Grantor Information

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					       ELECTRONIC APPLICATION
             Please select the description that best describes the purpose of your application.

VHDA LOAN ONLY            HOME LOAN ONLY              BOTH VHDA & HOME LOAN               RESET SELECTION




                         Enter Project Name
                             TABLE OF CONTENTS
    I     PROGRAM QUALIFIER
            This worksheet will capture information on which of the 4 categories the project qualifies for
            SPARC under. A high-level description of the categories is available on this worksheet. For
            more detailed information, see the SPARC Program Guide.

   II     DEVELOPER QUESTIONNAIRE
            This worksheet will capture some high-level information about the developer and the project's
            development team. If you do not require the services of the professionals listed, please leave
            input cells blank.

   III    PROJECT SOURCES & LOAN REQUEST
            This worksheet will allow the Mortgagor to select financing independent of what cash flow will
            support. Final Cash flow will be identify on the supporting schedule20. It should be noted that
            programs and loan amounts will be subject to final underwriting.
   IV     PROJECT INFORMATION WORKSHEET
            This worksheet will capture some high-level information about the project. There are eight basic
            sections to this worksheet, please complete to the best of your ability.


   V      DEVELOPMENT COST WORKSHEET
            This worksheet will capture the detailed data on development costs. Please complete to the best
            of your ability.


   VI     OPERATING REVENUE WORKSHEET
            This worksheet will capture the detailed information on all revenue producing activities. Please
            complete all relevant fields.


  VII     OPERATING EXPENSE WORKSHEET
            This worksheet will capture the detailed information on all operating expense activities. If an
            activity that you can identify is missing, please use on of the "other" fields and label as
            appropriate.
  VIII    CASH FLOW PROJECTIONS
            This worksheet will identify what debt the proposed project can support based on information
            captured in previous worksheets. It should be noted that this is NOT final underwriting, only an
            estimate based on information received.
   IX     DEVELOPMENT COST ANALYSIS
            This worksheet is for information only. The applicant has nothing to complete on this page


   X      DEVELOPMENT COST ANALYSIS - DHCD
            This worksheet is for information only. The applicant has nothing to complete on this page


The purpose of this workbook is to serve as a tool to those developers who choose not to use
a Mortgage Banker. This tool is intended to help you assess the initial financial feasibility of
your proposal. It is in NO WAY intended to represent final underwriting or guarantee
financing.
                                     I - PROGRAM QUALIFIER


Please select the category below that best describes the targeted housing that enables the project
to be eligible for SPARC financing. Please see the SPARC program eligibility requirements for more
information.

     HOMELESSNESS

     Homelessness is further sub-divided into two categories with independent requirements. CHRONIC
     HOMELESSNESS and OTHER HOMELESSNESS . Distinguishing definitions of each can be found in
     the SPARC Program Requirements document.

     HOUSING FOR THE DISABILITIES COMMUNITY

     The definition of Housing for the Disabilities Community is as follows: Housing that is provided for
     serving the Disabilities community. The definition of Disability from ADA: An individual is considered
     to have a "disability" if s/he has a physical or mental impairment that substantially limits one or more
     major life activities, has a record of such an impairment, or is regarded as having such an impairment.
     Persons discriminated against because they have a known association or relationship with an
     individual with a disability also are protected.

     PRESERVATION OF AFFORDABLE HOUSING

     Preservation is the endeavor to keep affordable housing units from converting to market rate housing.
     To qualify under “Preservation of Affordable Housing”, the project must have, in place, an existing
     federal subsidy of some kind. SPARC and or HIP money can be used to recapitalize projects with one
     or more of the following sources of subsidy:
     · HUD 236 Section 8
     · HUD 202
     · RD 515 with Rental Subsidy or
     · Expiring Federal Low Income Housing Tax Credits

     It should be noted that our Taxable and Tax Exempt programs are also available for Preservation of
     Affordable Housing for those deals that do not have existing federal subsidies.

