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Free Sample 501C3 Applications - Excel

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Free Sample 501C3 Applications - Excel Powered By Docstoc
					               EXCEL VERSION FOR THE VHDA CONVENTIONAL LOAN APPLICATION



         General comments and tips for completing this application.

Thank you for using this trial application. This Excel version of our conventional loan
application uses object linking to avoid repeated entries. It will automatically fill in various
worksheet forms.

The yellow highlighted area are the only cells that allow you to fill in the data for your loan.
The other cells are locked. Formulas will calculate values throughout the application.

Use the page arrows at the bottom of the screen to navigate the workbook pages if you do
not use the hyperlink buttons located at the bottom of the pages.

You may have to resize some pages to fit your monitor. This template was developed on a
17 inch monitor. You can adjust each page size to fit your personal preference.

If the cell information does not print you may have to adjust the page layout using the
file/page/setup.

Be sure to delete any sample data that exists in this workbook before completing this
application.

Please call Dennis Yeates at 804-343-5613 or email [dennis.yeates@vhda.com] when you
have a situation that does not work for your loan request.

Upon completion of the application, return to this worksheet and press the CLICK TO PRINT
button on the instruction page to Print the application. This will print the pages in submission
order.
eting this




TO PRINT
ubmission
                                  VIRGINIA HOUSING DEVELOPMENT AUTHORITY
                         CONVENTIONAL MULTIFAMILY LOAN APPLICATION

This Instruction Sheet was created to assist in navigation of this rather large spreadsheet. On the left side of this sheet are
hyperlink to other sheets of this application, as indicated by being blue in color and underlined. On the right side of this sheet
is a brief description of the contents of such sheet. By clicking on the hyperlinks you will be taken directly to the sheet of the
application being described. Located at the bottom of every sheet is a button that says Return to Instructions. By
depressing that button, you will return to this sheet in the same spot that you left. The color of the hyperlink will change
indicated that it has been used. The hyperlink can be used repeatedly and without limitation.


                           By clicking the button to the left the application will print in it's entirety. You can print sheets
                           individually by clicking on that sheet and then clicking the print icon on your tool bar.

Program Guidelines         By clicking on the hyperlink to the left, you will go directly to the guidelines sheet of this application.
                           This sheet is intended to disseminate information relating to our underwriting guidelines. Please
                           read this document for content.

Cover Page                 By clicking on the hyperlink to the left, you will go directly to the cover page. You should start the
                           application by filling out the 6 fields on this sheet. The project name and the date will automatically
                           populate throughout the application. If you wish to edit either of those fields, you must do so on the
                           cover sheet.

Loan Request
                           By clicking on the hyperlink to the left, you will go directly to the loan request sheet. This sheet is
                           intended to capture some summary information regarding property as well as the type of financing
                           being requested. You may choose to complete this section after completing the cash flow sections.

Annual Cash Flow           By clicking on the hyperlink to the left, you will go directly to the part of the application where the
                           unit's estimated annual income is captured. You will need to enter the raw data into the indicated
                           fields, and the mathematical calculations will populate automatically. Towards the bottom of this
                           sheet, there is a gray button that will take you to the next sheet where you can continue the effective
                           gross income projections.

Miscellaneous Income       By clicking on the hyperlink to the left, you can go directly to the Ann Cash Flow (2) sheet of this
                           application, where you will calculate the miscellaneous income for the property. You will
                           automatically come to this section when you click the "continue operating income projections"

Operating Expense          By clicking on the hyperlink to the left, you can go directly to the Ann Expense sheet of this
                           application. This section of the application is intended to capture information on the projected annual
                           operating expenses of the property. You can choose to fill the information out in detail, or plug one
                           large number into one of the available fields. This information will consolidate with the previous cash
                           flow information which can be located on the CF Summary sheet. You can also get to this sheet by
                           clicking the "continue to operating expense projections" button located at the bottom of the Ann
                           Cash Flow(2) sheet [aka: Miscellaneous Income]

Cash Flow Summary          By clicking on the hyperlink to the left, you will go directly to the CF Summary sheet of this
                           application. This sheet consolidates the Annual Operating Cash Flow Projections along with the
                           cash flow for Debt Service. If you had not previously filled out the Loan Request sheet, the Debt
                           Service information will not pull over. You can also get to this sheet by clicking the "continue to cf
                           summary" button located at the bottom of the Ann Expense sheet [aka: Operating Expense]

Sources & Uses             By clicking on the hyperlink to the left, you will go directly to the Sources & Use sheet of this
                           application. This sheet is intended to capture information on the total cost of the developments
                           versus the total resources used to fund the cost of the development. Several of the fields will
                           automatically populate based on information that you have completed already. If the field is not
                           highlighted in yellow, then that information is coming from another sheet.

Construction Interest      By clicking on the hyperlink to the left, you will go directly to the ConstInt sheet of this application.
                           This sheet is intended to help you calculate the projected construction interest that you will incur
                           during the course of construction of your development. You have two options on this sheet. You
                           can forecast the monthly draws and the related interest rate and the construction interest projections
                           will calculate for you automatically OR you can simply key in a lump sum interest figure into cell C43.
                            Please see the specific instructions on this sheet for how this information with populate throughout
                           the balance of the application.

Development Cost           By clicking on the hyperlink to the left, you will go directly to the DCA [Development Cost Analysis]
Analysis                   sheet of this application. This sheet is intended to give you an overall summary of the developments
                           underwriting. There is no information to be keyed in on this sheet. All data will automatically
                           populated based on information keyed to the above mentioned sheets.

Site Summary               By clicking on the hyperlink to the left, you will go directly to the Site Summary sheet of this
                           application. This sheet is intended to collect information regarding some physical features of the
                           development. Please indicate the items that apply by clicking on the check box next to the proper
                           description. If a box is checked in error, you can "uncheck " a box by simply clicking on it again. The
                           fields that require data keyed are highlighted in yellow.
                          By clicking on the hyperlink to the left, you will go directly to the Site Summary sheet of this
                          application. This sheet is intended to collect information regarding some physical features of the
                          development. Please indicate the items that apply by clicking on the check box next to the proper
                          description. If a box is checked in error, you can "uncheck " a box by simply clicking on it again. The
                          fields that require data keyed are highlighted in yellow.

Amenities                 By clicking on the hyperlink to the left, you will go directly to the Amenities sheet of this application.
                          This sheet is intended to collect information regarding unit amenities and site amenities. Please
                          indicate the items that apply by clicking on the check box next to the proper description. If a box is
                          checked in error, you can "uncheck " a box by simply clicking on it again. The fields that require data
                          keyed are highlighted in yellow. This sheet also itemizes the required Marketing documentation and
                          Property Management information [self explanatory].

Development Team          By clicking on the hyperlink to the left, you will go directly to the Dev Team sheet of this application.
                          This sheet is intended to capture information regarding the Companies and Contacts for the
                          Companies that will play a vital role in the development of this deal. The fields that require data
                          keyed are highlighted in yellow. If email addresses are available, please include them.

Architectural Drawings    By clicking on the hyperlink to the left, you will go directly to the Arct Drawings sheet of this
                          application. This sheet is intended to inform you about the design and development drawings
                          requirements and to B111

Design & Construction
Requirements              By clicking on the hyperlink to the left, you will go directly to the Design & Constr Rqmts sheet of this
                          application. This sheet is intended to inform you about the design and construction requirements as
                          required by VHDA. Any deviations of these requirements are to be agreed upon by VHDA.

Kitchen Cabinet
Construction              By clicking on the hyperlink to the left, you will go directly to the Kitchen sheet of this application.
Requirements              This sheet is intended to inform you about the specific construction requirements for kitchen cabinets
                          as required by VHDA. Any deviations of these requirements are to be agreed upon by VHDA.

Statement of Mortgagor By clicking on the hyperlink to the left, you will go directly to the Statement of Mortgagor sheet of this
                       application. This is a form that must be signed by the Mortgagor and the Approved Mortgage
                       Banker/Broker and included as part of the final application. Please read this document for content.

Rent Comparable
                          By clicking on the hyperlink to the left, you will go directly to the Rent Comp sheet of this application.
                          This sheet is intended to capture information about the comparables developments that your
                          development will be competing with. There is only one Rent Comparable sheet in this workbook.
                          You can create multiple copies of this form by clicking the Create Another Rent Comp Sheet
                          button. Please note that these new Rent Comp sheets will NOT be printed when using the Print
                          Application button above. You should print those sheets manually to include in you application.

Rent Adjustment Table     By clicking on the hyperlink to the left, you will go directly to the Rent Adj Table sheet of this
                          application. This sheet is intended capture summary information about the comparable
                          developments for a side-by-side view comparison. Please indicate the applicable items by clicking
                          on the check box next to the proper description. If a box is checked in error, you can "uncheck" a
                          box by simply clicking on it again.

Mgmt and Tenant
Selection Plan outline    By clicking on the hyperlink to the left, you will go directly to the Mgmt Tenant Selection Outline sheet
                          of this application. This sheet is intended to inform you about the requirements of the Management
                          Plan. Please follow the outline, or include a Management Plan that addresses the same topics.
                          Please note that the Management Plan needs to be Property and Management Agent specific.

