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					The worksheets should be completed in more or less this order: assumptions (cells b11, b13.b14, b17.b20, e3.e7, d17.f20,
e42.e43); rents; rent summary (cells c6.f10, c16.f20, g30.g33); expenses; amortizations; cashflows (cells b49, b54,
b56.e57); sources-uses (cells c5.c62, f4.k62); credit calcs. Do not overwrite or change formulas without bringing the change
to VHFA's attention (i.e., if sending in a disk, note the changes at the bottom of this protocols worksheet). Use the categories
provided in sources-uses and expenses without altering or adding to, if possible. This is not a protected workbook.

assumptions:

If you need to put on additional sources, make sure you modify formula in cell c77 in credit calcs sheet (it should include the
non-Housing Credit sources) and the columns F through K on the sources-uses sheet. Also, make sure to use the most current
month's credit rates.

sources-uses:

Line 19, (Furniture, Fixtures and Equipment) should include short-term depreciables such as appliances. The allocation of
sources to uses is important in the basis calculation, so please do not leave this section blank. Cells F4.K4 are for re-writing
the loan amount, rate, and term. Once the final sources are on the assumptions worksheet, you might want to modify this and
add rows so these cells use cell references to the assumptions worksheet rather than an absolute text entry.

rent summary:

You will have to create the formulas that average rents and square footages (off of the rents worksheet) for all of the units of
the same bedroom size into the appropriate cells (c6.c10, e6.e10, c16.20, e16.20) as well as the formula that sums the number
of units of each bedroom size. Put a number into Commercial Income (cell g32) only for mixed use properties when the
commercial space cash flow has been designated to subsidize the residential portion of the project

cashflows:

The first equity contribution is assumed to be the same date as construction closing, and IRR and syndication yield are
calculated as of this date. This date is also built in the formulas as being one year prior to the first year the credits are claimed.
 Change this as needed to match your project's actual schedule. Replacement reserve usage over time is omitted - put in a
schedule based on a capital needs assessment (or your best estimate, for new construction).

There is no formula limit on negative cumulative cashflow, so you will have to structure so this does not occur. The beginning
balance of cumulative cashflow (cell c24) includes Other Operating Reserves and Sinking Fund (Working Capital and Deficit
Escrow assumed to be used up during rent up period). Any financed accounts that are not used up are assumed to remain with
the project. If owner's cash or a letter of credit is used for any of these, you may want to modify the formula accordingly.
Also, cashflow is usually not syndicated, and this model assumes it all goes into the project's cash accounts. If this is not the
case, please modify the formulas accordingly.

amortizations:

Modify amortization table as needed to match funding sources, but make sure that cashflows picks up all references
(specifically, make sure if you add amortization tables that the total interest line (row 56) and the outstanding principal balance
line (row 61) pick it up.

flow of funds:

This sheet is not necessary to complete unless VHFA construction financing is also being sought.

List of Changes Made:
Jan 30, 2002: Added Below the Line expenses on "Expense" tab; added minimum election on "Assumptions" tab;



                                                                                                                         revision date: 8/6/2007
                    05-Mar-10 Project Name Here

Total Residential Units:                        0 Increase in Income from Rental Units:                         0.00%
Housing Credit Restricted Units:                0 Increase in Income from Other Sources:                        0.00%
Percent Restricted:                #DIV/0!         Increase in Income from Commercial:                          0.00%
Total Development Cost:                         0 Expense increase:                                             0.00%
Total Development Cost per Unit:   #DIV/0!         Vacancy Rate:                                                   0%
Total Development Cost Per SF:     #DIV/0!         Partner's Tax Rate:                                            35%
Credit Election:                             40/60 Long Depreciation Schedule:                                   27.5 years
Max Credit Potential:              #DIV/0!         Short Depreciation Schedule:                                     7 years
Credit Amount Allocated:                        0 Sponsor's Estimated Yield:                               #DIV/0!