     REVITALIZATION

     Revitalization is an attempt to bring communities together through public and private partnerships to
     stimulate investment in sustainable economic and community development. Local communities,
     working together, can best identify and develop local solutions to their problems. Local Public Housing
     Authorities and HUD have identified distressed urban and rural communities for Revitalization in an
     effort to open new business, create jobs, housing and new educational and healthcare opportunities
     for Virginians, through economic and social renewal.

     Revitalization is further sub-divided into two categories with their own separate rules. SUPPORTED
     COMMUNITIES and NON-SUPPORTED COMMUNITIES. Distinguishing definitions of each can be
     found in the SPARC Program Requirements document.
                          Loan Application Checklist


    Statement of Mortgagor -- Sign and return with completed application


Previous Participation Certificate -- Sign and return with completed application


                    Design and construction1-10 final.pdf


                        Kitchen Cabinet Specification
                                   II - DEVELOPER QUESTIONNAIRE

MORTGAGOR INFORMATION
Mortgagor Legal Name:              Please Enter Name and other related information
Type of Entity                     Sole Proprietorship
Names of Principal 1                                                   Title
Names of Principal 2                                                   Title
Names of Principal 3                                                   Title
Contact Person:                                             Telephone No.:
Street Address:                                                     Fax No.:
City:                                                        Email address:
State:                  Virginia
Zip                                                            State Organized: Virginia
Fed Tax ID No. [EIN /                                            Is this Development Entity a Non-Profit?
TIN]                                                               Yes, Non-Profit        No, For-Profit



MORTGAGOR'S ATTORNEY INFORMATION (or Closing Agent)
Law Firm:
Contact Person:                                 Telephone No.:
Street Address:                                       Fax No.:
City:                                           Email address:
State:          Virginia
Zip

ARCHITECT INFORMATION
Architectural Firm:                Please Enter Name and other related information
Contact Person:                                             Telephone No.:
Street Address:                                                     Fax No.:
City:                                                        Email address:
State:              Virginia
Zip

GENERAL CONTRACTOR INFORMATION
General Contracting Company   Please Enter Name and other related information
Contact Person:                                        Telephone No.:
Street Address:                                                Fax No.:
City:                                                   Email address:
State:               Virginia
Zip

MANAGING AGENT INFORMATION
Management Company        Please Enter Name and other related information
Contact Person:                                    Telephone No.:
Street Address:                                            Fax No.:
City:                                               Email address:
State:           Virginia
Zip

LOAN REQUEST
This application is structured to capture raw data and calculate VHDA supportable mortgage(s) (SPARC &
Taxable) based on that data and other underwriting restraints. If the applicant would prefer to request a loan
amount instead of having the tool perform that calculation, simply indicate so by depressing the correct button
below.
           Allow Tool to Calculate VHDA Loan Request                 Manually Request Loan Amount
                           III - PROJECT SOURCES & LOAN REQUEST

                         Please complete your financing request.


A. VHDA FINANCING REQUEST
                                                                                 Term      Annual Debt        Loan
Program Name                                     Principal             Rate    (months)      Service          Fees
Select Program Name Here                                       $0      0.00%       360                   $0
Select Program Name Here                                       $0      0.00%       360
Select Program Name Here                                       $0      0.00%       360
                                                               $0                                        $0          -
Link to current VHDA Rental Housing Rates

B. HOME FINANCING REQUEST
                                 Interest                                        Term      Annual Debt        Loan
Program Name                      Only?          Principal             Rate    (months)      Service          Fees
Select Program Name Here         Yes    No                     $0      0.00%    months                               -
                                 Yes    No                             0.00%    months
Select Program Name Here                                       $0                                                    -
                                                               $0                                        $0          -


C. OTHER FINANCING ON DEVELOPMENT
Program or Lender          Interest                                              Term      Annual Debt        Loan
Information                 Only?                Principal             Rate    (months)      Service          Fees
Enter Information Here           Yes    No                     $0      0.00%    months                               -
                                 Yes    No                             0.00%    months
Enter Information Here                                         $0                                                    -
                                                               $0                                        $0          -


D. GRANT SOURCES ON PROJECT
                                                                                 Term      Annual Debt        Loan
Program or Grantor Information                   Principal             Rate    (months)      Service          Fees
Enter Information Here                                         $0         NA        NA                   NA          -
Enter Information Here                                         $0         NA        NA                   NA          -
                                                               $0                                        NA          -


