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									       Georgia Department of Community Affairs                                                                                                                  Office of Affordable Housing
                                           2009 Application Binder Tabs Checklist For: 2009-009, The Cove at Southlake, Dougherty County
           Directions: Place an "X" in the green-shaded boxes beside items secured in the Application Package. Place completed Tabs Checklist in front of Tab 1 in the application binder.
  This tab checklist is formulated to aid applicants in appropriately organizing documentation. It is not meant to be a conclusive list of documentation which is required for an application.
                Applicant's should review the QAP carefully. The application must contain all required documentation which will allow DCA to adequately review each section
                                                                                                                                                                                                            Included
Tab   Required Application Binder Tabs                    Required Tab Contents and Specified Order                                                                                                          in App
Nbr                                                                                                                                                                                                          Binder


      CORE QAP DOCUMENTATION
                                                          Completed Application Tabs Checklist                                                                                                               Yes
1 Project Overview                                        Completed Core Application (Parts I through X)                                                                                                     Yes
                                                          Documents from USDA indicating project is located in rural area (if applicable)                                                                    N/a
                                                          Project Narrative / Project Concept                                                                                                                Yes
                                                          Copy of Tax Exempt Bond Inducement Resolution, if applicable                                                                                       N/a
                                                          Master Planned Community Documentation                                                                                                             Yes

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

3 Project Participants                                    Copies of Performance Workbook for all project participants                                                                                        Yes
                                                          Copies of DCA experience determinations/Waivers                                                                                                    Yes
                                                          Copy of Compliance score certificate                                                                                                               Yes
                                                          DCA Tier One Designation approvals                                                                                                                 Yes
                                                          Probationary participation approval                                                                                                                N/a
                                                          Explanation documentation, if applicable                                                                                                           N/a
                                                          Detailed statements and dates of all governmental debarments/ suspensions, criminal convictions, indictments, bankruptcies and pending criminal    N/a
                                                          investigations of all Owners and Developers.
                                                          General Partner Organization Documents Including Operating Agreement                                                                               Yes
                                                          Developer Organization Documents                                                                                                                   Yes
                                                          Partnership or Consulting Agreement Between Inexperienced and Experienced Entities, if applies (must have training plan)                           N/a



       2009 OAH Funding Application - April                                          Application Tabs Checklist                                                                                 1 of 57
       Georgia Department of Community Affairs                                                                                                                  Office of Affordable Housing
                                          2009 Application Binder Tabs Checklist For: 2009-009, The Cove at Southlake, Dougherty County
          Directions: Place an "X" in the green-shaded boxes beside items secured in the Application Package. Place completed Tabs Checklist in front of Tab 1 in the application binder.
  This tab checklist is formulated to aid applicants in appropriately organizing documentation. It is not meant to be a conclusive list of documentation which is required for an application.
                Applicant's should review the QAP carefully. The application must contain all required documentation which will allow DCA to adequately review each section
                                                                                                                                                                                               Included
Tab   Required Application Binder Tabs                   Required Tab Contents and Specified Order                                                                                              in App
Nbr                                                                                                                                                                                             Binder
4 Waivers/Preapprovals (Non financial)                   Architectural Standards Waiver                                                                                                         N/a
                                                         Amenities Pre-Approval                                                                                                                 N/a
                                                         Other Tenancy Approvals                                                                                                                N/a
                                                         Tenancy Characteristic Waiver Approval                                                                                                 N/a
                                                         3rd Party Investment in Offsite Amenities Approval                                                                                     N/a
      THRESHOLD DOCUMENTATION
5 Financing Commitments                                  Preliminary Financing Commitments - Debt, Equity, Historic Rehab Credits & Grants (if applicable)                                      Yes
                                                         CDBG documentation, if applicable                                                                                                      N/a
                                                         NSP Reservation and commitments, if applicable                                                                                         N/a
                                                         AHP Commitment and loan documents, if applicable                                                                                       N/a
                                                         Permanent Supportive Housing documentation, if applicable                                                                              N/a
                                                         Documentation of Applicable Index Rate (for interest rates tied to an index), if applicable                                            Yes
                                                         DCA HOME Loan consent pursuant to the pre-application process, if applicable                                                           N/a
                                                         Operating Subsidy Agreements, if applicable                                                                                            N/a
                                                         HUD Under Consideration Letter & Lender Preliminary Commitment for HUD 221(d)3 or (d)4 Program, if applicable                          N/a
                                                         HUD Invitation to Submit (submit by 7/1/09), if applicable                                                                             N/a
                                                         USDA documentation, if applicable                                                                                                      N/a
                                                         Tax Abatement documentation, if applicable                                                                                             N/a
                                                         Evidence of PBRA Agreements, if applicable                                                                                             N/a

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

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

8 Additional Feasibility documents                       Documentation back up for construction costs, insurance and taxes                                                                      Yes
                                                         20% Developer fee Approval for Green Building                                                                                          N/a
                                                         DCA Operating expense waiver approval                                                                                                  N/a
                                                         DCA Per unit cost limit waiver approval                                                                                                N/a
                                                         DCA 30% boost approval/copy of preapplication narrative                                                                                N/a

9 Market Feasibility                                     Market Study for proposed site                                                                                                         Yes

10 Appraisal                                             Applicant Commissioned Appraisal (if applicable)                                                                                       N/a




       2009 OAH Funding Application - April                                          Application Tabs Checklist                                                                      2 of 57
       Georgia Department of Community Affairs                                                                                                                       Office of Affordable Housing
                                          2009 Application Binder Tabs Checklist For: 2009-009, The Cove at Southlake, Dougherty County
          Directions: Place an "X" in the green-shaded boxes beside items secured in the Application Package. Place completed Tabs Checklist in front of Tab 1 in the application binder.
  This tab checklist is formulated to aid applicants in appropriately organizing documentation. It is not meant to be a conclusive list of documentation which is required for an application.
                Applicant's should review the QAP carefully. The application must contain all required documentation which will allow DCA to adequately review each section
                                                                                                                                                                                                                   Included
Tab   Required Application Binder Tabs                   Required Tab Contents and Specified Order                                                                                                                  in App
Nbr                                                                                                                                                                                                                 Binder
11 Environmental Requirements                            DCA Noise Waiver Approval (if applicable)                                                                                                                  N/a
                                                         Phase I Environmental Study (including all appendices in the format prescribed in the Environmental Manual)                                                Yes
                                                         Phase II Environmental Study (if applicable)                                                                                                               N/a

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

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

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

15 Operating Utility original letters:                   Gas (if applicable)                                                                                                                                        N/a
                                                         Public Water/Sewer Requirement Waiver Approval                                                                                                             N/a
                                                         Electricity                                                                                                                                                Yes
                                                         Letter of availability and capacity from local public water authority                                                                                      Yes
                                                         Letter of availability and capacity from local public sewer authority                                                                                      Yes
                                                         Evidence of easements necessary to extend utilities (if applicable)                                                                                        N/a
                                                         Verification of Annexation and Improvements (if applicable)                                                                                                N/a

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



       2009 OAH Funding Application - April                                          Application Tabs Checklist                                                                                          3 of 57
       Georgia Department of Community Affairs                                                                                                                    Office of Affordable Housing
                                          2009 Application Binder Tabs Checklist For: 2009-009, The Cove at Southlake, Dougherty County
          Directions: Place an "X" in the green-shaded boxes beside items secured in the Application Package. Place completed Tabs Checklist in front of Tab 1 in the application binder.
  This tab checklist is formulated to aid applicants in appropriately organizing documentation. It is not meant to be a conclusive list of documentation which is required for an application.
                Applicant's should review the QAP carefully. The application must contain all required documentation which will allow DCA to adequately review each section
                                                                                                                                                                                                            Included
Tab   Required Application Binder Tabs                   Required Tab Contents and Specified Order                                                                                                           in App
Nbr                                                                                                                                                                                                          Binder
17 Site Info and Development Plan                        Location and Vicinity Map (all parcels for a scattered site must be indicated)                                                                      Yes
   (All Projects New AND Rehab)                          Conceptual Site Development Plan of the property                                                                                                    Yes
                                                         Site Maps & Photographs (photos must be color in all copies)                                                                                        Yes
                                                         Aerial Photos of proposed site                                                                                                                      Yes

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

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

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

      SCORING DOCUMENTATION
22 Desirable / Undesirable Characteristics               Desirable/Undesirable Form                                                                                                                          Yes
                                                         A site map indicating the specific locations of each desirable and undesirable activity/ characteristics                                            Yes
                                                         Photographs of the desirable and undesirable activities/characteristics                                                                             Yes
                                                         Documentation from the owner of the site on which the undesirable condition exists or from a third party government source documenting how such     N/a
                                                         change will occur and the time frame
                                                         Documentation that evidences the desirable activity/characteristic that will be located in sites under construction                                 N/a



       2009 OAH Funding Application - April                                          Application Tabs Checklist                                                                                   4 of 57
       Georgia Department of Community Affairs                                                                                                                       Office of Affordable Housing
                                          2009 Application Binder Tabs Checklist For: 2009-009, The Cove at Southlake, Dougherty County
          Directions: Place an "X" in the green-shaded boxes beside items secured in the Application Package. Place completed Tabs Checklist in front of Tab 1 in the application binder.
  This tab checklist is formulated to aid applicants in appropriately organizing documentation. It is not meant to be a conclusive list of documentation which is required for an application.
                Applicant's should review the QAP carefully. The application must contain all required documentation which will allow DCA to adequately review each section
                                                                                                                                                                                                                   Included
Tab   Required Application Binder Tabs                   Required Tab Contents and Specified Order                                                                                                                  in App
Nbr                                                                                                                                                                                                                 Binder
23 Infill / Rural Smart Growth                           Documentation that the Applicant has site control over all parcels set out in a Phased projects                                                            Yes
                                                         Documentation that the project is designated as a Transit Oriented Development from the local Transit Authority                                            N/a

24 Community Transportation                              Map showing the location of the Rapid Rail Transit station in relation to the proposed development site                                                    No
                                                         Documentation on the previous use of the building                                                                                                          N/a

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

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

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

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

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

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

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

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




       2009 OAH Funding Application - April                                         Application Tabs Checklist                                                                                         5 of 57
       Georgia Department of Community Affairs                                                                                                                                 Office of Affordable Housing
                                          2009 Application Binder Tabs Checklist For: 2009-009, The Cove at Southlake, Dougherty County
          Directions: Place an "X" in the green-shaded boxes beside items secured in the Application Package. Place completed Tabs Checklist in front of Tab 1 in the application binder.
  This tab checklist is formulated to aid applicants in appropriately organizing documentation. It is not meant to be a conclusive list of documentation which is required for an application.
                Applicant's should review the QAP carefully. The application must contain all required documentation which will allow DCA to adequately review each section
                                                                                                                                                                                                                             Included
Tab   Required Application Binder Tabs                    Required Tab Contents and Specified Order                                                                                                                           in App
Nbr                                                                                                                                                                                                                           Binder
32 Redevelopment Plans / QCT                              Copy of the Plan                                                                                                                                                    Yes
                                                          Website address where information regarding the plan can be located                                                                                                 Yes
                                                          Evidence of plan adoption                                                                                                                                           Yes
                                                          Documentation of Public Hearing and Publication if required by statute                                                                                              Yes
                                                          Copy of Resolution adopting the state enterprise zone                                                                                                               N/a
                                                          Documentation evidencing that the proposed site is located in a QCT/DDA                                                                                             Yes
                                                          The DCA Neighborhood Redevelopment Certification Form                                                                                                               N/a
                                                          Narrative and documentation of the process the government used for developing and adopting the plan.                                                                N/a
                                                          Details regarding community input and public hearings held prior to the adoption of the plan must be included in the Application                                    N/a
                                                          Map of area targeted by plan identifying location of project                                                                                                        N/a

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

34 Tenant Ownership                                       Copy of plan                                                                                                                                                        N/a

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

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

37 DCA Community Initiatives                              Letter from Chief Officer                                                                                                                                           N/a
                                                          Copy of Community Plan                                                                                                                                              N/a

38 DCA Optional Points for Superior Project Concept Narrative, not more than two pages, along with supporting documentation                                                                                                   Yes

39 Other                                                  Cancellation of Option                                                                                                                                              Yes
   (Provide name of each item                             Development Agreement                                                                                                                                               Yes
   and what section it is                                 FEMA Flood Map                                                                                                                                                      Yes
   needed for)



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



       2009 OAH Funding Application - April                                            Application Tabs Checklist                                                                                                  6 of 57
Georgia Department of Community Affairs                                          2009 Funding Application                                                        Office of Affordable Housing
                                        PART ONE - PROJECT INFORMATION - 2009-009 The Cove at Southlake, Albany, Dougherty County

   Please note:                      Blue-shaded cells are unlocked for your use and do not contain references/formulas.                                      DCA Use Only - Project Nbr:
                                     Green-shaded cells are unlocked for your use and do contain references/formulas that can be overwritten.                            2009-009

   I.       DCA RESOURCES                        LIHTC (auto-filled based on later entries)           $             715,394                DCA 2009 Pre-app Nbr,             PA 09-49
                                                 DCA HOME (Pre-Application amount)                    $                   -                if pre-app was submitted:

   II.      TYPE OF APPLICATION                  Competitive Round                           Other:

   III.     APPLICANT CONTACT FOR APPLICATION REVIEW
            Name                                 Jay Ronca                                                                              Title       Vice President of Developer
            Address                              1544 S. Main Street (PO Box 166)                                                       Direct Line            (256) 623-3813
            City                                 Fyffe                                                                                  Fax                         (256) 623-8471
            State                                AL                                        Zip+4           35971-0000                   Cellular               (404) 722-7162
            Office Phone                         (256) 623-3813                             Ext.          224     E-mail      jronca@thevantagegroup.biz
            (Enter phone numbers without using hyphens, parentheses, etc - ex: 1234567890)

   IV.      PROJECT LOCATION
            Project Name                         The Cove at Southlake                                                                     Phased Project?             Yes- w/Master Plan
            Site Street Address                  North and South side of the 400 Block of Hickory Lane                                     Scattered Site?             No
            City                                 Albany                             , Georgia      Zip+4             31701-0000            Acreage                     5.2
            Within City Limits?                  Yes                                              County         Dougherty                 Census Tract #              106.01
            In USDA Rural Area?                  No                  HUD MSA/NonMSA name Albany                                            QCT?         Yes                 DDA? No
                                                      Congressional             State Senate               State House
            Legislative Districts                          2                         12                        150
            If on boundary, other district:                                                                    151
            Political Jurisdiction               City of Albany
            Name of Chief Elected Official       Dr. Willie Adams, Jr                                                Title    Mayor
            Address                              224 Pine Avenue                                                     City     Albany
            Zip+4                                31701-0000                  Phone                 (229) 431-3234                Fax            (229) 431-3223

   V.       PROJECT DESCRIPTION
          A. Mixed Use                                No

          B. Type of Construction:
             New Construction                         38
             Adaptive Reuse
             Acquisition/Rehab
             Substantial Rehab
             Historic Rehab




2009 OAH Funding Application - April                                              Part I-Project Information                                                                                7 of 57
Georgia Department of Community Affairs                                        2009 Funding Application                                                        Office of Affordable Housing
                                         PART ONE - PROJECT INFORMATION - 2009-009 The Cove at Southlake, Albany, Dougherty County

           C. Unit Breakdown                                                               # of                 D. Unit Area
              Number of Low Income Units                                     38           PBRA                     Total Low Income Residential Square Footage                 52,890
                          Number of 50% Units                                8
                          Number of 60% Units                                30
              Number of NSP 120% Units                                                                            Total NSP 120% Residential Square Footage
              Number of Unrestricted Units                                                                        Total Unrestricted Residential Square Footage
              Total Residential Units                                        38                                   Total Residential Square Footage                             52,890
              Common Space Units                                                                                  Total Common Space Square Footage from Units
              Total Units                                                    38                                   Total Square Footage from Units                              52,890
           E. Buildings Number of Residential Buildings                      19                                   Non-Residential SF from Units (Common Space)
                        Number of Non-Residential Buildings                  1                                    Non-Residential SF NOT from Units                             2,068
                        Total Number of Buildings                            20                                   Total Non-Residential Square Footage                          2,068
           F. Total Residential Parking Spaces (min 1.5 per unit)            81

   VI.       TENANCY CHARACTERISTICS
           A. Family or Senior                                            Family                                  If Other, specify:
           B. Mobility Impaired                  Nbr of Units Equipped:       2                                   % of Total Units                                              5.3%
           C. Sight / Hearing Impaired           Nbr of Units Equipped:       1                                   % of Total Units                                              2.6%