LIHTC - 9%                                   8.21%                (Aug 2007)
LIHTC - 4%                                   3.52%
SOURCES
                                                             % of Total Development Cost   Interest Rate   Amortization           Term
First Mortgage                                                     #DIV/0!                       8.25%              30               30
VHCB                                                               #DIV/0!                       4.00%              30         deferred
HOME                                                               #DIV/0!                       1.00%              20         int. only
VCDP                                                               #DIV/0!                       4.00%              30         deferred
Other Equity                                                       #DIV/0!                          N/A            N/A
Tax Credit Equity                  #DIV/0!                         #DIV/0!                          N/A            N/A
             TOTAL SOURCES         #DIV/0!                         #DIV/0!

USES
Acquisition                                     0                   #DIV/0!
Construction Hard Costs                         0                   #DIV/0!
Soft Costs                                      0                   #DIV/0!
                 TOTAL USES                     0                                   100%

                           Gap     #DIV/0!

General Partner's Capital Contribution                                                      #DIV/0!              1.00%
Limited Partner's Capital Contribution                                                      #DIV/0!             99.00%
Total Equity                                                                                #DIV/0!
APPLICABLE FRACTION CALCULATION
                                                     Tax Credit Restricted Units                      0
                                                     Total Units                                      0
                                                     Unit Fraction                          #DIV/0!

                                                     Tax Credit Square Footage                        0
                                                     Total Residential Square Footage                 0
                                                     Square Footage Fraction                #DIV/0!

                                                     Applicable Fraction                    #DIV/0!