E. TAX CREDIT EQUITY
                                             Annual         Percentage of      Price of
Syndicator                                   Credits       Ownership Sold      Credits    Tax Credit Equity
Enter Syndicator Here                                  0       0.00%              $0.00                  $0
                                   IV - PROJECT INFORMATION WORKSHEET

Project Name:                Enter Project Name                          Developer Proposal
Number of units:             Enter #                                     Please give a synopsis of the housing need that
If existing, year the                                                    the proposal is targeting.
project was built:           Enter Yr
Site Description:
Please describe the site in terms of acres, shape, proximity to
major intersections/highways and commerce.


Loan Purpose:                                New Construction         Acquisition & Rehab                Rehab Only            Other


PROJECT LOCATION
Street Address: Please enter project street address
City/County:                    Accomack County Jurisdiction:                                                                        22A
State:                                   Virginia Congressional District:                                       Please enter Cong District
Zip:                             Please enter zip Planning District:                                               Accomack-Northampton

PROJECT MARKET INFORMATION
SPARC / HIP / CPHF Income Limits:                                                                  100% @ 150% Area Median Income
Resident Profile:                                       Family                          Elderly                             People With Disabilities
Please describe the Disability               Input Description Here

IMPROVEMENT INFORMATION                                Estimated Appraised Value:                          Please input estimated Value

Roof type:                                              Flat                          Pitched

Construction type:                                      Frame                Brick               Steel                Block              Other

Building type:                                          Detached                     Townhome              Garden Apt            Other

Exterior Surface:                                      Wood          Masonite           Aluminum             Vinyl            Brick              Other


AMENITIES AND SERVICES
           - please check all that apply
UNIT AMENITIES
      Refrigerator               Fireplace                     Outside Storage                Full size W/D              Security Systems
      Range                      Ceiling fans                  Central air                    Stackable W/D                     Pull cords in apts.
      Dishwasher                 Sunroom                       Window units                   W/D Hookups only                  Card access to bldg.
      Disposal                   Shades/mini-blinds            Through-wall HVAC              Other - list                      Other - list
      Microwave                  Patio/balcony                 HS Internet             please list                       please list

UNIT FLOORING        - please check the appropriate floor type by room
Living Room                         Carpet             Sheet Vinyl               Vinyl Tile                  Ceramic Tile                Hardwood

Dining Room                         Carpet             Sheet Vinyl               Vinyl Tile                  Ceramic Tile                Hardwood

Bedrooms                            Carpet             Sheet Vinyl               Vinyl Tile                  Ceramic Tile                Hardwood

Kitchen                             Carpet             Sheet Vinyl               Vinyl Tile                  Ceramic Tile                Hardwood

Den                                 Carpet             Sheet Vinyl               Vinyl Tile                  Ceramic Tile                Hardwood


             - Please indicate utilities provided as well as who will be paying for them
UNIT UTILITIES
    Water / Sewer           Landlord       Resident         Heat       Gas                                                  Landlord        Resident

    Trash Removal                 Landlord        Resident             Hot Water Gas                                        Landlord        Resident

    Electric lights               Landlord        Resident             Cooking         Gas                                  Landlord        Resident

    Cable                         Landlord        Resident             A/C             Central                              Landlord        Resident


CONGREGATE SERVICES OR SITE AMENITIES
Service 1:                   If applicable, please list and describe services
Service 2:
                           V - DEVELOPMENT COST WORKSHEET

A. Contract Costs
 1. Land Improvements
   a. Off-Site
   b. On-Site
   c. Landscaping
   d. Other please type over this cell
 2. Structures
   a. Residential
   b. Demolition
 3. Other Costs
   a. General Requirements
   b. Builders Overhead
   c. Builders Profit
   d. Bonds
   e. Completion Assurance Letter of Credit
   f. Building Permits[Contractor Paid]
   g. Other please type over this cell
TOTAL CONTRACT COST                                                                     -