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

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

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




2009 OAH Funding Application - April                                               Part I-Project Information                                                                         8 of 57
Georgia Department of Community Affairs                                         2009 Funding Application                                                     Office of Affordable Housing
                                      PART ONE - PROJECT INFORMATION - 2009-009 The Cove at Southlake, Albany, Dougherty County

   IX.      AWARD LIMITATIONS FOR CURRENT DCA COMPETITIVE ROUND
            The following sections apply to all direct and indirect Owners, Developers and Consultants (Entity and Principal) :
         A. Number of Applications Submitted:                                  3
         B. Amount of Federal Tax Credits in All Applications:            2,005,024                             Are you claiming Tier 1 Entity points for this application?    No
         C. Names of Projects in which an Owner, Developer and Consultant(s) and each of its principals has a direct or indirect Ownership interest:
            Project Participant            Name of Project                            Project Participant                  Name of Project
            Owner/Developer                     The Cove at Southlake
            Owner/Developer                     The Crest at Edinburgh




         D. Names of Projects in which the Owner, Developer and Consultant(s) and each of its principals is partnering with an inexperienced unrelated entity for
            purposes of meeting DCA Experience Requirements:
            Project Participant             Name of Project                           Project Participant                 Name of Project
            Co-Developer                        West Haven Senior Village II




   X.       PRESERVATION                                                       No
         A. Subsequent Allocation
            Year of Original Allocation
            Original GHFA/DCA Project Number
            First Year of Credit Period                                                                         First Building ID Nbr in Project                  GA-
            Expiring Tax Credit (15 Year)                                                                       Last Building ID Nbr in Project                   GA-
            Date all buildings will complete 15 yr Compliance pd
         B. Expiring Section 8
         C. Expiring HUD or USDA
            HUD funded affordable nonpublic housing project                                         HUD funded affordable public housing project
            USDA funded affordable nonpublic housing project


2009 OAH Funding Application - April                                               Part I-Project Information                                                                       9 of 57
Georgia Department of Community Affairs                                                                2009 Funding Application                             Office of Affordable Housing
                                                 PART ONE - PROJECT INFORMATION - 2009-009 The Cove at Southlake, Albany, Dougherty County

   XI.     ADDITIONAL PROJECT INFORMATION
        A. PHA Units
           Is proposed project part of a local public housing replacement program?                                 No
           Number of Public Housing Units reserved and rented to public housing tenants:                                     % of Total Residential Units
           Nbr of Units Reserved and Rented to PHA Tenants w/ PBRA or Households on Waiting List:                            % of Total Residential Units
           Local PHA                                                                                                         Contact
           Street Address                                                                                                    Email
           City                                                                     Zip+4                                    Direct line
           Area Code / Phone                                               Fax                                               Cellular
        B. Is there currently an Extention of Cancellation Option?                   Yes       If yes, expiration year:         2031     Nbr yrs to forgo cancellation option:    5
        C. Is there a Tenant Ownership Plan?                                          No
        D. Is the Project Currently Occupied?                                         No
           Total Existing Units
           Number Occupied
           % Existing Occupied
        E. Waivers / Pre-Approvals - have the following waivers / pre-approvals been approved by DCA?
           Per-Unit Cost Limit?                                                       No      ---------------------------> If Yes, new Limit is:                            N/A
           Operating Expense?                                                         No      ---------------------------> If Yes, new Limit is:                            N/A
           Amenities?                                                                 No                                     Other Tenancy?                                       No
           Architectural Standards?                                                   No                                     Probationary Experience Participation?               No
           Experience: Owner?           Yes      Developer?     Yes     Manager?     Yes                                     Service Requirement (for small rural projects)       No
           HOME Reservation?                                                          No                                     State-Designated 30% Basis Boost?                    No
           Payment & Performance Bond?                                                No                                     20% Developer Fee?                                   No
           Noise?                                                                     No                                     3rd Party Investment in Off-Site Amenities?          No
           Other (specify waiver): N/A                                                No                                     Special Needs?                                       No
        F. Projected Place-In-Service Date
           Acquisition                                                            N/A
           Rehab                                                                  N/A
           New Construction                                                       April 1, 2012
   XII.    APPLICANT COMMENTS AND CLARIFICATIONS                                                              XV.            DCA COMMENTS - DCA USE ONLY
   XI. B. Please see Extension of the Cancellation Option in Tab 39 Other



   XI. E. We submitted pre-application experience documentation for Lowell R. Barron, II as Owner, Vantage Development, LLC as
   Developer, and Vantage Management, LLC. IX. B. Vantage/LRBII's total credit request as OWNER is $1,438,783. See addt'l
   comments below regarding the 3rd deal under the Exception Rule where Vantage/LRBII is developer but NOT an owner.
   IX. A., B. & C. Vantage Dev/LRBII has been hired by NAHPA, Inc.(nonprofit) to provide development assistance to its proposed West
   Haven Senior Village II deal in Tifton. Per DCA's 2009 QAP pg. 38 of 57 section C.2.(2), Vantage/LRBII is not in violation of the credit
   caps per the Exception rule as they have NO OWNERSHIP in WHSVII & is Vantage's only addt'l project under that exception (max 1).
      Furthermore, LRBII/Vantage is NOT partnering with NAHPA to gain Experience point/threshold, as NAHPA is experienced in his own
   right. As owner of WHSV II, NAHPA has executed a Dev Agmt with Vantage Development, LLC to be the developer of the project, while
   NAHPA (and its affiliated GP entity) will be the Sponsor and sole GP. We were unsure where else to clarify this nuance.




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

                                     PART TWO - DEVELOPMENT TEAM INFORMATION - 2009-009 The Cove at Southlake, Albany, Dougherty County

I. OWNERSHIP INFORMATION

  A. OWNERSHIP ENTITY                    The Cove at Southlake, L.P.                                                    Name of Principal Lowell R. Barron, II
        Office Street Address            1544 South Main Street                                                         Title of Principal President of General Partner
        City                             Fyffe                              Fed Tax ID: To be applied for               Direct line        (256) 623-3813
        State                                 AL        Zip+4          35971-0000       ENTER THE 4_DIGIT EXTENSION!!!!!Cellular
        10-Digit Office Phone / Ext.     (256) 623-3813              222        Fax         (256) 623-8471      E-mail lbarron@thevantagegroup.biz
          (Enter phone numbers without using hyphens, parentheses, etc - ex: 1234567890)
  B. PROPOSED PARTNERSHIP INFORMATION

     1. GENERAL PARTNER(S)
       a. Managing Gen'l Partner         Vantage Partners 2009 GA, LLC                                                        Name of Principal Lowell R. Barron, II
          Office Street Address          1544 South Main Street                                                               Title of Principal President
          City                           Fyffe                                                                                Direct line        (256) 623-3813
          State                               AL        Zip+4          35971-0000                                             Cellular
          10-Digit Office Phone / Ext.   (256) 623-3813             222         Fax                   (256) 623-8471   E-mail lbarron@thevantagegroup.biz
       b. Other General Partner                                                                                                 Name of Principal
          Office Street Address                                                                                                 Title of Principal
          City                                                                                                                  Direct line
          State                                           Zip+4                                                                 Cellular
          10-Digit Office Phone / Ext.                                                 Fax                             E-mail
       c. Other General Partner                                                                                                 Name of Principal
          Office Street Address                                                                                                 Title of Principal
          City                                                                                                                  Direct line
          State                                           Zip+4                                                                 Cellular
          10-Digit Office Phone / Ext.                                                 Fax                             E-mail

     2. LIMITED PARTNERS (PROPOSED OR ACTUAL)
       a. Federal Limited Partner        Regions Bank or Other to be Determined                                               Name of Principal Charles Pope
          Office Street Address          200 West Clinton Ave.                                                                Title of Principal Vice President, Commercial Real Estate
          City                           Huntsville                                                                           Direct line        (256) 532-5022
          State                              AL         Zip+4          35801-0000                                             Cellular
          10-Digit Office Phone / Ext.   (256) 532-5022                         Fax                   (256) 535-6844   E-mail charles.pope@regions.com
       b. State Limited Partner          Merchant Capital or Other to be Determined                                           Name of Principal John Rucker
          Office Street Address          2660 Eastchase Ln, Lakeview Center Suite 400                                         Title of Principal Executive Vice President
          City                           Montgomery                                                                           Direct line        (334) 834-5100
          State                              AL         Zip+4            36117-0000                                           Cellular
          10-Digit Office Phone / Ext.   (334) 834-5100                           Fax                 (334) 538-1077   E-mail john.rucker@merchantcapital.com

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




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

                                   PART TWO - DEVELOPMENT TEAM INFORMATION - 2009-009 The Cove at Southlake, Albany, Dougherty County

II. DEVELOPER(S)

  A. DEVELOPER                           Vantage Development, LLC                                                    Name of Principal Lowell R. Barron, II
         Office Street Address           1544 South Main Street                                                      Title of Principal President
         City                            Fyffe                                                                       Direct line        (256) 623-3813
         State                                AL        Zip+4         35971-0000                                     Cellular
         10-Digit Office Phone / Ext.    (256) 623-3813             222        Fax           (256) 623-8471   E-mail lbarron@thevantagegroup.biz
  B. CO-DEVELOPER 1                                                                                                    Name of Principal
         Office Street Address                                                                                         Title of Principal
         City                                                                                                          Direct line
         State                                         Zip+4                                                           Cellular
         10-Digit Office Phone / Ext.                                           Fax                           E-mail
  C. CO-DEVELOPER 2                                                                                                    Name of Principal
         Office Street Address                                                                                         Title of Principal
         City                                                                                                          Direct line
         State                                         Zip+4                                                           Cellular
         10-Digit Office Phone / Ext.                                           Fax                           E-mail
  D. DEVELOPMENT CONSULTANT                                                                                            Name of Principal
         Office Street Address                                                                                         Title of Principal
         City                                                                                                          Direct line
         State                                         Zip+4                                                           Cellular
         10-Digit Office Phone / Ext.                                           Fax                           E-mail

III. OTHER PROJECT TEAM MEMBERS

  A. OWNERSHIP CONSULTANT                                                                                              Name of Principal
        Office Street Address                                                                                          Title of Principal
        City                                                                                                           Direct line
        State                                          Zip+4                                                           Cellular
        10-Digit Office Phone / Ext.                                            Fax                           E-mail
  B. GENERAL CONTRACTOR                  Fyffe Construction Company, Inc.                                            Name of Principal Lowell R. Barron, II
         Office Street Address           1544 South Main Street                                                      Title of Principal President
         City                            Fyffe                                                                       Direct line        (256) 623-2249
         State                                AL         Zip+4          35971-0000                                   Cellular
         10-Digit Office Phone / Ext.    (256) 623-2249              222         Fax         (256) 623-2092   E-mail lbarron@thevantagegroup.biz
  C. MANAGEMENT COMPANY                  Vantage Management, LLC                                                     Name of Principal Lowell R. Barron, II
        Office Street Address            1544 South Main Street                                                      Title of Principal President
        City                             Fyffe                                                                       Direct line        (256) 623-3813
        State                                 AL        Zip+4         35971-0000                                     Cellular
        10-Digit Office Phone / Ext.     (256) 623-3813             222        Fax           (256) 623-8471   E-mail lbarron@thevantagegroup.biz
  D. ATTORNEY                            Kutak Rock, LLP                                                             Name of Principal Jill Goldstein
         Office Street Address           1650 Farnam Street                                                          Title of Principal  Partner
         City                            Omaha                                                                       Direct line         (402) 231-8749
         State                               NE         Zip+4         68102-2186                                     Cellular
         10-Digit Office Phone / Ext.    (402) 231-8749                        Fax           (402) 346-1148   E-mail jill.goldstein@kutakrock.com



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

                                                 PART TWO - DEVELOPMENT TEAM INFORMATION - 2009-009 The Cove at Southlake, Albany, Dougherty County

     E. ACCOUNTANT                                   Cone & Smith, PC                                                                                              Name of Principal David Smith
            Office Street Address                    3421 Rainbow Parkway                                                                                          Title of Principal Owner
            City                                     Rainbow City                                                                                                  Direct line        (256) 413-3057
            State                                        AL         Zip+4                      35906-0000                                                          Cellular
            10-Digit Office Phone / Ext.             (256) 413-3057                                     Fax                    (256) 413-3058               E-mail dsmith@coneandsmith.com
     F. ARCHITECT                                    Central Design Group II, LLC                                                                                  Name of Principal Jerry Campbell
            Office Street Address                    2511 Old 63 South Suite B                                                                                     Title of Principal Owner
            City                                     Columbia                                                                                                      Direct line        (573) 441-9391
            State                                        MO         Zip+4                      65201-0000                                                          Cellular           (573) 999-9391
            10-Digit Office Phone / Ext.             (573) 441-9391                                     Fax                    (866) 885-0160               E-mail jerry-cdg@socket.net

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

                                                                                                                                                      5. Has this entity ever
                                       1. Is                                                         4. Does this entity have
                                                  2. Has any person,        3. Does this entity have                                                     been debarred or
                                        this                                                           an identity of interest                                                       6. Applicable
                                               principal, or agent for this  an identity of interest                                                   suspended from any
                                       entity                                                            with any member,                                                         Organizational Type          7. Project Ownership
              Participant                     entity ever been convicted with any other entity in                                                     local, state, or federal
                                         a                                                            officer, or employee of                                                    (For Profit, Nonprofit,            Percentage
                                              of a felony (Yes or No)?. If     this chart? If yes,                                                     housing program? If
                                       MBE/                                                            DCA? If yes, attach                                                              CHDO)
                                               yes, attach explanation.       attach explanation.                                                           yes, attach
                                       WBE?                                                                 explanation.
                                                                                                                                                           explanation.
     Managing General Partner            No                      No                                 Yes                                No                       No                     For Profit                     0.0100%
     Other General Partner 1
     Other General Partner 2
     Federal Limited Partner             No                      No                                  No                                No                       No                     For Profit                    99.9800%
     State Limited Partner               No                      No                                  No                                No                       No                     For Profit                     0.0100%
     Nonprofit Sponsor
     Developer                           No                      No                                 Yes                                No                       No                     For Profit                     0.0000%
     Co-Developer 1
     Co-Developer 2
     Owner Consultant
     Developer Consultant
     Contractor                          No                      No                                 Yes                                No                       No                     For Profit                     0.0000%
     Management Company                  No                      No                                 Yes                                No                       No                     For Profit                     0.0000%

V.      APPLICANT COMMENTS AND CLARIFICATIONS                                                                                                         VI.          DCA COMMENTS - DCA USE ONLY
Column 3: Please see attached Identity of Interest Statement for The Cove at Southlake, LP. The General Partner, Developer, Management Company, and
Contractor are all owned by Lowell R. Barron, II.