                                                                                                                      revision date: 8/6/2007
05-Mar-10 Project Name Here
                                                                                                                           Allocation of Sources
                                                      Budget                 Per Unit   Per s.f.   VHCB        HOME        VCDP        Debt        Equity      Other
                                                                                                   Terms:___   Terms:___   Terms:___ Terms:___     Terms:___   Terms:___
                                                                                                   ________    ________    ________ ________       ________    ________
                                                                                                   ________    ________    ________ ________       ________    ________ TOTAL
          ACQUISITION                                                                              __          __          __          __          __          __        SOURCES
      1   Land                                                               #DIV/0!    #DIV/0!                                                                                 0
      2   Purchase of Building(s)                                            #DIV/0!    #DIV/0!                                                                                 0
      3   Demolition (without replacement)                                   #DIV/0!    #DIV/0!                                                                                 0
      4   Property Appraisal                                                 #DIV/0!    #DIV/0!                                                                                 0
      5   Legal - Title and Recording                                        #DIV/0!    #DIV/0!                                                                                 0
                             Subtotal - Acquisition                      0   #DIV/0!    #DIV/0!
          CONSTRUCTION HARD COSTS
      6   Rehabilitation                                                     #DIV/0!    #DIV/0!                                                                                          0
      7   New Building(s)                                                    #DIV/0!    #DIV/0!                                                                                          0
      8   Accessory Buildings                                                #DIV/0!    #DIV/0!                                                                                          0
      9   Sitework                                                           #DIV/0!    #DIV/0!                                                                                          0
     10   Commercial Space Costs (if any)                                    #DIV/0!    #DIV/0!                                                                                          0
     11   General Requirements                                               #DIV/0!    #DIV/0!                                                                                          0
     12   Contractor Overhead                                                #DIV/0!    #DIV/0!                                                                                          0
     13   Contractor Profit                                                  #DIV/0!    #DIV/0!                                                                                          0
     14   Construction Contingency                                           #DIV/0!    #DIV/0!                                                                                          0
     15   Construction Management                                            #DIV/0!    #DIV/0!                                                                                          0
     16   Construction Bond Fee                                              #DIV/0!    #DIV/0!                                                                                          0
     17   Hazardous Materials Abatement                                      #DIV/0!    #DIV/0!                                                                                          0
     18   Off-Site Improvements                                              #DIV/0!    #DIV/0!                                                                                          0
     19   Furnishings, Fixtures, & Equipment                                 #DIV/0!    #DIV/0!                                                                                          0
     20   Other (____________________)                                       #DIV/0!    #DIV/0!                                                                                          0
                             Subtotal - Hard Costs                       0   #DIV/0!    #DIV/0!
          SOFT COSTS
     21   Architectural                                                      #DIV/0!    #DIV/0!                                                                                          0
     22   Engineering                                                        #DIV/0!    #DIV/0!                                                                                          0
     23   Legal/Accounting                                                   #DIV/0!    #DIV/0!                                                                                          0
     24   Relocation                                                         #DIV/0!    #DIV/0!                                                                                          0
     25   Environmental Assessment                                           #DIV/0!    #DIV/0!                                                                                          0
     26   Energy Assessment                                                  #DIV/0!    #DIV/0!                                                                                          0
     27   Permits/Fees                                                       #DIV/0!    #DIV/0!                                                                                          0
     28   Independent Market Study                                           #DIV/0!    #DIV/0!                                                                                          0
     29   Construction Period Insurance                                      #DIV/0!    #DIV/0!                                                                                          0
     30   Construction Interest                                              #DIV/0!    #DIV/0!                                                                                          0
     31   Construction Loan Origination Fee                                  #DIV/0!    #DIV/0!                                                                                          0
     32   Taxes During Construction                                          #DIV/0!    #DIV/0!                                                                                          0
     33   Clerk of the Works                                                 #DIV/0!    #DIV/0!                                                                                          0
     34   Marketing                                                          #DIV/0!    #DIV/0!                                                                                          0
     35   Tax Credit Fees                                                    #DIV/0!    #DIV/0!                                                                                          0
     36   Soft Cost Contingency                                              #DIV/0!    #DIV/0!                                                                                          0
     37   Permanent Loan Origination Fee                                     #DIV/0!    #DIV/0!                                                                                          0
     38   Lender's Counsel's Fee                                             #DIV/0!    #DIV/0!                                                                                          0
     39   Other (________________)                                           #DIV/0!    #DIV/0!                                                                                          0
                         SYNDICATION COSTS
     40   Organizational (Partnership)                                       #DIV/0!    #DIV/0!                                                                                          0
     41   Bridge Loan Fees and Expenses                                      #DIV/0!    #DIV/0!                                                                                          0
     42   Syndication Consultant                                             #DIV/0!    #DIV/0!                                                                                          0
     43   Tax Opinion                                                        #DIV/0!    #DIV/0!                                                                                          0
                            DEVELOPER'S FEES
     44   Developer's Fees                                                   #DIV/0!    #DIV/0!                                                                                          0
     45   Other Partnership Fees                                             #DIV/0!    #DIV/0!                                                                                          0
     46   Consultant Fees                                                    #DIV/0!    #DIV/0!                                                                                          0
                                       RESERVES
     47   Working Capital                                                    #DIV/0!    #DIV/0!                                                                                          0
     48   Rent-up (Deficit Escrow) Reserve                                   #DIV/0!    #DIV/0!                                                                                          0
     49   Other Operating Reserves                                           #DIV/0!    #DIV/0!                                                                                          0
     50   Sinking Fund                                                       #DIV/0!    #DIV/0!                                                                                          0
     51   Replacement Reserves                                               #DIV/0!    #DIV/0!                                                                                          0
                              Subtotal - Soft Costs                      0   #DIV/0!    #DIV/0!
          TOTAL DEVELOPMENT COSTS                                        0   #DIV/0!    #DIV/0!           0           0            0          0           0          0                   0


          COST BASIS FOR DEVEL FEE                                       0
          DEVELOPER FEE                                                  0
          DEVELOPER FEE %                                      #DIV/0!




