableness of costs and credits utilized. We believe this application achieves both of these goals. We are
applying for an annual allocation of $808,965 or $11,235 credits per unit resulting in less DCA resources allocated to develop each unt and more credits available for other DCA projects. This request is approximately
$140,000 less than the maximum credit amount we could have requested. We are not requesting a basis boost. From the perspective of the total development costs, our per unit costs are more than $1.45MM below
DCA's per unit cost limitation. Our construction and development budgets are realistic since we based them on recent LIHTC projects we have successfully closed and constructed. When compared to other
similarily sized 2011 applications, the applicant believes Farmington Woods shows an Optimal Use of DCA Resources.




    DCA's Comments:




       5611ee9e-3c2e-41b0-9242-6549699dd7a1.xlsx - May 2011                                   Part VIII-Threshold Criteria                                                                              54 of 74
        Georgia Department of Community Affairs                                    2011 Funding Application                                                                   Office of Affordable Housing
                                      PART NINE - SCORING CRITERIA - 2011-017 Farmington Woods, Dawsonville, Dawson County
                                                                                                                                                                                          Score         Self DCA
                                                                                                                                                                                          Value        Score Score
                                                                                                                                                                         TOTALS:           90           57        13
1. APPLICATION COMPLETENESS/ORGANIZATION                                        (Applicants start with 10 pts. Any points entered will be subtracted from score value)                     10           10        10
    A. Missing or Incomplete Documents                Number:   0               For each missing or incomplete document, one (1) point will be deducted                                     7     A.
    B. Financial and Other Adjustments                Number:   0               1-3 adjustments/revisions = one (1) pt deduction total; then (1) pt deducted for each add'l adjustment.     0     B.
    C. Organization                                   Number:   0               One (1) pt deducted if not organized in DCA format and/or required document not in correct tab.             1     C.
Applicant's comments regarding this section of scoring:



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

2                                                               2                                                                                                   2

3                                                               3                                                                                                   3

4                                                               4                                                                                                   4

5                                                               5                                                                                                   5

6                                                               6                                                                                                   6

7                                                               7                                                                                                   7

8                                                               8                                                                                                   8

9                                                               9                                                                                                   9

10                                                              10                                                                                                  10

11                                                              11                                                                                                  11

12                                                              12                                                                                                  12




        5611ee9e-3c2e-41b0-9242-6549699dd7a1.xlsx - May 2011                            Part IX A-Scoring Criteria                                                                                     55 of 74
       Georgia Department of Community Affairs                                                 2011 Funding Application                                                                Office of Affordable Housing
                                        PART NINE - SCORING CRITERIA - 2011-017 Farmington Woods, Dawsonville, Dawson County
                                                                                                                                                                                                           Score         Self DCA
                                                                                                                                                                                                           Value        Score Score
                                                                                                                                                                                  TOTALS:                   90           57        13
2. DEEPER TARGETING / RENT AND INCOME RESTRICTIONS                                                                                                                                                           3           3
    50% Gross Rent Restrictions / 50% Income Restrictions:                                  Nbr units to have these restrictions:             11                    Percent of Residential Units:          15.3%
    Applicant's comments regarding this section of scoring:
11 units at 50% AMI / 72 units = 15.3%
    DCA's Comments:



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

     Applicant's comments regarding this section of scoring:
Applicant is claiming the additional 2 bonus points. The Dawsonville City Hall is under one mile from the site. All desirable characteristics are found in Tab 24.




    DCA's Comments:




4. Community Transportation Options                                                         See scoring criteria for further requirements and information                                                    2           0         0
 A. Rapid Rail                                                                                                                                                                                               2     A.    0
 B. Public Transit Stop                                                                                                                                                                                      1     B.    0
    Applicant's comments regarding this section of scoring:
The City of Dawsonville does not have a public transportation system.