     2009 OAH Funding Application - April                                                                     Part II-Development Team                                                                                        13 of 57
Georgia Department of Community Affairs                                                2009 Funding Application                                                             Office of Affordable Housing
                                              PART THREE - SOURCES OF FUNDS - 2009-009 The Cove at Southlake, Albany, Dougherty County

  I.     GOVERNMENT FUNDING SOURCES (check all that apply)

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

         Financing Type                                                  Name of Financing Entity                             Amount                       Effective Interest Rate     Term (In Months)
         Mortgage A                                                 Compass Bank                                                              5,017,559            6.750%                     18
         Mortgage B
         Mortgage C
         Federal Grant
         State, Local, or Private Grant
         Deferred Developer Fees
         Federal Housing Credit Equity                              Regions Bank (or other TBD)                                               1,073,091
         State Housing Credit Equity                                Merchant Capital (or other TBD)                                             357,697
         Other Source (specify)
         Other Source (specify)
         Other Source (specify)
         Total Construction Financing:                                                                                                        6,448,347
         Total Construction Period Costs from Development Budget:                                                                             6,448,347
         Surplus/(Shortage) of Construction funds to Construction costs:                                                                             (0)

  III.   PERMANENT FINANCING
                                                                                                            Effective    Term       Amort.    Annual Debt Service                                Target
         Financing Type                     Name of Financing Entity                 Principal Amount       Int Rate    (Years)     (Years)      in Year One                Loan Type             DCR
                                            Neither                                                     0   0.000%         0           0                                    Amortizing             n/a
         Mortgage A                         N/A
         Mortgage B
         Other:
         Funding Source for Costs>PUCL
         Deferred Devlpr Fee
         Federal Grant
         State, Local, or Private Grant                                                                     % of TDC
         Federal Housing Credit Equity    Regions Bank (or other TBD)                         5,365,454       75%                             Proposed DCA HOME Loan Interest Rate by Operating
         State Housing Credit Equity      Merchant Capital (or other TBD)                     1,788,485       25%                                       Year for Projects in Rural Areas:
         Historic Credit Equity                                                                              100%                               Year:     1 -7          8           9     10
         Invstmt Earnings: T-E Bonds                                                                                                            Rate:
         Invstmt Earnings: Taxable Bonds                                                                                                         11       12           13          14     15
         Income from Operations
         Other:                                                                                                                                   16           17          18           19          20
         Other:
         Other:                                                                                                                                   21           22          23           24          25
         Total Permanent Financing:                                                     7,153,939
         Total Development Costs from Development Budget:                               7,153,939                                                 26           27          28           29          30
         Surplus/(Shortage) of Permanent funds to development costs:                        0



2009 OAH Funding Application - April                                                    Part III A-Sources of Funds                                                                                  14 of 57
Georgia Department of Community Affairs                                                                         2009 Funding Application                                    Office of Affordable Housing
                                                          PART THREE - SOURCES OF FUNDS - 2009-009 The Cove at Southlake, Albany, Dougherty County


  IV.    APPLICANT COMMENTS AND CLARIFICATIONS                                                                                         IV.    DCA COMMENTS - DCA USE ONLY
  III. Perm Financing, Mortgage A - as permitted in DCA's 2009 QAP, we elected underwrite this deal without permanent debt. This
  decision is due to three main factors: the extremely low incomes/rents in Albany, the high operating expenses associated with this
  product, and the feedback from our Investors in the first two phases. The investors have told us that eliminating the nominal perm
  debt significantly mitigates perceived risk centered around the redevelopment nature of this neighborhood and the higher risk
  associated with this type of development, thus making the project more attractive to investors.




2009 OAH Funding Application - April                                                                            Part III A-Sources of Funds                                                     15 of 57
                               2009 Office of Affordable Housing Funding Application
                                   USDA 538 Guaranteed Loan Calculations
          PART III B: USD 538 LOAN - 2009-009 The Cove at Southlake, Albany, Dougherty County

                                                  I. Data Input
 Loan Amount:                                        N/A                  $1,500,000.00                  #VALUE!
 Interest Rate:           USDA Spread               2.50%           (aka Interest Assistance Rate in USDA Handbook)
                          Effective Rate                            (Effective Interest Assistance Rate in USDA Handbook)
 USDA Annual Fee                                    0.50%           (per annum)
 Loan Term (yrs)
 Amortization Pd (yrs)
 Annual P & I                                     #VALUE!                  #DIV/0!                 #VALUE!
 Monthly P & I                                    #VALUE!                  #DIV/0!                 #VALUE!

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


Georgia Department of Community Affairs        Part III B-USDA 538 Loan                                               16 of 57
                               2009 Office of Affordable Housing Funding Application
                                   USDA 538 Guaranteed Loan Calculations
                                 2009-009 The Cove at Southlake, Albany, Dougherty County
                                              III. Amortization Schedule
         Month                   P&I Payment                 Interest           Principal   Balance         Year
          Close                                                                             $1,500,000.00
            1                             $0.00                $0.00               $0.00            $0.00
            2                             $0.00                $0.00               $0.00            $0.00
            3                             $0.00                $0.00               $0.00            $0.00
            4                             $0.00                $0.00               $0.00            $0.00
            5                             $0.00                $0.00               $0.00            $0.00
            6                             $0.00                $0.00               $0.00            $0.00
            7                             $0.00                $0.00               $0.00            $0.00
            8                             $0.00                $0.00               $0.00            $0.00
            9                             $0.00                $0.00               $0.00            $0.00
           10                             $0.00                $0.00               $0.00            $0.00
           11                             $0.00                $0.00               $0.00            $0.00
           12                             $0.00                $0.00               $0.00            $0.00     1
           13                             $0.00                $0.00               $0.00            $0.00
           14                             $0.00                $0.00               $0.00            $0.00
           15                             $0.00                $0.00               $0.00            $0.00
           16                             $0.00                $0.00               $0.00            $0.00
           17                             $0.00                $0.00               $0.00            $0.00
           18                             $0.00                $0.00               $0.00            $0.00
           19                             $0.00                $0.00               $0.00            $0.00
           20                             $0.00                $0.00               $0.00            $0.00
           21                             $0.00                $0.00               $0.00            $0.00
           22                             $0.00                $0.00               $0.00            $0.00
           23                             $0.00                $0.00               $0.00            $0.00
           24                             $0.00                $0.00               $0.00            $0.00     2
           25                             $0.00                $0.00               $0.00            $0.00
           26                             $0.00                $0.00               $0.00            $0.00
           27                             $0.00                $0.00               $0.00            $0.00
           28                             $0.00                $0.00               $0.00            $0.00
           29                             $0.00                $0.00               $0.00            $0.00
           30                             $0.00                $0.00               $0.00            $0.00
           31                             $0.00                $0.00               $0.00            $0.00
           32                             $0.00                $0.00               $0.00            $0.00
           33                             $0.00                $0.00               $0.00            $0.00
           34                             $0.00                $0.00               $0.00            $0.00
           35                             $0.00                $0.00               $0.00            $0.00
           36                             $0.00                $0.00               $0.00            $0.00     3
           37                             $0.00                $0.00               $0.00            $0.00
           38                             $0.00                $0.00               $0.00            $0.00
           39                             $0.00                $0.00               $0.00            $0.00
           40                             $0.00                $0.00               $0.00            $0.00
           41                             $0.00                $0.00               $0.00            $0.00
           42                             $0.00                $0.00               $0.00            $0.00
           43                             $0.00                $0.00               $0.00            $0.00
           44                             $0.00                $0.00               $0.00            $0.00
           45                             $0.00                $0.00               $0.00            $0.00
           46                             $0.00                $0.00               $0.00            $0.00
           47                             $0.00                $0.00               $0.00            $0.00
           48                             $0.00                $0.00               $0.00            $0.00     4




Georgia Department of Community Affairs           Part III B-USDA 538 Loan                                  17 of 57
                                  2009 Office of Affordable Housing Funding Application
                                      HUD Insured Mortgage Loan Calculations
     PART III C - HUD INSURED LOAN - 2009-009 The Cove at Southlake, Albany, Dougherty County

                                                       I. Data Input

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

HUD Mortgage Insurance Premium                                                  per annum

Loan Term                                                                       years

Amortization Period                                                             years

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

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




                              II. HUD Mortgage Insurance Premium / Debt Service


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




Georgia Department of Community Affairs           Part III C-HUD Insured Loan                               page 18 of 57
   Georgia Department of Community Affairs          2009 OAH Funding Application
                   PART III D - HOME ALLOCATION WORKSHEET - 2009-009 The Cove at Southlake, Albany, Dougherty County

                                                                                Method I

  HOME Subsidy                                              Per Unit HOME    Proposed Nbr. of                                 Per Unit HOME                      Min Required
  Limitation               Unit Type                         Subsidy Limit     HOME Units                                     Subsidy Totals                     HOME Units
  (See Threshold           Efficiency                          $102,000            N/A                                           #VALUE!                               0
  Section 1 - Feasibility, 1 Bedroom                           $117,000                                                             $0
  Part M)                  2 Bedroom                           $142,000                                Total Per-Unit               $0
                           3 Bedroom                           $184,000                                HOME Subsidy                 $0
                           4+ Bedroom                          $202,000                                Limit for                    $0
                                                                                      0                Project:                  #VALUE!

                                                                                Method II
                                                                                                              Check
  Number of HOME Units Specified in Application                                       0                        0
  Number of Total Units Specified in Application                                                              38
  HOME Percent of Total Units                                                      0.000%                   0.000%          (Formula: HOME Percent of Total Units = # Home Units /
                                                                                                                            # Total Units)
  Total Development Costs (TDC)                                                                           $7,153,939
  Reserves Held for more than 18 months:
   Operating Deficit Reserve                                                                                $49,420
   Other
   Other
  Total HOME Eligible Costs                                                           $0                  $7,104,519

                                                                        Eligible HOME Amount

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

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


Applicant Comments                                                                                    DCA Comments




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

                                                PART FOUR - USES OF FUNDS - 2009-009 The Cove at Southlake, Albany, Dougherty County

                                                          CERTIFICATION OF ACTUAL COST AND OPINION AS TO ELIGIBLE BASIS

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

     PRE-DEVELOPMENT COSTS                                                                                            PRE-DEVELOPMENT COSTS
     Property Appraisal                                                             6,500                   6,500
     Market Study                                                                   5,000                   5,000
     Environmental Report(s)                                                       12,000                  12,000
     Soil Borings                                                                  15,000                  15,000
     Boundary and Topographical Survey                                             20,000                  20,000
     Zoning/Site Plan Fees                                                          1,515                   1,515
     Other: Accessibility and Energy reports                                       21,500                  21,500
     Other:
     Other:
                                                                  Subtotal         81,515                  81,515             -                    -                     -

     ACQUISITION                                                                                                              ACQUISITION
     Land                                                                         259,081
     Demolition
     Acquisition Legal Fees (if existing structures)
     Existing Structures
                                                                  Subtotal        259,081                                     -                                          -

     SITE IMPROVEMENTS                                                                                                    SITE IMPROVEMENTS
     Site Preparation (On-site)                                                 1,319,390             1,319,390
     Site Preparation (Off-site)
                                                                  Subtotal      1,319,390             1,319,390               -                    -                     -

     UNIT/BUILDING CONSTRUCTION*                                                                                    UNIT/BUILDING CONSTRUCTION*
     Unit/Building Construction/New Construction                                2,882,880             2,882,880
     Unit/Building Construction/Rehab
     Project Amenities / Accessory Buildings                                      125,000                 125,000
     Other:
     Construction Contingency                                                     246,660               246,660
                                                                  Subtotal      3,254,540             3,254,540               -                    -                     -

     CONTRACTOR SERVICES                                                                                                CONTRACTOR SERVICES
     Builder's Overhead:                 2.00%                     86,545          86,540                  86,540
     Builder Profit:                     6.00%                    259,636         259,630                 259,630
     General Requirements                6.00%                    259,636         259,630                 259,630
             includes
             Payment/performance bond or
             letter-of-credit fee or premium                      Subtotal        605,800                 605,800             -                    -                     -
     Total Construction Costs              129,817.63 per unit
     4,933,070.00                               93.27 per sq ft




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

                                              PART FOUR - USES OF FUNDS - 2009-009 The Cove at Southlake, Albany, Dougherty County

                                                       CERTIFICATION OF ACTUAL COST AND OPINION AS TO ELIGIBLE BASIS

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

     CONSTRUCTION PERIOD FINANCING                                                                              CONSTRUCTION PERIOD FINANCING
     Construction Loan Fee                                                    75,116                   75,116
     Construction Loan Interest                                              154,805                  154,805
     Construction Legal Fees                                                  20,000                   20,000
     Construction Period Real Estate Tax                                       2,500
     Construction Insurance                                                   12,120                   12,120
     Bridge Loan Fee and Bridge Loan Interest
     Other: 3rd party construction inspection fee                              9,000                    9,000
                                                             Subtotal        273,541                  271,041               -                    -                     -

     PROFESSIONAL SERVICES                                                                                           PROFESSIONAL SERVICES
     Architectural Fee - Design                                               45,600                   45,600
     Architectural Fee - Supervision                                           6,000                    6,000
     Engineering                                                              28,500                   28,500
     Real Estate Attorney                                                     22,000                   22,000
     Accounting                                                                9,000                    9,000
     Other:
                                                             Subtotal        111,100                  111,100               -                    -                     -
     LOCAL GOVERNMENT FEES                                                                                          LOCAL GOVERNMENT FEES
     Building Permits                                                         24,600                   24,600
     Impact Fees                                                              38,000                   38,000
     Water Tap Fees    waived?                             No                 13,650                   13,650
     Sewer Tap Fees    waived?                             No
                                                             Subtotal         76,250                   76,250               -                    -                     -
     PERMANENT FINANCING FEES                                                                                      PERMANENT FINANCING FEES
     Permanent Loan Fees
     Permanent Loan Legal Fees
     Title and Recording Fees                                                 40,000                   40,000
     As-Built Survey                                                          10,000                   10,000
     Bond Issuance Premium
     Cost of Issuance / Underwriter's Discount
     Other: Syndication fees                                                  40,000
                                                             Subtotal         90,000                   50,000               -                    -                     -




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

                                           PART FOUR - USES OF FUNDS - 2009-009 The Cove at Southlake, Albany, Dougherty County

                                                     CERTIFICATION OF ACTUAL COST AND OPINION AS TO ELIGIBLE BASIS

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

     DCA-RELATED COSTS                                                                                                   DCA-RELATED COSTS
     DCA HOME Loan Pre-Application Fee
     Tax Credit Application Fee                                                 4,000
     DCA Waiver Fees
     LIHTC Allocation Processing Fee                            50,078         50,078
     LIHTC Compliance Monitoring Fee                            26,600         26,600
     DCA Front End Analysis Fee (HOME, when ID of Interest)                     2,700
     DCA Final Inspection Fee                                                   3,000
     Other:
                                                              Subtotal         86,378                                                                                  -

     EQUITY COSTS                                                                                                           EQUITY COSTS
     Partnership Organization Fees                                              2,500
     Tax Credit Legal Opinion                                                   2,500
     Syndicator Legal Fees
     Other:
                                                              Subtotal          5,000                                                                                  -
     DEVELOPER'S FEE                                                                                                      DEVELOPER'S FEE
     Developer's Overhead                                                     432,730                  432,730
     Consultant's Fee
     Developer's Fee                                                          432,730                  432,730
                                                              Subtotal        865,460                  865,460               -                   -                     -
     START-UP AND RESERVES                                                                                            START-UP AND RESERVES
     Marketing                                                                 34,400
     Rent-Up Reserves                                                          37,064
     Operating Deficit Reserve:                                                49,420
     Replacement Reserve
     Furniture, Fixtures and Equipment                                          5,000                    5,000
     Other:
                                                              Subtotal        125,884                    5,000               -                   -                     -
     OTHER COSTS                                                                                                            OTHER COSTS
     Relocation
     Other:
     Other:
                                                              Subtotal            -                        -                 -                   -                     -

     TOTAL DEVELOPMENT COST                                                 7,153,939              6,640,096                 -                   -                     -

     Total Per Unit Cost Limitation:                                      7,154,000         TDC Breakdown:       Per Unit                  188,261.54
     Per Unit Cost Limitation Waiver Amount:                                 N/A                                 Per Square Foot               135.26




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

                                                 PART FOUR - USES OF FUNDS - 2009-009 The Cove at Southlake, Albany, Dougherty County

                                                              CERTIFICATION OF ACTUAL COST AND OPINION AS TO ELIGIBLE BASIS
II.    TAX CREDIT CALCULATION - BASIS METHOD                                                            New Construction    4% Acquisition          Rehabilitation
                                                                                                             Basis              Basis                  Basis
       Subtractions From Eligible Basis
       Amount of federal grant(s) used to finance qualifying development costs
       Amount of nonqualified nonrecourse financing
       Costs of Nonqualifying units of higher quality
       Nonqualifying excess portion of higher quality units
       Historic Tax Credits (Residential Portion Only)
       Other
       Total Subtractions From Basis:                                                                            0                                         0

       Eligible Basis Calculation
       Total Basis                                                                                          6,640,096             0                        0
       Less Total Subtractions From Basis (see above)                                                            0                                         0
       Total Eligible Basis                                                                                 6,640,096             0                        0
       Eligible Basis Adjustment for DDA/QCT Location or State Designated 30% Basis Boost                   130.00%
       Adjusted Eligible Basis                                                                              8,632,125             0                        0
       Multiply Adjusted Eligible Basis by Applicable Fraction                                              100.00%            100.00%                 100.00%
       Qualified Basis                                                                                      8,632,125             0                        0
       Multiply Qualified Basis by Applicable Credit Percentage                                              9.00%
       Maximum Tax Credit Amount                                                                            776,891               0                        0
       Total Basis Method Tax Credit Calculation                                                                               776,891

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

       Total Development Cost (<=DCA Wvr or PUCL; explain in Comments if TDC > PUCL w/o DCA Wvr Approval)     7,153,939           N/A
       Subtract Non-Tax Credit (excluding deferred fee) Source of Funds                                              0
       Equity Gap                                                                                             7,153,939
       Divide Equity Gap by 10                                                                                       / 10
       Annual Equity Required                                                                                    715,394                 Federal                 State
       Enter Final Federal and State Equity Factors (not including GP contribution)                              1.0000       =          0.7500       +         0.2500
       Total Gap Method Tax Credit Calculation                                                                   715,394


IV.    TAX CREDIT ALLOCATION                                                                                     715,394           Lower credit amount, if requested:




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

                                                                PART FOUR - USES OF FUNDS - 2009-009 The Cove at Southlake, Albany, Dougherty County

                                                                               CERTIFICATION OF ACTUAL COST AND OPINION AS TO ELIGIBLE BASIS
V.     APPLICANT COMMENTS AND CLARIFICATIONS                                                                                                         VI.   DCA COMMENTS - DCA USE ONLY
Construction hard costs were determined with the assistance of our affiliated construction company, Fyffe Construction Co., Inc and our architect.
The proposed units are similar to other units we have built/are building in other developments. Therefore, we are familiar with their actual cost.
Adjustments were made for market conditions and estimates were made for labor and materials to arrive at the totals included herein.