Marketing Plan Outline    By clicking on the hyperlink to the left, you will go directly to the Mkting Plan Outline sheet of this
                          application. This sheet is intended to inform you about the requirements of the Tenant Selection
                          Plan. Please follow the outline, or include a Management & Tenant Selection Plan that addresses
                          the same topics. Please note that the Management & Tenant Selection Plan needs to be Property
                          specific.

Previous Participation    By clicking on the hyperlink to the left, you will go directly to the Prev Participation sheet of this
Certification             application. This is a form that must be signed by a Principal or Authorized Agent who will
                          participate in the ownership of the Development and included as part of the final application. Please
                          read this document for content.

Submission Checklist      By clicking on the hyperlink to the left, you will go directly to the Subm Checklist sheet of this
                          application. This is a form that will allow you to indicate which tab you have completed for your final
                          application. Please indicate the items by clicking on the check box next to the proper description. If
                          a box is checked in error, you can "uncheck" a box by simply clicking on it again.

Table of Contents         By clicking on the hyperlink to the left, you will go directly to the toc sheet of this application. This is
                          reserved as a Table of Contents for the printable form of the application. The sheets of this
                          electronic application do NOT follow this table of contents, but when you print the application using
                          the Click to Print button above, it will print in this order.
                                VIRGINIA HOUSING DEVELOPMENT AUTHORITY
                        CONVENTIONAL MULTIFAMILY LOAN APPLICATION

                                                       Project Name
                                                         Project Name
                                               Name of Mortgage Broker
                                                    Mortgage Broker Name
                                                     Broker Company
                                                  Mortgage Broker Company
                                                     Developer's Name
                                                       Developer's Name
                                                   Developer Company
                                                     Developer's Company
                                                    November 14, 2010
                                                              Date

                                       DO NOT TYPE BELOW THIS LINE: FOR VHDA USE ONLY


                                Date Received by VHDA Multifamily:

                                Multifamily Loan Number assigned:

                                Virginia Housing Fund Number

                                DHCD Number

                                Development Officer assigned:

                                Multifamily specialist assigned:

                                Construction control Officer assigned

                                Application fee processed by:

                                Application fee processed by date:




Note : Loan requirements in this application are subject to change at any time. Please check with the Multifamily Division
for the latest version of this form and the required exhibits.




                                                                                                   Multifamily Division
                                                                               Virginia Housing Development Authority
                                                                                                   Post Office Box 4525
                                                                                             Richmond, VA 23220-8525
                                                                                                 (804) 782-1986 (Voice)
                                                                                                   (804) 783-9741 (Fax)
                                                                                                        www.vhda.com


      Revised July 02,2003
                                          Project Name:                                                                                         Project Name
                                                   Date:                                                                                        November 14, 2010



                               CONVENTIONAL PROGRAM GUIDELINES

  1   Loan to Value Ratio                                  Not to exceed 90%
      Loan to Cost                                         Not to exceed 95%


  2   Loan Term                                            Up to 30 years. [Term and prepayment may vary as a function of bond terms and underwriting.]


  3   Application Fee                                      A non-refundable application fee in the amount of $10,000 is due with the application. This fee
                                                           will be applied to the 1/2% processing fee.


  4   Processing Fee                                       1/2% for processing fee [all loans]


  5   Financing Fee                                        1/2% for permanent or forward or participation financing fee
                                                           1 1/2% for construction/permanent and gap financing


  6   Cash flow Distribution                               Not limited.


  7   Equity Funding                                       Project owners will be required to demonstrate financial strength sufficient to meet equity
                                                           requirements.


  8   Performance and Completion                           A letter of credit in the amount of 10% of the construction contract (15% if funding stored
      Assurance                                            materials on site). Rehabilitation loans may require a letter of credit greater than 10%.


  9   Loan Rates
      Taxable - Construction/Permanent:                    Rates are set daily
      Taxable - Forward or Participation [15 month]:       Rates are set daily
      Taxable - Construction/Permanent:                    Rates are set daily
      Tax Exempt:                                          To be determined at bond pricing


 10   Appraisal                                            Qualified MAI or SRPA appraiser that is acceptable to the Authority.


 11   Loan Origination                                     Proposals accepted only if submitted through an approved mortgage brokers.


 12   Property Management                                  VHDA approved management entity required.


 12   Cost Certification                                   Cost certifications required.


 13   Occupancy Requirements
      Tax Exempt                                           Minimum of 40% of the units must be rented to families making no more than 60% of the area
                                                           median income (or 20% at 50% of median income), adjusted by family size. The balance of the
                                                           units may be rented to families with incomes up to 150% of area median income.


      Taxable                                              100% of the units must be rented to families making no more than 150% of the area median
                                                           income not adjusted by family size.


 14   GAP Loan Specific Rules                              Security: Approved investor must pledge syndication proceeds and give investor notes. There
                                                           must be personal endorsement from all principals for GAP amount. First Deed of Trust is
                                                           required. A letter of credit will be required for any loan exceeding at 1:1.1 DSC based on market
                                                           rents.
                                                           Documents: Pledge Agreement and supplements to standard loan documents.
                                                           Maximum Loan Amount: Lesser of (1) permanent loan plus syndication payments through
                                                           sustaining occupancy, (2) 95% of cost or (3) 90% loan to value.
                                                           Repayment: GAP loans require that all syndication payments (net of equity required at initial
                                                           closing) be used to reduce the construction loan down to the permanent loan amount not later
                                                           than sustaining occupancy achievement; limited partner must agree to make payments directly to
                                                           VHDA.




Revised June 27th, 2002 Conventional Multifamily Loan Application                                                                                                   iii
                                                                         Project Name:                                                       Project Name
                                                                                  Date:                                                          11/14/10


I. DEVELOPMENT SUMMARY

A. Development Name/Location

Project Address:                                                     Project Location: (include street intersections)
 Street Address:
 City:
 State:                                                              Jurisdiction:
 Zip:                                                                City/County of:

 Phase                    of                               Total Development Cost:                        -    Estimated Value:                   #DIV/0!
 Number of Units:                                     -    Loan to cost:                     #DIV/0!           Est Loan to Value                  #DIV/0!
 Year Project Built:                                       Unit Cost:                        #DIV/0!           Existing Mortgages:
 Unit Loan:                               #DIV/0!          Congressional District:
                                                           Planning District:

II. LOAN REQUEST


 A. Type of Loan:                                                    B. Purpose of Financing
             Construction / Perm                                                      New Construction
             Permanent Only Immediate Delivery                                        Acquisition and Rehab
             Permanent Only Forward Delivery                                          Acquisition Only
             If Forward, how many months?                                             Rehabilitation Only
                                                                                      Assumption
                                                                                      Loan Increase
                                                                                      Refinance
                                                                                      VHDA Refunding
                                                                                      Other Refunding


 B. Funding Source Permanent Only:
                                Requested Loan Amount                Interest Rate        Term   (in months)                         % Fee       $ Fees
  Tax - Exempt - AMT                                       #DIV/0!                                                                                          -
  Tax - Exempt - non AMT                                   #DIV/0!                                                                                          -
  Tax - Exempt - 501( c )(3)                               #DIV/0!                                                                                          -
  Taxable                                                  #DIV/0!                                                                                          -
  VHF (Housing Funds)                                      #DIV/0!                                                                                          -
  VHPRF (Partnership Fund)                                 #DIV/0!                                                                                          -
  Additional Gap Processing Fee                                                                                                                             -

 Total Permanent Financing                            -                                                                                                     -


 C. Funding Source - Construction
                               Requested Loan Amount                                      Term   (in months)                         % Fee       $ Fees
 Construction to Perm Loan                                                                                                                                  -
 Gap Construction Loan                                                                                                                                      -

 Total Construction Financing                         -                                                                                                     -

 Total Fees [Permanent & Construction]                                                                                                                      -


 D. Tax Credits




         Revised June 27th, 2002 Conventional Multifamily Loan Application                                                                      Page #1
                                                                                                              Project Name:                                      Project Name
                                                                                                                       Date:                                     November 14, 2010




V. ANNUAL CASH FLOW ANALYSIS

A. Income Summary                                                                         LIST ALL UNIT TYPES
                                                                                             Estimated
                                         Net                                                 Resident                              Unit
No. of    No. of   No. of    No. of    Rentable          Building             Inc Lmts         Paid                                Rent                             Annual
Units      BR      Bath       Den       Sq. Ft.           Type               Set asides       Utilities        Gross Rent          $ / sf       Rent / Mo.          Income
                                                                             (% of AMI)
                                                                                                              $         -      $            -                $                -
                                                                                                                        -      $            -                $                -
                                                                                                                        -      $            -                $                -
                                                                                                                        -      $            -                $                -
                                                                                                                        -      $            -                $                -
                                                                                                                        -      $            -                $                -
                                                                                                                        -      $            -                $                -
                                                                                                                        -      $            -                $                -
                                                                                                                        -      $            -                $                -
                                                                                                                        -      $            -                $                -
                                                                                                                        -      $            -                $                -
                                                                                                                        -      $            -                $                -
                                                                                                                        -      $            -                $                -
                                                                                                                        -      $            -                $                -
                                                                                                                        -      $            -                $                -
                                                                                                                        -      $            -                $                -
                                                                                                                        -      $            -                $                -
                                                                                                                        -      $            -                $                -
                                                                                                                        -      $            -                $                -
                                                                                                                        -      $            -                $                -
                                                                                                                        -      $            -                $                -
                                                                                                                        -      $            -                $                -
                                                                                                                        -      $            -                $                -
                                                                                                                        -      $            -                $                -
                                               -    Net Rentable Area
     0   Total Units                           -    Gross Improvement Area (Including non-residential area)