    DCA's Comments:




       5611ee9e-3c2e-41b0-9242-6549699dd7a1.xlsx - May 2011                                         Part IX A-Scoring Criteria                                                                                          56 of 74
         Georgia Department of Community Affairs                                                           2011 Funding Application                                                          Office of Affordable Housing
                                                 PART NINE - SCORING CRITERIA - 2011-017 Farmington Woods, Dawsonville, Dawson County
                                                                                                                                                                                                        Score      Self DCA
                                                                                                                                                                                                        Value     Score Score
                                                                                                                                                                                         TOTALS:         90         57        13
5. Adaptive Reuse                                   (w/PNA & supporting documentation - see scoring criteria)                     See scoring criteria for further requirements and information           1          0
      Will the entire building be an adaptive reuse?
      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:
Not applicable.

      DCA's Comments:




6. Brownfield                                  (With EPA/EPD Documentation)                                           See scoring criteria for further requirements and information                       2          0
     Environmental regulatory agency which has designated the site as a Brownfield and determined:cleanup guidelines:
     Applicant's comments regarding this section of scoring:
Not applicable.

      DCA's Comments:




7. SUSTAINABLE DEVELOPMENTS Choose only one. See scoring criteria for further req'mts.                                            Earth Craft House                                                       3          2

      Does project meet threshold requirement for Building Sustainability and does owner agree to implement the following to educate residents and management?

       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:
See Tab 29 for documentation supporting the sustainable building certification.




      DCA's Comments:




         5611ee9e-3c2e-41b0-9242-6549699dd7a1.xlsx - May 2011                                                   Part IX A-Scoring Criteria                                                                         57 of 74
Georgia Department of Community Affairs                  2011 Funding Application                         Office of Affordable Housing
                           PART NINE - SCORING CRITERIA - 2011-017 Farmington Woods, Dawsonville, Dawson County
                                                                                                                     Score      Self DCA
                                                                                                                     Value     Score Score
                                                                                                       TOTALS:        90        57         13




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        Georgia Department of Community Affairs                                                       2011 Funding Application                                                                 Office of Affordable Housing
                                               PART NINE - SCORING CRITERIA - 2011-017 Farmington Woods, Dawsonville, Dawson County
                                                                                                                                                                                                                     Score          Self DCA
                                                                                                                                                                                                                     Value         Score Score
                                                                                                                                                                                          TOTALS:                     90            57        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) N/a
        b)   Designated Middle or Upper Income level                    (see Demographics)                                                                                                                                   b) N/a
        c)   Market study must demonstrate need for affordable housing                                                                                                                                                       e) N/a
 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)     N/a
       b) Be part of a mixed income phased community with a significant market component?                                                                                                                                    b)     N/a
       c) Facilitate the deconcentration of poverty?                                                                                                                                                                         c)     N/a
       d) Provide for community improvements or amenities?                                                                                                                                                                   d)     N/a
      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.     N/a
      3. Redevelopment Zones                                            Type:                     <<Select>>           Identifier / Nbr:                                                                                     3.     N/a
      4. Local Redevelopment Plan - includes items below? Name of Plan:                                                                                                                                                      4.     N/a
       a) Adopted on or before January 1, 2011?                         Date adopted:                                                                                                                                        a)     N/a
       b) A discussion of potential sources of funding for the plan;                                                                                                                                                         b)     N/a
       c) A clearly delineated target area that includes the proposed project site                                                                                                                                           c)     N/a
       d) Detailed policy goals (one of which must be the rehabilitation or production of affordable rental housing)                                                                                                         d)     N/a
       e) Implementation measures along with specific time frames for the achievement of such policies and housing activities.                                                                                               e)     N/a
        f) The proposed development project must support at least one of the goals of the redevelopment or revitalization plan;                                                                                               f)    N/a
       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)     N/a
        i) A short-term work plan?                                                                                                                                                                                            i)    N/a
        j) A comprehensive plan, consolidated plan, municipal zoning plan or land use plan?                                                                                                                                   j)    N/a
       k) More than four years old?                                                                                                                                                                                          k)     N/a
     Applicant's comments regarding this section of scoring:
See documentation in Tab 30 addressing each page of FFIEC census demonstrating the project meets the requirements.

