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					       Georgia Department of Community Affairs                                                                                                                Office of Affordable Housing
                                                2009 Application Binder Tabs Checklist For: 2009-008, Oak Trace Villas, Carroll 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


      CORE QAP DOCUMENTATION
                                                          Completed Application Tabs Checklist                                                                                                          Yes
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                                                                                                           Yes
                                                          Copy of Tax Exempt Bond Inducement Resolution, if applicable
                                                          Master Planned Community Documentation

2 Set asides                                              The partnership’s tax returns for the first and final years of credit period
         Preservation Set Aside                           IRS Forms 8609 for first and final years of credit period
                                                          Legal opinion that project will have met the Compliance Period by March 31, 2010
                                                          Replacement housing factor (RHF) funds documents
                                                          Section 515 financing documents
                                                          Project Based Section 8 contract (Original and Renewal)
                                                          HUD Section 236 decoupling documents
                                                          HUD/USDA Letter of Priority
         CHDO Set Aside                                   DCA CHDO Designation letter
                                                          Documentation that project is within CHDO service area
         Non Profit Set Aside                             IRS Tax-Exempt Status Determination Letter
                                                          Secretary of State Certification of Nonprofit Status
                                                          By-laws of non profit
                                                          Legal Opinion regarding nonprofit tax-exempt status
                                                          Documentation of ALL Nonprofit's ownership interest
                                                          Board of Directors information: name, address, phone, occupation, positions

3 Project Participants                                    Copies of Performance Workbook for all project participants                                                                                     Yes
                                                          Copies of DCA experience determinations/Waivers                                                                                                 Yes
                                                          Copy of Compliance score certificate                                                                                                            Yes
                                                          DCA Tier One Designation approvals
                                                          Probationary participation approval
                                                          Explanation documentation, if applicable
                                                          Detailed statements and dates of all governmental debarments/ suspensions, criminal convictions, indictments, bankruptcies and pending criminal
                                                          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)



       2009 OAH Funding Application - April                                          Application Tabs Checklist                                                                              1 of 57
       Georgia Department of Community Affairs                                                                                                                  Office of Affordable Housing
                                                2009 Application Binder Tabs Checklist For: 2009-008, Oak Trace Villas, Carroll 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)                   Architectural Standards Waiver
                                                         Amenities Pre-Approval
                                                         Other Tenancy Approvals
                                                         Tenancy Characteristic Waiver Approval
                                                         3rd Party Investment in Offsite Amenities Approval
      THRESHOLD DOCUMENTATION
5 Financing Commitments                                  Preliminary Financing Commitments - Debt, Equity, Historic Rehab Credits & Grants (if applicable)                                      Yes
                                                         CDBG documentation, if applicable
                                                         NSP Reservation and commitments, if applicable
                                                         AHP Commitment and loan documents, if applicable
                                                         Permanent Supportive Housing documentation, if applicable
                                                         Documentation of Applicable Index Rate (for interest rates tied to an index), if applicable
                                                         DCA HOME Loan consent pursuant to the pre-application process, if applicable
                                                         Operating Subsidy Agreements, if applicable
                                                         HUD Under Consideration Letter & Lender Preliminary Commitment for HUD 221(d)3 or (d)4 Program, if applicable
                                                         HUD Invitation to Submit (submit by 7/1/09), if applicable
                                                         USDA documentation, if applicable
                                                         Tax Abatement documentation, if applicable
                                                         Evidence of PBRA Agreements, if applicable

6 Assumption of Existing Debt (if applicable)            Letter from Lender re: assumption of existing debt
                                                         Certification Letter
                                                         Copy of Original Promissory Note and Amendments
                                                         Copy of Original Loan Agreement and Amendments
                                                         Copy of Original Security Instruments

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, insurance and taxes                                                                      Yes
                                                         20% Developer fee Approval for Green Building
                                                         DCA Operating expense waiver approval
                                                         DCA Per unit cost limit waiver approval
                                                         DCA 30% boost approval/copy of preapplication narrative

9 Market Feasibility                                     Market Study for proposed site                                                                                                         Yes

10 Appraisal                                             Applicant Commissioned Appraisal (if applicable)




       2009 OAH Funding Application - April                                          Application Tabs Checklist                                                                      2 of 57
       Georgia Department of Community Affairs                                                                                                                       Office of Affordable Housing
                                               2009 Application Binder Tabs Checklist For: 2009-008, Oak Trace Villas, Carroll 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
11 Environmental Requirements                            DCA Noise Waiver Approval (if applicable)
                                                         Phase I Environmental Study (including all appendices in the format prescribed in the Environmental Manual)                                                Yes
                                                         Phase II Environmental Study (if applicable)

12 Site Control                                          Executed Warranty Deed, Sales Option Contract or long-term ground lease                                                                                    Yes
                                                         HOME Contract Addendum (If applicable)/or right to withdraw                                                                                                Yes
                                                         Legal Description of Property                                                                                                                              Yes

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

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:                   Gas (if applicable)
                                                         Public Water/Sewer Requirement Waiver Approval
                                                         Electricity                                                                                                                                                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)
                                                         Verification of Annexation and Improvements (if applicable)

16 Physical Needs Assessment                             Physical Needs Assessment
   (Rehab projects)                                      Resume of individual or company
                                                         Three letters of recommendation ( at least one from should be from a Real Estate development or construction firm)
                                                         Terms of Reference form
                                                         Systems and Condition forms:
                                                              Site
                                                              Architectural
                                                              Dwelling unit
                                                              Mechanical and Electrical
                                                         Immediate Physical Needs
                                                         Capital Reserve Statement
                                                         Scope of Work
                                                         Construction Budget



       2009 OAH Funding Application - April                                          Application Tabs Checklist                                                                                          3 of 57
       Georgia Department of Community Affairs                                                                                                                    Office of Affordable Housing
                                               2009 Application Binder Tabs Checklist For: 2009-008, Oak Trace Villas, Carroll 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
17 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

18 Additional HOME/HUD Requirements                      Site & Neighborhood Standards documentation                                                                                                         Yes
                                                         US Census Tract documentation                                                                                                                       Yes
                                                         Certification for Contracts, Loans and Cooperative Agreements                                                                                       Yes
                                                         Disclosure of Lobbying Activities                                                                                                                   Yes
                                                         Applicant / Recipient Disclosure / Update Report                                                                                                    Yes
                                                         MBE / WBE Outreach Plan Guide form                                                                                                                  Yes
                                                         Affirmative Fair Housing Marketing Plan                                                                                                             Yes
19 Required Legal Opinions                               Legal Opinion for Assisted Living (as applicable)
                                                         LIHTC Legal Opinion as to Project Qualification for Acquisition Credits
                                                         Accessibility exemption Legal Opinion (if applicable)
                                                         other legal

20 Relocation (if applicable)                            Relocation Displacement Spreadsheet
                                                         Detailed Project-Specific Displacement/Relocation Plan and Budget
                                                         Temporary Relocation Cost Estimate
                                                         General Info Notice for Occupants at Time of App / Proof of Delivery
                                                         Occupancy History
                                                         Site Map of Property
                                                         Tenant Household Data Forms
                                                         Other (per Relocation Manual):

21 Marketing to Special Needs Tenants                    Marketing Plan outlining how the project will market units to tenants with special needs
                                                         description of access to supportive services, transportation, and community amenities
                                                         Identify service providers that can provide referrals to the project
                                                         Agreement to require management to regularly contact local service provider

      SCORING DOCUMENTATION
22 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
                                                         change will occur and the time frame
                                                         Documentation that evidences the desirable activity/characteristic that will be located in sites under construction



       2009 OAH Funding Application - April                                          Application Tabs Checklist                                                                                   4 of 57
       Georgia Department of Community Affairs                                                                                                                       Office of Affordable Housing
                                               2009 Application Binder Tabs Checklist For: 2009-008, Oak Trace Villas, Carroll 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
23 Infill / Rural Smart Growth                           Documentation that the Applicant has site control over all parcels set out in a Phased projects                                                            Yes
                                                         Documentation that the project is designated as a Transit Oriented Development from the local Transit Authority

24 Community Transportation                              Map showing the location of the Rapid Rail Transit station in relation to the proposed development site
                                                         Documentation on the previous use of the building

25 Adaptive Re-Use                                       Photographs of the building that will be adapted
                                                         Documentation of whether or not it is occupied

26 Brownfield                                            Evidence of designation as a Brownfield site
                                                         An opinion letter from either an attorney or a PE that the property appears to meet the requirements for issuance of an EPD Letter of No Further Action

                                                         Proposed scope of work for clean up of a site
                                                         Detailed budget for clean up
                                                         Time line for clean up of the site

27 Greyfield                                             Documentation of current use of the vacant or abandoned center
                                                         90% of square footage documentation
                                                         Documentation of associated parking areas

28 Sustainable Communities Certification                 Draft scoring sheet for the development and master site plan for the development
                                                         Copy of an executed EarthCraft Communities Memorandum of Participation for the development the project is locating within or LEED-ND registration
                                                         for the larger development from US Green Building Council

29 Sustainable Building Certification                    Scoring worksheets for the applicable program showing the intended path towards certification                                                              Yes

30 HOPE VI Initiatives                                   (A) A copy of the HOPE VI Revitalization Grant Assistance Award (form HUD-1044)
                                                         (B) A certification letter from the Executive Director of the identified PHA
                                                         (C) A copy of the HUD approved Revitalization Plan.

31 Neighborhood Stabilization                            Pictures of proposed site site and surrounding area
                                                         Copy of Foreclosure documents, if applicable
                                                         Evidence from the mortgage lender and/or tax authority that payments have been delinquent for 90 days and that foreclosure proceedings have been
                                                         initiated, if “abandoned”
                                                         A letter from the chief operating officer of the local government certifying that the redevelopment of the property will assist in stabilizing the
                                                         neighborhood
                                                         Narrative of how the project promotes the purposes of the Neighborhood Stabilization




       2009 OAH Funding Application - April                                         Application Tabs Checklist                                                                                         5 of 57
       Georgia Department of Community Affairs                                                                                                                               Office of Affordable Housing
                                                2009 Application Binder Tabs Checklist For: 2009-008, Oak Trace Villas, Carroll 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 Redevelopment Plans / QCT                              Copy of the Plan
                                                          Website address where information regarding the plan can be located
                                                          Evidence of plan adoption
                                                          Documentation of Public Hearing and Publication if required by statute
                                                          Copy of Resolution adopting the state enterprise zone
                                                          Documentation evidencing that the proposed site is located in a QCT/DDA                                                                                              Yes
                                                          The DCA Neighborhood Redevelopment Certification Form
                                                          Narrative and documentation of the process the government used for developing and adopting the plan.
                                                          Details regarding community input and public hearings held prior to the adoption of the plan must be included in the Application
                                                          Map of area targeted by plan identifying location of project

33 Stable Communitities                                   FFIEC Census Report showing demographics, income and housing statistics

34 Tenant Ownership                                       Copy of plan

35 Historic Designation                                   Documentation of project site listed in the National Register of Historic Places
                                                          Documentation of buildings on the project site are located either in a "registered historic district" or in potentially eligible district, including a State SHPO
                                                          nomination letter/approval

36 Resolution of Support                                  Resolution of Support                                                                                                                                                Yes
                                                          Evidence of Adoption of Resolution                                                                                                                                   Yes
                                                          Letter from elected official in the DCA format                                                                                                                       Yes
                                                          Charter (if applicable)                                                                                                                                              Yes
                                                          Letter executed by Official Representative

37 DCA Community Initiatives                              Letter from Chief Officer
                                                          Copy of Community Plan

38 DCA Optional Points for Superior Project Concept Narrative, not more than two pages, along with supporting documentation
39 Other                                                  Agreement to Forgo the Cancellation Option                                                                                                                           Yes
   (Provide name of each item
   and what section it is
   needed for)



                 Note: Additional Forms and Documentation required for the 2009 Application Submittal may be obtained on the DCA website at
                                     http://www.dca.state.ga.us/housing/HousingDevelopment/programs/QAP2009docs.asp



       2009 OAH Funding Application - April                                            Application Tabs Checklist                                                                                               6 of 57
Georgia Department of Community Affairs                                          2009 Funding Application                                                        Office of Affordable Housing
                                              PART ONE - PROJECT INFORMATION - 2009-008 Oak Trace Villas, Villa Rica, Carroll 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.                             2009-008

   I.       DCA RESOURCES                          LIHTC (auto-filled based on later entries)         $              847,068                DCA 2009 Pre-app Nbr,
                                                   DCA HOME (Pre-Application amount)                  $                    -                if pre-app was submitted:

   II.      TYPE OF APPLICATION                    Competitive Round                         Other:

   III.     APPLICANT CONTACT FOR APPLICATION REVIEW
            Name                                   Sam Johnston                                                                        Title        Member
            Address                                33 Inverness Center Parkway, Suite LL130                                            Direct Line                      (205) 981-3393
            City                                   Birmingham                                                                          Fax                                  (205) 991-9674
            State                                  AL                                   Zip+4             35242-7646                   Cellular                         (205) 266-4583
            Office Phone                           (205) 981-3300                        Ext.                    E-mail        sam@cahabavalley.net
            (Enter phone numbers without using hyphens, parentheses, etc - ex: 1234567890)

   IV.      PROJECT LOCATION
            Project Name                           Oak Trace Villas                                                                         Phased Project?             No
            Site Street Address                    384 Mirror Lake Boulevard                                                                Scattered Site?             No
            City                                   Villa Rica                                   Zip+4
                                                                                        , Georgia            30180-0000                     Acreage                     11.2
            Within City Limits?                    Yes                                         County Carroll                               Census Tract #              9901.01
            In USDA Rural Area?                    Yes                   HUD MSA/NonMSA name Atlanta-Sandy Springs-Marietta                 QCT?         Yes                 DDA? No
                                                         Congressional          State Senate              State House
            Legislative Districts                             11                     30                        68
            If on boundary, other district:                   3                      28                        18
            Political Jurisdiction                 City of Villa Rica
            Name of Chief Elected Official         J. Allen Collins                                                   Title    Mayor
            Address                                571 W. Bankhead                                                    City     Villa Rica
            Zip+4                                  30180-0000                 Phone                 (770) 459-7000                  Fax

   V.       PROJECT DESCRIPTION
          A. Mixed Use                                   No

          B. Type of Construction:
             New Construction                            72
             Adaptive Reuse
             Acquisition/Rehab
             Substantial Rehab
             Historic Rehab




2009 OAH Funding Application - April                                              Part I-Project Information                                                                                 7 of 57
Georgia Department of Community Affairs                                       2009 Funding Application                                                       Office of Affordable Housing
                                          PART ONE - PROJECT INFORMATION - 2009-008 Oak Trace Villas, Villa Rica, Carroll County