                                                                                                                                                                         revision date: 8/6/2007
05-Mar-10 Project Name Here
                                                                                                                                                                  Costs
                                                                             Acquisition       Construction   Residential Historic                                Incurred to   To be
                                                            Budget           Basis             Basis          Depreciation Credit Basis       Other               Date          Incurred   Total
           ACQUISITION
       1   Land                                                          0
       2   Purchase of Building(s)                                       0
       3   Demolition (without replacement)                              0
       4   Property Appraisal                                            0
       5   Legal - Title and Recording                                   0
                                   Subtotal - Acquisition                0
           CONSTRUCTION HARD COSTS
      6    Rehabilitation                                                0
      7    New Building(s)                                               0
      8    Accessory Buildings                                           0
      9    Sitework                                                      0
     10    Commercial Space Costs (if any)                               0
     11    General Requirements                                          0
     12    Contractor Overhead                                           0
     13    Contractor Profit                                             0
     14    Construction Contingency                                      0
     15    Construction Management                                       0
     16    Construction Bond Fee                                         0
     17    Hazardous Materials Abatement                                 0
     18    Off-Site Improvements                                         0
     19    Furnishings, Fixtures, & Equipment                            0
     20    Other (____________________)                                  0
                                   Subtotal - Hard Costs                 0
           SOFT COSTS
     21    Architectural                                                 0
     22    Engineering                                                   0
     23    Legal/Accounting                                              0
     24    Relocation                                                    0
     25    Environmental Assessment                                      0
     26    Energy Assessment                                             0
     27    Permits/Fees                                                  0
     28    Independent Market Study                                      0
     29    Construction Period Insurance                                 0
     30    Construction Interest                                         0
     31    Construction Loan Origination Fee                             0
     32    Taxes During Construction                                     0
     33    Clerk of the Works                                            0
     34    Marketing                                                     0
     35    Tax Credit Fees                                               0
     36    Soft Cost Contingency                                         0
     37    Permanent Loan Origination Fee                                0
     38    Lender's Counsel's Fee                                        0
     39    Other (________________)                                      0
                               SYNDICATION COSTS
     40    Organizational (Partnership)                                  0
     41    Bridge Loan Fees and Expenses                                 0
     42    Syndication Consultant                                        0
     43    Tax Opinion                                                   0
                                  DEVELOPER'S FEES
     44    Developer's Fees                                              0
     45    Other Partnership Fees                                        0
     46    Consultant Fees                                               0
                                            RESERVES
     47    Working Capital                                               0
     48    Rent-up (Deficit Escrow) Reserve                              0
     49    Other Operating Reserves                                      0
     50    Sinking Fund                                                  0
     51    Replacement Reserves                                          0
                                    Subtotal - Soft Costs                0
                             TOTALS                                      0                 0              0             0                 0
   LESS:   Amount of Non-qualified Financing

  LESS: Historic tax Credit (Residential Portion)                                                         0             0            20% Historic Credit Rate
                                   Total Eligible Basis                                    0              0                            0 Annual Historic Credit
 TIMES: Adjusted for QCT/DDA                                       100.0%                                 0
 TIMES: Applicable Fraction                                    #DIV/0!         #DIV/0!            #DIV/0!
                                 Total Qualified Basis                         #DIV/0!            #DIV/0!               0 Long Term Depreciable Basis
 TIMES: Applicable Percentage                                                     3.52%               8.21%          27.5 Depreciation Schedule
                        Total Annual Credit Qualified                          #DIV/0!            #DIV/0!               0 Annual Depreciation

           Total Tax Credits Requested                                   0                                              0 Short Term Depreciable Basis
           Estimated Net Syndication Proceeds (Sec.
           42 Housing Credit only)                                       0                                              7 Depreciation Schedule
           Estimated Yield - Housing Credit Syndication        #DIV/0!                                                  0 Annual Depreciation
           Equity Gap                                                    0
           Credits Needed to fill Equity Gap                   #DIV/0!