Also in Tab 30 is the Executive Summary from the Market Summary. This document demonstrates a need for affordable housing.

     DCA's Comments:




        5611ee9e-3c2e-41b0-9242-6549699dd7a1.xlsx - May 2011                                               Part IX A-Scoring Criteria                                                                                              59 of 74
       Georgia Department of Community Affairs                                         2011 Funding Application                                                 Office of Affordable Housing
                                       PART NINE - SCORING CRITERIA - 2011-017 Farmington Woods, Dawsonville, Dawson County
                                                                                                                                                                                Score            Self DCA
                                                                                                                                                                                Value           Score Score
                                                                                                                                                            TOTALS:               90             57         13
9. PHASED DEVELOPMENTS / PREVIOUS PROJECTS                                                                              (choose only one)                                          3              3          3
     A. Phased Developments                                                                                                                                                        3       A.     3
      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.   No
      3. Are any other phases for this project also submitted during the current funding round?                                                                                           3.   No
      4. Was site control over the entire site (including all phases) in place when the initial phase was closed?                                                                         4.   No
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:
Per Exhibit A of Appendix II of the 2011 QAP, there are no previous 9%, 4% or HOME projects that have been awarded within the last 4 funding cycles within the boundaries of the City of Dawsonville or
Dawson County.


    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:
On page 9 the analyst states that there are no directly comparable, like-kind projects in the PMA at the present time. On page 83 the analyst discusses that the project would reach stabilized occupancy in
about 8 months. On page 89 the analyst states that the net rents are below rents currently being achieved in the market. On page 72, the analyst addresses foreclosures in the market area.




    DCA's Comments:




       5611ee9e-3c2e-41b0-9242-6549699dd7a1.xlsx - May 2011                                Part IX A-Scoring Criteria                                                                           60 of 74
Georgia Department of Community Affairs                  2011 Funding Application                         Office of Affordable Housing
                           PART NINE - SCORING CRITERIA - 2011-017 Farmington Woods, Dawsonville, Dawson County
                                                                                                                     Score      Self DCA
                                                                                                                     Value     Score Score
                                                                                                       TOTALS:        90        57         13




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       Georgia Department of Community Affairs                                             2011 Funding Application                                                       Office of Affordable Housing
                                         PART NINE - SCORING CRITERIA - 2011-017 Farmington Woods, Dawsonville, Dawson County
                                                                                                                                                                                             Score         Self DCA
                                                                                                                                                                                             Value        Score Score
                                                                                                                                                                      TOTALS:                 90           57        13
11. WAIVER OF QUALIFIED CONTRACT RIGHT / TENANT OWNERSHIP PLAN                                                               (choose only one)                                                 1            1         0
     A. Waiver of Qualified Contract Right               Applicant agrees to forego cancellation option for at least 5 yrs after close of Compliance period?                Yes                1     A.     1
     B. Tenant Ownership                                                                                                                                                                       1     B.     0
     Applicant's comments regarding this section of scoring:
Applicant agrees to forego cancellation option for at least 5 years after close of Compliance Period.
    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.     0
      2. USDA Properties                                                                                                                                                                       2     2.     0
      3. HUD Properties                                                                                                                                                                        2     3.     0
     Applicant's comments regarding this section of scoring:
Not applicable.




    DCA's Comments:




13. NONPROFIT                                                                                                                  (choose only one)                                               3            0        0
 A. GP comprised of 100% qualified NP organization having ownership in 5+ successful LIHTC projects they developed, constructed/rehabbed and P-I-S.                                            3     A.
 B. GP comprised of 100% qualified NP organization having ownership in 2+ successful LIHTC projects they developed, constructed/rehabbed and P-I-S.                                            2     B.
     Applicant's comments regarding this section of scoring:
Not applicable.


