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.