B. Owner Costs
  1. Building Permit [Owner Paid]
  2. Site Engineering/Survey
  3. Design Architect
  4. Supervising Architect
  5. Soil Borings/Geo-technical
  6. Tap Fees
  7. Appraisal Fee
  8. Environmental Reports
  9. Construction Loan Interest
  10. Construction Loan Fee
  11. VHDA Processing Fee                      this figure will calculate on the schedule 20
  12. Mortgage Banker Fee
  13. Taxes During Construction
  14. Insurance During Construction
  15. Legal Fees
  16. Title/Recording Expense
  17. Cost Certification
  18. Tax Credit Fee
  19. Other please type over this cell
TOTAL OWNER COST                                                                        -

C. Land/Acquisition/Development Costs
  1. Cost of Land Acquisition
  2. Cost of Improvement Acquisition
  3. Developer Fee
  4. Other please type over this cell
  5. Other please type over this cell
TOTAL LAND/ACQUISITION & DEVELOPER FEE                                                  -


TOTAL DEVELOPMENT COSTS                                                                 -
                               VI - OPERATING INCOME WORKSHEET

RENTAL INCOME CALCULATION
  No. of                                 Net       Estimated
  Units /     No. of       No. of      Rentable   Resident Paid                                  Annual
  Beds      Bedrooms       Baths        SQ.FT.      Utilities         Gross Rent   Rent / Mo.   Income


                                                                             -                       -
                                                                             -                       -
                                                                             -                       -
                                                                             -                       -
                                                                             -                       -

   0     Total Units                         -
#VALUE! #VALUE!
TOTAL ANNUAL RENTAL INCOME                                                                           -

                                                     Annual       0
CONTRACTUAL INCOME                    # Persons     Contract                                         -
 Please enter description of
 Contractual Income

                                                    Monthly
OTHER INCOME CALCULATION                # Units     Income                                           -
 Please enter description of Other
 Income

                                       Annual
CREDIT & VACANCY LOSS                Percentage                                                      -
  Vacancy @                             5%
  Credit Loss @                         2%

EFFECTIVE GROSS INCOME                                                                               -
                           VII - OPERATING EXPENSE WORKSHEET

                                                PER UNIT   ANNUAL
ADMINISTRATIVE                                 PER ANNUM   EXPENSE
 Advertising / Marketing
 Office Salaries
 Office Supplies
 Management Fee                        5.00%                         -
 Managers Salaries
 Legal
 Auditing
 Bookkeeping/Accounting Fees
 Telephone & Answering Service
 Misc. Admin. / Tax Credit Monitoring Fee
 Other Administrative - Cable & Internet
TOTAL ADMINISTRATIVE                                 -                   $   -

UTILITIES
 Fuel Oil
 Electric
 Water / Sewer
 Sewer
 Other Utilities - trash
TOTAL UTILITIES                                      -                   $   -

OPERATING & MAINTENANCE
 Janitor/Cleaning
 Exterminating Payroll/Contract/Supplies
 Trash Removal
 Security Payroll/Contract
 Grounds Keeping Expense
 Maintenance/Repairs Payroll
 Repairs/Material
 Repairs Contract
 Elevator Maintenance/Contract
 Heating/Cooling Repairs & Maintenance
 Pool Maintenance/Contract/Staff
 Snow Removal
 Decorating Supplies
 Other Operating - reserve for unpaid rents
TOTAL OPERATING & MAINTENANCE                        -                   $   -

SPECIAL NEEDS SERVICES
 Please Describe Service
 Please Describe Service
TOTAL SPECIAL NEEDS SERVICES                         -                   $   -

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

TOTAL OPERATING EXPENSES                                                 $   -

REPLACEMENT RESERVES                                250              -   $   -

TOTAL EXPENSES WITH REPLACEMENT RESERVES            250         -        $   -
                             VIII - OPERATING CASH FLOW PROJECTIONS

CASH FLOW
 Rental Income                                                             -
 Other Income                                                              -
 Contractual Income                                                        -

 Gross Income                                                                           -

   Vacancy & Credit Loss                                                                -

Effective Gross Income                                                                                -

 Operating Expenses                                                        -
 Replacement Reserves                                                      -

Net Operating Income                                                                                  -