    DCA's Comments:


       5611ee9e-3c2e-41b0-9242-6549699dd7a1.xlsx - May 2011                                     Part IX A-Scoring Criteria                                                                                62 of 74
Georgia Department of Community Affairs                  2011 Funding Application                         Office of Affordable Housing
                           PART NINE - SCORING CRITERIA - 2011-017 Farmington Woods, Dawsonville, Dawson County
                                                                                                                     Score      Self DCA
                                                                                                                     Value     Score Score
                                                                                                       TOTALS:        90        57         13




5611ee9e-3c2e-41b0-9242-6549699dd7a1.xlsx - May 2011        Part IX A-Scoring Criteria                                          63 of 74
       Georgia Department of Community Affairs                                            2011 Funding Application                                                       Office of Affordable Housing
                                        PART NINE - SCORING CRITERIA - 2011-017 Farmington Woods, Dawsonville, Dawson County
                                                                                                                                                                                          Score           Self DCA
                                                                                                                                                                                          Value          Score Score
                                                                                                                                                                    TOTALS:                 90            57        13
14. TAX CREDIT EXPERIENCE                                                                                                     (choose only one)                                                 2          2        0
 A. GP and Developer have been a project participant in two LIHTC projects. List project names and nbrs in Comments below.                                                                      2   A.     2
 B. GP and Developer have been a project participant in one LIHTC project. List project name and nbr in Comments below.                                                                         1   B.     0
    Applicant's comments regarding this section of scoring:
See Tab 35 with letter from closing attorney evidencing final closing of equity and construction on two projects with dates of closing and project numbers. The two projects are Farmington Hills (2010-059)
and Chastain Manor (2008081).
    DCA's Comments:




15. RURAL                                                                                                                     (80 residential units or less)                                    3         2
    If claiming Rural points for both this project and another rural project, list the project name of the other rural project in box below and indicate points claimed. List all other rural
    projects submitted in this funding round in Comments below for which no points are being claimed.
         Project Name                      Farmington Hills Phase II                     Points Claimed for other project:         3                   Points Claimed for this project:         2
   Applicant's comments regarding this section of scoring:                                                                    DCA's Comments:
Dawsonville, GA is considered rural by USDA. Support evidence is found in Tab 1.



16. DCA COMMUNITY INITIATIVES                                                                                                                                                                   1          0
    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)    N/a
     b) is indicative of the community’s affordable housing goals                                                                                                                                   b)    N/a
     c) identifies that the project meets one of the objectives of the Community                                                                                                                    c)    N/a
     d) is excuted by the official representative of the Community                                                                                                                                  d)    N/a

     Applicant's comments regarding this section of scoring:
Not applicable.




    DCA's Comments:




       5611ee9e-3c2e-41b0-9242-6549699dd7a1.xlsx - May 2011                                   Part IX A-Scoring Criteria                                                                                 64 of 74
    Georgia Department of Community Affairs                                      2011 Funding Application                                           Office of Affordable Housing
                                     PART NINE - SCORING CRITERIA - 2011-017 Farmington Woods, Dawsonville, Dawson County
                                                                                                                                                               Score         Self DCA
                                                                                                                                                               Value        Score Score
                                                                                                                                                   TOTALS:      90           57        13
17. LEVERAGING OF RESOURCES                                                                                                                                      8           0         0
  To be eligible for points under section A or B below, the following criteria must be met:                                                                                 Yes/No Yes/No
   1. Funding or assistance provided will be binding and unconditional except as set forth in this section.                                                            1.    N/a
   2. Resources will be utilized if the project is selected for funding by DCA                                                                                         2.    N/a
   3. Loans are for both construction and permanent financing phases                                                                                                   3.    N/a
   4. Loans are for a minimum period of ten years and reflect interest rates at or below AFR.                                                                          4.    N/a
   5. Commitment or award documentation meets the terms and conditions as applicable specified in Appendix I, Threshold Criteria, Section I (I).                       5.    N/a
A. Grants/Loans                                                                                                                                                  3     A.    0         0
    1.   Community Development Block Grant (CDBG) program funds                  ($500,000 minimum)                                                              1     1.     0
    2.   Federal Home Loan Bank Affordable Housing Program (AHP)                 ($500,000 minimum)                                                              1     2.     0
    3.   HOME Funds (non DCA source)                                             ($500,000 minimum)                                                              1     3.     0
    4.   Long term Ground leases for nominal consideration and no other land costs                                                                               1     4.     0
    5.   NSP not allocated from DCA                                              ($1,000,000 minimum)                                                            2     5.     0
    6.   Beltline Grant                                                        ($1,000,000 minimum)                                                              2     6.     0
    7.   Housing Opportunity Bonds                                             ($1,000,000 minimum)                                                              2     7.     0
    8.   HUD 202 or 811 program funds                                          ($3,000,000 minimum)                                                              3     8.     0
B. Efficient use of DCA Resources                                              DCA OAH HOME Loan Consent                                                         3     B.     0
C. Off Site Improvement, Amenity and Facility Investment                                                                                                         2     C.     0
    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:




    5611ee9e-3c2e-41b0-9242-6549699dd7a1.xlsx - May 2011                             Part IX A-Scoring Criteria                                                             65 of 74
       Georgia Department of Community Affairs                                         2011 Funding Application                                                    Office of Affordable Housing
                                       PART NINE - SCORING CRITERIA - 2011-017 Farmington Woods, Dawsonville, Dawson County
                                                                                                                                                                                  Score         Self DCA
                                                                                                                                                                                  Value        Score Score
                                                                                                                                                              TOTALS:              90           57        13
18. SUPERIOR PROJECT CONCEPT AND DESIGN                                                                                                                                             6
    Is the applicant claiming these points?                                                                                                                                                     No
    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
                                                                                                                                                                                                N/a
    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:
The applicant is in compliance with DCA We-Based MITAS System Requirements. Owner and Developer agree to accept rental assistance from a state, federal or other approved organization for up to 5%
of the units in all Georgia owned Tax Credit developments. Form 8823 has not been issueed for any project shown on any of the Compliance History Summaries.


    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 did not send out letters for this criterion. All projects on each team member's Compliance History Summary are within LIHTC compliance and within HOME compliance on projects that utilized HOME
money. None of the members in the Project Team for Farmington Woods were principals in non-performing projects. Tab 38 contains the Compliance History Summary for each owner, developer and
manager as well as the Multi-State forms. No points were deducted from any of the scoring summaries.


Also found in Tab 38 is DCA's list of approved management companies.


       5611ee9e-3c2e-41b0-9242-6549699dd7a1.xlsx - May 2011                                Part IX A-Scoring Criteria                                                                          66 of 74
 Georgia Department of Community Affairs                  2011 Funding Application                         Office of Affordable Housing
                            PART NINE - SCORING CRITERIA - 2011-017 Farmington Woods, Dawsonville, Dawson County
                                                                                                                      Score      Self DCA
                                                                                                                      Value     Score Score
                                                                                                        TOTALS:        90        57         13
DCA's Comments:




                                                         TOTAL POSSIBLE SCORE                                          90        57         13




 5611ee9e-3c2e-41b0-9242-6549699dd7a1.xlsx - May 2011        Part IX A-Scoring Criteria                                          67 of 74
Georgia Department of Community Affairs                                               Office of Affordable Housing
                       Scoring Section 18 - Superior Project Concept and Design Narrative
                                                    Farmington Woods
                                                Dawsonville, Dawson County




2011 OAH Funding Round                    5611ee9e-3c2e-41b0-9242-6549699dd7a1.xlsx                      68 of 74
Georgia Department of Community Affairs                                               Office of Affordable Housing
                       Scoring Section 18 - Superior Project Concept and Design Narrative
                                                    Farmington Woods
                                                Dawsonville, Dawson County