           C. Unit Breakdown                                                          # of PBRA               D. Unit Area
              Number of Low Income Units                                    60           Units                   Total Low Income Residential Square Footage                 61,608
                          Number of 50% Units                               18
                          Number of 60% Units                               42
              Number of NSP 120% Units                                                                          Total NSP 120% Residential Square Footage
              Number of Unrestricted Units                                  12                                  Total Unrestricted Residential Square Footage                13,056
              Total Residential Units                                       72                                  Total Residential Square Footage                             74,664
              Common Space Units                                                                                Total Common Space Square Footage from Units
              Total Units                                                   72                                  Total Square Footage from Units                              74,664
           E. Buildings Number of Residential Buildings                     12                                  Non-Residential SF from Units (Common Space)
                        Number of Non-Residential Buildings                 1                                   Non-Residential SF NOT from Units (Common Space)
                        Total Number of Buildings                           13                                  Total Non-Residential Square Footage
           F. Total Residential Parking Spaces (min 1.5 per unit)           144

   VI.       TENANCY CHARACTERISTICS
           A. Family or Senior                                           Senior (HFOP)                          If Other, specify:
           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%

   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
           C. Neighborhood Stabilization Funds (NSP)                                                              40% of Residential Units at 50% of AMI

   VII.      SET ASIDES
           A. Competitive Round Set-Aside(s):                               No        Nonprofit                     Yes        Rural                    No       CHDO
                                                                            No        Preservation                  No         Special Needs
           B. Other (non-Competitive)                                       No        Supplemental

   VIII.     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




2009 OAH Funding Application - April                                             Part I-Project Information                                                                       8 of 57
Georgia Department of Community Affairs                                            2009 Funding Application                                                     Office of Affordable Housing
                                             PART ONE - PROJECT INFORMATION - 2009-008 Oak Trace Villas, Villa Rica, Carroll County

   IX.      AWARD LIMITATIONS FOR CURRENT DCA COMPETITIVE ROUND
            The following sections apply to all direct and indirect Owners, Developers and Consultants (Entity and Principal) :
         A. Number of Applications Submitted:                                     2
         B. Amount of Federal Tax Credits in All Applications:             1,700,000                               Are you claiming Tier 1 Entity points for this application?    No
         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
            John O. Moore, Jr.                    Carollton Crossing Apartments                        John O. Moore, Jr.                   Oak Trace Villas
            David Sumrall                         Carollton Crossing Apartments                        David Sumrall                        Oak Trace Villas
            Sam Johnston                          Carollton Crossing Apartments                        Sam Johnston                         Oak Trace Villas
            Steve Lowitz                          Carollton Crossing Apartments                        Steve Lowitz                         Oak Trace Villas
            Gabe Ehrenstein                       Carollton Crossing Apartments                        Gabe Ehrenstein                      Oak Trace Villas
            Arbour Valley Development, LLC        Carollton Crossing Apartments                        Arbour Valley Development, LLC       Oak Trace Villas
            Carrollton Crossing, LLC              Carollton Crossing Apartments                        Oak Trace, LLC                       Oak Trace Villas
            Carrollton Crossing MM, LLC           Carollton Crossing Apartments                        Oak Trace MM, LLC                    Oak Trace Villas



         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




   X.       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                        No
            USDA funded affordable nonpublic housing project


2009 OAH Funding Application - April                                                  Part I-Project Information                                                                       9 of 57
Georgia Department of Community Affairs                                                               2009 Funding Application                             Office of Affordable Housing
                                                      PART ONE - PROJECT INFORMATION - 2009-008 Oak Trace Villas, Villa Rica, Carroll County

   XI.     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. Is there currently an Extention of Cancellation Option?                   Yes     If yes, expiration year:         2032     Nbr yrs to forgo cancellation option:   5
        C. Is there a Tenant Ownership Plan?                                         No
        D. Is the Project Currently Occupied?                                        No
           Total Existing Units
           Number Occupied
           % Existing Occupied
        E. Waivers / Pre-Approvals - have the following waivers / pre-approvals been approved by DCA?
           Per-Unit Cost Limit?                                                             ---------------------------> If Yes, new Limit is:
           Operating Expense?                                                               ---------------------------> If Yes, new Limit is:
           Amenities?                                                                                                      Other Tenancy?
           Architectural Standards?                                                                                        Probationary Experience Participation?
           Experience: Owner?           Yes      Developer?     Yes     Manager?     Yes                                   Service Requirement (for small rural projects)
           HOME Reservation?                                                                                               State-Designated 30% Basis Boost?
           Payment & Performance Bond?                                                                                     20% Developer Fee?
           Noise?                                                                                                          3rd Party Investment in Off-Site Amenities?
           Other (specify waiver):                                                                                         Special Needs?
        F. Projected Place-In-Service Date
           Acquisition
           Rehab
           New Construction                                                       December 31, 2011
   XII.    APPLICANT COMMENTS AND CLARIFICATIONS                                                            XV.            DCA COMMENTS - DCA USE ONLY
   VIII.C. - Carrollton Crossing, LLC, is the owner entity of Carrollton Crossing Apartments. Carrollton Crossing MM, LLC, is the general
   partner entity of Carrollton Crossing, LLC. Carrollton Crossing MM, LLC, is owned by John O. Moore, Jr., David G. Sumrall, Sam
   Johnston, Gabe Ehrenstein and Steve Lowitz. Oak Trace Villas has this same structure and ownership.
   XI.B. - Applicant estimates the 15 year compliance period from 2012 - 2027. Applicant agrees to forgo the cancellation option for five
   years beyond the close of the 15 year compliance period.

   XI. E. Owner, Developer and Manager were apporved in 2009.




2009 OAH Funding Application - April                                                                    Part I-Project Information                                                 10 of 57
  Georgia Department of Community Affairs                                                  2009 Funding Application                                             Office of Affordable Housing

                                          PART TWO - DEVELOPMENT TEAM INFORMATION - 2009-008 Oak Trace Villas, Villa Rica, Carroll County

I. OWNERSHIP INFORMATION

  A. OWNERSHIP ENTITY                    Oak Trace, LLC                                                                  Name of Principal John O. Moore, Jr.
        Office Street Address            33 Inverness Center Parkway Suite LL130                                         Title of Principal Member - Oak Trace MM, LLC
        City                             Birmingham                          Fed Tax ID:                                 Direct line        (205) 250-9012
        State                                 AL        Zip+4          35242-7646        ENTER THE 4_DIGIT EXTENSION!!!!!Cellular           (205) 266-0272
        10-Digit Office Phone / Ext.     (205) 981-3300                          Fax        (205) 991-9674       E-mail chip.moore@capmark.com
          (Enter phone numbers without using hyphens, parentheses, etc - ex: 1234567890)
  B. PROPOSED PARTNERSHIP INFORMATION

     1. GENERAL PARTNER(S)
       a. Managing Gen'l Partner         Oak Trace MM, LLC                                                                    Name of Principal John O. Moore, Jr.
          Office Street Address          33 Inverness Center Parkway Suite LL130                                              Title of Principal Member
          City                           Birmingham                                                                           Direct line        (205) 250-9012
          State                               AL        Zip+4          35242-7646                                             Cellular           (205) 266-0272
          10-Digit Office Phone / Ext.   (205) 981-3300                          Fax                  (205) 991-9674   E-mail chip.moore@capmark.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        Raymond James Tax Credit Funds, Inc. (Proposed)                                      Name of Principal Craig Descalzi
          Office Street Address          880 Carillon Parkway                                                                 Title of Principal Director of Acquisitions
          City                           St. Petersburg                                                                       Direct line        (727) 567-1962
          State                               FL         Zip+4       33716-0000                                               Cellular
          10-Digit Office Phone / Ext.   (800) 438-8088                          Fax                  (727) 567-8455   E-mail craig.descalzi@raymondjames.com
       b. State Limited Partner          Raymond James Tax Credit Funds, Inc. (Proposed)                                      Name of Principal Craig Descalzi
          Office Street Address          880 Carillon Parkway                                                                 Title of Principal Director of Acquisitions
          City                           St. Petersburg                                                                       Direct line        (727) 567-1962
          State                               FL         Zip+4       33716-0000                                               Cellular
          10-Digit Office Phone / Ext.   (800) 438-8088                          Fax                  (727) 567-8455   E-mail craig.descalzi@raymondjames.com

     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




  2009 OAH Funding Application - April                                                     Part II-Development Team                                                                11 of 57
  Georgia Department of Community Affairs                                          2009 Funding Application                                           Office of Affordable Housing

                                         PART TWO - DEVELOPMENT TEAM INFORMATION - 2009-008 Oak Trace Villas, Villa Rica, Carroll County

II. DEVELOPER(S)

  A. DEVELOPER                           Arbour Valley Development, LLC                                               Name of Principal John O. Moore, Jr.
         Office Street Address           33 Inverness Center Parkway Suite LL130                                      Title of Principal Member
         City                            Birmingham                                                                   Direct line        (205) 250-9012
         State                                AL        Zip+4          35242-7646                                     Cellular           (205) 266-0272
         10-Digit Office Phone / Ext.    (205) 981-3300                          Fax          (205) 991-9674   E-mail chip.moore@capmark.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

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                  Doug Hollyhand Realty, Inc.                                                  Name of Principal Douglas P. Hollyhand
         Office Street Address           527-A Main Avenue                                                            Title of Principal President
         City                            Northport                                                                    Direct line
         State                               AL         Zip+4           35473-0000                                    Cellular
         10-Digit Office Phone / Ext.    (205) 345-0955                          Fax          (205) 758-5605   E-mail cindy@hollyhand.com
  C. MANAGEMENT COMPANY                  SPM, Inc.                                                                    Name of Principal William B. Welden
        Office Street Address            1103 Richard Arrington Jr. Blvd. S                                           Title of Principal President
        City                             Birmingham                                                                   Direct line
        State                                AL         Zip+4             00003-5205                                  Cellular
        10-Digit Office Phone / Ext.     (205) 993-1020                            Fax        (205) 930-4508   E-mail billw@spm.net
  D. ATTORNEY                            Spain & Gillon, LLC                                                          Name of Principal Paul S. Leonard
         Office Street Address           2117 Second Avenue North                                                     Title of Principal Attorney
         City                            Birmingham                                                                   Direct line
         State                               AL          Zip+4          00003-5203                                    Cellular
         10-Digit Office Phone / Ext.    (205) 328-4100                          Fax          (205) 324-8806   E-mail psl@spain-gillon.com



  2009 OAH Funding Application - April                                             Part II-Development Team                                                              12 of 57
     Georgia Department of Community Affairs                                                                 2009 Funding Application                                                                    Office of Affordable Housing

                                                      PART TWO - DEVELOPMENT TEAM INFORMATION - 2009-008 Oak Trace Villas, Villa Rica, Carroll County

     E. ACCOUNTANT                                   Christian & Denaburg, PC                                                                                    Name of Principal Steven A. Christian
            Office Street Address                    2649 Rocky Ridge Lane                                                                                       Title of Principal CPA/Accountant
            City                                     Birmingham                                                                                                  Direct line
            State                                         AL        Zip+4                    35216-0000                                                          Cellular
            10-Digit Office Phone / Ext.             (205) 967-8901                                   Fax                   (205) 967-2378                E-mail sac@christiandenaburg.com
     F. ARCHITECT                                    McKean & Associates                                                                                         Name of Principal Rory McKean
            Office Street Address                    2815-B Zelda Road                                                                                           Title of Principal President
            City                                     Montgomery                                                                                                  Direct line
            State                                        AL         Zip+4                    00003-6106                                                          Cellular
            10-Digit Office Phone / Ext.             (334) 272-4044                                   Fax                   (334) 244-0347                E-mail rmckean@mckeanarch.com

IV. OTHER REQUIRED INFORMATION (Answer each of the 6 questions below for each participant listed below.)

                                                                                                                                                    5. Has this entity ever
                                        1. Is                                                        4. Does this entity have
                                                  2. Has any person,        3. Does this entity have                                                   been debarred or
                                        this                                                           an identity of interest                                                     6. Applicable
                                               principal, or agent for this  an identity of interest                                                 suspended from any
                                       entity                                                            with any member,                                                       Organizational Type           7. Project Ownership
              Participant                     entity ever been convicted with any other entity in                                                   local, state, or federal
                                         a                                                            officer, or employee of                                                  (For Profit, Nonprofit,            Percentage
                                              of a felony (Yes or No)?. If     this chart? If yes,                                                   housing program? If
                                       MBE/                                                            DCA? If yes, attach                                                            CHDO)
                                               yes, attach explanation.      attach explanation.                                                          yes, attach
                                       WBE?                                                                explanation.
                                                                                                                                                         explanation.
     Managing General Partner No                                 No                                Yes                              No                        No                     For Profit                     0.0100%
     Other General Partner 1
     Other General Partner 2
     Federal Limited Partner  No                                 No                                Yes                              No                        No                     For Profit                    99.9900%
     State Limited Partner    No                                 No                                Yes                              No                        No                     For Profit                    99.9900%
     Nonprofit Sponsor
     Developer                No                                 No                                Yes                              No                        No                     For Profit
     Co-Developer 1
     Co-Developer 2
     Owner Consultant
     Developer Consultant
     Contractor               Yes                                No                                No                               No                        No                     For Profit
     Management Company       No                                 No                                No                               No                        No                     For Profit

V.      APPLICANT COMMENTS AND CLARIFICATIONS                                                                                                       VI.         DCA COMMENTS - DCA USE ONLY
Column 1 - Mrs. Jane C. Hollyhand (contractor) owns 51% of the company.

Column 3 - Managing General Partner and Devloper have common ownership interest. The federal and state LP (syndicator) are both Raymond James Tax
Credit Funds.