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




                        PART FIVE - UTILITY ALLOWANCES - 2009-009 The Cove at Southlake, Albany, Dougherty County

   I. UTILITY ALLOWANCE SCHEDULE #1                      Source of Utility Allowances            Georgia Department of Community Affairs
                                                         Date of Utility Allowances              June 1, 2009           Structure Duplex
                                                           Paid By (check one)                   Tenant-Paid Utility Allowances by Unit Size (# Bdrms)
      Utility              Fuel                             Tenant     Owner                        0           1           2          3          4
      Heat                 Electric                           X                                                                    $    7.00 $ 9.00
      Air Conditioning     Electric                           X                                                                    $ 60.00 $ 77.00
      Cooking              Electric                           X                                                                    $ 13.00 $ 17.00
      Hot Water            Electric                           X                                                                    $ 40.00 $ 51.00
      Lights               Electric                           X                                                                    $ 42.00 $ 53.00
      Water & Sewer        Submetered?            No          X                                                                    $ 53.00 $ 64.00
      Refuse Collection                                       X                                                                    $ 14.00 $ 14.00
      Total Utility Allowance by Unit Size                                                          0           0           0        229         285

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

      *Elderly allowances cannot be used except at properties that have 100% HUD PBRA and satisfy the DCA definition of "elderly"
      APPLICANT COMMENTS AND CLARIFICATIONS


      DCA COMMENTS




2009 OAH Funding Application - April                                Part V-Utility Allowances                                                         page 25 of 57
     Georgia Department of Community Affairs                                    2009 Funding Application                                                   Office of Affordable Housing
                                      PART SIX - PROJECTED REVENUES & EXPENSES - 2009-009 The Cove at Southlake, Albany, Dougherty County

I. RENT SCHEDULE            DO NOT cut, copy or paste cells in this tab. Assign a Rent Type of "N/A-CS" to Common Space units. Do NOT include PHA operating subsidy in PBRA Source.

    HOME projects - Fixed or Floating units:                    HOME projects must indicate "Yes" in the "HOME Unit" column in the chart below to designate HOME units.
    Are 100% of units HUD PBRA?                           No

        Rent       Nbr of   No. of   Unit      Unit      HOME   Max Gross     Proposed      Utility      PBRA           Monthly Net Rent       Employee        Building        Type of
        Type       Bdrms    Baths    Count     Area      Unit    Rent Limit   Gross Rent   Allowance    Provider     Per Unit       Total         Unit           Type          Activity
       50% AMI        3        2.0    5        1,358      No        627          627          229                           398        1,990       No           Duplex     New Construction
       50% AMI        3        2.0    1        1,292      No        627          627          229                           398          398       No           Duplex     New Construction
       50% AMI        4        2.0    1        1,526      No        700          700          285                           415          415       No           Duplex     New Construction
       50% AMI        4        2.0    1        1,506      No        700          700          285                           415          415       No           Duplex     New Construction
       60% AMI        3        2.0    23       1,358      No        753          704          229                           475       10,925       No           Duplex     New Construction
       60% AMI        4        2.0    7        1,506      No        840          785          285                           500        3,500       No           Duplex     New Construction
                                                                                                                            -            -
                                                                                                                            -            -
                                                                                                                            -            -
                                                                                                                            -            -
                                                                                                                            -            -
                                                                                                                            -            -
                                                                                                                            -            -
                                                                                                                            -            -
                                                                                                                            -            -
                                                                                                                            -            -
                                                                                                                            -            -
                                                                                                                            -            -
                                                                                                                            -            -
                                                                                                                            -            -
                                                                                                                            -            -
                                                                                                                            -            -
                                                                                                                            -            -
                                                                                                                            -            -
                                                                                                                            -            -
                                                                                                                            -            -
                                                                                                                            -            -
                                                                                                                            -            -
                                                                                                                            -            -
                                                                                                                            -            -
                                                                                                                            -            -
                                                                                                                            -            -
                                                                                                                            -            -
                                                                                                                            -            -
                                                                                                                            -            -
                                                                                                                            -            -
                                                                                                                            -            -
                                                                                                                            -            -
0                           TOTAL       38      52,890                                                       MONTHLY TOTAL            17,643
                                                                                                              ANNUAL TOTAL           211,716




     2009 OAH Funding Application - April                                      Part VI-Revenues & Expenses                                                                     26 of 57
    Georgia Department of Community Affairs                                             2009 Funding Application                                                Office of Affordable Housing
                                          PART SIX - PROJECTED REVENUES & EXPENSES - 2009-009 The Cove at Southlake, Albany, Dougherty County

II. UNIT SUMMARY                                                                                                                                                                ERROR Between
                                                                                                                                                                                Rent Schedule &
   Units:                                                                 Efficiency       1BR         2BR           3BR      4BR     Total                                      Unit Summary:
                    Low-Income                             60% AMI              -           -           -                23       7        30 (Include manager units that are          0
                                                           50% AMI              -           -           -                 6       2         8 income restricted)                       0
                                                           Total                -           -           -                29       9        38                                          0
                 NSP                                       120% AMI             -           -           -            -        -        -                                               0
                 Unrestricted                                                   -           -           -            -        -        -                                               0
NOTE TO
APPLICANTS: If Total Residential                                                -           -           -                29       9        38                                          0
the numbers      Common Space                                                   -           -           -            -        -        -        (no rent to be charged)                0
compiled in this Total                                                          -           -           -                29       9        38                                          0
Summary do not
appear to match HOME                           0           60% AMI              -           -           -            -        -        -                                               0
what was         (included in LI above)                    50% AMI              -           -           -            -        -        -                                               0
entered in the                                             Total                -           -           -            -        -        -                                               0
Rent Chart
above, please    NSP                                       60% AMI              -           -           -            -        -        -                                               0
verify that all  (included in LI above)                    50% AMI              -           -           -            -        -        -                                               0
applicable                                                 Total                -           -           -            -        -        -                                              76
columns were
completed in     PBRA-Assisted                             60% AMI              -           -           -            -        -        -                                               0
the rows used    (included in LI above)                    50% AMI              -           -           -            -        -        -                                               0
above.
                                                           Total                -           -           -            -        -        -                                               0
                    Type of Construction Activity
                                      New Construction     Low Inc              -           -           -                29       9        38                                          0
                                                           NSP 120%             -           -           -            -        -        -
                                                           Unrestricted         -           -           -            -        -        -                                               0
                                                           Total + CS           -           -           -                29       9        38                                          0
                                      Acq/Rehab            Low Inc              -           -           -            -        -        -                                               0
                                                           NSP 120%             -           -           -            -        -        -
                                                           Unrestricted         -           -           -            -        -        -                                               0
                                                           Total + CS           -           -           -            -        -        -                                               0
                                      Substantial Rehab Only
                                                           Low Inc              -           -           -            -        -        -                                               0
                                                           NSP 120%             -           -           -            -        -        -
                                                           Unrestricted         -           -           -            -        -        -                                               0
                                                           Total + CS           -           -           -            -        -        -                                               0
                                      Adaptive Reuse                                                                                   -
                                      Historic Rehab                                                                                   -
                    Building Type:
                                      Multifamily                               -           -           -            -        -        -                                               0
                                      SF Detached                               -           -           -            -        -        -                                               0
                                      Townhome                                  -           -           -            -        -        -                                               0
                                      Duplex                                    -           -           -                29       9        38                                          0
                                      Manufactured home                         -           -           -            -        -        -                                               0




    2009 OAH Funding Application - April                                               Part VI-Revenues & Expenses                                                                  27 of 57
    Georgia Department of Community Affairs                                                  2009 Funding Application                                                                Office of Affordable Housing
                                          PART SIX - PROJECTED REVENUES & EXPENSES - 2009-009 The Cove at Southlake, Albany, Dougherty County

II. UNIT SUMMARY (continued)
  Unit Square Footage:
                Low Income                                 60% AMI                  -              -             -        31,234         10,542          41,776                                             0
                                                           50% AMI                  -              -             -         8,082          3,032          11,114                                             0
                                                           Total                    -              -             -        39,316         13,574          52,890                                             0
                    NSP                                    120% AMI                 -              -             -           -              -               -                                               0
                    Unrestricted                                                    -              -             -           -              -               -                                               0
                    Total Residential                                               -              -             -        39,316         13,574          52,890                                             0
                    Common Space                                                    -              -             -           -              -               -                                               0
                    Total                                                           -              -             -        39,316         13,574          52,890                                             0
III. ANCILLARY AND OTHER INCOME (annual amounts)

  Ancillary Income                                                             4,234          Laundry, vending, app fees, etc. Will be exactly 2% of potential gross income.

  Other Income (OI) by Year:

  Included in Mgt Fee:                                             1           2               3             4              5             6              7              8                  9               10
  Operating Subsidy
  Other:
                    Total OI in Mgt Fee                                -            -              -             -              -              -              -              -                  -                   -
  NOT Included in Mgt Fee:
  USDA 538 Loan Interest Credit (fill in Part III A tab)                   0            0              0             0              0              0              0              0                  0                   0
  Property Tax Abatement
  Other:
                    Total OI NOT in Mgt Fee                            -            -              -             -              -              -              -              -                  -                   -


  Included in Mgt Fee:                                             11          12             13            14             15             16             17             18                 19              20
  Operating Subsidy
  Other:
                    Total OI in Mgt Fee                                -            -              -             -              -              -              -              -                  -                   -
  NOT Included in Mgt Fee:
  USDA 538 Loan Interest Credit (fill in Part III A tab)                   0            0              0             0              0              0              0              0                  0                   0
  Property Tax Abatement
  Other:
                    Total OI NOT in Mgt Fee                            -            -              -             -              -              -              -              -                  -                   -


  Included in Mgt Fee:                                             21          22             23            24             25             26             27             28                 29              30
  Operating Subsidy
  Other:
                    Total OI in Mgt Fee                                -            -              -             -              -              -              -              -                  -                   -
  NOT Included in Mgt Fee:
  USDA 538 Loan Interest Credit (fill in Part III A tab)                   0            0              0             0              0              0              0              0                  0                   0
  Property Tax Abatement
  Other:
                    Total OI NOT in Mgt Fee                            -            -              -             -              -              -              -              -                  -                   -




    2009 OAH Funding Application - April                                                    Part VI-Revenues & Expenses                                                                                  28 of 57
      Georgia Department of Community Affairs                                                                  2009 Funding Application                                      Office of Affordable Housing
                                                  PART SIX - PROJECTED REVENUES & EXPENSES - 2009-009 The Cove at Southlake, Albany, Dougherty County

IV. ANNUAL OPERATING EXPENSE BUDGET
    On-Site Staff Costs                                                                                    On-Site Security                                   Taxes and Insurance
    Management Salaries & Benefits                                             12,350                      Contracted Guard                                   Real Estate Taxes (Gross)*               47,820
    Maintenance Salaries & Benefits                                            10,450                      Electronic Alarm System                 1,900      Insurance**                               7,220
    Support Services Salaries & Benefits                                        2,850                                      Subtotal                1,900      Other (describe here)
    Other (describe here)                                                                                                                                        Subtotal                              55,040
                      Subtotal                                                 25,650

    On-Site Office Costs                                                                                   Professional Services                              Management Fee:                          18,075
    Office Supplies & Postage                                                   2,394                      Legal                                   1,026           511       per unit per year
    Telephone                                                                   3,610                      Accounting                              4,028           43        per unit per month
    Travel                                                                        380                      Advertising                             1,026
    Leased Furniture / Equipment                                                                           Other (describe here)                              (Management Fee is from Pro Forma, Section
    Activities Supplies / Overhead Cost                                           380                                         Subtotal             6,080      1, Operating Assumptions)
    Cable in Community Building                                                   380
                      Subtotal                                                  7,144

    Maintenance Expenses                                                                                   Utilities                                          TOTAL OPERATING EXPENSES
    Contracted Repairs                                                          7,600                      Electricity                             3,800          3,902      per unit                 148,279
    General Repairs                                                             3,800                      Natural Gas
    Grounds Maintenance                                                         9,500                      Water & Sewer                             760
    Extermination                                                               2,850                      Trash Collection                          380      Replacement Reserve                      15,960
    Maintenance Supplies                                                        2,850                      Other (describe here)                              Enter desired per unit amount:              420
    Elevator Maintenance                                                                                                      Subtotal             4,940
    Redecorating                                                                2,850
    Other (describe here)                                                                                                                                     TOTAL ANNUAL EXPENSES
                      Subtotal                                                 29,450                                                                                                                 164,239
V. APPLICANT COMMENTS AND CLARIFICATIONS                                                                                                 VI.   DCA COMMENTS
Please see attached back-up documentation for insurance, property taxes and constructions costs in Tab 8




      2009 OAH Funding Application - April                                                                   Part VI-Revenues & Expenses                                                          29 of 57
  Georgia Department of Community Affairs                                   2009 Funding Application                                                        Office of Affordable Housing
                              PART SEVEN - OPERATING PRO FORMA - 2009-009 The Cove at Southlake, Albany, Dougherty County
I. OPERATING ASSUMPTIONS                              Please Note:                 Green-shaded cells are unlocked for your use and contain references/formulas that can be overwritten.
Revenue Growth            2.00%                       Asset Management Fee Amount                             1,900         Yr 1 Asset Mgt Fee Percentage of EGI:                  0.95%
Expense Growth            3.00%                       Incentive Management Fee Amount                                       Yr 1 Incent Mgt Fee Percentage of EGI:
Reserves Growth           3.00%                       Property Mgt Fee Growth Rate (choose one):                            Yr 1 Prop Mgt Fee Percentage of EGI:                   9.00%
Vacancy & Collection Loss 7.00%                          Expense Growth Rate (3.00%)                                    --> If Yes, indicate Yr 1 Mgt Fee Amt:
Ancillary Income Limit    2.00%                          Percent of Effective Gross Income                       Yes --> If Yes, indicate actual percentage:                          9.000%
II. OPERATING PRO FORMA
Year                                  1           2               3                4                5                6                7                8                9              10
Revenues                       211,716     215,950         220,269          224,675          229,168          233,752          238,427          243,195          248,059         253,020
Ancillary Income                 4,234       4,319           4,405            4,493            4,583            4,675            4,769            4,864            4,961           5,060
Vacancy                        (15,117)    (15,419)        (15,727)         (16,042)         (16,363)         (16,690)         (17,024)         (17,364)         (17,711)        (18,066)
Other Income (OI)                  -           -               -                -                -                -                -                -                -               -
OI Not Subject to Mgt Fee          -           -               -                -                -                -                -                -                -               -
Expenses less Mgt Fee         (130,204)   (134,110)       (138,133)        (142,277)        (146,546)        (150,942)        (155,470)        (160,134)        (164,939)       (169,887)
Property Mgmt                  (18,075)    (18,437)        (18,805)         (19,181)         (19,565)         (19,956)         (20,355)         (20,763)         (21,178)        (21,601)
Reserves                       (15,960)    (16,439)        (16,932)         (17,440)         (17,963)         (18,502)         (19,057)         (19,629)         (20,218)        (20,824)
NOI                             36,595      35,865          35,077           34,228           33,315           32,337           31,289           30,169           28,975          27,703
                                   -           -               -                -                -                -                -                -                -               -
                                   -           -               -                -                -                -                -                -                -               -
D/S Mortgage A                     -           -               -                -                -                -                -                -                -               -
D/S Mortgage B                     -           -               -                -                -                -                -                -                -               -
D/S Other Source                   -           -               -                -                -                -                -                -                -               -
D/S Other Source                   -           -               -                -                -                -                -                -                -               -
DCA HOME Cash Resrv.
Asset Mgmt                     (1,900)      (1,900)          (1,900)         (1,900)          (1,900)          (1,900)          (1,900)          (1,900)          (1,900)          (1,900)
DDF                               -            -                -               -                -                -                -                -                -                -
Incentive Mgmt                    -            -                -               -                -                -                -                -                -                -
Cash Flow                      34,695       33,965           33,177          32,328           31,415           30,437           29,389           28,269           27,075           25,803