2011 OAH Funding Round                    5611ee9e-3c2e-41b0-9242-6549699dd7a1.xlsx                      69 of 74
Georgia Department of Community Affairs                                               Office of Affordable Housing
                       Scoring Section 18 - Superior Project Concept and Design Narrative
                                                    Farmington Woods
                                                Dawsonville, Dawson County




2011 OAH Funding Round                    5611ee9e-3c2e-41b0-9242-6549699dd7a1.xlsx                      70 of 74
    Georgia Department of Community Affairs
    Office of Affordable Housing
    60 Executive Park South, NE.
    Atlanta, Georgia 30329-2231

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

    To DCA:

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

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

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



2011 OAH Funding Application                  DCA Office of Affordable Housing                                Page 71 of 74
    5)    I understand and agree that my application for a low-income housing credit and/or HOME loan, all
          attachments thereto, amendments, and all correspondence relating to my application in particular or
          the credit in general are subject to a request disclosure under the Georgia Open Records Act and I
          expressly consent to such disclosure. I further understand and agree that any and all
          correspondence to me from DCA or other DCA-generated documents relating to my application are
          subject to a request for disclosure under the Georgia Open Records Act and I expressly consent to
          such disclosure. I agree to hold harmless DCA and the individual directors, employees, members,
          officers, and agents of DCA against all losses, costs, damages, expenses, and liability of
          whatsoever nature or kind (including, but not limited to, attorneys' fees, litigation, and court costs)
          directly or indirectly resulting from or arising out of the release of all information pertaining to my
          application pursuant to a request under the Georgia Open Records Act.

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

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

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

    APPLICANT/OWNER


                        Printed Name                                                   Title




                          Signature                                                    Date

                                                                                     [SEAL]