         Revised June 27th, 2002 Conventional Multifamily Loan Application   Updated : 11/14/2010, 2:43 AM                                                          Page #5
                                                                                                                 Project Name:                            Project Name
                                                                                                                          Date:                           November 14, 2010


      V. ANNUAL CASH FLOW ANALYSIS Continued

      A. Income Summary Continued


         0      Total Units                         0   Net Rentable Area
                                                    0   Gross Improvement Area [includes non-residential area]

                                                                            Rental Income                                                             $                -

                                                                            Other Income


                                  Laundry                                                         units @                         per month   $   -


      Description of Other:                                                                       units @                         per month   $   -
      Description of Other:                                                                       units @                         per month   $   -

                                                                              Total Other                                                             $                -


                                                                            Gross Income                                                              $                -

                                                                            Less:
                                                                             Vacancy @                                                        $   -
                                                                             Credit Loss @                                                    $   -

                                                                              Total Vacancy & Credit Loss                                             $                -

                                                                            Effective Gross Income                                                    $                -

      Comments




Revised June 27th, 2002 Conventional Multifamily Loan Application         Updated: 11/14/2010, 2:43 AM                                                       Page #6
                                                          Project Name:                                Project Name
                                                                   Date:                               November 14, 2010


B. Expense Summary

ADMINISTRATIVE                                                             Per Unit   Annual
  Advertising / Marketing                                                     -
  Office Salaries                                                             -
  Office Supplies                                                             -
  Office/model Apartment                                type                  -
  Management Fee                                        EGI                   -                -
  Managers Salaries                                                           -
  Staff Units                                           type                  -
  Legal                                                                       -
  Auditing                                                                    -
  Bookkeeping/Accounting Fees                                                 -
  Telephone & Answering Service                                               -
  Misc. Admin. / Tax Credit Monitoring Fee                                    -
  Other Administrative                                                        -
  Other Administrative                                                        -
       Total Administrative                                                   -                    $                  -

UTILITIES
   Fuel Oil                                                                   -
   Electric                                                                   -
   Water / Sewer                                                              -
   Gas                                                                        -
   Other Utilities                                                            -
   Other Utilities                                                            -
       Total Utility                                                          -                    $                  -

OPERATING & MAINTENANCE
  Janitor/Cleaning Payroll                                                    -
  Janitor/Cleaning Supplies                                                   -
  Janitor/Cleaning Contract                                                   -
  Exterminating Payroll/Contract/Supplies                                     -
  Trash Removal                                                               -
  Security Payroll/Contract                                                   -
  Grounds Payroll                                                             -
  Grounds Supplies                                                            -
  Grounds Contract                                                            -
  Maintenance/Repairs Payroll                                                 -
  Repairs/Material                                                            -
  Repairs Contract                                                            -
  Elevator Maintenance/Contract                                               -
  Heating/Cooling Repairs & Maintenance                                       -
  Pool Maintenance/Contract/Staff                                             -
  Snow Removal                                                                -
  Decorating Payroll/Contract                                                 -
  Decorating Supplies                                                         -
  Other Operating & Maintenance                                               -
  Other Operating & Maintenance                                               -
       Total Operating & Maintenance                                          -                    $                  -

TAXES & INSURANCE
  Real Estate Taxes                                                           -
  Payroll Taxes                                                               -
  Miscellaneous Taxes/Licenses/Permits                                        -
  Property & Liability Insurance                                              -
  Fidelity Bond                                                               -
  Workman's Compensation                                                      -
  Health Insurance & Employee Benefits                                        -
  Other Insurance                                                             -
  Other Insurance                                                             -
      Total Taxes & Insurance                                                 -                    $                  -

Total Operating Expenses                                                                           $                  -


REPLACEMENT RESERVES                                                                           -
                                                                                                   $                  -

TOTAL EXPENSES WITH REPLACEMENT RESERVES                                      -                    $                  -



 Revised June 27th, 2002 Conventional Multifamily Loan Application                                                 Page #7
                                Project Name:                                    Project Name
                                         Date:                                         11/14/10


C. Cash Flow Summary

           Rent Income                                     $               -
           Other Income                                    $               -
           GROSS INCOME                                                          $         -
           Vacancy/Credit Loss                             $               -
           EFFECTIVE GROSS INCOME                                                $         -
           Operating expenses                              $               -
           NET OPERATING INCOME                                                  $         -
           Debt Service                                                  $0.00
           Distribution                                                          $         -




D. Loan Ratios


Net Operating Income

VHDA Loan Request                                          $               -
Interest Rate                                    #DIV/0!
Amortization [months]                            #DIV/0!
Annual Debt Service                                                      $0.00

OTHER Loan Request
                                                           $               -
Interest Rate                                        0%
Amortization [years]                                  0
Annual Debt Service                                                      $0.00

Total Annual Debt Service                                                $0.00
Total Loans                                                                 $0

Debt Service Coverage Ratio                                    #DIV/0!
Unit Loan Amount                                               #DIV/0!

Estimated Capitalization Rate
Value by Capitalization                                        #DIV/0!

Loan to Value Ratio                                            #DIV/0!

Total Development Cost                                                     -
Total Loan to Cost Ratio                                       #DIV/0!

Equity                                                                     -




Revised June 27th, 2002 Conventional Multifamily Loan Application                         Page #8
                                                                      Project Name:            Project Name
                                                                               Date:           November 14, 2010


VI. DEVELOPMENT SOURCES AND USES
A. Contract Costs
  1. Land Improvements
      a. Off-Site
      b. On-Site
      c. Landscaping
      d. Other (Explain)
      e. Other (Explain)
      f. Other (Explain)
  2. Structures
      a. Residential
      b. Non-Residential
  3. Other Costs
      a. General Requirements
      b. Builders Overhead
      c. Builders Profit
      d. Bonds
      e. Completion Assurance Letter of Credit
      f. Building Permits[Contractor Paid]
      g. Other (Explain)
         TOTAL CONTRACT COST                                                               -
B. Owner Costs
  1 Building Permit [Owner Paid]
  2 Site Engineering/Survey
  3 Design Architect
  4 Supervising Architect
  5 Soil Borings/Geo-technical
  6 Tap Fees
  7 Appraisal Fee
  8 Environmental Reports
  9 Construction Loan Interest                                                         -
  10 Construction Loan Fee
  11 VHDA Permanent Loan Fee                                                           -
  12 VHDA Construction Loan Fee                                                        -
  13 Other Lender Fees
  14 Mortgage Broker Placement Fee
  15 Taxes During Construction
  16 Insurance During Construction
  17 Legal Fees
  18 Title/Recording Expense
  19 Cost Certification
  20 Tax Credit Fee
  21 Other Fees __________________
         TOTAL OWNER COST                                                                  -
C. land/Acquisition/Development Costs
  1 Cost of Land Acquisition
  2 Cost of Improvement Acquisition
  3 Developer Fee
  4 Other _______________________
  5 Other _______________________
         TOTAL LAND/ACQUISITION & DEVELOPER FEE                                            -
TOTAL DEVELOPMENT COSTS                                                                                     -

D. Sources of Funds
  1   Tax - Exempt - AMT                                                               -
  2   Tax - Exempt - non AMT                                                           -
  3   Tax - Exempt - 501( c )(3)                                                       -
  4   Taxable                                                                          -
  5   VHF (Housing Funds)                                                              -
  6   VHPRF (Partnership Fund)                                                         -
        SUBTOTAL                                                                           -

E. Estimated Tax Credit Equity
  1    Estimated Annual Tax Credits
  2    Estimated Percentage Limited Partnership Interest
  3    Estimated Sales Price ( in cents on the dollar)
        SUBTOTAL                                                                           -

F. Other Equity
  1    Cash
  2    Other (Identify Source)
         SUBTOTAL                                                                          -

TOTAL SOURCES                                                                                               -




Revised June 27th, 2002   Conventional Multifamily Loan Application                                         Page #9
                                                                                                                Project Name:                                                            Project Name
Construction Interest Calculation Worksheet                                                                              Date:                                                           November 14, 2010




                                                                        Month 1              Month 2             Month 3             Month 4              Month 5         Month 6             Month 7

Monthly Draw
Cumulative Construction Loan Balance                                              -                    -                   -                    -                   -                -                   -
Interest Rate (annual)
Monthly Estimated Construction Interest                                           -                    -                   -                    -                   -                -                   -
Cumulative Estimated Construction Interest                                        -                    -                   -                    -                   -                -                   -

                                                                        Month 8              Month 9            Month 10             Month 11            Month 12         Month 13            Month 14
Monthly Draw
Cumulative Construction Loan Balance                                              -                    -                   -                    -                   -                -                   -
Interest Rate (annual)
Monthly Estimated Construction Interest                                           -                    -                   -                    -                   -                -                   -
Cumulative Estimated Construction Interest                                        -                    -                   -                    -                   -                -                   -

                                                                       Month 15             Month 16            Month 17             Month 18            Month 19         Month 20            Month 21
Monthly Draw
Cumulative Construction Loan Balance                                              -                    -                   -                    -                   -                -                   -
Interest Rate (annual)
Monthly Estimated Construction Interest                                           -                    -                   -                    -                   -                -                   -
Cumulative Estimated Construction Interest                                        -                    -                   -                    -                   -                -                   -

                                                                       Month 22             Month 23            Month 24             Month 25            Month 26
Monthly Draw
Cumulative Construction Loan Balance                                              -                    -                   -                    -                   -
Interest Rate (annual)
Monthly Estimated Construction Interest                                           -                    -                   -                    -                   -
Cumulative Estimated Construction Interest                                        -                    -                   -                    -                   -

                                         BE SURE TO DELETE AND / OR REPLACE SAMPLE DATA WITH ESTIMATED CONSTRUCTION DRAW AMOUNTS!