                                                                                                                                                                                           revision date: 8/6/2007
                    05-Mar-10 Project Name Here

 HC Restricted Units                                 Average               Average                      Total
         Bedrooms                Type             Square Feet   Number        Rent         Utilities Annual Rent

             0 Br                                                      0        0                                     0
             1 Br                                                      0        0                                     0
             2 Br                                                      0        0                                     0
             3 Br                                                      0        0                                     0
            4+ Br                                                      0        0                                     0
                                    Totals                  0          0                                              0

 Non-HC Restricted Units                                                                                Total
        Bedrooms                 Type             Square Feet   Number        Rent         Utilities Annual Rent

             0 Br                                                      0        0                                     0
             1 Br                                                      0        0                                     0
             2 Br                                                      0        0                                     0
             3 Br                                                      0        0                                     0
            4+ Br                                                      0        0                                     0
                                    Totals                  0          0                                              0

Common Area Square Footage                                  0

                             Grand Totals                   0          0                                              0

                                             Less Vacancy         0.00%                                               0

                                                                                     NET RENT                         0
                                             OTHER INCOME

                                             Laundry                                                                  0
                                             Parking                                                                  0
                                             Commercial Space Income                                                  0
                                             Other                                                                    0

                                                                                     TOTAL INCOME                     0




                                                                                                    revision date: 8/6/2007
  05-Mar-10                        Project Name Here
                                                      Check all Applicable                                                                                                        A                                                                               B                                               C




                                                                                          VHCB Restricted
                                    Lead Paint Unit




                                                                        Tax Credit Unit
                                                                                                                                                                                                                 Gross Rent




                                                        Project Based




                                                                                                                                     Unrestricted
                       HOME Unit




                                                          Assistance




                                                                                                            Accessible
                                                                                                                         Adaptable
                                                                                                                                                                                                  Utility
                                                                                                                                                                 Proposed                                         (Rent +                             OCCUPIED BY:                                    AFFORDABLE TO:
                                                                                                                                                     Number of                  Proposed        Allowance
Building #    Unit #                                                                                                                                              Square                                          Tenant-                   Income level of residents to be served:              Units affordable to residents at:
                                                                                                                                                     Bedrooms                     Rent         for Tenant-
                                                                                                                                                                  Footage                                          Paid
                                                                                                                                                                                               Paid Utilities
                                                                                                                                                                                                                  Utilities)
                                                                                                                                                                                                                                 <30%       <50%       <60%       <80%       <100% >100%   30%   50%      60%         65%     80%        100%+




 Total #                                                                                                                                            Totals:                                                     Total # Units:
  Units            0                                                                                                                                                        0              0                                            0          0          0          0       0     0     0      0         0         0            0         0




                                                                                                                                                                                                                                                                                                                                 revision date: 8/6/2007
                    05-Mar-10 Project Name Here
                                                           Per Unit
                                  Annual       Monthly   Per Month
Administration
 Management Fee                                     0    #DIV/0!         #DIV/0!
 Supportive Services                                0    #DIV/0!
 Audit/Accounting                                   0    #DIV/0!
 Legal                                              0    #DIV/0!
 Compliance Monitoring                              0    #DIV/0!
 Marketing                                          0    #DIV/0!
 Other                                              0    #DIV/0!
TOTAL ADMINISTRATIVE                       0        0    #DIV/0!

Utilities
 Electricity                                        0    #DIV/0!
 Fuel                                               0    #DIV/0!
 Water and Sewer                                    0    #DIV/0!
 Fire Alarm / Emergency                             0    #DIV/0!
 Other                                              0    #DIV/0!
TOTAL UTILITIES                            0        0    #DIV/0!

Maintenance
 Maintenance / Janitor Payroll                      0    #DIV/0!
 Janitor Supplies                                   0    #DIV/0!
 Exterminating                                      0    #DIV/0!
 Trash Removal                                      0    #DIV/0!
 Snow Removal                                       0    #DIV/0!
 Grounds                                            0    #DIV/0!
 Repairs Material                                   0    #DIV/0!
 Repairs Contract                                   0    #DIV/0!
 HVAC Repairs / Maintenance                         0    #DIV/0!
 Elevator Contract / Repairs                        0    #DIV/0!
 Painting and Decorating                            0    #DIV/0!
 Other                                              0    #DIV/0!
TOTAL MAINTENANCE                          0        0    #DIV/0!
                                                                      per unit month
Real Estate Taxes                                   0    #DIV/0!      excl. ds & res.
Property Insurance                                  0    #DIV/0!         #DIV/0!
Replacement Reserves                                0    #DIV/0!
Primary Debt Service                                0    #DIV/0!
Other "must pay" debt service                       0    #DIV/0!
Other                                               0    #DIV/0!
                          Total            0        0    #DIV/0!