Distribution (10% = 1.10 DSC)                                                                         -
CASH AVAILABLE TO SUPPORT DEBT SERVICE                                                                -



SUBMISSION RECAP

 The application reflects that the Developer is a For Profit Developer, and as such is subject to the lesser of the
 following underwriting standards:
           Loan-to-Value :         The sum of all VHDA financing must be less than or equal to 90% of the value of the
                                   project as finally determined by VHDA.
           Loan-to-Cost :          The sum of all VHDA financing must be less than or equal to 95% of the cost of the
                                   project
 The application reflects that the project is located in Accomack County, and as such is subject to the following SPARC
 specific program requirements:
           Max Loan Amount: Please enter the zip code for the Project on the Proj_Info tab
           Income Limits:          The tenant income restrictions for this locality are 100% @ 150% Area Median
                                   Income


The application reflects that the Mortgagor has chosen to manually request the mortgage loan amount(s), the identified
sources are summarized below.
                                             Source $                          Annual Cash Flow Impact
VHDA Financing Source(s)                          $0                                                $0
DHCD Financing Source(s)                          NA                                               NA
Other Financing Source(s)                         NA                                               NA
Grant(s)                                          NA                                               NA
Tax Credit Equity                                 NA                                               NA
TOTAL                                             $0                                                $0

REMAINING CASH AVAILABLE TO SUPPORT VHDA DEBT:                                                            $0

The application indicates that the financing has been manually requested. This section DOES NOT APPLY
                                                          SPARC                              Taxable
                     Principal                                        NA                              NA
                     Interest Rate                                    NA                              NA
                     Term in MONTHS                                   NA                              NA
                     Loan Constant                                    NA                              NA
                     Debt Service                                     NA                              NA
                     Monthly P&I                                      NA                              NA
                     Fees                                             NA                              NA
                                           Enter Project Name c52e82f4-ae73-4c9c-ac14-90bb24c258e0.xls
                                     IX - Development Cost Analysis
                                                      4/23/2011
LOANS/POSITION              MONTHS       PRINCIPAL          PROCESSING FEES                 RATE       DEBT SER
VHDA Financing Source(s)                         0                        $0                  na             $0
HOME Financing Source(s)                         0                         -                  na             $0
Other Financing Source(s)                        0                         -                  na             $0
Grant(s)                                         0                         -                  na             NA
   TOTAL                                        $0                        $0                                 $0
                        TERMS                                               EQUITY INVESTMENT
TOTAL UNITS                                    -            NET CASH FLOW                              #DIV/0!
GROSS SQ. FT.                                  -            TOTAL DEVELOPMENT                                 $0
PERMANENT MORTGAGE(S)                           $0          MORTGAGE                                         ($0)
TOTAL FEES                                      $0          EQUITY REQUIRED ##### OR                         ($0)
LOAN PER UNIT                               #DIV/0!         LIHTC SYNDICATION @-    ON         0              $0
CONSTRUCTION LOAN(S)                            $0          NET EQUITY                                       ($0)
                      CONTRACT                                                   INCOME
OFF-SITE                                        $0
ON-SITE                                         $0         UNIT TYPE(BR/B)    NO.          RENT          ANNUAL
LANDSCAPE                                       $0
OTHER                                           $0         /  SF               0    @        $0                  $0
  SUBTOTAL                                      $0         /  SF               0    @        $0                  $0
STRUCTURES                                      $0         /  SF               0    @        $0                  $0
COMMUNITY                                       $0         /  SF               0    @        $0                  $0
  SUBTOTAL             #DIV/0!                  $0         /  SF               0    @        $0                  $0
GEN. REQUIREMENT       #DIV/0!                  $0         SUBTOTAL            0                                 $0
OVERHEAD               #DIV/0!                  $0
PROFIT                 #DIV/0!                  $0         CONTRACT INCOME 0     @         $0                    $0
LETTER OF CREDIT                                $0         OTHER INCOME     0    @         $0                    $0
BUILDING PERMIT                                 $0         TOTAL INCOME                                          $0
  SUBTOTAL                                      $0         VACANCY                      7.00%                    $0
  TOTAL CONTRACT                                $0         E.G.I                                                 $0
                 OWNER COST                                             OPERATING EXPENSES
BUILDING PERMITS          #DIV/0!               $0
DESIGN ENGINEERING        #DIV/0!               $0
DESIGN ARCHITECT          #DIV/0!               $0         ADMINISTRATIVE                                         0
ARCHITECT SUPERVISION     #DIV/0!               $0         UTILITIES                                              0
TAP FEES                  #DIV/0!               $0         OPERATING & MAINTENANCE                                0
ENVIRONMENTAL                                   $0         SPECIAL NEEDS SERVICES                  $              -
CONST INTEREST                                  $0         TAXES & INSURANCE                                      0
TAXES                                           $0          TOTAL OPERATING EXPENSES    #DIV/0!                   0
INSURANCE                                       $0         REPLACEMENT RESERVES         #DIV/0!                   0
LOAN PROCESSING FEE                             $0
CONSTRUCTION LOAN FEE                           $0           TOTAL EXPENSES             #DIV/0!                   0
OTHER LENDERS FEE                               $0
CERTIFICATION                                   $0
TITLE & RECORDING                               $0
LEGAL                                           $0
TAX CREDIT FEE                                  $0
SOIL BORINGS                                    $0
APPRAISAL                                       $0
OTHER                                           $0
  SUBTOTAL                                      $0
TOTAL IMPROVEMENTS                              $0
           TOTAL DEVELOPMENT COST                                            CASH FLOW
TOTAL IMPROVEMENTS                              $0         E.G.I.                                                $0
LAND/ACQUISITION                                $0         OPERATING EXPENSES                                    $0
OTHER                                           $0         NET INCOME                                            $0
DEVELOPER FEE                                   $0         DEBT SERVICE                                          $0
TOTAL DEVELOPMENT                               $0         CASH DISTRIBUTION                                     $0