DCR First Mortgage
DCR Second Mortgage
DCR Other Source
DCR Other Source
Oper Exp Coverage Ratio           1.35        1.34             1.33             1.32             1.31             1.30             1.29             1.28             1.26             1.25
                                   -           -                -                -                -                -                -                -                -                -
Mortgage A Balance
Mortgage B Balance
Other Source Balance
Other Source Balance
DDF Balance

  2009 OAH Funding Application - April                                          Part VII-Pro Forma                                                                                    30 of 57
  Georgia Department of Community Affairs                                   2009 Funding Application                                                        Office of Affordable Housing
                              PART SEVEN - OPERATING PRO FORMA - 2009-009 The Cove at Southlake, Albany, Dougherty County
I. OPERATING ASSUMPTIONS                              Please Note:                 Green-shaded cells are unlocked for your use and contain references/formulas that can be overwritten.
Revenue Growth            2.00%                       Asset Management Fee Amount                             1,900         Yr 1 Asset Mgt Fee Percentage of EGI:                  0.95%
Expense Growth            3.00%                       Incentive Management Fee Amount                                       Yr 1 Incent Mgt Fee Percentage of EGI:
Reserves Growth           3.00%                       Property Mgt Fee Growth Rate (choose one):                            Yr 1 Prop Mgt Fee Percentage of EGI:                   9.00%
Vacancy & Collection Loss 7.00%                          Expense Growth Rate (3.00%)                                    --> If Yes, indicate Yr 1 Mgt Fee Amt:
Ancillary Income Limit    2.00%                          Percent of Effective Gross Income                       Yes --> If Yes, indicate actual percentage:                          9.000%
II. OPERATING PRO FORMA
Year                                11          12              13               14               15               16               17               18               19              20
Revenues                       258,081     263,242         268,507          273,877          279,355          284,942          290,641          296,454          302,383         308,430
Ancillary Income                 5,162       5,265           5,370            5,478            5,587            5,699            5,813            5,929            6,048           6,169
Vacancy                        (18,427)    (18,795)        (19,171)         (19,555)         (19,946)         (20,345)         (20,752)         (21,167)         (21,590)        (22,022)
Other Income (OI)                  -           -               -                -                -                -                -                -                -               -
OI Not Subject to Mgt Fee          -           -               -                -                -                -                -                -                -               -
Expenses less Mgt Fee         (174,983)   (180,233)       (185,640)        (191,209)        (196,945)        (202,854)        (208,939)        (215,207)        (221,664)       (228,314)
Property Mgmt                  (22,033)    (22,474)        (22,924)         (23,382)         (23,850)         (24,327)         (24,813)         (25,309)         (25,816)        (26,332)
Reserves                       (21,449)    (22,092)        (22,755)         (23,438)         (24,141)         (24,865)         (25,611)         (26,379)         (27,171)        (27,986)
NOI                             26,350      24,912          23,387           21,771           20,060           18,250           16,338           14,320           12,190           9,945
                                   -           -               -                -                -                -                -                -                -               -
                                   -           -               -                -                -                -                -                -                -               -
D/S Mortgage A                     -           -               -                -                -                -                -                -                -               -
D/S Mortgage B                     -           -               -                -                -                -                -                -                -               -
D/S Other Source                   -           -               -                -                -                -                -                -                -               -
D/S Other Source                   -           -               -                -                -                -                -                -                -               -
DCA HOME Cash Resrv.
Asset Mgmt                     (1,900)      (1,900)          (1,900)         (1,900)          (1,900)          (1,900)          (1,900)          (1,900)          (1,900)          (1,900)
DDF                               -            -                -               -                -                -                -                -                -                -
Incentive Mgmt                    -            -                -               -                -                -                -                -                -                -
Cash Flow                      24,450       23,012           21,487          19,871           18,160           16,350           14,438           12,420           10,290            8,045


DCR First Mortgage
DCR Second Mortgage
DCR Other Source
DCR Other Source
Oper Exp Coverage Ratio           1.24        1.23             1.22             1.21             1.20             1.19             1.18             1.17             1.16             1.15
                                   -           -                -                -                -                -                -                -                -                -
First Mortgage Balance
Second Mortgage Balance
Other Source Balance
Other Source Balance
DDF Balance

  2009 OAH Funding Application - April                                          Part VII-Pro Forma                                                                                    31 of 57
  Georgia Department of Community Affairs                                     2009 Funding Application                                                        Office of Affordable Housing
                              PART SEVEN - OPERATING PRO FORMA - 2009-009 The Cove at Southlake, Albany, Dougherty County
I. OPERATING ASSUMPTIONS                                Please Note:                 Green-shaded cells are unlocked for your use and contain references/formulas that can be overwritten.
Revenue Growth            2.00%                         Asset Management Fee Amount                             1,900         Yr 1 Asset Mgt Fee Percentage of EGI:                  0.95%
Expense Growth            3.00%                         Incentive Management Fee Amount                                       Yr 1 Incent Mgt Fee Percentage of EGI:
Reserves Growth           3.00%                         Property Mgt Fee Growth Rate (choose one):                            Yr 1 Prop Mgt Fee Percentage of EGI:                   9.00%
Vacancy & Collection Loss 7.00%                            Expense Growth Rate (3.00%)                                    --> If Yes, indicate Yr 1 Mgt Fee Amt:
Ancillary Income Limit    2.00%                            Percent of Effective Gross Income                       Yes --> If Yes, indicate actual percentage:                          9.000%
II. OPERATING PRO FORMA
Year                                21            22              23               24               25               26               27               28               29              30
Revenues                       314,599       320,891         327,309          333,855          340,532          347,343          354,289          361,375          368,603         375,975
Ancillary Income                 6,292         6,418           6,546            6,677            6,811            6,947            7,086            7,228            7,372           7,519
Vacancy                        (22,462)      (22,912)        (23,370)         (23,837)         (24,314)         (24,800)         (25,296)         (25,802)         (26,318)        (26,845)
Other Income (OI)                  -             -               -                -                -                -                -                -                -               -
OI Not Subject to Mgt Fee          -             -               -                -                -                -                -                -                -               -
Expenses less Mgt Fee         (235,163)     (242,218)       (249,484)        (256,969)        (264,678)        (272,618)        (280,797)        (289,221)        (297,897)       (306,834)
Property Mgmt                  (26,859)      (27,396)        (27,944)         (28,503)         (29,073)         (29,654)         (30,247)         (30,852)         (31,469)        (32,098)
Reserves                       (28,826)      (29,690)        (30,581)         (31,498)         (32,443)         (33,417)         (34,419)         (35,452)         (36,515)        (37,611)
NOI                              7,581         5,093           2,476             (276)          (3,166)          (6,200)          (9,384)         (12,724)         (16,225)        (19,893)
                                   -             -               -                -                -                -                -                -                -               -
                                   -             -               -                -                -                -                -                -                -               -
D/S Mortgage A                     -             -               -                -                -                -                -                -                -               -
D/S Mortgage B                     -             -               -                -                -                -                -                -                -               -
D/S Other Source                   -             -               -                -                -                -                -                -                -               -
D/S Other Source                   -             -               -                -                -                -                -                -                -               -
DCA HOME Cash Resrv.
Asset Mgmt                        (1,900)     (1,900)          (1,900)          (1,900)          (1,900)          (1,900)         (1,900)          (1,900)          (1,900)          (1,900)
DDF                                  -           -                -                -                -                -               -                -                -                -
Incentive Mgmt                       -           -                -                -                -                -               -                -                -                -
Cash Flow                          5,681       3,193              576           (2,176)          (5,066)          (8,100)        (11,284)         (14,624)         (18,125)         (21,793)


DCR First Mortgage
DCR Second Mortgage
DCR Other Source
DCR Other Source
Oper Exp Coverage Ratio            1.14         1.13             1.12             1.11             1.10             1.09             1.08             1.07             1.06             1.05
                                    -            -                -                -                -                -                -                -                -                -
First Mortgage Balance
Second Mortgage Balance
Other Source Balance
Other Source Balance
DDF Balance

  2009 OAH Funding Application - April                                            Part VII-Pro Forma                                                                                    32 of 57
  Georgia Department of Community Affairs                                   2009 Funding Application                                                        Office of Affordable Housing
                              PART SEVEN - OPERATING PRO FORMA - 2009-009 The Cove at Southlake, Albany, Dougherty County
I. OPERATING ASSUMPTIONS                              Please Note:                 Green-shaded cells are unlocked for your use and contain references/formulas that can be overwritten.
Revenue Growth            2.00%                       Asset Management Fee Amount                             1,900         Yr 1 Asset Mgt Fee Percentage of EGI:                  0.95%
Expense Growth            3.00%                       Incentive Management Fee Amount                                       Yr 1 Incent Mgt Fee Percentage of EGI:
Reserves Growth           3.00%                       Property Mgt Fee Growth Rate (choose one):                            Yr 1 Prop Mgt Fee Percentage of EGI:                   9.00%
Vacancy & Collection Loss 7.00%                          Expense Growth Rate (3.00%)                                    --> If Yes, indicate Yr 1 Mgt Fee Amt:
Ancillary Income Limit    2.00%                          Percent of Effective Gross Income                       Yes --> If Yes, indicate actual percentage:                          9.000%
II. OPERATING PRO FORMA
Year                               31          32               33               34               35
Revenues                      383,494     391,164          398,987          406,967          415,106
Ancillary Income                7,670       7,823            7,980            8,139            8,302
Vacancy                       (27,381)    (27,929)         (28,488)         (29,057)         (29,639)
Other Income (OI)
OI Not Subject to Mgt Fee
Expenses less Mgt Fee         (316,039)   (325,520)       (335,286)        (345,345)        (355,705)
Property Mgmt                  (32,740)    (33,395)        (34,063)         (34,744)         (35,439)
Reserves                       (38,739)    (39,901)        (41,098)         (42,331)         (43,601)
NOI                            (23,736)    (27,758)        (31,968)         (36,371)         (40,975)
                                   -           -               -                -                -
                                   -           -               -                -                -
D/S Mortgage A                     -           -               -                -                -
D/S Mortgage B                     -           -               -                -                -
D/S Other Source                   -           -               -                -                -
D/S Other Source                   -           -               -                -                -
DCA HOME Cash Resrv.
Asset Mgmt                      (1,900)     (1,900)          (1,900)          (1,900)         (1,900)
DDF                                -           -                -                -               -
Incentive Mgmt                     -           -                -                -               -
Cash Flow                      (25,636)    (29,658)         (33,868)         (38,271)        (42,875)


DCR First Mortgage
DCR Second Mortgage
DCR Other Source
DCR Other Source
Oper Exp Coverage Ratio           1.04        1.03             1.02             1.02             1.01
                                   -           -                -                -                -
First Mortgage Balance
Second Mortgage Balance
Other Source Balance
Other Source Balance
DDF Balance

  2009 OAH Funding Application - April                                          Part VII-Pro Forma                                                                                    33 of 57
  Georgia Department of Community Affairs                               2009 Funding Application                                                        Office of Affordable Housing
                              PART SEVEN - OPERATING PRO FORMA - 2009-009 The Cove at Southlake, Albany, Dougherty County
I. OPERATING ASSUMPTIONS                          Please Note:                 Green-shaded cells are unlocked for your use and contain references/formulas that can be overwritten.
Revenue Growth            2.00%                   Asset Management Fee Amount                             1,900         Yr 1 Asset Mgt Fee Percentage of EGI:                  0.95%
Expense Growth            3.00%                   Incentive Management Fee Amount                                       Yr 1 Incent Mgt Fee Percentage of EGI:
Reserves Growth           3.00%                   Property Mgt Fee Growth Rate (choose one):                            Yr 1 Prop Mgt Fee Percentage of EGI:                   9.00%
Vacancy & Collection Loss 7.00%                      Expense Growth Rate (3.00%)                                    --> If Yes, indicate Yr 1 Mgt Fee Amt:
Ancillary Income Limit    2.00%                      Percent of Effective Gross Income                       Yes --> If Yes, indicate actual percentage:                          9.000%
II. OPERATING PRO FORMA
III. Applicant Comments & Clarifications                                                            IV. DCA Comments




  2009 OAH Funding Application - April                                      Part VII-Pro Forma                                                                                    34 of 57
      Georgia Department of Community Affairs                                 2009 Funding Application                                    Office of Affordable Housing
                                             PART EIGHT - THRESHOLD CRITERIA - 2009-009 The Cove at Southlake, Albany, Dougherty County
                                                                                                                                                                 DCA
       Preliminary Rating: Incomplete                                                                                                     Applicant Response
                                                                                                                                                                 USE
FINAL THRESHOLD DETERMINATION (DCA Use Only)
DCA's Comments / Approval Conditions:
1.)

2.)

3.)

4.)

5.)

6.)

7.)

8.)

9.)

10.)

11.)

12.)

13.)

14.)

15.)

16.)

17.)

18.)

19.)

20.)




      2009 OAH Funding Application - April                                    Part VIII-Threshold Criteria                                                     35 of 57
    Georgia Department of Community Affairs                                                          2009 Funding Application                                                                      Office of Affordable Housing
                                                  PART EIGHT - THRESHOLD CRITERIA - 2009-009 The Cove at Southlake, Albany, Dougherty County
                                                                                                                                                                                                                                DCA
     Preliminary Rating: Incomplete                                                                                                                                                                Applicant Response
                                                                                                                                                                                                                                USE
FINAL THRESHOLD DETERMINATION (DCA Use Only)
1    Project Feasibility, Viability Analysis, and Conformance with Plan                                                                                                                                     Pass?

      A. Equity Commitment                                                                                                                                                                                      A.
          1) Has the applicant closed an equity partnership with the proposed Equity provider within the last 24 months?                                                                                        1)    No
          2) How many tax credit deals have you closed with this equity provider within the past five years?                                                                                                    2)    N/A
      B. Debt Commitment                                                                                                                                                                                        B.
          1) a) Are any commitments submitted as “Under Consideration” which need final approval before July 31, 2009?                                                                                         1a)    No
             b) If yes, then state the applicable financial assistance/funding:                                            << Select >>                                                                        1b)    No
          2) Has the applicant closed a loan with the proposed lender within the last 24 months?                                                                                                                2)    Yes
          3) How many loans have you closed with this lender within the past five years?                                                                                                                        3)     11
     Applicant's comments regarding this section of Threshold:
A., 1) Per posted DCA instructions, no equity commitment is required with the application and, as such, we have no commitment.
    2) & 3) Compass Bank is the proposed lender on the project.



     DCA's Comments:




2    Tenancy Characteristics                                                                                                                                                                                Pass?

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



3    Required Services                                                                                                                                                                                      Pass?

      A. Applicants certify that all selected services will meet QAP policies. Does Applicant agree?                                                                                                                  Agree
     B. Specify below at least 1 basic ongoing service selected from categories listed in QAP for Family projects, or at least 2 basic ongoing services selected from categories listed in QAP for Senior projects:
        1) Social and recreational programs planned and overseen by project mgr                                                                                                                                  1)   Yes
        2) Semi-monthly classes conducted on site                                                                                                                                                                2)   No
        3) After school or adult day care located on site                                                                                                                                                        3)   No
        4) Other service approved by DCA                                                                                                     4) N/A
    Applicant's comments regarding this section of Threshold:
The Cove at Southlake has chosen 1) Social and recreational programs planned and oversen by project mgr as our one required service.




     DCA's Comments:




    2009 OAH Funding Application - April                                                               Part VIII-Threshold Criteria                                                                                           36 of 57
    Georgia Department of Community Affairs                                                           2009 Funding Application                                                                 Office of Affordable Housing
                                                    PART EIGHT - THRESHOLD CRITERIA - 2009-009 The Cove at Southlake, Albany, Dougherty County
                                                                                                                                                                                                                           DCA
     Preliminary Rating: Incomplete                                                                                                                                                            Applicant Response
                                                                                                                                                                                                                           USE
FINAL THRESHOLD DETERMINATION (DCA Use Only)
4    Market Feasibility                                                                                                                                                                              Pass?