     2009 OAH Funding Application - April                                                                   Part II-Development Team                                                                                        13 of 57
Georgia Department of Community Affairs                                                2009 Funding Application                                                            Office of Affordable Housing
                                                  PART THREE - SOURCES OF FUNDS - 2009-008 Oak Trace Villas, Villa Rica, Carroll County

  I.     GOVERNMENT FUNDING SOURCES (check all that apply)

            Yes      Tax Credits                 No       USDA 515                    No      Tax Exempt Bonds                          No    HOPE VI                     No        FHLB/AHP*
            No       DCA HOME*                   No       USDA 538                    No      Taxable Bonds                                                               No        Historic Rehab Credits
            No       Other HOME*                 No       CDBG                        No      DCA NSP* - if yes, amount:                                                  No        FHA Insured Mortgage
            No       DCA PSHP HOME*              No       FHA Risk Share              No      Other NSP* - if yes, amount:                                                          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                                                 Regions Bank                                                              2,450,000           5.500%                     24
         Mortgage B
         Mortgage C
         Federal Grant
         State, Local, or Private Grant
         Deferred Developer Fees
         Federal Housing Credit Equity                              Raymond James                                                             4,743,106
         State Housing Credit Equity                                Raymond James                                                             1,693,966
         Other Source (specify)
         Other Source (specify)
         Other Source (specify)
         Total Construction Financing:                                                                                                        8,887,072
         Total Construction Period Costs from Development Budget:                                                                             8,830,731
         Surplus/(Shortage) of Construction funds to Construction costs:                                                                         56,341

  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
                                            Neither                                                   0    0.000%          0           0                                    Amortizing            n/a
         Mortgage A                         Capmark                                           1,876,850    6.250%         18          30                   138,673          Amortizing
         Mortgage B
         Other:
         Funding Source for Costs>PUCL
         Deferred Devlpr Fee       48.84% Arbour Valley Development, LLC                        549,745     0.000%        15            15                   36,650         Cash Flow
         Federal Grant
         State, Local, or Private Grant                                                                   % of TDC
         Federal Housing Credit Equity    Raymond James                                       5,928,883     57%                               Proposed DCA HOME Loan Interest Rate by Operating
         State Housing Credit Equity      Raymond James                                       2,117,458     20%                                         Year for Projects in Rural Areas:
         Historic Credit Equity                                                                             77%                                 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:                                                    10,472,936
         Total Development Costs from Development Budget:                              10,472,936                                                 26          27          28           29           30
         Surplus/(Shortage) of Permanent funds to development costs:                       (0)



2009 OAH Funding Application - April                                                    Part III A-Sources of Funds                                                                                  14 of 57
Georgia Department of Community Affairs                                                                          2009 Funding Application                                     Office of Affordable Housing
                                                                PART THREE - SOURCES OF FUNDS - 2009-008 Oak Trace Villas, Villa Rica, Carroll County


  IV.    APPLICANT COMMENTS AND CLARIFICATIONS                                                                                            IV.   DCA COMMENTS - DCA USE ONLY
  Assumed equity pricing per DCA's recent notice for urban developments: $0.75 for federal cr4edits, $0.25 for state credits. Further,
  we assumed that 60% of equity will be contributed which is consisitent with most of our developments




  Regions Bank has provided a construction loan commitment for up to $5,700,000. Our budget requirement of $2.45 million is well
  within the commitment. Further, the effective interest rate is the higher of 5.5% or 400 basis points plus the 30 day LIBOR (LIBOR is
  currently .35%). 5.5% is currently the higher oft eh two reates an thus the effective interest rate.




2009 OAH Funding Application - April                                                                             Part III A-Sources of Funds                                                      15 of 57
                               2009 Office of Affordable Housing Funding Application
                                   USDA 538 Guaranteed Loan Calculations
               PART III B: USD 538 LOAN - 2009-008 Oak Trace Villas, Villa Rica, Carroll County

                                                  I. Data Input
 Loan Amount:                                                                       $0.00                    $0.00
 Interest Rate:           USDA Spread               2.50%           (aka Interest Assistance Rate in USDA Handbook)
                          Effective Rate                            (Effective Interest Assistance Rate in USDA Handbook)
 USDA Annual Fee                                    0.50%           (per annum)
 Loan Term (yrs)
 Amortization Pd (yrs)
 Annual P & I                                      #DIV/0!                 #DIV/0!                  #DIV/0!
 Monthly P & I                                     #DIV/0!                 #DIV/0!                  #DIV/0!

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


Georgia Department of Community Affairs        Part III B-USDA 538 Loan                                               16 of 57
                               2009 Office of Affordable Housing Funding Application
                                   USDA 538 Guaranteed Loan Calculations
                                     2009-008 Oak Trace Villas, Villa Rica, Carroll 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                                   17 of 57
                                  2009 Office of Affordable Housing Funding Application
                                      HUD Insured Mortgage Loan Calculations
          PART III C - HUD INSURED LOAN - 2009-008 Oak Trace Villas, Villa Rica, Carroll County

                                                       I. Data Input

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

HUD Mortgage Insurance Premium                                                  per annum

Loan Term                                                                       years

Amortization Period                                                             years

Annual Debt Service at Effective Rate                           #DIV/0!         (Excluding MIP)

Monthly Debt Service at Effective Rate                          #DIV/0!         (Excluding MIP)




                              II. HUD Mortgage Insurance Premium / Debt Service


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




Georgia Department of Community Affairs           Part III C-HUD Insured Loan                               page 18 of 57
   Georgia Department of Community Affairs            2009 OAH Funding Application
                       PART III D - HOME ALLOCATION WORKSHEET - 2009-008 Oak Trace Villas, Villa Rica, Carroll County

                                                                               Method I

  HOME Subsidy                                              Per Unit HOME   Proposed Nbr. of                                  Per Unit HOME                     Min Required
  Limitation               Unit Type                        Subsidy Limit     HOME Units                                      Subsidy Totals                    HOME Units
  (See Threshold           Efficiency                          $102,000                                                             $0                               0
  Section 1 - Feasibility, 1 Bedroom                           $117,000              12                                         $1,404,000
  Part M)                  2 Bedroom                           $142,000              60               Total Per-Unit            $8,520,000
                           3 Bedroom                           $184,000                               HOME Subsidy                  $0
                           4+ Bedroom                          $202,000                               Limit for                     $0
                                                                                     72               Project:                  $9,924,000

                                                                               Method II
                                                                                                             Check
  Number of HOME Units Specified in Application                                      72                       0
  Number of Total Units Specified in Application                                                             72
  HOME Percent of Total Units                                                     0.000%                  0.000%           (Formula: HOME Percent of Total Units = # Home Units /
                                                                                                                           # Total Units)
  Total Development Costs (TDC)                                                                         $10,472,936
  Reserves Held for more than 18 months:
   Operating Deficit Reserve                                                                              $152,000
   Other
   Other
  Total HOME Eligible Costs                                                          $0                  $10,320,936

                                                                       Eligible HOME Amount

  Eligible HOME Amount is the Lesser of Method I or II                               $0               Maximum DCA HOME loan is $2,500,000
   (or Amount the project Needs for Feasibility, if less)
  Requested HOME Loan Amount (HOME Investment)                                                        When submitted at Application Deadline, this amount must match the amount
  Per Unit HOME Investment                                                           $0               shown on the DCA HOME Loan Consent Approval Letter.

  HOME Investment Proportion of Total HOME Eligible Cost                          0.000%              (Formula: HOME Investment Proportion of Total Eligible Cost = Total HOME
                                                                                                      Request (Investment) / Total HOME Eligible Costs)


Applicant Comments                                                                                   DCA Comments




   2009 OAH Funding Application - April                                 Part III-D HOME Allocation
Georgia Department of Community Affairs                                            2009 Funding Application                                            Office of Affordable Housing

                                                       PART FOUR - USES OF FUNDS - 2009-008 Oak Trace Villas, Villa Rica, Carroll County

                                                             CERTIFICATION OF ACTUAL COST AND OPINION AS TO ELIGIBLE BASIS

     DEVELOPMENT BUDGET                                                                                                                                             Amortizable or
I.                                                                                                 New Construction        Acquisition        Rehabilitation
                                                                                                                                                                   Non-Depreciable
                                                                                                        Basis                Basis               Basis
                                                                              TOTAL COST                                                                               Basis

     PRE-DEVELOPMENT COSTS                                                                                                   PRE-DEVELOPMENT COSTS
     Property Appraisal                                                               8,000                    8,000
     Market Study                                                                     4,500                    4,500
     Environmental Report(s)                                                          8,250                    8,250
     Soil Borings                                                                     5,500                    5,500
     Boundary and Topographical Survey                                               10,000                   10,000
     Zoning/Site Plan Fees
     Other:
     Other:
     Other:
                                                                   Subtotal          36,250                   36,250                -                    -                     -

     ACQUISITION                                                                                                                     ACQUISITION
     Land                                                                          1,284,000                                                                            1,284,000
     Demolition                                                                       10,000                                                                               10,000
     Acquisition Legal Fees (if existing structures)
     Existing Structures
                                                                   Subtotal        1,294,000                                        -                                   1,294,000

     SITE IMPROVEMENTS                                                                                                          SITE IMPROVEMENTS
     Site Preparation (On-site)                                                     500,000                  500,000
     Site Preparation (Off-site)
                                                                   Subtotal         500,000                  500,000                -                    -                     -

     UNIT/BUILDING CONSTRUCTION*                                                                                           UNIT/BUILDING CONSTRUCTION*
     Unit/Building Construction/New Construction                                   5,023,000             5,023,000
     Unit/Building Construction/Rehab
     Project Amenities / Accessory Buildings                                         40,000                   40,000
     Other:
     Construction Contingency                                                        317,091               317,091
                                                                   Subtotal        5,380,091             5,380,091                  -                    -                     -

     CONTRACTOR SERVICES                                                                                                       CONTRACTOR SERVICES
     Builder's Overhead:                 2.00%                      111,260         111,260                  111,260
     Builder Profit:                     6.00%                      333,780         333,780                  333,780
     General Requirements                6.00%                      333,780         333,780                  333,780
             includes
             Payment/performance bond or
             letter-of-credit fee or premium                       Subtotal         778,820                  778,820                -                    -                     -
     Total Construction Costs               88,080.83 per unit
     6,341,820.00                               84.94 per sq ft




2009 OAH Funding Application - April                                                 Part IV-Uses of Funds                                                                 20 of 57
Georgia Department of Community Affairs                                      2009 Funding Application                                           Office of Affordable Housing

                                                 PART FOUR - USES OF FUNDS - 2009-008 Oak Trace Villas, Villa Rica, Carroll County

                                                       CERTIFICATION OF ACTUAL COST AND OPINION AS TO ELIGIBLE BASIS

     DEVELOPMENT BUDGET                                                                                                                                      Amortizable or
I.                                                                                           New Construction        Acquisition      Rehabilitation
                                                                                                                                                            Non-Depreciable
                                                                                                  Basis                Basis             Basis
                                                                        TOTAL COST                                                                              Basis

     CONSTRUCTION PERIOD FINANCING                                                                                 CONSTRUCTION PERIOD FINANCING
     Construction Loan Fee                                                     36,750                   36,750
     Construction Loan Interest                                               134,750                  134,750
     Construction Legal Fees                                                   15,000                   15,000
     Construction Period Real Estate Tax                                       25,000                   25,000
     Construction Insurance                                                    70,000                   70,000
     Bridge Loan Fee and Bridge Loan Interest
     Other:
                                                             Subtotal         281,500                  281,500                -                  -                      -

     PROFESSIONAL SERVICES                                                                                              PROFESSIONAL SERVICES
     Architectural Fee - Design                                                54,800                   54,800
     Architectural Fee - Supervision                                           21,600                   21,600
     Engineering                                                               50,500                   50,500
     Real Estate Attorney
     Accounting                                                                14,000                   14,000
     Other:
                                                             Subtotal         140,900                  140,900                -                  -                      -
     LOCAL GOVERNMENT FEES                                                                                             LOCAL GOVERNMENT FEES
     Building Permits                                                          20,920                   20,920
     Impact Fees
     Water Tap Fees    waived?                             No                  91,250                   91,250
     Sewer Tap Fees    waived?                             No                 292,000                  292,000
                                                             Subtotal         404,170                  404,170                -                  -                      -
     PERMANENT FINANCING FEES                                                                                         PERMANENT FINANCING FEES
     Permanent Loan Fees                                                       23,769                                                                               23,769
     Permanent Loan Legal Fees
     Title and Recording Fees                                                  96,810                   96,810
     As-Built Survey
     Bond Issuance Premium
     Cost of Issuance / Underwriter's Discount
     Other:
                                                             Subtotal         120,579                   96,810                -                  -                  23,769




2009 OAH Funding Application - April                                           Part IV-Uses of Funds                                                                21 of 57
Georgia Department of Community Affairs                                      2009 Funding Application                                          Office of Affordable Housing

                                               PART FOUR - USES OF FUNDS - 2009-008 Oak Trace Villas, Villa Rica, Carroll County

                                                     CERTIFICATION OF ACTUAL COST AND OPINION AS TO ELIGIBLE BASIS

     DEVELOPMENT BUDGET                                                                                                                                     Amortizable or
I.                                                                                           New Construction      Acquisition       Rehabilitation
                                                                                                                                                           Non-Depreciable
                                                                                                  Basis              Basis              Basis
                                                                         TOTAL COST                                                                            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                            59,295         59,295                                                                              59,295
     LIHTC Compliance Monitoring Fee                            50,400         50,400                                                                              50,400
     DCA Front End Analysis Fee (HOME, when ID of Interest)
     DCA Final Inspection Fee                                                   3,000                                                                               3,000
     Other:
                                                              Subtotal        116,695                                                                             116,695

     EQUITY COSTS                                                                                                           EQUITY COSTS
     Partnership Organization Fees
     Tax Credit Legal Opinion
     Syndicator Legal Fees
     Other:
                                                              Subtotal            -                                                                                    -
     DEVELOPER'S FEE                                                                                                      DEVELOPER'S FEE
     Developer's Overhead
     Consultant's Fee
     Developer's Fee                                                        1,125,652              1,125,652
                                                              Subtotal      1,125,652              1,125,652                -                    -                     -
     START-UP AND RESERVES                                                                                            START-UP AND RESERVES
     Marketing                                                                 15,000                                                                              15,000
     Rent-Up Reserves                                                          80,000                                                                              80,000
     Operating Deficit Reserve:                                               152,000                                                                             152,000
     Replacement Reserve                                                       17,280                                                                              17,280
     Furniture, Fixtures and Equipment                                         30,000                  30,000
     Other:
                                                              Subtotal        294,280                  30,000               -                    -                264,280
     OTHER COSTS                                                                                                            OTHER COSTS
     Relocation
     Other:
     Other:
                                                              Subtotal            -                       -                 -                    -                     -

     TOTAL DEVELOPMENT COST                                                10,472,936              8,774,193                -                    -              1,698,743

     Total Per Unit Cost Limitation:                                      9,924,000         TDC Breakdown:      Per Unit                   145,457.45
     Per Unit Cost Limitation Waiver Amount:                                  0                                 Per Square Foot                140.27




2009 OAH Funding Application - April                                           Part IV-Uses of Funds                                                               22 of 57
Georgia Department of Community Affairs                                               2009 Funding Application                                                   Office of Affordable Housing

                                                        PART FOUR - USES OF FUNDS - 2009-008 Oak Trace Villas, Villa Rica, Carroll County