"Below-the-Line" Expenses:

          Special LP or GP Fee             0
   Repayment of Deferred Fee               0
  Partnership Audit or K-1 Fee             0
                   Distribution            0
               Net to Residual
Recepits/Cumulative Cash Flow              0




                                                                                        revision date: 8/6/2007
                          05-Mar-10                  Project Name Here
                                              Year           1           2           3     4     5     6     7     8     9    10    11    12    13    14              15

Operating Income
                         Gross Rent                          0           0           0     0     0     0     0     0     0     0     0     0     0     0                0
                      Other Income                           0           0           0     0     0     0     0     0     0     0     0     0     0     0                0
            Vacancy and other losses                         0           0           0     0     0     0     0     0     0     0     0     0     0     0                0
             Total Operating Income                          0           0           0     0     0     0     0     0     0     0     0     0     0     0                0
Operating Expenses
     Total Expenses (excl. Reserves)                         0           0           0     0     0     0     0     0     0     0     0     0     0     0                0
                           Reserves                          0           0           0     0     0     0     0     0     0     0     0     0     0     0                0
            Total Operating Expense                          0           0           0     0     0     0     0     0     0     0     0     0     0     0                0

               Net Operating Income                          0           0           0     0     0     0     0     0     0     0     0     0     0     0                0

          Less Primary Debt Service                          0           0           0     0     0     0     0     0     0     0     0     0     0     0                0
        Less Secondary Debt Service                          0           0           0     0     0     0     0     0     0     0     0     0     0     0                0
                  Annual Cash Flow                           0           0           0     0     0     0     0     0     0     0     0     0     0     0                0
  Operating Subsidies / Sinking Fund                         0           0           0     0     0     0     0     0     0     0     0     0     0     0                0
                            Net Cash                         0           0           0     0     0     0     0     0     0     0     0     0     0     0                0

                                DCR                        N/A         N/A         N/A    N/A   N/A   N/A   N/A   N/A   N/A   N/A   N/A   N/A   N/A   N/A            N/A
Cumulative Cash Flow
                  Beginning Balance                          0           0           0     0     0     0     0     0     0     0     0     0     0     0                0
                            Deposits                         0           0           0     0     0     0     0     0     0     0     0     0     0     0                0
                              Interest       2.0%            0           0           0     0     0     0     0     0     0     0     0     0     0     0                0
Withdrawals:
             Project Operating Needs                         0           0           0     0     0     0     0     0     0     0     0     0     0     0                0
               Special LP or GP Fee                          0           0           0     0     0     0     0     0     0     0     0     0     0     0                0
   Repayment of Deferred Devel. Fee                          0           0           0     0     0     0     0     0     0     0     0     0     0     0                0
       Partnership Audit or K-1 Fee                          0           0           0     0     0     0     0     0     0     0     0     0     0     0                0
      Distribution of Cash to Owner                          0           0           0     0     0     0     0     0     0     0     0     0     0     0                0
                      Ending Balance                         0           0           0     0     0     0     0     0     0     0     0     0     0     0                0

Cumulative Replacement Reserves
                 Beginning Balance                           0           0           0     0     0     0     0     0     0     0     0     0     0     0                0
                          Deposits                           0           0           0     0     0     0     0     0     0     0     0     0     0     0                0
                           Interest          2.0%            0           0           0     0     0     0     0     0     0     0     0     0     0     0                0
                      Withdrawals                            0           0           0     0     0     0     0     0     0     0     0     0     0     0                0
                   Ending Balance                            0           0           0     0     0     0     0     0     0     0     0     0     0     0                0