      A.   Provide the name of the market study analyst used by applicant:                                                                                      A. John Wall & Associates
      B.   Project absorption period                                                                                                                            B. 7 - 9 Months
      C.   Stabilization period                                                                                                                                 C. 7 - 9 Months
      D.   Overall capture rate for credit units                                                                                                                D. 11.60%
      E.   List DCA tax credit projects (inside a 2-mile radius for urban or 10-mile radius for rural) for years 2004 - 2008. Include both DCA project number and project name in each case.            E.
               The Bridges at Southlake - 2007-001




      F. Does the unit mix/rents and amenities included in the application match those provided in the market study?                                                                                    F.   Yes
     Applicant's comments regarding this section of Threshold:




     DCA's Comments:




5    Appraisals                                                                                                                                                                                      Pass?

      A. Is there is an identity of interest between the buyer and seller of the project?                                                                                                               A.    No
      B. Is an appraisal included in this application submission?                                                                                                                                       B.    No
              If an appraisal is included, indicate Appraiser's Name and answer the following questions:                         Appraiser's Name:                                                                 N/A
           1) Does it include the “as is” value, "as built/as complete" (encumbered), "as built/ as complete" (unencumbered) values of the proposed subject property and tax credit value?              1)    No
           2) Does the “as is” value delineate the value of the land and building?                                                                                                                      2)    No
           3) Does the total hard cost of the project exceed 90% of the as completed unencumbered appraised value of the property?                                                                      3)    No
      C. Has the Ownership Entity owned the property for less than three (3) years?                                                                                                                     C.   Yes
      D. Has the property been:
           1) Rezoned?                                                                                                                                                                                  1)    No
           2) Subdivided?                                                                                                                                                                               2)   Yes
        3) Modified?                                                                                                                                                                                    3)    No
    Applicant's comments regarding this section of Threshold:
Because there is no identity of interest between the buyer and seller, no appraisal is included in the application and all questions under B, C & D are not applicable.




     DCA's Comments:




    2009 OAH Funding Application - April                                                               Part VIII-Threshold Criteria                                                                                      37 of 57
    Georgia Department of Community Affairs                                                        2009 Funding Application                                                   Office of Affordable Housing
                                                 PART EIGHT - THRESHOLD CRITERIA - 2009-009 The Cove at Southlake, Albany, Dougherty County
                                                                                                                                                                                                       DCA
     Preliminary Rating: Incomplete                                                                                                                                           Applicant Response
                                                                                                                                                                                                       USE
FINAL THRESHOLD DETERMINATION (DCA Use Only)
6    Environmental Requirements                                                                                                                                                       Pass?

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

     E. Is the subject property located in a:
         1) Brownfield?                                                                                                                                                                    1)
         2) 100 year flood plain / floodway?                                                                                                                                               2)
            If "Yes", percentage of site that is within a floodplain:
            If "Yes", will any development occur in the floodplain?
                If "Yes", is documentation provided as per Threshold criteria?
         3) Wetlands?                                                                                                                                                                      3)
            If "Yes", enter the percentage of the site that is a wetlands:
            If "Yes", will any development occur in the wetlands?
                If "Yes", is documentation provided as per Threshold criteria?
         4) State Waters/Streams area?                                                                                                                                                     4)
     F. Has the Environmental Professional identified any of the following on the subject property:
         1) Asbestos?                                                                      3) PCB's?                                         5) Lead in water?
         2) Lead-based paint?                                                              4) Mold?                                          6) Radon?
         7) Other (e.g., endangered species, Native American burial grounds, etc.):
     G. Is all additional environmental documentation required for a HOME or NSP application included?                                                                                     G.
         1) Eight-Step Process completed for Wetlands and/or Floodplains?                                                                                                                  1)
         2) Has Applicant/PE completed the HOME and HUD Environmental Questionnaire?                                                                                                       2)
         3) Owner agrees that they must refrain from undertaking any activities that could have an adverse effect on the subject property?                                                 3)
     H. If HUD approval has been previously granted, has the HUD Form 4128 been included?                                                                                                  H.
    Applicant's comments regarding this section of Threshold:
Check on answer to D, F, G, H. Make comments regarding floodplain issues.




     DCA's Comments:




    2009 OAH Funding Application - April                                                           Part VIII-Threshold Criteria                                                                      38 of 57
    Georgia Department of Community Affairs                                                        2009 Funding Application                                                                    Office of Affordable Housing
                                                  PART EIGHT - THRESHOLD CRITERIA - 2009-009 The Cove at Southlake, Albany, Dougherty County
                                                                                                                                                                                                                           DCA
     Preliminary Rating: Incomplete                                                                                                                                                            Applicant Response
                                                                                                                                                                                                                           USE
FINAL THRESHOLD DETERMINATION (DCA Use Only)
7    Site Control                                                                                                                                                                                       Pass?
      A. Is site control provided through October 31, 2009?                                                                                                                                                   A.   Yes
      B. Form of site control:                                                                                                                                              B. Contract/Option
      C. Name of Entity with site control:                                                                              C.                                The Cove at Southlake, LP
    Applicant's comments regarding this section of Threshold:
The orginal options were held by Vantage Development, LLC. Vantage assigned a portion of the option for the city owned property to The Bridges at Southlake as a part of The Southlake Village Master
Plan; the rest of the city owned property was assigned to The Cove at Southlake, LP. Vantage then assigned the option on all of the privately held land south of Hickory Lane to The Cove at Southlake, LP.
    DCA's Comments:




8    Site Access                                                                                                                                                                                        Pass?
       A. Is this site legally accessible by paved roads and are drawings or photographs included showing these roads?                                                                                        A.   Yes
       B. If access roads are not in place, does the application contain documentation evidencing a local commitment for the funding and the timetable for completion of such paved road?                     B.   No
      Applicant's comments regarding this section of Threshold:
All roads are in place.

     DCA's Comments:




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



     DCA's Comments:




10 Operating Utilities                                                                                                                                                                                  Pass?
      A. Check applicable utilities and enter provider name:              1) Gas                             N/A                                                                                              1)   No
                                                                          2) Electric                        Water, Gas & Light Commission                                                                    2)   Yes
    Applicant's comments regarding this section of Threshold:
The Cove will be all electric. No gas appliances will be used.

     DCA's Comments:




    2009 OAH Funding Application - April                                                            Part VIII-Threshold Criteria                                                                                         39 of 57
  Georgia Department of Community Affairs                                                          2009 Funding Application                                                              Office of Affordable Housing
                                                 PART EIGHT - THRESHOLD CRITERIA - 2009-009 The Cove at Southlake, Albany, Dougherty County
                                                                                                                                                                                                                    DCA
    Preliminary Rating: Incomplete                                                                                                                                                       Applicant Response
                                                                                                                                                                                                                    USE
FINAL THRESHOLD DETERMINATION (DCA Use Only)
11 Public Water/Sanitary Sewer/Storm Sewer                                                                                                                                                     Pass?

     A. Is there a Waiver Approval Letter From DCA included in this application for this criterion as it pertains to Rural projects?                                                              A.     No
     B. Check all that are available to the                              1) Public water                         Water, Gas & Light Commission                                                    1)     Yes
        site and enter provider name:                                    2) Public sewer                         City of Albany                                                                   2)     Yes
                                                                          3) Waiver                          N/A                                                                                  3)     No
    Applicant's comments regarding this section of Threshold:
No waivers were needed or requested


    DCA's Comments:




12 Required Amenities                                                                                                                                                                          Pass?

    Is there a Pre-Approval Form from DCA included in this application for this criterion?                                                                                                              No
     A. Applicant agrees to provide the following required Standard Site Amenities in conformance with the DCA Amenities Manual (select one in each category):                                    A.   Agree
         1) Community area (select either community room or community building):                                                                                      1) Building                      Agree
         2) Exterior gathering area:                                                                                                                                  2) Covered Porch                 Agree
         3) On site laundry type:                                                                                                                      3) On-site laundry                              Agree
     B. Applicant agrees to provide the following required Additional Site Amenities in conformance with the DCA Amenities Manual.                                       Nbr Amenities            B.   Agree
         The number of amenities required depends on the total unit count: 1-50 units = 4 amenities, 51-100 units = 5 amenities; 100+ units = 6 amenities.                      4                     Additional Amenities
         DCA Site Amenities Selected by Applicant:                                         DCA Verified? Additional Amenities (describe in space provided below)                                     Pre-approved by DCA?
         1) Covered pavilion w/ picnic/barbecue facilities
         2) Equipped Computer Center
         3) Equipped Playground
         4) Furnished Exercise/Fitness Center
         5) <<Select>>
         6) <<Select>>
     C. Applicant agrees to provide the following required Unit Amenities in conformance with the DCA Amenities Manual:                                                                           C.    Agree
        1) HVAC                                                                                                                                                                                   1)     Yes
        2) Refrigerator (Energy Star rated)                                                                                                                                                       2)     Yes
        3) Dishwasher (Energy Star rated)                                                                                                                                                         3)     Yes
        4) Stove                                                                                                                                                                                  4)     Yes
        5) Powder-based stovetop fire suppression canisters installed above the range cook top                                                                                                    5)     Yes
     D. Applicant agrees to provide the following additional required Amenities for Senior projects:                                                                                              D.   Disagree
        1) Elevators are installed for access to all units above the ground floor.                                                                                                                1)   Disagree
        2) Buildings more than two story construction have interior gathering areas in several locations in the lobbies and/or corridors                                                          2)   Disagree
        3) a) 100% of the units are accessible and adaptable, as defined by the Fair Housing Amendments Act                                                                                      3a)   Disagree
           b) If No, was a waiver granted?                                                                                                                                                       3b)      No
    Applicant's comments regarding this section of Threshold:
The Cove at Southlake is an attached single family duplex development, thus all questions with regard to Senior projects are Not Applicable

    DCA's Comments:




  2009 OAH Funding Application - April                                                              Part VIII-Threshold Criteria                                                                                  40 of 57
  Georgia Department of Community Affairs                                                             2009 Funding Application                                                                      Office of Affordable Housing
                                                  PART EIGHT - THRESHOLD CRITERIA - 2009-009 The Cove at Southlake, Albany, Dougherty County
                                                                                                                                                                                                                                 DCA
    Preliminary Rating: Incomplete                                                                                                                                                                  Applicant Response
                                                                                                                                                                                                                                 USE
FINAL THRESHOLD DETERMINATION (DCA Use Only)
13 Physical Needs Assessment (Rehabilitation Projects Only)                                                                                                                                               Pass?

     A.Type of rehab (choose one):                                                                                                                             A. <<Select>>                                      <<Select>>
     B.Date of PNA:                                                                                                                                            B. N/A
     C.Name of consultant preparing PNA:                                                                                                                       C. N/A
     D.Is 20-year replacement reserve study included?                                                                                                                                                        D.      No
     E.Applicant understands that in addition to propose work scope, the project must meet state and local building codes, DCA architectural requirements as set forth in                                    E.
                                                                                                                                                                                                                   Disagree
       the QAP and Manuals, and health and safety codes and requirements. Applicant agrees?
    Applicant's comments regarding this section of Threshold:
The Cove at Southlake is not a a Rehab project, thus all the above questions are Not Applicable



    DCA's Comments:




14 Site Information and Conceptual Site Development Plan                                                                                                                                                  Pass?

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




    DCA's Comments:




15 Building Sustainability                                                                                                                                                                                Pass?

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

    Applicant's comments regarding this section of Threshold:




    DCA's Comments:




  2009 OAH Funding Application - April                                                                Part VIII-Threshold Criteria                                                                                             41 of 57
 Georgia Department of Community Affairs                                                             2009 Funding Application                                                                     Office of Affordable Housing
                                                 PART EIGHT - THRESHOLD CRITERIA - 2009-009 The Cove at Southlake, Albany, Dougherty County
                                                                                                                                                                                                                         DCA
   Preliminary Rating: Incomplete                                                                                                                                                                 Applicant Response
                                                                                                                                                                                                                         USE
FINAL THRESHOLD DETERMINATION (DCA Use Only)
16 Accessibility Standards                                                                                                                                                                              Pass?
   A. Does this project comply with all applicable Federal and State accessibility laws including but not limited to The Fair Housing Act, Section 504, American with                                      A.   Yes
      Disabilities Act, Georgia Fair Housing Law and Georgia Access Law?
   B. Does this project comply with applicable DCA accessibility requirements detailed in the Accessibility Manual of the 2009 Application Manual?                                                         B.   Yes
   C. Are at least 5% of the total units equipped for the mobility disabled, including wheelchair restricted residents, and at least 2% of the total units (to be part of this 5%) are equipped
      with roll-in showers?                                                                                                                                                                                C.   Yes

   D. Are at least an additional 2% of the total units equipped for hearing and sight-impaired residents?                                                                                                  D.   Yes
   E. Applicant agrees to arrange for the inspection of the project by a DCA-qualified consultant 3 times during construction in order to certify the project's as-built compliance with
      accessibility regulations?                                                                                                                                                                           E.   Yes

   Applicant's comments regarding this section of Threshold:




   DCA's Comments:




17 Architectural Design & Quality Standards                                                                                                                                                             Pass?
   Is there a Waiver Approval Letter From DCA included in this application for this criterion?                                                                                                                   No
   Does this application meet the Architectural Standards contained in the Application Manual for quality and longevity?                                                                                        Yes
    A. Constructed and Rehabilitation Construction Hard Costs - are the following minimum review standards for rehabilitation projects met or exceeded by this project?
       1) The expected life of the completed property must exceed by five years the greater of the Compliance Period or the Period of Affordability                                                        1)   Yes
       2) All construction must meet the requirements set forth in the Manual                                                                                                                              2)   Yes
       3) Rehabilitation projects will be considered for funding only if the per unit rehabilitation hard costs exceed $20,000 for properties less than 20                                                 3)   No
          years old and the per unit rehabilitation hard costs exceed $25,000 for properties that exceed 20 years old
       4) The total hard cost of any rehabilitation project must not exceed 90% of the as-completed unrestricted appraised value of the property                                                           4)    No
       5) The costs of furniture, fixtures, construction of community buildings and common area amenities are not included in these amounts                                                                5)    No
   B. Standard Design Options for All Projects                                                                                                                                                             B.   Yes
       1) Exterior Wall Finishes (select one)               Exterior wall faces will have an excess of 40% brick or stone on each total wall surface                                                       1)   Yes

       2) Attractive Features (select two)                  Addition of decorative elements                                                                                                                2)   Yes
                                                            Addition of or the redesign of existing covered entries                                                                                             Yes
       3) Major Bldg Component Materials & Upgrades         Upgraded roofing shingles, or roofing materials                                                                                                3)   Yes
          (select one)
       4) Landscaping and Site Design Features (select      Site entry w/ permanent, illuminated entry sign and decorative fence                                                                           4)   Yes
          two)                                              Freestanding shelters                                                                                                                               Yes

   Applicant's comments regarding this section of Threshold:




   DCA's Comments:




 2009 OAH Funding Application - April                                                                Part VIII-Threshold Criteria                                                                                      42 of 57
  Georgia Department of Community Affairs                                                             2009 Funding Application                                                                        Office of Affordable Housing
                                                  PART EIGHT - THRESHOLD CRITERIA - 2009-009 The Cove at Southlake, Albany, Dougherty County
                                                                                                                                                                                                                             DCA
    Preliminary Rating: Incomplete                                                                                                                                                                   Applicant Response
                                                                                                                                                                                                                             USE
FINAL THRESHOLD DETERMINATION (DCA Use Only)
18 Experience                                                                                                                                                                                               Pass?