                                                              CERTIFICATION OF ACTUAL COST AND OPINION AS TO ELIGIBLE BASIS
II.    TAX CREDIT CALCULATION - BASIS METHOD                                                            New Construction    4% Acquisition           Rehabilitation
                                                                                                             Basis              Basis                   Basis
       Subtractions From Eligible 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
       Total Subtractions From Basis:                                                                            0                                           0

       Eligible Basis Calculation
       Total Basis                                                                                          8,774,193               0                        0
       Less Total Subtractions From Basis (see above)                                                            0                                           0
       Total Eligible Basis                                                                                 8,774,193               0                        0
       Eligible Basis Adjustment for DDA/QCT Location or State Designated 30% Basis Boost                    130.00%
       Adjusted Eligible Basis                                                                              11,406,451              0                        0
       Multiply Adjusted Eligible Basis by Applicable Fraction                                               82.51%               82.51%                   82.51%
       Qualified Basis                                                                                      9,411,880               0                        0
       Multiply Qualified Basis by Applicable Credit Percentage                                               9.00%
       Maximum Tax Credit Amount                                                                             847,069                0                        0
       Total Basis Method Tax Credit Calculation                                                                               847,069

III.   TAX CREDIT CALCULATION - GAP METHOD
       Equity Gap Calculation                                                                                                Maximum TDC:

       Total Development Cost (<=DCA Wvr or PUCL; explain in Comments if TDC > PUCL w/o DCA Wvr Approval)      9,924,000      9,924,000
       Subtract Non-Tax Credit (excluding deferred fee) Source of Funds                                        1,876,850
       Equity Gap                                                                                              8,047,150
       Divide Equity Gap by 10                                                                                       / 10
       Annual Equity Required                                                                                    804,715                   Federal                  State
       Enter Final Federal and State Equity Factors (not including GP contribution)                              0.9500       =            0.7000      +            0.2500
       Total Gap Method Tax Credit Calculation                                                                   847,068


IV.    TAX CREDIT ALLOCATION                                                                                     847,068            Lower credit amount, if requested:




2009 OAH Funding Application - April                                                     Part IV-Uses of Funds                                                                       23 of 57
Georgia Department of Community Affairs                               2009 Funding Application                                      Office of Affordable Housing

                                          PART FOUR - USES OF FUNDS - 2009-008 Oak Trace Villas, Villa Rica, Carroll County

                                                CERTIFICATION OF ACTUAL COST AND OPINION AS TO ELIGIBLE BASIS
V.     APPLICANT COMMENTS AND CLARIFICATIONS                                                    VI.   DCA COMMENTS - DCA USE ONLY
Please see schedule of values in Tab 8




2009 OAH Funding Application - April                                    Part IV-Uses of Funds                                                           24 of 57
Georgia Department of Community Affairs                             2009 Funding Application                                            Office of Affordable Housing




                             PART FIVE - UTILITY ALLOWANCES - 2009-008 Oak Trace Villas, Villa Rica, Carroll County

   I. UTILITY ALLOWANCE SCHEDULE #1                      Source of Utility Allowances            DCA Utility Allowance - Middle Region
                                                         Date of Utility Allowances              June 1, 2008             Structure MF
                                                           Paid By (check one)                   Tenant-Paid Utility Allowances by Unit Size (# Bdrms)
      Utility              Fuel                             Tenant     Owner                        0           1           2          3          4
      Heat                 Electric                           X                                                 7           8         12
      Air Conditioning     Electric                           X                                                29          37         45
      Cooking              Electric                           X                                                 8          11         13
      Hot Water            Electric                           X                                                25          33         40
      Lights               Electric                           X                                                24          30         37
      Water & Sewer        Submetered?            No          X                                                42          52         65
      Refuse Collection                                                  X
      Total Utility Allowance by Unit Size                                                            0           135          171           212          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


      DCA COMMENTS




2009 OAH Funding Application - April                                Part V-Utility Allowances                                                         page 25 of 57
           Georgia Department of Community Affairs                                       2009 Funding Application                                                   Office of Affordable Housing
                                                   PART SIX - PROJECTED REVENUES & EXPENSES - 2009-008 Oak Trace Villas, Villa Rica, Carroll 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. Do NOT include PHA operating subsidy in PBRA Source.

          HOME projects - Fixed or Floating units:                       HOME projects must indicate "Yes" in the "HOME Unit" column in the chart below to designate HOME units.
          Are 100% of units HUD PBRA?
Finish!




              Rent        Nbr of   No. of   Unit        Unit     HOME     Max Gross    Proposed      Utility      PBRA           Monthly Net Rent       Employee        Building        Type of
              Type        Bdrms    Baths    Count      Area       Unit    Rent Limit   Gross Rent   Allowance    Provider     Per Unit       Total         Unit           Type          Activity
            50% AMI         1         1.0    6          782        No        667          650          135                           515        3,090       No           1-Story    New Construction
            50% AMI         2         2.0    12        1,088       No        801          801          171                           630        7,560       No           1-Story    New Construction
            60% AMI         1         1.0    6          782        No        801          695          135                           560        3,360       No           1-Story    New Construction
            60% AMI         2         2.0    36        1,088       No        961          846          171                           675       24,300       No           1-Story    New Construction
 1         Unrestricted     2         2.0    12        1,088       No                     710                                        710        8,520       No           1-Story    New Construction
                                                                                                                                     -            -
                                                                                                                                     -            -
                                                                                                                                     -            -
                                                                                                                                     -            -
                                                                                                                                     -            -
                                                                                                                                     -            -
                                                                                                                                     -            -
                                                                                                                                     -            -
                                                                                                                                     -            -
                                                                                                                                     -            -
                                                                                                                                     -            -
                                                                                                                                     -            -
                                                                                                                                     -            -
                                                                                                                                     -            -
                                                                                                                                     -            -
                                                                                                                                     -            -
                                                                                                                                     -            -
                                                                                                                                     -            -
                                                                                                                                     -            -
                                                                                                                                     -            -
                                                                                                                                     -            -
                                                                                                                                     -            -
                                                                                                                                     -            -
                                                                                                                                     -            -
                                                                                                                                     -            -
                                                                                                                                     -            -
                                                                                                                                     -            -
                                                                                                                                     -            -
                                                                                                                                     -            -
                                                                                                                                     -            -
                                                                                                                                     -            -
                                                                                                                                     -            -
                                                                                                                                     -            -
 1                                 TOTAL       72       74,664                                                        MONTHLY TOTAL            46,830
                                                                                                                       ANNUAL TOTAL           561,960




           2009 OAH Funding Application - April                                         Part VI-Revenues & Expenses                                                                     26 of 57
    Georgia Department of Community Affairs                                             2009 Funding Application                                            Office of Affordable Housing
                                             PART SIX - PROJECTED REVENUES & EXPENSES - 2009-008 Oak Trace Villas, Villa Rica, Carroll County

II. UNIT SUMMARY
   Units:                                                                 Efficiency       1BR         2BR           3BR   4BR   Total
                    Low-Income                             60% AMI              -                6          36       -     -           42 (Include manager units that are          0
                                                           50% AMI              -                6          12       -     -           18 income restricted)                       0
                                                           Total                -               12          48       -     -           60                                          0
                 NSP                                       120% AMI             -           -           -            -     -       -                                               0
                 Unrestricted                                                   -           -               12       -     -           12                                          0
NOTE TO
APPLICANTS: If Total Residential                                                -               12          60       -     -           72                                          0
the numbers      Common Space                                                   -           -           -            -     -       -        (no rent to be charged)                0
compiled in this Total                                                          -               12          60       -     -           72                                          0
Summary do not
appear to match HOME                           0           60% AMI              -           -           -            -     -       -                                               0
what was         (included in LI above)                    50% AMI              -           -           -            -     -       -                                               0
entered in the                                             Total                -           -           -            -     -       -                                               0
Rent Chart
above, please    NSP                                       60% AMI              -           -           -            -     -       -                                               0
verify that all  (included in LI above)                    50% AMI              -           -           -            -     -       -                                               0
applicable                                                 Total                -           -           -            -     -       -                                               0
columns were
completed in the PBRA-Assisted                             60% AMI              -           -           -            -     -       -                                               0
rows used        (included in LI above)                    50% AMI              -           -           -            -     -       -                                               0
above.
                                                           Total                -           -           -            -     -       -                                               0
                    Type of Construction Activity
                                      New Construction     Low Inc              -               12          48       -     -           60                                          0
                                                           NSP 120%             -           -           -            -     -       -
                                                           Unrestricted         -           -               12       -     -           12                                          0
                                                           Total + CS           -               12          60       -     -           72                                          0
                                      Acq/Rehab            Low Inc              -           -           -            -     -       -                                               0
                                                           NSP 120%             -           -           -            -     -       -
                                                           Unrestricted         -           -           -            -     -       -                                               0
                                                           Total + CS           -           -           -            -     -       -                                               0
                                      Substantial Rehab Only
                                                           Low Inc              -           -           -            -     -       -                                               0
                                                           NSP 120%             -           -           -            -     -       -
                                                           Unrestricted         -           -           -            -     -       -                                               0
                                                           Total + CS           -           -           -            -     -       -                                               0
                                      Adaptive Reuse                                                                               -
                                      Historic Rehab                                                                               -
                    Building Type:
                                      Multifamily                               -               12          60       -     -           72                                          0
                                      SF Detached                               -           -           -            -     -       -                                               0
                                      Townhome                                  -           -           -            -     -       -                                               0
                                      Duplex                                    -           -           -            -     -       -                                               0
                                      Manufactured home                         -           -           -            -     -       -                                               0




    2009 OAH Funding Application - April                                               Part VI-Revenues & Expenses                                                              27 of 57
    Georgia Department of Community Affairs                                                  2009 Funding Application                                                                Office of Affordable Housing
                                              PART SIX - PROJECTED REVENUES & EXPENSES - 2009-008 Oak Trace Villas, Villa Rica, Carroll County

II. UNIT SUMMARY (continued)
  Unit Square Footage:
                Low Income                                 60% AMI                  -          4,692        39,168              -              -         43,860                                             0
                                                           50% AMI                  -          4,692        13,056              -              -         17,748                                             0
                                                           Total                    -          9,384        52,224              -              -         61,608                                             0
                    NSP                                    120% AMI                 -            -             -                -              -            -                                               0
                    Unrestricted                                                    -            -          13,056              -              -         13,056                                             0
                    Total Residential                                               -          9,384        65,280              -              -         74,664                                             0
                    Common Space                                                    -            -             -                -              -            -                                               0
                    Total                                                           -          9,384        65,280              -              -         74,664                                             0
III. ANCILLARY AND OTHER INCOME (annual amounts)

  Ancillary Income                                                             11,239         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)                   0            0              0             0              0              0              0              0                  0                   0
  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)                   0            0              0             0              0              0              0              0                  0                   0
  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)                   0            0              0             0              0              0              0              0                  0                   0
  Property Tax Abatement
  Other:
                    Total OI NOT in Mgt Fee                            -            -              -             -              -              -              -              -                  -                   -




    2009 OAH Funding Application - April                                                    Part VI-Revenues & Expenses                                                                                  28 of 57
      Georgia Department of Community Affairs                                                           2009 Funding Application                                      Office of Affordable Housing
                                                      PART SIX - PROJECTED REVENUES & EXPENSES - 2009-008 Oak Trace Villas, Villa Rica, Carroll County

IV. ANNUAL OPERATING EXPENSE BUDGET
    On-Site Staff Costs                                                                             On-Site Security                                   Taxes and Insurance
    Management Salaries & Benefits                                           47,000                 Contracted Guard                                   Real Estate Taxes (Gross)*               78,000
    Maintenance Salaries & Benefits                                          39,000                 Electronic Alarm System                 6,000      Insurance**                              22,000
    Support Services Salaries & Benefits                                     35,000                                 Subtotal                6,000      Other (describe here)
    Other (describe here)                                                                                                                                 Subtotal                             100,000
                        Subtotal                                           121,000

    On-Site Office Costs                                                                            Professional Services                              Management Fee:                          26,654
    Office Supplies & Postage                                                  4,500                Legal                                   3,500           398       per unit per year
    Telephone                                                                  4,800                Accounting                              2,700           33        per unit per month
    Travel                                                                     1,200                Advertising                             3,000
    Leased Furniture / Equipment                                               3,800                Other (describe here)                              (Management Fee is from Pro Forma, Section 1,
    Activities Supplies / Overhead Cost                                        1,200                                   Subtotal             9,200      Operating Assumptions)
    Other (describe here)
                        Subtotal                                             15,500

    Maintenance Expenses                                                                            Utilities                                          TOTAL OPERATING EXPENSES
    Contracted Repairs                                                        3,000                 Electricity                             7,800          4,424      per unit                 318,554
    General Repairs                                                           2,500                 Natural Gas                                 0
    Grounds Maintenance                                                      15,000                 Water & Sewer                           6,500
    Extermination                                                               600                 Trash Collection                        3,000      Replacement Reserve                      17,280
    Maintenance Supplies                                                      1,800                 Other (describe here)                              Enter desired per unit amount:              240
    Elevator Maintenance                                                                                               Subtotal            17,300
    Redecorating
    Other (describe here)                                                                                                                              TOTAL ANNUAL EXPENSES
                        Subtotal                                             22,900                                                                                                            335,834
V. APPLICANT COMMENTS AND CLARIFICATIONS                                                                                          VI.   DCA COMMENTS
Please see real estate tax calculation in Tab 8.




Oringinal insurance quote was $22,000. Later quote was $19,000. We erred toward the higher quote.