                                                             1           2           3     4     5     6     7     8     9    10    11    12    13    14              15
               Net Operating Income                          0           0           0     0     0     0     0     0     0     0     0     0     0     0               0
                       Plus Reserves                         0           0           0     0     0     0     0     0     0     0     0     0     0     0               0
               Less Interest Expense                         0           0           0     0     0     0     0     0     0     0     0     0     0     0               0
             Less Long Depreciation                          0           0           0     0     0     0     0     0     0     0     0     0     0     0               0
             Less Short Depreciation                         0           0           0     0     0     0     0     0     0     0     0     0     0     0               0
              Taxable Income (Loss)                          0           0           0     0     0     0     0     0     0     0     0     0     0     0               0

                          Cash Flow                          0           0           0     0     0     0     0     0     0     0     0     0     0     0                0
                   Plus Tax Savings                          0           0           0     0     0     0     0     0     0     0     0     0     0     0                0
         Plus Historic Rehab Credits                         0
                   Plus State Credits                        0           0           0     0     0
        Plus Federal Housing Credits                         0           0           0     0     0     0     0     0     0     0
                After Tax Cash Flow                          0           0           0     0     0     0     0     0     0     0     0     0     0     0                0

                         Total Years           15
                   Reinvestment Rate        6.00%
                                                             1           2           3     4     5     6     7     8     9    10    11    12    13    14              15
       Current After Tax Cash Flows                          0           0           0     0     0     0     0     0     0     0     0     0     0     0               0
Future Value of Cash Flows at Yr 15:                         0           0           0     0     0     0     0     0     0     0     0     0     0     0               0

                      Discount Rate:        3.00%
       Capital Contribution Number:             1            2           3           4
        Date of Capital Contribution:    05-Mar-10    05-Mar-10   05-Mar-10   05-Mar-10
     Amount of Capital Contribution:            0            0           0           0
      Present Value of Contributions:           0            0           0           0
                         Cash Flows             0                                                                                                                       0

                                IRR:     #NUM!
                        Equity Yield:    #DIV/0!




                                                                                                                                                            revision date: 8/6/2007
                 05-Mar-10 Project Name Here

First Mortgage

PRINCIPAL                        0
INTEREST                     8.25%
AMORTIZATION PERIOD             30
TERM                            30
MONTHLY PAYMENT                  0
ANNUAL PAYMENT                   0



             YEAR                1        2    3   4   5   6   7   8   9   10   11   12   13   14   15   16   17   18   19   20   21   22   23   24   25   26   27   28   29   30
BEGINNING BALANCE                0        0    0   0   0   0   0   0   0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0
ENDING BALANCE                   0        0    0   0   0   0   0   0   0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0
PRINCIPAL                        0        0    0   0   0   0   0   0   0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0
INTEREST                         0        0    0   0   0   0   0   0   0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0
TOTAL PAID                       0        0    0   0   0   0   0   0   0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0

VHCB

PRINCIPAL                        0
INTEREST                     4.00%
TERM                            30
MONTHLY PAYMENT                  0
ANNUAL PAYMENT                   0


             YEAR                1        2    3   4   5   6   7   8   9   10   11   12   13   14   15   16   17   18   19   20   21   22   23   24   25   26   27   28   29   30
BEGINNING BALANCE                0        0    0   0   0   0   0   0   0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0
ENDING BALANCE                   0        0    0   0   0   0   0   0   0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0
PRINCIPAL                        0        0    0   0   0   0   0   0   0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0
INTEREST                         0        0    0   0   0   0   0   0   0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0
TOTAL PAID                       0        0    0   0   0   0   0   0   0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0

HOME

PRINCIPAL                        0
INTEREST                     1.00%
TERM                            20
MONTHLY PAYMENT                  0
ANNUAL PAYMENT                   0