Instructions for use:

Please use the above table to calculate your construction interest. The interest will continue to calculate up to the month that you have filled in an interest rate in
row 7, 24 & 31. If you choose NOT to use the above table, please indicate your estimated construction interest below in the shaded yellow box [cell C43]. For
this amount [shaded yellow box] to carry over properly to the sources and uses page, there should be NO interest rate indicated in ANY CELL in row 7, 24 or 31.




          Revised June 27th, 2002 Conventional Multifamily Loan Application                                                                                                                Page #10
                                                         Project Name
                                                    Development Cost Analysis
November 14, 2010
                                                                                     PROJECT. NUMBER                                   0
LOANS/POSITION                MONTHS        PRINCIPAL               FINANCE FEES                             RATE            DEBT SER
 Tax - Exempt - AMT                     0          $0                           $0                           0.00%                 $0
 Tax - Exempt - non AMT                 0          $0                           $0                           0.00%                 $0
 Tax - Exempt - 501( c )(3)             0          $0                           $0                           0.00%                 $0
 Taxable                                0          $0                           $0                           0.00%                 $0
 VHF (Housing Funds)                    0          $0                           $0                           0.00%                 $0
 VHPRF (Partnership Fund)               0          $0                           $0                           0.00%                 $0
  TOTAL PERMANENT               #DIV/0!           $0                            $0           Blend         #DIV/0!                 $0
Construction to Perm Loan               0          $0                           $0
Gap Construction Loan                   0          $0                           $0
  TOTAL CONSTRUCTION                               $0                           $0
                   TERMS                                                                 EQUITY INVESTMENT
TOTAL UNITS                                       -       DEBT COVERAGE RATIO 1:                                         #DIV/0!
GROSS SQ. FT.                                     -       TOTAL DEVELOPMENT                                                        $0
PERMANENT MORTGAGE(S)                              $0     MORTGAGE                                                                 $0
TOTAL FEES                                         $0     EQUITY REQUIRED    #DIV/0! OR                                            $0
LOAN PER UNIT                                  #DIV/0!    LIHTC SYNDICATION  #DIV/0!                                               $0
CONSTRUCTION LOAN(S)                               $0     NET EQUITY                                                               $0
                 CONTRACT                                                            INCOME
OFF-SITE                                           $0
ON-SITE                                            $0     UNIT TYPE                  NO.                     RENT              ANNUAL
LANDSCAPE                                          $0      Bedrooms
OTHER                                              $0      1                         0       @       $         -     $             -
                                                           2                         0       @       $         -     $             -
  SUBTOTAL                                         $0      3                         0       @       $         -     $             -
STRUCTURES                                         $0      4                         0       @       $         -     $             -
COMMUNITY                                          $0
  SUBTOTAL                    #DIV/0!              $0
GEN. REQUIREMENT                                   $0
OVERHEAD                                           $0
PROFIT                                             $0     SUBTOTAL                          0                                       $0
BONDS/LETTER OF CREDIT/OTHER                       $0     OTHER INCOME                      0 @          #DIV/0!                    $0
BUILDING PERMIT[Contractor Paid]                   $0     TOTAL INCOME                                                              $0
  SUBTOTAL                                         $0     VACANCY/CREDIT LOSS                            #DIV/0!                   $0
  TOTAL CONTRACT                                   $0     E.G.I                                                                     $0
                  OWNER COST                                                         OPERATING EXPENSES
BUILDING PERMIT[Owner Paid]                        $0
ENGINEERING                                        $0
DESIGN ARCHITECT                                   $0
SUPERVISING ARCHITECT                              $0     ADMINISTRATIVE                                                               0
SOIL BORING/GEO-TECHNICAL                          $0     UTILITIES                                                                    0
TAP FEES                                           $0     OPERATING & MAINTENANCE                                                      0
APPRAISAL FEE                                      $0     TAXES & INSURANCE                                                            0
ENVIRONMENTAL REPORTS                              $0
CONSTRUCTION LOAN INTEREST                         $0      TOTAL OPERATING EXPENSES                      #DIV/0!                       0
CONSTRUCTION LOAN FEE                              $0     REPLACEMENT RESERVES                           #DIV/0!                       0
VHDA PERM LOAN FEE                                 $0
VHDA CONSTRUCTION LOAN FEE                         $0          TOTAL EXPENSES                            #DIV/0!                       0
OTHER LENDER FEE                                   $0
MORTGAGE BROKER PLACEMENT FEE                      $0
TAXES DURING CONSTRUCTION                          $0
INSURANCE DURING CONSTRUCTION                      $0
LEGAL FEES                                         $0
TITLE/RECORDING FEE                                $0
COST CERTIFICATION                                 $0
TAX CREDIT FEE                                     $0
Other Fees __________________                      $0
  SUBTOTAL                                         $0
TOTAL IMPROVEMENTS                                 $0
              TOTAL DEVELOPMENT COST                                                        CASH FLOW
TOTAL IMPROVEMENTS                                 $0     E.G.I.                                                                   $0
LAND/ACQUISITION                                   $0     OPERATING EXPENSES                                                       $0
Developer Fee & Other                              $0     NET INCOME                                                               $0
                                                          DEBT SERVICE                                                             $0
 Revised June 27th, 2002 Conventional Multifamily Loan Application                                                         Page #11
                                                                   Project Name:                                                         Project Name
                                                                            Date:                                                          November 14, 2010


D. Neighborhood Description

Tab D: Provide the following Neighborhood Information (check which items are attached):
              -Neighborhood Description: Provide the area of the city in which the property is located; describe the surrounding land
             uses (type, condition, age); note any significant improvements or deterioration of surrounding land uses; identify any unusual or
             undesirable land uses; detail major roadways that impact the property (are they commuter roads, do they provide direct access to
             interstate highways or major commercial destinations); identify where residents are likely to shop; identify where subject is in
             relation to the Central Business District, office/industrial parks, identify major employers and employment centers.
              - Neighborhood map locating site
              - City map [show primary market area PMA]
              - Aerial photographs
              - Site and improvement photographs (close views from all sides)
              - Ingress/egress street view photographs
              - Neighborhood photographs

E. Site Summary

Tab E: Provide the following Site Information (check which items are attached):
             - Layout, shape, topo, unusual features, utilities, frontage, entrance sign location, size, etc.
             ` Description of utilities available to site (include distance from site if not presently available and easements required)
             -
             - If new construction provide letters from utility companies verifying availability
             - Current zoning information (and any proposed zoning changes)
             - REQUIRED - Letter from local government verifying property meets zoning requirements after completion.
             - Purchase Contract/Option/Deed (including Exhibits, Attachments, Descriptions)
             - Copy of any appraisal available

ROAD MAINTENANCE                                   SITE FEATURES                                    REAL ESTATE TAX INFORMATION

      Public               Private                 No. of parking spaces:                           Tax Map Parcel Number:
(Direct access to public road required)            Acreage:                                         Current assessment:
IDENTITY OF INTEREST with Seller:                  Property in a FLOOD PLAIN?                       Current tax rate:
      No                   Yes - Explanation           No                       Yes                 Proposed assessment:
                                                   OFF-SITE FEATURES                                Proposed tax rate:
SITE CONTROL                                           Parking                                      Special assessment:
Purchase/option date:                                  Unusual ingress/egress                       ENVIRONMENTAL CONDITIONS:
Price paid:                                            Other                                            Wetlands                      Underground Storage Tank
Option deposit:                                    UNUSUAL SITE CONDITIONS                              Lead Paint                    Asbestos
Option date(s):                                            Fill/cut           Rock                      High-tension wires            Other - list
Extension provisions:                                      Other(describe) 12



F. Improvement Summary

               1. Description (balconies and utility rooms are not to be included in the gross or net unit area calculation).
 Net Rentable Unit Area: (area between interior faces of exterior and               Project Gross Area (sum of all building areas which include all areas
 dwelling separation walls)                                                          within the exterior walls exclusive of vents, courts and unheated
                                                                                     corridors and stairs):
 Gross Unit Area: (area between exterior faces of exterior walls and                 Community and Public Space:
 center line of dwelling separation walls)