      2009 OAH Funding Application - April                                                            Part VI-Revenues & Expenses                                                          29 of 57
  Georgia Department of Community Affairs                                    2009 Funding Application                                                        Office of Affordable Housing
                                  PART SEVEN - OPERATING PRO FORMA - 2009-008 Oak Trace Villas, Villa Rica, Carroll County
I. OPERATING ASSUMPTIONS                               Please Note:                 Green-shaded cells are unlocked for your use and contain references/formulas that can be overwritten.
Revenue Growth            2.00%                        Asset Management Fee Amount                             5,500         Yr 1 Asset Mgt Fee Percentage of EGI:                  1.03%
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:                   5.00%
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:                          5.000%
II. OPERATING PRO FORMA
Year                                  1            2               3                4                5                6                7                8                9              10
Revenues                       561,960      573,199         584,663          596,356          608,284          620,449          632,858          645,515          658,426         671,594
Ancillary Income                11,239       11,464          11,693           11,927           12,166           12,409           12,657           12,910           13,169          13,432
Vacancy                        (40,124)     (40,926)        (41,745)         (42,580)         (43,431)         (44,300)         (45,186)         (46,090)         (47,012)        (47,952)
Other Income (OI)                  -            -               -                -                -                -                -                -                -               -
OI Not Subject to Mgt Fee          -            -               -                -                -                -                -                -                -               -
Expenses less Mgt Fee         (291,900)    (300,657)       (309,677)        (318,967)        (328,536)        (338,392)        (348,544)        (359,000)        (369,770)       (380,863)
Property Mgmt                  (26,654)     (27,187)        (27,731)         (28,285)         (28,851)         (29,428)         (30,016)         (30,617)         (31,229)        (31,854)
Reserves                       (17,280)     (17,798)        (18,332)         (18,882)         (19,449)         (20,032)         (20,633)         (21,252)         (21,890)        (22,546)
NOI                            197,241      198,094         198,871          199,569          200,182          200,706          201,136          201,467          201,694         201,811
                                   -            -               -                -                -                -                -                -                -               -
                                   -            -               -                -                -                -                -                -                -               -
D/S Mortgage A                (138,673)    (138,673)       (138,673)        (138,673)        (138,673)        (138,673)        (138,673)        (138,673)        (138,673)       (138,673)
D/S Mortgage B                     -            -               -                -                -                -                -                -                -               -
D/S Other Source                   -            -               -                -                -                -                -                -                -               -
D/S Other Source                   -            -               -                -                -                -                -                -                -               -
DCA HOME Cash Resrv.
Asset Mgmt                      (5,500)      (5,500)          (5,500)          (5,500)         (5,500)          (5,500)          (5,500)          (5,500)          (5,500)          (5,500)
DDF                            (36,650)     (36,650)         (36,650)         (36,650)        (36,650)         (36,650)         (36,650)         (36,650)         (36,650)         (36,650)
Incentive Mgmt                     -            -                -                -               -                -                -                -                -                -
Cash Flow                       16,419       17,272           18,049           18,747          19,359           19,883           20,314           20,644           20,871           20,988


DCR First Mortgage                1.42         1.43             1.43             1.44             1.44             1.45             1.45             1.45             1.45             1.46
DCR Second Mortgage
DCR Other Source
DCR Other Source
Oper Exp Coverage Ratio          1.67          1.66            1.64             1.63             1.61             1.60             1.59            1.57             1.56             1.54
                                  -             -               -                -                -                -                -               -                -                -
Mortgage A Balance          1,854,857     1,831,450       1,806,537        1,780,021        1,751,800        1,721,764        1,689,795       1,655,771        1,619,558        1,581,016
Mortgage B Balance
Other Source Balance
Other Source Balance
DDF Balance                   513,095      476,446          439,796          403,146          366,497          329,847          293,197          256,548         219,898          183,248

  2009 OAH Funding Application - April                                           Part VII-Pro Forma                                                                                    30 of 57
  Georgia Department of Community Affairs                                    2009 Funding Application                                                         Office of Affordable Housing
                                  PART SEVEN - OPERATING PRO FORMA - 2009-008 Oak Trace Villas, Villa Rica, Carroll County
I. OPERATING ASSUMPTIONS                               Please Note:                 Green-shaded cells are unlocked for your use and contain references/formulas that can be overwritten.
Revenue Growth            2.00%                        Asset Management Fee Amount                             5,500         Yr 1 Asset Mgt Fee Percentage of EGI:                  1.03%
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:                   5.00%
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:                          5.000%
II. OPERATING PRO FORMA
Year                                11           12              13               14               15               16               17               18               19              20
Revenues                       685,026      698,727         712,701          726,955          741,494          756,324          771,451          786,880          802,617         818,670
Ancillary Income                13,701       13,975          14,254           14,539           14,830           15,126           15,429           15,738           16,052          16,373
Vacancy                        (48,911)     (49,889)        (50,887)         (51,905)         (52,943)         (54,002)         (55,082)         (56,183)         (57,307)        (58,453)
Other Income (OI)                  -            -               -                -                -                -                -                -                -               -
OI Not Subject to Mgt Fee          -            -               -                -                -                -                -                -                -               -
Expenses less Mgt Fee         (392,289)    (404,058)       (416,180)        (428,665)        (441,525)        (454,771)        (468,414)        (482,466)        (496,940)       (511,848)
Property Mgmt                  (32,491)     (33,141)        (33,803)         (34,479)         (35,169)         (35,872)         (36,590)         (37,322)         (38,068)        (38,829)
Reserves                       (23,223)     (23,920)        (24,637)         (25,376)         (26,138)         (26,922)         (27,729)         (28,561)         (29,418)        (30,301)
NOI                            201,813      201,694         201,449          201,069          200,550          199,885          199,065          198,085          196,936         195,612
                                   -            -               -                -                -                -                -                -                -               -
                                   -            -               -                -                -                -                -                -                -               -
D/S Mortgage A                (138,673)    (138,673)       (138,673)        (138,673)        (138,673)        (138,673)        (138,673)        (138,673)        (138,673)       (138,673)
D/S Mortgage B                     -            -               -                -                -                -                -                -                -               -
D/S Other Source                   -            -               -                -                -                -                -                -                -               -
D/S Other Source                   -            -               -                -                -                -                -                -                -               -
DCA HOME Cash Resrv.
Asset Mgmt                      (5,500)      (5,500)          (5,500)          (5,500)         (5,500)          (5,500)          (5,500)          (5,500)          (5,500)          (5,500)
DDF                            (36,650)     (36,650)         (36,650)         (36,650)        (36,650)             -                -                -                -                -
Incentive Mgmt                     -            -                -                -               -                -                -                -                -                -
Cash Flow                       20,990       20,871           20,626           20,247          19,727           55,712           54,892           53,912           52,763           51,439


DCR First Mortgage                1.46         1.45             1.45             1.45             1.45             1.44             1.44             1.43             1.42             1.41
DCR Second Mortgage
DCR Other Source
DCR Other Source
Oper Exp Coverage Ratio          1.53          1.52            1.50             1.49             1.48             1.46             1.45            1.44             1.42             1.41
                                  -             -               -                -                -                -                -               -                -                -
First Mortgage Balance      1,539,994     1,496,334       1,449,866        1,400,408        1,347,770        1,291,746        1,232,118       1,168,655        1,101,110        1,029,220
Second Mortgage Balance
Other Source Balance
Other Source Balance
DDF Balance                   146,599      109,949            73,299          36,650                 (0)              (0)              (0)              (0)             (0)              (0)

  2009 OAH Funding Application - April                                           Part VII-Pro Forma                                                                                    31 of 57
  Georgia Department of Community Affairs                                   2009 Funding Application                                                         Office of Affordable Housing
                                  PART SEVEN - OPERATING PRO FORMA - 2009-008 Oak Trace Villas, Villa Rica, Carroll County
I. OPERATING ASSUMPTIONS                              Please Note:                 Green-shaded cells are unlocked for your use and contain references/formulas that can be overwritten.
Revenue Growth            2.00%                       Asset Management Fee Amount                             5,500         Yr 1 Asset Mgt Fee Percentage of EGI:                  1.03%
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:                   5.00%
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:                          5.000%
II. OPERATING PRO FORMA
Year                                21          22              23               24               25               26               27               28               29              30
Revenues                       835,043     851,744         868,779          886,154          903,877          921,955          940,394          959,202          978,386         997,954
Ancillary Income                16,701      17,035          17,376           17,723           18,078           18,439           18,808           19,184           19,568          19,959
Vacancy                        (59,622)    (60,815)        (62,031)         (63,271)         (64,537)         (65,828)         (67,144)         (68,487)         (69,857)        (71,254)
Other Income (OI)                  -           -               -                -                -                -                -                -                -               -
OI Not Subject to Mgt Fee          -           -               -                -                -                -                -                -                -               -
Expenses less Mgt Fee         (527,204)   (543,020)       (559,311)        (576,090)        (593,373)        (611,174)        (629,509)        (648,394)        (667,846)       (687,881)
Property Mgmt                  (39,606)    (40,398)        (41,206)         (42,030)         (42,871)         (43,728)         (44,603)         (45,495)         (46,405)        (47,333)
Reserves                       (31,210)    (32,146)        (33,110)         (34,104)         (35,127)         (36,180)         (37,266)         (38,384)         (39,535)        (40,721)
NOI                            194,102     192,400         190,497          188,383          186,048          183,484          180,680          177,626          174,310         170,723
                                   -           -               -                -                -                -                -                -                -               -
                                   -           -               -                -                -                -                -                -                -               -
D/S Mortgage A                (138,673)   (138,673)       (138,673)        (138,673)        (138,673)        (138,673)        (138,673)        (138,673)        (138,673)       (138,673)
D/S Mortgage B                     -           -               -                -                -                -                -                -                -               -
D/S Other Source                   -           -               -                -                -                -                -                -                -               -
D/S Other Source                   -           -               -                -                -                -                -                -                -               -
DCA HOME Cash Resrv.
Asset Mgmt                     (5,500)      (5,500)          (5,500)         (5,500)          (5,500)          (5,500)          (5,500)          (5,500)          (5,500)          (5,500)
DDF                               -            -                -               -                -                -                -                -                -                -
Incentive Mgmt                    -            -                -               -                -                -                -                -                -                -
Cash Flow                      49,929       48,227           46,324          44,209           41,875           39,311           36,507           33,453           30,137           26,550


DCR First Mortgage                1.40        1.39             1.37             1.36             1.34             1.32             1.30             1.28             1.26             1.23
DCR Second Mortgage
DCR Other Source
DCR Other Source
Oper Exp Coverage Ratio          1.40         1.38            1.37             1.36             1.35             1.34             1.32             1.31            1.30               1.29
                                  -            -               -                -                -                -                -                -               -                  -
First Mortgage Balance        952,706      871,270         784,597          692,348          594,166          489,668          378,450          260,077         134,090                  0
Second Mortgage Balance
Other Source Balance
Other Source Balance
DDF Balance                         (0)         (0)               (0)              (0)              (0)              (0)              (0)              (0)             (0)              (0)

  2009 OAH Funding Application - April                                          Part VII-Pro Forma                                                                                    32 of 57
  Georgia Department of Community Affairs                                    2009 Funding Application                                                        Office of Affordable Housing
                                  PART SEVEN - OPERATING PRO FORMA - 2009-008 Oak Trace Villas, Villa Rica, Carroll County
I. OPERATING ASSUMPTIONS                               Please Note:                 Green-shaded cells are unlocked for your use and contain references/formulas that can be overwritten.
Revenue Growth            2.00%                        Asset Management Fee Amount                             5,500         Yr 1 Asset Mgt Fee Percentage of EGI:                  1.03%
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:                   5.00%
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:                          5.000%
II. OPERATING PRO FORMA
Year                               31            32              33               34               35
Revenues                    1,017,913     1,038,271       1,059,036        1,080,217        1,101,822
Ancillary Income               20,358        20,765          21,181           21,604           22,036
Vacancy                       (72,679)      (74,133)        (75,615)         (77,128)         (78,670)
Other Income (OI)
OI Not Subject to Mgt Fee
Expenses less Mgt Fee         (708,518)    (729,773)       (751,667)        (774,217)        (797,443)
Property Mgmt                  (48,280)     (49,245)        (50,230)         (51,235)         (52,259)
Reserves                       (41,943)     (43,201)        (44,497)         (45,832)         (47,207)
NOI                            166,851      162,684         158,208          153,410          148,278
                                   -            -               -                -                -
                                   -            -               -                -                -
D/S Mortgage A                (138,673)    (138,673)       (138,673)        (138,673)        (138,673)
D/S Mortgage B                     -            -               -                -                -
D/S Other Source                   -            -               -                -                -
D/S Other Source                   -            -               -                -                -
DCA HOME Cash Resrv.
Asset Mgmt                     (5,500)      (5,500)           (5,500)          (5,500)          (5,500)
DDF                               -            -                 -                -                -
Incentive Mgmt                    -            -                 -                -                -
Cash Flow                      22,678       18,511            14,035            9,237            4,105


DCR First Mortgage                1.20         1.17             1.14             1.11             1.07
DCR Second Mortgage
DCR Other Source
DCR Other Source
Oper Exp Coverage Ratio           1.28         1.26            1.25             1.24             1.23
                                   -            -               -                -                -
First Mortgage Balance        (142,715)    (294,610)       (456,275)        (628,339)        (811,470)
Second Mortgage Balance
Other Source Balance
Other Source Balance
DDF Balance                         (0)          (0)               (0)              (0)              (0)

  2009 OAH Funding Application - April                                           Part VII-Pro Forma                                                                                    33 of 57
  Georgia Department of Community Affairs                                 2009 Funding Application                                                        Office of Affordable Housing
                                  PART SEVEN - OPERATING PRO FORMA - 2009-008 Oak Trace Villas, Villa Rica, Carroll County
I. OPERATING ASSUMPTIONS                            Please Note:                 Green-shaded cells are unlocked for your use and contain references/formulas that can be overwritten.
Revenue Growth            2.00%                     Asset Management Fee Amount                             5,500         Yr 1 Asset Mgt Fee Percentage of EGI:                  1.03%
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:                   5.00%
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:                          5.000%
II. OPERATING PRO FORMA
III. Applicant Comments & Clarifications                                                              IV. DCA Comments




  2009 OAH Funding Application - April                                        Part VII-Pro Forma                                                                                    34 of 57
      Georgia Department of Community Affairs                               2009 Funding Application                                   Office of Affordable Housing
                                             PART EIGHT - THRESHOLD CRITERIA - 2009-008 Oak Trace Villas, Villa Rica, Carroll County
                                                                                                                                                              DCA
       Preliminary Rating: Incomplete                                                                                                  Applicant Response
                                                                                                                                                              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.)




      2009 OAH Funding Application - April                                  Part VIII-Threshold Criteria                                                    35 of 57
    Georgia Department of Community Affairs                                                          2009 Funding Application                                                                       Office of Affordable Housing
                                                       PART EIGHT - THRESHOLD CRITERIA - 2009-008 Oak Trace Villas, Villa Rica, Carroll County
                                                                                                                                                                                                                                 DCA
     Preliminary Rating: Incomplete                                                                                                                                                                Applicant Response
                                                                                                                                                                                                                                 USE
FINAL THRESHOLD DETERMINATION (DCA Use Only)
1    Project Feasibility, Viability Analysis, and Conformance with Plan                                                                                                                                      Pass?

     A. Equity Commitment                                                                                                                                                                                        A.
         1) Has the applicant closed an equity partnership with the proposed Equity provider within the last 24 months?                                                                                          1)    Yes
         2) How many tax credit deals have you closed with this equity provider within the past five years?                                                                                                      2)     3
     B. Debt Commitment                                                                                                                                                                                          B.
         1) a) Are any commitments submitted as “Under Consideration” which need final approval before July 31, 2009?                                                                                           1a)     No
            b) If yes, then state the applicable financial assistance/funding:                                                  << Select >>                                                                    1b)
         2) Has the applicant closed a loan with the proposed lender within the last 24 months?                                                                                                                  2)
         3) How many loans have you closed with this lender within the past five years?                                                                                                                          3)
     Applicant's comments regarding this section of Threshold:




     DCA's Comments:




2    Tenancy Characteristics                                                                                                                                                                                 Pass?