             YEAR                1        2    3   4   5   6   7   8   9   10   11   12   13   14   15   16   17   18   19   20   21   22   23   24   25   26   27   28   29   30
BEGINNING BALANCE                0        0    0   0   0   0   0   0   0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0
ENDING BALANCE                   0        0    0   0   0   0   0   0   0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0
PRINCIPAL                        0        0    0   0   0   0   0   0   0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0
INTEREST                         0        0    0   0   0   0   0   0   0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0
TOTAL PAID                       0        0    0   0   0   0   0   0   0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0

VCDP

PRINCIPAL                        0
INTEREST                     4.00%
TERM                            30
MONTHLY PAYMENT                  0
ANNUAL PAYMENT                   0


             YEAR                1        2    3   4   5   6   7   8   9   10   11   12   13   14   15   16   17   18   19   20   21   22   23   24   25   26   27   28   29   30
BEGINNING BALANCE                0        0    0   0   0   0   0   0   0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0
ENDING BALANCE                   0        0    0   0   0   0   0   0   0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0
PRINCIPAL                        0        0    0   0   0   0   0   0   0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0
INTEREST                         0        0    0   0   0   0   0   0   0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0
TOTAL PAID                       0        0    0   0   0   0   0   0   0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0    0




                                                                                                                                                                                    revision date: 8/6/2007
Project Name Here
Construction Flow of Funds

                                             Construction                                            Permanent                   Final Capital
Sources:                                          Closing   Month:                                      Closing                   Contribution
                                                                1    2   3   4   5   6   7   8   9          10    11   12   13            14
Permanent Loan
Construction Loan
VCDP
VHCB Loan
HOME
GP Cap Contrb
LP Cap. Contrib.
TOTALS:                                  0             0        0    0   0   0   0   0   0   0   0           0    0     0    0                 0

Uses:
ACQUISITION
Land                                     0
Purchase of Building(s)                  0
Demolition (without replacement)         0
Property Appraisal                       0
Legal - Title and Recording              0
CONSTRUCTION HARD COSTS
Rehabilitation                           0
New Building(s)                          0
Accessory Buildings                      0
Sitework                                 0
Commercial Space Costs (if any)          0
General Requirements                     0
Contractor Overhead                      0
Contractor Profit                        0
Construction Contingency                 0
Construction Management                  0
Construction Bond Fee                    0
Hazardous Materials Abatement            0
Off-Site Improvements                    0
Furnishings, Fixtures, & Equipment       0
Other (____________________)             0
SOFT COSTS
Architectural                            0
Engineering                              0
Legal/Accounting                         0
Relocation                               0
Environmental Assessment                 0
Energy Assessment                        0
Permits/Fees                             0
Independent Market Study                 0
Construction Period Insurance            0
Construction Interest                    0
Construction Loan Origination Fee        0
Taxes During Construction                0
Clerk of the Works                       0
Marketing                                0
Tax Credit Fees                          0
Soft Cost Contingency                    0
Permanent Loan Origination Fee           0
Lender's Counsel's Fee                   0
Other (________________)                 0
SYNDICATION COSTS
Organizational (Partnership)             0
Bridge Loan Fees and Expenses            0
Syndication Consultant                   0
Tax Opinion                              0
DEVELOPER'S FEES
Developer's Fees                         0
Other Partnership Fees                   0
Consultant Fees                          0
RESERVES
Working Capital                          0
Rent-up (Deficit Escrow) Reserve         0
Other Operating Reserves                 0
Sinking Fund                             0
Replacement Reserves                     0
Repay Construction Loan
TOTAL DEVELOPMENT COSTS                  0             0        0    0   0   0   0   0   0   0   0           0    0     0    0                 0

      Construction Loan Balance                        0        0    0   0   0   0   0   0   0   0           0    0     0    0                 0
       Construction Loan Interest 9.0%                 0        0    0   0   0   0   0   0   0   0           0
     Bridge Interest (Cumulative) 9.0%                                                                            0     0    0                 0




                                                                                                                                   revision date: 8/6/2007

				
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