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


     B. Is there a Development fee sharing arrangement between the Owner, Developer or any other party?                                                                                                        B.    No
        If Yes, disclose details in box below:
        N/A


     C. Is there any Guarantee Agreement?                                                                                                                                                                      C.    No
        If Yes, disclose details in box below:
        N/A


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


     E. This Application meets Owner Experience through (select one):                                                                                                             E. Owner
        1) Name of Experienced Owner, Partner or Consultant:                                                                                                                      1) Lowell R. Barron II
        2) Was this individual or entity determined to be experienced by DCA prior to 2009 Application Submission?                                                                                             2)    Yes
        3) Will this individual or entity have a direct or indirect ownership interest in the ownership entity and materially participate in ownership and operation of the project?                           3)    Yes
     F. This Application meets Developer Experience through (select one):                                                                                                         F. Developer
        1) Name of Experienced Developer, Partner or Consultant:                                                                                                                  1) Lowell R. Barron II
        2) Was this individual or entity determined to be experienced by DCA prior to 2009 Application Submission?                                                                                             2)    Yes
        3) Will this individual or entity have a direct or indirect ownership interest in the ownership entity and materially participate in ownership and operation of the project?                           3)    Yes
     G. This Application meets Manager Experience through (select one):                                                                                                           G. Manager
        1) Name of Experienced Manager, Partner or Consultant:                                                                                                                    1) Lowell R. Barron II
        2) Was this individual or entity determined to be experienced by DCA prior to 2009 Application Submission?                                                                                             2)    Yes
        3) Will this individual or entity have a direct or indirect ownership interest in the ownership entity and materially participate in ownership and operation of the project?                           3)    Yes
     H. If the Owner or Developer is meeting DCA experience requirements through a consulting agreement with an experienced consultant, the Applicant must state the
             name of the property through which the Owner or Developer meets said requirements.                      Name of Property: N/A
      I. Is the applicant applying to DCA under the Probationary Participation provision?                                                                                                                       I.   No
     J. Does the Training / Developer Agreement / Partnership Agreement meet the requirement set forth in the Consultant / Partnership Training Manual?                                                        J.    No
    Applicant's comments regarding this section of Threshold:
Lowell R. Barron II, and through him the ownership, developer and manager entities, has received been determined to be experienced.
The Cove at Southlake does not involve a Training or Consultant relationship.


    DCA's Comments:




  2009 OAH Funding Application - April                                                                Part VIII-Threshold Criteria                                                                                         43 of 57
  Georgia Department of Community Affairs                                                               2009 Funding Application                                                               Office of Affordable Housing
                                                   PART EIGHT - THRESHOLD CRITERIA - 2009-009 The Cove at Southlake, Albany, Dougherty County
                                                                                                                                                                                                                      DCA
    Preliminary Rating: Incomplete                                                                                                                                                             Applicant Response
                                                                                                                                                                                                                      USE
FINAL THRESHOLD DETERMINATION (DCA Use Only)
19 Threshold Designation Of Tier One Capacity                                                                                                                                                        Pass?

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



    DCA's Comments:




20 Compliance History Summary                                                                                                                                                                        Pass?
    Is there a Pre-Determination Letter From DCA included in this application for this criterion?                                                                                                            Yes
      A. Has the principal and entities of each General Partner, Developer, and project consultant(s) submitted a complete and correct DCA Compliance History Summary                                   A.   Yes
      B. Are five fully executed DCA Uniform Release Forms included in the application?                                                                                                                 B.   Yes
      C. Is the completed compliance questionnaire for each General Partner, Developer, and project consultant(s) included in the application?                                                          C.   Yes
      D. Has Applicant included appropriate documentation or releases from other state housing agencies (both the MultiState Release Form and the Uniform Release Form)?                                D.   Yes
     Applicant's comments regarding this section of Threshold:
A - D were included in DCA Pre-Application PA09-49.



    DCA's Comments:




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

     A. Name of Qualified Nonprofit:                                                                                           A.                                                                      N/A
     B. Is the organization a qualified nonprofit, defined as a 501c(3) or 501c(4) organization not affiliated or controlled by a for-profit organization, and whose tax-exempt                               No
                                                                                                                                                                                                        B.
        purpose is the fostering of low-income housing?
     C. Does the qualified nonprofit materially participate in the project as described in IRC Section 469(h)?                                                                                          C.    No
     D. Does the qualified nonprofit own at least 51% of the GP's interest in the project and is the managing general partner of the ownership entity?                                                  D.    No
     E. If the nonprofit is also a developer of the project, does the nonprofit receive a percentage of the developer fee greater than or equal to its percentage of its ownership interest?            E.    No
     F. Is a copy of the GP joint venture agreement that indicates the nonprofit's general partnership interest and developer fee amount included in the application?                                   F.    No
    Applicant's comments regarding this section of Threshold:
The Cove at Southlake is a for-profit application, is not a joint venture application, and not applying for credit under the Nonprofit Set-Aside


    DCA's Comments:




  2009 OAH Funding Application - April                                                                  Part VIII-Threshold Criteria                                                                                44 of 57
  Georgia Department of Community Affairs                                                               2009 Funding Application                                                                      Office of Affordable Housing
                                                    PART EIGHT - THRESHOLD CRITERIA - 2009-009 The Cove at Southlake, Albany, Dougherty County
                                                                                                                                                                                                                                  DCA
    Preliminary Rating: Incomplete                                                                                                                                                                    Applicant Response
                                                                                                                                                                                                                                  USE
FINAL THRESHOLD DETERMINATION (DCA Use Only)
22 Eligibility for HOME Loans under the CHDO Set-Aside*                                                                                                                                                      Pass?
     A.Name of CHDO:                                                                                                          A.                                                                                  N/A
     B.Is a copy of the State CHDO pre-qualification/renewal letter included in the Application?                                                                                                                   B.    No
     C.Is the CHDO either the sole general partner of the ownership entity or the managing general partner of the ownership entity?                                                                                C.    No
     D.If the CHDO is a general partner with a for-profit or nonprofit general partner, does the CHDO own at least 51% of the general partnership interest?                                                        D.    No
     E.Does the CHDO (or a wholly owned or controlled affiliate) receive a percentage of the Developer Fee greater than or equal to the percentage of ownership interest?                                          E.    No
     F.Is a copy of the GP/joint venture agreement indicating CHDO’s GP interest and its share (or the share of the wholly owned and controlled affiliate) of Developer Fee included in                            F.    No
       Application?
    G. Do all parties understand that the CHDO must exercise effective control of the partnership throughout the period of affordability?                                                                          G.    No
    Applicant's comments regarding this section of Threshold:
The Cove at Southlake is a for-profit application, is not a joint venture application, and not applying for HOME funds under the CHDO Set-Aside


    DCA's Comments:




23 Additional HUD Requirements                                                                                                                                                                               Pass?
    Is there a Pre-Determination Letter From DCA included in this application for HOME/HUD Site and Neighborhood Standards?                                                                                              No
     A. The Census Tract for the property is characterized as [Choose either Minority concentration (50% or more minority), Racially mixed (25% - 49%                            A.      Minority concentration           <<Select>>
         minority), or Non-minority (less than 25% minority)]:
     B. List all contiguous Census Tracts:                   B. 14.01,14.02, 107, 106.02,                                                                                                                               Yes
     C. Is Contract Addendum included in Application?                                                                                                                                                              C.   Yes
    Applicant's comments regarding this section of Threshold:
The Cove at Southlake is NOT currently applying for or using and HOME/CDBG/TCAP or other HUD funds. We included this information in the interest of being thorough.


    DCA's Comments:




24 Required Legal Opinions                      State legal opinions included in application using boxes provided.                                                                                           Pass?
     A. Credit Eligibilty for Acquisition                                                                                                                                                                          A.    No
     B. Credit Eligibilty for Assisted Living                                                                                                                                                                      B.    No
     C. Nonprofit Federal Tax Exempt Status                                                                                                                                                                        C.    No
     D. Accessibility Standards                                                                                                                                                                                    D.    No
     E. Other (If Yes, then also describe):                                                                                E. N/A                                                                                        No
    Applicant's comments regarding this section of Threshold:
The Cove at Southlake is not an Acq/Rehab, Assisted Living or Nonprofit application, thus all the above are Not Applicable
    DCA's Comments:


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




  2009 OAH Funding Application - April                                                                  Part VIII-Threshold Criteria                                                                                            45 of 57
  Georgia Department of Community Affairs                                                              2009 Funding Application                                                                  Office of Affordable Housing
                                                  PART EIGHT - THRESHOLD CRITERIA - 2009-009 The Cove at Southlake, Albany, Dougherty County
                                                                                                                                                                                                                        DCA
    Preliminary Rating: Incomplete                                                                                                                                                               Applicant Response
                                                                                                                                                                                                                        USE
FINAL THRESHOLD DETERMINATION (DCA Use Only)
26 Relocation and Displacement of Tenants                                                                                                                                                              Pass?
     A. Does the Applicant anticipate displacing or relocating any tenants?                                                                                                                               A.    No
     B. 1) Are any of the sources other than DCA HOME considered to be Federal Funding?                                                                                                                  B1)    No
        If Yes, applicant will need to check with the source of these funds to determine if this project will trigger the Uniform Relocation Act or 104(d).
        2) Will any funding source used trigger the Uniform Relocation Act or HUD 104 (d) requirements?                                                                                                   2)    No
     C. Are there any occupied or vacant residential or commercial buildings that will be demolished as a part of the proposed work scope?                                                                C.    No
     D. Is sufficient comparable replacement housing identified in the relocation plan according to DCA relocation requirements?                                                                          D.    No
     E. Provide summary data collected from Relocation Displacement Spreadsheet:                                                                                                                          E.
        1) Number of Over Income Tenants                                                                                                                                                                  1)   N/A
        2) Number of Rent Burdened Tenants                                                                                                                                                                2)   N/A
        3) Number of Vacancies                                                                                                                                                                            3)   N/A
        4) Number of Down units                                                                                                                                                                           4)   N/A
        5) Number of Displaced Tenants                                                                                                                                                                    5)   N/A
     F. Indicate Proposed Advisory Services to be used (see Relocation Manual for further explanation):                                                                                                   F.
        1) Individual interviews                                                                                                                                                                          1)    No
        2) Meetings                                                                                                                                                                                       2)    No
        3) Written Notifications                                                                                                                                                                          3)    No
       4) Other - describe in box provided:                               4) N/A                                                                                                                                No
    Applicant's comments regarding this section of Threshold:
The Cove at Southlake will NOT involve the relocation of any tenants, nor does it, at this time, involve HOME/CDBG/TCAP or other HUD funds.

    DCA's Comments:




27 Marketing to Special Need Population                                                                                                                                                                Pass?
     A. Has the marketing plan been completed according to DCA requirements and included in the application binder where indicated by the Tabs Checklist?                                                 A.   Yes
     B. Name of Service Provider:                                      B.                                                                              N/A                                                     No
    Applicant's comments regarding this section of Threshold:
The Cove at Southlake has included marketing to Special Needs Population in its Marketing Plan but we are not required to have a Service Provider per the 2009 QAP.



    DCA's Comments:




28 Poor Utilization of Resources                                                                                                                                                                       Pass?
    Applicant's comments regarding this section of Threshold:
The Cove at Southlake makes efficient use of the request resources as evidenced by the fact that we are building 38 attached single family duplexes within the DCA allowed per unit cost caps.

    DCA's Comments:




  2009 OAH Funding Application - April                                                                  Part VIII-Threshold Criteria                                                                                  46 of 57
Georgia Department of Community Affairs                                                       2009 Funding Application                                                                                     Office of Affordable Housing
                                               PART NINE - SCORING CRITERIA - 2009-009 The Cove at Southlake, Albany, Dougherty County
                                                                                                                                                                                                         Score          Self DCA
                                                                                                                                                                                                         Value         Score Score
                                                                                                                                                                                        TOTALS:          108            63    10
 1. APPLICATION COMPLETENESS/ORGANIZATION                                      (Applicants start with 10 points. Any points entered will be subtracted from score value)                                  10            10    10
     A. Missing or Incomplete Documents                            Number:     0               For each missing or incomplete document, one (1) point will be deducted                                     7        A.   0
     B. Financial and Other Adjustments                            Number:     0               1-3 adjustments/revisions = one (1) pt deduction total; then (1) pt deducted for each add'l adjustment.     0        B.   0
     C. Organization                                               Number:     0               One (1) pt deducted if not organized in DCA format and/or required document not in correct tab.             1        C.   0
 Applicant's comments regarding this section of scoring:



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



 2                                                                             2                                                                                                   2



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2009 OAH Funding Application - April                                                             Part IX-Scoring Criteria                                                                                                      47 of 57
Georgia Department of Community Affairs                                                           2009 Funding Application                                                                 Office of Affordable Housing
                                                   PART NINE - SCORING CRITERIA - 2009-009 The Cove at Southlake, Albany, Dougherty County
                                                                                                                                                                                       Score                  Self DCA
                                                                                                                                                                                       Value                 Score Score
                                                                                                                                                                        TOTALS:          108                  63    10
 2. TIER I ENTITIES                                                                                                                                                                       3
     Name of Tier 1 Entity for which these points are being claimed                     N/A
     Tier One entity has a 100% ownership interest in both the General Partner and the Developer entity.                                                                                                       No
     Applicant's comments regarding this section of scoring:
 Vantage Development, LLC was not given the Tier 1 designation by DCA
     DCA's Comments:



 3. DEEPER TARGETING / RENT AND INCOME RESTRICTIONS                                                                                                                                        3                   3
     50% Gross Rent Restrictions / 50% Income Restrictions:                 Nbr units to have these restrictions:                       8              Percent of Residential Units:    21.1%
     Applicant's comments regarding this section of scoring:
 The Cove at Southlake will have 8 units rent and income restricted at 50% AMI. This number is equal to 20% of the units and is eligible for 3 points.


     DCA's Comments:




 4. QUALITY GROWTH INITIATIVES                                                    See scoring criteria for further requirements and information                                                               12         0
  A. Desirable/Undesirable Activities Characteristics                       (Applicants need to complete Desirable/Undesirable Certification form)                                       10             A.     9         0
     1. Desirable Sites (1 pt each)                                                                                                                                                    various          1.     10
     2. Undesirable Sites (1 pt subtracted for each - points entered here will be subtracted from the score value of 10)                                                               various          2.     1
     Applicant's comments regarding this section of scoring:
 1. The Cove at Southlake is very well located with regard to desirable community amenities and has many more than are necessary to obtain the 10 point score.
 2. There are some abandoned/substandard housing/buildings nearby the site. It is our understanding that the owners of these buildings are planning to tear them down literally any day now. If the
    buildings have been razed at the time of DCA’s site visit, we respectfully request that DCA restore this point to our score.


     DCA's Comments:




  B. Infill / Smart Growth Rural Development                                                                                                                                               3            B.     3
     Indicate Quality Growth Initiative to be used (choose one):                  Infill
     How does the site        1 The site is on existing city streets
     maximize the use
     of existing facilities   2 The site currently has water, sewer, storm water, electricity and telephone infrastructure.
     and infrastructure?

                              3 The site is in the jurisdiction of the City of Albany Police, Fire, Rescue and Transportation services.


     Describe Adjacent        The site is bordered on the east by Martin Luther King Jr. Drive and west by S. Madison Street, both public streets. The eastern side is residential in nature along Martin Luther King Jr. Dive,
     established              consisting of well-established single family homes. The southern side consists of a well-established single family neighborhood and a Church. Well established single family can also be found
     occupied                 on the west side of S. Madison Street. To the north is the second phase of the Southlake Village Master Development, The Landing at Southlake, which is currently under construction, and
     residential              various commercial enterprises along West Oakridge Drive.
     development:



2009 OAH Funding Application - April                                                                 Part IX-Scoring Criteria                                                                                          48 of 57
Georgia Department of Community Affairs                                                        2009 Funding Application                                                                     Office of Affordable Housing
                                                PART NINE - SCORING CRITERIA - 2009-009 The Cove at Southlake, Albany, Dougherty County
                                                                                                                                                                                        Score                  Self DCA
                                                                                                                                                                                        Value                 Score Score
                                                                                                                                                                        TOTALS:          108                   63    10
       Additional information for Infill Option:
       Indicate Infill Type (choose one):                                         New Construction
 Describe Adjacent             The site is bordered on the east by Martin Luther King Jr. Drive and west by S. Madison Street, both public streets. The eastern side is residential in nature along Martin Luther King Jr. Dive,
 established                   consisting of well-established single family homes. The southern side consists of a well-established single family neighborhood and a Church. Well established single family can also be found
 development that is on        on the west side of S. Madison Street. To the north is the second phase of the Southlake Village Master Development, The Landing at Southlake, which is currently under construction, and
 all but one side of           various commercial enterprises along West Oakridge Drive.
 development:
       Applicant's comments regarding this section of scoring:



     DCA's Comments:




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



     DCA's Comments:




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



     DCA's Comments:




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



     DCA's Comments:




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



     DCA's Comments:




2009 OAH Funding Application - April                                                              Part IX-Scoring Criteria                                                                                              49 of 57
Georgia Department of Community Affairs                                                    2009 Funding Application                                               Office of Affordable Housing
                                             PART NINE - SCORING CRITERIA - 2009-009 The Cove at Southlake, Albany, Dougherty County
                                                                                                                                                                Score          Self DCA
                                                                                                                                                                Value         Score Score
                                                                                                                                                      TOTALS:   108            63    10
 5. SUSTAINABLE DEVELOPMENTS                                                                (choose only one)                                                    6         A.   3     0
      A. Sustainable Communities Certification                                             (choose only one)                                                     6         A.   0     0
       1. Earth Craft Communities program through Southface Energy Institute and the Greater Atlanta Home Builder’s Association                      OR          6         1.
       2. US Green Building Council’s Leadership in Energy and Environmental Design for Neighborhood Development (LEED-ND)                                       6         2.
 OR B. Sustainable Building Certification                                                   (choose only one)                                                    3         B.      3        0
       1. Earth Craft House multifamily program through Southface Energy Institute and the Greater Atlanta Home Builder’s Association                OR          3         1.      3
       2. Enterprise Foundation’s Green Communities certification program                                                                            OR          3         2.
       3. US Green Building Council’s LEED for Homes certification program                                                                                       3         2.