        This project is designated as:                                                                                          Senior (HFOP)                                                                          Yes
     Applicant's comments regarding this section of Threshold:                                                                  DCA's Comments:



3    Required Services                                                                                                                                                                                       Pass?

      A. Applicants certify that all selected services will meet QAP policies. Does Applicant agree?                                                                                                                   Agree
      B. Specify below at least 1 basic ongoing service selected from categories listed in QAP for Family projects, or at least 2 basic ongoing services selected from categories listed in QAP for Senior projects:
         1) Social and recreational programs planned and overseen by project mgr                                                                                                                                  1)   Yes
         2) Semi-monthly classes conducted on site                                                                                                                                                                2)   Yes
         3) After school or adult day care located on site                                                                                                                                                        3)
         4) Other service approved by DCA                                                                                                     4)
     Applicant's comments regarding this section of Threshold:




     DCA's Comments:




    2009 OAH Funding Application - April                                                               Part VIII-Threshold Criteria                                                                                            36 of 57
    Georgia Department of Community Affairs                                                           2009 Funding Application                                                                 Office of Affordable Housing
                                                         PART EIGHT - THRESHOLD CRITERIA - 2009-008 Oak Trace Villas, Villa Rica, Carroll County
                                                                                                                                                                                                                      DCA
     Preliminary Rating: Incomplete                                                                                                                                                            Applicant Response
                                                                                                                                                                                                                      USE
FINAL THRESHOLD DETERMINATION (DCA Use Only)
4    Market Feasibility                                                                                                                                                                              Pass?

      A.   Provide the name of the market study analyst used by applicant:                                                                                      A. John Wall and Associates
      B.   Project absorption period                                                                                                                            B. 11-13 Months
      C.   Stabilization period                                                                                                                                 C. 11-13 Months
      D.   Overall capture rate for credit units                                                                                                                D. 32.6
      E.   List DCA tax credit projects (inside a 2-mile radius for urban or 10-mile radius for rural) for years 2004 - 2008. Include both DCA project number and project name in each case.            E.
               Hickory Falls Apartments




      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:




     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.
              If an appraisal is included, indicate Appraiser's Name and answer the following questions:                        Appraiser's Name:
           1) Does it include the “as is” value, "as built/as complete" (encumbered), "as built/ as complete" (unencumbered) values of the proposed subject property and tax credit value?              1)
           2) Does the “as is” value delineate the value of the land and building?                                                                                                                      2)
           3) Does the total hard cost of the project exceed 90% of the as completed unencumbered appraised value of the property?                                                                      3)
      C. Has the Ownership Entity owned the property for less than three (3) years?                                                                                                                     C.
      D. Has the property been:
           1) Rezoned?                                                                                                                                                                                  1)
           2) Subdivided?                                                                                                                                                                               2)
         3) Modified?                                                                                                                                                                                   3)
     Applicant's comments regarding this section of Threshold:




     DCA's Comments:




    2009 OAH Funding Application - April                                                              Part VIII-Threshold Criteria                                                                                  37 of 57
    Georgia Department of Community Affairs                                                        2009 Funding Application                                                  Office of Affordable Housing
                                                      PART EIGHT - THRESHOLD CRITERIA - 2009-008 Oak Trace Villas, Villa Rica, Carroll County
                                                                                                                                                                                                       DCA
     Preliminary Rating: Incomplete                                                                                                                                          Applicant Response
                                                                                                                                                                                                       USE
FINAL THRESHOLD DETERMINATION (DCA Use Only)
6    Environmental Requirements                                                                                                                                                      Pass?

     Did the Applicant receive a DCA Noise Waiver?                                                                                                                                             No
      A. Name of Consultant that prepared the Phase I Assessment:                                                                            A. Environmental Compliance & Maintanence, Inc.
     B. Was the original Phase I Environmental Report for the subject property prepared in accordance with ASTM 1527-05?                                                                 B.    Yes
     C. Is a Phase II Environmental Report included?                                                                                                                                     C.    No
     D. Was a Noise Assessment performed?                                                                                                                                                D.    No
         1) If "Yes", provide the maximum noise level on site in decibels:
         If "Yes", what are the contributing factors in decreasing order of magnitude?

     E. Is the subject property located in a:
         1) Brownfield?                                                                                                                                                                  1)    No
         2) 100 year flood plain / floodway?                                                                                                                                             2)    Yes
            If "Yes", percentage of site that is within a floodplain:                                                                                                                          1%
            If "Yes", will any development occur in the floodplain?                                                                                                                            No
                If "Yes", is documentation provided as per Threshold criteria?
         3) Wetlands?                                                                                                                                                                    3)    No
            If "Yes", enter the percentage of the site that is a wetlands:
            If "Yes", will any development occur in the wetlands?
                If "Yes", is documentation provided as per Threshold criteria?
         4) State Waters/Streams area?                                                                                                                                                   4)    No
     F. Has the Environmental Professional identified any of the following on the subject property:
         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
     G. Is all additional environmental documentation required for a HOME or NSP application included?                                                                                   G.    Yes
         1) Eight-Step Process completed for Wetlands and/or Floodplains?                                                                                                                1)    No
         2) Has Applicant/PE completed the HOME and HUD Environmental Questionnaire?                                                                                                     2)    Yes
         3) Owner agrees that they must refrain from undertaking any activities that could have an adverse effect on the subject property?                                               3)    Yes
     H. If HUD approval has been previously granted, has the HUD Form 4128 been included?                                                                                                H.
     Applicant's comments regarding this section of Threshold:




     DCA's Comments:




    2009 OAH Funding Application - April                                                           Part VIII-Threshold Criteria                                                                      38 of 57
    Georgia Department of Community Affairs                                                        2009 Funding Application                                                                   Office of Affordable Housing
                                                       PART EIGHT - THRESHOLD CRITERIA - 2009-008 Oak Trace Villas, Villa Rica, Carroll County
                                                                                                                                                                                                                     DCA
     Preliminary Rating: Incomplete                                                                                                                                                           Applicant Response
                                                                                                                                                                                                                     USE
FINAL THRESHOLD DETERMINATION (DCA Use Only)
7    Site Control                                                                                                                                                                                   Pass?
    A. Is site control provided through October 31, 2009?                                                                                                                                              A.   Yes
    B. Form of site control:                                                                                                                                             B. Contract/Option
    C. Name of Entity with site control:                                                                           C.                                         Oak Trace, LLC
   Applicant's comments regarding this section of Threshold:
Cahaba Valley Development Corp executed contract with land owner. Cahaba Valley Development assigned their contracts to Oak Trace, LLC.

     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 completion of such paved road?               B.
     Applicant's comments regarding this section of Threshold:



     DCA's Comments:




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



     DCA's Comments:




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



     DCA's Comments:




    2009 OAH Funding Application - April                                                           Part VIII-Threshold Criteria                                                                                    39 of 57
  Georgia Department of Community Affairs                                                             2009 Funding Application                                                            Office of Affordable Housing
                                                        PART EIGHT - THRESHOLD CRITERIA - 2009-008 Oak Trace Villas, Villa Rica, Carroll County
                                                                                                                                                                                                                     DCA
    Preliminary Rating: Incomplete                                                                                                                                                        Applicant Response
                                                                                                                                                                                                                     USE
FINAL THRESHOLD DETERMINATION (DCA Use Only)
11 Public Water/Sanitary Sewer/Storm Sewer                                                                                                                                                      Pass?

     A. Is there a Waiver Approval Letter From DCA included in this application for this criterion as it pertains to Rural projects?                                                               A.
     B. Check all that are available to the                              1) Public water                         City of Villa Rica                                                                1)     Yes
        site and enter provider name:                                    2) Public sewer                         City of Villa Rica                                                                2)     Yes
                                                                            3) Waiver                           <<Enter Provider Name Here>>                                                       3)
    Applicant's comments regarding this section of Threshold:



    DCA's Comments:




12 Required Amenities                                                                                                                                                                           Pass?

    Is there a Pre-Approval Form from DCA included in this application for this criterion?
     A. Applicant agrees to provide the following required Standard Site Amenities in conformance with the DCA Amenities Manual (select one in each category):                                     A.    Agree
         1) Community area (select either community room or community building):                                                                                     1) Building                         Agree
         2) Exterior gathering area:                                                                                                                                 2) Covered Porch                    Agree
         3) On site laundry type:                                                                                                                      3) Washer and dryer in each unit                  Agree
     B. Applicant agrees to provide the following required Additional Site Amenities in conformance with the DCA Amenities Manual.                                      Nbr Amenities              B.
         The number of amenities required depends on the total unit count: 1-50 units = 4 amenities, 51-100 units = 5 amenities; 100+ units = 6 amenities.                     5                         Additional Amenities
         DCA Site Amenities Selected by Applicant:                                         DCA Verified? Additional Amenities (describe in space provided below)                                        Pre-approved by DCA?
         1) Covered pavilion w/ picnic/barbecue facilities                                                                                                                                                Yes
         2) Furnished Exercise/Fitness Center                                                                                                                                                             Yes
         3) Equipped Computer Center                                                                                                                                                                      Yes
         4) Complete built-in fire sprinkler system                                                                                                                                                       Yes
         5) Arts & Crafts / Activity Center                                                                                                                                                               Yes
         6) <<Select>>
     C. Applicant agrees to provide the following required Unit Amenities in conformance with the DCA Amenities Manual:                                                                            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) Powder-based stovetop fire suppression canisters installed above the range cook top                                                                                                    5)     Yes
     D. Applicant agrees to provide the following additional required Amenities for Senior projects:                                                                                               D.    Agree
         1) Elevators are installed for access to all units above the ground floor.                                                                                                                1)
         2) Buildings more than two story construction have interior 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                                                                                      3a)    Agree
            b) If No, was a waiver granted?                                                                                                                                                       3b)
    Applicant's comments regarding this section of Threshold:
Section 12D.1. and 2. - Oak Trace will be a single story development; hence, there is no need for elevators.

    DCA's Comments:




  2009 OAH Funding Application - April                                                                 Part VIII-Threshold Criteria                                                                               40 of 57
 Georgia Department of Community Affairs                                                            2009 Funding Application                                                                      Office of Affordable Housing
                                                     PART EIGHT - THRESHOLD CRITERIA - 2009-008 Oak Trace Villas, Villa Rica, Carroll County
                                                                                                                                                                                                                               DCA
   Preliminary Rating: Incomplete                                                                                                                                                                 Applicant Response
                                                                                                                                                                                                                               USE
FINAL THRESHOLD DETERMINATION (DCA Use Only)
13 Physical Needs Assessment (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 requirements as set forth in                                   E.
      the QAP and Manuals, and health and safety codes and requirements. Applicant agrees?
   Applicant's comments regarding this section of Threshold:




   DCA's Comments:




14 Site Information and Conceptual Site Development Plan                                                                                                                                                Pass?

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




   DCA's Comments:




15 Building Sustainability                                                                                                                                                                              Pass?

   A. Does the project meet Georgia Energy Codes?                                                                                                                                                          A.      Yes
   B. Do the basic design and equipment meet the requirements of the Architectural Manual, including those for Energy Star rated appliances?                                                               B.      Yes
   C. Applicant has reviewed Exhibit A to Appendix I Building Sustainability Certification and agrees to provide this Certification if funded with Step II Architectural Submittal documents in
      accordance with the Architectural Submittal Manual?                                                                                                                                                  C.      Yes

   Applicant's comments regarding this section of Threshold:




   DCA's Comments:




 2009 OAH Funding Application - April                                                               Part VIII-Threshold Criteria                                                                                             41 of 57
 Georgia Department of Community Affairs                                                             2009 Funding Application                                                                     Office of Affordable Housing
                                                      PART EIGHT - THRESHOLD CRITERIA - 2009-008 Oak Trace Villas, Villa Rica, Carroll County
                                                                                                                                                                                                                         DCA
   Preliminary Rating: Incomplete                                                                                                                                                                 Applicant Response
                                                                                                                                                                                                                         USE
FINAL THRESHOLD DETERMINATION (DCA Use Only)
16 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 504, American with                                      A.   Yes
      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 2009 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 of this 5%) are equipped
      with roll-in showers?                                                                                                                                                                                C.   Yes

   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 inspection of the project by a DCA-qualified consultant 3 times during construction in order to certify the project's as-built compliance with
      accessibility regulations?                                                                                                                                                                           E.   Yes

   Applicant's comments regarding this section of Threshold:




   DCA's Comments:




17 Architectural Design & Quality Standards                                                                                                                                                             Pass?
   Is there a Waiver Approval Letter From DCA included in this application for this criterion?
   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?
       1) The expected life of the completed property must exceed by five years the greater of the Compliance Period or the Period of Affordability                                                        1)   Yes
       2) All construction must meet the requirements set forth in the Manual                                                                                                                              2)   Yes
       3) Rehabilitation projects will be considered for funding only if the per unit rehabilitation hard costs exceed $20,000 for properties less than 20 years                                           3)
          old and the per unit rehabilitation hard costs exceed $25,000 for properties that exceed 20 years old
       4) The total hard cost of any rehabilitation project must not exceed 90% of the as-completed unrestricted appraised value of the property                                                           4)
       5) The costs of furniture, fixtures, construction of community buildings and common area amenities are not included in these amounts                                                                5)   Yes
   B. Standard Design Options for All Projects                                                                                                                                                             B.   Yes
       1) Exterior Wall Finishes (select one)               For single story buildings, the total building envelope will have 35% minimum brick coverage; remaining 65% will be fiber cement               1)   Yes
                                                            siding or stucco
       2) Attractive Features (select two)                  Addition of or the redesign of existing covered entries                                                                                        2)   Yes
                                                            Addition of decorative elements                                                                                                                     Yes
       3) Major Bldg Component Materials & Upgrades         Upgraded roofing shingles, or roofing materials                                                                                                3)   Yes
          (select one)
       4) Landscaping and Site Design Features (select      Freestanding shelters                                                                                                                          4)   Yes
          two)                                              Site entry w/ permanent, illuminated entry sign and decorative fence                                                                                Yes

   Applicant's comments regarding this section of Threshold:




   DCA's Comments:




 2009 OAH Funding Application - April                                                                Part VIII-Threshold Criteria                                                                                      42 of 57
  Georgia Department of Community Affairs                                                            2009 Funding Application                                                                        Office of Affordable Housing
                                                       PART EIGHT - THRESHOLD CRITERIA - 2009-008 Oak Trace Villas, Villa Rica, Carroll County
                                                                                                                                                                                                                            DCA
    Preliminary Rating: Incomplete                                                                                                                                                                   Applicant Response
                                                                                                                                                                                                                            USE
FINAL THRESHOLD DETERMINATION (DCA Use Only)
18 Experience                                                                                                                                                                                              Pass?