                                             Enter Project Name
                            VII - Development Cost Analysis (page 2)

ESTIMATED APPRAISAL AMOUNT                      $0
GROSS SQ. FT.                       0                            c52e82f4-ae73-4c9c-ac14-90bb24c258e0.xls
LOAN/COST RATIO               #DIV/0!
LOAN TO VALUE                   90%
SQ FT PER UNIT                #DIV/0!
NUMBER UNITS                     -




                                          SOURCES


                            LOAN                    PER UNIT LOAN                     SQ FT LOAN
VHDA Financing Source(s)            0                  #DIV/0!                           #DIV/0!
HOME Financing Source(s)            0                  #DIV/0!                           #DIV/0!
Other Financing Source(s)           0                  #DIV/0!                           #DIV/0!
Grant(s)                            0                  #DIV/0!                           #DIV/0!
NET EQUITY                         ($0)                #DIV/0!                           #DIV/0!
 TOTAL                             $0                  #DIV/0!                           #DIV/0!

                                           USES


                            COST                    PER UNIT COST                     SQ FT COST
LAND IMPROVEMENT                   $0                  #DIV/0!                           #DIV/0!
STRUCTURES                         $0                  #DIV/0!                           #DIV/0!
OVERHEAD & PROFIT                  $0                  #DIV/0!                           #DIV/0!
SOFT COST                          $0                  #DIV/0!                           #DIV/0!
LAND/ACQUISITION                   $0                  #DIV/0!                           #DIV/0!
OTHER                              $0                  #DIV/0!                           #DIV/0!
 TDC                               $0                  #DIV/0!                           #DIV/0!
                Mortgage Calculator - for applicant information only

   The information on this sheet is not tied to any other data in the workbook. This sheet is
             simply a mortgage calculator to allow the applicant to run scenarios.

                                  Loan Scenario #1     Loan Scenario #2      Loan Scenario #3
Principal                                        $0                   $0                    $0
Interest Rate                                 0.00%                0.00%                 0.00%
Term in MONTHS                                     0                    0                     0

Loan Constant
Debt Service
Monthly P&I
Required CF for 1.10 dsc


   The information on this sheet is not tied to any other data in the workbook. This sheet is
             simply a mortgage calculator to allow the applicant to run scenarios.

				
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Description: Grantor Information document sample