               2. Residential Buildings:
 No. of Buildings:                                                                   No. of stories in buildings:
                             Roof:                  Elevators:                       Construction:                  Exterior:
                                 Flat               No. in buildings:                  Frame             Steel          Wood siding             Brick
                                 Pitched                                               Brick             Block          Masonite                Vinyl
                                                   Type:                               Other - list                     Aluminum                Other - list


             3. Non-Residential Buildings:
 Describe number, construction and uses of non-residential buildings:



             4. Commercial Space:
 Describe any income-producing space or equipment not for the exclusive use of the residents:




    Revised June 27th, 2002 Conventional Multifamily Loan Application                                                                                            Page #3
                                                            Project Name:                                                                     Project Name
                                                                     Date:                                                                    November 14, 2010


G. Amenities and Services.
    1. Unit Amenities (as proposed):
                                                                                       FLOORS               Carpet   Sheet Vinyl Ceramic Hardwood
                                                                                                                     Vinyl Tile    Tile
     Refrigerator           Shades/mini-blinds                 Full size W/D           Living Room
     Range                  Patio/balcony                      Stackable W/D           Dining room
     Dishwasher             Outside storage                    W/D hookups only        Bedrooms
     Disposal               Central air                        Other - list            Kitchen
     Microwave              Window units                   Security Systems:           Den
     Fireplace              Through-wall HVAC                  Pull cords in apts.
     Ceiling fans           Closed circuit T.V.                Card access to bldg.
     Sunroom                                                   Other - list

     2. Unit Services (as proposed) explain any unusual utility configurations:
                            Paid By:                                                Type                             Paid By:
     Water/sewer            Landlord       Resident                       Heat                                       Landlord               Resident
     Trash removal          Landlord       Resident                       Hot Water                                  Landlord               Resident
     Electric lights        Landlord       Resident                       Cooking                                    Landlord               Resident
     Cable                  Landlord       Resident                          A/C                                     Landlord               Resident
     Congregate services [describe services]

Tab F - Provide Utility Company Expense Letters (electric, gas, water, sewer)

     3. Site Amenities (as proposed):
                      If shared, describe:
     Rental office                                              Model apartment                            Covered parking
     Community room                                             Basketball court                           Garage
     Exercise room                                              Pool(s)                                    Car wash area
     Laundry room                                               Tennis court                               Lake
     Other (describe)                                           Tot lot(s)                                 Other (describe)
     Other (describe)                                           Other (describe)



III. MARKETING

Tab G: Provide the following Marketing Information (check which items are attached).
     - Rental comparable form (and map) (include items in outline attached to this Application - see Exhibit 1)
     - Adjustment table (include items in outline attached to this Application - see Exhibit 2)
     - Current rent roll (for rehab only) (include unit number, type family size, annual income, current rent, lease expiration, subsidy)



IV. PROPERTY MANAGEMENT

 Date management agent approved by VHDA:
 If not a VHDA-qualified management agent, please request a qualification package from VHDA's Housing Management Division.
 No. of units currently managed by management agent?                    units
 Is the management agent currently managing any VHDA-financed development(s)?                     yes           no
 - If "yes" list:

Is there an identity of interest between Mortgagor and Property manager?                                   yes                no

Tab H: Provide the following Property Management Information:
     - Tenant Selection Plan (see Exhibit 3)
     - Marketing Plan (prepared by property manager) (include items in outline attached to this Application - see Exhibit 4)
     - Operating History (year-to-date and previous two years audited operating income and expense statements)
     - Relocation Plan and Budget (for rehabilitation properties)




       Revised June 27th, 2002 Conventional Multifamily Loan Application                                                                        Page #4
                                                      Project Name:                                                     Project Name
                                                               Date:                                                    November 14, 2010


C. Development Team
Borrowing Ent. Legal Name:                                             Type of Entity:           Please select from the following list
Names of Principals/Titles:




Street Address:
City:
State:
Zip:                                                                   Federal Tax ID No [TIN]

Telephone No.:                                                         State Organized:
Fax No.:                                                               Date Organized:
email address


Borrowing Entity Contact Person                                        Mortgage Broker

  Name:                                                                  Name:                   Broker Company

  Street Address:                                                        Street Address:
  City:                                                                  City:
  State:                                                                 State:
  Zip:                                                                   Zip:

  Telephone No.:                                                         Telephone No.:
  Fax No.:                                                               Fax No.:
  email address                                                          email address
Identity of Interest:                                                  Identity of Interest:
                                   Yes        No                                                     Yes           No

General Contractor                                                     Mortgagor's Attorney
  Name:                                                                  Name:

  Street Address:                                                        Street Address:
  City:                                                                  City:
  State:                                                                 State:
  Zip:                                                                   Zip:

  Telephone No.:                                                         Telephone No.:
  Fax No.:                                                               Fax No.:
  email address                                                          email address
Identity of Interest:                                                  Identity of Interest:
                                   Yes        No                                                     Yes           No

Property Management Company                                            Architect
  Name:                                                                  Name:

  Street Address:                                                        Street Address:
  City:                                                                  City:
  State:                                                                 State:
  Zip:                                                                   Zip:

  Telephone No.:                                                         Telephone No.:
  Fax No.:                                                               Fax No.:
  email address                                                          email address
Identity of Interest:                                                  Identity of Interest:
                                   Yes        No                                                     Yes           No

Engineer                                                               Other Party
  Name:                                                                  Name:

  Street Address:                                                        Street Address:
  City:                                                                  City:
  State:                                                                 State:
  Zip:                                                                   Zip:

  Telephone No.:                                                         Telephone No.:
  Fax No.:                                                               Fax No.:
  email address                                                          email address
Identity of Interest:                                                  Identity of Interest:
                                   Yes        No                                                     Yes           No


         Revised June 27th, 2002 Conventional Multifamily Loan Application                                                       Page #4
                                                                                                                                  Project Name
                                                                                                                                   November 14, 2010




VII. ARCHITECTURAL DRAWINGS

A. New Construction -- Submission Requirements:



The initial site and building plan submissions may be schematic. Design the development drawings and final working drawings to incorporate
VHDA requirements and review comments. The construction contract documents for initial closing must include final site and engineering,
architectural, structural, mechanical and electrical drawings and specifications. The schematic drawings should include the following:

1
        Schematic site plan to show type and number of parking spaces, location of building types, number and types of various apartments, location
        of community rooms, laundry, swimming pool, tot lots, play area, dumpster pads, site’s topo, drainage, proposed landscape and lighting.
        Show zoning requirements, including set-backs, heights, number of units per acre, soil and environmental conditions.
2       Schematic floor plans to show elevations and sections for various building types, minimum scale 1/8” per foot. Show overall dimensions,
        gross square feet areas, and compliance with ADA and Fair Housing requirements.
3       Typical unit layouts, minimum scale 1/4” per foot. Show dimensions, gross square feet areas, and furnishability layouts.
4       Outline specifications for various materials including walls, floors, roofs, insulation, doors, windows, kitchen cabinets, appliances, mechanical
        plumbing, electrical, paving and landscaping.

Tab I: Provide the following New Construction Information (check which items are attached).

     - Schematic site plan
     - Geotechnical report
     - Soil Borings
     - Schematic floor plans, elevations and wall sections
     - Outline specifications
     - Owner cost breakdown (soft costs)
     - Trade payment breakdown

B. Renovations to Existing Properties -- Submission Requirements

1       Site, building and unit layouts of the existing development.
        Show proposed changes including demolition, revision of unit plans, building elevations, and site work, community room,
        laundry room, swimming pool, tot lots and dumpster pads.
2       List age and condition of various building components such as roofs, walls, doors, windows, kitchen cabinets, plumbing and
        mechanical equipment, carpet, appliances, insulation, etc. (i.e., unit survey)
3       Scope of rehabilitation including quantities and costs of various items.
4       Structural, environmental and termite reports.
5       Environmental Phase I (FNMA minimum requirements).
6       Schedule of replacement items, include replacement date, quantities and estimated costs.

Tab J     Provide the following Rehabilitation Information (check which items are attached).

     - Contract cost breakdown and scope of work
     - Owner cost breakdown (soft costs)
     - Trade Payment Breakdown
     - Component specifications and “cut sheets”
     - Site plan/existing-proposed
     - Floor plans/existing-proposed
     - Unit survey
     - Structural report
     - Environmental report (Phase I FNMA min.)
     - Component replacement schedule including reserve fund calculations
     - Outline any A & E items that do not meet the Design and Construction requirements outline in
       Exhibit 5.