    Is there a Pre-Determination Letter From DCA included in this application for this criterion?                                                                                                                   Yes
    Is there a Waiver Approval Letter From DCA included in this application for this criterion?                                                                                                                     No
    A. Have all entities and individuals in the Owner and Developer organizational structure been identified on an organizational chart?                                                                      A.    Yes
       Please disclose any conflict of interest between the parties:
       There is an identity of interest between the Owner and Developer of the project. Please see tab 3.


    B. Is there a Development fee sharing arrangement between the Owner, Developer or any other party?                                                                                                        B.
       If Yes, disclose details in box below:



    C. Is there any Guarantee Agreement?                                                                                                                                                                      C.
       If Yes, disclose details in box below:



    D. Please disclose all owner and development consultants, direct or indirect, paid or unpaid.



    E. This Application meets Owner Experience through (select one):                                                                                                             E. Owner
       1) Name of Experienced Owner, Partner or Consultant:                                                                                                                      1) John O. Moore, Jr.
       2) Was this individual or entity determined to be experienced by DCA prior to 2009 Application Submission?                                                                                             2)    Yes
       3) Will this individual or entity have a direct or indirect ownership interest in the ownership entity and materially participate in ownership and operation of the project?                           3)    Yes
     F. This Application meets Developer Experience through (select one):                                                                                                         F. Developer
        1) Name of Experienced Developer, Partner or Consultant:                                                                                                                  1) John O. Moore, Jr.
        2) Was this individual or entity determined to be experienced by DCA prior to 2009 Application Submission?                                                                                            2)    Yes
        3) Will this individual or entity have a direct or indirect ownership interest in the ownership entity and materially participate in ownership and operation of the project?                          3)    Yes
    G. This Application meets Manager Experience through (select one):                                                                                                           G. Manager
       1) Name of Experienced Manager, Partner or Consultant:                                                                                                                    1) SPM, Inc.
       2) Was this individual or entity determined to be experienced by DCA prior to 2009 Application Submission?                                                                                             2)    Yes
       3) Will this individual or entity have a direct or indirect ownership interest in the ownership entity and materially participate in ownership and operation of the project?                           3)    No
    H. If the Owner or Developer is meeting DCA experience requirements through a consulting agreement with an experienced consultant, the Applicant must state the
            name of the property through which the Owner or Developer meets said requirements.                      Name of Property:
     I. Is the applicant applying to DCA under the Probationary Participation provision?                                                                                                                       I.
     J. Does the Training / Developer Agreement / Partnership Agreement meet the requirement set forth in the Consultant / Partnership Training Manual?                                                       J.
    Applicant's comments regarding this section of Threshold:
18. Owner, Developer and Manager were deemed experienced in 2009.



    DCA's Comments:




  2009 OAH Funding Application - April                                                                Part VIII-Threshold Criteria                                                                                        43 of 57
  Georgia Department of Community Affairs                                                             2009 Funding Application                                                                 Office of Affordable Housing
                                                       PART EIGHT - THRESHOLD CRITERIA - 2009-008 Oak Trace Villas, Villa Rica, Carroll County
                                                                                                                                                                                                                      DCA
    Preliminary Rating: Incomplete                                                                                                                                                             Applicant Response
                                                                                                                                                                                                                      USE
FINAL THRESHOLD DETERMINATION (DCA Use Only)
19 Threshold Designation Of Tier One Capacity                                                                                                                                                        Pass?

     A. Has an Entity or its principal been designated as a Tier 1 Entity by DCA for this project?                                                                                                      A.    No
     B. Name of Entity or principal so designated by DCA:                                                                     B.
    Applicant's comments regarding this section of Threshold:



    DCA's Comments:




20 Compliance History Summary                                                                                                                                                                        Pass?
    Is there a Pre-Determination Letter From DCA included in this application for this criterion?
     A. Has the principal and entities of each General Partner, Developer, and project consultant(s) submitted a complete and correct DCA Compliance History Summary                                    A.   Yes
     B. Are five fully executed DCA Uniform Release Forms included in the application?                                                                                                                  B.
     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 Release Form)?                                 D.   Yes
    Applicant's comments regarding this section of Threshold:
20.B. DCA Uniform Release Forms not required per DCA.



    DCA's Comments:




21 Eligibility for Credit under the Nonprofit Set-Aside                                                                                                                                              Pass?

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



    DCA's Comments:




  2009 OAH Funding Application - April                                                                 Part VIII-Threshold Criteria                                                                                 44 of 57
  Georgia Department of Community Affairs                                                               2009 Funding Application                                                                      Office of Affordable Housing
                                                          PART EIGHT - THRESHOLD CRITERIA - 2009-008 Oak Trace Villas, Villa Rica, Carroll County
                                                                                                                                                                                                                                DCA
    Preliminary Rating: Incomplete                                                                                                                                                                    Applicant Response
                                                                                                                                                                                                                                USE
FINAL THRESHOLD DETERMINATION (DCA Use Only)
22 Eligibility for HOME Loans under the CHDO Set-Aside*                                                                                                                                                       Pass?
     A.Name of CHDO:                                                                                                      A.
     B.Is a copy of the State CHDO pre-qualification/renewal letter included in the Application?                                                                                                                 B.
     C.Is the CHDO either the sole general partner of the ownership entity or the managing general partner of the ownership entity?                                                                              C.
     D.If the CHDO is a general partner with a for-profit or nonprofit general partner, does the CHDO own at least 51% of the general partnership interest?                                                      D.
     E.Does the CHDO (or a wholly owned or controlled affiliate) receive a percentage of the Developer Fee greater than or equal to the percentage of ownership interest?                                        E.
     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 Developer Fee included in                          F.
       Application?
    G. Do all parties understand that the CHDO must exercise effective control of the partnership throughout the period of affordability?                                                                        G.
    Applicant's comments regarding this section of Threshold:



    DCA's Comments:




23 Additional HUD Requirements                                                                                                                                                                                Pass?
    Is there a Pre-Determination Letter From DCA included in this application for HOME/HUD Site and Neighborhood Standards?
     A. The Census Tract for the property is characterized as [Choose either Minority concentration (50% or more minority), Racially mixed (25% - 49%                            A.            Non-minority             <<Select>>
         minority), or Non-minority (less than 25% minority)]:
     B. List all contiguous Census Tracts:                   B. 9901.02, 0804.01
     C. Is Contract Addendum included in Application?                                                                                                                                                            C.
    Applicant's comments regarding this section of Threshold:



    DCA's Comments:




24 Required Legal Opinions                      State legal opinions included in application using boxes provided.                                                                                            Pass?
     A. Credit Eligibilty for Acquisition                                                                                                                                                                        A.
     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:

    DCA's Comments:


25 Georgia Housing Search                                                                                                                                                                                     Pass?
     A. Applicant agrees that if Application is selected for funding, then the Applicant will list all of its existing developments in the Georgia Housing Search within six months of selection. I              A.
                                                                                                                                                                                                                      Agree
        agree.
     B. Has Applicant registered all available affordable Housing Units previously funded by DCA on the Georgia Housing Search website?                                                                          B.
    Applicant's comments regarding this section of Threshold:                                                             DCA's Comments:
25.B. Applicant has no affordable hsouing units previously funded by DCA.




  2009 OAH Funding Application - April                                                                  Part VIII-Threshold Criteria                                                                                          45 of 57
  Georgia Department of Community Affairs                                                              2009 Funding Application                               Office of Affordable Housing
                                                        PART EIGHT - THRESHOLD CRITERIA - 2009-008 Oak Trace Villas, Villa Rica, Carroll County
                                                                                                                                                                                     DCA
    Preliminary Rating: Incomplete                                                                                                                            Applicant Response
                                                                                                                                                                                     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.
     B. 1) Are any of the sources other than DCA HOME considered to be Federal Funding?                                                                               B1)
        If Yes, applicant will need to check with the source of these funds to determine if this project will trigger the Uniform Relocation Act or 104(d).
        2) Will any funding source used trigger the Uniform Relocation Act or HUD 104 (d) requirements?                                                                2)
     C. Are there any occupied or vacant residential or commercial buildings that will be demolished as a part of the proposed work scope?                             C.
     D. Is sufficient comparable replacement housing identified in the relocation plan according to DCA relocation requirements?                                       D.
     E. Provide summary data collected from Relocation Displacement Spreadsheet:                                                                                       E.
        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)
     F. Indicate Proposed Advisory Services to be used (see Relocation Manual for further explanation):                                                                F.
        1) Individual interviews                                                                                                                                       1)
        2) Meetings                                                                                                                                                    2)
        3) Written Notifications                                                                                                                                       3)
       4) Other - describe in box provided:                                 4)
    Applicant's comments regarding this section of Threshold:



    DCA's Comments:




27 Marketing to Special Need Population                                                                                                                             Pass?
     A. Has the marketing plan been completed according to DCA requirements and included in the application binder where indicated by the Tabs Checklist?              A.
     B. Name of Service Provider:                                     B.
    Applicant's comments regarding this section of Threshold:




    DCA's Comments:




28 Poor Utilization of Resources                                                                                                                                    Pass?
    Applicant's comments regarding this section of Threshold:
Not applicable

    DCA's Comments:




  2009 OAH Funding Application - April                                                                  Part VIII-Threshold Criteria                                               46 of 57
Georgia Department of Community Affairs                                                       2009 Funding Application                                                                                     Office of Affordable Housing
                                                   PART NINE - SCORING CRITERIA - 2009-008 Oak Trace Villas, Villa Rica, Carroll County
                                                                                                                                                                                                         Score            Self DCA
                                                                                                                                                                                                         Value           Score Score
                                                                                                                                                                                        TOTALS:          108              55    10
 1. APPLICATION COMPLETENESS/ORGANIZATION                                      (Applicants start with 10 points. 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



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2009 OAH Funding Application - April                                                             Part IX-Scoring Criteria                                                                                                      47 of 57
Georgia Department of Community Affairs                                                        2009 Funding Application                                                                 Office of Affordable Housing
                                                   PART NINE - SCORING CRITERIA - 2009-008 Oak Trace Villas, Villa Rica, Carroll County
                                                                                                                                                                                     Score             Self DCA
                                                                                                                                                                                     Value            Score Score
                                                                                                                                                                     TOTALS:          108              55    10
 2. TIER I ENTITIES                                                                                                                                                                    3
     Name of Tier 1 Entity for which these points are being claimed
     Tier One entity has a 100% ownership interest in both the General Partner and the Developer entity.
     Applicant's comments regarding this section of scoring:

     DCA's Comments:



 3. DEEPER TARGETING / RENT AND INCOME RESTRICTIONS                                                                                                                                    3               3
     50% Gross Rent Restrictions / 50% Income Restrictions:              Nbr units to have these restrictions:                       18              Percent of Residential Units:    25.0%
     Applicant's comments regarding this section of scoring:
 The proposed development will be composed of 72 units. Eighteen or 25% of the units will be set aside for families at or below 50% AMI.


     DCA's Comments:




 4. QUALITY GROWTH INITIATIVES                                                See scoring criteria for further requirements and information                                                            13    0
  A. Desirable/Undesirable Activities Characteristics                      (Applicants need to complete Desirable/Undesirable Certification form)                                      10        A.    10    0
     1. Desirable Sites (1 pt each)                                                                                                                                                  various     1.    10
     2. Undesirable Sites (1 pt subtracted for each - points entered here will be subtracted from the score value of 10)                                                             various     2.
     Applicant's comments regarding this section of scoring:




     DCA's Comments:




  B. Infill / Smart Growth Rural Development                                                                                                                                           3         B.    3
     Indicate Quality Growth Initiative to be used (choose one):              Rural Smart Growth
     How does the site   The site is located on a main artery, Mirror Lake Blvd, and is within two miles of fundamental services and amenities.
     maximize the use of
     existing facilities The City of Villa Rica has an 8" gravity sewer line that feeds a 15-inch trunk main that runs on the western boundary of the property.
     and infrastructure?

                          The City of Villa Rica has a 10 inch and a six inch water line on Mirror Lake Blvd.


     Describe Adjacent There are residential subdivisions to the north and east of the site.
     established
     occupied residential
     development:




2009 OAH Funding Application - April                                                            Part IX-Scoring Criteria                                                                                    48 of 57
Georgia Department of Community Affairs                                                         2009 Funding Application                                                 Office of Affordable Housing
                                                     PART NINE - SCORING CRITERIA - 2009-008 Oak Trace Villas, Villa Rica, Carroll County
                                                                                                                                                                       Score            Self DCA
                                                                                                                                                                       Value           Score Score
                                                                                                                                                             TOTALS:   108              55    10
       Additional information for Infill Option:
       Indicate Infill Type (choose one):                                        New Construction
 Describe Adjacent             The site is bounded on the north and east by residential subdivisions. Wooded land is on the west and south of the site.
 established development
 that is on all but one side
 of development:

     Applicant's comments regarding this section of scoring:



     DCA's Comments:




  C. Community Transportation Options                                                                                                                                    3        C.    0      0
     1.   Transit Oriented Development                                                                                              OR                                   3        1.
     2.   Project located within ¼ mile walking distance of rapid rail transit station along paved roads, sidewalks, established pedestrian walkways or bike trails.     3        2.
     Applicant's comments regarding this section of scoring:



     DCA's Comments:




  D. Adaptive Reuse                                                        Existing bldg formerly used as:
                                          (w/PNA & supporting documentation)                                                                                             3        D.
     Applicant's comments regarding this section of scoring:



     DCA's Comments:




  E. Brownfield                           (With EPA/EPD Documentation)                                                                                                   3        E.
     Applicant's comments regarding this section of scoring:



     DCA's Comments:




  F. Greyfield                            (with supporting documentation)                                                                                                3        F.
     Applicant's comments regarding this section of scoring:



     DCA's Comments:




2009 OAH Funding Application - April                                                              Part IX-Scoring Criteria                                                                   49 of 57
Georgia Department of Community Affairs                                                     2009 Funding Application                                  Office of Affordable Housing
                                                    PART NINE - SCORING CRITERIA - 2009-008 Oak Trace Villas, Villa Rica, Carroll County
                                                                                                                                                    Score          Self DCA
                                                                                                                                                    Value         Score Score
                                                                                                                                          TOTALS:   108            55    10
 5. SUSTAINABLE DEVELOPMENTS                                                                 (choose only one)                                       6         A.   3     0
       A. Sustainable Communities Certification                                            (choose only one)                                         6         A.   0     0
       1. Earth Craft Communities program through Southface Energy Institute and the Greater Atlanta Home Builder’s Association          OR          6         1.
       2. US Green Building Council’s Leadership in Energy and Environmental Design for Neighborhood Development (LEED-ND)                           6         2.
 OR B. Sustainable Building Certification                                                   (choose only one)                                        3         B.      3        0
       1. Earth Craft House multifamily program through Southface Energy Institute and the Greater Atlanta Home Builder’s Association    OR          3         1.
       2. Enterprise Foundation’s Green Communities certification program                                                                OR          3         2.
       3. US Green Building Council’s LEED for Homes certification program                                                                           3         2.      3
 OR C. Energy Efficient Building Certification                               (EPA’s Energy Star program certification)                                1        C.
      Applicant's comments regarding this section of scoring:



      DCA's Comments:




 6. STABLE COMMUNITIES / REDEVELOPMENT / REVITALIZATION                                                                                              12                1        0
  A. Economic Growth and Need                                                                (choose only one)                                        3                0        0
       1. Economic Growth and Need                                                           Indicate Area: <<Select>>                                3        1.
 OR    2. Stable Communitiies                                                                                                                         3        2.
          Project is located in a census tract that meets the following demographics according to the most recent FFIEC Census Report:                              Yes / No Yes / No
       a) Less than 10% below Poverty level (see Income)                                                                                                       a)
       b) Designated Middle or Upper Income level (see Demographics)                                                                                           b)
       c) Less than 15% of housings units are rental occupied (see Housing)                                                                                    c)
       d) Tracts not designated as distressed or underserved (see Demographics)                                                                                d)
       e) Market study must demonstrate need for affordable housing                                                                                            e)
      Applicant's comments regarding this section of scoring:



      DCA's Comments:




  B. Community Redevelop/Revitalization Plans and Strategies                                 (choose only one)                                        6        B.      0        0
    1. HOPE VI Initiatives                                                                                                                            6        1.
   The Initiative will:                                                                                                                                             Yes / No Yes / No
    a) Provide affordable units for an extended period of 30 years or more;                                                                                    a)
    b) Be part of a mixed income phased community with a significant market component                                                                          b)
    c) Facilitate the deconcentration of poverty                                                                                                               c)
    d) Provide for community improvements or amenities                                                                                                         d)
 OR 2. Promotes Neighborhood Stabilization                                                                                                            3        2.
   Applicant's comments regarding this section of scoring:



      DCA's Comments:




2009 OAH Funding Application - April                                                          Part IX-Scoring Criteria                                                        50 of 57
Georgia Department of Community Affairs                                                    2009 Funding Application                                                               Office of Affordable Housing
                                                  PART NINE - SCORING CRITERIA - 2009-008 Oak Trace Villas, Villa Rica, Carroll County
                                                                                                                                                                             Score             Self DCA
                                                                                                                                                                             Value            Score Score
                                                                                                                                                               TOTALS:           108           55    10
  C. Redevelopment Incentive Programs                      (choose only one)                                                                                                      3        C.   1     0
       1. Statutory Redevelopment Plans                           OR                                                                                                              3        1.
 OR    2. Redevelopment Zones                                     OR                        Type:                 QCT                  Number:          9901.01                   1        2.      1
 OR     3. Local Redevelopment Plan                                                            Name of Plan:                                                                      1        3.
      Indicate whether the Community Redevelop/Revitalization Plan includes the following and include the page number from the plan:             Page Nbr       Page Nbr                        Yes / No Yes / No
        a) A discussion of potential sources of funding for the plan                                                                        a)                                             a)
        b) A clearly delineated target area that includes the proposed project site                                                         b)                                             b)
        c) Detailed policy goals (one of which must be housing)                                                                             c)                                             c)
        d) Implementation measures and specific time frames for the achievement of such policies and housing activities                     d)                                             d)
        e) Proposed development supports at least one of the goals of the redevelopment or revitalization plan                              e)                                             e)
        f) An assessment of the existing physical structures and infrastructure of the community                                            f)                                             f)
      Indicate whether the Community Redevelop/Revitalization Plan is:                                                                           Page Nbr       Page Nbr                        Yes / No Yes / No
        a) formulated by the Owner of the project and submitted to a local government for approval                                          a)                                             a)
        b) a short-term work plan                                                                                                           b)                                             b)
        c) a comprehensive plan, consolidated plan, municipal zoning plan or land use plan                                                  c)                                             c)
        d) outdated and does not reflect the current neighborhood conditions                                                                d)                                             d)
      Applicant's comments regarding this section of scoring:




      DCA's Comments:




 7. PHASED DEVELOPMENTS / PREVIOUS PROJECTS                                                 (choose only one)                                                                     6                3        0
      A. Phased Developments
          Proposed project is part of Phased Development in which one or more phases received an allocation of 9% tax credits & at least one phase has commenced construction.    6        A.
 OR B. Previous Projects                                                                                                                                                          3        B.      3        0
     1. Proposed development site is w/in boundaries of Local Govt where a 9% Credit, 4% Credit and/or HOME project has not been awarded w/in last 4 DCA funding cycles.          3        1.      3
  or 2. Proposed development site is w/in boundaries of Local Govt where a 9% Credit, 4% Credit and/or HOME project has not been awarded w/in last 3 DCA funding cycles.          2        2.
    Applicant's comments regarding this section of scoring:



      DCA's Comments:




2009 OAH Funding Application - April                                                         Part IX-Scoring Criteria                                                                                     51 of 57
Georgia Department of Community Affairs                                                              2009 Funding Application                                                   Office of Affordable Housing
                                                        PART NINE - SCORING CRITERIA - 2009-008 Oak Trace Villas, Villa Rica, Carroll County
                                                                                                                                                                              Score          Self DCA
                                                                                                                                                                              Value         Score Score
                                                                                                                                                                    TOTALS:   108            55    10
 8. WAIVER OF QUALIFIED CONTRACT RIGHT / TENANT OWNERSHIP PLAN                                                                     (choose only one)                           2              2     0
       A. Waiver of Qualified Contract Right                                                                                                                                   2         A.   2
           Applicant agrees to forego the cancellation option for at least 5 years after the close of the Compliance period?             Yes
       B. Tenant Ownership                                                                                                                                                      1        B.
       Applicant's comments regarding this section of scoring:




       DCA's Comments:




 9. HISTORIC DESIGNATION                                                                                                           (choose only one)                            3             0       0
    A. Bldgs on project site are listed individually in National Register of Historic Places & will be preserved according to SHPO rqmts                                        3        A.
 OR B. Buildings on the project site are potentially eligible to be listed because they are located in a:
        1. "Registered historic district"                                                                                                                                       1        1.
  or    2. Potentially eligible district that contributes to the significance of the district and will be preserved                                                             1        2.
       Applicant's comments regarding this section of scoring:




       DCA's Comments:




 10. NONPROFIT                                                                                                                     (choose only one)                            2             0       0
  A. GP is comprised of 100% nonprofit organizations and the project is applying for and is eligible for the nonprofit set-aside                                                2        A.
  B. For-profit entity partnering with a nonprofit that is applying for (and is eligible) under the Plan’s Credits nonprofit set-aside                                          1        B.
       Applicant's comments regarding this section of scoring:



       DCA's Comments:




 11. RURAL                                                                                                                         (80 residential units or less)               2             2
       Applicant's comments regarding this section of scoring:                                                                     DCA's Comments:




2009 OAH Funding Application - April                                                                    Part IX-Scoring Criteria                                                                    52 of 57
Georgia Department of Community Affairs                                                         2009 Funding Application                                                                Office of Affordable Housing
                                                     PART NINE - SCORING CRITERIA - 2009-008 Oak Trace Villas, Villa Rica, Carroll County
                                                                                                                                                                                      Score            Self DCA
                                                                                                                                                                                      Value           Score Score
                                                                                                                                                                     TOTALS:          108              55    10
 12. LOCAL GOVERNMENT SUPPORT                                                                                                                                                          4                3         0
  A. Resolution of Support                                                                                                                                                              3        A.      3
     The resolution clearly indicates that the Local Government understands the nature of the proposed project by identifying, at a minimum:                                                          Yes / No Yes / No
      a) Type of project                                                                                                                                                                         a)     Yes
      b) Number of anticipated units                                                                                                                                                             b)     Yes
      c) Specific project location                                                                                                                                                               c)     Yes
      d) The resolution clearly expresses the Local Government’s support of the proposed project, as opposed to merely expressing indifference                                                   d)     Yes
  B. DCA Community Initiatives                                                                                                                                                          1        B.
           Letter from a designated            <<Select one>>                                       that clearly:                                                                                     Yes / No Yes / No
      a)   identifies the project as located within their political jurisdiction    < Select applicable GICH >      < Select Signature Community ><Select Community of Opportunity>              a)
      b)   is indicative of the community’s affordable housing goals                                                                                                                             b)
      c)   identifies that the project meets one of the objectives of the formal Program Plan                                                                                                    c)
      d)   is excuted by the official representative of the Community                                                                                                                            d)

     Applicant's comments regarding this section of scoring:



     DCA's Comments:




 13. LEVERAGING OF RESOURCES                                                                                                                                                           9                0         0
  A. Grants/Loans                                                                                                                                                                       3        A.     0         0
      1. Community Development Block Grant (CDBG) program funds ($500,000 minimum)                                                                                                      1        1.
      2. Federal Home Loan Bank Affordable Housing Program (AHP) ($500,000 minimum)                                                                                                     1        2.
      3. NSP allocated from a direct HUD allocation to an Entitlement Area (Minimum $1,000,000)                                                                                         3        2.

  B. Efficient use of DCA Resources                                                                                                                                                     6        B.     0         0
      1. DCA OAH HOME Loan Consent                                                                                                                                                      6        1.
      2. DCA allocated NSP funds ($1,000,000 minimum)                                                                                                                                   6        2.

  C. Off Site Improvement, Amenity and Facility Investment                                                                                                                              1        C.
      1. Name of Unrelated Third Party
      2. Description of Improvement(s)
      3. Full Cost of Improvement

     Applicant's comments regarding this section of scoring:



     DCA's Comments:




2009 OAH Funding Application - April                                                               Part IX-Scoring Criteria                                                                                     53 of 57
Georgia Department of Community Affairs                                                        2009 Funding Application                          Office of Affordable Housing
                                                    PART NINE - SCORING CRITERIA - 2009-008 Oak Trace Villas, Villa Rica, Carroll County
                                                                                                                                               Score            Self DCA
                                                                                                                                               Value           Score Score
                                                                                                                                     TOTALS:   108              55    10
 14. DCA OPTIONAL POINTS FOR SUPERIOR PROJECT CONCEPT                                                                                            6
     Is the required narrative (no more than two pages) included in the application binder where indicated by the Tabs Checklist?
     Applicant's comments regarding this section of scoring:



     DCA's Comments:




 15. COMPLIANCE HISTORY STATUS                                                                                                                  15              15     0
     Is there a Pre-Determination Letter From DCA included in this application for this criterion?                                                              Yes
     A. Owner/Developer                                                                                                                                   A.    15
     B. Manager (Pass or Fail)                                                                                                                            B.   Pass
     Applicant's comments regarding this section of scoring:
 Please see pre-determination letter from 2009 in Tab 3.




     DCA's Comments:




                                                                                                TOTAL POSSIBLE SCORE                           108              55    10




2009 OAH Funding Application - April                                                             Part IX-Scoring Criteria                                             54 of 57
                        [This document is to be submitted with Application]

                           APPLICATION CERTIFICATION FORM LETTER
                              [to be submitted under Applicant's letterhead]

     [Date]

     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 2009 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.


2008 QAP
OAH Form - Core                               DCA Office of Affordable Housing                                Page 55 of 57
     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]




2008 QAP
OAH Form - Core                              DCA Office of Affordable Housing                              Page 56 of 57
                                                                                       SUMMARY OF DCA UNDERWRITING ASSUMPTIONS
Category                                                 Specification                                Scale                                                                                 Minumum Maximum
Funding Limits                                           LIHTC                                        Per Project                                                                             n/a            850,000
                                                                                                      Per Project with Tier 1 Developer                                                       n/a            950,000
                                                                                                      Per Round                                                                               n/a           1,700,000
                                                                                                      Per Round with Tier 1 Developer                                                         n/a           1,800,000
                                                         HOME                                         Per Project                                                                          1,000,000        2,500,000
                                                                                                          0 BR            1 BR          2 BR           3 BR       4 BR      5 BR
                                                         Unit Cost Limit                                102,000        117,000       142,000         184,000    202,000   202,000
                                                         HOME Per Unit Subsidy Limit                    102,000        117,000       142,000         184,000    202,000   202,000
Annual Operating Expenses
  Annual Operating Expenses                              Urban                                        Per Unit                                                                                 3,600           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                                                                                   300           n/a
                                                         New                                          Per Unit                                                                                   240           n/a
                                                         All Single Family                            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                                                      4,500
                                                         DCA Loan Application Fee                     Per Project - Nonprofit                                                                        4,000
                                                         DCA Loan / LIHTC Application Fee             Per Project - For Profit or Joint Venture                                                      4,500
                                                         DCA Loan / LIHTC Application Fee             Per Project - Nonprofit                                                                        4,000
   Hard Costs                                            Rehab                                        Per unit - Properties 20 yrs old or less                                              20,000           see UCL
                                                                                                      Per unit - Properties over 20 yrs old                                                 25,000           see UCL
   Construction Contingency                              New                                          % of Construction Hard Costs                                                            5%                7%
                                                         Rehab                                        % of Construction Hard Costs                                                            7%               10%
                                                         Historic Rehab                               % of Construction Hard Costs                                                           10%               15%
   Builder's Overhead                                    n/a                                          % of Construction Hard Costs - Construction Svcs                                        n/a               2%
   Builder Profit                                        n/a                                          % of Construction Hard Costs - Construction Svcs                                        n/a               6%
   General Requirements                                  n/a                                          % of Construction Hard Costs - Construction 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                                                                        5%
   Compliance Monitoring Fee                             LIHTC Fee                                    Per Unit                                                                               700               n/a
                                                         USDA or URFA Fee                             Per Unit                                                                               150               n/a
   Developer's Fee                                       Identity of Interest                         % of (Total Costs - Land - Builder Profit - Devlpr Fee)                                        15%
     20% Consultant max                                  No Identity of Interest                      % of (Total Costs - Land - Developer's Fee)                                                    15%
   Operating Deficit Reserve                                                                          Mths of Year 1 Debt Service (out of 12)                                                 4                n/a
                                                                                                      Mths of Year 1 O&M Expense (out of 12)                                                  4                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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