 OR C. Energy Efficient Building Certification                              (EPA’s Energy Star program certification)                                             1        C.
     Applicant's comments regarding this section of scoring:
 The Cove at Southlake is commited to following the Earth Craft Hous multifamily program and we have included the required documentation in Tab 29


      DCA's Comments:




 6. STABLE COMMUNITIES / REDEVELOPMENT / REVITALIZATION                                                                                                          12                3        0
  A. Economic Growth and Need                                                               (choose only one)                                                     3                0        0
       1. Economic Growth and Need                                                          Indicate Area:                                                        3        1.
 OR   2. Stable Communitiies                                                                                                                                      3        2.
          Project is located in a census tract that meets the following demographics according to the most recent FFIEC Census Report:                                          Yes / No Yes / No
      a) Less than 10% below Poverty level (see Income)                                                                                                                    a)
      b) Designated Middle or Upper Income level (see Demographics)                                                                                                        b)
      c) Less than 15% of housings units are rental occupied (see Housing)                                                                                                 c)
      d) Tracts not designated as distressed or underserved (see Demographics)                                                                                             d)
      e) Market study must demonstrate need for affordable housing                                                                                                         e)
     Applicant's comments regarding this section of scoring:
 Augusta is in Richmond County, which apears on the Georgia DCA 2009 Economic Investment Area list. Documentation is included in Tab 39


      DCA's Comments:




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



      DCA's Comments:




2009 OAH Funding Application - April                                                         Part IX-Scoring Criteria                                                                     50 of 57
Georgia Department of Community Affairs                                                     2009 Funding Application                                                                  Office of Affordable Housing
                                               PART NINE - SCORING CRITERIA - 2009-009 The Cove at Southlake, Albany, Dougherty County
                                                                                                                                                                                  Score               Self DCA
                                                                                                                                                                                  Value              Score Score
                                                                                                                                                                   TOTALS:         108                63    10
  C. Redevelopment Incentive Programs                        (choose only one)                                                                                                      3             C.   3     0
       1. Statutory Redevelopment Plans                             OR                                                                                                              3             1.   3
 OR    2. Redevelopment Zones                                        OR                        Type:                                Number:                                         1      2.
 OR    3. Local Redevelopment Plan                                                             Name of Plan:                                                                        1      3.
     Indicate whether the Community Redevelop/Revitalization Plan includes the following and include the page number from the plan:         Page Nbr        Page Nbr                           Yes / No Yes / No
       a) A discussion of potential sources of funding for the plan                                                                      a)                                                a)
       b) A clearly delineated target area that includes the proposed project site                                                       b)                                                b)
       c) Detailed policy goals (one of which must be housing)                                                                           c)                                                c)
       d) Implementation measures and specific time frames for the achievement of such policies and housing activities                   d)                                                d)
       e) Proposed development supports at least one of the goals of the redevelopment or revitalization plan                            e)                                                e)
        f) An assessment of the existing physical structures and infrastructure of the community                                         f)                                                 f)
     Indicate whether the Community Redevelop/Revitalization Plan is:                                                                       Page Nbr        Page Nbr                           Yes / No Yes / No
       a) formulated by the Owner of the project and submitted to a local government for approval                                        a)                                                a)
       b) a short-term work plan                                                                                                         b)                                                b)
       c) a comprehensive plan, consolidated plan, municipal zoning plan or land use plan                                                c)                                                c)
       d) outdated and does not reflect the current neighborhood conditions                                                              d)                                                d)
     Applicant's comments regarding this section of scoring:
 The City of Albany passed the South Albany Redevelopment Plan in 1996. It was passed under OCGA 36-61. We have included a copy of the plan, the website where information can be found, evidence of
 the plan's adoption and evidence of public hearings in Tab 32.


      DCA's Comments:




 7. PHASED DEVELOPMENTS / PREVIOUS PROJECTS                                                  (choose only one)                                                                       6                    6           0
      A. Phased Developments
          Proposed project is part of Phased Development in which one or more phases received an allocation of 9% tax credits & at least one phase has commenced construction.       6            A.      6
 OR B. Previous Projects                                                                                                                                                             3            B.      0           0
      1. Proposed development site is w/in boundaries of Local Govt where a 9% Credit, 4% Credit and/or HOME project has not been awarded w/in last 4 DCA funding cycles.            3            1.
  or 2. Proposed development site is w/in boundaries of Local Govt where a 9% Credit, 4% Credit and/or HOME project has not been awarded w/in last 3 DCA funding cycles.             2            2.
     Applicant's comments regarding this section of scoring:
 The Cove at Southlake is the third phase of the Southlake Village Master Plan. The first phase, The Bridges at Southlake is 100% complete, partially leased up and is awaiting a few final CO's. The second phase,
 The Landing at Southlake, is set to start construction almost immediately.
      DCA's Comments:




2009 OAH Funding Application - April                                                           Part IX-Scoring Criteria                                                                                           51 of 57
Georgia Department of Community Affairs                                                              2009 Funding Application                                                   Office of Affordable Housing
                                                   PART NINE - SCORING CRITERIA - 2009-009 The Cove at Southlake, Albany, Dougherty County
                                                                                                                                                                              Score          Self DCA
                                                                                                                                                                              Value         Score Score
                                                                                                                                                                    TOTALS:   108            63    10
 8. WAIVER OF QUALIFIED CONTRACT RIGHT / TENANT OWNERSHIP PLAN                                                                     (choose only one)                           2              2     0
       A. Waiver of Qualified Contract Right                                                                                                                                   2         A.   2
           Applicant agrees to forego the cancellation option for at least 5 years after the close of the Compliance period?             Yes
       B. Tenant Ownership                                                                                                                                                      1        B.
     Applicant's comments regarding this section of scoring:
 The Cove at Southlake has agreed to forgo the cancellation option for at least five years after the close of the compliance period. Please see documentation in Tab 39


       DCA's Comments:




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




       DCA's Comments:




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



       DCA's Comments:




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




2009 OAH Funding Application - April                                                                    Part IX-Scoring Criteria                                                                    52 of 57
Georgia Department of Community Affairs                                                         2009 Funding Application                                                                Office of Affordable Housing
                                                PART NINE - SCORING CRITERIA - 2009-009 The Cove at Southlake, Albany, Dougherty County
                                                                                                                                                                                      Score            Self DCA
                                                                                                                                                                                      Value           Score Score
                                                                                                                                                                     TOTALS:          108              63    10
 12. LOCAL GOVERNMENT SUPPORT                                                                                                                                                          4                3         0
  A. Resolution of Support                                                                                                                                                              3        A.      3
     The resolution clearly indicates that the Local Government understands the nature of the proposed project by identifying, at a minimum:                                                          Yes / No Yes / No
      a) Type of project                                                                                                                                                                         a)
      b) Number of anticipated units                                                                                                                                                             b)
      c) Specific project location                                                                                                                                                               c)
      d) The resolution clearly expresses the Local Government’s support of the proposed project, as opposed to merely expressing indifference                                                   d)
  B. DCA Community Initiatives                                                                                                                                                          1        B.
           Letter from a designated            <<Select one>>                                       that clearly:                                                                                     Yes / No Yes / No
      a)   identifies the project as located within their political jurisdiction    < Select applicable GICH >      < Select Signature Community ><Select Community of Opportunity>              a)
      b)   is indicative of the community’s affordable housing goals                                                                                                                             b)
      c)   identifies that the project meets one of the objectives of the formal Program Plan                                                                                                    c)
      d)   is excuted by the official representative of the Community                                                                                                                            d)

     Applicant's comments regarding this section of scoring:



     DCA's Comments:




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

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

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

     Applicant's comments regarding this section of scoring:



     DCA's Comments:




2009 OAH Funding Application - April                                                               Part IX-Scoring Criteria                                                                                     53 of 57
Georgia Department of Community Affairs                                                        2009 Funding Application                         Office of Affordable Housing
                                                PART NINE - SCORING CRITERIA - 2009-009 The Cove at Southlake, Albany, Dougherty County
                                                                                                                                              Score            Self DCA
                                                                                                                                              Value           Score Score
                                                                                                                                    TOTALS:   108              63    10
 14. DCA OPTIONAL POINTS FOR SUPERIOR PROJECT CONCEPT                                                                                           6              6
     Is the required narrative (no more than two pages) included in the application binder where indicated by the Tabs Checklist?                              Yes
     Applicant's comments regarding this section of scoring:
 The Cove at Southlake is pleased to apply for these optional points with the full backing of The City of Albany


     DCA's Comments:




 15. COMPLIANCE HISTORY STATUS                                                                                                                 15              15     0
     Is there a Pre-Determination Letter From DCA included in this application for this criterion?                                                             Yes
     A. Owner/Developer                                                                                                                                  A.    15
     B. Manager (Pass or Fail)                                                                                                                           B.   Pass
    Applicant's comments regarding this section of scoring:
 Compliance History information was turned in to DCA in Pre-Application PA09-49




     DCA's Comments:




                                                                                                TOTAL POSSIBLE SCORE                          108              63    10




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

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

     [Date]

     Georgia Department of Community Affairs
     Office of Affordable Housing
     60 Executive Park South, NE.
     Atlanta, Georgia 30329-2231

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

     To DCA:

     This application is submitted in accordance with the 2009 Qualified Allocation Plan and the Office of
     Affordable Housing Application Manual. In submitting this application for funding consideration, the
     undersigned applicant hereby certifies:
     1)   I am responsible for ensuring that the project consists or will consist of a qualified low-income
          building (or buildings) as defined in the Internal Revenue Code section 42(c)(2) and will satisfy all
          applicable requirements of State and federal tax law in the acquisition, rehabilitation, and
          operation of the project to receive State and federal housing tax credits.
     2)   I am responsible for all calculations and figures relating to the determination of the eligible basis
          of the building(s). I understand and agree that the amount of the credit is allocated by reference to
          the figures that I submit as to eligible and qualified basis. I understand that the actual amount of
          credit allocated may vary somewhat from the amount initially reserved or committed due to (a) the
          determination by the Georgia Department of Community Affairs ("DCA") as to the amount of
          credit necessary for the financial feasibility of the project and its viability as a qualified low-
          income housing project; (b) revisions in the calculations of eligible and qualified basis as finally
          determined; (c) fluctuations in the prevailing credit percentage; and (d) availability of the credit.

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

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


2008 QAP
OAH Form - Core                                DCA Office of Affordable Housing                                Page 55 of 57
     5)   I understand and agree that my application for a low-income housing credit and/or HOME loan, all
          attachments thereto, amendments, and all correspondence relating to my application in particular
          or the credit in general are subject to a request disclosure under the Georgia Open Records Act
          and I expressly consent to such disclosure. I further understand and agree that any and all
          correspondence to me from DCA or other DCA-generated documents relating to my application
          are subject to a request for disclosure under the Georgia Open Records Act and I expressly
          consent to such disclosure. I agree to hold harmless DCA and the individual directors, employees,
          members, officers, and agents of DCA against all losses, costs, damages, expenses, and liability of
          whatsoever nature or kind (including, but not limited to, attorneys' fees, litigation, and court costs)
          directly or indirectly resulting from or arising out of the release of all information pertaining to my
          application pursuant to a request under the Georgia Open Records Act.

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

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

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

     APPLICANT/OWNER


                      Printed Name                                                     Title




                        Signature                                                      Date

                                                                                      [SEAL]




2008 QAP
OAH Form - Core                               DCA Office of Affordable Housing                              Page 56 of 57
                                                                                       SUMMARY OF DCA UNDERWRITING ASSUMPTIONS
Category                                                 Specification                                Scale                                                                                 Minumum Maximum
Funding Limits                                           LIHTC                                        Per Project                                                                             n/a            850,000
                                                                                                      Per Project with Tier 1 Developer                                                       n/a            950,000
                                                                                                      Per Round                                                                               n/a           1,700,000
                                                                                                      Per Round with Tier 1 Developer                                                         n/a           1,800,000
                                                         HOME                                         Per Project                                                                          1,000,000        2,500,000
                                                                                                          0 BR            1 BR          2 BR           3 BR       4 BR      5 BR
                                                         Unit Cost Limit                                102,000        117,000       142,000         184,000    202,000   202,000
                                                         HOME Per Unit Subsidy Limit                    102,000        117,000       142,000         184,000    202,000   202,000
Annual Operating Expenses
  Annual Operating Expenses                              Urban                                        Per Unit                                                                                 3,600           n/a
                                                         Non-MSA Rural w/out USDA Financing           Per Unit                                                                                 3,000           n/a
                                                         Rural w/USDA Financing                       Per Unit                                                                                 3,000           n/a
   Replacement Reserve Pymt                              Rehab                                        Per Unit                                                                                   300           n/a
                                                         New                                          Per Unit                                                                                   240           n/a
                                                         All Single Family                            Per Unit                                                                                   420           n/a
Development Costs
  Pre-Development Costs                                  Tax Credit Application Fee                   Per Project - For Profit or Joint Venture                                                      4,000
                                                         Tax Credit Application Fee                   Per Project - Nonprofit                                                                        3,000
                                                         DCA Loan Application Fee                     Per Project - For Profit or Joint Venture                                                      4,500
                                                         DCA Loan Application Fee                     Per Project - Nonprofit                                                                        4,000
                                                         DCA Loan / LIHTC Application Fee             Per Project - For Profit or Joint Venture                                                      4,500
                                                         DCA Loan / LIHTC Application Fee             Per Project - Nonprofit                                                                        4,000
   Hard Costs                                            Rehab                                        Per unit - Properties 20 yrs old or less                                              20,000           see UCL
                                                                                                      Per unit - Properties over 20 yrs old                                                 25,000           see UCL
   Construction Contingency                              New                                          % of Construction Hard Costs                                                            5%                7%
                                                         Rehab                                        % of Construction Hard Costs                                                            7%               10%
                                                         Historic Rehab                               % of Construction Hard Costs                                                           10%               15%
   Builder's Overhead                                    n/a                                          % of Construction Hard Costs - Construction Svcs                                        n/a               2%
   Builder Profit                                        n/a                                          % of Construction Hard Costs - Construction Svcs                                        n/a               6%
   General Requirements                                  n/a                                          % of Construction Hard Costs - Construction Svcs                                        n/a               6%
   LIHTC Allocation Fee                                  LIHTC Fee                                    Percent of Credit Request                                                                        7%
   4% LIHTC IRS Form 8609 Fee                            LIHTC Fee                                    Percent of Credit Request                                                                        5%
   Compliance Monitoring Fee                             LIHTC Fee                                    Per Unit                                                                               700               n/a
                                                         USDA or URFA Fee                             Per Unit                                                                               150               n/a
   Developer's Fee                                       Identity of Interest                         % of (Total Costs - Land - Builder Profit - Devlpr Fee)                                        15%
     20% Consultant max                                  No Identity of Interest                      % of (Total Costs - Land - Developer's Fee)                                                    15%
   Operating Deficit Reserve                                                                          Mths of Year 1 Debt Service (out of 12)                                                 4                n/a
                                                                                                      Mths of Year 1 O&M Expense (out of 12)                                                  4                n/a
   Final Inspection Fee                                                                               Per Project                                                                                    3,000
Proforma Operating Forecast
   Number of Persons in Family and Percentage Adjustments for Rent Calculations                            1             2               3              4          5         6        7       8
                                                                                                          70%          80%              90%            Base      108%      116%     124%    132%
   Revenue Growth Rate                                                                                Per Operation Year                                                                               2%
   V&C Loss Rate (Non-PBRA/USDA)                                                                      Per Operation Year                                                                               7%
   V&C Loss Rate (PBRA/USDA)                                                                          Per Operation Year                                                                               7%
   Operating Expense Growth Rate                                                                      Per Operation Year                                                                               3%
   Replacement Reserve Annual Payment Growth Rate                                                     Per Operation Year                                                                               3%
   Operating Reserve Annual Payment Growth Rate                                                       Per Operation Year                                                                               0%

								
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