        Revised June 27th, 2002 Conventional Multifamily Loan Application                                                                 Page #4
                                                                                                                             Project Name
                                                                                                                             November 14, 2010




VIII. STATEMENT OF MORTGAGOR

  1        The undersigned Mortgagor hereby makes application to the Virginia Housing Development Authority (VHDA), for a mortgage loan
           described in this application pursuant to the Virginia Housing Development Authority Act, for housing described in this application,
           its supplements and all supporting schedule and exhibits. The loan will be secured by a valid first mortgage of the property herein
           described.
  2        The Mortgagor represents that it is a qualified entity under the relevant statutes and has been formed to undertake the
           construction/rehabilitation and operation of the Development for which the loan is made.
  3        The Mortgagor agrees, as a condition of said loan, to comply with all applicable Federal and State laws regarding unlawful
           discrimination.
  4        The Mortgagor represents that it has not employed any person or firm to solicit or secure the loan applied for upon any agreement
           for a commission, percentage, brokerage, or contingent fee; that it has not paid, delivered, or furnished, or agreed to pay, deliver,
           or furnish to any person any moneys, funds, compensation, gratuities, loans or other form of consideration in connection with this
           application, or the granting of the loan, if granted, or any disbursements therefrom, except as shown in this application.

  5        The Mortgagor hereby certifies that no relationship exists between the Mortgagor and the seller of the site of the Development,
           except as shown in this application.
  6        The Mortgagor represents that it will furnish promptly such supporting information and documents as may be requested by VHDA
           and that, in carrying out the construction and operation of the Development, it will abide by all rules and regulations prescribed by
           VHDA.
  7        The Mortgagor hereby certifies that the Development can be completed within the construction budget and can operate the
           Development within the operating budget set forth in this application.
  8        The Mortgagor hereby certifies that the information set forth in this application is true, correct, and complete.
  9        The Mortgagor hereby authorizes VHDA to order credit report and/or D & B reports; or verify any account balances for which the
           Mortgagor is a principal; and, contact business and banking references that the Mortgagor has provided.
  10       The Mortgagor paid an application fee in the amount of $10,000, which may be non refundable at the discretion of VHDA. This fee
           may be applied to offset any appraisal, marketing or any other fees incurred by VHDA.
  11       By execution of this application, the Mortgagor understands and agrees that the information in this application may be
           disseminated to others for purposes of verification or other purposes consistent with the Virginia Freedom of Information Act.
           However, all information will be maintained, used or disseminated in accordance with the Virginia Privacy Protection Act. The
           Applicant may refuse to supply the information requested, however, such refusal will result in VHDA’s inability to process the
           application. The original or copy of this application may be retained by VHDA, even if the loan is not made.

  12       By execution of this application, the Mortgagor understands and agrees that VHDA may conduct its own independent review and
           analysis of the information contained herein and in the attachments hereto, that any such review and analysis will be made for the
           sole and exclusive benefit and protection of VHDA and that the Mortgagor and Contractor shall not be entitled to rely upon such
           review and analysis or upon the results therefrom. It is further understood and agreed by the Mortgagor that, for the purpose of
           determining and establishing the terms and conditions under which the loan may be made, VHDA may request or require
           adjustments or changes in the information contained herein (including attachments hereto) or in any documentation or material
           now or hereafter submitted in connection with this application. The Mortgagor also understands and agrees that no liability or
           obligation for cost overruns, operating deficits, deficiencies in the Development or other matters relating to the construction (or
           rehabilitation) and operation of the Development shall be imposed on VHDA by reason of any such adjustments or changes
           requested or required by VHDA or by reason of any
           approval by VHDA of any part of this application (including attachments) or of any other documentation or materials now or
           hereafter submitted in connection with this application is approved by VHDA and the initial closing of the loan is held and
           completed, all rights, responsibilities, liabilities and obligations of the Mortgagor, Contractor and VHDA shall be governed by the
           terms of the loan documents executed at that time, and such documents shall supersede all discussions, negotiations and
           agreements with respect to this application.



         IN WITNESS WHEREOF the Mortgagor has caused this application to be executed in its name on this __________ day of
         __________________________, 20 ____.




Approved Mortgage Banker/Broker                                                              Legal Name of Mortgagor


By:                                                                                   By:

Title:                                                                              Title:

          Revised June 27th, 2002 Conventional Multifamily Loan Application                                                                 Page #4
                                                                                                                        Project Name

                                                                                                                        November 14, 2010
                              INFORMATION ON RENT COMPARABLE # (                                               )
                                                                   Exhibit 1

Property Name:                                                                                    Phone:

Property Address:
Physical Occupancy (%):                      Estimated                    Actual                  As of (date):
Specify the property's exterior:     Brick                 Vinyl          T1-11                   Wood
Your impression of the property:     Good                  Avg             Poor                   Age:
What condition was the property in considering it's age?           Good                     Avg                    Poor
How would you categorize the property's curb appeal (Good, Average or Poor) and why?:

Has the property been renovated? If so, what was the scope of the work?

Were rental concessions offered?                  Yes                          No                 If so, what?:
                                                                                    Date of last rent increase:
Is the property located on or near public transportation? If so, what?:
Is the property accessed off a primary road or a secondary/residential street? Describe:

Does the property have a prominent entrance sign that is visible from the primary road?                     Yes                     No
Unit Mix:
       # Units                     BR/BA/Den                 Square Feet                           Rent                   Garden/TH/HR/MR




Unit Amenities: Check where appropriate
       Range & Oven                                Dishwasher                                     W & D Units Size:
       Frost Free Refrigerator                     Garbage Disposal                               W & D Hookups
       Microwave                                   Range Hood                                     W/W Carpet: all or partial:
       Central Air                                 Window A/C Units                               Balcony/Patio
       Fireplace                                   Shades/Blinds                                  Vaulted Ceilings
       Wood Floors                                 Ceiling Fan(s)                                 Other: specify:
Site Amenities: Check where appropriate
       Pool                                        Clubhouse                                      Fitness Center
       Tennis                                      Playground                                     Laundry Facility
       Rental Office                               Covered Parking/Garages                        On-Site Parking
       Car Wash Area                               Limited Access                                 Other: specify:
Utilities and Services Included in Rent: Check where appropriate
       Water & Sewer                               Heat                                           All Utilities; includes electricity
       Trash Pickup                                Hot Water                                      No Utilities
       Security                                    Gas For Cooking                                Other; specify:


       Revised June 27th, 2002 Conventional Multifamily Loan Application                                                          Page #4
                                                                                                                                                                                                                Project Name
                                                                                                                                                                                                                November 14, 2010


                                                                                                               EXHIBIT 2
                                                                                                     RENT ADJUSTMENT TABLE
                                                                                                    (Indicate adjustments in Dollars)



                          Subject                   Comp #1                               Comp #2                                       Comp #3                             Comp #4                         Comp #5


    Utilities:            Yes/No
  Water & Sewer                     Yes               No                  Yes               No                          Yes               No                Yes               No                Yes               No
       Heat                         Yes               No                  Yes               No                          Yes               No                Yes               No                Yes               No
    Hot Water                       Yes               No                  Yes               No                          Yes               No                Yes               No                Yes               No
  Gas for Cooking                   Yes               No                  Yes               No                          Yes               No                Yes               No                Yes               No
        All                         Yes               No                  Yes               No                          Yes               No                Yes               No                Yes               No
       None                         Yes               No                  Yes               No                          Yes               No                Yes               No                Yes               No

  Unit Amenities:         Yes/No
   W & D Units                      Yes               No                  Yes               No                          Yes               No                Yes               No                Yes               No
  W & D Hookups                     Yes               No                  Yes               No                          Yes               No                Yes               No                Yes               No
   W/W Carpet                       Yes               No                  Yes               No                          Yes               No                Yes               No                Yes               No
    Dishwasher                      Yes               No                  Yes               No                          Yes               No                Yes               No                Yes               No
      Disposal                      Yes               No                  Yes               No                          Yes               No                Yes               No                Yes               No
Frost Free Refrigerator             Yes               No                  Yes               No                          Yes               No                Yes               No                Yes               No
    Fireplace                       Yes               No                  Yes               No                          Yes               No                Yes               No                Yes               No
Other: Ceiling Fans                 Yes               No                  Yes               No                          Yes               No                Yes               No                Yes               No
    Central Air                     Yes               No                  Yes               No                          Yes               No                Yes               No                Yes               No

 Site Amenities:          Yes/No
        Pool                        Yes               No                  Yes               No                          Yes               No                Yes               No                Yes               No
     Clubhouse                      Yes               No                  Yes               No                          Yes               No                Yes               No                Yes               No
     Playground                     Yes               No                  Yes               No                          Yes               No                Yes               No                Yes               No
  Fitness Center                    Yes               No                  Yes               No                          Yes               No                Yes               No                Yes               No
 Laundry Facilities                 Yes               No                  Yes               No                          Yes               No                Yes               No                Yes               No
   Tennis Court                     Yes               No                  Yes               No                          Yes               No                Yes               No                Yes               No
  Unit Features:
Unit Size (in Sq. Ft.)
 Size Adjustment                                0                                     0                                             0                                   0                                   0
      Half Bath
      Full Bath
   Patio/Balcony                          Yes              No                   Yes              No                           Yes              No                 Yes              No                 Yes              No
     Property
      Location                         good                ave   poor          good              ave         poor         good                 ave   poor     good                 ave   poor     good                 ave   poor
      Condition                        good                ave   poor          good              ave         poor         good                 ave   poor     good                 ave   poor     good                 ave   poor
    Curb Appeal                        good                ave   poor          good              ave         poor         good                 ave   poor     good                 ave   poor     good                 ave   poor
 Reconciliation:
   Asking Rents             0
  LESS Concessions          0
EQUALS Effective Rent       0                         $0                                    $0                                            $0                                  $0                                 $0
LESS Total Adjustments                                $0                                    $0                                            $0                                  $0                                 $0
EQUALS Adjusted Rent                                  $0                                    $0                                            $0                                  $0                                 $0




           Revised June 27th, 2002 Conventional Multifamily Loan Application                                                                                                                                    Page #4
Exhibit 3
Tenant Selection Plan


Development: ____________________________


Rental Schedule. The proposed rental schedule shall be as follows:

Unit Size        # of Units     Monthly Rent   Utility Cost Allowance   Gross Shelter Cost




Income Limits.