2011 OAH Funding Application                 DCA Office of Affordable Housing                              Page 72 of 74
                                                                                           SUMMARY OF DCA UNDERWRITING ASSUMPTIONS
Category                                                Specification                                                Scale                                                                          Minumum Maximum
Funding Limits                                          LIHTC                                                        Per Project                                                                      n/a          950,000
                                                                                                                     Per Owner Per Round                                                              n/a         1,700,000
                                                        HOME                                                         Per Project                                                                    800,000       2,500,000
                                                                                                                     Per Owner Per Round (% of HOME funds available)                                  n/a            25%
                                                                                                                         0 BR         1 BR         2 BR         3 BR                 4 BR
                                                        Unit Cost Limit - both LIHTC and HOME                          110,481      126,647      154,003     199,229               218,693            n/a        11,845,368
                                                        Brownfield Projects                                            132,577      151,976      184,804     239,075               262,432            n/a        14,214,456
                                                        Historic Rehab Projects                                        121,529      139,312      169,403     219,152               240,562            n/a        13,029,900
Annual Operating Expenses
  Annual Operating Expenses                             Urban          Atlanta                                       Per Unit                                                                          4,500            n/a
                                                                       Other                                         Per Unit                                                                          4,000            n/a
                                                        Non-MSA Rural w/out USDA Financing                           Per Unit                                                                          3,000            n/a
                                                        Rural w/USDA Financing                                       Per Unit                                                                          3,000            n/a
  Replacement Reserve Pymt                              Rehab                                                        Per Unit                                                                            350            n/a
                                                        New                                                          Per Unit                                                                            250            n/a
                                                        All Single Family                                            Per Unit                                                                            420            n/a
                                                        All Historic Rehab                                           Per Unit                                                                            420            n/a
Development Costs
  Pre-Development Costs                                 Tax Credit Application Fee                                   Per Project - For Profit or Joint Venture                                                4,000
                                                        Tax Credit Application Fee                                   Per Project - Nonprofit                                                                  3,000
                                                        DCA Loan Application Fee                                     Per Project - For Profit or Joint Venture                                                1,000
                                                        DCA Loan Application Fee                                     Per Project - Nonprofit                                                                   500
                                                        DCA Loan / LIHTC Application Fee                             Per Project - For Profit or Joint Venture                                                5,000
                                                        DCA Loan / LIHTC Application Fee                             Per Project - Nonprofit                                                                  3,500
  Hard Costs                                            Rehab                                                        Per unit - Properties 20 yrs old or less                                       25,000            see UCL
                                                                                                                     Per unit - Properties over 20 yrs old                                          30,000            see UCL
  Construction Contingency                              New                                                          LESSER OF % of Construction Hard Costs                                          N/A                5%
                                                                                                                     OR Dollar amount                                                                N/A              500,000
                                                        Rehab                                                        LESSER OF % of Construction Hard Costs                                          N/A                7%
                                                                                                                     OR Dollar amount                                                                N/A              500,000
  Builder Profit                                          n/a                                                        % of (Construction Hard Costs, exclusive of Contingency and Contractor Svcs)     n/a               6%
  Builder's Overhead                                      n/a                                                        % of (Construction Hard Costs, exclusive of Contingency and Contractor Svcs)     n/a               2%
  General Requirements (exclusive of Contractor Services) n/a                                                        % of (Construction Hard Costs, exclusive of Contingency and Contractor Svcs)     n/a               6%
  LIHTC Allocation Fee                                    LIHTC Fee                                                  Percent of Credit Request                                                                 7%
  4% LIHTC IRS Form 8609 Fee                              LIHTC Fee                                                  Percent of Credit Request                                                                 7%
  Front-End Analysis Fee                                                                                                                                                                                      2,700
  Compliance Monitoring Fee                               LIHTC Fee (both 4% and 9%)                                 Per Unit                                                                        700                n/a
                                                          USDA or URFA Fee                                           Per Unit                                                                        150                n/a
  Developer's Fee                                                                                                    Maximum                                                                                1,800,000
                                                          Identity of Interest     New Construction                  % of (TDC - budgeted DF - Demo - uw Land)                                                 15%
                                                                                   Acq / Rehab Acq portion           % of Existing Structures acquisition cost (including Acquisition Legal Fees)              15%
                                                                                                  Rhb portion        % of (TDC - budgeted DF - uw Land - Acq Lgl Fees - Existing Structures)                   15%
                                                                                   Rehabilitation                    % of (TDC - budgeted DF - uw Land - Acq Lgl Fees - Existing Structures)                   15%
                                                                                                  % DF to bldg acq   % of (TDC - budgeted DF - uw Land)                                                        15%
                                                          No Identity of Interest                                    LESSER OF % of (TDC - uw Land - budgeted DF - Bldr profit)                                15%
                                                                                                                     OR percentage proposed                                                                     ?
                                                        Deferred DF Term (Years)                                                                                                                       0                15
                                                        Deferred DF % of Total DF                                                                                                                     0%               50%
   Operating Deficit Reserve                                                      Mths of Year 1 Debt Service (out of 12)                                6             n/a
                                                                                  Mths of Year 1 O&M Expense (out of 12)                                 6             n/a
   Rent-Up Reserve                                                                Mths of projected operating expenses                                   3             n/a
   Final Inspection Fee                                                           Per Project                                                                  3,000
Proforma Operating Forecast
   Number of Persons in Family and Percentage Adjustments for Rent Calculations        1             2             3         4       5      6      7      8
                                                                                      70%          80%            90%       Base   108%   116%   124%   132%
   Revenue Growth Rate                                                            Per Operation Year                                                            2%
   V&C Loss Rate (Non-PBRA/USDA)                                                  Per Operation Year                                                            7%
   V&C Loss Rate (PBRA/USDA)                                                      Per Operation Year                                                            7%
   Operating Expense Growth Rate                                                  Per Operation Year                                                            3%
   Replacement Reserve Annual Payment Growth Rate                                 Per Operation Year                                                            3%
   Operating Reserve Annual Payment Growth Rate                                   Per Operation Year                                                            0%

				
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