At least ___% of the units will be occupied by or held available for occupancy by individuals or families whose
Adjusted Family Incomes, as determined in accordance with the Authority's Rules and Regulations in effect on
the date of such determination, do not exceed as of the date of their initial occupancy of such units ___% of the
area median gross income as then determined by the Authority.

The income limits used to determine resident eligibility for the remaining ___% percent of the units will be
____% of the area median gross income as then determined by the Authority.

In accordance with the above, the initial income limits for residents of this development are expected to be as
follows:

 Limit Type      Income Limit

 ____% of area median gross income

 ____% of area median gross income


Each applicant for a unit will certify his/her income and may be required to provide independent verification of
his/her employment income. Such certification and any such verification shall be on the forms as the Authority
approve. Income from self-employment may be verified by submission of a copy of applicant's most recent
federal income tax return or such other documents as shall be acceptable to the Authority. Such forms and, if
applicable, tax returns or other documents will be completed and submitted prior to the lease and occupancy of
the unit by the applicant.

After initial occupancy, a waiting list of eligible applicants will be maintained. As vacancies occur, applicants on
the waiting list will be notified and, if approved, will be accepted on a first-come, first-served basis, subject to
the above income limits.


The Owner shall obtain and verify annual gross income and other criteria of eligibility upon move-in/initial
certification from each tenant of the Development. Owners are required to recertify the households annual
income annually or every three years depending on the VHDA loan or applicable program guidelines.




11/14/2010
income annually or every three years depending on the VHDA loan or applicable program guidelines.

A person or family may be disapproved for admission to the development if it is found that they willfully falsified
information to gain admission as well as for any reason related to such person's or family's ability or willingness
to comply with the terms of the lease and applicable law. In the event that any application is disapproved, the
applicant will be notified in writing by the manager as to the reason(s) why the application was disapproved.


___________________________________
(Applicant)


By: _____________________________
Its: _____________________________




11/14/2010
                                                                                                                                                      Project Name
                                                                                                                                                       November 14, 2010


                                                                                 EXHIBIT 4

MARKETING PLAN OUTLINE



OWNER:

MGMT AGENT:

This plan should ensure compliance with all appropriate occupancy regulations and restrictions specific to the development. If you have something that addresses all
of these areas, you may submit it instead of completing the following outline. This plan should be property specific.

  1   Description of the Target Population

          a.    Identify the market area to be served by the development.
          b.    Identify that part of the target population felt to be applicable to the income restrictions for this development.
          c.    Indicate what apartment communities would be considered competition to this development.

  2   Marketing Procedures to be Used in Initial Rent-up

          a.    Describe all marketing tools to be used and, if applicable, frequency of use (i.e., model apartment, advertising mediums, signs, brochures, community
                contacts, etc.).
          b.    Indicate how the development will be marketed to attract a sufficient number of persons subject to the income restrictions to this development.
          c.    What marketing techniques will be employed to inform the minority population of the availability of the housing?
          d.    Explain how information and rental applications are to be made available to the public prior to the opening of the development (or once this existing
                development becomes subject to the applicable VHDA income restrictions).

  3   Occupancy Procedures and Requirements

          a.    Provide a breakdown of the number of dwelling units to be leased to families and individuals applicable to the income restrictions of the financing of
                this development.
          b.    Indicate what procedures will be utilized during and after rent-up to ensure that the applicable percent of the dwelling units are leased to families or
                individuals at appropriate income levels.




       Revised June 27th, 2002 Conventional Multifamily Loan Application                                                                                Page #4
                                                                                                                                                            Project Name
                                                                                                                                                            November 14, 2010


                                                                                       EXHIBIT 6

PREVIOUS PARTICIPATION CERTIFICATION

             Development Name:                                          Project Name
             Applicant:                                                                                                      0
             Controlling General Partner:



             For the purpose of this Certification, the following definitions shall apply:

             “Development” means the proposed multi-family rental housing development identified above.

             “Participants” shall mean the Principals who will participate in the ownership of the Development.

              “Principal” shall mean any person (including any individual, joint venture, partnership, limited liability company, corporation, nonprofit
organization, trust,, or any other public or private entity) that (i) with respect to the Development, will own or participate in the ownership of the Development or (ii) with
respect to an existing multi-family rental project, has owned or participated in the ownership of such project, all as more fully described hereinbelow. The person who is the
owner of the Development or multi-family rental project is considered a Principal. In determining whether any other person is a Principal, the following guidelines shall
govern:
  (1) in the case of a partnership which is a Principal (whether as the owner or otherwise), all general partners are also considered Principals, regardless of the percentage
interest of the general partner; (2) in the case of a public or private corporation or organization or governmental entity which is a Principal (whether as the owner or
otherwise), Principals also include the president, vice president, secretary, and treasurer and other officers who are directly responsible to the board of directors or any
equivalent governing body, as well as all directors or other members of the governing body and any stockholder having a 25 percent or more interest; (3) in the case of a
 which is a Principal (whether as the owner or otherwise), all members are also considered Principals, regardless of the percentage interest of the member; (4) in the case of a
trust which is a Principal (whether as the owner or otherwise), all persons having a 25% or more beneficial ownership interest in the assets of such trust; (whether as the
owner or otherwise), all persons having a 25% or more beneficial ownership interest in the assets of such trust; (5) in the case of any other person which is a Principal
(whether as the owner or otherwise), all persons having a 25 percent or more ownership interest in such other person are also considered Principals; and (6) any person that
directly or indirectly controls, or has the power to control, a Principal shall also be considered a Principal.



              This certification must be completed and personally signed and dated by an individual who is, or is authorized to act on behalf of, the applicant as
              designated in the application. The date of this certification must be no more than 30 days prior to submission of the application.

              Certifications: I hereby certify that all the statements made by me are true, complete and correct to the best of my knowledge and belief
      and are made in good faith, including any statements attached to this certification.

1     I further certify that for the period beginning 10 years prior to the date of this certification:

        a.   During any time that any of the Participants were Principals in any multi-family rental project, no mortgage on the project has been in default, assigned to the
             mortgage insurer (governmental or private) or foreclosed, nor has mortgage relief by the mortgagee been given;

       b. During any time that any of the Participants were Principals in any multi-family rental project, there has not been any breach by the owner of any agreements
          relating to the construction or rehabilitation, use, operation, management or disposition of the project;

        c.   To the best of my knowledge, there are no unresolved findings raised as a result of state or federal audits, management reviews or other governmental
             investigations concerning any multi-family rental project in which any of the Participants were Principals;

       d. During any time that any of the Participants were Principals in any multi-family rental project, there has not been a suspension or termination of payments under
          any state or federal assistance contract for the project;

        e.   None of the Participants has been convicted of a felony and is not presently, to my knowledge, the subject of a complaint or indictment charging a felony. (A
             felony is defined as any offense punishable by imprisonment for a term exceeding one year, but does not include any offense classified as a misdemeanor under
             the laws of a state and punishable by imprisonment of two years or less);

        f.   None of the Participants has been suspended, debarred or otherwise restricted by any federal or state governmental entity from doing business with such
             governmental entity; and

       g. None of the Participants has defaulted on an obligation covered by a surety or performance bond and has not been the subject of a claim under an employee
          fidelity bond.

2     I further certify that none of the Participants is a Virginia Housing Development Authority employee or a member of the immediate household of
      any of its employees.

3     I further certify that none of the Participants is participating in the ownership of a multi-family rental housing project as of this date on which

        Revised June 27th, 2002 Conventional Multifamily Loan Application                                                                                     Page #4
construction has stopped for a period in excess of 20 days or (in the case of a multi-family rental housing project assisted by any federal or state governmental entity) which
has been substantially completed for more than 90 days but for which requisite documents for closing, such as the final cost certification, have not been filed with such
governmental entity.

4      I further certify that none of the Participants has been found by any federal or state governmental entity or court to be in noncompliance with any applicable civil
rights, equal employment opportunity or fair housing laws or regulations.

5     I further certify that none of the Participants was a Principal in any multi-family rental project which has been found by any federal or state governmental entity
or court to have failed to comply with Section 42 of the Internal Revenue Code of 1986, as amended, during the period of time in which the Participant was a Principal in
such project.

6    Statements above (if any) to which I cannot certify have been deleted by striking through the words. In the case of any such deletion, I have attached a true
accurate statement to explain the relevant facts and circumstances.


WARNING: IF THIS CERTIFICATION CONTAINS ANY MISREPRESENTATION OF A MATERIAL FACT, THE AUTHORITY MAY REJECT THE LOAN
APPLICATION AND MAY PROHIBIT THE SUBMISSION BY THE APPLICANT OF LOAN APPLICATIONS IN THE FUTURE.



                                                                                                                               (Signature)



                                                                                                                               (Print or Type Name of Signatory)


                                                                                                                       Date:
                                                                                                                               (Note: Date must be no more than 30 days
                                                                                                                               prior to submission of the application.)




        Revised June 27th, 2002 Conventional Multifamily Loan Application                                                                                     Page #4
Revised January 1, 2009




              VIRGINIA HOUSING DEVELOPMENT AUTHORITY (VHDA)

Design and Construction Requirements 2010
                                     Virginia Housing Development Authority
                                         Minimum Cabinet Requirements
To insure durability while also recognizing the needs of different developments, VHDA has designated two cabinet
options: TYPE ONE CABINETS and TYPE TWO CABINETS. The construction of all new kitchen and bathroom
vanity cabinets is to meet or exceed the minimum requirements for one of these designations. These minimum
requirements are to be incorporated into project specifications for cabinets. Also, cabinets are to comply with the
requirements of the American National Standard Institute (ANSI) and the Kitchen Cabinet Manufacturers’ Association
(KCMA). VHDA's minimum cabinet requirements shall also be followed for all new and adaptive reuse developments
receiving tax credits irrespective of financing by VHDA.
TYPE ONE CABINETS ARE REQUIRED ON SITES WITH PROJECT BASED RENTAL SUBSIDIES FOR FAMILIES,
SECTION 8, RURAL DEVELOPMENT, SECTION 236, AND SITES DESIGNATED BY THE DEVELOPMENT OFFICER:
                                                                             th
q    FACE FRAMES: solid wood, minimum dimensions 3/4 inch by 1½ inch.
q    END PANELS, TOPS, and BOTTOMS: plywood, minimum thickness 1/2 inch.
q    BACKS: plywood, dadoed or rabbeted into end panels.
                                                          th
q    SHELVES: solid wood or plywood, minimum thickness 5/8 inch. Edge banding is required on plywood.
                                                                                                                th
q DOORS and DRAWER FRONTS: solid wood or plywood, minimum thickness 5/8 inch. Panels in “frame and
                                                      th
     panel” doors, minimum thickness 1/4 inch.
q DRAWER BOXES: solid wood or plywood, minimum thickness 1/2 inch. Sides dadoed, rabbeted, or dovetailed to
     receive the front and back members of the drawer box. No butt joints will be accepted.
q DRAWER BOTTOMS: plywood, minimum thickness 1/4th inch. Bottoms dadoed and glued into drawer box.
q DRAWER GUIDES: side mounted steel rails.

TYPE TWO CABINETS ARE REQUIRED FOR ELDERLY, CONVENTIONAL, AND NON-SUBSIDIZED HOUSING
                                                                             th
q FACE FRAMES: solid wood, minimum dimensions 3/4 inch by 1½ inch.
q END PANELS, TOPS, and BOTTOMS: plywood, particleboard or medium-density fiberboard, minimum thickness
     1/2 inch. Exception: All kitchen sink base bottoms and bathroom vanity sink bottoms to be plywood. Plywood to be
     dadoed into sides and face frames.
                                                                         th
q    BACKS: plywood, hardboard, particleboard, or medium thickness 1/8 inch. Particleboard, or medium-density
                                         th
     fiberboard, minimum thickness 3/8 inch. Backs to be dadoed or rabbeted into end panels.
q    SHELVES: solid wood, plywood, particleboard, or medium-density fiberboard. Adjustable shelves, minimum
                  th
     thickness 5/8 inch. Fixed shelves, minimum thickness 1/2 inch. Edge banding required except on solid wood.
q    DOORS and DRAWER FRONTS: solid wood, plywood, or composite materials with laminate finishes on all sides.
     Minimum thickness 5/8th inch. Plywood panels in “frame and panel” doors, minimum thickness 1/8th inch.
q    DRAWER BOXES: solid wood or plywood. Minimum thickness 1/2 inch. Sides to be dadoed, rabbeted, or
     dovetailed to receive the front and back members of the drawer box. No butt joints will be accepted.
                                                              th
q    DRAWER BOTTOMS: plywood, minimum thickness 1/4 inch. Bottoms dadoed and glued into drawer box.
q    DRAWER GUIDES: side mounted steel rails.

* Kitchen Countertops to be post-formed plastic laminate on all standard applications. Sidewall splashes required.
THE FOLLOWING INFORMATION APPLIES TO VHDA LOANS ONLY:
* Before purchasing cabinets, submit VHDA’s cabinet review form and manufacturer’s specification sheets to
VHDA’s Architectural and Engineering Department for review. Written acceptance using VHDA’s cabinet
review form is required for each site. If requested, a cabinet sample is to be provided at the job site for physical
inspection and acceptance. Provide two weeks for the review process.
* Cabinet review forms are available in the loan application package, on our web site at www.vhda.com, or from
Carol Hurdle: (804) 343-5738.
Compliance with above minimum requirements shall be necessary for VHDA’s acceptance. However, VHDA reserves the right not to accept any cabinet that
complies with such minimum requirements and to require compliance with such additional requirements and conditions as VHDA shall determine to be appropriate.
                                                                                             Revised 2/11/04
                                    Virginia Housing Development Authority
                                          CABINET REVIEW FORM

Project Name and Location:                                                 Request Date:

Cabinet Specification Type:                    Cabinet Manufacturer:
    TYPE ONE CABINETS                          Cabinet Model:
    TYPE TWO CABINETS                          Door Style:

              COMPLETE THE FOLLOWING CABINET INFORMATION (print)
FACE FRAMES
material:                                        rail dimension:
END PANELS, TOPS and BOTTOMS
material:                                        thickness:
KITCHEN AND VANITY SINK BOTTOMS
material:                                        thickness:
CABINET BACK
material:                                        thickness:
Are the backs dadoed or rabbetted onto end panels?               Yes    No
SHELVES
adjusable shelf material:                        thickness:
fixed shelf material:                            thickness:
DOORS and DRAWER FRONTS
material:                                        thickness:
DRAWER BOX
material:                                        thickness:
What corner joint is used in box construction?       DADO        RABBET DOVETAIL
DRAWER BOTTOM
material:                                        thickness:
Is bottom dadoed into drawer box and glued?                      YES    NO
DRAWER GUIDE
Is the guide a double suspension system with steel rails?        YES    NO
Name, company and signature of person completing this form.


Name (print):                       Company:                          Signature:

MAILING INFORMATION
To: Carol Hurdle, A&E Program Assistant                  From:    0
    Virginia Housing Development Authority               Company: 0
    601 South Belvidere Street/P.O Box 4525              Address:
    Richmond, VA 23220-8525
    (804) 343-5738 (voice)                               Telephone:
    (804) 783-6741 (fax)                                 Fax:

VHDA USE ONLY

    ACCEPTED                  NOT ACCEPTED
(If not accepted, explain):
Signature*:                                                   Date:
                                      Project Name:
                                               Date:




LOAN SUBMISSION CHECKLIST




    Tab A                  Developer's Proposal

    Tab B                  Organizational Information

    Tab C                  Contractor's Resume and Financial Statements
                           Architect's Resume
                           Engineer's Resume
                           Resume(s) of Other Party(s)

    Tab D                  Neighborhood Information

    Tab E                  Site Information

    Tab F                  Utility company Expense Letters

    Tab G                  Marketing Information

    Tab H                  Property Management Information

    Tab I                  New Construction Information

    Tab J                  Rehabilitation Information




   Revised June 27th, 2002 Conventional Multifamily Loan Application      Page #4
                               Project Name:                                  Project Name
                                   Date:                                    November 14, 2010


                                                 TABLE OF CONTENTS

GENERAL

I.       LOAN SUBMISSION CHECKLIST
II.      CONVENTIONAL PROGRAM HIGHLIGHTS

APPLICATION

I.       LOAN REQUEST

II.      DEVELOPMENT SUMMARY
         A. Development Name/Location
         B. Borrowing Entity
         C. Development Team
         D. Neighborhood Description
         E. Site Summary
         F. Improvement Summary
         G. Amenities & Services

III.     MARKETING

IV.      PROPERTY MANAGEMENT

V.       ANNUAL CASH FLOW ANALYSIS
         A. Income Summary
         B. Expense Summary
         C. Cash flow Summary
         D. Loan Ratios

VI.      DEVELOPMENT SOURCES AND USES
         A. Contract Costs
         B. Development Cost
         C. Land/Acquisition/Development Costs
         D. Sources of Funds
         E. Equity Summary

VII.     ARCHITECTURAL DRAWINGS
         A. New Construction
         B. Renovations to Existing Properties

VIII.    STATEMENT OF MORTGAGOR




        Revised June 27th, 2002 Conventional Multifamily Loan Application                 Page #4

				
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